Board of Finance Regular Meeting Minutes-11/17/15
CALL TO ORDER
Simsbury Board of Finance Chairman Peter Askham called the regular meeting of the Simsbury Board of Finance to order at 5:48 p.m. on Tuesday, November 17, 2015. The meeting was held in the main meeting room in the Simsbury Town Offices located at 933 Hopmeadow Street, Simsbury, CT. Also in attendance were the following board members: Barbara Petitjean, Nicholas Mason, Jeff Blumenthal, Moira Wertheimer . Others in attendance were: Joe Mancini, Director of Finance, Burke Laclair Board of Education. Absent: Linda Schofield
PLEDGE OF ALLEGIANCE
All stood for the Pledge of Allegiance.
MOMENT OF SILENCE
Mr. Askham asked for a moment of silence for all those effected by the terrorist attacks in Paris. All bowed their heads for a moment of silence.
2016-2017 BUDGET PLANNING-PRESENTATION
Mr. Askham presented the 2016-2017 Budget Planning Presentation, which explained what would be coming up for next Budget season. The goals for next fiscal year include, lower fat mill rate, maintain AAA bond rating, debt source capital under 7%, ensure long term fiscal discipline, use of funds balance policy to lower taxes and collaboration amongst Boards.
With looking at the comparison of Town budgets, members of the board and public audience would like Mill Rate added to this comparison. Mr. Askham said this would be looked at for the future.
Public Audience
Joan Coe, a Simsbury resident asks the Board of Finance to approve a budget that reflects the needs of the Town and Board of Education and weigh their needs with the needs of the tax payers.
Approval of Transfers
Simsbury Farms 6/30/2015: Mrs. Petitjean made a motion to transfer $58,548.49 from the General Funds to Simsbury Farms.Mr. Blumenthal seconded the motion.All were in favor, the motion moved unanimously.
Funding Revaluation: Mrs. Petitjean made a motion to transfer $135,000 to the general fund for Funding Revaluation.Mr. Blumenthal seconded the motion.Motion was passed unanimously.
Budgeting CNR: Mrs. Petitijean made a motion to transfer $83,500 from the Major Medical account, for a portion of a public works plow vehicle, into the CNR fund.Moved the motion.Mr. Mason seconded the motion.All were in favor, the motion moved unanimously.
Year End Closing Entries 6/30/2015: Mr. Mason made a motion to move two sole entries between accounts. Mrs. Petitjean seconded the motion.All were in favor, the motion moved unanimously.
FINANCE DIRECTOR’S REPORT
Mr. Mancini reported that in the Internal Service Fund there is no favorability, although they are still closing it out. Tax collections are favorable in fiscal 2016 and much higher for fiscal 2017. We are only favorable about $554,000, normally the revenue should be favorable $900,000. Building department fees are favorable $100,000, not going to see this favorability in fiscal 2016, because the budget has been increased. In fiscal 2016 the investment return will be much higher than budget. Mr. Mancini also reported that we will have the Heart and Hypertension issues again this fiscal year, if there is any favorability left in Fiscal 2015 Mr. Mancini proposes that he come back next meeting and possibly settle this out in two years, rather than the three years proposed. Fiscal 216 should be more favorable than fiscal 2015.
Mr. Manini asked the board if there was anything else they would like him to put out to bid, other than the auditors as previously requested. Mr. Askham asked Mr. Mancini the three bid’s Mr. Mancini suggested be put out to bid are the following; Auditors, Financial Advisor for Bond and Bond Council. The Board said they would like a list of when the last time these have been put out to bid and will review them in the next meeting.
BOARD OF EDUCATION REPORT
Bert from the Board of Education distributed a financial handout to the Board of Finance. Bert reported that they are very similar, slightly less spent at this point in the current year, and that there are very few areas of concern.
Bert asked the Board of Finance to consider touring Henry James Memorial School to see what has been done and what needs to be done.
2016 CALENDAR OF MEETING DATES
Mr. Askham asked the board to move the 2016 Calendar meeting dates for the Board of Finance. Mrs. Petitjean motioned to approve the meeting dates as drafted. Mr. Mason seconded the motion. The motion was moved unanimously.
BOARD OF FINANCE RULES
Mr. Askham suggested the Board appoint one or two people to make the Agenda for the Board of Finance meetings going forward, so the Board doesn’t lose a meeting. (woman on the end to the right) motioned Mrs. Petitjean and Mr. Blumenthal responsible for pulling the Board of Finance meetings together and coming up with an Agenda. Mrs. Petitjean seconded this motion. All were in favor and the motion moved unanimously.
OTHER ITEMS
Mrs. Petitjean wanted to extend her thanks to Mr. Aksham and Mr. Mason for their time with the town and the Board of Finance.
Mr. Askham said it has been his honor serving the tax payers of Simsbury for the last nine years.
ADJOURNED
Mr. Blumenthal made a motion to adjourn at 7:20 p.m. Mrs. Petitjean seconded the motion. All were in favor, the motion moved unanimously.