BOARD OF FINANCE
MARCH 20, 2008
SPECIAL MEETING
1. CALL TO ORDER
A Special Meeting of the Board of Finance was called to order at 7:36 A.M. in Conference Room 103 of the Simsbury Town Offices. The following members were present: Peter Askham, Candace Fitzpatrick, Nicholas Mason, and Anita Mielert. Also present was Director of Finance Kevin Kane.
2. ACTION ON BOARD OF EDUCATION 2008/09 BUDGET
Mr. Kane stated that School Superintendent Diane Ullman had issued a letter to First Selectman Mary Glassman and Board of Finance Chairman Paul Henault indicating that the Board of Education had reworked their operating budget request for 2008/09 to be $60,114,565, or a 3.5% increase. Mr. Kane did not have any details as to what specific areas were reduced. Ms. Mielert expressed concern that the reduction might be focused primarily in the elementary schools. Mr. Mason pointed out that, regardless of where the Board of Education projects its budget funds are needed, it does have the flexibility to move funds around to various projects once its overall budget is approved.
Ms. Fitzpatrick made a motion to move the revised Board of Education budget for 2008/09, which represents a 3.5% increase and a 4.3% increase in the nonpublic schools budget, on to Public Hearing. Mr. Mason seconded the motion and it passed 4-0.
Mr. Kane distributed three mill rate projection worksheets to the members and indicated that the projected mill rate with the Board of Education budget at 3.5% would be 29.6. However, he alerted the Board members to two potential revenue shortfalls that have recently come to his attention. First, the potential loss of conveyance tax revenue could result in a revenue shortfall of approximately $237,600 and, secondly, current interest rates are running at 2.65%, whereas they were at 4.88% at this time last year. Based on an interest rate of 2.65%, Mr. Kane indicated that the potential revenue shortfall could be approximately $800,000.
3. ADJOURNMENT
Mr. Mason made a motion to adjourn the meeting at 7:41 A.M. Ms. Fitzpatrick seconded the motion and it passed 4-0.
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Peter Askham, Acting Chairman Debra L. Sweeney, Clerk
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