The meeting was called to order by Chairman Joseph Mooney at 7:30 p.m. Also present were Victor Cassella, Kenneth Kaminsky, Charles Shelton, Jeffrey Vailette and Lorraine Young.
Also present were First Selectman Anthony ‘Unk’ DaRos, Selectman John Opie, Finance Director Jim Finch and Town clerk Marianne Kelly.
1. Ms. Young made the motion, seconded by Mr. Vailette to approve the minutes of the October 27, 2008. The vote was unanimous.
2. The Board of Finance heard a presentation from Charles Andriole of Merrill Lynch and Gerald Goldberg of Wachovia Securities with regard to the performance of the town’s
pension fund and, if necessary, rebalance the pension portfolio for the quarter ending September 30, 2008.
Discussion followed. Mr. Andriole recommended no rebalancing at this time due to uncertainty in the current market and because the Town is well within the minimum/maximum
range of the policy. No action was taken.
3. The Board of Finance heard a request from the Tax Collector for the following transfer (FY08-09):
From: 101-4904-494.59-13 Contingency (50,000)
To: 101-4107-407.59-01 Tax Refunds 50,000
Mr. Cassella made the motion, seconded by Ms. Young
Discussion followed. Tax Collector Joanne Cleary stated that there is currently $75,000 in the tax refund account and that there is an anticipated immediate
future need of $95,000. She is asking for $50,000 to finish out the calendar year, with an anticipated need being greater than this amount before the end of
the fiscal year. She informed the Board of Finance that $430,000 has been paid out to date (FY09).
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $50,000, as requested
by the Tax Collector. The vote was unanimous
4. The Board of Finance heard a request from the Director of the Cosgrove Animal Shelter for an appropriation of $115,515 in the FY 2009 capital budget for the expansion of the Daniel
P. Cosgrove Animal Shelter. This appropriation will be supported through a combination of fund balance, local capital improvement grants, North Branford contributions and
private donations.
Mr. Kaminsky made the motion; seconded by Mr. Vailette.
Discussion followed. Cosgrove Animal Shelter Laura Burban and Town Engineer Janice Plaziak gave an overview of the proposed renovations.
RESOLVED: That the Board of Finance recommends to the RTM an appropriation of $115,515 in the FY09 Capital Fund for the expansion of the Daniel Cosgrove Animal Shelter.
This appropriation will be supported through a combination of Fund Balance not to exceed $20,000, local capital improvement grants, North Branford contributions and private
donations. The vote was unanimous.
5. The Board of Finance heard a request from the Town Engineer for the following transfer (FY08-09):
From: 101-4305-435.3307 Consulting ( 1,012)
To: 101-4305-435-4407 State Fees 1,012
Mr. Cassella made the motion, seconded by Mr. Kaminsky.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $1,012, as requested by the Town Engineer. The vote was unanimous.
6. The Board of Finance heard a request from the Town Engineer for the following transfer (FY08-09):
From: 630-4304-434-7017 Solid Waste Roll-off covers ( 6,144)
630-4201-421-7087 Police Dept Garage Lighting ( 1,809)
630-4201-421-7088 Police Dept Firing Range Clean up ( 370)
630-4117-417-7022 GGB Vehicle-Manager ( 7,500)
821-4117-417-7022 GGB Vehicle-Custodians ( 647)
630-4401-441-7087 Counseling Center-Roof Top Units ( 6,260)
630-4117-417-7032 VNA Bldg Roof Top Units ( 7,500)
821-4501-451-7017 Recreation Dept Mower ( 3,200)
TOTAL (33,430)
To: 630-4204-424-9512 Fire Dept. Exhaust System 29,583
821-4204-424-9512 Fire Dept. Exhaust System 3,847
TOTAL 33,430
Mr. Vailette made the motion, seconded by Mr. Kaminsky.
Discussion followed. Town Engineer Janice Plaziak and Assistant Fire Chief, Shawn Heffernan explained that the North Main Street Fire Department has been in need for an exhaust
system for five years and that they have looked within various line items that have unused balances to pay for the system.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $33,430 as requested by the Town Engineer. The vote was unanimous.
7. The Board of Finance heard a request from the Town Clerk for the following transfer (FY08-09):
From: 101-4904-494-59-13 Contingency ( 2,780)
To: 101-4108-408-10-19 Expanded Hours 2,780
Mr. Kaminsky made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $2,780 as requested by the Town Clerk. The vote was unanimous.
8. The Board of Finance heard a presentation from Finance Director, Jim Finch and Town Treasurer, Peter Banca regarding the impact of falling interest rates on town revenue and to
consider revising the investment guidelines established at the January 2007 Board of Finance meeting.
Discussion followed. Finance Director Finch explained that the current cap on broker CD’s is $500,000 and CDARS is $500,000 for a total cap of $1,000,000. Town Treasurer Banca
suggested removing the cap to give the Town more access to these investment opportunities. Chairman Mooney indicated reservations regarding removing the cap completely and
suggested raising it to $2,500,000 to be used to purchase CD’s either through a broker or the CDARS network. Ms. Young expressed concern with removing the cap completely and
concurred with Chairman Mooney.
Mr. Cassella made the motion, seconded by Mr. Shelton.
RESOLVED: That the Board of Finance approves the request of the Finance Director to increase the cap on broker CD’s and CDARS from $500,000 to $2,500,000. The vote was
unanimous.
Mr. Cassella made a motion to adjourn, seconded by Mr. Vailette. The vote was unanimous. The meeting was adjourned at 8:58 p.m.
Dated this 25th day of November, 2008
Respectfully submitted,
Marianne Kelly, Clerk
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