BOARD OF FINANCE
TOWN OFFICE BUILDING
40 OLD FARMS ROAD
WILLINGTON, CT 06279
REGULAR MEETING MINUTES
Thursday, December 18, 2014
Members Present: Members Absent:
Alan Ference, Chairman Robert Wiecenski
John Patton, Vice Chair Elizabeth Treiber
Jim Bulick Geoff Prusak – Alternate
Peter Latincsics
Annemarie Poole, Alternate
Also Present: Donna Latincsics, Business Mgr; Tish Ignatowicz, Treasurer
Chairman Ference called the meeting to order at 7:05 P.M.
SEATING OF ALTERNATES
John Patton motioned to seat Annemarie Poole for Elizabeth Treiber, Jim Bulick seconded. All were in favor, motion carried.
PRESENT TO SPEAK – no one
APPROVAL OF MINUTES
Motion to approve the Regular Meeting Minutes of November 20, 2014 was made by Jim Bulick with the following amendment, John Patton seconded. All were in favor, motion carried.
Under Good & Welfare, seconded paragraph, first line should read: There is a presentation December 9th……
NEW BUSINESS
2014 CAFR Presentation
Michael VanDeventer, CPA and Heather Greatorex of MahoneySabol presented the Board with the 2014 Audit Results. After reviewing the report questions were taken from the Board. Discussion continued.Board of Finance -2- December 18, 2014
Fund Balance Policy
Donna Latincsics presented the Board with the Fund Balance Policy that was suggested by the auditors for the Town to use as a guideline. Discussion followed. The range that should be kept was discussed. The policy suggests that the fund balance should be 10% of all expenditures. John Patton suggested that it should be more of a range of 8 to 12%. Discussion continued. It was decided to table accepting this policy until the January when a clean copy could be accepted.
BOE OPEB Issues
Chairman Ference discussed what was told to them at the BOE meeting the 9th of December. There is not enough information to establish a fund right now. We can use the information as part of the budgetary process coming up in February.
OLD BUSINESS
Peter Latincsics asked again for a report with how many classrooms there are with the total of students. Chairman Ference said he would call the Superintendent’s office to get the information.
He then followed up on the savings for the Energy program. Selectman Mailhos said that they would send out a spreadsheet with the numbers showing the comparison and we haven’t received it. Donna Latincsics said she would send it to all the Board members.
He asked that we add to the agenda next month a report on the DEP’s Municipal Storm Water project.
Chairman Ference said that there is a tentative agreement with Region 19. The details will be forthcoming.
CORRESPONDENCE - none
GOOD & WELFARE
Chairman Ference wished everyone Merry Christmas and a Happy New year!
ADJOURMENT
The meeting was adjourned at 8:55 p.m.
Respectfully submitted,
Debra L. Lewis
Debra L. Lewis
BOF Recording Secretary
<paste body content here>
| 
