BOARD OF FINANCE MINUTES
MAY 12, 2005
Unapproved
The meeting was called to order by Chairman Mooney at 7: 30 p.m. Also present were Lorraine Young, Charles Shelton, Jr., Victor Cassella, Jeffrey Vailette and Kenneth Kaminsky.
Also present were Selectmen Opie, Myjak, and Kinney, Treasurer Bob Denhardt, Finance Director Jim Finch.
l. Mr. Shelton made the motion, seconded by Mr. Cassella to approve the minutes of the April 25, 2005 Board of Finance meeting. The vote was unanimous.
2. The Board discussed the mill rate for fiscal year 2005-2006. Finance Director Jim Finch discussed the corrections made by the R.T.M. at the May 10, 2005 meeting.
Mr. Cassella made the motion, seconded by Mr. Vailette.
RESOLVED: That the Board of Finance does hereby establish the mill rate of the Town of Branford for fiscal year July l, 2005-June 30, 2006 at 20.97 mills. The vote was unanimous.
3. To consider the Inland Wetland Commission’s request for the following transfers which were presented by Diana Ross, Enforcement Officer and Dan Shapiro, Chairman of the Commission.
From: 4116-416.61-01 Operating Supplies ($235)
To 4116-416.58-01 Training & Ed 235
From: 4116-416.12-07 Board Clerk ($ 315)
4904-494.59-13 Contingency ($1063)
To: 4116-416.11-17 Part Time Help $1378
Mr. Cassella made a motion, seconded by Mr. Kaminsky.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $l,613 as requested by the Inland Wetlands Commission. The vote was unanimous.
4. The Board considered a recommendation of the pension trustees with regard to changing the Fixed Income Manager from Columbia Investments to Mesirow Financial Investment Management in Chicago. This was presented by Finance Director Jim Finch,
Gerry Goldberg, Wachovia and Charles Andriole, Merrill Lynch. Discussion followed.
Mr. Vailette made the motion, seconded by Mr. Kaminsky.
Resolved: That the Board of Finance recommends changing the Fixed Income Manager from Columbia Investments to Mesirow Financial Investment Management in Chicago. The vote was unanimous.
5. The Board reviewed the investment performance for the Town of Branford Police Retirement fund and the Volunteer Firefighters fund which was presented by Gerry Goldberg Financial Advisor with Wachovia Securities and Charles Andriole investment Consultant with Merrill Lynch. Discussion followed. Chairman Mooney thanked them for their presentation.
6. The Board considered the Finance Director’s request for the following transfer
which was presented by Jim Finch Finance Director.
From: 101-4904-494-59-13 Contingency ($1,695)
To: 101-4119-419-58-01 Training & Education $1,695
Data Processing
Mr. Kaminsky made the motion, seconded by Mr. Cassella.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $l,695 as requested by the Finance Director. The vote was unanimous.
7. The Board considered the Finance Director’s request to add Bank North to the Town of Branford’s list of qualified depositories.
Mr. Vailette made a motion, seconded by Mr. Cassella.
RESOLVED: That the Board of Finance authorizes the Finance Director to add Bank North to the Town of Branford’s list of qualified depositories. The vote was unanimous.
8. The Board of Finance discussed a resolution with Wachovia Bank designating the positions of First Selectman and Treasurer as authorized bank signers for the Board of Education Adult Education Program Account and the School-Aged Child Care Account.
Mr. Cassella made a motion, and withdrew. This item will be discussed at the June Board of Finance meeting, pending review by the Town Attorney. No vote was taken.
9. The Board discussed a request from the School Facilities Manager with regard to using funds appropriated for system wide improvements to cover the cost awarding contracts for architectural services. Finance Director Jim Finch made the presentation.
Mr. Cassella made the motion, seconded by Ms. Young.
RESOLVED: That the amount is not to exceed $50,000. The vote was unanimous
10. The Board considered acquiring through purchase or if necessary by eminent domain, three parcels of property consisting of approximately 159 +/- acres located in the vicinity of Queach Road for the public purpose of preserving and protecting open space for the needs of the citizens of the Town of Branford and the State of Connecticut. Chairman Mooney read the following resolution.
RESOLVED, that the Board of Finance recommends that the Town of Branford appropriate $1,100,000 for costs related to the acquisition, through negotiated purchase or the exercise of the Town’s power of eminent domain, for open space, passive recreation and other municipal purposes of an approximately 159 acres parcel of land located on Queach Road in Branford, known as the Queach Property and now or formerly owned by Alex Vigliotti, and provide that the appropriation may be spent for survey, engineering and testing costs, legal and administrative costs related to the acquisition and other matters contemplated hereby, legal fees, net interest on borrowings and other financing costs, and other expenses related to the project; and that the Town issue bonds or notes and temporary notes in an amount not to exceed
$1,100,000 to finance the appropriation. 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.
First Selectman Opie gave a statement giving background on the property and the decision to acquire it. This was voted on by the Board of Selectmen on April 20, 2005.
Bill Horne, Conservation and Environmental Commissioner, provided supplemental information.
Attorney Ippolito, Mr. Vigliotti’s attorney also gave a presentation.
Discussion followed. Chairman Mooney recommended that this item be voted on at the June meeting after they have reviewed all documents given to them at this meeting. Mr. Mooney thanked them for their presentation. No vote was taken.
Ms. Young made a motion, seconded by Mr. Cassella to adjourn the meeting at 9:45 p.m. The vote was unanimous.
May 13, 2005
Respectfully submitted,
Georgette A. Laske, Clerk Board of Finance
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