North Stonington Board of Finance
Regular Meeting Minutes
Wednesday, March 26, 2008 8:00 PM
NEW TOWN HALL
40 Main Street, North Stonington, CT
Call to Order Meeting called to order at 8:05 PM. In attendance were Chair M. Donahue, Secretary T. Oswald, members E. Pavlovics, N. Gumprecht, and G. Herbert. Member L. Southwick not present.
Public Comments and Questions none
N. Gumprecht motioned to approve the minutes of the regular meeting of March 5, 2008 as amended. G. Herbert seconded the motion, which carried 5-0-0.
N. Gumprecht motioned to approve the minutes of the regular meeting of March 12, 2008 as amended. G. Herbert seconded the motion, which carried 5-0-0.
N. Gumprecht motioned to approve the minutes of the regular meeting of March 19, 2008 as amended. G. Herbert seconded the motion, which carried 4-0-1 with E. Pavlovics abstaining.
G. Herbert reported he seeks to go live with the website this Friday, 3-28. He provided a draft of “Major Items for the 2008-2009 North Stonington Budget.” The BOF discussed the consideration of the draft and the possible inclusion of other long range financial issues. G. Herbert said that inclusion would delay the targeted launch date. The BOF considered including on the website financial issues and concerns which are likely to come before the town including: the GASB 45 driven OPEB liability for $136K; the new fire and ambulance building of several million; the new school building costing in the area of $55 million. G. Herbert asked the BOF to submit comments and suggestions via email not later than Monday, 3-31.
BOS: Follow-up Questions on Budget Presentation:
Selectmen N. Mullane and W. Ricker provided information and responded to inquiries from the BOF. Lengthy discussion followed. N. Mullane agreed to provide further follow-up to the BOF on the 03-12-08 meeting minutes item #4, sub-items 5-1, 5-2, 5-6, and 5-7.
5-A Solar Energy N. Mullane did provide more information and specifics on the solar energy investment scheduled for this budget of about $50,000. This would provide a system for the Town garage. N. Mullane advised the the Town is also soliciting for RFPs/bids for electricity supply.
5-A-1 The question arose of the actual rate of savings and the actual rate of return on the investment in the photovoltaic (PV) installation. Details of the system size, and other parameters was sought by the BOF. Current cost, and projected cost, per KWH were also sought by the BOF. N. Mullane agreed to seek this out this information and reply to the BOF in time for BOF evaluation of his feedback.
5-B N. Mullane will provide service records for the vehicles he sees as needing replacement.
Management Reports/FOF as Audit Committee/GASB 45 OPEB
Discussion – no action. M. Donahue advised he will continue to research the issue. It was noted by the BOF that the town of Stonington is funding for it. The BOF Chairman brought the BOF's attention to how a decision may need to be taken in another 3 weeks.
Discussion and modification of the draft letter to the BOE and the BOS requesting their response to the OPM concerning the Audit Management Letter.
Memo from Robin Roohr, Town Treasurer, concerning North Stonington's Current Financial Condition and Projected Performance.
Town Report Status 6-30-07
Discussion – no action.
Future Agenda Items Identification
Adjournment next meeting will be 8 PM Wednesday 2 May, 2008 at the New Town Hall. At 11:30 PM N. Gumprecht motioned to adjourn, seconded by G. Herbert, motion passed 5-0-0.
Secretary, Board of Finance
North Stonington, CT