TOWN OF GRANBY
BOARD OF FINANCE
MEETING MINUTES
OCTOBER 14, 2003
PRESENT: Michael Guarco, Chairman; Gordon Bischoff, Christopher Comer, David Demchak, and Richard O’Brien. Al Wilke arrived late.
OTHER ATTENDEES: Gwen Van Dorp, Superintendent of Schools; and Daniel Wolfe, Board of Education Chairman
Chairman Michael Guarco confirmed a quorum and called the meeting to order by at 7:59 p.m.
MINUTES
The Board reviewed the minutes of September 8, 2003.
On a MOTION by Richard O’Brien, seconded by Chris Comer, the Board voted (4-0-1) to approve the minutes of September 8, 2003. Mr. Bischoff abstained.
Chairman Guarco requested that some agenda items be changed in the numeric order provided by the agenda sheet and an item added. On a MOTION by Richard O’Brien, seconded by Gordon Bischoff, the board voted (5-0-0) to approve the following agenda:
1. Confirm Quorum
2. Approve Minutes from Previous Meetings
3. Statement of Accounts
4. Consideration of Board of Education Funding Requests (new item)
5. CPPAC Model 2004-1 Discussion
6. Confirm Date of Next Meeting
7. Adjournment
STATEMENT OF ACCOUNTS
Gwen Van Dorp, Superintendent of Schools, reported on the Board of Education Financial Statement Account for September 2003. She indicated that Special Education Transportation is short by $36,000. Also, she stated some transfers were made to the BOE budget operations for housekeeping purposes. Dr. Van Dorp answered questions from the Board of Finance regarding the differences between encumbered and currently anticipated items.
The August and September Operations reports for the town were distributed prior to the meeting. From Chairman Guarco’s review of the reports, he indicated it appears that tax collections are 2% less than the last couple of years.
CONSIDERATION OF BOARD OF EDUCATION FUNDING REQUESTS
A memo was distributed. Superintendent Van Dorp provided the Board of Finance with additional information regarding these requests. It was noted that one appropriation request was for $80,000 from General Fund balance, consisting of rent revenues of $35,000 and an elapsed purchase order from Fiscal Year 2003 of $45,000. The second appropriation request was for $27,856 from the Education Quality and Diversity fund. Records show the availability of Quality and Diversity funds are in excess of $27,856. The Board of Finance mentioned it appears this fund is a revolving door for managing the money and perhaps the procedure for expenditures should be reviewed at a later time for a more streamlined procedure.
On a MOTION by Gordon Bischoff, seconded by Al Wilke, the board voted unanimously (6-0-0) to approve the appropriation request from General Fund balance in the amount of $80,000 to the General Fund Board of Education Expenditures to assist with recent contractual requirements for retirements and legal services. This transaction was in accordance with discussions that were held before the close of the fiscal year.
On a MOTION by Richard O’Brien, seconded by Gordon Bischoff, the board voted unanimously (6-0-0) to approve the appropriation request of $27,856 from Education Quality and Diversity to Education Quality and Diversity for expenditure of $27,856.
CPPAC MODEL 2004-1 DISCUSSION
Gordon Bischoff presented an update of the work in progress on the finance Model LT 2004-1. He indicated the Model LT 2004-1 includes only the present capital projects from the town and school amounting to approximately $17.8M (the amount that will be financed). Also the Capital Program Priority Advisory Committee (CPPAC) has requested the Board of Education and Board of Selectmen to provide updates for the five year operations budget and ten year capital project projections by December 19, 2003. Discussions were held regarding the Mill Rate %, the need to look at the model, so no fund balance dips are created below 5% in the General Fund, Grand List, CNEF, and review of the financing plan regarding bond issues.
CPPAC anticipates scheduling a meeting sometime in late January or February to review the model after the projections have been received from the Board of Selectmen and Board of Education.
CONFIRM DATE OF NEXT MEETING
The next meeting of the Board of Finance is scheduled for Monday, November 10, 2003 at 7:30 p.m. in the Police Department Community Room.
ADJOURNMENT
On a MOTION by Gordon Bischoff, seconded by Richard O’Brien, the Board voted unanimously (6-0-0) to adjourn the meeting at 8:50 p.m.
Respectfully submitted,
Patricia I. Chieski
Recording Secretary
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