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2/20/2008 Meeting Minutes


Town of East Windsor
Board of Finance Meeting
February 20, 2008

The Board of Finance meeting was called to order by the Chair, at 7:33p.m. at the East Windsor Town Hall.

Members Present:                        Others Present:
        Noreen Farmer, Chair            Mary Szabo, Town Treasurer
        Jason Bowsza                    Denise Menard, First Selectman
        Marie DeSousa                   Gil Hayes, Board of Selectman
        Joanne Burnham-Kubick   Dale Nelson, Board of Selectman
        Jack Mannette                   Edward Farrell, Board of Selectman
        Kathy Pippin-Alternate          Mark Simmons, Board of Selectman
                                        Chris Martin –Webster Bank      

Members Absent:
        Leo Szymanski-alternate

I. APPOINTMENT OF ALTERNATES

No Alternates appointed as all members were present.

II. PREVIOUS MINUTES
        
        Regular meeting-January 16, 2008        

MOTION: TO APPROVE THE MINUTES OF THE JANUARY 16, 2008 REGULAR MEETING.

Motion by Marie DeSousa, seconded by Jason Bowsza
IN FAVOR:  Robert Little, Jason Bowsza, Jack Mannette, Marie DeSousa, Noreen Farmer.
ABSTAIN: Joanne Burnham-Kubick

III. COMMUNICATIONS:

Legal Bills

Legal costs will now be distributed in spreadsheet form.  Detailed bills will be available for review in the First Selectmans office.  

Employer Provided Vehicle:

This item was forwarded to the Board of Selectman.


IV. TREASURER’S REPORT

        Report on Cash:

Cash position is $12, 667,774
Interest rates have dropped from a 5.5% 6 months C.D. to a 3.35%; we still have some C. D. investments at the 5.5% interest rate.  

        Report on Revenues:

Tax Collector-reporting a total collection of $21,098,711 as of February 20, 2008.  We received the second installment of the ECS monies of 1,312,723; the balance of $2,757,189 is due at the end of April.

The contingency line as a balance of $98, 600 of the budgeted $200,000
70,000 was transferred to the legal line, and 31,400 to the gas and oil lines of the Police Department, Highway Department, and Senior Center.

Report on Expenditures:

The communications lines of almost every department are either over or will be over shortly.  The town switched phone companies from AT&T to Connecticut Broad with an anticipated of savings of about $4,520 per year, at the end of last fiscal year, Connecticut Broad found they didn’t charge the town for Centrex lines.  First Selectman Menard is working with AT&T to revise services.  Most other items are still at or below the 62% range.

Miscellaneous Reporting:

The CRRA ($193, 889) money was moved out of the General Fund to the Fund 67 special revenue fund, it will be easily accessible if we need to refund it.
The $50,000 received for the sale of the Hummer is also moved from the General fund to the CNR Fund 8.

V. OLD BUSINESS

Annual Budget Appropriates-Added Appropriations and Transfers

The draft document was distributed and reviewed.  Noreen Farmer asked that Board members forward changes and suggestions to her by e-mail.  This item will remain on the agenda for further discussion.

VI. NEW BUSINESS

A.      Response to Auditors Recommendations:

Caroline Madore from the Assessor Department and Mary Szabo from the Treasurer Department were present to discuss their responses to the Auditors Recommendations. The responses will be forwarded to OPM as appropriate.

B.      Presentation of FYE 2009 Capital Improvement Plan.

The Board of Finance and the Board of Selectman reviewed the Proposed Capital Improvement Plan.  Chris Martin from Webster Bank explained CIP plan document and discussed mill rate effect.  The document will be updated with corrections and distributed to Board members when completed.

VII.  Adjourn

Upon Motion by Jason Bowsza, seconded by Joanne Burnham-Kubick
Vote: To Adjourn at 10:17PM.