BOARD OF FINANCE
TOWN OFFICE BUILDING
40 OLD FARMS ROAD
WILLINGTON, CT ~06279
REGULAR MEETING MINUTES
Thursday, June 18. 2015
Members Present: Members Absent:
John Patton, Vice Chair Alan Ference, Chairman
Jim Bulick Annemarie Poole
Robert Wiecenski Vacancy - Alternate ~
Elizabeth Treiber
Geoff Prusak – Alternate
Also Present: Donna Latincsics, Business Mgr; Tish Ignatowicz, Treasurer
Vice Chairman Patton called the meeting to order at 7:00 P.M.
SEATING OF ALTERNATES
Jim Bulick motioned to seat Geoff Prusak for Alan Ference. ~Robert Wiecenski seconded. ~All were in favor, motion carried.
PRESENT TO SPEAK – no one
APPROVAL OF MINUTES
Motion to approve the Regular Meeting Minutes of May 21, 2015 was made by Geoff Prusak, Jim Bulick seconded. ~All were in favor, motion carried.
NEW BUSINESS
Transfer
Donna Latincsics presented the Board with the transfer requests. The first transfer was accompanied by an email from the First Selectman explaining the need for the transfer for the Turnpike Road project.
Jim Bulick motioned to transfer $20,000 to line item #0503, Capital Projects from line item #0311 Public Works. All were in favor, motion carried.
Robert Wiecenski motioned to transfer $1,500 to line item #0185 Senior Center Operations from line item 30831 employee insurance, Geoff Prusak seconded. All were in favor, motion carried.
Board of Finance -2- June 18, 2015
Recording Secretary
John Patton motioned to recommend Debra Lewis as the Recording Secretary for the Board of Finance for the 2015/2016 FY, Geoff Prusak seconded. All were in favor, motion carried.
OLD BUSINESS -
Transfer - Non-Lapsing Education Fund
The Board of Education adopted the policy on June 10th and forwarded it to the Board of Finance for their approval. Jon Patton explained the reason for the policy. Discussion followed.
Peter Latincsics, Trask Rd, voiced his concern about the policy and doesn’t understand why it is needed.
John Patton explained that this is set up as a tool for MBR and also so that there is no fire sale spending at the end of the year. If there is an unexpected placement for $100,000, MBR would go up by $100,000; instead the money will come from this fund.
Robert Wiecenski motioned to approve the fund policy with the following amendment, Elizabeth Treiber seconded. All were in favor, motion carried.
Under closing the Fund, the second line would read: The Board of Finance will not close the account without public notice.
CORRESPONDENCE
The following email was received from First Selectman. She requested it was read at the meeting.
Dear Board of Finance,
At the Selectman’s Meeting on Monday, June 15, the Selectmen discussed the idea of hiring asn environmental consultant (working out the details of exactly what kind of professional) to work with to prepare for the Environmental Impact Evaluation we expect from the State of Connecticut in October. This would likely require an additional appropriation or transfer of funds this summer.
I am hopeful that the BOS can come to the Board of Finance with a fleshed out this request at your meeting in July. In the meantime, it is our hope that the Board of Finance members can take the time to learn about this issue facing our Town so that everyone is conversant on the issue as we will need move quickly.
Thanks in advance,
Christina Mailhos
First Selectman
Board of Finance -3- June 18, 2015
Randy Belair, Village Hill Rd, stated that it would be good to find someone without any conflict of interest.
GOOD & WELFARE - none
ADJOURMENT
The meeting was adjourned at 8:04 p.m.
Respectfully submitted,
Debra L. Lewis
Debra L. Lewis
BOF Recording Secretary
Attachment – BOE Non-Lapsing Education Fund Policy
3171
Business and Non-Instructional Operations
Unexpended Education Funds Account
GENERAL DESCRIPTION:
Establishment of a Non-lapsing Account for the Willington Board of Education (BOE) as allowed by Connecticut General Statute 10-248a. Assets of the reserve account are to be used for future BOE non-recurring or unanticipated expenditure funding needs.
REVENUE SOURCES:
Upon completion of the fiscal year, the BOE may determine funds to be surplus from the BOE annual appropriations. After their determination of surplus funds, the BOE can make a recommendation to the Willington Board of Finance (BOF) that funds up to 1% of the amount appropriated to the BOE for that fiscal year be transferred to the Unexpended Education Funds Account. The BOF can then approve a transfer of funds from the BOE appropriation up to the amount recommended by the BOE. Investment income earned by the funds held in account will remain in the account. The maximum amounts held in the Unexpended Education Funds Account may not exceed 3% of the recently ended fiscal year K-8 education budget
ALLOWABLE EXPENDITURES:
The account is to be used for non-recurring or unanticipated expenditures including but not limited to emergency capital or maintenance needs, or unanticipated outside student placements and associated costs.
In order to use the funds, the BOE will vote to forward a request and explanation to the Board of Finance for use of funds from the Unexpended Education Funds Account. The Board of Finance can authorize expenditures up to and including $20,000 in a single year from this account. Requests above $20,000 will require BOF approval and Town meeting approval.
Subsequent to the recommendation of the Board of Education and the approval of the Board of Finance and Town Meeting, if necessary, a separate project shall be set up and designated for the intended purpose it has been authorized and such funds may be continued until such project or acquisition is completed. Any unexpended portion of such funds after the completion shall revert to the Unexpended Education Funds Account.
CLOSING THE FUND:
The account, once established, will continue until action is taken by the BOF to close such account. The Board of Finance will not close the account without public notice. If the account is closed, any remaining balances will be returned to the Town’s General Fund.
Policy reviewed: May 11, 2015 Willington Public Schools
adopted: June 10, 2015 Willington, Connecticut
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