Board of Finance Regular Meeting Minutes-12/15/15
CALL TO ORDER
Simsbury Board of Finance member Barbara Petitjean called the regular meeting of the Simsbury Board of Finance to order at 5:45 p.m. on Thursday, December 15, 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: Jeff Blumenthal, Linda Schofield, Moira Wertheimer, Rob Pomeroy and Kevin Prell. Others in attendance were: First Selectman Lisa Heavner, Director of Finance Joe Mancini, Simsbury Public Schools Business Manager Burke LaClair.
PLEDGE OF ALLEGIANCE
All stood for the Pledge of Allegiance.
ELECTION OF TEMPORARY CHAIR
Ms. Petitjean made a motion for Mr. Blumenthal to be the temporary chair of the Board of Finance. Ms. Schofield seconded the motion. All were in favor and the motion passed 6-6.
ELECTION OF PERMANENT CHAIR
Ms. Wertheimer made a motion to elect Ms. Petitjean as permanent chair of the Board of Finance. Ms. Schofield seconded the motion. All were in favor and the motion passed 6-6.
ELECTION OF THE VICE CHAIR
Mr. Blumenthal made a motion to nominate Ms. Schofield as vice chair of the Board of Finance. Ms. Wertheimer seconded the motion. All were in favor and the motion passed 6-6.
WELCOME NEW MEMBERS
Ms. Petitjean welcomed the two new Board members to the Board of Finance:, Rob Pomeroy and Kevin Prell.
APPROVAL OF MINUTES
July 21, 2015: Ms. Petitjean reported that the July 21, 2015 minutes had previously been approved.
September 15, 2015: Ms. Schofield made a motion to approve the September 15, 2015 minutes. Ms. Wertheimer seconded the motion. The motion passed 6-6.
October 20, 2015: Ms. Schofield made a motion to approve the October 15, 2015 minutes. Ms. Wertheimer seconded the motion. The motion passed 6-6.
November 17, 2015: Mr. Blumenthal made a motion to approve the November 17, 2015 minutes. Ms. Schofield seconded the motion. The motion passed 6-6.
APPROVAL OF FISCAL YEAR 2015 ADUIT ADJUSTMENTS
Ms. Wertheimer made a motion to approve the fiscal year 2015 audit adjustments. Mr. Blumenthal seconded the motion. The motion passed 6-6.
DISCUSSION ON COST SAVINGS IDEAS
Ms. Schofield handed out a list of ideas for potential cost savings. These were proposed by, Board members at a previous meeting and compiled by Ms. Schofield. They have been forwarded to the various other boards, which will respond after consideration.
AUDIT UPDATE
Mr. Mancini reported that the audit will be similar to last year’s audit, which should be completed by December 31, 2015.
LONG RANGE PLANNING UPDATE
Ms. Schofield reported that the Long Range Planning committee had their first meeting on October 31, 2015. During this meeting the committee addressed the mission, goals and timeline for the Long Range Planning. The next meeting will held on Thursday, December 17, 2015.
FINANCE DIRECTOR’S REPORT
Ms. Schofield made a motion to allocate $100,000 to the Revaluation fund, and $70,000 to the Heart and Hypertension fund. Mr. Prell seconded the motion. All were in favor and the motion passed 6-6.
BOE REPORT
Mr. LaClair reported that the Board of Education came up with the top five drivers of budget growth. These drivers can be found on the Board of Education website.
Mr. LaClair reported that the Board of Finance would like to extend an invitation to the Board of Finance to walk through Henry James Memorial School to see all the renovations that have been completed, and renovations that still need to be completed.
NEW BUSINESS
Ms. Petitjean asked the Board to have a special meeting in January at Henry James Memorial School in the cafeteria.
Ms. Petitjean reported that she will not be able to Chair the January and February meetings. Ms. Schofield will step in and act as Chair for these meetings.
Ms. Petitjean formally requested Mr. Mancini put together a policy book that includes updated policies and rules, for all Board members.
ADJOURN
Mr. Blumenthal made a motion to adjourn at 7:00 p.m. Ms. Schofield seconded the motion. All were in favor and the motion passed 6-6.
Attached finance director report:
M E M O R A N D U M
To: The Board of Finance
From: Joseph Mancini –Finance/Treasurer
Re: Report of the Director of Finance
Date: December 15, 2015
Fiscal Year 2015
The year in review - consistent with earlier communications, we are slightly favorable on revenue. On the expenditure side we experienced some pressure from the Winter Storms and Legal Fees.
Given where the town seems to be rolling up, I believe that there is still room to approve the additional $135,000 to fully fund the next revaluation. The Board of Selectman originally approved up to $270,000, during the last Board of Finance meeting we already approved $135,000.
Fiscal 2016
Outlook is for revenue to be more favorable than fiscal year 2015. Expenditures, it is still early to tell but 1/3 the way through the year, we aren’t seeing much pressure towards our budgets. Cold, Snow, and Ice are the major risk factors. Currently the weather outlook is “The South Will Be Cooler Than Average, The North Warmer” according to weather.com.
Internal service fund for FY2016, five months through the year and revenues versus expenditures are roughly equal. Activity for December seems to be somewhat elevated. At present I think the fund will be breakeven at the end of the year.
Fiscal 2017
An email to department heads will be going out prior to the end of the calendar year. This year, I’m going to request that the Board of Selectman provide the budget to the Board of Finance around the time that Board of Education submits their budget.
Currently from the State of Connecticut is expected to provide the town with an additional $1.25M in fiscal year 2017, coupled with expected grand list growth of .80% ($658,000). This correlates to a roughly 2% increase in Revenue for next year.
I believe that the Board of Finance should issue some sort of guidance to the Board of Selectman and Board of Education.
Thanks,
Joseph Mancini