MINUTES
BOARD OF FINANCE
August 16, 2016
A REGULAR MEETING of the Board of Finance was held in the City Hall Auditorium on Tuesday, August 16, 2016.
Present were Mayor Elinor Carbone and Board of Finance members Laurene Pesce, Christopher Anderson, Frank Rubino and Joshua Ferreira. Members Chris Diorio and Mark Bushka were absent. Also present were Fire Chief Gary Brunoli, Board of Education Facilities Director David Bascetta and Comptroller Alice Proulx.
Mayor Carbone called the meeting to order at 5:03 p.m.
MINUTES
On a motion by Mr. Anderson, seconded by Mrs. Pesce, the Board voted unanimously to accept the minutes of the Public Hearing held on April 20, 2016.
On a motion by Mrs. Pesce, seconded by Mr. Rubino, the Board voted unanimously to accept the minutes of the Special Meeting held jointly with City Council on May 2, 2016. Mr. Anderson and Mr. Ferreira abstained.
On a motion by Mr. Ferreira, seconded by Mr. Anderson, the Board voted unanimously to accept the minutes of the Regular Meeting held on May 17, 2016.
On a motion by Mr. Rubino, seconded by Mr. Anderson, the Board voted unanimously to accept the minutes of the Special Meeting held on May 25, 2016.
On a motion by Mr. Anderson, seconded by Mrs. Pesce, the Board voted unanimously to accept the minutes of the Special Meeting held on June 1, 2016. Mr. Rubino abstained.
OPEN TO PUBLIC
On a motion by Mr. Anderson, seconded by Mrs. Pesce, the Board voted unanimously to open the meeting to the public. There was no one present who wished to speak.
SELF-CONTAINED BREATHING APPARATUS
On a motion by Mr. Anderson, seconded by Mr. Rubino, the Board considered the authorization of a lease/purchase of MSA Self-Contained Breathing Apparatus from Firematic Supply Co., Inc. of Rocky Hill, CT, for the amount of $361,380.68 over a seven-year period from Capital Acct. 103K, having been approved by the Board of Public Safety on July 26, 2016 and City Council on August 15, 2016.
Mr. Ferreira asked how the seven-year period was decided. Chief Brunoli explained that he reviewed the past five years’ budgets and interest rates, and described the equipment replacement requirements. He said the seven-year mark is considered the best option, and the City would own the equipment after seven years.
Chief Brunoli said that $119,387.71 is currently in the 103K account, having been included in this year’s budget.
He commended Deputy Chief Pepler for evaluating apparatus over a nine month period to make the best choice.
Mr. Anderson asked what the interest rate will be. Chief Brunoli said this supplier did not specify but another supplier, for example, offered 2.33%, 2.49% and 2.84%. Mr. Anderson calculated that this rate would equate to approximately $6,000 in interest over the life of the lease. Chief Brunoli said he will find out what the interest rate from Firematic Supply will be. Mr. Anderson recommended the motion be amended to remove the term, to allow more flexibility in financing options. Chief Brunoli said the total cost remains at $361,380.68 regardless of how it is financed.
On an amended motion by Mr. Anderson, seconded as amended by Mr. Rubino, the Board voted unanimously to authorize the lease/purchase of MSA Self-Contained Breathing Apparatus from Firematic Supply Co., Inc. of Rocky Hill, CT, for the amount of $361,380.68 from Capital Acct. 103K with terms to be negotiated and brought back to the Board of Finance.
UPDATED ACCOUNTING POLICIES AND PROCEDURES MANUAL
On a motion by Mrs. Pesce, seconded by Mr. Anderson, the Board voted unanimously to approve the updated Accounting Policies and Procedures Manual for the City of Torrington.
Mr. Anderson questioned some of the language in “Safeguarding of Cash Investments and Cash Equivalents” and “Index H3 in Bid Requirement Policies” and Ms. Proulx clarified it. Ms. Proulx said she wanted this in place before the new auditors came in so they could use these as a basis for their narratives for any compliance testing. Mr. Anderson commended Ms. Proulx on this Manual and Mrs. Pesce added that she was impressed to have a document like that for anyone to refer to.
ADD SECTION B
On a motion by Mr. Anderson, seconded by Mr. Rubino, the Board voted unanimously to add Section B to the agenda.
Section B
TRANSFER BOE FUNDS: THS Softball Field
On a motion by Mr. Anderson, seconded by Mrs. Pesce, the Board voted unanimously to authorize the transfer of $122,388 Capital Funds from Infrastructure Capital Improvements plus $13,889.63 from Technology Capital to a special projects fund for the completion of the THS Girls’ Softball Field.
Mr. Bascetta explained that the project was scheduled in the Capital Account last year but was not requested before the June 30, 2016 budget deadline. He said the Board of Finance approved these funds in the previous year, and this stemmed from a Title 9 complaint that was withdrawn once the project was planned. Mr. Bascetta clarified that the actual amount is $136,277.63.
BUSINESS: Mayor and Members
On a motion by Mr. Ferreira, seconded by Mr. Rubino, the Board voted unanimously to consider business presented by the Mayor and members of the Board of Finance.
Mrs. Pesce noted the new deficit amount in the Board of Education budget. Mayor Carbone explained that she
met with the Interim Superintendent to talk about the process, and noted that a considerable amount of time was spent on their projected shortfall, and mitigation approvals resulted in this lessened deficit. She said it was agreed that the Board of Education has to decide what it is asking the Board of Finance to do, such as funding amounts and what will be done with those funds. Mayor Carbone said that a formal request to the Board of Finance will be made, and she recommended that a joint meeting be held to discuss it.
ADJOURNMENT
On a motion by Mr. Anderson, seconded by Mr. Rubino, the Board voted unanimously to adjourn at 5:32 p.m.
ATTEST: JOSEPH L. QUARTIERO, CMC
CITY CLERK
Carol L. Anderson, MCTC, CMC
Asst. City Clerk
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