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Board of Finance Meeting Minutes-3/18/14

Meeting date: 
Tuesday, March 18, 2014

 

BOARD OF FINANCE

REGULAR MEETING - 6:00 PM

MINUTES

MARCH 18, 2014

 

 

CALL TO ORDER

 

Mr. Askham, Chairman, called the Regular Meeting of the Board of Finance to order at 6:00 P.M. on Tuesday, March 18, 2014 in the Main Meeting Room of the Simsbury Town Offices located at 933 Hopmeadow Street, Simsbury, CT.  The following members were also present: Nicholas Mason, Barbara Petitjean, Linda Schofield, Jeff Blumenthal and Moira Wertheimer. Also present were Sean Kimball, Deputy Director of Administrative Services, Joseph Mancini, Director of Finance/Treasurer, Michael Paine, Board of Selectmen Liaison, Burke LeClair, Board of Education Business Manager and other interested parties.

 

 

 

1.         Pledge of Allegiance

 

Everyone stood for the Pledge of Allegiance.

 

 

2.         Audit Discussion with Vanessa Rossitto of Blum Shapiro

 

Mr. Askham introduced Ms. Vanessa Rossitto from Blum Shapiro.  Ms. Rossitto gave an overview of what Blum Shapiro does for the Town of Simsbury as the Town’s independent auditor.  She stated that Blum Shaprio produces a comprehensive annual financial report for the Town.  Ms. Rossitto noted that a Federal Single Audit and State Single Audit are completed for Simsbury.  The Town receives both Federal and State grants and these audits are required in accordance with the rules and regulations mandated by the Federal Government and the State of Connecticut.  Ms. Rossitto noted that Blum Shapiro has issued a “Clean Opinion” on the Town of Simsbury’s Financial Statements.

 

Ms. Rossitto discussed these recommendations with the Board:

  • Internal controls
  • Capital assets
  • General ledger maintenance
  • Accounting procedures manual
  • Positive pay

 

 

3.         Debt/Bond Rating Discussion with Bill Fazioli from Public Financial Management (PFM)

 

Mr. Askham introduced Mr. Bill Fazioli from Public Financial Management to review some of the policies with the Board.

 

 

Mr. Fazioli confirmed that the Town of Simsbury was last rated in February, 2013 and received a Aaa rating from Moody’s.  He stated that Aaa rating is the highest municipality rating available.

 

Mr. Fazioli presented the following slides to the Board:

  • Rating Scale
  • Moody’s Methodology – Local Governments
  • Most Local Government Ratings are into Aa Range by Moody’s
  • Aaa Comparative Analysis
  • Debt as % of Full Value
  • Debt Service as % of Operating Expenditures
  • Payout of Tax Supported Debt within 10 Years
  • Full Value Per Capita
  • Median Family Income as % of United States

 

 

4.         Finance Director’s Report

 

Mr. Kimball updated the Board on the Finance Director’s report, which included tax collections.  He noted that 98.59% has been collected through February 28, 2014.   Mr. Kimball also stated that the Board of Selectmen will be presenting their budget to the Board of Finance on March 25, 2014.

 

Mr. Kimball and the Board discussed the date(s) for a public hearing(s) for the 2014 – 2015 Town budget.

 

Mr. Kimball reminded the Board that the auditor’s contract is up for renewal and that the Board and Finance Director will need to discuss options for retaining the current auditor or going out to bid.

 

 

5.         Discussion on Reserve Policy

 

Mr. Askham stated that the Board should start working on a formal Reserve Policy.  He asked for volunteers from the Board to work with the Finance Director on this project.  Mr. Blumenthal and Ms. Petitjean volunteered to work on this.

 

 

6.         Discussion on Collection Rate

 

Mr. Askham questioned whether or not to change the collection rate for the Town.  He noted that historically the collection rate has been set at 98%.  The Board discussed options for changing the collection rate to 98.5% but no decision was made at this time.

 

 

 

 

 

7.         Discussion on planning for The Hartford

 

Mr. Askham stated that the Board should consider the worst case scenario regarding The Hartford property and that an advance plan needs to be created.  He asked the Board members to come up with some ideas within the next few months as well as someone to work with the Finance Director.

 

 

8.         Discussion on FY 2015 Budget and Possible Action

 

Mr. Askham stated that the budget was discussed and no action is required at this time.

 

 

9.         Board of Education Budget Discussion

 

Mr. Askham noted that the Board of Education budget was discussed in a prior meeting and it will most likely be moved on to a public hearing.

 

 

10.       Goal Setting Discussion

 

Mr. Askham suggested that the goal setting should be ratified within the next few meetings and the Board members should decide on what items are important.

 

 

11.       Other Business

 

Mr. Askham reminded the Board that he will be on SCTV on March 28, 2014 with the Superintendent of Schools and the First Selectmen and asked for ideas on what they would like him to talk about.

 

 

Adjournment

 

Ms. Petitjean made a motion to adjourn the meeting at 7:45 p.m. The motion was seconded by Mr. Blumenthal and was unanimously approved.

 

 

 

Respectfully submitted,

 

___________________          ____________________________

Peter Askham, Chairman        Leslie Brigham, Commissions Clerk