Board of Finance Minutes

Members Present:

• Jim Bulick, Chairman
• John Patton, Vice Chair
• Barry Wallett
• Peter Tanaka
• Robert Wiecenski
• Geoff Prusak
• Annemarie Poole – Alternate
• Mary Bowen – Alternate

Also Present: Donna Latincsics, Business Manager; Tish Ignatowicz, Treasurer; Michael VanDeventer, CPA of Mahoney Sabol; members of the public.

Chairman Jim Bulick called the meeting to order at 7:05 pm.

SEATING OF ALTERNATES – none needed

APPROVAL OF MINUTES

Barry Wallett motioned to approve the Regular Meeting minutes of June 22, 2017 with the following amendment, Geoff Prusak seconded.  Robert Wiecenski abstained, all others were in favor, motion carried.

        Add Barry Wallett as attending

Barry Wallett motioned to approve the special meeting minutes of July 5, 2017 with the following amendment, Peter Tanaka seconded.  Robert Wiecenski abstained, all others were in favor, motion carried.

        Correct the spelling of Barry Wallett’s name.

PRESENT TO SPEAK – no one

NEW BUSINESS

Auditor Meeting concerning purchase orders

Auditor Meeting concerning year end closing practices.

Michael VanDeventer, CPA of Mahoney Sabol, was present to answer questions.  He apologized for not being able to attend our previous meeting that he was invited to. The Board had a question regarding purchase orders initiated in one financial period for goods or services delivered in another financial period. He distributed to the Board a summary of the various Basis of Accounting typically used in government accounting. Discussion followed. Generally, it was OK to realize the cost in the initial period as long as there is an issued Purchase Order and an executed contract. The Board was not comfortable with this practice. Michael VanDeventer suggested that the Board adopt a policy regarding encumbrances and offered to provide an example.

State Budget update – no update at this time.

Appropriation for Re-Valuation

John Patton motioned that the Board of Selectman call a Town Meeting to authorize the appropriation of $76,000 in fiscal year 2018-2019 from the reserve fund, account #04-4020 for the purpose of the State mandated physical revaluation.  Peter Tanaka seconded.  All were in favor, motion carried.

OLD BUSINESS

        School Building Study – no update

        Annual Report for Fiscal Year July 2016 through June 2017 - Deb / Jim – letter going out      shortly.

        WEA Teacher Negotiations – Peter – Discussion to be held in executive session.

        Cost Review Subcommittees: 5-Areas for review to see if we can realize any cost savings.

        Fire / Ambulance - Peter / Barry – they are making plans to meet

        Education -Barry / Annemarie / Jim – met before this meeting to strategize

        General Government - Geoff / Jim – they are organizing

        Public Works - John / Bob – nothing yet

        Transfer Station - John / Peter – nothing yet

The Board went into Executive Session 8:02 pm.

The Board came out of Executive Session at 8:11 pm.

CORRESPONDENCE - none

GOOD & WELFARE

We welcome Mary Bowen to the Board.

ADJOURMENT

The meeting was adjourned at 8:12 p.m.

Respectfully submitted,
Debra L. Lewis
BOF Recording Secretary\