Board of Finance - Minutes - 10/11/2023

FIFTEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 860-442-0553
www.waterfordct.org
Board of Finance — Wednesday, October 11, 2023
Meeting Minutes Town Hall Auditorium — 7:00 p.m.
Present:
Absent:
Elected:
Staff:
Chairman Glenn Patterson, John W. Sheehan, Ronald Fedor, Kevin Petchark,
Robert Tuneski
Joseph Filippetti, David Peabody
Rob Brule, First Selectman; Abbas Danesh, Treasurer
Kimberly Allen, Director of Finance; Rebecca Hall, Admin Assistant Finance
Office/BOF Recording Secretary
Establishment of a quorum and call to order
A quorum was established and the Regular Meeting of the Board of Finance was
called to order at 7:00 p.m. October 11, 2023.
Public Comment
None
Approval and acceptance of minutes: ge
Regular Meeting on September 13, 2023 te,
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fo ID
my
Motion by Ronald Fedor and seconded by Robert Tuneski to approvg the S
minutes of the September 13, 2023 Regular Meeting as presented.
Motion by John W. Sheehan and seconded by Kevin Petchark to make a
correction to September 13, 2023 Regular Meeting Minutes on Item #8. The
correction should read “to approve additional appropriation in the amount of
$1,982,900 to be transferred to Account 20560-57842 from Unassigned Balance
of General Fund.”
Vote: 5-0-0 Motion Passed.
. Discussion to set the 2024 Board of Finance Regular Meeting Schedule and 2024
Budget Hearing Schedule.
Motion by John W. Sheehan and seconded by Robert Tuneski to approve the
modifications to the 2024 Board of Finance Regular Meeting Schedule and 2024
Budget Hearing Schedule.
Vote: 5-0-0 Motion Passed.

Board of Finance Minutes, 10/11/2023
Page 2
6.
7.
8.
9.
a.
b.
C.
d.
10.
Discussion of the Fund Balance Policy 1.03 Draft Revision. The Board of Finance
has requested that Kimberly Allen, Director of Finance, research and return to
the Board information regarding recommendations of Fund Balance percentages
and future budget strategies based upon comparison to similar towns
throughout Connecticut. .
Motion Stands.
Old Business:
a. Discussion of a potential BOF Policy governing the use of the Unassigned
Fund Balance of the General Fund to adjust the Mill Rate. This discussion is
considered complete as it was included in the discussion of the Fund Balance
’ Policy.
New Business: None
Liaison Reports: None
Correspondence
Virginia Bielucki, Town Accountant, Status of Contingency Fiscal Year 2024 dated
September 9, 2022.
Virginia Bielucki, Town Accountant, Periodic Financial Statements FY24 dated
September 16, 2022.
Virginia Bielucki, Town Accountant, Status of General Fund Unassigned Balance
dated October 3, 2022.
Special Revenue Reports, August 2023
Adjournment
Motion by John W. Sheehan and seconded by Kevin Petchark to adjourn the
Regular Meeting of the Board of Finance at 8:05 p.m.
Vote: 5-0-0 Motion passed.
Respectfully submitted,
WA,
Joh
Cle
yw Shéehan, Rebecca L. Hat La
rk of the Board of Finance Board of Finance Recording Secretary