The meeting was called to order by Chairman Joseph Mooney at 7:34 p.m. Also present were Lorraine Young, Charles Shelton, Jr., Victor Cassella and Jeffrey Vailette. Kenneth Kaminsky was not present.
Also present were First Selectman Anthony ‘Unk’ DaRos, James Finch, Finance Director, Town Treasurer, Peter Banca and Marianne Kelly, Town Clerk.
1. Chairman Mooney made the motion, seconded by Ms. Young, to approve the minutes of the December 17, 2007 meeting. The vote was unanimous.
2. Mr. Cassella made the motion, seconded by Mr. Vailette, to approve the AMENDED Board of Finance 2008 Meeting Calendar. The vote was unanimous.
3. The Board of Finance heard a request from the Open Space Acquisition Commission for the following transfer (FY 2007-08):
From: 203-4205-455.70-36 General Park Improvements $(2,000)
To: 203-4205-455.57-00 Travel $ 2,000
It was noted that ‘Travel’ creates a new line item in the Open Space Acquisition Commission’s budget and that the mileage rate is currently $ .505. Mr. Vailette made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $2,000 as requested by the Open Space Acquisition Commission. The vote was unanimous.
4. The Board of Finance heard a request from the Tax Collector for the following transfer (FY 2007-08):
From: 101-4107-407.44-07 State Fees $( 165)
101-4107-407.62-01 Postage Expense $( 200)
TOTAL $( 365)
To: 101-4107-407.54-01 Membership and Meetings $ 365
Mr. Vailette made the motion, seconded by Ms. Cassella.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $365 as requested by the Tax Collector. The vote was unanimous.
5. The Board of Finance heard a presentation from Finance Director Jim Finch, and representatives Ken Bailey of Multi Bank Securities, Inc. Charles Andriole and Robert Deluca from Merrill Lynch regarding the Town’s investment strategies, policies and alternatives in the wake of falling interest rates and concerns over mortgage backed securities. Jim Finch explained that the Town annually invests $30-$40 million. Last year the auditors suggested looking at the Town’s investment policies. At the conclusion of the discussion the Board took the following actions:
RESOLVED: That the Board of Finance authorizes the Town Treasurer and/or Finance Director to enter into an agreement with Merrill Lynch to manage $5,000,000 of the Town’s General Fund deposits.
RESOLVED: That the Board of Finance authorizes the Treasurer and/or Finance Director to enter into an agreement with Multi Bank Securities, Inc as an approved broker-dealer to purchase up to $500,000 of brokered certificates of deposits and other fixed income securities.
RESOLVED: That the Board of Finance authorizes the Treasurer and/or Finance Director to enter to purchase $500,000 of certificates of deposits using Sovereign Bank to access the CDARS network
RESOLVED: That the Board of Finance approved a resolution authorizing changes to the Town’s General Fund Investment policy
Mr. Cassella made the motion, seconded by Ms. Young. The vote was unanimous.
6. The Board of Finance approved an updated list of financial institutions approved of as depositories of the Town’s funds.
Mr. Cassella made the motion, seconded by Mr. Vailette.
RESOLVED: That the Board of Finance authorizes the Town Treasurer and/or Finance Director to deposit public funds in the following institutions provided they maintain a Risk Based Capital Ratio of ten percent or greater:
Bank of America Bank of Southern Connecticut
Citizens Bank Guilford Savings Bank
New Alliance People’s United Bank
Sovereign Bank Superior Savings
TD BankNorth Wachovia Bank
Webster Bank
The vote was unanimous.
7. The Board of Finance heard a presentation from the Town Engineer, Janice Plaziak, and architects David Stein and Joseph Sepot regarding the re-development of Fire Headquarters
on it’s existing site and the relocation of the Public Works Department and proposal for future playing fields at the Tabor Drive site. Plaziak explained that, to go forward with these plans, a minimum of $308,000 was needed. The request was to utilize a portion of the $4 million allocated for the Tabor Drive case. Currently, $3.1 million has been used. Chairman Mooney noted that not all of the $308,800 was eligible to be paid by the Tabor Drive fund. The request was that the Board of Finance approve the use of funds within the existing authorization of the Tabor Drive $4 million, up to $209,000, the amount considered eligible for use by this fund.
Mr. Vailette made the motion, seconded by Ms. Cassella.
RESOLVED: That the Board of Finance authorizes the use of funds up to $209,000 previously allocated for Tabor Drive. The vote was unanimous.
8. It was noted that the South Central Open Space Acquisition Commission is looking for a volunteer from the Board of Finance. No action was taken.
Ms. Young made the motion, seconded by Mr. Cassella to adjourn the meeting at 9:56 p.m. The vote was unanimous.
Dated this 5thth day of February, 2008
Respectfully submitted,
Marianne Kelly, Clerk
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