TOWN OF GRANBY
BOARD OF FINANCE SPECIAL MEETING
MINUTES OF MAY 24, 2010
PRESENT: Michael Guarco, Chairman; Francis Brady. Robert Clark, Frederick Moffa, OD; and Al Wilke
OTHER ATTENDEES: William F. Smith, Jr., Town Manager, and Harry Traver, BOE Business Manager
Board of Finance Chairman Guarco confirmed a quorum and called the meeting to order at 7:30 p.m.
MINUTES
The Board reviewed the minutes of March 29, 2010 special meeting, April 12, 2010 public hearing, April 12, 2010 special meeting, April 26, 2010 special meeting.
ON A MOTION by Francis Brady, seconded by Al Wilke, the Board voted unanimously (5-0-0) to approve the March 29th special meeting minutes as presented.
ON A MOTION by Al Wilke, seconded by Frederick Moffa, OD, the Board voted unanimously (5-0-0) to approve the April 12th public hearing minutesas presented.
ON A MOTION by Francis Brady, seconded by Al Wilke, the Board voted unanimously (5-0-0) to approve the April 12th special meeting minutes as presented.
ON A MOTION by Al Wilke, seconded by Frederick Moffa, OD, the Board voted unanimously (4-0-1) to approve the April 26th special meeting minutes as presented. Mr. Clark abstained.
STATEMENTS OF ACCOUNTS
Harry Traver reported on the Board of Education March Statement of Accounts. He commented the favorable forecast is up $3,000 from February’s report. Another significant item is an increase of $68,000 for special education services from other towns and that this increase will not be enough to cover the shortfall in the excess cost share to the town. Mr. Traver indicated the April and May statement of accounts will show more favorable figures than March’s. It should be ready for distribution later this week. When Chairman Guarco asked if the $159,197 shortfall from Selected Revenue and Special Education Accounts would improve, Mr. Traver indicated yes.
Town Manager Smith reported on Budget Operations for April 2010. The current year tax collections are holding steady. He indicated the auto supplement account will not meet its anticipated amount of revenue. However, the Prior Years Taxes revenue should make up this shortcoming. Town Manager Smith indicated the market is not good for investments earnings; consequently, the short term investment earnings will not meet its anticipated amount of revenue.
Town Manager Smith is working on the year-end fund balance report and the closing out of some projects. He anticipates $75,000 plus may be returned to the General Fund making the General Fund Balance more than 5% on July 1st. He also indicated that the state finally approved a reimbursement from the Kelly Lane Intermediate School renovation project of approximately $100,000. The official letter from the state has not been received. Once this letter is received, the Kelly Lane School project fund can be closed and any fund balance will be returned to the General Fund.
Town Manager Smith indicated there may be no need for transfers of funds for year-end balancing.
When asked about negotiations of union contracts, Town Manager Smith reported there is one settlement with Granby Municipal Employees Association Council 4 (GMEA), the police contract is in negotiations, and the Municipal Employees Union Independent Local 506 (MEUI) is in arbitration. He commented that arbitration can be very expensive.
Chairman Guarco questioned how the Education Cost Sharing is handled between the town and school. Town Manager Smith replied that last year a law was introduced to allow towns to debit the schools if necessary so that there would be no duplicate funding. He suspects this will happen again.
Town Manager Smith discussed the Silver Street Bridge project. He indicated it was in its final design stage and will be going out to bid, hopefully, this upcoming fiscal year. This project is being funded 80% by the state and 20% locally. From talking with the Town Attorney, it appears the town will have to hold a referendum. An appropriation from the Board of Finance will be requested. The appropriation amount is approximately $2.2M, however, locally our contribution would be $400,000 - $500,000. Also, the town has already appropriated approximately $200,000 for this project.
ADJOURNMENT
The next regular meeting is scheduled for June 28, 2010; however, after discussion the board members concurred to change their meeting date to June 14, 2010.
ON A MOTION by Francis Brady, seconded by Al Wilke, the Board voted unanimously (5-0-0) to adjourn the meeting at 8:17 p.m.
Respectfully submitted,
Patricia I. Chieski
Recording Secretary
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