Board of Finance Regular Meeting Materials (linked)

FIFTEEN ROPE FERRY ROAD
Waterford Town Hall . August 10, 2022
WATERFORD, CT 06385-2886
BOARD OF FINANCE Bat
AGENDA -
Regular Meeting 7:00 p.m.
9.
Establishment of a quorum and call to order.
Public Comment.
Approval and acceptance of minutes from July 20, 2022.
To consider and act on a request from the RTM to appoint a Board of Finance member to
the RTM Ad Hoc Energy Task Force.
Old Business:
a. Discussion of the letter from the Town Attorney to the BOF regarding the Human
Services reorganization
New Business:
Liaison Reports
Correspondence
a. Virginia Bielucki, Town Accountant, Status of Contingency FY22 dated July 22,
2022
b. Virginia Bielucki, Town Accountant, Status of Contingency FY23 dated July 22,
2022
c. Treasurer’s Quarterly Report dated July 29, 2022
Adjournment —
Glenn Patterson, Chairman

3
PIFTEEN ROPE FERRY ROAD WATERFORD, CT 06385-2886
Waterford Town Hall July 20, 2022
Regular Meeting 7:00 p.m.
Present Chairman Glenn Patterson, John Sheehan, Joe Filippetti, Robert Tuneski
Elected: Robert Brule, First Selectman, Jody Nazarchyk, Selectwoman, Abbas Danesh, Treasurer
Thomas Dembek, RTM
Staff: Kimberly Allen, Director of Finance
1. Establishment of a quorum and call to order
A quorum and a call to order was established at 7:00 pm, on July 20, 2022
2. Public Comment
No public Comment
3. Approval and acceptance of minutes from June 8, 2022
Motion by John Sheehan, seconded by Robert Tuneski to approve the minutes
of June 8, 2022 as presented.
Vote 4-0 Motion Passed
4. Board review and possible action on DRAFT BOF Policies.
a. Investment Policy
Chairman Patterson suggested that any comments on this draft policy could be handed to
or emailed to Abbas for review. Discussion and suggestions from the members on how to
clean up the decument were discussed.
Town Treasurer Abbas Danesh asked for some clarification from the members on a few
areas, specifically the section on maturities.
Motion by John Sheehan, seconded by Joe Filippetti to postpone the review of this policy
until the September meeting of the Board of Finance.
Vote Unanimous Motion Passed

5. Toconsider and act on a request from the RTM to appoint a Board of Finance member to
the RTM Ad Hoc Energy Task Force.
Motion by John Sheehan, seconded by Robert Tuneski to table this action until the
August meeting of the Board of Finance.
Vote ~ Unanimous Motion Passed —
6. To consider and act on a request from Michael Howley, Director of Fire Services, for a
FY¥22 Out of Series Transfer as follows:
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Available INCREASE OECREASE Available
Org. Code Object Code Object Description Amount Budget Budget
10133 31120 Inspection $ 78,566) 5 CLs § 12,500 § 689
10123 54218 Firelighter Equipment § 35,000] $ 14,897 3 (12.500 & 2,397
$ -
§ “
§ «
$ ~
TOTAL £2,500 (E5003
Motion by John Sheehan, seconded by Joe Filippetti to approve the Out of Series
transfer as requested in the arnount of $12,500
Vote ~— Unanimous Notion Passed

7. Toconsider and actona request from Brian Flaherty, Director of Recreation and Parks, for
a F¥22 Out of Services Transfer as follows:
APPROVED Current ACCOUNT ACCOUNT New
Budget Budget INCREASE DECREASE Budget
Amount Amount Amount
Org. Object
Code Code Object Description
1137 53080 MAINTENANCE OF VEHICLES 20, 75 0.00 0,993.65) 4, 8D (6,443.63)
1G134 51620 REGREATION PROGRAMS 342, 99 1.00 36,979.97 (3,500) 43,280
‘otal $3,500) $3,500 |
Motion by John Sheehan, seconded by Robert Tuneski to approve the Out of Series
Transfer as requested in the amount of $3,500.
Vote ~ Unanimous Notion Passed
8. To consider and act on a request from Brian Fla hert y, Director of Recreation and Parks,
for a FY22 Out of Series Transfer as follows:
APPROVED CURRENT = ACCOUNT ACCOUNT REVISED
Budget Available INCREASE DECREASE Available
Org. Code . Object Cade Object Description Amount Budeet Budget
1G13? 53080 [MAINTENANCE OF VEHICLES | _20.750.00 (9,943,63) 1,560 (8.444)
137 51620 RECREATION PROGRAMS 42,991.00 32,480.66 0.500) 30.98}
6
TOTAL 1,500 {18003
g, To consider and act on a request from Kim Al
Motion by John Sheehan, seco
transfer as requested in the amo
Yote — Unanimous
Transfer as follows:
unt of $1,500.
Motion Passed
nded by Joe Filippetti to approve the Out of Series
lan, Director of Finance for an FY22 Out of Series

APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Available INCREASE DECREASE Available
Org. Cade Object Code Object Description Amount Budget Budget
{O10 S1LU} ADMINISTRATION 71, 061,00 G881,19 1,882 i
1G1g 51920 FICA 14,210.00 (L44 2 t
1010 53024 OTHER SUPPLIES 159.00 CRA § I
LOD 51014 ELECTED OFFICIALS $10,837.00 (531,76 €530 2
1610 52034 PROFESSIONAL FEES 25,260,00 1,03 L4G (363) 669
0
IDit 32100 ELECTRICITY 343, 343.00 (17 A800 17,498 I
1Oll 52114 WATER 12,186.00 (8 482.94 5 5,483 G
Al 52004 FUEL OIL 129,081.00 15,994.09 {15.000 994
11} 31144 FACILITIES COORDINATOR 76,500.00 4,387.85 (4,008) 385
101} 5212 SEWER 21,775 06 3,602.53 (3,080) 693
1Ol} 5204¢ SERVICE CONTRACTS 169,860.00 2,842.67 (973 1376
ce
10124 $4024 EQUIPMENT _ 9,710.06 {452.53 453 i
10124 $3221] MARINE PATROL 3,700.00 147197 (453 tow
. 0
1013¢ 53219 CLERICAL & TECHNICAL 149.076, 00 (S67 173 368 }
1G13G 32040 SERVICE CONTRACTS 58,000.00 2,336.83 (5683 1, 969
4
10143 5203] PROFESSIONAL FEES 91,852.00 (3,591.91 3,592 Q
10144 3192 FICA 14,243.00 3,469,99 13,000: 470
10143 $2010 ADVERTISING 4,000.00 1,659.20 (392 1,067
TOTAL 29,878 {29,478}
Motion by Joe Filippetti, seconded by Robert Tuneski to approve the Out of Series
transfer as requested In the amount of $29, 478.
Vote ~ Unanimous
Motion Passed

10. To consider and act on a request from Kim Allen, Director of Finance, for a FY22 Out of
Series Transfer as follows:
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Ayallable INCREASE DECREASE Available
Amount Budget Budget
Org. Code Object Code Object Description PPI 133
10103 $1320 ELECTION ACTIVITIES 7,830.09 (4, B74, 34) | 4,875 i
10102 SISZQFICA 4 437,00 G70 13) 371 I
10102 53020 OTHER SUPPLIES 6,318.00 (366 25) 367 {
iO1la 32204 WORKERS ' COMP INSURANCE 730,768.00 52,587.21} 15.613} 46 O78
i]
10193 $2036 PROFESSIONAL FEES $9,300.00 {3.2 00.00} 3,200 9
1O1IS 5220{] WORKERS ' COMP INSURANCE 750,766.00 46,974.21 {3, 200} 43,774
0
10104 S11 ADMINISTRATION 153,081.00 (3. S70. 77) 3,371 6
10104 SE2NU CLERICAL & TECHNICAL 47,788.00 (13, 580.97) 13,581 G
10104 5191G FRINGE BENEFITS 113,00 (172.00) 172 G
10104 $2024 POSTAGE 1,891.00 {36 86) 37 G
10104 5203q PROFESSIONAL FEES 65,250,060 {28, 683.49 28,604 7
10104 32050) QUES. CONFERENCES 1,155.00 (253 62) 234 a
1104 53204 PRICING BOOKS $00.00 ($25.00) 925 o
10114 3194 PENSION CONTRISUTIONS 4,326 467.00 341,315.28 (49,144) 262,171
Q
TOTAL 37,937 (37,957)
Motion by John Sheehan, seconded by Robert Tuneski to approve the Out of Series
transfer as requested in the amount of $57,957.
Vote ~ Unanimous
Motion Passed

11. Pending Board of Selectman approval, consider and act on a request from Kim Allen,
Director of Finance, for a F¥22 Out of Series Transfer as follows:
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Avaliable INCREASE DECREASE Available
Amount Budget Budget
Org. Code Object Code Onbject Description
TOA S141 ADMINISTRATION 271,985.60 (16, 256 10) 46,257 4
40107 51214 CLERICAL & TECHNICAL 170,543.90 {8, 965.60) &, 965 G
19107] 5192q FICA 35,325 60 (985.58) a6 6
10107 $204q SERVICE CONTRACTS 26,383,600 {39 2.84) $43 a
10707 §20e8q TELEPHONE 1§,629.00 ($82.95) 263 %
10714 82201 LIABILP TY AUTO /PROPER ‘TY $32,949.09 36,895.66 {27, 495) 8, 400
o
1OIDS 577710 ADMINISTRATION 76, 269.00 {773.92} T74 4
10464 61920 FICA 18,490 06 (15 G43 418 4
10404 52024 POSTAGE 2, 722.00 (522,88) $23 a
10109 53284 ELECTION MATERIALS $31.00 {8.03} &9 4
1113 §2030 PROFESSIONAL FEES 4,§00,00 4,800.06 (1, 372) 128
is}
10119 51110 ADMINISTRATION 142,169 00 (1,777.38) 1, 778 1
10122 $1249 DISPATCH EQUC INCENTIVE 2,500,009 2,200.06 C4, 778} 522
5
9
3)
TOTAL 30,645 {30,648}
Motion by John Sheehan, seconded by Joe Filippetti to approve the Out of Series
transfers as requested in the amount of $30,645
Vote ~ Unanimous
Motion Passed

12. Pending Board of Selectman approval, consider and act on a request from Kim Allen,
Director of Finance, for a F¥22 Out of Series Transfer as follows:
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Avaliable INCREASE DECREASE Available
Amount Budget Budget
Org. Code ObjestCode Object Description
10137; 81710 ADMINISTRATION 193,599.00 {4,429.95} 4,430 9
10197) 51210 CLERICAL & TECHNICAL 88,197,006 (5.008.304 1, 00g 4
40137) $1614 PARKS MAINTENANCE $83, 325.00 12, 756.483 2,787 4
40137 81810 OVERTIME 20,376.00 (8,101.75) 5,162 g
10137 $2420 MAINT OF PROPER'TY 81, 286.06 (36,081.34) 25,052 4
10137 53020 OTHER SUPPLIES 28,636.00 {2,988.73} 2,859 §
40137 8308 MAINTENANCE VEHICLES 20,750,00 {6,152 G8) 8,153 8
10134 53090 FUELS AND LUBRICANTS. 14, 693.00 11,457.39 4,858 4
40118 51940 PENSION CONTRIUBUTIONS 4,3 26, 467,00 282,471.28 148, 920 242, 284
o
10147 52044 SERVICE CONTRACTS 676,766.00 ( 48,803.95 48,804 Q
10718 $1944 PENSION CONTRIUBUTIONS 4,326,487 .00 212, 251.28 {48,3043 182, 447
TOTAL 98,724 (98,724)
Motion by John Sheehan, seconded by Robert Tuneski to approve the Out of Series
transfers as requested in the amount of $98,724.
Vote Unanimous
Motion Passed

13. Pending Board of Selectmen approval, consider and act on a request for an
additional appropriation of $775 for FY23 CIP project 32923-55898 (De-escalation
and Communication Technology).
Motion made by John Sheehan, seconded by Joe Filippetti to transfer $775
from FY23 Contingency 10121-59010 to the CIP project 33923-55898
Vote ~ Unanimous Motion Passed
14. Old Business:
a, Board review and possible action on DRAFT BOF Policies.
i. Requesting New Capital Project Approval Outside the Budget Cycle Policy
Motion by John Sheehan, seconded by Joe Filippetti to discuss and
approve on the draft policy.
Vote — Unanimous Motion Passed
ii. Post-Issuance Compliance Procedures Policy
Motion by Joe Filippetti, seconded by John Sheehan to discuss and
approve on this policy. Friendly amendment to motion is to agree with the
corrections as discussed.
Vote — Unanimous Motion Passed
15. New Business:
a. Board review of the Reorganization with the Youth and Family Services and
Senior Services Departments
The Finance Director provided confirmation of the reorganization providing a
forecast savings of $90,255 for FY23.
The Board asked Dani Gorman, Director, questions about haw things were gaing
with combining the two departments. All seems to be going well.
Members of the Board expressed their concerns that the new set-up is not aligned
with the Town's organization as described in the Town Ordinances and the Town
Charter. The Board requested follow-up assurances that this circumstance posed
no risk to the Town.

b. First Selectman Brule asked the Board if he could ask Police Chief Marc
Balestracci and LT. Dave Ferland to discuss with the Board about an upcoming
drill that Waterford is having. The Chief explained it would be an active shooting
drill at the Quaker Hill Elementary school on August 3. This will include multiple
emergency agencies within the Town.
16. Liaison Reports
None
17. Correspondence
a.
Virginia Bielucki, Town Accountant, Revised Periodic Financial Statements
FY22 dated June 13, 2022
Virginia Bielucki, Town Accountant, Status of General Fund Unassigned
Balance dated June 13,2022
Virginia Bielucki, Town Accountant, Status of Contingency FY22 dated June -
13, 2022
Quarterly American Resc;ue Funds Report
Mr. Sheehan requested information regarding what the consultant was doing concerning
the Waterford small Business Grants.
Municipal Complex Building Committee Letter to the RTM
Mr. Patterson discussed that the committee had decided at their last meeting to write ¢
memo to the RTM to disband the committee, as the project is basically complete.
There are a few remaining items to be completed and paid‘on approved purchase
orders.
18. Adjournment
Motion made by John Sheehan, seconded by Robert Tuneski to adjourn the meeting.
Vote - Unanimous , Motion Passed
Meeting adjourned at 8:34 p.m.
Respectfully submitted,
{/ M/ LAL Murds . | Sonn tt
Jofin Sheehan, Clerk Sandra Kenniston

Raberr A. Avena
Rayerdnd't, Hafibesuli, dr:
Jamis: ferryin
Micheel A. Biinchisd
Epc We -Cllshat
Michael P, Carey
Richard S$. Caste
John, Ac Collins: Ul
isabel V. Del Veechio
Teanette ML. Dostit
Been €. Dapas
RischellesC, Daryaiv
Bisa Py iengo:
Theodore WeNeiser
Jeffrey WHO!
Cary. Rely
Krish. Kelly:
Nicholas. Kepple
Rabert Bo Reville
Hiliaa K. Milles
Sanmel M: Nasatty
Eaurask. Raynond
Kyle & Zrenda,
In Meniotisin
Andrew |, Branil
Jasnes F. Bistiiein
James J. Coursey
1, Pawtth Gin,
Mick#el V. Sans
Matthew Shafter
Max Mi Shapira
Charles 1. Suisman
Thomag B: Wiles
Lowi: Weal
OF Ceritisel
Hinds K. Ririne!
Jay 8. Levin
Richard A. Schare
July 29, 2022
Attorneys-At-Law
Sént via email: gpatterss 2@email.com
Mr. Glenn Patterson, Board of Finange Chair
Town of Waterford
LS Rope Ferry Road
Waterford, CT 06385
RE: Staff Realignment
Dear Glenn:
First Selectman Rob Brule has.asked me. fo respond to your recent questions about the
realignment of staff responsibilities for Senior and Youth and Family Services. The shift in
staffing responsibilities was initiated by the First Selectman in response to two staff vacancies in
our Senior Services organization. Pursuant to his authority undér Sections 3.2.3 and 3.2.5 of the
Waterford Charter (see attached) which grarits in Section 3.2.3 the chief executive the power to
“direct the adininistration ofall departments and officers” which authority. is further stated in 3.2.5,
“All town agencies and officials with the exception of the board of education shal] be under the
administrative supervision of ard report to the First Selectman acting for the Board of Selectman,”
Please also note Section 6.5 of the Charter entitled “Controlling Authority" which states,
“In the event that-any provisions of any Special act or orditianice of the town. shall be in confliet
with the provisions of this charter, the provisions of the charter shall be controlling,”
The language in.the Charter regarding the executive authority of the First Selectman was
subsequent to the ordinances regarding Youth and Family Services and the Senior Citizens
Commission; therefore, Section 6.5 applies and the Charter language controls. Nevertheless due
to. Rob’s efforts ‘collaborating with these Commissions, Human Resources, Town and Labor
Counsel and the Personnel Review Board a consensus was achieved where all. parties were in
agreement with the revised staff responsibilities (please see attached PRB meeting minutes).
In eur opinion, therefore, as Town Counsel, there is_no “risk” to the Town arising from
the proper exercise of the First Selectman’s authority to administer Senior and Youth and Family
Services ina manner he and the two interested Commissions sée a8 the most effective manner to
administer these services.
las F. Kepyple
Waterford Town Attomey
NFK/poin
Attachments
ce: = Robert Brulé, Baird Welch-Colliris, Bill Sheehan, Elizabeth Sabilia, Jody Nazarchyk, Joe
Filippettl, Kevin Petchark, Kimberly Allen, Ronald Fedor, Robert Tuneski, Eileen
Duggan, Robert Avena
Suisman, Shapiro, Wool, Brennan, Gray & Greenberg, P.C.
2 Union Maza, Sulile 200. * BC. Box 1891, New Londen, CT 46320
Phone 860-442-4416 © Fax 860-442-0495 © wwww.suismanshapiro.com

3.2.3 - EXECUTIVE POWERS OF THE FIRST SELECTMAN.
The first selectman shall be the chief executive officer of the town and shall have the powers and
duties vested in the office by the general statutes. In addition, the first selectman:
(a)
(b)
(c)
(d)
(e)
shall superintend the affairs of the town
shall direct the administration of all departments and officers as provided by Section
3.2.5 of this charter and shall be responsible for the faithful execution of all laws and
ordinances governing the town
shall direct the establishment, administration, and coordination of a municipal capital
improvement plan which shall address projects to be started within five years; shall
be integrated with the town plan of development; and shall contain recommended
funding methods for each project, such plan to be ratified by the board of selectmen
shall inform the board of selectmen of actions taken by the office upon the request
of any selectman
may delegate such responsibility as permitted by law and as shall be deemed
necessary to other selectmen or to any subordinate.
(Amended 11-8-94, effective 12-8-94)

3.2.5 - SUPERVISION AND ADMINISTRATION.
All town agencies and officials with the exception of the board of education shall be under the
administrative supervision of, and report to the first selectman acting for the board of selectmen.
The provisions of this section shall not contravene the functional responsibilities or authority of
such town agency or official under state statutes and other authorities.
(Amended 11-8-94, effective 12-8-94)

6.5 - CONTROLLING AUTHORITY.
In the event that any provisions of any special act or ordinance of the town shall be in conflict with
the provisions of this charter, the provisions of this charter shall be controlling.
(Adopted 11-8-94, effective 12-8-94)

Personnel Review Board ss3
Special Meeting Minutes *
May 2, 2022 oe
Pagel _
an
Present: Krum Chuchey ss
Talivaldis Maidelis ; a
David Peabody , a
Absent: Cathy Patterson
Rik Wells, Chairnian
Also Present: Christine. Walters, Human Resources Director; Eileen Duggan, Labor Counsel; Dani
Gorman, Interim Senior Services Director; Christine Johnson, Library Director, Meaghan Lineburgh,
Senior Services; Heidi McSwain, Senior Services; Donna Payne, Senior Services; Michael Buscetto II,
Chair, Youth & Family Services Advisory Board; Carel Sanders, Chairwoman, Senior Citizens
Cormission; Ann Darling and Joyce Viaun, Senior Citizens Commission; Carrie Czerwinski, Freelance .
Writer, The Day,
Mr. Maidelis called the May 2, 2022 Special Personnel Review Board Meeting to order at 6:00pm.
1. Review aid approval of the Meeting Minutes of January 26, 2022
MOTION: Mr, Peabody made a Motion to approve the January 20, 2022 Meeting Minutes of the
Personnel Review Board. Seconded by Mr. Chuchev. (3-0) Unanimous.
2 Job. Description: Human Services. Administrator (Senior Services/Youth and Famil
Services)
Christine Walters, Director of Human Resources, spoke on behalf of this position explaining how it will -
oversee both the Youth & Family Services Department and the Senior Services Department, ensuring each
department’s independent Board and Commission will remain intact; this position has been. vetted and
approved by the GGA Union; Carol Sanders, Chairwoman of the Senior Citizens Commission and Michael
Buscetto, Chairman of the Youth and Family Services Advisory Board, both spoke in support of their letters
endorsing this new position; discussion ensued how this position will provide a continuity of care from
birth to later stages in life for all town residents, will streamline services, eliminate duplication and offer a
cost savings for the town; consensus of the Board was to change the last line under ‘Minimum
Qualifications’ to “Ability to assist clients in a sensitive and-confidential manner’.
MOTION: Mr. Peabody made a Motion to approve the Human Services Administrator Job Description on
the Class F Classification on the GGA. Wage Schedule with the clerical amendment discussed. Seconded
by Mr. Chuchev. (3-0) Unanimous.
3. Job Description: Building Official (Building Department)
Christine Walters spoke on behalf of this position explaining the position became vacant due to a tecent
retirement and both the Town and GGA Union requested the proposed changes; this position will remain
as is in the GGA wage classification; clerical amendments recommended by Board Members.
MOTION: Mr. Peabody made a Motion to approve the Building Official Job Description with the clerical
anendinents discussed, Seconded by Mr. Chuchev. G-0) Unanimeus.
4, Job Description: Assistant Building Official (Building Department)
Christine Walters spoke on behalf of this position explaining this job description has not been updated since
2005; the Town and GGA. Union are requesting the Building Official and Assistant Building Official job
descriptions be consistent with each other; this position will remain as is in the GGA wage classification;
clerical amendments recommended by Board Members.

Personnel Review Board
Special Meeting Minutes
May 2, 2022
Page 2
MOTION; Mr, Peabody made a Motion to approve the Assistant Building Official Job Description with
the clerical amendments discussed, Seconded by Mr. Chuchev. (3-0) Unanimous.
5. Job Description: Open Doors Program Facilitator (Senior Services)
Dani Gorman, Interim Senior Services Director, spoke on behalf of this program which. she plans to re-
launch this summer; this program is designed for residents with mild to mid-stage memory loss, dementia
or cognitive challenges and will provide recreational therapy activities to engage participants in an effort to
increase socialization and provide a sense of well-being; brief discussion took place on the education and
training required for the facilitators who will be numing this program; this position will be a part-time, non-
union position, placed in the Instructor Wage Schedule at Grade 1.
MOTION: Mr. Peabody made a Motion to approve the Open Door Program Facilitator Job Description on
Grade | of the Instructor Wage Schedule, Seconded by Mr. Chuchev. G-0) Unanimous.
6, Job Deseription: Department Head — Youth Services (Library)
Christine Johnson, Library Director, explained the update to this job description is designed to modernize.
the title to “Youth Services’ to encompass children and teens; this new title has been vetted by the Library’s
Board of Trustees and will remain non-union and in its existing wage classification; brief discussion took
place regarding the need to include a statement that materials produced by the Department Head - Youth
Services would be content neutral and the Board chose not to, stating such policy issues are outside its
purview and can be addressed by the Library Board if needed.
MOTION: Mr. Peabody made a Motion to approve the Department Head — Youth Services (Library) Job
Description. Seconded by Mr. Chuchey, (3-0) Unanimous.
MOTION: Mr. Peabody made a Motion to adjourn the Personnel Review Board Special Meeting of May
2, 2022 at 6:30pm. Seconded by Mr, Chuchev. G-0) Unanimous.
Respectfully Submitted,
i ee eae
aa a < &. aes ee = J ER A ace Sy
ea
Joan S. Barnes
Recording Secretary

PHONE: 860-442-0553
www.waterfordct.org
FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
Date: July 22, 2022
To: Members of the Board of Finance
From: The Town Accountant
Subject: Status of Contingency Fiscal Year 2022
Contingency Fund, Line item 10121-59010:
07/01/21 Appropriation 265,000
Transferred through 07/20/22 (261,923)
Balance 3,077
KM L. Lf.
Virginia Bélucki ~~ OO
Page 1

FISCAL YEAR 2021-2022 -
_CONTINGENCY TRANSFERS & BALANCE
BOARD TRANSFER
ORG OBJECT DESCRIPTION OF FINANCE RTM | AMOUNT BALANCE
BALANCE 07/01/21 _ $265,000.00
10101 52030 FIRST SELECTMEN PROFESSIONAL FEES 7/20/2021 N/A $24,000.00 $241,000.00
10112 52201 INSURANCE LAP 8/11/2021 N/A $77,273.00 $163,727.00
10147, 54130 LT. EQUIPMENT 8/11/2021 N/A $5,463.00 $158,264.00
10147 52043 LT. SERVICE CONTRACTS 8/11/2021 N/A $5,226.00 $153,038.00
10119 51210 YOUTH & FAMILY SERVICES CLERICAL & TECHNICAL 11/10/2021 N/A $48,803.00 $104,235.00
10119 51210 YOUTH & FAMILY SERVICES CLERICAL & TECHNICAL 11/10/2021 N/A $14,189.00 $90,046.00
10119 - 51920 YOUTH & FAMILY SERVICES FICA 11/10/2021 N/A $3,733.00 $86,313.00
10119 52030 YOUTH & FAMILY SERVICES PROFESSIONAL FEES 4/13/2022 N/A $5,000.00 81313
10118 51110 BUILDING DEPARTMENT ADMIN 5/18/2022 N/A $78,236.00 $3,077.00
($261,923.00) $3,077.00
Page 2

§.6
FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 860-442-0553
www.waterfordct.org
Date: July 22, 2022
To: Members of the Board of Finance
From: The Town Accountant
Subject: Status of Contingency Fiscal Year 2023
Contingency Fund, Line item 10121-59010:
07/01/22 Appropriation 265,000
Transferred through 07/20/22 (775)
Balance 264,225
[ ;
r
Virginia 7 ucki
Page 1

_ - FISCAL YEAR 2021-2022
CONTINGENCY TRANSFERS & BALANCE
BOARD TRANSFER
ORG OBJECT DESCRIPTION OF FINANCE RTM AMOUNT) BALANCE
BALANCE 07/01/22 $265,000.00
10138 35898 TRANSFER OUT TO CURRENT YEAR CAPITAL-DE-ESCALATION& COMMUNICATION TECHNOLOGY 7/20/2022 N/A $775.00 $264,225.00
($775.00) $264,225.00
Page 2

F.¢,
7-29-2022
To: Robert J. Brule — First Selectman
Kim Allen — Director of Finance
Glenn Patterson & Board of Finance Members
Paul Goldstein & RTM Members
Thomas W. Giard III — Superintendent of Schools
Joseph Mancini — Director of Finance & Operations — BOE
Pat Fedor & Board of Education Members
From: Abbas Danesh — Treasurer
Subject: Quarterly Treasurer’s Report and Related Financials ending 6/30/2022.
The following attachments are included for reference: .
Attachment 1 — 6/30/2022 Cash Positions — Town of Waterford
Attachment 2 — CDs & Bonds Summary ~ Town of Waterford
attachment 2 April — June & attachment 2 combined
Attachment 3 - Graph of Total Interest Income vs. Fiscal Years
Attachment 4 — Interést Income by Funds vs. Fiscal Years
Attachment 5 — FY 2023 Estimated General Fund Cash Flow
Attachment 6 — Bond Debt Service
Attachment 7 — Estimated interest earning FY23
Going over our three baskets/institutions:
STIF interest rates are going up ©
Averages for April .44%, May .80%, June 1. 19%
People’s Savings interest is at 0.10%.
Fidelity account activities:
April: I transferred nine million to purchase three short term Treasuries. By Feb of 2023 we
will have twelve million, laddered monthly, in one million Treasuries.
May: Purchased 36K Treasury.
June: Purchased 106K in Treasury and 180K step up Agency starting at 3.25%
With three million matured Treasury, we purchased three, one million Treasury (as part of
building our ladder, please see above)
Please see Attachment 2 combined, the monthly running of WAM, WAY and Annualized
ALPHA to get a more accurate picture of our portfolio.
As you observe our ALPHA, which measures performance, we exceeded our benchmark in
April, May and June by (0.54%, 0.18% and 0.15%, respectively). Our Weighted Average Maturity
(WAM) has been steadily declining, from 4.98 years to 1.62 years. Due to Federal Reserve’s recent
aggressive rate hikes since 1994, J will most likely underperform our benchmark in next two
quarterly reports. Good news, due to aggressive rate hikes, we will be receiving much miore interest
in FY23, please see attachment 7- my estimated interest earning for FY23.

Attachments 3 & 4 show our interest income with comparable amounts from previous years.
Please see Attachment 5, our estimated General Fund cash flows for FY 2023. 1 increased our
monthly expenses to 7.7 million, considering our Fiscal Year 2023 debt service of $7,197,459.00,
which reported on Debt Service column.
Please see Attachment 6, our updated bond debt service.
It is an honor and a pleasure to be in my position as treasurer; | welcome any questions or
suggestions.
Sincerely Yours,
ea ‘Abbas Danesh — Treasurer
..my next quarterly report will be in Get 2022.

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Attachment 2 April
CDs & Bonds Summary - Town of Waterford, April 2022
Maturity Bank Name Purchase Price Amount
Date oo at maturity Yield
4/30/2022|CASH AND ACCRUED INTEREST $ 52,596 | $ 52,596 0.01%
._6/9/2022|UNITED STATES TREAS BILLS $ 99,863 | $ 100,000 0.44%
6/23/2022|UNITED STATES TREAS BILLS $ 194,734 | $ 195,000 0.54%
6/28/2022| UNITED STATES TREAS BILLS $ 2,995,568] $ 3,000,000 0.47%
7/12/2022|UNITED STATES TREAS BILLS $ 199,661 | $ 200,000 0.53%
8/25/2022|UNITED STATES TREAS BILLS $ 2,990,160 | $ 3,000,000 1.02%
10/27/2022|UNITED STATES TREAS BILLS $ 2,979,622 | $ 3,000,000 1.38%
11/3/2022|SYNCHRONY BANK CD $ 145,000 | $ 145,000 0.20%
2/15/2023 |UNITED STATES TREAS BILLS $ 2,998,928 | $ . 3,000,000 1.77%
6/30/2023|UNITED STATES TREAS SER BC-2023 $ 199,506 | $ 200,000 0.25%
9/14/2023| BANK HAPOALIM B M NEW YORK CD $ 245,000 | $ 245,000 0.30%
9/11/2023| BMW BANK CD $ 245,000 | $ 245,000 0.30%
11/6/2023|ISRAEL BANK CD $ 245,000 | $ 245,000 0.50%
11/6/2023|SYNCHRONY BANK CD $ 100,000 | $ 100,000 0.50%
6/5/2024| GOLDMAN SACHS BK USA CD $ 178,347 | $ 166,000 0.61%
8/26/2024 |SALLIE MAE BANK ‘ $ 5,000 | $ 5,000 0.65%
9/18/2024|FLAGSTAR BANK CD. $ 245,000 | $245,000 0.35%
10/18/2024|WELLS FARGO BANK NATL ASSN CD $ 61,993 | $ 59,000 0.64%
1/14/2025|GOLDMAN SACHS BK USA NY CD $ 110,287 | $ 100,000 0.63%
6/3/2025|GOLDMAN SACHS BK USA CD $ 47,442 | $ 43,000 0.69%
7/1/2025|GOLDMAN SACHS BK USA CD $ 111,425 | $ 100,000 | 0.69%
7/15/2025| TENNESSEE VALLEY AUTH $ 20,329 | $ 21,000 0.68%
8/18/2025| GOLDMAN SACHS BK USA: $ 10,000|$ 10,060 0.80%
8/2112025|TOYOTA FINL SVGS BANK CD $ 245,000 | $ 245,000 0.54%
9/4/2025|STATE BANK OF INDIA CD $. 245,000 | $ 245,000 0.45%
9/9/2025|FEDERAL HOME LN MTG CORP: $ 100,000 | $ 100,000 0.65%
9/15/2025| MERRICK BANK CD $ 245,000 | $ 245,000 0.40%
11/24/2025|CITIBANK CD ; $ 11,348 | $ 10,000 0.73%] °
1/31/2026|UNITED.STATES TREAS SER U-2026 $ 98,040 | $ 100,000 0.79%! -
3/31/2026| UNITED STATES TREAS SER W-2026 $ 499,250 | $ 200,000 0.83%
3/31/2026| UNITED STATES TREAS SER W-2026 $ 99,589 | $ 100,000 0.84%
3/31/2026| UNITED STATES TREAS SER W-2026 $ 99,875 |$ . 100,000 0.78%
6/30/2026 | UNITED STATES TREAS SER AA-2026 - $ 99,859 | $ 100,000 0.90%
6/30/2026|SALLIE MAE BANK $ 240,000 | $ 240,000 0.90%
. 9/2/2027 |FEDERAL HOME LOAN BANKS $ 100,000 | $ 100,000 | - 0.90%
9/20/2027 | BRIDGEWATER BANK CD ‘1$ 245,000 | $ 245,000 0.40%
12/23/2027 |SPIRITBANK NA TULSA OKLA CD $ 200,000 | $ 200,000 0.60%
42/28/2027|CELTIC BK SALT LAKE CITY UTAH CD $ 200,000 | $ 200,000 0.75%
7/28/2028|FIRST FED SVGS & LN CD $ 199,800 |$ 200,000 0.91%
8/15/2028|US TREAS SEC STRIPPED INT $ 23,040 | $ 25,000 1.18%
9/11/2028; ADAMS COUNTY BANK CD $. 245,000 | $ 245,000 0.80%
9/10/2029| FEDERAL FARM CR BKS BOND $ 100,000 | $ 100,000 1.23%
10/30/2030/JP MORGAN CHASE CD $ 245,000 | $ 245,000 1.00%
11/4/2030| LIVE OAK BKG CO NC CD $ 245,000 | $ 245,000 0.95%
9/25/2030 |MINNWEST BANK CD $ 245,000 | $ 245,000 0.85%
12/23/2030 |FEDERAL HOME LN MTG CORP $ 400,000 | $ 400,000 1.40%
Total Investments . $ 18,311,262 | $ 18,311,596
Weighted Average Yield 0.98%
STIF @ 0.44%
Annualized ALPHA
Weighted Average Maturity in Years

Attachment 2 May
CDs & Bonds Summary - Town of Waterford, May 2022
Maturity Bank Name Purchase Price Amount
Date Z at maturity Yield
§131/2022|CASH AND ACCRUED INTEREST $ 25,587 | $ 25,587 0.01%
6/9/2022|UNITED STATES TREAS BILLS $ 99,863 | $ 100,000 0.44%
6/23/2022;UNITED STATES TREAS BILLS $ 194,734 | $ . 195,000 0.54%
6/28/2022; UNITED STATES TREAS BILLS $ 2,995,568 | $ 3,000,000 0.47%
7/12/2022| UNITED STATES TREAS BILLS $ 199,661 | $ 200,000 0.53%
8/25/2022| UNITED STATES TREAS BILLS $ 2,990,160 | $ 3,000,000 1.02%
10/27/2022|UNITED STATES TREAS BILLS $ 2,979,622 | $ 3,000,000 1.38%
11/3/2022|SYNCHRONY BANK CD _ $ 145,000 | $ 145,000 0.20%
2/15/2023|UNITED STATES TREAS BILLS $ 2,998,928 | $ 3,000,000 1.77%
5/31/2023|UNITED STATES TREAS BILLS $ 35,779 | $ 36,000 2.20%
6/30/2023| UNITED STATES TREAS SER BC-2023 $ 199,506 | $ 200,000 0.25%
9/14/2023| BANK HAPOALIM B M NEW YORK CD $ 245,000 | $ 245,000 0.30%
9/11/2023; BMW BANK CD $ 245,000 | $ 245,000 0.30%
__ 11/6/2023|ISRAEL BANK CD $ 245,000 | $ 245,000 | 0.50%
11/6/2023 | SYNCHRONY BANK CD $ 100,006 | $ 100,000 0.50%
6/5/2024| GOLDMAN SACHS BK USA CD $ 178,347 | $ 166,000 0.61%
8/26/2024 |SALLIE MAE BANK $ §,000 | $ 5,000 0.65%
9/18/2024|FLAGSTAR BANK CD $ 245,000 | $ 245,000 0.35%
10/18/2024|WELLS FARGO BANK NATL ASSN CD ‘$ 61,993 | $ __§9,000 0.64%
1/14/2025| GOLDMAN SACHS BK USA NY CD $ _ 110,287 |$ 100,000 0.63%
6/3/2025| GOLDMAN SACHS BK USA CD $ 47,442 | $ 43,000 0.69%
7/1/2025| GOLDMAN SACHS BK USA CD $ 111,425 | $ 100,000 0.69%) |
7/15/2025| TENNESSEE VALLEY AUTH $ 20,329 | $ 21,000 0.68%
8/18/2025|GOLDMAN SACHS BK USA $- 10,000 | $ 10,000 0.80%
8/21/2025| TOYOTA FINL SVGS BANK CD $ 245,000 | $ 245,000 0.54%
9/4/2025|STATE BANK OF INDIA CD $ 245,000 | $ 245,000 0.45%
9/9/2025| FEDERAL HOME LN MTG CORP $ 100,000 | $ 100,000 0.65%
9/15/2025|MERRICK BANK CD $: 245,000 | $ 245,000 0.40%
- 41424/2025| CITIBANK CD $ 11,348 |. $ 10,000 0.73%
1/31/2026] UNITED STATES TREAS SER U-2026 $ 98,040 | $ 100,000 0.79%
3/31/2026] UNITED STATES TREAS SER W-2026 $ 199,250 | $ 200,000 0.83%
3/31/2026| UNITED STATES TREAS SER W-2026 $ 99,589 | $ 100,000 0.84%
3/31/2026|UNITED STATES TREAS SER W-2026 $ 99,875 | $ 100,000 0.78%
6/30/2026| UNITED STATES TREAS SER AA-2026 $ 99,859. | $ 100,000 0.90%
6/30/2026;SALLIE MAE BANK __. _ : $ 240,000 | $ 240,000 0.90%
9/2/2027 |FEDERAL HOME LOAN BANKS $ 100,000 | $ 100,000 0.90%
9/20/2027|BRIDGEWATER BANK CD |$ 245,000 | $ 248,000 0.40%
12/23/2027 |SPIRITBANK NA TULSA OKLA CD $ 200,000 | $ 200,000 0.60%
12/28/2027 |CELTIC BK SALT LAKE CITY UTAH CD $ 200,000 | $ 200,000 0.75%
7/28/2028|FIRST FED SVGS & LN CD $ 199,800 | $ 200,000 0.91%
8/15/2028|US TREAS SEC STRIPPED INT $ 23,040 | $ 25,000 1.18%
9/11/2028; ADAMS COUNTY BANK CD $ 245,000 | $ 245,000 0.80%
9/40/2029 /FEDERAL FARM CR BKS BOND $ 100,000 | $ 100,000 1.23%
10/30/2030 |JP MORGAN CHASE CD $ 245,000 | $ 245,000 1.00%
11/4/2030|LIVE OAK BKG CO NC CD: $ 245,000 | $ 245,000 0.95%
9/25/2030 |MINNWEST BANK CD $ 245,000 | $ 245,000 0.85%
12/23/2030|FEDERAL HOME LN MTG CORP $ __ 100,000 | $ 100,000 1.40%
Total Investments $ 18,320,032 | $ 18,320,587
Weighted Average Yield 0.98%
STF @ 0.80%
Annualized ALPHA =
Weighted Average Maturity in Years

Attachment 2 June
CDs & Bonds Summary - Town of Waterford, June 2022
Maturity Bank Name Purchase Price Amount
Date at maturity Yield
6/30/2022/CASH AND ACCRUED INTEREST $ 45,584 | $ 45,584 0.01%
7/12/2022|UNITED STATES TREAS BILLS $ 199,661 | $ 200,600 0.53%
8/25/2022) UNITED STATES TREAS BILLS $ 2,990,160 | $ 3,000,000 1.02%
9/15/2022| UNITED STATES TREAS BILLS $ 105,539 | $ 106,000 1.73%
10/27/2022| UNITED STATES TREAS BILLS $ 2,979,622 | $ 3,000,000 1.38%
11/3/2022|SYNCHRONY BANK CD $ 145,000 | $ 145,000 0.20%
41/30/2022|UNITED STATES TREAS $. 999,170 | $ 1,000,000 2.20%
1/31/2023| UNITED STATES TREAS BILLS $ 998,410 | $ - 1,000,000 2.48%
2/15/2023|UNITED STATES TREAS BILLS $ 2,998,928 | $ 3,000,000 1.77%
3/31/2023|UNITED STATES TREAS BILLS $ 998,398 | $ 1,000,000 2.71%
5/31/2023 [UNITED STATES TREAS BILLS $ 35,779 | $ 36,000 2.20%
6/30/2023] UNITED STATES TREAS SER BC-2023 $ 199,506 | $ 200,000 0.25%
9/14/2023|BANK HAPOALIM B M NEW YORK CD $ 245,000 | $ 245,000 0.30%
9/11/2023| BMW BANK CD ; $ 245,000 | $ 245,000 0.30%
11/6/2023|ISRAEL BANK CD $ 245,000 | $ 245,000 0.50%
11/6/2023 | SYNCHRONY BANK CD $ 100,000 | $ 100,000 0.50%
6/5/2024; GOLDMAN SACHS BK USA CD $ 178,347 | $ 166,000 0.61%
8/26/2024; SALLIE MAE BANK $ §,000 | $ 5,000 0.65%
9/18/2024|FLAGSTAR BANK CD $ 245,000 | $ 245,000 0.35%
10/18/2024|WELLS FARGO BANK NATL ASSN CD $ 61,993 | $ 59,000 0.64%
1/14/2025|GOLDMAN SACHS BK USA NY CD $ 110,287 | $ 100,000 0.63%
6/3/2025| GOLDMAN SACHS BK USA CD $ 47,442 | $ 43,000 0.69%
7/112025|GOLDMAN SACHS BK USA CD $ 111,425 | $ 100,000 0.69%
7/15/2025| TENNESSEE VALLEY AUTH $ 20,329 | $ . 21,000 0.68%
8/18/2025 |GOLDMAN SACHS BK USA $ 10,000 | $ 10,000 0.80%
8/21/2025|TOYOTA FINL SVGS BANK CD $ 245,000 | $ 245,000 0.54%
9/4/2025|STATE BANK OF INDIA CD $ 245,000 | $ 245,000 0.45%
9/9/2025|FEDERAL HOME LN MTG CORP $ 100,000 | $ 100,000 0.65%
9/15/2025|MERRICK BANK CD $ 245,000 | $ 245,000 0.40%
11/24/2025} CITIBANK CD $ 11,348 | $° 10,000 0.73%
1/31/2026| UNITED STATES TREAS SER U-2026 $ 98,040 | $ 100,000 0.79%
3/31/2026|UNITED STATES TREAS SER W-2026 $ 199,250 | $ 200,000 0.83%
3/31/2026 | UNITED STATES TREAS SER W-2026 $ 99,589 | $ 400,000 0.84%
3/31/2026|UNITED STATES TREAS SER W-2026 $ 99,875 | $ 100,000 0.78%
6/30/2026 |UNITED STATES TREAS SER AA-2026 $ 99,859 | $ 100,000 0.90%
6/30/2626 |SALLIE MAE BANK $ 240,000 | $ 240,000 0.90%
6/30/2027 |FEDERAL HOME LOAN BANKS $ 180,090 | $ 180,000 3.25%
9/2/2027|FEDERAL HOME LOAN BANKS $. 100,000 | $ 100,000 0.90%
9/20/2027 |BRIDGEWATER BANK CD __ $ 245,000 | $ 245,000 0.40%
12/23/2027 | SPIRITBANK NA TULSA OKLA CD $ 200,000 | $ 200,000 0.60%
12/28/2027 |CELTIC BK SALT LAKE CITY UTAH CD $ 200,000 | $ 200,000 0.75%
7/28/2028 |FIRST FED SVGS & LN CD $ 199,800 | $ 200,000 0.91%
8/15/2028|US TREAS SEC STRIPPED INT $ 23,040 | $ 25,000 1.18%
9/11/2028] ADAMS COUNTY BANK CD $ 245,000 | -$ 245,000 0.80%
9/10/2029| FEDERAL FARM CR BKS BOND $ 100,000 | $ 100,000 1.23%
10/30/2030|JP MORGAN CHASE CD $ 245,000 | $ 245,000 1.00%
11/4/2030|LIVE OAK BKG CO NC CD $ 245,000 | $ 245,000 0.95%
9/25/2030| MINNWEST BANK CD $ 245,000 | $ 245,000 0.85%
12/23/2030 | FEDERAL HOME LN MTG CORP $ 100,000 | $ 100,000 1.40%
Total Investments $ 18,331,471 | $ 18,331,584
Weighted Average Yield 1.34%
STIF @ 1.19%
Annualized ALPHA =
1.62
Weighted Average Maturity in Years

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Attachment 6
BOND DEBT SERVICE
Outstanding Debt Service Post 2020 Taxable Refund
Town of Waterford, Connecticut
Fiscal Year |Principal Interest: Debt Service
2023} $5,310,000) $1,887,459; $7,197,459
2024; $6,450,000} $1,698,250 $8,148,250
2025| $6,595,000) $1,514,746 $8,109,746
2026| $6,645,000; $1,319,500| $7,964,500
_ 2027 $6,395,000| $1,083,426) $7,478,426
2028| $5,545,000 $829,375 $6,374,375
2029| $5,770,000 $632,762} $6,402,762
2030} $5,375,000 $482,770 $5,857,770
2031| $5,340,000 $344,138; $5,684,138)
2032| $3,635,000 $239,800 $3,874,800
2033; $3,570,000 $166,780 $3,736,780
2034] $1,585,000 $114,224 $1,699,224
2035 $680,000 $91,800 $771,800
2036 $680,000 $78,200 $758,200
2037 $680,000 $64,600 $744,600
2038| $680,000 $50,575 $730,575
2039 $680,000 $36,125 $716,125
2040 $680,000 $21,675 $701,675
2041 $680,000 $7,225 $687,225
$66,975,000) $10,663,427| $77,638,427

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