BOARD OF FINANCE MINUTES
NOVEMBER 28, 2005
The meeting was called to order by Chairman Joseph Mooney at 7:39 p.m. Also present were Lorraine Young, Charles Shelton, Jr., Victor Cassella, Jeffrey Vailette and Kenneth Kaminsky. All present.
Chairman Mooney congratulated all newly elected officials.
Also present were Selectmen Morris, Sullivan and Opie, Marianne Kelly Town Clerk, Joanne Cleary Tax Collector and Jim Finch Finance Director.
1. Ms Young made a motion, seconded by Mr. Cassella to approve the minutes of the October 24, 2005 Board of Finance meeting, after item # 6 has been corrected. The vote was unanimous.
2. Pursuant to a request from the First Selectman Cheryl Morris the Board tabled the Human Resources Department’s request following a motion from Mr. Vailette, seconded
by Mr. Kaminsky. The vote was unanimous.
3. The Board reviewed the actuarial report by Hooker & Holcombe actuaries for the pension fund which was presented by William Bush, Consulting Actuary. Discussion followed. Chairman Mooney thanked him for his presentation.
4. The Board reviewed the Performance Evaluation for the Town of Branford Police/Volunteer Firemen which was presented by Michael Lepore and Robert Deluca Financial Advisors for Wachovia Securities and Charles Andriole and Jerry Goldberg Investment Consultants with Merrill Lynch for the quarter ending September 30, 2005. They also discussed future capital market assumptions, funding levels and asset allocation. Discussion followed. Chairman Mooney thanked them for their presentation..
5. The Board approved a resolution increasing the General Fund Balance Budget from $79,377,249 to$79,591,241 to retire Municipal Employee Retirement Fund Contributions.
Mr. Kaminsky made a motion, seconded by Mr. Cassella.
RESOLVED: That the Board of Finance recommends to the RTM an increase in the General Fund Budget from $79,377,249 to $79,591,241. Funds will be appropriated from Undesignated General Fund Balance and used to retire Municipal Employee Retirement Fund liabilities by increasing the Municipal Employee Retirement Fund contribution by $214,000. The vote was unanimous.
Mr. Cassella made a motion, seconded by Ms Young to adjourn at 9:15 p.m. The vote was unanimous.
November 30, 2005
Respectfully submitted,
Georgette A. Laske, Clerk
Board of Finance
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