January 19, 2016 Minutes
OARD OF FINANCE REGULAR MEETING - January 19, 2016
The meeting was called to order by Board of Finance Chair Christopher Santucci at 7:00 pm. Members present: Rebecca Cunningham, Dennis Sienna, Christopher Santucci, Giovanni D'Alessandro and Tim Vennart.
A motion was made by Christopher Santucci to approve the December 15, 2015 regular meeting minutes amended to correct MBNA to MD&A. Rebecca Cunningham seconded the motion. The motion was carried.
The members discussed with the Town Auditor the final draft of the 2014-15 audit. After the MD&A report is finished the final audit will be complete.
The Board of Education Chair Andrea Estell and Superintendent of Schools Joe Reardon attended the meeting to inform the Board of Finance that due to the receipt of a grant from the state after the budget for fiscal year 2015-16 was passed, the MBR was not met. The Board of Education needs an additional increase in the budget of $11, 818 to meet the MBR as designated by the state or will have the ECS grant decreased by double that amount. After discussion, a motion was made by Christopher Santucci to increase for fiscal year 2015-16 account 5100-40-200 Board of Education by $11,818 and decrease account 7110-40-200 Operating Contingency by $11,818. Tim Vennart seconded the motion. The motion was carried.
Thereafter, the members discussed the Revenue, Expenditure and Vendor reports, selection of an auditor for fiscal year 2015-16 and the annual town report. Further discussion concerned establishing a special fund, as now permitted by the state, to allow for saving money to be used for education costs without adding to the Board of Education budget. The auditor will be requested to help with guidelines in establishing the account.
Christopher Santucci made a motion to adjourn at 8:25 pm. Rebecca Cunningham seconded the motion. The motion was carried.
Bonnie Dabrowski, Recording Secretary