May 20, 2009
The meeting was called to order by Chairman Joseph Mooney at 7:44 p.m. Also present were Victor Cassella, Jeffrey Vailette, Charles Shelton, Lorraine Young and Kenneth Kaminsky.
Also present were First Selectman Anthony ‘Unk’ DaRos, Finance Director Jim Finch and Town Clerk Marianne Kelly.
1. The Board of Finance heard a presentation from Charles Andriole of Merrill Lynch and Michael LePore of Wachovia Securities with regard to the performance of the town’s pension fund and, if necessary, to rebalance the pension portfolio for the quarter ending March 31, 2009.
Discussion followed. Mr. Andriole pointed out that the GDP is expected to remain negative through 2009. His recommendation was not to rebalance at this time but to meet in the summer to revisit this possibility. Mike LePore stated that returns are down for the fourth quarter; however the fund outperformed the policy benchmark. Chairman Mooney suggested looking at a possible rebalance at the July, 2009, Board of Finance meeting.
2. The Board of Finance heard a request from the Director of the Branford Summer Studies program for the following transfer (FY08-09):
From: 211-4830-483.10-79 Non-Certified Salaries ( 1,400)
211-4830-483.52-00 Advertising ( 1,000)
211-4830-483.61-10 Instructional Supplies ( 600)
TOTAL ( 3,000)
To: 211-4830-483.10-78 Certified Salaries 3,000
Mr. Kaminsky made the motion, seconded by Mr. Cassella.
RESOLVED: That the Board of Finance recommends to the RTM a transfer of $3,000 as requested by the Director of the Branford Summer Studies program.
The vote was unanimous.
3. The Board of Finance heard a presentation from Town Engineer Janice Plaziak, Fire Chief Jack Ahern and architects Silver/Petrucelli Associates, regarding the Town’s strategy as it relates to the Public Works project and Firehouse expansion and the potential to obtain grant funds through federal stimulus program(s).
Chairman Mooney recused himself from this portion of the meeting; Mr. Cassella was named acting chair.
Discussion followed. Town Engineer Plaziak informed the Board of Finance that six submissions had been received when the RFP for the architectural schematics went out for this plan in 2005 and Silver/Petrucelli were chosen. Silver/Petrucelli explained that they significant experience working with Fire departments and Publics Works in towns throughout the state. A feasibility study was prepared indicating that the site that the Fire Department and Public Works currently existed on could not be used for both projects. It was decided that the Fire Department would remain on the current site on North Main Street because this site provided better access to highways, I-95, etc. Public Works would be relocated to Tabor Drive. Drawings and schematics were shown of both new plans.
Fire Chief Ahern and Town Engineer Plaziak explained that due to recent stimulus money ($210,000,000) becoming available for Fire Departments and the possibility of writing a grant and obtaining up to $8,000,000 for the Fire House project, made getting this project ‘shovel ready’ a priority. The stimulus money would be given only to projects that were ‘shovel ready’. To be ‘shovel ready’, it is important that steps are taken to get the project to that level, which would put the Town in line for stimulus money. Town Engineer Plaziak explained that Public Works would need to be moved temporarily because the building is on the site where the new Fire House will be built, which would be an additional cost but worth it if the Town received an $8,000,000 grant, and that even if we were not to get chosen for a grant, these steps would eventually have to be taken, so money would not be wasted, and when the Town was financially able
to pick up the project to finish it, we would be that much farther along.
4. The Board of Finance heard a request from the Town Engineer to consider and act on the following resolution:
“Resolution appropriating $425,000 for the planning and design of a new fire headquarters and authorizing the issue of $425,000 bonds of the Town to meet said appropriation and pending the issuance thereof the making of temporary borrowings for such purpose” and to recommend the resolution for adoption by the Representative Town Meeting.
Mr. Kaminsky made the motion, seconded by Mr. Vailette to waive the reading of the complete resolution. The vote was unanimous.
Acting Chairman Cassella read the resolution as prepared by bond counsel.
Pursuant to a motion made by Mr. Shelton and seconded by Mr. Vailette, the resolution passed unanimously.
5. The Board of Finance heard a request from the Town Engineer to consider and act on the following resolution:
“Resolution appropriating $350,000 for the planning and design of a new public works complex and authorizing the issue of $350,000 bonds of the Town to meet said appropriation and pending the issuance thereof the making of temporary borrowings for such purpose” and to recommend the resolution for adoption by the Representative Town Meeting.
Mr. Shelton made the motion, seconded by Mr. Vailette to waive the reading of the complete resolution. The vote was unanimous.
Acting Chairman Cassella read the resolution as prepared by bond counsel.
Discussion followed. Mr. Shelton expressed concern regarding spending this money for Public Works, plus temporary relocation dollars, when there is no guarantee that the Town will receive stimulus money. Town Engineer Plaziak explained that these steps would have to be taken eventually, even if there was no stimulus money. Ms. Young stated concern with bonding large amounts money now because we do not know the outcome of the Tabor Drive case, which could be up to $22,000,000 that the Town would have to bond, if we lost the case.
Pursuant to a motion made by Mr. Shelton and seconded by Mr. Vailette, the resolution passed 3-2. Two no votes were Mr. Kaminsky and Ms. Young.
Mr. Vailette made the motion, seconded by Ms. Young, to adjourn the meeting,
The meeting adjourned at 9:46 p.m.
Dated this 25th day of May, 2009
Respectfully submitted,
Marianne Kelly, Clerk
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