BOARD OF FINANCE
SEPTEMBER 19, 2000
REGULAR MEETING
1. CALL TO ORDER
Paul Henault, Chairman, called the Regular Meeting of the Board of Finance to order at 6:05 p.m. in the Main Meeting Room of the Simsbury Town Offices. The following members were present: Candace Fitzpatrick, Peter Askham, James Belfiore, Michael Wade and Mary Glassman. Ms. Glassman departed the meeting at 6:50 p.m. Also present were Kevin Kane, Finance Director, Anita Mielert, First Selectman, Joseph Townsley, Superintendent of Schools, David Holden, Business Manager, and other interested parties.
2. APPROVE MINUTES FROM THE AUGUST 15, 2000 REGULAR MEETING
Ms. Fitzpatrick moved to approve the minutes of the August 15, 2000 Regular Meeting. The motion was seconded by Ms. Glassman and carried unanimously, with Mr. Belfiore and Mr. Askham abstaining.
3. DESIGN REVIEW MANUAL, SPECIAL REVENUE FUND
Mr. Kane stated that the BOF approved the $10,000 grant matching funds and they need a fund in order to expend the funds. He noted that the program ends on June 30, 2001. Chairman Henault questioned how many Special Revenue Funds exist. Mr. Kane stated that there are approximately 25 funds, including the budget. He noted that the auditors are aware of the situation and are not concerned.
Mr. Wade moved to establish a Design-Review Manual Special Revenue Fund. The motion was seconded by Ms. Glassman and carried unanimously.
Ms. Fitzpatrick moved to amend the agenda and discuss the Proposed High School Modernization Project prior to the Fund for Land Acquisition and Preservation. The motion was seconded by Mr. Askham and carried unanimously.
4. PROPOSED HIGH SCHOOL MODERNIZATION PROJECT UPDATE
Chairman Henault reviewed the information the BOF received for the joint meeting. Mr. Askham questioned whether there is an alternative way to meet the needs of the school aside from the two proposals. He also expressed his concern with the continual change in estimates and he questioned the validity of the enrollment numbers.
Mr. Kane briefly reviewed his base case 25 year financial forecast for the Town. He pointed out that the base case is a debt policy of 5%. Chairman Henault noted that the $45.5 million figure for the high school would fall under a 10% debt policy. Mr. Kane stated that he estimated a 5.85% bond rate. He pointed out that the Town needs to have a more concrete 5 year capital plan before they go out for bonding. Ms. Glassman stated that they need to know the difference in the project if they were to spend $45 million instead of the $57 million being presented at the joint meeting.
Mr. Askham requested a valid estimate for the conversion of the existing high school to a junior high school. He questioned the increase in the operating budget as a result of construction. Ms. Glassman stated that they need to present the public with a total package cost which includes the tax increase each year, including other capital projects. Ms. Fitzpatrick agreed that the taxpayers need to know the long-term ramifications of this project. Mr. Askham questioned whether the BOS and the BOE are willing to reduce their capital requests. The board briefly discussed the proposed sewer project.
Mr. Askham expressed his concern that if Simsbury has 15% debt service it will be the highest in the State and that burden could cause people to move from Simsbury. He stated that he is also concerned that the rating agency could lower Simsbury's rating if they are irresponsible with their debt. Mr. Askham noted that if there is a recession the collection rate may drop and that could become an issue.
Ms. Fitzpatrick stated that it is crucial that the BOE provide a figure for the conversion of the high school to a middle school and the operating budget impact. She suggested that the BOF factor in the sewer treatment plant project since they know the project needs to be done.
5. FUND FOR LAND ACQUISITION AND PRESERVATION
Ms. Fitzpatrick noted that a page was missing from the information the BOF received. Mr. Askham requested that the BOF be included in the process in an oversight capacity. Chairman Henault recommended that this item be tabled.
6. ADJOURNMENT
Mr. Belfiore moved to adjourn the meeting at 7:05 p.m. The motion was seconded by Ms. Fitzpatrick and carried unanimously.
______________________________ _______________________
Paul W. Henault, Chairman Kathryn D. Wilde, Clerk
Action Items:
Item: Meadowood projected expenditures for the remainder of the project.
Responsibility: Bill Voelker
Due Date: September
Status:
Item: Information explaining how the Cromwell Fire District has set up their water company.
Responsibility: Fire District
Due Date: Tabled
Status:
Item: Notice when LOCIP funding is spent and reimbursed for Streetscape Design, Public Works Facility and Town Office Space Improvements.
Responsibility: Kevin Kane
Due Date:
Status:
Item: Library site improvement plan.
Responsibility: Richard Sawitzke
Due Date:
Status:
Item: Fire District 2000/2001 budget.
Responsibility: Kevin Kane
Due Date:
Status:
Completed Action Items:
Item: Recap of Eno Hall 5 year plan, expenditures to date, and Eno Hall capital fund.
Responsibility: Mike Wrabel
Due Date: Done
Status:
Item: Detailed accounting of Henry James over-runs and the anticipated funds returned from the Tootin' Hills project.
Responsibility: David Holden
Due Date: Done
Status:
Item: Y2K Report.
Responsibility: Rick Bazzano
Due Date: January/February
Status: Done
Item: Plan of when Simsbury Farms will be self-subsidized.
Responsibility: Gerry Toner
Due Date: Will report back to BOF at the December meeting.
Status: Done
Item: Final Estimate Grand List Growth figure.
Responsibility: David Gardner
Due Date: Done
Status:
Item: Update on encumbrances.
Responsibility: Kevin Kane
Due Date: Periodically
Status: Done
Item: Financial Advisor RFP for review by BOF.
Responsibility: Kevin Kane
Due Date: Done
Status:
Item: Executive Session to discuss Open Space acquisition.
Responsibility: BOF/BOS
Due Date: March 15th
Status:
Item: BOS funding, within their 1999/00 budget by internal transfers, $100,000 as necessary for exterior lead paint removal and repainting at Eno Hall.
Responsibility: BOS
Due Date: July, 2000
Status: Done
Item: Clarification on whether $110,000 transfer to Eno Hall meets all of the needs projected at Eno Hall for fiscal year 1999/2000.
Responsibility: Kevin Kane
Due Date: Done
Status:
Item: Schedule BOF/BOS/BOE Joint Meeting regarding high school modernization project.
Responsibility: Paul Henault
Due Date: August 17, 1999
Status: Done
Item: Information from Bond Counsel regarding funds authorized for land preservation fund.
Responsibility: Kevin Kane
Due Date: Info. forwarded to necessary parties.
Status: Done
Item: Status of informing senior citizens and SCTV of the expanded Tax Relief Program
Responsibility: Kevin Kane
Due Date: Discuss during next application period.
Status: Done
Item: Answer on why schools cannot receive revenue from facility rentals.
Responsibility: Auditor Kane/Holden
Due Date:
Status:
Item: Can use for school activities.
Responsibility: Sent to BOE.
Due Date:
Status: Done
Item: Information on Eno Trust.
Responsibility: Kevin Kane
Due Date: Trustee fees not paid from principal.
Status: Done
Item: Response as to why the projected revenue from State owned property is reduced for FY 1999/2000.
Responsibility: Kevin Kane
Due Date: Will provide response.
Status: Done
Item: Information on budget increase for Town Clerk Recording Fees.
Responsibility: Kevin Kane
Due Date: Will provide response.
Status: Done
Item: Response on liability issue regarding the Town Farm bottle washing facility.
Responsibility: Dave Holden/ I.P.A.C.
Due Date: Town should have coverage.
Status: Done
Item: Capital Project Procedures
Responsibility: Paul Henault
Due Date: Referred to joint mtg.
Status: Done
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