MINUTES
BOARD OF FINANCE
REGULAR MEETING
AUGUST 21, 2001
I. CALL TO ORDER
The Regular Meeting of the Board of Finance was called to order at 6:05 P.M. in the Main Meeting Room of the Simsbury Town Offices. Present were Chairman Paul Henault, Board Members Candace Fitzpatrick, James Belfiore, Peter Askham, Mary Glassman, Finance Director Kevin Kane, First Selectman Anita Mielert, Town Engineer Richard Sawitzke, BOE Business Manager David Holden and other interested parties. Board Member Michael Wade joined the meeting at 6:25 P.M.
II. APPROVAL OF MINUTES July 24, 2001 Special Meeting
In the absence of a quorum to approve the minutes, a motion was made by Candace Fitzpatrick, seconded by Peter Askham and passed unanimously to delay the approval of the minutes
III. UPDATE ON SEWER TREATMENT PROJECT
Chairman Henault requested an update on the Sewer Treatment Project from Mr. Sawitzke emphasizing the project's impact on the budgeting process. Mr. Sawitzke informed the board they were currently working on two principal areas: First that all the plans are in compliance with the State Plan for Conservation and Development and secondly the agreements with the Towns of Avon and Granby. Discussions followed on the project's financing options, capacity concerns and capacity allocation. First Selectman Anita Mielert updated the board on the progress of the draft agreements with the Towns of Avon and Granby.
IV. BUDGET PLANNING FISCAL YEAR 2002/2003
Chairman Henault began discussion by commenting on the lengthy budget process for the current year and that the 2002/2003 budget will have to address the Capital as well as the Operating Budgets. The board discussed the budgeting process and the need to know early on about capital requests to facilitate the process. There was general discussion on the High School Project and Teachers' Contract negotiations that will impact the 2002/2003 Operating Budget. Mr. Holden informed the committee that he would have numbers regarding the Teachers' Contract to submit to the Board by early or mid December. Discussions continued between Board Members and Kevin Kane on tax collection revenue streams and their predictability. David Holden asked to delay comments on the High School Project pending meetings of the
Board of Education Subcommittee and the Public Building Committee.
MINUTES
BOARD OF FINANCE
AUGUST 21, 2001
PAGE 2
V. PRELIMINARY FISCAL YEAR 2000/2001 RESULTS FOR TOWN AND BOARD OF EDUCATION.
Chairman Henault asked Kevin Kane to review his memorandum to the Board of Finance regarding Preliminary Fiscal Year 2000/2001 Financial Results. (Addendum I)
Mr. Kane reviewed the projections for the General Fund, Simsbury Farms Special Revenue Fund and the Self Insurance Fund. There were lengthy discussions regarding the Self Insurance Fund and its loss for fiscal year 2000/2001 and low reserves for the current fiscal year. Mr. Kane reviewed the individual and plan Stop Loss for the fund as well as options for insuring the minimum reserve balance. The Board then discussed inviting Mr. Robert Lindberg, Vice President of Lindberg & Ripple Inc. to appear before the board at the next meeting to review the performance of the fund.
A motion was made by Ms. Fitzpatrick to send a request to the Board of Selectmen to approve the transfer of the remaining funds from 2000/2001 908C Miscellaneous to the Self Insurance Fund 2000/2001 reserve. The motion was seconded by Ms. Glassman and after discussion passed unanimously.
Chairman Henault will send a letter to the Board of Selectman and the Board of Education alerting them to the Self Insurance Fund situation, expressing the Board of Finance's concerns about the issue, how to proceed over the next year and inviting them to attend the September 12th meeting with Mr. Lindberg. Chairman Henault then asked Mr. Kane to contact Mr. Lindberg and request his presence at the September 12th meeting to review the history and projections for the Self Insurance Fund.
VI. REVIEW MEETING CALENDAR
A special meeting of the Board of Finance will be held September 12, 2001 at 5:30 P.M.
VII. OTHER BUSINESS
Chairman Henault read a letter from First Selectman Anita Mielert to Kevin Kane dated August 16, 2001congratulating him on receiving a Certificate of Achievement for Excellence in Financial Reporting. (Addendum II).
Chairman Henault informed the board of the upcoming Connecticut Conference of Municipalities meeting scheduled for October 17, 2001 and reviewed several workshops that will be conducted at the meeting. He also informed the board of the National League of Cities Conference in Atlanta.
MINUTES
BOARD OF FINANCE
AUGUST 21, 2001
PAGE 3
VIII. ADJOURNMENT
On a motion made by Ms. Fitzpatrick, seconded by Ms. Glassman and unanimously passed, the meeting was adjourned at 7:30 P.M.
__________________________________ ________________________________
Paul W. Henault, Chairman Joanne M. Alt, Clerk
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