Board of Finance Regular Meeting Materials (linked)

FIFTEEN ROPE FERRY ROAD WATERFORD, CT 06385-2886
BOARD OF FINANCE
AGENDA
Waterford Town Hall July 20, 2022
Regular Meeting 7:00 p.m.
1. Establishment of a quorum and call to order.
2. Public Comment.
3. Approval and acceptance of minutes from June 8, 2022.
4. Board review and possible action on DRAFT BOF Policies.
a. Investment Policy
5. 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.
6. Toconsider and act on a request from Michael Howley, Director of Fire Services, for a
FY22 Out of Series Transfer as follows:
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Available | INCREASE DECREASE Available
Org. Code Object Code Object Description Amount Budget Budget
10123 51120 _|Inspection $ _78,566|$ _(11,811)|$ _12,500 689
10123 54218 Firefighter Equipment S 35,000 | $ 14,897 S$ (12,500) 2,397
WM IM [DM |W HH |W
TOTAL 12,500 (12,500)

Board of Finance Agenda, July 20, 2022
Page 2
7. Toconsider and act on a request from Brian Flaherty, Director of Recreation and Parks,
for a FY22 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
10137 53080] MAINTENANCE OF VEHICLES 20,750.00 (9,943.65) 3,500 (6,443.65)
10137 51620} RECREATION PROGRAMS 342,991.00 36,779.97 (3,500) 33,280
3,500 (3,500)
8. Toconsider and act on a request from Brian Flaherty, 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 Code Object Description Amount Budget Budget
10137 53080 MAINTENANCE OF VEHICLES 20,750.00 (9,943.65) 1,500 (8,444)
10137 51620 RECREATION PROGRAMS 342,991.00 32,480.66 (1,500) 30,981
0
0
0)
)
0
0
0
0)
0)
0
TOTAL 1,500 (1,500)

Board of Finance Agenda, July 20, 2022
Page 3
9. Pending Board of Selectman approval, consider and act on a request from Kim Allen,
Director of Finance, for a FY22 Out of Series Transfer as follows:
ACCOUNT
APPROVED CURRENT ACCOUNT REVISED
Budget Available | INCREASE DECREASE Available
Org. Code Object Code Object Description Amount Budget Budget
10101 51110| ADMINISTRATION 71,061.00 (1,881.19) 1,882 1
10101 51920|FICA 14,210.00 (1.44) 2 1
10101 53020} OTHER SUPPLIES 150.00 (7,13) 8 1
10101 51010] ELECTED OFFICIALS 110,837.00 1,531.76 (1,530) 2
10101 52030] PROFESSIONAL FEES 25,260.00 1,031.40 (362) 669
0
10111 52100 ELECTRICITY 343,343.00 (17,489.30) 17,490 1
10111 52110| WATER 12,186.00 (5,482.94) 5,483 0
10111 52090}FUEL OIL 129,061.00 15,994.09 (15,000) 994
10111 51140|FACILITIES COORDINATOR 76,500.00 4,387.85 (4,000) 388
10111 52120}|SEWER 21,775.00 3,602.53 (3,000) 603
10111 52040}SERVICE CONTRACTS 169,860.00 2,842.67 (973) 1,870
0
10129 54020] EQUIPMENT 9,710.00 (452.43) 453 1
10129 53220}MARINE PATROL 3,700.00 1,471.97 (453) 1,019
)
10130: 51210}CLERICAL & TECHNICAL 149,076.00 (567.17) 568 1
10130 52040}SERVICE CONTRACTS 58,000.00 2,536.83 (568) 1,969
0
10145 52030} PROFESSIONAL FEES 91,852.00 (3,591.91) 3,592 0
10145 51920|FICA 14,243.00 3,469.99 (3,000) 470
10145 52010] ADVERTISING 4,000.00 1,659.20 (592) 1,067
TOTAL 29,478 (29,478)

Board of Finance Agenda, July 20, 2022
Page 4
10. Pending Board of Selectman approval, 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 Available |INCREASE DECREASE _— Available
Amount Budget Budget
Org. Code Object Code Object Description FF11:131
10102 51320}ELECTION ACTIVITIES 7,030.00 (4,874.24) 4,875 1
10102 51920] FICA 4,437.00 (370.15) 371 1
10102 53020] OTHER SUPPLIES 6,518.00 (366.25) 367 i
10112 52200} WORKERS' COMP INSURANCE 730,766.00 52,587.21 (5,613) 46,974
0
10103 52030] PROFESSIONAL FEES 59,300.00 (3,200.00) 3,200 )
10112 52200} WORKERS' COMP INSURANCE 730,766.00 46,974.21 (3,200) 43,774
0
10104 51110] ADMINISTRATION 153,081.00 (5,570.77) 5,571 0
10104 51210}CLERICAL & TECHNICAL 47,788.00 (13,580.97) 13,581 0
10104 51910] FRINGE BENEFITS 115.00 (172.00) 172 0
10104) 52020] POSTAGE 1,591.00 (36.86) 37 0
10104 52030] PROFESSIONAL FEES 65,250.00 (28,603.49) 28,604 i
10104 52050|DUES, CONFERENCES 1,155.00 (253.62) 254 0
10104 53200]PRICING BOOKS 500.00 (925.00) 925 0
10116 51940] PENSION CONTRIBUTIONS 4,326,467.00 311,315.28 (49,144) 262,171
0
0
TOTAL 57,957 (57,957)

Board of Finance Agenda, July 20, 2022
Page 5
11. Pending Board of Selectman approval, 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 Available | INCREASE DECREASE Available
Amount Budget Budget
Org. Code Object Code Object Description
10107 51110] ADMINISTRATION 271,985.00 (18,256.10) 18,257 1
10107 51210] CLERICAL & TECHNICAL 170,543.00 (6,965.60) 6,966 0
10107 51920] FICA 35,325.00 (995.58) 996 0
10107 52040| SERIVCE CONTRACTS 26,383.00 (312.84) 313 0
10107 52080} TELEPHONE 15,629.00 (962.95) 963 0
10112 52201}LIABILITY/AUTO/PROPERTY 532,949.00 36,895.00 (27,495) 9,400
0
10109 51110} ADMINISTRATION 76,269.00 (773.02) 774 1
10109 51920|FICA 15,490.00 (15.01) 16 dl.
10109 52020} POSTAGE 2,722.00 (522.88) 523 0
10109 53280] ELECTION MATERIALS 991.00 (58.03) 59 1
10113 52030] PROFESSIONAL FEES 1,500.00 1,500.00 (1,372) 128
0
10119 51110} ADMINISTRATION 142,169.00 (1,777.36) 1,778 1
10122 51240] DISPATCH EDUC INCENTIVE 2,300.00 2,300.00 (1,778) 522
0
0
0
TOTAL 30,645 (30,645)
12. Pending Board of Selectman approval, consider and act on a request from Kim Allen,
Director of Finance, for a FY22 Out of Series Transfer as follows:
ACCOUNT
APPROVED CURRENT ACCOUNT REVISED
Budget Available |INCREASE DECREASE Available
Amount Budget Budget
Org. Code Object Code Object Description
10137 51110} ADMINISTRATION 193,599.00 (4,429.95) 4,430 0
10137 51210|CLERICAL & TECHNICAL 88,197.00 (1,008.30) 1,009 if
10137 51610] PARKS MAINTENANCE 383,325.00 (2,756.48) 2,757 1
10137 51810] OVERTIME 20,376.00 (5,101.75) 5,102 )
10137 52420|MAINT OF PROPERTY 81,286.00 (26,051.34) 26,052 1
10137 53020] OTHER SUPPLIES 29,636.00 (2,858.73) 2,859 0
10137 53080|MAINTENANCE VEHICLES 20,750.00 (6,152.68) 6,153 0)
10137 53090} FUELS AND LUBRICANTS 12,693.00 (1,557.39) 1,558 1
10116 51940] PENSION CONTRIUBUTIONS 4,326,467.00 262,171.28 (49,920) 212,251
0
10147 52043|}SERVICE CONTRACTS 678,766.00 (48,803.95) 48,804 0)
10116 51940} PENSION CONTRIUBUTIONS 4,326,467.00 212,251.28 (48,804) 163,447
TOTAL 98,724 (98,724)

Board of Finance Agenda, July 20, 2022
Page 6
13. Pending Board of Selectmen approval, consider and act on a request for an additional
appropriation of $775 for CIP project 32923-55898 (De-escalation and Communication
Technology).
14. Old Business:
a. Board review and possible action on DRAFT BOF Policies.
i. Requesting New Capital Project Approval Outside the Budget Cycle Policy
ii. Post-lssuance Compliance Procedures Policy
15. New Business:
a. Board review of the Reorganization with the Youth and Family Services and Senior
Services Departments
16. Liaison Reports
17. Correspondence
a. Virginia Bielucki, Town Accountant, Revised Periodic Financial Statements FY22
dated June 13, 2022
b. Virginia Bielucki, Town Accountant, Status of General Fund Unassigned Balance
dated June 13, 2022 .
c. Virginia Bielucki, Town Accountant, Status of Contingency FY22 dated June 13,
2022
d. Quarterly American Rescue Funds Report
e. Municipal Complex Building Committee Letter to the RTM
18. Adjournment
Glenn Patterson, Chairman

Board of Finance | a Wednesday, June 8, 2022
Regular Meeting Minutes Waterford Town Hall
7:00 pm
Present: Chairman Glenn Patterson, Ronald Fedor, John Sheehan, Robert Tuneski, Baird
Welch-Collins ,
Absent: Joe Filippetti; Kevin Petchark ms
: cs
ad
Elected: Robert Brule, First Selectman; Abbas Danesh, Treasurer os
Staff: Kimberly Allen, Finance Director = 8
1. Establishment of a quorum and call to order: _
A quorum and a call to order was established at 7:00 pm, June 8, 2022 * &
2. Public comment: No public comment.
3. Approval and acceptance of minutes from May 18, 2022.
Motion by John Sheehan and seconded by Baird Welch-Collins to approve the
minutes of May 18, 2022 as amended.
Vote: 5-0-0 Motion: Passed
4. Board review and possible action on DRAFT BOF Policies: Requesting New
Capital Project Approval Outside the Budget Cycle Policy and Post-Issuance
Compliance Procedures Policy
Motion by John Sheehan and seconded by Baird Welch-Collins to open
discussion and review on draft policies.
‘Vote: 5-0-0 . Motion: Passed
Discussion ensued regarding the need for the policies. Recommended changes
to the policies from Board members were reviewed and the draft policies were
amended. A revised draft will be distributed at the Board of Finance’s July 2022
meeting for a final review. 
|
No action was taken to approve of the two draft policies.

Board of Finance Wednesday, June 8, 2022
Regular Meeting Minutes Waterford Town Hall
Page 2
5. Annual Review of Capital Projects and possible action.
Motion by John Sheehan and seconded by Ron Fedor to open discussion and
review list of open capital projects as presented.
Vote: 5-0-0 Motion: Passed
Board members reviewed all Capital Improvement Plan (CIP) projects and Capital
Non-Recurring Projects (CNR). Discussions ensued on all project statuses and
Board members requested additional information be provided at the next
meeting on these projects: Town Hall Bathroom project, Community Center
HVAC Control Separation, and Town Hall Emergency Egress.
Discussion also included the possibility of the First Selectman contracting with
Project Management firms to augment town staff in overseeing town projects to
completion. Board members also noted that departments can exercise the
option of requesting additional funding for approved projects rather than
continually deferring projects to the next fiscal year.
A list of questions on the projects was submitted by member John Sheehan and
were responded to by the Director of Finance. Copies of all responses were
distributed to Board members and a copy of same will be attached to the
minutes of the meeting.
Motion by John Sheehan and seconded by Baird Welch-Collins to approve the
return of $19,709.17 from CIP to the undesignated fund balance; the return of
$3.46 from CNR to the undesignated fund balance; and the return of $86,700
from CNR designated to the undesignated fund balance.
Vote: 5-0-0 Motion: Passed
6. Old Business: No old business discussed

Board of Finance
Wednesday, June 8, 2022
Regular Meeting Minutes Waterford Town Hall
Page 3
7. New Business
a. Discussion on the FY22 Budget Hearing Process
Board members discussed the overall process of the FY22 budget process.
Member John Sheehan commented that the reorganization of the Seniors
Services and Youth Service departments was not transparent during the
process and the changes were not able to be reflected in the approved
budgets for each department.
Member Baird Welch-Collins commented that the smaller boards and
commissions should send a representative to the budget hearings to support
their budget requests. .
Member Bob Tuneski commented that the town is moving in the right
direction in the budget process noting there is increasing uniformity in the
department budget requests.
Discussion of FY23 Audit and possible distribution of an Auditing Services RFP
Board members discussed the documented procedure to bid out town
auditing services every 5 years.
Motion by John Sheehan and seconded by Ron Fedor to direct the Director
of Finance to distribute a RFP for FY23 auditing services.
Vote: 5-0-0 Motion: Passed
8. Liaison Reports -
a.
Municipal Complex Building Committee — Glenn Patterson reported that the
are a few remaining invoices to approve and then the committee will forward .
a final report to the RTM.
First Selectman Report — Rob Brule reported that 2 long-term employees
would be retiring and that Waterford Day events are scheduled for August
12-13, 2022.

Board of Finance Wednesday, June 8, 2022
Regular Meeting Minutes Waterford Town Hall
Page 4
c. Treasurer Report — Abbas Danesh reported that the draft revision to the
Investment Policy will be submitted for the July BOF meeting. He advised
that his next quarterly report will include a revised investment interest
projection for FY23.
9. Adjournment:
Motion by Bob Tuneski and seconded by John
Sheehan to adjourn the Meeting of the Board of Finance at 9:40 p.m.
Vote: 5-0-0 Motion: Passed
Respectfully submitted,
Mel Vu tlle
7TM
John Sheehan, Clerk Kim Allen, Recording Secretary

Comments and Questions for BOF meeting 06082022
Capital Project Approval Outside the Budget Cycle Policy
l.
Why not require the use of the Capital Plan request form? We will, but | think additional
justification should be required.
Compliance Procedures for Bonds, Notes, etc.
Li.
re
3.
Why is this policy necessary? It is not required but was a recommendation from our
new bonding counsel.
Why does the policy specifically mention the advisor and the bond attorney firms? My
recommendation would be to remove the firm names and replace with the service (i.e.
bond counsel).
. Please explain paragraph 3.a.i on bond expenditures. Basically it refers to any bond
funds that are invested to earn interest while the project is ongoing. We need to ensure
we spend 85% of the bond proceeds within the allotted time.
The Procedure mentions “the Code” in a number of places (4.a. for example). What is
“the Code” — is it federal law, a regulation of the IRS, a State Statute?? Federal IRS
codes.
The Procedure is “‘a sure cure for insomnia”.
Capital Project Review
1.
Why is the $227.75 that is left in the Marina Removal Project noted in the Monthly
reports not included in this review? This project was requested to be closed already but
has not been updated on the monthly report. | will advise Ginny to update.
Why is it taking so long to upgrade the Finance Software? First, COVID delayed the
update. We were debating which version to move to because of issues with the newest
version. We also just determined that we need new servers, as well. The servers now
need to be moved to the newest SQL version to support the new MUNIS software
version.
Why are we waiting until FY24 to do the Town Hall Bathroom projects? This would
need to be responded to by the Dept of Public Words/Facilities Director.
I thought the Civic Triangle money that was approved is only for the dredging of the
Duck Pond, not any accessible paths. Did I misread the backup provided to us when we
approved the funds during the budget process? Project status was included for the
project; noting that some funds are in the CNR and some are in ARPA.
Cyber Crime Task Force Equipment Project — if the project is complete why isn’t the
$1547.49 remaining included in the “Amt to Return to Fund Balance (In this case, the
General Fund unassigned balance). There is still an outstanding invoice to pay. Once the
invoice is paid, the project will be closed and the funds returned.
Sidewalk Projects —- Looking for LOCIP funds to complete. What is the likely hood of
such an approval? Generally, it is a projected that should be approved. | should know
within the next 6 weeks.
Cross Road Asphalt — If all of the funding is in the LOTCIP project, why is it not
cancelled and the funds returned to the General Fund Unassigned Fund Balance? Cross

Road project started on Monday. If the new LOTCIP project is not approved, there will
be funds in CNR to complete the project. If approved, all the funds would be returned.
8. Roof and Siding Replacement (WUC) - It work has begun on the Village PS, why is
there no completion date estimated?’ My understanding is that the supply chain for some
materials is causing a delay in completing the work and it is hard to estimate a
completion date.
9. Why are the following CIF projects not in the report?
a. 30117-55797 —ADA Compliance Project is Closed.
b. 30122-55738-Fleet Management Plan Only a transfer project.
c. 31120-55853 — Auditorium Seating Upgrades Project is Closed.
d. 32322-55847- Cohanzie Roof Replacement Project is Closed.
e. 32921-55837- Police Infrared Cameras in Cars Project is Closed.
f. 32921-55864- Police Body Cameras Closed Project is Closed.
g. 32922-55880-License Plate Readers DLo Project is Closed.
h. 33021-55866- Bloomingdale South Mill & Pave Project is Closed.
i. 33021-55868-Gallows Lane Reclaim/Pave Project is Closed.
j. 33022-55887- Rope Ferry Road (to CNR?) Transferred to CNR acct 20511-57856
(Jordan Village Sidewalks)
k. 33120-55821-Richard Grove P.S. Emergency Generator Project is Closed.
1. 34720-55844-Backup System for IT Project.is Closed.
m. 34720-55845- FD Network Computer Phone WIFI Project is Closed.
n. 34721-55862-Pure Array-IT Project is Closed.
CNR Projects
1. Does Revaluation need a transfer from Undesignated Fund Balance or will it be absorbed
EOY? Historically, any year-end deficit was covered by the new fiscal year deposit.
2. Js the Oswgatchie Fire House status really being reviewed by the RTM Ad-Hoc
Committee on the Fire Service? What about the statement of the First Selectman
regarding the OSW Fire House on line? Conversations with the Fire Administrator is
that it is a topic to be discussed. He has requested some historical data and the current
account balances to present to the committee.
3. Nevins Cottage — I thought that the Town did not get that grant. They did not but |
believe that Bob Nye is applying for another. If not received, the town will need to
make a decision moving forward.
4. Community Center HVAC Control Separation — 1 thought that was a high priority when it
came to the BOF for Approval. Why is it now OK to wait for FY24? This would need to
be answered by the DPW Director.
5. Town Hall Emergency Egress- Why the wait until FY24 since it is “an Emergency
Egress”? This would need to be answered by the DPW Director.
6. Why is the Plan of Conservation and Development listed under Building Maintenance
when it is a Planning Department and P&Z project. BTW — Who is the consultant hired
to assist in developing the Plan? It was originally funded under maintenance when the
planning director oversaw maintenance; however, the planning director is still managing
the project. FHI Studio is the consultant.

10.
11.
12,
13.
14,
15.
16,
17,
18.
1g.
20.
2.
22,
2s
24.
LS,
26.
Jordan Village Sidewalks — What is the current status? I thought it was complete. I’ve
requested more information from the DPW Director.
Civic Triangle Upgrades — My reading of the backup material led me to believe the
appropriation was only for Dredging the Duck Pond. I did not see that the accessible
path construction was included. The update provided includes the entire project and
sources of funding.
Town Hall Front Door — Why wait. It is a security risk and should be repaired in the
upcoming FY, not FY24 (IMHO). This needs to be answered by the DPW Director.
Elevators for Y&FSB and Town Hall — I thought these were a high priority and should be
competed ASAP This needs to be answered by the DPW Director.
Cross Road — Didn’t the work start this week? Yes.
Gardiners Wood Road- Is this the permanent fix project that is estimated in over $1
Million? Yes. The project will now only include repaving and fixing some of the water
issues. The DPW Director can provide more details.
LED street light - Why the delay in final payments? One of the lights was damaged and
we were waiting for an insurance payment. It’s received and now are waiting for final
invoice from vendor.
Mitigation and Control — This is a never ending project. Yes. The WUC does a specific
amount each year.
Various Pump Station Rehabs — Any idea of when material will be available and on site?
Tali’s most recent update is the end of June for delivery.
Waste Water PS Flood Protection — is the available balance really just $30.10. Due to
delay, I hope we don’t get a major storm this summer. This is the correct balance.
UPS for Communications — When is completion expected or has it already occurred?
Partially completed. Expect to complete within next 6 weeks.
Fiber upgrade —- Any guess on completion? Bid documents being prepared. Will not
have completion date until project/work is awarded after bidding.
Switches — Same Question — Any guesses on completion? Is there an impact due to the
delays? Supply chain delays. Vendor doesn’t expect to be able to ship for over 6
months.
IT Learning Boards — Should FY33 really be FY23? Yes.
School Security — Has this moved up in priority due to recent events? Rob Brule has met
with the Superintendent to work together to prepare a town-wide security plan.
Jordan Traffic Light Upgrade- Why the delay? The Fire Administrator would need to
respond.
Hydraulic Equipment — How can project complete in June 2022 if funds are not
appropriated? Some funds are appropriated and a portion is not. These funds can be
returned to the undersigned line.
Fire Services Carpet — Looking forward to the additional information regarding
replacement and asbestos removal.
Force Main Air Valves — Since there is less than a month in FY22 I doubt funds will be
appropriated in FY22.
Alewife Cove Dredging — Do you really expect NLON to come up with the matching
funds in FY23? Per the planning director, they have agreed to match Waterford and
work together if the grant is received.

27. UPS System for Communications — What does the discussion of Fiber installation have to
do with UPS Systems?
28. IT Learning Boards — FY33?? FY23
29. The following CNR Projects are not listed in the Updates
a. Fiber Install Municipal Complex —I assume complete so why are the funds listed
for recovery? This is complete. Project has been closed and $14,808.85 already
transferred back to undesignated line.
b. WIFI Town Wide Wiring — Is this complete? Yes. $80.32 was returned.
c. Thames River Marina Dock Removal -I believe this is complete. Why is it not
listed for recovering the funds? Yes. This project was already closed and $227.75
already returned to undesignated line.
d. Crystal Mall Feasibility Study — I know the Town did not get the matching grant.
What is status? Should the funds be moved to Undesignated Fund Balance? Yes.
There was discussion by the planning director to use the funds for something
else; however, | advised that this could not happen without formal approval to
reallocate the funds to another project.
e. YSB Flooring — Is this complete or was asbestos found there as well? Completed
and closed. $45,611.44 unused balance was returned to undesignated line.
f. Braman Road Reconstruction — I believe this is complete, should the funds be
recovered? Project complete and $22,596.67 already moved into undesignated
line when closed.
g. SCADA System — My memory says this is a forever project. What is current
status? Complete and closed.
Discussion of FY23 Budget Hearings
ly
Iam concerned that the Y&FSB and Senior Services Merger was not discussed during
the budget hearings and the FY23 budget changed to reflect the new positions in both
departments.
I made my comments on the presentation of the Current Year Capital and the CNR
budgets at the start of the budget hearings. There needs to be a major revision of the
presentation of the actual budgets as well as the Capital Plan since they are really
separate documents.
The board did not get an annual report or an audit report from seCTer when discussing
the Economic Development Commission Budget. I also noticed that in the backup of the
June RTM Meeting there is a letter from the EDC that basically states it wants to dissolve
itself since it is being ignored by the Planning Boards and the First Selectman. The Chair
of the EDC did not cc. the BOF.
Iam looking forward to the comments from the other Board members, especially the
newcomers to the budget process.
Discussion of the FY23 Audit and Possible distribution of Auditing Services RFP

1. Since the name of the current auditing firm has changed twice, I have lost count as to the
number of years they have been doing the Town Audits. We’ve been with the same firm
for 5 years.
2. How many firms ae still doing municipal audits in CT? There are too many to count.
There are large and small firms throughout the state that provide municipal audits.

TOWN OF WATERFORD
INVESTMENT POLICY
|. Introduction:
The purpose of this investment policy is to provide a written document that discusses
the guidelines governing the short-term investing procedures and best practices for the
Town of Waterford (“The Town”). This investment policy is designed to conform to
standards set by the Government Finance Officers Association and the requirements of
the Government Accounting Standards Board.
Waterford is respo
vestments is man
362, which outlines: the
icy.
Consolidation (though no co-mingling) of funds for investment purposes shall occur
except for cash in certain restricted and special funds. The purpose of this is to
maximize earnings potential, increase efficiencies with regard to investment pricing,
safekeeping and administration. Investment income is allocated to various funds
dependent on their respective and proportional participation and in accordance with
general accepted accounting principles (GAAP).
The Town of Waterford segregates individual endowments made to the Town over time
to distinguish them from Town operating and administrative funds. The Town has the
option to choose an outside investment manager to handle these funds or may handle
them internally.
IV. General Objectives:
The primary objectives of the Town of Waterford Investment activities shall be safety,
liquidity and yield. There may be other factors, which can influence investing
decisions but none that would violate the inherent principles of safety, liquidity and
yield.
Page 1

1. Safety:
Safety of principal is the top objective of the Town of Waterford’s investment program.
Preservation of capital is the foremost objective in the overall portfolio. The methods of
preserving capital are through limiting credit risk and interest rate risk.
A. Credit Risk including Concentration Risk:
Credit risk can be defined as the potential loss due to failure of the security issuer or
backer. Pre-qualifying institutions with which the Town may do business limit credit risk.
This authorization process will be defined in a later section.
1)
2)
3)
Credit risk is also lessened by limiting the type of acceptable investments by type
of financial vehicle or security, which the Town is authorized to invest in. This is
governed by Connecticut General Statutes.
Credit Risk can also be limited by avoiding concentration risk in a portfolio e.g.
having too much of one type of security or one institutional issuer or backer.
The explicitly stated exception is the Connecticut Short-Term investment Fund,
which is a short-term fund rated AAA by Standard and Poors and run by the
Treasurer of the State of Connecticut. The Connecticut Short-Term Investment
Fund (“STIF”) represents a diverse pool of assets and underlying investments.
The Treasurer, in coordination with the Finance Department, will set up
credit/concentration limits for each institution the Town of Waterford does
business with in a separate document. Those credit limits shall be reviewed
from time to time. ce
Credit risk also involves pre-qualifying and authorizing transactions with
broker/dealers, intermediaries and advisors who do business with the Town.
B. Interest Rate Risk:
1)
2)
3)
The Town of Waterford will minimize interest rate risk, which is the risk that
the market value of the securities will fall due to changes in the market interest
rates by structuring the investment portfolio so that the securities mature to
meet cash requirements for ongoing operations, avoiding the need to sell
securities on the open market prior to maturity.
Investing in short-term securities, money market funds or similar investment
pools and limiting the average maturity in the portfolio in accordance with this
policy will minimize interest Rate Risk.
This policy does not expressly state when the Treasurer may move the
portfolio into fixed or floating rate securities that would be impacted by
interest rates, as that is a market condition or trend left to the expertise and
discretion of the Treasurer. The Treasurer would be expected, in strategizing,
to react to market conditions to make investments that are prudent and
without incurring unnecessary interest rate swings. Further, the Treasurer
must adjust investments due to the seasonal nature of the Town’s cash flow
needs.
Page 2

2. Liquidity:
The investment portfolio shall remain sufficiently liquid to meet all operating
requirements that may be reasonably anticipated, including express seasonal needs.
This is accomplished by structuring the portfolio so that securities mature concurrent
with cash needs to meet anticipated demands. Further, since all cash demands cannot
always be anticipated, the portfolio should consist of securities with active secondary or
resale markets. Alternatively, a portfolio in parts or its entirety may be invested in
money market mutual funds or local government investment pools that offer same-day
liquidity for short-term funds. It is a pre-requisite that all investment vehicles meet
Connecticut General Statute standards, regardless of liquidity.
3. Yield:
The investment portfolio shall be designed with the objective of attaining a market rate
of return throughout budgetary and economic cycles, taking into account the
id liquidity neec i
4, Maximum Maturities:
The maximum maturity value of all investments exceeding 2 years shall not be more
than 5% of the total budget for current Fiscal Year. The average weighted maturity of all
investments exceeding 2 years shall not be more than 5 years and no more than 50% of
the maturity value of those investments may exceed 5 years in duration.
5. Foreign Currency Risk:
The Town does not and will not invest in any foreign investment pursuant to statute.
The Town does not accept payment for Town services in any foreign currency, only US
dollars. The Town of Waterford will not engage in any foreign currency risk.
6. Local Considerations:
Where possible, funds may be invested for the betterment of the local economy or that
of local entities within the State. The Town of Waterford may accept a proposal from an
eligible institution, which provides for a reduced rate of interest provided that such
institution documents the use of deposited funds for community development projects.
Page 3

This type of proposal would require the express approval of relevant Boards (both
Selectmen and Finance Boards). In addition, the Treasurer would take into
consideration any advice of the Director of Finance.
V. Standards of Care:
1. Prudence
The standard to be used by investment officials shall be the “uniform prudent investor
act” standard and shall be applied in the context of managing an overall portfolio.
Investment officers acting in accordance with written procedures and this investment
policy and exercising due diligence shall be relieved of personal responsibility for an
individual security's credit risk or market price changes, provided deviations from
expectations are reported in a timely fashion and the liquidity and the sale of securities
are carried out in accordance with the terms of this policy.
to manage the investment p
Waterford by provision of the following CT General Statutes: CGS 7-400. The Treasurer
(Investment Officer) shall act in accordance with established written procedures and
internal controls for the operation of the investment program consistent with the
Town’s investment policy. Procedures should include references to: safekeeping,
delivery vs. payment, investment accounting, repurchase agreements, wire transfer
agreements and collateral/ depository agreements. No person may engage in an
investment transaction except as provided under the terms of this policy and the
procedures. The investment officer shall be responsible for all investment transactions
undertaken and shall establish a system of controls with the cooperation of the Director
of Finance of the Town of Waterford to regulate the activities of subordinate officials.
In the event of an absence, the Treasurer may expressly transfer specific powers and
responsibilities to an appropriate person in the Finance Office, either the Director or
Staff Accountant. However, that transfer must be made in writing (or electronically) and
state specifically the time and duration of the transfer powers. The Director and Staff
Accountant during that period would be bound by all the same rules and standards to
which the Treasurer would be subject en absentia. Further, the Director of Finance and
Page 4

Staff Accountant must report all actions and transactions to the Treasurer upon the
Treasurer’s return.
Vi. Authorized Financial Institutions, Depositories and Broker/Dealers
1. Authorized Financial Institutions, Depositories and Broker/Dealers
A list will be maintained of financial institutions and depositories authorized to provide
investment services. In addition, a list will be maintained of approved security
broker/dealers selected by creditworthiness (e.g. a minimum capital requirement of
$10,000,000 and at least five years of operation). These may include “primary” dealers
or regional dealers that qualify under the Securities and Exchange Commission (SEC)
Rule 15C3-1 (uniform net capital rule). All financial institutions and broker/dealers who
desire to become qualified for investment transactions must supply the following as
appropriate:
ual review of the financial condition and registration of all qualified fin
institutions and broker/dealers will be conducted by the Treasurer in coordination with
the Director of Finance.
2. Minority and Community Financial Institutions:
From time to time, the Treasurer may choose to invest in instruments offered by
minority and community financial institutions. In such situations, a waiver to certain
parts of the criteria listed above may be granted. All terms and relationships will be fully
disclosed prior to purchase and will be reported to the appropriate entity on a
consistent basis and should be consistent with state or local law. These types of
investment purchases would require the express approval of relevant Boards (both
Selectmen and Finance Boards). In addition, the Treasurer would take into account any
advice of the Director of Finance.
VII. Safekeeping and Custody
1. Delivery vs. Payment
Page 5

All trades of marketable securities will be executed by delivery vs. payment (DVP) to
ensure that securities are deposited in an eligible financial institution prior to release of
funds.
2. Safekeeping
Securities will be held by an independent third party custodian selected by the Town or
accepted by the Town, evidenced by safekeeping receipts in the Town of Waterford’s
name. The safekeeping institution shall annually provide a copy of their most recent
report on internal controls.
3. Internal Controls
The Treasurer/Investment Officer is responsible for establishing and maintaining an
internal control structure designed to ensure that the assets of the Town of Waterford
are protected from loss, theft or misuse. Details of the internal control system are
do ed in this i t key, whi | iewed
ceed the benefits
equires estima
e Printed confirmation of transactions for investments and wire transfers
authorizations of wire transfers
e The wire transfer agreement with the lead bank and third-party custodian which
is usually required by the bank.
The Director of Finance shall establish a process for an annual independent review by an
external auditor to assure compliance with policies and procedures or alternatively,
compliance should be assured through Town of Waterford’s annual independent audit.
VIl. Suitable and Authorized Investment
Investment Types:
The Town of Waterford investments are consistent with and in accordance with
Connecticut General Statutes Please refer to the CGS 7-400, 403a, 362, which
delineates the parameters of the Town of Waterford’s investment activities.
Page 6

Collateralization:
Collateralization for Town of Waterford investments is consistent and in accordance
with Connecticut General Statute 36a-336.
Repurchase Agreements:
Repurchase agreements for the Town of Waterford should be consistent and in
accordance with Connecticut General Statute 7-400. Additionally, repurchase
agreements should follow the required need for collateral that is put aside to back up
any repurchase agreement. The amount of collateral depends on the type of collateral
that is pledged (Treasuries, Ginny Mae’s etc.).
VIIL Investment Parameters
Diversification:
cash cycle.
Maturity:
e All maturities must conform to state statute.
e With the exception of the U.S. Treasury or the Connecticut Short-Term
Investment Fund, no issuer of a securities or money fund may make up more
than 15% of the Town’s portfolio at any given time and perceived concentrations
of risk should be avoided.
e There must always be funds invested on a daily basis to ensure liquidity since
cash forecasting cannot always accurately predict all calls on the Town’s financial
needs.
e When contemplating an investment, the Treasurer must look at two or more
sources (institutions) before placing money.
Page 7

IX. Reporting
Methods
The Treasurer shall prepare an investment report at least quarterly including a
management summary that provides an analysis of the status of the current investment
portfolio. This management summary will be prepared in a timely manner and will be
prepared in a way that will allow comparison to the Town’s investment policy. The
report should be provided to the Board of Selectmen of the Town of Waterford, the
Board of Finance and the Representative Town Meeting as well as others upon request.
The report should show where the portfolio is currently placed (by institution) and the
revenue generated during the quarterly period. Individual transactions will be available
for audit.
Performance Standards:
vestment portfoe
r determining w
Treasurer’s Inv ent
s policy sk
quidation, such n
and reviewed annually. The opinions and advice of the Director of Finance will be
included in the review.
Adopted: November 12, 2008
Revision Draft: July 12, 2022
Page 8

FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 860-442-0553
www.waterfordct.org
July 6, 2022
Mr. Glenn Patterson
Chairman
Board of Finance
15 Rope Ferry Road
Waterford, CT 06385
Dear Chairman Patterson,
The Board of Selectmen, at their meeting on Tuesday, July 05, 2022 voted to approve the
following request for an Inter-Department Transfer; ,
“Out of Sérjas
Fire Services- To consider and act on the following request for a FY22 Out of Series Transfer
from the Director of Fire Services, Michael Howley, in the amount of $12,500.
Therefore, I respectfully request that you consider and act on this requests. I have attached
pertinent back up material from the designated department.
Sincerely,
Robert frade
Robert Brule
First Selectman
ce Kimberly Allen, Director of Finance

TOWN OF WATERFORD
TRANSFER REQUEST FORM
Out of Series Transfer Request
FY aa
Fire Services
DEPARTMENT
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Available | INCREASE DECREASE Available
Line No. Org. Code Object Code Object Description Amount Budget Budget
1 10123 51120 Inspection $ 78,566 | $ (11,811)| $ 12,500 $ 689
2 10123 54218 Firefighter Equipment S$ 35,000 | $ 14,897 $ (12,500)} $ 2,397
$
$
$
$
TOTAL 12,500.00 (12,500.00)
Explanation
1-2 This overage is due to FY22 retirement
Lintiled
Department Head
Vim Allen
Director of Finance
“A08
First Selectman
Commission/Board Approval
Le(3dag
Date 4 | : nee
Date a S\ ce
revised 9/9/20

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FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 860-442-0553
www.waterfordct.org
July 6, 2022
Mr. Glenn Patterson
Chairman
Board of Finance
15 Rope Ferry Road
Waterford, CT 06385
Dear Chairman Patterson,
The Board of Selectmen, at their meeting on Tuesday, June 21, 2022 voted to approve the
following request for an Out of Series Transfer;
Rec & Parks- To consider and act on the following request for an Out of Series Transfer from
the Director of Recreation & Parks, Brian Flaherty, in the amount of $3,500.
Therefore, I respectfully request that you consider and act on this requests. J have attached
pertinent back up material from the designated department.
Sincerely,
Robert Hncaks
Robert Brule
First Selectman
oes Kimberly Allen, Director of Finance

TOWN OF WATERFORD
TRANSFER REQUEST FORM
Out of Series Transfer Request
REC & PARK
DEPARTMENT
APPROVED CURRENT ACCOUNT ACCOUNT REVISED
Budget Available | INCREASE DECREASE Available
Line No. Org. Code Object Code Object Description Amount Budget Budget
1 10137 53080 MAINTENANCE OF VEHICLES 20,750.00 (9,943.65) 3,500 (6,444)
2 10137 51620 RECREATION PROGRAMS 342,991.00 36,779.77 (3,500) 33,280
3 )
4 0
5 0
6 e)
7 )
8 0
9 0
10 )
e)
0)
TOTAL 3,500 (3,500)
Explanation
Funds are available in 51620 due to programs that were cancelled or reduced due to COVID.
The shortage in 53080 was due to unexpected vehicle repairs.
Brian Flaherty
Department Head
Kim Allen
Director of Finance
“kD
First Selectman
Commission/Board Approval
6/3/2022
Date
6/6/2022
Date
:
Date
Ut
Date
revised 9/9/20

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FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 860-442-0553
www.waterfordct.org
July 6, 2022
Mr. Glenn Patterson
Chairman
Board of Finance
15 Rope Ferry Road
Waterford, CT 06385
Dear Chairman Patterson,
The Board of Selectmen, at their meeting on Tuesday, June 21, 2022 voted to approve the
following request for an Out of Series Transfer;
Rec & Parks- To consider and act on the following request for an Out of Series Transfer from
the Director of Recreation & Parks, Brian Flaherty, in the amount of $1,500.
Therefore, I respectfully request that you consider