Tuesday, December 28, 2010

DECEMBER 14, 2010
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Attendance: Chairman Janet Brunwin, Sally Huyser, Chip Spear, Stephen Squinto, Robert Brinton Jr., John Grabowski

Visitors: Greg Schuyler, Michael Battista

Chairman Brunwin called the meeting to order at 7:04 p.m. The meeting was held in the Conference Room of the Bethany Town Hall.

Chairman Brunwin called for a motion of approval for the minutes of the meeting of November 3, 2010. The motion of approval was moved by Stephen Squinto and seconded by Robert Brinton Jr. There were no changes to the minutes of this meeting. The vote was called. The vote taken was unanimous.

Chairman Brunwin called for a motion of approval for the minutes of the meeting of November 9, 2010. The motion was moved by Bob Brinton Jr. and seconded by Stephen Squinto. Chairman Brunwin moved to amend the minutes of that meeting by modifying the date the resolution was added to the minutes of the meeting of November 9, 2010 not October 11, 2010 as listed above the resolution. The amended minutes were then accepted on a unanimous vote.

AUDIT 2009-2010
Greg Schuyler of Marian & Co. LLC began his presentation to the Board of Finance by calling to the Board’s attention the new FDIC limits of insurance on accounts. The $100,000 limit has increased to $250,000. Most banks are participating in the TAG program . Noninterest bearing accounts are insured for 100%, however Webster Bank has opted out of this ruling. The Town of Bethany is maintaining a General Fund which is 12% of expenditures. The rate of tax collections for fiscal year 2009-10 exceeded the amount budgeted overall. Greg then reviewed the complete draft of the audit with Board members. Members discussed with Greg the handling of miscellaneous small grants and how the records should be handled for the project from the grant proceeds. Should projects be treated like a capital expenditure? Discussion followed.

First Selectwoman Gorski reported that the AT & T Cellular Tower agreement is up in March 2015. They have contacted the Town of Bethany regarding renewal of the agreement. The reason negotiations have begun this far in advance is due to a lengthy process that would have to be done if changes were needed to the tower. The Sitting Council would have to be involved.

First Selectwoman Gorski reported that the Major Road repair is going well. To date Falcon and Crestwood Roads and Hunters Trail have been completed for a total cost of approximately $256,000.

John did not attend the most recent meeting of the local Board of Education, however he did share information that he had received regarding dropping school enrollment until the year 2020. This projection was received from the State of Connecticut.

Chairman Brunwin indicated that she was waiting for a call from Chris Martin of Webster Bank to see what the present interest rate is on bonding and notes.

Chairman Brunwin will be working with Michael Battista and IMG to set up and utilize the complete accounting program the Town is using from IMG. Presently only the disbursement journal and check writing portion of this program is being utilized.

The Amity audit is complete. The Town of Bethany will be receiving a portion of the surplus from the 2009-10 budget. It was indicated at the Amity Finance meeting that this refund could be approximately $64,000 to Bethany.

Chairman Brunwin will be preparing the budget request letters to be sent out. At this time there is no indication as to how much the Town will be receiving from the State of Connecticut in grant monies.

Adjournment was called at 8:45 p.m. after a motion was moved by Chip Spear and seconded by Sally Huyser. The vote taken was unanimous.

Respectfully submitted,

June G. Riley
Clerk, Board of Finance