BOARD OF FINANCE
FEBRUARY 12, 2002
REGULAR MEETING
1. CALL TO ORDER
The Regular Meeting of the Board of Finance was called to order by Acting Chairman Peter Askham at 6:02 P. M. in the Main Meeting Room of the Simsbury Town Offices. The following members were present: Peter Askham, Candace Fitzpatrick, Kevin North, and Michael Wade. Also present were Finance Director Kevin Kane, Board of Education Business Manager David Holden, and other interested parties.
2. APPROVAL OF MINUTES
January 16, 2002, Special Meeting
A motion was made by Ms. Fitzpatrick to approve the minutes of the January 16, 2002 Special Meeting. The following revisions were suggested by Mr. North:
Page 4, the column header entitled "Due Date" under "Completed Action Items" should read "Date Completed".
Page 5, the "Date Completed" column for the final "Completed Action Item", "Work with Gerry Toner to come up with a..." should indicate that this item has been completed.
Ms. Fitzpatrick accepted the revisions and moved to approve the minutes, as amended. The motion was seconded by Mr. Wade, and carried unanimously.
January 23, 2002, Special Meeting
A motion was made by Mr. Wade to approve the minutes of the January 23, 2002 Special Meeting, as presented. The motion was seconded by Ms. Fitzpatrick, and carried unanimously.
3. REQUEST FROM RESERVES FOR FISCAL YEAR 2001/02
Revaluation
Acting Chairman Peter Askham asked Mr. Kane if it is necessary for the Board to approve the transfer from reserves for the revaluation project at this meeting. Mr. Kane replied that the Board can make their decision at the next Regular Meeting. Mr. Askham asked that this item be placed in "Open Action Items".
Board of Finance
Regular Meeting
2/12/02
Page 2
4. MONTHLY FINANCIAL REPORTS
Board of Education
Mr. Holden reviewed the BOE "January 31, 2002 Budget Analysis Projected Through June 30, 2002" (Addendum I). He noted that the analysis is mostly unchanged.
Board of Selectmen
Mr. Kane referred to his February 12, 2002 memo, "Financial Performance Report - Seven Months Ended January 31, 2002" (Addendum II). He noted that revenues are approximately the same as the same time period last year. Kane also expressed the same concerns he had at the last meeting, that the Meadowood legal fees have not been budgeted, and the legal expenditure budget is looking worse, with a projected end-of-year total of $225,000 which has also not been budgeted. He noted, as well, that the investment income is lower than anticipated.
5. OPERATING BUDGET UPDATES
Kevin Kane reported that the First Selectman is presenting a revised budget to the Board of Selectmen tonight.
David Holden reported that the Board of Education Budget and Finance Subcommittee is also presenting their budget to the full Board tonight. Mr. Askham asked that a presentation from the Insurance Committee at the next Board of Finance meeting be placed in "Open Action Items".
6. REVIEW CALENDAR
Mr. Askham asked if the items on the calendar are proceeding as scheduled. Mr. Kane and Mr. Holden replied that everything is on schedule.
7. DISCUSSION AND POSSIBLE ACTION ON CONTRACT EXTENSION FOR BLUM, SHAPIRO & COMPANY TO CONTINUE AS TOWN'S AUDITOR
Mr. Kane stated that he has nothing definite to report on this item, and recommended that it be continued at the next Regular Meeting.
Board of Finance
Regular Meeting
2/12/02
Page 3
8. ACTUARY'S RESPONSE REGARDING "PENSION NOTES" IN THE JUNE 31, 2001 AUDIT REPORT
Mr. Kane reported that no response has been received from the Actuary, and recommended that this item be continued at the next Regular Meeting.
9. INVESTMENT INCOME
The Board reviewed the "Budget Worksheet, Budgeted Investment Income for Fiscal Year 2002/03" (Addendum III) distributed by Kevin Kane.
10. OTHER BUSINESS
The Board of Education will be meeting at Simsbury High School at 7:30 tonight.
Mr. Askham asked if there was a tax incentive policy passed by the Board of Selectmen on February 11. Mr. Kane replied that he will get information on the policy and provide it to the next Board of Finance Regular Meeting.
Mr. Askham reported that a High School Oversight meeting was held on January 23. New drawings will be presented at tonight's Board of Education meeting.
11. ADJOURNMENT
A motion was made by Ms. Fitzpatrick to adjourn the meeting at 7:02 P. M. The motion was seconded by Mr. Wade and carried unanimously.
Open Action Items
Item Responsibility Due Date Meeting Date
Check with Town Attorney re length of Public Notices Kevin Kane Next Meeting 11/20/01
Written report on the Simsbury Farms
Special Revenue Fund Gerry Toner Monthly 12/18/01
Invite actuary (Althea) and Donna Parker to BOF meeting to discuss pension funding Paul Henault? January or February 12/18/01
Provide BOF with Budgeted Investment Income worksheet monthly. Kevin Kane Monthly
1/16/02
Follow up on pension footnote in Audit Report. Kevin Kane Next Meeting 1/16/02
Decision on Request from RESERVES for Fiscal Year 2001/02 – Revaluation BOF Next Regular Meeting 2/12/02
Presentation from the Insurance Committee David Holden Next BOF Meeting 2/12/02
Completed Action Items
Item Responsibility Date Completed Meeting Date
Report on Teachers Contract Negotiations David Holden
Meadowood projected expenditures for the remainder of the project Bill Voelker
Get diskette from Fletcher-Thompson with drawing files for High School Modernization Project David Holden 09/12/01
Send copies of Dr. Chung's most recent report to BOF members Joe Townsley 10/16/01
Talk to auditors about setting up a Special Revenue fund for Police Special Duty part way into the fiscal year Kevin Kane 10/16/01
Ask Gerry Toner to write a quarterly financial report Kevin Kane 10/16/01
Contact Blum Shapiro about extending their contract Kevin Kane 10/16/01
Contact Bob Lindberg for claims update and send report to Paul Henault Kevin Kane 10/16/01
Letter to Board of Selectmen re Simsbury Farms Special Revenue Fund Paul Henault 11/20/01
Check with Board of Selectmen re additional action re Police Special Duty Revenue fund Kevin Kane 11/20/01
Invite Finance sub-committees of Board of Selectmen and Board of Education to special meeting re guidelines Paul Henault 11/20/01
Mail audit update to Messrs. Henault, Askham and Belfiore Kevin Kane 11/20/01
Work with Gerry Toner to come up with a new format for the Simsbury Farms Special Revenue Fund monthly report Kevin North & Kevin Kane 12/18/01
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