The meeting was called to order by Chairman Joseph Mooney at 7:30 p.m. Also present were Lorraine Young, Charles Shelton, Jr., Victor Cassella, Jeffrey Vailette and Kenneth Kaminsky.
Also present were First Selectman Anthony ‘Unk’ DaRos, Selectmen John Opie, James Finch, Finance Director and Marianne Kelly, Town Clerk.
1. Mr. Kaminsky made the motion, seconded by Mr. Vailette to approve the minutes of the July 28, 2008 meeting. The vote was unanimous.
2. Chairman Mooney noted changes to the 2009 Board of Finance Meeting Calendar. Mr. Cassella made the motion, seconded by Mr. Vailette, to accept the 2009 Board of Finance Meeting Calendar, with changes. The vote was unanimous.
3. The Board of Finance heard a presentation from Charles Andriole of Merrill Lynch and Michael Lepore and Gerald Goldberg of Wachovia Securities with regard to the performance of the town’s pension fund and, if necessary, rebalancing the pension portfolio for the quarter ending June 30, 2008.
Discussion followed. Mr. Goldberg recommended rebalancing to the target allocation, and that the appropriate level of equity exposure-whether one time or incremental-would provide for continued investment return. Chairman Mooney stated that the Board of Finance should give some direction for rebalancing. Mr. Andriole recommended taking $200,000 currently available in cash and $300,000 (cash) currently in fixed income and putting it into Equity portfolios. He suggested evaluating this rebalancing at the next Board of Finance meeting before making any further decisions about rebalancing. The breakdown will be approximately: Fixed Income: 45%; Equities: 50%; Cash: 5%.
Mr. Cassella made the motion; seconded by Mr. Kaminsky. The vote was unanimous.
4. The Board of Finance heard a request from the Finance Director to approve the issuance of a credit card to Nancy Cohen, Senior Center Activities Coordinator, with a maximum limit of $5,000.
Discussion followed. Finance Director Jim Finch explained that Nancy Cohen is the Activity Director for Canoe Brook Senior Center and often needs to book reservations for planned activities in advance of payment from those participating. He also explained that the credit cards issued are monitored and paid through the Finance department to insure oversight of all expenses.
Ms. Young made the motion, seconded by Mr. Cassella.
RESOLVED: That the Board of Finance permits the Finance Department to issue a credit card from Bank of America, with a maximum limit of $5,000, to Nancy Cohen, Canoe Brook Senior Center Activities Director.
5. The Board of Finance heard a request from the Finance Director for the following transfer (FY 2007-08):
From: 101-4903-493.51-01 Property & General ( 12,250)
Liability Insurance
To: 101-4119-419-41-01 Service Contracts 12,250
Mr. Kaminsky made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $12,250 as requested by the Finance Director. The vote was unanimous.
6. The Board of Finance heard a request from the Director of Willoughby Wallace Memorial Library for the following transfer (FY 2007-08):
From: 101-4602-462-10-00 Salaries ( 218)
101-4602-462-41-14 Library automation ( 22)
101-4602-462-54-01 Meetings & memberships ( 240)
101-4602-462-61-01 Operating materials ( 676)
101-4602-462-60-01 Office supplies ( 15)
101-4602-462-61-05 Library supplies ( 191)
101-4904-494-59-13 Contingency ( 2,129)
TOTAL ( 3,491)
To: 101-4602-462-11-27 ibrary staff 2,186
101-4602-462-42-02 Electricity 333
101-4602-462-42-03 Fuel 897
101-4602-462-42-04 Water 75
TOTAL 3,491
Mr. Cassella made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $3,491 as requested by the Director of Willoughby Wallace Memorial Library. The vote was unanimous.
7. The Board of Finance heard a request from the Board of Police Commissioners for the following transfer (FY 2007-08):
From: 101-4201-421.10-00 Salary ( 98,480)
101-4201-421.10-93 Sick ( 2,256)
101-4201-421.10-94 Education Incentive ( 1,150)
101-4201-421.10-95 Supernumerary Training ( 3,284)
101-4201-421.11-04 Winter Boat ( 4,876)
101-4201-421.13-00 Longevity ( 1,720)
101-4201-421.15-00 Accrued Payroll ( 3,633)
101-4201-421.41-04 Photo Lab ( 183)
101-4201-421.41-07 Auto Parts ( 5,696)
101-4201-421.42-01 Telephone ( 25,988)
101-4201-421.42-04 Water ( 2,879)
101-4201-421.41-01 Service Contracts ( 5,906)
101-4201-421.58-01 Education Expense ( 6,293)
TOTAL (162,344)
To: 101-4201-421.10-05 Clerical 1,762
101-4201-421.10-36 School Guards 1,255
101-4201-421.10-38 Shift Differential 363
101-4201-421.10-90 Overtime 111,070
101-4201-421.10-91 Vacation 6,404
101-4201-421.10-92 Holiday 6,046
101-4201-421.32-01 Physicals/Innoculations 1,726
101-4201-421.41-05 Replacement Equipment 222
101-4201-421.42-02 Electricity 5,426
101-4201-421.42-05 Gasoline 27,166
101-4201-421.58-02 Uniforms/Clothing 490
101-4201-421.59-03 Prisoner Meals 414
TOTAL 162,344
Mr. Cassella made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $162,344 as requested by the Board of Police Commissioners. The vote was unanimous.
8. The Board of Finance heard a request from the Board of Fire Commissioners for the following transfer (FY 2007-08):
From: 101-4204-424.10-00 Salaries & wages ( 29,698)
101-4204-424.10-38 Special detail ( 1,000)
101-4204-424.10-44 Medic 2 shifts ( 5,805)
101-4204-424.10-95 Stipends ( 19,750)
101-4204-424.30-00 Administrative expense ( 482)
101-4204-424.15-00 Accrued payroll ( 3,935)
101-4204-424.32-01 Physicals & inoculations ( 8,439)
101-4204-424.33-03 Ambulance billing ( 10,768)
101-4204-424.41-01 Service contracts ( 7,391)
101-4204-424.41-05 Replacement equipment ( 2,467)
101-4204-424.41-09 Hose replacement ( 1,643)
101-4204-424.41-13 Cmed ( 9,530)
101-4204-424.42-02 Electricity ( 1,545)
101-4204-424.58-01 Training & education ( 6,405)
101-4204-424.58-04 Fire prev/ investigat. ( 708)
101-4204-424.58-05 Volunteer co. allowance ( 3,060)
101-4204-424.58-06 Stewards ( 3,585)
101-4204-424.61-01 Misc. operating supplies ( 5,406)
101-4204-424.61-15 Medical supplies ( 431)
101-4204-424.62-01 Postage expense ( 1,090)
101-4204-424.70-07 Portable radios & pagers ( 2,970)
101-4204-424.70-10 Breathing apparatus ( 1,609)
101-4204-424.70-11 Volunteer equipment ( 1,366)
101-4204-424.70-13 gx7 suits ( 521)
101-4204-424.70-16 Fire police ( 315)
101-4204-424.70-93 Medical equipment ( 2,337)
TOTAL (132,256)
To: 101-4204-424.10-47 Utility personnel 3,747
101-4204-424.10-90 Overtime 71,990
101-4204-424.10-93 Sick 52,075
101-4204-424.58-02 Uniform & cloth. allow. 956
101-4204-424.42-01 Telephone 1,793
101-4204-424.10-92 Holiday 1,405
101-4204-424.41-03 Equipment r & m 290
TOTAL 132,256
Mr. Cassella made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $132,256 as requested by the Board of Fire Commissioners. The vote was unanimous.
9. The Board of Finance heard a request from the Board of Fire Commissioners for the following transfer (FY 2007-08):
From: 101-4904-494.59-13 Contingency (124,069)
To: 101-4204-424.10-91 Vacation 37,298
101-4204-424.10-99 Accumulated sick 17,483
101-4204-424.10-94 Education 55,450
101-4204-424.42-09 Hydrants 12,291
101-4204-424.42-06 Marine fuel 1,412
101-4204-424.54-01 Membership 75
101-4204-424.13-00 Longevity 60
TOTAL 124,069
Mr. Vailette made the motion, seconded by Mr. Kaminsky.
Discussion followed. Mr. Vailette encouraged the hiring of certified paramedics as the educational component is expensive and there is no guarantee, once trained and certified, that firefighters will remain with the fire department. Chief Ahern explained that, while this is the ideal situation, they are having trouble recruiting certified paramedics to fill the existing openings, and the educational component is an important piece for those who may otherwise be qualified candidates.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $124,069 as requested by the Board of Fire Commissioners. The vote was unanimous.
10. The Board of Finance heard a request from the Human Resources Director for the following transfer (FY 2007-08):
From: 101-4120-420.10-90 Extra Help ( 1,000)
101-4120-420.10.00 Salaries ( 3,305)
TOTAL ( 4,305)
To: 101-4110-410.36.01 Labor Relations 4,305
Mr. Cassella made the motion, seconded by Mr. Shelton.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $4,305 as requested by the Human Resources Director. The vote was unanimous.
11. The Board of Finance heard a request from the Finance Director for the following transfer (FY 2007-08):
From: 101-4109-409.35-02 Expenses & Claims ( 11,000)
101-4903-493.51.01 roperty & Casualty Insurance ( 59,100)
TOTAL ( 70,100)
To: 101-4109-409.10-19 Counsel & Legal 70,100
Mr. Shelton made the motion, seconded by Mr. Cassella.
Discussion followed. Finance Director Jim Finch explained that these legal costs are not associated with the Tabor Drive case and that this transfer will cover costs relating to other Town legal matters.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $70,100 as requested by the Finance Director. The vote was unanimous.
12. The Board of Finance heard a request from the Finance Director to add an item (FY 2007-08) to the agenda.
Ms. Young made to the motion, seconded by Mr. Cassella. The vote was unanimous.
From: 101-4902-492.20-09 Health Insurance Premiums ( 60,000)
To: 101-4904-494.59-13 Contingency 60,000
Mr. Cassella made to the motion, seconded by Ms. Young.
Discussion followed. Finance Director Finch explained that the end-of-year transfer requests would put the contingency account in the negative, and that the surplus in the Health Insurance Premiums account could be used to accommodate this deficit.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $60,000 as requested by the Finance Director. The vote was unanimous.
Chairman Mooney requested an update from Finance Director Finch regarding the upcoming Note sales. Mr. Finch explained that the Town would be borrowing $4.7 million in one year Notes, for the Tabor, Queach and Blackstone projects, and he is hopeful that the rates will be below 2%.
Chairman Mooney asked First Selectman DaRos for any updates he wanted to give. Mr. DaRos informed the Board that:
· A revaluation company is on board and will be conducting reval in the Town Hall, thereby saving the Town over $30,000;
· The Solid Waste Department, currently located in the Town Hall, will be moving to the Transfer Station in mid-September;
· The Town is actively negotiating to end Founders Village plans and come up with a project that will really benefit the Town.
Ms. Young made the motion, seconded by Mr. Cassella to adjourn the meeting at 9:08 p.m. The vote was unanimous.
Dated this 22nd day of August, 2008
Respectfully submitted,
Marianne Kelly, Clerk
<<BOF 8-25-08 Attachments.pdf>>
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