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Board of Finance Minutes-5/14/13

Meeting date: 
Tuesday, May 14, 2013

BOARD OF FINANCE
REGULAR MEETING - 8:30 PM
MAY 14, 2013

 


CALL TO ORDER

Mr. Peter Askham, Acting Chairman called the Regular Meeting of the Board of Finance to order at 8:30 P.M. on Tuesday, May 14, 2013 in the Henry James Junior High School cafeteria, 155 Firetown Road, Simsbury, Connecticut. The following members were also present: Kevin North, Barbara Petitjean, Jeff Blumenthal and Nick Mason.  Also present were Mary Glassman, First Selectmen; Mary Ann Harris, Finance Director; Colleen O'Connor, Tax Collector; and other interested parties.

1.       Approve Minutes

•         April 24, 2013 – Public Hearing

Ms. Petitjean made a motion to approve the April 24, 2013 Public Hearing minutes as presented. Mr. Blumenthal seconded the motion which was approved by 4 votes in favor, 0 votes opposed and 1 abstention.

•         April 24, 2013 – Special Meeting

Ms. Petitjean made a motion to approve the April 24, 2013 Special Meeting minutes as presented. Mr. Blumenthal seconded the motion which was approved by 4 votes in favor, 0 votes opposed and 1 abstention.


2.       Discuss Results of Referendum and Possible Action

Mr. North announced the turnout numbers and the voting results with each of the three (3) referendum questions passing.


3.       Mill Rate Consideration
Mr. Askham spoke about the new proposed mill rate of 37.29 mills and how the number was derived.

Mr. North made a motion to approve the proposed Town of Simsbury mill rate of 37.29.  Mr. Blumenthal seconded the motion which was approved by 5 votes in favor and 0 votes opposed.

It was noted that when combined with new Fire District rate (1.22 mills), the combined mill rate will be 38.51. Mr. North then reviewed the Fire District mill rate numbers and the changes from last year. The mill rate worksheet was then reviewed in further detail.


4.       Suspense List
Ms. O’Connor provided a summary of the Suspense List for the Board members.

Mr. North moved approval of the Tax Collector’s recommended Suspense List in the amount of $71,860.97. Ms. Petitjean seconded the motion which was approved by 5 votes in favor and 0 votes opposed.


5.       Pension Update – 1st Quarter Results
Mr. Mason provided an update on the key issue, which was related to the exiting of the Russell Real Estate Investment Trust and FIA’s recommendation to place those funds into Vanguard’s REIT Index Fund while waiting in Cornerstone’s queue.

Mr. North moved, in light of the decision to exit the Frank Russell Real Estate Fund, the Board of Finance recommend that Vanguard REIT and Cornerstone Patriot Fund be approved as real estate investment options for the Town’s Pension Assets.  Mr. Mason seconded the motion which was approved by 5 votes in favor and 0 votes opposed.

Mr. Mason discussed the proposed strategy of keeping some portion of the funds in the Vanguard REIT, even after entering Cornerstone, in order to maintain some measure of liquidity. The distribution of funds were discussed further.

Mr. Askham adjourned the May 14, 2013 Regular Meeting of the Board of Finance at 8:49PM.


Respectfully submitted,

____________________________________  ______________________________
Peter Askham, Acting Chairman                        Leslie U. Faraci, Commissions Clerk