Board of Finance Minutes - January 11, 2007

Approved  4/12/07                         
                                                BOARD  OF  FINANCE
                                              

                           JANUARY 11, 2007

                                     8:00 PM

                                      TOWN HALL, COMMISSION  ROOM 
 
            Meeting called to order at 8:06 PM
 
Board Members Present:  Messrs. Muller, Carter, Atkinson, Nichols, O’Brien,      Chairman Sargent and Ms. Kopas.
 
Also Present: Finance Director Rick Darling, First Selectman Woody Bliss, Donna M. Anastasia, Secretary.
 
Guests: Mark N. Chapman and Michael A. McKinnon of IBIC LLC
              
  1. Discussion/decision regarding proposed General Fund Balance policy- Michael McKinnon, IBIC- Town’s Financial Advisor
 
Discussion regarding the current and optimum range of the fund balance with respect to Moodys ratings. Mr. Chapman explained the multi-town comparisons used by Moody’s and other agencies to rate the town’s financial position in the marketplace.
 
There was discussion regarding annual reviews of the current financial status and forecasting strategies. The Board agreed an annual review would be a good idea and aid in future planning.
 
The Board discussed and agreed that rather than a fund balance number or percentage within the Fund Balance Policy the Board should focus on the town’s standing within the peer group and diligent planning.
 
There was discussion regarding impending expenditures such as the  GASB 45, the high school roof repair and the outcome of the facilities/assets inventory report.
 
Chairman Sargent will draft a revised copy of the policy to be reviewed with the Board at a later date.
   
  1. Approval of Meeting Minutes of  December 14.
 
The minutes of December 14, 2006 will be reduced and resubmitted for changes/review to the Board.
 
 
  1. Any other items of business to be brought up for Board consideration
 
David Muller made a motion to add Bisceglie Park Project to the agenda, Mr. Nichols seconded, motion carries.
 
Mr. Darling explained that the State of Connecticut has approved a grant in the amount of $75,000.00 for the upgrade and equipment to Bisceglie Park. The grant is based on a matching donor gift which currently stands at $75,000.00.
 
Motion:  Chairman Sargent made a motion to approve a donor gift in the amount of $75,000.00 for the improvements to made at Bisceglie Park, Mr. Muller seconded, motion carries.
 
With no further business to come before the Board meeting adjourned at 9:37 PM.
 
 
Respectfully submitted
Donna M. Anastasia, Secretary
1/16/07                           

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