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03-12-07 Minutes
March 12, 2007
            The Board of Finance held a special meeting on this date at the Wequetequock Fire Department.  Members present were Glenn Frishman, Chairman; Andrew Rines, Secretary; Dudley Wheeler; John O’Brien; Bryan Bentz and Kevin Burns.  Also present Maryanna Stevens, Director of Finance, George Sylvestre, Director of Administrative Services, Board of Education members and Town residents.
Mr. Frishman called the meeting to order at 7:30 p.m.
Milliman Associates presentation

Mr. Sylvestre introduced and members welcomed Steve Lemanski who was present to give a brief overview of GASB 45.  The Town of Stonington is slated for Phase II, Fiscal year 2009.  Members of the Board and of the audience questioned and discussed with Mr. Lemanski the impact on the Town’s budget.  There was a question in regard to some figures so Mr. Lemanski agreed to review and get back to the Board.
Budget Hearings

Board of Education – Mr. Michael McKee, Superintendent of Schools and John Bolduc, Chairman of the Board of Education presented the proposed FY 07-08 budget.  Mr. Bolduc started by saying that the proposed budget has a 4.5 percent increase, he added that the following factors, both increases and decreases or controlled costs such as salary impacts, health insurance,  06-07 reallocations and Utilities play a large part.  He stated that this is the lowest budget increase in 15 years.  New programs are proposed at $185,095.  Mr. McKee reported that SPS has an attendance rate of 98%, the highest in Connecticut, according to the Connecticut Attendance Consortium.  Members briefly discussed the new positions, programs, special education increases and CIP items.  They thanked the BOE for a well put together budget.

Previous minutes

Mr. Wheeler made a motion to accept the minutes of the February 22 and 28 meetings.  Mr. O’Brien seconded the motion and voting was unanimous.
Suspense List

Tax Collector Gisela Harma provided the Suspense list for members review.  These are uncollectible property taxes to be transferred to the suspense tax book.  Mr. Burns made a motion to recommend the transfer of these accounts and to file the suspense list as provided.  Mr. O’Brien seconded and voting was unanimous.  Mr. Frishman signed and dated the suspense list. 
Director of Finance

Mrs. Stevens provided for the members a copy of the WPCA agreement and a summary of Stonington Aa analysis.  They also discussed a new financial advisor.  Mrs. Stevens also reviewed with the members the recommendations by McGladrey & Pullen.  She stated that Frank Connolly, SPS Business Manager intended to use $12,000 to $14,000 to go to a paperless system module for PO’s, and tracking grants.  Mrs. Stevens would like to use $8750 for a Fixed Asset module.  These funds are from the $34,000 set aside for Munis.  Mrs. Stevens advised the Board that the Town and the Board of Education now reconcile on a monthly basis.
Subcommittee reports

Mr. Frishman asked if the High School bond has cleared yet.  The reply is no due mainly to the retention pond situation. 
Mr. Wheeler indicated that he has spoken with the necessary parties in regard to the emergency radios.  This will be discussed in more detail at the next meeting.
There being no further business to come before the Board, Mr. Wheeler made a motion to adjourn.  Mr. Rines seconded and the meeting was unanimously adjourned at 9:35 p.m.
                                                                        Respectfully submitted,
                                                                        Andrew W. Rines