Board of Finance - Minutes - 04/10/2024

FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
Board of Finance
Regular Meeting Minutes
Present:
Elected:
Staff:
PHONE: 860-442-0553,
www.waterfordet.org
Wednesday, April 10, 2024
Town Hall Auditorium — 7:00 p.m.
Glenn Patterson, Bill Sheehan, Ronald Fedor, Robert Tuneski, David Peabody, Michael
Rocchetti, Joseph Filippetti
Rob Brule, First Selectman; Paul Goldstein, RTM Moderator; Abbas Danesh, Treasurer
Kimberly Allen, Director of Finance; Joseph Mancini, BOE Director of Finance and Operations
(by phone); Rebecca Hall, Admin Assistant Finance Office/BOF Recording Secretary
2
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Establishment of a quorum and call to order
A quorum was established and the Regular Meeting of the Board of Fina
as.
called to order by Chairman Glenn Patterson at 7:02 p.m. April 10, 2024:
Public Comment: none
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Approval and acceptance of minutes:
a. Budget Hearing Minutes on the dates of February 28, March 4, March 6, March 11, March 13,
March 18, March 20, and March 25, 2024.
Motion by Bill Sheehan and seconded by Joseph Filippetti to approve the minutes of the Budget
Hearings mentioned as presented.
Vote: 4-0-3 Motion Passed
“Bill Sheehan abstained from March 4, March 6, March 11 hearings; Michael Rocchetti abstained
from March 6, March 11 hearings; David Peabody abstained from March 20 hearing
b, Regular Meeting on March 13, 2024
Motion by Joseph Filippetti and seconded by Robert Tuneski to approve the minutes of the March
13, 2024 Regular Meeting.
Vote: 7-0-0 Motion Passed
Discussion to consider and act on a request by Joseph Mancini, BOE Director of Finance and
Operations, for a supplemental appropriation of $149,340 for the Clark Lane Middle School Chiller
Replacement that was approved by the RTM on February 6, 2023 in the amount of $802,000.
Motion by Bill Sheehan and seconded by Robert Tuneski to postpone action on the request to
appropriate $149,340 for the Clark Lane Middle School Chiller Replacement until the next Board of
Finance Regular Meeting scheduled for May 22, 2024 due to the absence of Joseph Mancini from
the meeting.
Joseph Mancini joined the meeting by phone.

Board of Finance Minutes, 4/10/2024
Page 2
Motion by Bill Sheehan and seconded by Robert Tuneski to revoke previous motion.
Motion by Bill Sheehan and seconded by Michael Rocchetti to approve the request to appropriate
$149,340 for the Clark Lane Middle School Chiller Replacement from the Unassigned Fund Balance
of the General Fund, and forward to the RTM as required.
Vote: 7-0-0 Motion Passed
Discussion to consider and act on a request by Michael Howley, Director of Fire Services, to
appropriate $50,000 from monies designated on line item 20523-57838 to fund Pre-Emption traffic
light repairs.
Motion by Bill Sheehan and seconded by Robert Tuneski to postpone action on the request to
appropriate $50,000 from monies designated on line item 20523-57838 to fund Pre-Emption traffic
light repairs until the next Board of Finance Regular Meeting scheduled for May 22, 2024.
Vote: 7-0-0 Motion Passed
Old Business: General fund Balance Discussion
‘Motion by Bill Sheehan and seconded by Ronald Fedor to keep the policy as is but increase the Fund
Balance percentage from 10-13% (current) to 15-18%,
Discussion of pros and cons of increasing the Fund Balance percentage ensued. Treasurer Abbas
Danesh agreed that the 15-18% proposed could work in FY25 but FY26 is uncertain as the Federal
Government will be making financial changes that will significantly affect interest rates. The
Treasurer added that in bonding, there is a loss of money to the interest rates applied. Director,
Kimberly Allen, added that the town’s Bond Agent stated there is little to no impact to the town’s
bond rating based on the percentage rate for the Fund Balance. Mrs. Allen continued to relay that
the actual Fund Balance policy and adherence to the policy weighs more heavily on the bond rating,
Michael Rocchetti would like to see the percentage rate remain the same as the town has been
extremely frugal in spending in the past. Mr. Rocchetti added that the town has been unable to
“spend down” the tax payers’ Fund Balance even with multiple Capital improvements and Projects.
Mr. Rocchetti also stated that if there are concerns with not having enough money on account, then
itis possible that the approval of the departmental budgets needs to be revisited - everything gets
approved and more should be denied,
Bill Sheehan noted that some large ticket projects will need bonding and there are long-term
expenses that must be accounted for such as the school payments.
Mr. Rocchetti would like to see more direct payments from the town and keep the percentage rate
of the Fund Balance the same (10-13% current).
RTM Moderator, Paul Goldstein, remarked that if the Bond Agent is telling the town that the
percentage rate is not an impacting factor of bond rating, the town should trust the agent's advice.
Mr. Goldstein added that the Waterford tax payers must be highly considered when spending the
Fund Balance and adjusting the percentage rate.

Board of Finance Minutes, 4/10/2024
Page 3
10.
Ronald Fedor stated that changing the percentage rate of the Fund Balance will not have any effect
on taxes. Mr. Fedor believes that the town could do a better job controlling how the Fund Balance
is allocated.
David Peabody expressed concern on raising the percentage rate so significantly and felt that a
smaller increase could be acceptable. Mr. Peabody suggested a percentage rate increase from 10-
13% (current) to 13-16%. Joseph Filippetti added that this smaller adjustment was more acceptable
Robert Tuneski believed a smaller adjustment was more palatable but would be more comfortable
with 13-15%.
Robert Tuneski made a friendly amendment to the Motion and seconded by Ronald Fedor to
increase the Fund Balance percentage from 10-13% (current) to 13-15% but keep the policy as
written,
Vote: 7-0-0 Motion Passed
New Business:
Liaison Reports:
a, Robert Tuneski - Waterford Utility Commission(WUC) - Tank project in process has revealed that
the tank has severe internal corrosion. Mr. Tuneski thinks there may be a substantial cost for repair.
The Commission is gathering estimates for the repair and also investigating costs for potential tank
replacement.
Correspondence:
a. Virginia Bielucki, Town Accountant, Periodic Financial Statements FY24 dated March 11,
2024,
Virginia Bielucki, Town Accountant, Status of General Fund Unassigned Balance dated March
12, 2024.
Virginia Bielucki, Town Accountant, Status of Contingency FY24 dated March 20, 2024.
February 2024 Special Revenue Reports
FY24 3*4 Quarter US Treasury Report (ARPA)
Playground Field Drainage Resident Letters, Great Neck Elementary School
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Adjournment
Motion by Robert Tuneski and seconded by Bill Sheehan to adjourn the Regular Meeting of the
Board of Finance at 8:05pm.
Vote: 7-0-0 Motion passed
Respectfully submitted,
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John. “Bill” Sheehan, ebecca L. Hall,
Clerk of the Board of Finance Board of Finance Recording Secretary