Amended minutes
Board of Finance Minutes
Correction item #7
June 28, 2004 meeting
Added the word acres
May 13, 2004
The meeting was called to order by Chairman Joseph Mooney at 7:31 p.m. Also present were Charles Shelton Jr., Victor Cassella, Jeffrey Vailette and Kenneth Kaminsky. Not present was Lorraine Young.
Also present were Selectmen Opie, Myjak and Kinney, Treasurer Bob Denhardt, and Finance Director, Jim Finch.
l. Mr. Shelton, made a motion, seconded by Mr. Vailette to approve the minutes of the April 26, 2004 Board of Finance Meeting. The vote was unanimous.
2. The Board discussed the mill rate for fiscal year 2004-2005. Finance Director Jim Finch discussed the corrections made by the R.T. M. at the May 11, 2004 meeting.
Mr. Cassella made the motion, seconded by Mr. Shelton.
RESOLVED: That the Board of Finance does hereby establish the mill rate of the Town of Branford for the fiscal year July 1, 2004-June 30, 2005 at 23.94 mills. The vote was unanimous.
3. The Board reviewed the investment performance of the Police Retirement Fund and the Volunteer Firefighters’ Fund which was presented by Gerry Goldberg and Michael LaPore from Wachovia Securities. Discussion followed. Chairman Mooney thanked them for their presentation.
4. The Board discussed the Board of Education’s request to set up a special fund for administrators hired after September 1, 1994 as required by their contractual agreement.
Tashie Rosen Business Manager and Dr. Storm Superintendent made the presentation.
Mr. Cassella made the motion, seconded by Mr. Kaminsky to establish a special fund which will be called Board of Education Administrators’ Severance Fund. The vote was unanimous.
5. The Board considered the Finance Director’s request for an appropriation of $955,436 in the capital lease fund for the purpose of financing HVAC improvements at the Walsh Intermediate School Tashie Rosen, Business Manager and Dr. Storm Superintendent made the presentation.
Mr. Cassella made a motion, seconded by Mr. Kaminsky
.
RESOLVED: That the Board of Finance recommends to the R.T.M an appropriation of $955,436 in the capital lease fund for the purpose of financing HVAC improvements at the Walsh Intermediate School. The vote was unanimous.
Second request on the Finance Director’s letter.
The Board considered the Finance Director’s request for the establishment of a fund for
recording capital lease transactions.
Mr. Vailette made the motion, seconded by Mr. Kaminsky.
RESOLVED: That the Board of Finance authorizes the establishment of a fund for recording capital lease transactions. The vote was unanimous.
6. The Board discussed the First Selectman’s request that the Board of Finance provide a letter of support to the Connecticut Department of Environmental Protection to be part of the Town’s application for a DEP Open Space grant for the purchase of the “Bender” property. This was presented by Terry Elton Economic Commission and Jim Perito Member of the Open Space Acquisition Committee. Chairman Mooney made a request that the Town Clerk provide a letter of support to the Connecticut Department of Environmental Protection.
Mr. Cassella made the motion, seconded by Mr. Vailette. The vote was unanimous.
7. The Board discussed the Finance Director’s request for a resolution appropriating and authorizing $2.1 million in bonds/notes for the purchase of 120.9 acres of open space which was presented by Jim Finch..
Mr. Kaminsky made the motion, seconded by Mr. Cassella.
RESOLVED: That the Board of Finance recommends to the RTM an appropriation and bond authorization in the amount of TWO MILLION ONE HUNDRED THOUSAND DOLLARS ($2,100,000), for costs related to the acquisition for open space, passive recreation and other municipal purposes of the following parcels of land aggregating approximately 120.9 acres and related appurtenances and improvements. The appropriation may be spend for survey, engineering and testing costs, legal and administrative costs related to the acquisition and other transactions contemplated herein, legal fees, net interest on borrowings and other financing costs, and other expenses related to the project. It is the intent of the Town to sell the portion of such parcels located in the Town of North Branford to the South Central Regional Water
Authority, to resell a portion of the parcels located in Branford back to the former owners thereof, and to grant a conservation easement to the South Central Regional Water Authority over a portion of the parcels to be retained by the Town all as further described in Section (f) hereof. The Town anticipates applying for a grant from the State of Connecticut Department of Environmental Protection to defray in part the appropriation for the project. The vote was unanimous.
8. The Board considered the Finance Director’s request for the following transfer and the establishment of a sinking fund for the purpose of acquiring Public Works rolling stock and related expenses which was presented by Janice Plaziak Acting Director.
From: 5000-500-75-68 DPW Headquarters Repairs ($125,000)
To: 5000-500-95-06 Operating Transfer Out 125,000
Mr. Cassella made the motion, seconded by Mr. Kaminsky.
RESOLVED: That the Board of Finance recommends to the R.T.M. a transfer of
$125,000 as requested by Public Works. The vote was unanimous.
Second request on Finance Director’s letter.
The Board considered the Finanace Director’s request for the establishment of a sinking fund for the purpose of acquiring Public Works rolling stock and related expenses which was presented by Jim Finch .
Mr. Cassella made the motion, seconded by Mr. Vailette.
RESOLVED: That the Board of Finance authorizes the establishment of a sinking fund for the purpose of acquiring public works rolling stock and related expenses. This fund will be funded through annual appropriations in the General Fund. The vote was unanimous.
Mr. Vailette made the motion, seconded by Mr. Kaminsky.
RESOLVED: That the Board of Finance authorizes the establishment of a fund for recording capital lease transactions. The vote was unanimous.
9. The Board discussed a resolution appropriating and authorizing bonds/notes to finance various projects outlined in the EPA/DEP consent decree which was presented by Finance Director and Steve Dudley, Town Engineer. SEE ATTACHED
Mr. Cassella made the motion, seconded by Mr. Vailette to adjourn at 9:27 p.m. The vote was unanimous.
Respectfully submitted,
Georgette A. Laske,Clerk Board of Finance attachment
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