Board of Finance Meeting Minutes-6/17/14

Meeting date: 
Tuesday, June 17, 2014

 

BOARD OF FINANCE

REGULAR MEETING – 6:00 PM

MINUTES

JUNE 17, 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, June 17, 2014 in the Main Meeting Room of the Simsbury Town Offices located at 933 Hopmeadow Street, Simsbury, CT.  The following members were also present: Barbara Petitjean, Jeff Blumenthal and Linda Schofield.  Also present were Joseph Mancini, Director of Finance/Treasurer, Burke LeClair, Board of Education Business Manager, Colleen O’Connor, Tax Collector, Lisa Heavner, Board of Selectmen Liaison, Leslie Brigham, Commissions Clerk and other interested parties.

 

 

Pledge of Allegiance

 

Everyone stood for the Pledge of Allegiance

 

 

Approve Minutes

 

May 6, 2014 – Special Meeting

 

Ms. Petitjean made a motion to approve the minutes as amended from the May 6, 2014 Special Meeting.  The motion was seconded by Mr. Blumenthal and was passed unanimously.

 

 

Long Range Planning Committee

 

Mr. Askham stated that one of the goals for the Board of Finance this year was to set up a Long Range Planning Committee and discuss who should be on the committee.  He noted that he would like to get this organized and discussed what the responsibility of the group should be. 

 

Mr. Askham would like to see a five year period, as discussed in prior meetings, showing some assumptions and estimates.  Some of the items he would like to see in the report, which would impact the next five years, are the Grand List growth, state grants, local fees interest and the tax rate.  The Board members discussed items that would impact a five year period and what they would like to see in the financial model.

 

Mr. Askham noted that he would like to see two members from the Board of Education, Board of Selectmen and the Board of Finance working on the Long Range Planning Committee. 

 

Ms. Schofield and Ms. Petitjean volunteered to be on the Long Range Planning Committee for the Board of Finance.

 

 

 

Finance Director’s Report

 

Mr. Mancini distributed and discussed the Report of the Director of Finance with Board members on the following topics:

 

Update on Tax Collections and Grand List

Investment Policy for the OPEB Trust

Simsbury Farms Subcommittee

Rules Committee

Estimated Reserves

Capital Project - (Update)

Reserve Policy

Health Insurance

McGowan Fund

Investment Options

 

Mr. Stephen Sams, Financial Advisor, Morgan Stanley discussed the investment options available for the Town of Simsbury with the Board of Finance members. 

 

 

Appointment of Auditor for FY14 Audit

 

Ms. Petitjean made a motion to appoint Blum Shapiro as the Town of Simsbury’s Auditor for one year.  The motion was seconded by Ms. Schofield and it was unanimously approved.

 

 

Action on FY14 Tax Suspense

 

Ms. Petitjean made a motion to approve the FY14 Tax Suspense list in the amount of $54,504.28.  The motion was seconded by Mr. Blumenthal and it was unanimously approved.

 

Ms. Colleen O’Connor, Tax Collector, explained the Tax Suspense list to the Board members.

 

 

FY14 Budget Transfers

 

This will be discussed at the next Board of Finance meeting.

 

Henry James Update

 

Mr. LeClair discussed the packet given to the Board members and noted that the Principal of Henry James, Brian White, did meet with a number of people explaining, in greater detail, the overall plan for the hallway renovation. 

 

Mr. LeClair noted that the project included:

Removal of carpet / asbestos abatement

Install new flooring

Locker replacement

Lighting upgrade

Ceiling replacement

 

Mr. Blumenthal made a motion to approve the $280,000 allocation Capital Improvement for Interior Hallway Improvements – First Floor at the Henry James Memorial School.  The motion was seconded by Ms. Petitjean and it was unanimously approved.

 

Joint Meeting Request to Consider Open Space Maintenance

 

Mr. Askham noted that there has been a request to have a joint meeting regarding Open Space.  Mr. Mancini stated that the Board of Selectmen requested the joint meeting with the Board of Finance to discuss setting up a fund to manage Open Space going forward. 

 

Board of Finance members agreed to have a joint meeting with the Board of Selectmen to discuss the management of the Open Space in Town.  Mr. Askham requested that the Board of Finance members be given some numbers and what the purpose is of what is going to be set up.  He stated they would then set up a meeting that is convenient for everyone.

 

 

Other Business

 

Ms. Petitjean suggested changing the Board of Finance meeting start time to accommodate the scheduled users of the Main Meeting room.

 

Mr. Askham noted that the Annual Report is done but the final copy has not yet been printed. 

 

 

Discuss Next Meeting’s Agenda

 

Nothing was discussed at this meeting.

 

Adjournment

 

Mr. Blumenthal made a motion to adjourn the meeting at 7:47 p.m.  Ms. Petitjean seconded the motion and it was passed unanimously.

 

Respectfully submitted,

 

 

______________________                  _____________________

 

Peter Askham, Chairman                    Leslie Brigham,  
                                                            Commissions Clerk