Board of Finance Regular Meeting Minutes-10/21/14
BOARD OF FINANCE
REGULAR MEETING – 6:00 PM
MINUTES
OCTOBER 21, 2014
(to be approved at November 18, 2014 Regular Meeting)
CALL TO ORDER
Mr. Askham, Chairman, called the Regular Meeting of the Board of Finance to order at 6:05 P.M. on Tuesday, October 21, 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, Nicholas Mason and Linda Schofield. Also present were Joseph Mancini, Director of Finance/Treasurer, Burke LaClair, Board of Education Business Manager, Leslie Brigham, Commissions Clerk and other interested parties.
Pledge of Allegiance
Everyone stood for the Pledge of Allegiance
Ms. Petitjean made a motion to move the approval of the September 16, 2014 minutes after the Presentation from Health Care Representative. The motion was seconded by Mr. Mason and was passed unanimously.
Presentation from Health Care Representative – Bob Lindberg, D&R Benefits
Mr. Lindberg provided a handout and discussed the following items with Board members:
Introduction/Overview
Self-funded Plan Structure
Historical Perspective
Plan Management
Recent Activity and Results
Self-funded Claim Results
Budgeting Cycles
Plan Consolidation in 2014
Plan Management
Fund Balance/Reserve Requirements
Funding Vehicle includes Reinsurance
Program Administration
Collective Bargaining
Affordable Care Act (ACA)
Plan Management
Plan Costs – Direct/Indirect
Excise Tax – 2018
Discussion/Questions
Mr. Mason recused himself from this discussion as a Director at Simsbury Bank.
Additional Information:
Self-Funded Plan Costs
Variable Costs93.0%
Fixed Expense7.0%
Self-Funded Reserve Target
Medical Plans27%
Dental Plans8%
Recent Renewal Adjustments
Simsbury Actual0%-5%
Market Trend9%-11%
Points of Interest
Post-65 Medicare CoverageInsured
HDHP Initial Enrollment18%
Approve Minutes – September 16, 2014 Regular Meeting
Ms. Petitjean made a motion to approve the minutes as amended from the September 16, 2014 Regular Meeting. The motion was seconded by Mr. Mason and was passed unanimously.
Presentation from Simsbury Bank
Mr. Martin Gertz introduced himself as well as Mr. Ken Sklodosky and Ms. Jocelyn Mitchell from Simsbury Bank. Mr. Sklodosky presented a Power Point presentation to Board members.
The slides that were presented included:
Relationship – The value of banking with Simsbury Bank
Cash Management
Interest Earnings
< >
Cash Management and Investment Options
Relationship Management
Cash Management Services
Your Service Team
Our goals
Our flexibility
Municipal financing
Simsbury’s leading bank
Community Investment – We sponsor community events
We lead with our financial support
We are active volunteers
We help support the Simsbury economy
We support many organizations
We are here to help Simsbury achieve its goals
Finance Director’s Report
Mr. Mancini reviewed and discussed the memorandum on Report of the Director of Finance with Board members. Items included:
Update on Tax Collections and Grand List
Simsbury Farms Subcommittee
Estimated Reserves
< >
Operations Summary
< >
Capital Projects & Audit
Spend to Save Policy
Capital Non-Recurring Budget Savings Fund – Draft attachment
Special Revenue Fund
Board of Education – Update on school assessment; Policy on unexpended education funds
Mr. LaClair discussed the memorandum from Matthew Curtis regarding the Facilities and Enrollment Task Force Update with Board of Finance members. Mr. LaClair noted that Town’s enrollment has decreased by 76 students for K-12 grades in 2014.
Appropriation for Land Purchase
Mr. Mancini and Board members discussed the memorandum regarding the Purchase of 1 Old Bridge Road, Simsbury. He noted that this has been referred to the Planning Commission but has not yet been ruled on.
Board members voiced their concern on this project and would like to get more information before any decisions are made.
Mr. Mason made a motion to table the Appropriation for Land Purchase. Ms. Petitjean seconded the motion and was passed unanimously.
Sewer budget cleanup
Mr. Mancini discussed the Waste Water Treatment Budget Cleanup with Board members.
Mr. Mason made a motion to approve the Waste Water Treatment Budget Cleanup. Ms. Petitjean seconded the motion and was passed unanimously.
Investment Policy - Vote
Ms. Petitjean reviewed the changes to the Investment Policy document with Board members.
Reserve Policy - Vote
Ms. Petitjean reviewed the changes to the General Fund Balance Policy document with Board members.
Ms. Petitjean made a motion to approve the Investment Policy and the Reserve Policy as amended. Mr. Blumenthal seconded the motion and was passed unanimously.
Open Space Rules – Discussion Only
This item will be tabled until the next meeting.
Board Rules – Discussion Only
This item will be tabled until the next meeting.
Other Business
No items discussed at this meeting.
Discuss next meeting’s agenda
No items discussed at this meeting.
Adjournment
Ms. Petitjean made a motion to adjourn the meeting at 7:45 p.m. The motion was seconded by Ms. Schofield and was unanimously approved.
Respectfully submitted,
Peter Askham, Chairman Leslie Brigham, Commissions Clerk