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Town of Simsbury Board of Finance Minutes
These minutes are for informational purposes only. For official
minutes please contact the Town Clerk's Office.
BOARD OF FINANCE
BOARD OF SELECTMEN
BOARD
OF EDUCATION
JANUARY 18, 2000
JOINT MEETING
1. CALL TO ORDER
Paul Henault, Board of Finance Chairman, called the Joint Meeting of the
Board of Finance, Board of Selectmen and Board of Education to order at 7:25
p.m. in the Board of Education Conference Room of the Simsbury Town Offices. The
following were present: James Belfiore, Peter Askham, Candace Fitzpatrick,
Michael Wade, Mary Glassman, First Selectman Anita Mielert, Joel Mandell,
William Garrity, John Romano, Thomas Vincent, Madeleine Gilkey, Superintendent
of Schools Joseph Townsley, Mary Margaret Girgenti, Dominique Avery, Lydia
Tedone, Charles Moret, John O'Neil, David Holden, Business Manager and Kevin
Kane, Finance Director.
2. GUIDELINES FOR 2000/01 BUDGET
Mr. Henault stated that the BOF reviews the following economic factors to
assist in determining the budget guideline: COLA - 2.4%, CPI - 3%, Hartford
County wage increase - 3%, Connecticut unemployment - 3%, Simsbury unemployment
- 1.5% and Grand List growth - 2%. He noted that the budget factors include wage
increases, health benefit increases, maintenance, fuel costs and enrollment
driven costs. Mr. Henault stated that the BOF has decided on a 4% budget
guideline, based primarily upon economic factors. He pointed out that the
individual boards will need to present their cases for going above the
guideline, based upon budget factors. Mr. Henault stated that the BOF discussion
included the impact on taxpayers, the debt policy, capital budgets and the high
school project. He noted that the guideline takes a 7% debt policy into account.
In response to Mr. Moret, Mr. Kane stated that a municipality with a AAA
rating should have a minimum of 8% in reserves. He stated that currently
Simsbury has 8% in reserves. He noted that Simsbury has been selling bonds at
the AAA rating level.
Mr. Henault stated that the BOF has not set a firm target for a tax
increase. He stated that last year the tax increase was 3.85%, which equated to
an additional $2.6 million in spending. Mr. Henault noted that members of the
BOF are not inclined to approve a tax increase beyond 4.75%- 5%. In response to
Ms. Gilkey, Mr. Henault stated that the high school project has not been
included in these calculations.
3. ADJOURNMENT
Mr. Garrity moved to adjourn the meeting at 7:45 p.m. The motion was
seconded by Ms. Glassman and carried unanimously.
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