BOARD OF FINANCE

SPECIAL MEETING

JANUARY 25, 2016

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DRAFT

 

Attendance:  Chairman John Grabowski, Robert Brinton Jr., Sharon Huxley, John Ford IV,

Absent from the meeting:  Chip Spear, Sally Huyser

Visitors:  Sandy Wellwood, First Selectwoman Derrylyn Gorski, Attorney Kevin McSherry

Chairman Grabowski called the meeting to order at 7:10 p.m.  The meeting was held in the Selectmen’s Conference Room.  Chairman Grabowski thanked all for coming to this special meeting. 

AUDIT REPORT

Sandy Welwood gave a presentation to the Board of Finance on the completed audit of 2014-15.  She explained some of the new pension standards required by the State of Connecticut and how they could affect the Town.  The teachers retirement will need more pages in the audit next year to meet the requirements of the State. 

Sandy commented that our debt level is down and that is good.  The General Fund balance should be kept between 10-14% of expenditures.  Presently it is about 11%.

The auditors would like to see bank reconciliation completed in a more timely fashion rather than at the end of the fiscal year.  Sandy suggested that the Town appoint a go to person to keep management more closely monitored. 

The Firemen’s Pension should perhaps be modified so that an actuarially report is not needed.  Following questions Sharon Huxley moved to accept the auditor’s report.  John Ford IV seconded the motion.  The vote taken was unanimous. 

ADJOURNMENT

Adjournment was called at 8:15 p.m. after a motion was moved by Chip Spear and seconded by Sally Huyser.  The vote taken was unanimous.

 

                                                                                                                Respectfully submitted,

 

                                                                                                                June Riley

                                                                                                                Clerk, Board of Finance