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07-16-08 Minutes
                                                            July 16, 2008

            The Board of Finance held a special meeting on this date at the Police Department meeting room.  Members present were Glenn Frishman, Chairman; Andrew Rines, Secretary; Dudley Wheeler; Kevin Burns; John O’Brien and Bryan Bentz were absent.  Also present Maryanna Stevens, Director of Finance, BOE members and staff and Town residents.
Mr. Frishman called the meeting to order at 7:30 p.m.
FY 2008-2008
Mr. Frishman opened the meeting stating that the Total budget of $53,926,342 failed by 29 votes prompting further cuts.  Mr. Fishman along with Mr. Rines and Mr. Bentz felt cuts totaling $100,000 would be sufficient while Mr. Wheeler and Mr. Burns wanted $150,000 cut and Mr. O’Brien felt $50,000 would suffice.
After discussion members agreed to cut $35,000 from the CIP item Mystic Middle School Field drainage leaving it at $40,000.

Mr. McKee stated that the BOE could offer two CIP items.  Mr. Bill King explained that there isn’t sufficient time to complete the projects prior to the start of the school year, they are $15,000 Installation Active Grease traps District Wide and $11,000 Repaving Parking Lot-DMS.

After discussion, it was agreed that $39,000 from the Reserve for Debt Service brought the total reductions to $100,000 with a mil rate of 15.01. 

The budget is up .03% in spending, .42% up in taxes with less State aid.  61.81% of the residents have a less than $200.00 increase and 26% decreased.
Motion made by Mr. Rines to set the mil rate at 15.01 with expenditures totaling $53,865,342 and to forward to the Board of Selectmen to se the call for the Town Meeting for the 2008-2009 budget.  Seconded by Mrs. Bentz and passed unanimously.
 Previous minutes
Mr. Wheeler made a motion to approve the minutes of the June 11 and July 10 minutes as presented.  Mr. Burns seconded the motion and voting was unanimous.
Budget Transfer
Mr. O’Brien made a motion to approve the transfer request from Edward Haberek, First Selectman in the amount of $11,011 from the Elevator-WBBSS (4022001-88100) to Town Dock Electrical Project (4022007-88126) for cost overruns.  Mr. Wheeler seconded the motion and voting was unanimous.
Mr. Fishman deferred the correspondence to the next meeting.
Subcommittee reports
Nothing to report.
There being no further business to come before the Board, Mr. O’Brien made a motion to adjourn.  Mr. Wheeler seconded the motion and the meeting was unanimously adjourned at 7:55 p.m.
                                                                        Respectfully submitted,
                                                                        Andrew W. Rines
lp                                                                     Secretary