BOARD OF FINANCE
SEPTEMBER 14, 2010
Page 1 of 2

Attendance: Chairman Janet Brunwin, Sally Huyser, Chip Spear, Robert Brinton, John Grabowski, First Selectwoman Derrylyn Gorski

Members Absent: Stephen Squinto

Chairman Brunwin called the meeting of the Board of Finance to order at 7:00 p.m. The meeting was held in the Conference Room of the Bethany Town Hall.

BOARD OF EDUCATION REPORT
There was no report at this meeting from John Grabowski regarding the recent Board of Education meeting.

APPROVAL OF MINUTES
Approval of minutes of the previous two meetings was tabled.

CORRESPONDENCE
Chairman Brunwin read correspondence regarding upcoming courses that will be given for Board of Finance members. Chairman Brunwin is planning to attend one of the classes regarding Internal Controls.

AMITY FINANCE COMMITTEE MEETING
Chairman Brunwin attended the recent Amity Finance Committee Meeting. The Superintendent reviewed overall costs. All Capital costs must be reviewed before money is spent. For next fiscal year all Capital Expenditures must be justified. The fiscal year budget for 2011-12 schedule is as follows:
January 14, 20111 first presentation of budget
January 24, 2011 workshop
January 31, 2011 presentation of budget to Board of Education
February 7, 2011 ready for presentation to Boards of Finance

Superintendent Brady reported that the pre-audit has indicated that there will be a $1,229,000 surplus for fiscal year 2010-11. The Town of Bethany would receive $91,000 of the surplus.

At this time Superintendent Brady reports that there is a $671,000 surplus in the 2010-11 budget.

The electric company has completed an audit of the lightening. Light fixtures will be changed to more energy efficient fixtures. This should save $7,000 per month on energy costs.

FIRST SELECTWOMAN GORSKI
First Selectwoman Gorski reported that the Town of Bethany will receive a $25,000 grant for a consultant to evaluate our roads this fiscal year.
A grant of $20,000 has also been approved for Bethany, for a viability of transit services study, between New Haven and Bethany, for public service transportation.

First Selectwoman Gorski reports that Bond Counsel has not yet gotten back to her with information regarding cost of bonding or use of bond anticipation notes to finance road improvements

Robert Brinton suggested that perhaps we could borrow from the General Fund to continue the Major Road Improvement program and then borrow next year to repay the fund.

FINANCIAL REPORTS FOR FISCAL YEAR 2009-10 AND 2010-11
The Board briefly reviewed the financial reports, however modifications will need to be made to them before the books can be closed for fiscal year 2009-10. i.e. transferring of the Capital Reserve Funding, eliminating of the Carmel Road and Pine Brook Crossing accounts from the report and posting of the Elementary School expenditures.

The report for fiscal year 2010-11 is also incomplete as some of the appropriations still must be entered.

ADJOURNMENT
Adjournment was called at 7:45 after a motion was moved by Sally Huyser and seconded by John Grabowski. The vote taken was unanimous.


Respectfully submitted,


June G. Riley
Clerk, Board of Finance