MEETING MINUTES
February 23, 2009
The meeting was called to order by Chairman Joseph Mooney at 7:30 p.m. Also present were Victor Cassella, Charles Shelton and Lorraine Young. Kenneth Kaminsky and Jeffrey Vailette were not present.
Also present were First Selectman Anthony ‘Unk’ DaRos, Finance Director Jim Finch, Assistant Finance Director Kathryn LaBanca, and Town Clerk Marianne Kelly.
1. To approve the minutes of the Board of Finance meeting from January 26, 2009.
Mr. Shelton made the motion, seconded by Ms. Young. The vote was unanimous.
2. The Board of Finance heard a presentation from Charles Andriole of Merrill Lynch and Michael LePore and Gerry 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 December 31, 2008.
Discussion followed. Mr. Andriole pointed out that the economy is in a recession with negative GDP growth and in a period of significant uncertainty. He said that Branford has been conservative in its investments and his recommendation was not to rebalance at this point.
Mike LePore stated that returns are down for the fourth quarter; however the fund outperformed the policy benchmark. He also recommended that the town maintain a position in an AIG affiliate since the bond matures in March. He also noted that the fixed income manager recommends holding Lehman bonds until the remaining assets of the company are sold off.
3. Gerald Paradis, BlumShapiro and Company, PC, gave the Board of Finance an overview of the FY 2007-08 Audits.
4. The Board of Finance heard a request from the Inland Wetlands Agency for the following transfer (FY08-09):
From: 101-4116-416.61-01 Operating Supplies ( 400)
To: 101-4116-416.57-00 Travel Expense 400
Mr. Cassella made the motion, seconded by Ms. Young
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $400, as requested by the Inland Wetlands Agency. The vote was unanimous.
5. The Board of Finance heard a request from the Director of Information Technology for the following transfer (FY08-09):
From: 101.4119.419.58.01 Training and Education ( 2,500)
To: 101.4119.419.41.01 Service Contracts 2,500
Information Technology Director Peter Hugret explained that he had received a quote just prior to this meeting that was higher than anticipated and asked the Board to allow him to submit a revised request.
Mr. Cassella made the motion, seconded by Ms. Young to accept the revised transfer request. The vote was unanimous.
REVISED TRANSFER REQUEST:
From: 101.4119.419.58.01 Training and Education 4,000)
To: 101.4119.419.41.01 Service Contracts 4,000
Mr. Cassella made the motion, seconded by Mr. Shelton.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $4000, as requested by the Director of Information Technology. The vote was unanimous.
6. The Board of Finance heard a request from the Public Works Director for the following transfer (FY08-09):
From: 101-4904-494.59-13 Contingency ( 51,000)
101-4301-43.10-00 Salaries & Wages ( 5,000)
TOTAL ( 56,000)
To: 101-4301-431.10-90 Overtime 56,000
Mr. Cassella made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $56,000, as requested by the Public Works Director. The vote was unanimous.
7. The Board of Finance heard a request from the Public Works Director for the following transfer (FY08-09):
From: 101-4301-431.10-00 Salaries & Wages ( 8,111)
To: 101-4301-431.11.21 Seasonal Employees 8,111
Mr. Cassella made the motion, seconded by Mr. Shelton.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $8,111, as requested by the Public Works Director. The vote was unanimous.
8. The Board of Finance heard a request from the Finance Director for the following transfer (FY08-09):
From: 3020-302.05-03 Misc. State Grants ( 41,525)
To: 4800-480.80-01 Board of Education 41,525
Ms. Young made the motion, seconded by Mr. Cassella.
Discussion followed. Finance Director Finch explained that this transfer will increase the Board of Education FY09 budget to reflect the grant.
RESOLVED: That the Board of Finance recommends to the RTM an increase in the General Fund Budget from $88,401,229 to $88,442,754 which reflects an increase in the budget for the Board of Education from $45,822,707 to $45,864,232 to appropriate funds received from the State of Connecticut for energy assistance.
The Vote was unanimous.
9. The Board of Finance heard a request from the Finance Director for the following transfer (FY08-09):
From: To be determined (160,441)
To: 4800-480.80-01 Expenses & Claims 160,441
Finance Director Finch explained that recently we were notified that as a result of an audit in 2002 the Town of Branford owes the State $160,441 for costs associated with the renovations to the Tisko and Murphy schools. He said that the overpayment associated with these projects flowed to fund balance and suggested that the repayment also be drawn from fund balance. Finance Director Finch requested that this transfer request be revised to reflect the appropriate account numbers.
Mr. Cassella made the motion to accept the revised transfer request, seconded by Ms. Young. The Vote was unanimous.
REVISED TRANSFER REQUEST:
From: 3030-303.10-16 Fund Balance (160,441)
To: 4109-409.35-02 Expenses & Claims 160,441
Mr. Cassella made the motion, seconded by Ms. Young.
RESOLVED: That the Board of Finance recommends to the RTM an increase in the General Fund Budget from $88,442,754 to $88,603,195 to refund overpayments made to the Town of Branford pursuant to a school construction grant audit.
The Vote was unanimous.
10. The Board of Finance heard a request from the Finance Director for the following transfer (FY08-09):
From: 4904-494.53-01 Property & Gen Liability ( 18,000)
To: 4109-409.51-10 Insurance Damage 18,000
Finance Director Finch noted that the account number for Insurance Damage was incorrect and requested that it be amended to:
From: 4904-494.53-01 Property & Gen Liability ( 18,000)
To: 4903-493.51-10 Insurance Damage 18,000
Mr. Cassella made the motion to accept the change, seconded by Ms. Young. The Vote was unanimous.
Finance Director Finch explained that this transfer is to cover town vehicles damaged in accidents and other related mishaps.
Mr. Cassella made the motion to accept the transfer, seconded by Ms. Young. The Vote was unanimous.
Chairman Mooney asked if there was any further business to come before the Board of Finance. First Selectman Anthony ‘Unk’ DaRos was recognized.
First Selectman DaRos congratulated the Finance Department and the Board of Finance on receiving a AAA rating from Standard and Poor’s. He said that this increase, in this economy, shows that good financial planning and discipline pays off. He thanked Finance Director, Jim Finch and the Finance Department and the members of the Board of Finance for their hard work.
Ms. Young made a motion to adjourn, seconded by Mr. Shelton. The Vote was unanimous. The meeting adjourned at 8:27 p.m.
Dated this 25th day of February, 2009
Respectfully submitted,
Marianne Kelly, Clerk
<<IT Revised transfer request.doc>> <<Item 9 revision Finance.pdf>>
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