Board of Finance Meeting Minutes-12/17/2013
BOARD OF FINANCE
REGULAR MEETING - 6:00 PM
MINUTES
DECEMBER 17, 2013
CALL TO ORDER
Mr. Askham, Temporary Chairman, called the Regular Meeting of the Board of Finance to order at 6:02 P.M. on Tuesday, December 17, 2013 in the Main Meeting Room of the Simsbury Town Offices located at 933 Hopmeadow Street, Simsbury, CT. The following members were also present: Nicholas Mason, Barbara Petitjean, Jeff Blumenthal, Linda Schofield and Moira Wertheimer. Also present were Mary Glassman, First Selectman; Sean Kimball, Interim Finance Director, Matthew Curtis, Superintendent of Schools and Lydia Tedone, BOE and other interested parties.
1. Election of Chair and Vice Chair
Mr. Mason stated that the Board was not sure what would happen if the Board was dead-locked with a 3-to-3 vote for Chairman of the Board of Finance. The Board is requesting a formal written opinion on this question from the town’s legal counsel.
Mr. Mason made a motion to approve Mr. Askham as Temporary Chairman for the November 19, 2013 meeting. The motion was seconded by Mr. Blumenthal and was unanimously approved.
2. Welcome to New Members
Mr. Askham welcomed new members Linda Schofield and Moira Wertheimer to the Board of Finance.
3. Approve Minutes – November 19, 2013 – Regular Meeting
Ms. Petitjean requested that the word “elected” be changed to “appointed” in the sentence “The Board of Finance has elected Sean Kimball as the interim Finance Director” on
Page 3 under the Appointment of Acting Finance Director.
Ms. Petitjean made a motion to approve the minutes as amended from November 19, 2013 Regular Meeting. The motion was seconded by Ms. Wertheimer and was unanimously approved.
4. Report of the Interim Finance Director – Sean Kimball
Mr. Kimball presented the Report of the Interim Director of Finance to the Board. The report included: Update on Tax Collections and Grand List/Tax Appeals; Debt Service Capacity; Operating Budget Preparation Charter Guidelines; Capital Budget Preparation Timeline; Standard and Poor’s New Rating Methodology; Update on Finance Director Recruitment; Update on FY2013 Audit and Agreed-Upon Procedures Update.
Ms. Petitjean suggested that the Board request a cash flow schedule for the Capital Plan for a projection of when cash will be needed by the Board of Selectmen and Board of Education.
Mr. Kimball recommended that the Board appoint two members to serve as liaisons to help with the selection of the permanent Finance Director. Mr. Askham and Mr. Mason have volunteered.
Mr. Askham and Mr. Mason requested that the Board be able to review a clean draft of the town’s financial statement.
5. Approve Transfer of fund balance from Performing Arts Center Special Revenue Fund to the Simsbury Performing Arts Center, Inc. 501(c)(3) not-for-profit organization.
Mr. Askham noted that the Board of Selectmen approve this transfer at their meeting on December 9, 2013.
Ms. Glassman stated that the Meadows is now set up as a non-profit, which was approved by the Board of Selectmen and is now being run independently with fees for service and rental being paid to the town. The town will still be responsible for the maintenance of the facility.
Mr. Blumenthal made a motion to Approve Transfer of fund balance from Performing Arts Center Special Revenue Fund to the Simsbury Performing Arts Center, Inc. 501(c)(3) not-for-profit organization. The motion was seconded by Ms. Wertheimer and was approved 5-0 (Linda Schofield recused herself.)
6. Appointment of Liaisons/Committees
Mr. Askham requested that Liaisons for the following committees be discussed at the next meeting: Auditors, Public Building, Business Development, Pension & Insurance Commission (Mr. Mason is already a liaison but a second person is needed), Board of Teachers, Hiring New Finance Director, (Mr. Askham and Mr. Mason have volunteered) Senior Tax Relief, The Hartford, Fire District, Facilities Enrollment.
7. Goal-Setting Exercise
- Goals for 14/15 Budget – Guidelines for Board of Selectmen and Board of Education
Mr. Askham listed these Budget Issues:
School Enrollment Decrease
Grand List Growth
Hartford Decrease
Teacher’s Contract
Governor’s Budget on Auto Tax
Pension Cost after Change to Investment Return
Pension & OPEB Underfunding
Interest Income
CNR Amount to Spend
Collection Rate
Debt Service
Capital Needs
Sewer Fund
Simsbury Farms
Low Voter Turnout
Concerns of Bond Rating Agencies
Additional Budget Issues added by Board members:
Lower/Flat mill rate
Nothing to impair our Aaa rating
Maintain level of town services
Make Simsbury Farms break-even
Maintain Ability to Increase Reserves
Where the Collection
Do not over-reserve
Collection rate discussion
Identify Budget Drivers (top 10)
Shared Service Response
Grand List Growth
Money in Budget for BOF Policies
Senior Tax Relief
Evaluation of Tax Abatement
Road Program
Realistic/Affordable 5-year CIP
Dashboard Metric
Plus List Handed In
Mr. Askham also requested two volunteers from the Board to help publish the Annual Report for the Town of Simsbury.
- Goals for Calendar Year 2014 BOF Actions
Mr. Askham asked that Board members to get a list of goals into Mr. Kimball to discuss at the next meeting.
- Goals for 2014-2019 BOF Actions (5 Year Plan)
Mr. Askham requested that the Board of Finance work with the Board of Selectmen and Board of Education to look at an action plan.
8. Other Business
- Items for Next Meeting
Mr. Askham requested a three Board meeting on January 21, 2014 with the Board of Selectmen and the Board of Education to what could impact their budgets.
The Board would also like to see budget drivers from the Board of Selectmen and Board of Education.
- Follow-Up List
The Board will come up with this at the next meeting on January 21, 2014.
Adjournment
Ms. Schofield made a motion to adjourn the meeting at 8:25 p.m. The motion was seconded by Ms. Wertheimer and was unanimously approved.
Respectfully submitted,
___________________ ____________________
Peter Askham Leslie Brigham
Temporary Chairman Commissions Clerk