Board of Finance Meeting Minutes-10/15/13

BOARD OF FINANCE
REGULAR MEETING - 6:00 PM
MINUTES
OCTOBER 15, 2013

CALL TO ORDER

Mr. Henault, Chairman, called the Regular Meeting of the Board of Finance to order at 6:00 P.M. on Tuesday, October 15, 2013 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, Nicholas Mason , Peter Askham and Jeff Blumenthal.  Also present were Mary Glassman, First Selectman; Mary Ann Harris, Finance Director; Burke LaClair, Board of Education Business Manager; and other interested parties.

1.  Approve Minutes – September 17, 2013

Mr. Henault tabled approval of the minutes from September 17, 2013 until the next meeting.

2.  Quarterly Discussion

Ms. Harris summarized the budget for 2014 referencing the document titled” Budget to Actual, General Operating, Special Revenue and Capital Non-Recurring as of September 30, 2013”.

Mr. LaClair summarized the “First Quarter Budget Analysis of the Simsbury Public Schools” for the 2013-2014 fiscal year. Referencing the memo titled “Financial Report/Quarterly Budget Analysis” dated October 15, 2013, Mr. LaClair focused on four budget items which are in variance with the Board of Education’s original budget projections: Building Services – Temporary Personnel, Insurance – Employees, Modular Classrooms, and Electricity.

3.  School Security

In a memo dated October 11, 2013, Mr. LaClair asked the Board of Finance to approve the use of funds from the supplemental appropriation, dated February 27, 2013, for ongoing security expenses due to necessary upgrades.  Mr. LaClair stated that the Board of Education used operating budget monies to complete the classroom door lock project this summer.  As a result, the $177,000 supplemental appropriation made by the Board of Finance is still available.

The breakdown of the security projects include: security film for all entrance ways at seven schools; police department communication system; added door locks for certain classrooms with double doors; and additional smaller projects.

Mr. Blumenthal moved to amend the appropriation of February 27, 2013 for the $177,000 that was authorized for locks to also include the additional security items that are recommended which are as follows: security film for all entrance ways, police department communications, added door locks to classes and double doors, and any other security measures that are appropriately installed at this point. The motion was seconded by Mr. Askham and was unanimously approved.

4.  2014 Calendar of Meeting Dates – For Review

The first meeting of the new year will be held on January 21, 2014.  Ms. Petitjean asked if the remainder of the 2014 calendar can be finalized during the November 19, 2013 meeting.  Mr. Henault agreed.

5.  November Meeting Agenda Discussion

A special meeting will be held on November 19, 2013 with a public audience.  Mr. Henault will discuss the budget for 2014.  The meeting will start at 6:00 P.M.

6.  Second Quarter Retirement Sub-Committee

Pension results on a monthly, quarterly and year-to-date basis as well as OPEB and stock market results were presented in a report from the Retirement Plan Sub-Committee prepared by Fiduciary Investment Advisors, LLC.   Mr. Henault would like to have the Town’s Investment Advisor to speak with the Board at either their November or December 2013 regular meeting.

7. Six-Year Capital Plan – Discussion Only

Corrections need to be made to the handout which will be provided for the November 19, 2013 meeting.

8. Correspondence

Mr. Askham handed out an article pertaining to the Winsted town official, Mr. Henry Centrella, who is charged with stealing $2.25 million over a period of five years.  Mr. Askham wanted to bring this to the attention of the Board to make sure a control environment is in place and followed by the Town of Simsbury.  Accounting Manager, Deb Sweeney, noted that the Town of Simsbury has a system in place where cash is handled by the Tax Collector or other departments and a report is provided to the Finance department, which is then reconciled with bank deposits.  Therefore, one person is not given exclusive control over the handling and recording of cash deposits.  

Adjournment

Ms. Petitjean made a motion to adjourn the meeting at 7:25 p.m. The motion was seconded by Mr. Askham and was unanimously approved.

Respectfully submitted,

__________________________________                   ______________________________

Paul Henault, Chairman                                                 Irene Muench, Commissions Clerk