Board of Finance Special Meeting Minutes - 1/19/16
CALL TO ORDER
Simsbury Board of Finance Vice Chair Linda Schofield called the special meeting of the Simsbury Board of Finance to order at 5:45 p.m. on Tuesday, January 19, 2016. The meeting was held in the Library Media Center (2nd floor), Henry James School located at 155 Firetown Road, Simsbury, CT. Also in attendance were the following board members: Jeff Blumenthal, Rob Pomeroy and Kevin Prell. Chair, Barbara Pettijean attended by phone. Others in attendance were: Director of Finance Joe Mancini, Simsbury Public Schools Business Manager Burke LaClair. Absent was Moria Wertheimer
PLEDGE OF ALLEGIANCE
All stood for the Pledge of Allegiance.
APPROVAL OF DECEMBER MINUTES
Mr. Blumenthal made a motion to accept the changes to the December minutes. Mr. Pomeroy seconded the motion. All were in favor and the motion passed 5-0.
FINANCE DIRECTOR’S REPORT
See attached
TRANSFERS
There were no transfers approved at this time.
BOE FINANCE REPORT
Mr. LaClair reported that the second quarter report will be prepared for next week and will be emailed out to the Board of Education and Board of Finance once completed. Mr. LaClair would like to do a financial report every quarter rather than every month.
LONG RANGE PLANNING REPORT
Ms. Schofield reported that the committee did meet again and they focused on the tool that Mr. Mancini and Mr. LaClair have developed. The committee did have a few improvements to the tool and particular drivers that they wanted to see. One driver in particular was the revenue impact from the sale of The Hartford. They hope to have this particular issue modeled for the next BOF meeting.
COST SAVINGS IDEAS: TIMETABLE FOR RESPONSE
Ms. Schofield asked Mr. Mancini and Mr. LaClair if they had explored the cost savings list that was handed out last meeting and when they could give the Board their feedback. Mr. Mancini reported that the Board should look for feedback in March, with their initial budget submissions.
REVIEW DRAFT RULES OF PROCEDURES
Mr. Mancini handed out a draft of Rules of Procedures for the Board of Finance. The Board reviewed and discussed briefly the draft of rules. The Board has not voted on these drafted rules at this time.
DISCUSSION OF BOF POLICIES LIST PRIORITIZATION
Ms. Schofield asked the Board members to please take a look at the old investment policy compared to the new investment policy, and if there is anything from the old policy that should be in the new policy to please bring it to the Board attention. Ms. Schofield would also like the Board members to review the Debt policy and the Capital Non Recurring policy and make a decision if there is any updating that needs to be done. Ms. Petitjean made a suggestion that the Board goes through each of the policies and if anyone recommends changes to a certain policy, the Board will talk about it and either revise the policy or leave it the way it is.
SUBCOMMITTEE ASSIGNMENTS
Ms. Schofield stated that the Subcommittee Assignments section could be removed from the agenda.
ADJOURN
Mr. Blumenthal made a motion to adjourn at 6:51 p.m. Mr. Pomeroy seconded the motion. All were in favor and the motion passed 5-0.
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: January 11, 2016
Fiscal Year 2015
The year in review - consistent with earlier communications, we are slightly favorable on revenue. Operationally we performed well and used much of the favorability that was available to the town to offset future obligations.
As a point of reference, almost all of the $270,000 revaluation has been funded as has $140,000 of the recent $210,000 Heart and Hypertension settlement.
Fiscal 2016
Outlook is for revenue to be more favorable than fiscal year 2015.
Internal service fund for FY2016, six months through the year and revenues versus expenditures are roughly equal. At present I think the fund will be breakeven at the end of the year.
Early Forecast 1/11/2016
FY2016 Current Year to Date variances attached
Fiscal 2017
Currently the State of Connecticut is expected to provide the town with an additional $1,214,720 in fiscal year 2017, coupled with expected grand list growth of .80% ($658,000). This correlates to a roughly 2.04% increase in Revenue for next year. Budgets are coming in over the next couple of weeks; we are looking forward to another fun budget season.
Thanks,
Joseph Mancini