BOARD OF FINANCE
DECEMBER 13, 2011
Page 1 of 3
Attendance: Chairman Janet Brunwin, Sally Huyser, Chip Spear, Aileen Magda, John Grabowski, Robert Brinton Jr.
Visitors: Marcia Marian, Michael Battista, First Selectwoman Derrylyn Gorski
Chairman Brunwin called the meeting of the Board of Finance to order at 7:04 P M. The meeting was held in the Conference Room of the Bethany Town Hall.
APPROVAL OF MINUTES
Chairman Brunwin moved to approve the minutes of the meeting of October 4, 2011. Sally Huyser seconded the motion. There were no changes to the minutes. The vote was called. The vote was unanimous.
Chairman Brunwin moved to approve the minutes of the meeting of November 8, 2011. Sally Huyser seconded the motion. There were no changes to the minutes. The vote was called. The vote was five yes votes and one abstention that of Chip Spear as he was absent from that meeting.
AUDIT FISCAL YEAR 2010-11
Marcia Marian was present to review the draft audit with the Board of Finance for fiscal year 2010-11. At completion of her presentation the following items were discussed in detail:
Chairman Brunwin moved a motion to close out the Family Day and Playhouse funds using a Residual Equity transfer as suggested by Marcia Marien. The motion was seconded by Sally Huyser. This transfers the balance in each fund into the General Fund balance. The vote was called. The vote taken was unanimous.
Chairman Brunwin moved a motion to create a new fund for the Bethany Community School Roof Repairs. Sally Huyser seconded the motion. This fund will be used to account for the insurance reimbursement already received for the repair in fiscal 2010-2011 as well as the expenditures to make the repair in 2011-2012. The vote was called the vote taken was unanimous.
Chairman Brunwin made a motion to make budget transfers to balance the final accounts as was the past practice of the Board of Finance. Chip Spear seconded the motion. Discussion followed regarding the overspending in certain departments. The vote was called. The vote taken was three (3) yes votes that of Chairman Brunwin, Chip Spear and Sally Huyser. There were three no votes that of Robert Brinton Jr., John Grabowski and Aileen Magda.
There was discussion regarding managing budgeted expenditures to ensure that overspending without Board of Finance knowledge/approval is prevented, and whether utilizing encumbrances was feasible with the current town hall staffing. Marcia Marien pointed out that all financial statements for all funds be reviewed by the Board of Finance at lease quarterly and suggested joining with the Board of Education to fund and hire a Finance Manager.
Final approval of the audit was tabled until the next meeting.
TAX INCENTIVE PROGRAM
The Board of Finance acknowledged receipt of the application for the Tax Incentive Program from EMG Properties from the Board of Selectmen. It will now be forwarded to the Tax Assessor.
Chairman Brunwin reported that she had attended the Amity Finance meeting.
At this time it is reported that Amity should have a $363,000 surplus by the end of the year.
The Amity teacher’s contract has not been settled, however negotiations are going well. Dr. Brady has indicated that perhaps they will not call for a budget referendum this year due to the poor percentage of voter turnout in all three towns the past few years.
FIRST SELECTWOMAN’S REPORT
First Selectwoman Gorski reported that the Bond Sale will be tomorrow. It is estimated that the Town will save $313,000 in interest over the life of the Bond Issue by refinancing the old bonds and the bonding for road repair. The interest rate will probably be under 3%.
Senator Joe Crisco has notified the Town of Bethany that they will be eligible for the DECD Grant. This grant can be used to replace additional windows at Town Hall.
The Bethany Elementary School teachers have settled their three year contract. The first year of the contract there will be no increase in salaries. Year two salaries will increase by 3% and year three the salaries will increase 3%.
First Selectwoman Gorski reports that the Highway Department payroll overtime for the hurricane was $12,000 and the overtime payroll for the snow storm was $14,000.
The check has been received for the LoCip money due the Town in fiscal year 2010-11 for the Pavilion construction and road work. The total received was $187,000. The check has come too late for the auditors to credit it in fiscal year 2010-11. The money was posted to the Accounts Receivable line item.
Recent bad weather has had an impact on Park and Recreation registration. Revenues are down, but so
is expenditures, as some programs have had to be canceled due to the weather.
Adjournment was called at 10:05 p m. after a motion was moved by Sally Huyser and seconded by Chip Spear. The vote was called. The vote taken was unanimous.
June G. Riley
Clerk, Board of Finance