December 19, 2017
BOARD OF FINANCE MEETING – December 19, 2017
The meeting was called to order by Board of Finance Chair Christopher Santucci at 7:03 pm. Members present: Dennis Sienna, Christopher Santucci, Scott Crevier, Tim Vennart.
Also present were First Selectman Dave Eaton, Treasurer Amanda Gaug, Board of Education Chair Andrea Estell, School Superintendent Joe Reardon and Town Auditor Marsha Marien.
Andrea Estell and Joe Reardon discussed with the members the status of the current school budget. School enrollment currently stands as 54 elementary students and 39 in high school.
The minutes from the November 21, 2017 meeting were reviewed. A motion was made by Dennis Sienna to approve the minutes as read. Tim Vennart seconded the motion. The motion was carried.
The members addressed the Revenue, Expenditure and Vendor History Report; Fraud, Risk Management, Internal Controls and Town Policies; 5 Year Planning; and the Annual Town Report.
The Town Auditor Marsha Marien discussed the draft of the fiscal year 2016-17 Audit. The unallocated fund balance often referred to as cash balance or the rainy day fund was currently at 8% of the budget. The original state recommendation was between 5% and 10%. Due to the problems with state budgets and state funding of the towns, the rating and lending financial institutions now recommend that the towns in Connecticut maintain a 16% ratio or two months of expenses. The members discussed the impact to the town taxes to achieve this ratio. Also discussed was the state laws concerning the funding of the schools.
The members also addressed a request by the First Selectman to some minor changes to the naming and removal of several line items in the budget to bring it up to current status. The members had no objection. Treasurer Amanda Gaug noted the changes. A motion was made by Dennis Sienna to adjourn at 8:34 pm. Tim Vennart seconded the motion. The motion was carried.
Respectfully, Bonnie Dabrowski, Recording Secretary