001[Music] you [Music] okay tonight's dinner is all about information getting information about information tonight finance director this is our chance to really ask questions about the meaning next week what Marsha and Steve and John have prepared and the management sense because is the Board of Education in architect presenting investigation is to walk out of here tonight knowing what will we get next to me okay so we kind of need members of the public to get a pun here none we have no communication correspondence received move on to accrual minutes everyone had a chance to review the minutes as they were distributed a motion that we approve the September 13th 2018 or refining in special meeting minutes okay discussion on the minutes as presented okay hearing none all those in favor say hi now move on
002to the report Thank You mr. chairman just a few things there we'll get a pretty sensation in this coming Tuesday October 16th of the school project plan and the decision by the Board of Ed in their committee as to which plan moving forward I won't go into detail about that because fun of that on Tuesday and also in that will be the financials and in high-level residents can understand it but the board will be getting a lot more detail and pass up those for the entrance we recommend we ask that every resident in town please attend this is a huge project he's kind of cost this town a lot of money and you should be as well informed as you can be in order to vote on it the Board of Selectmen then right now
003we're planning to take up the project at our November 5th meeting and a boo and if it's approved move the board finance their consideration and if possible approval that you are meeting we will have further from the Angels for you towards the end of the next week all back up data as to where we got from to city or not when I have an interesting problem when you finish the Monday night sometimes we're so Games data from the hilltop and putting together a lot of the supporting documentation it's quite a bit of it it's gonna be quality sensitive work detail as to what is involved in that data FEMA report I think we can have has changed a lot we've signed up for being reimbursed it we started to put data in but FEMA's new
004it's a brand new system assistance out of trouble not let anyone stay and we for inquiries into different parts to FEMA because we really wanted to get it in before storm damage twins to win right now still since we will receive right now basis what FEMA sold us two point eight million dollars as you know we spent just under 1.7 million we do have some more cleanup to do I stopped all standing on cleanup right now we still have to clean up to do two at Gursky mostly out the fields and woods we have country force that's been put in a new for the field for the main field they look really good they work really well and I've already got my six - thank you for putting walk light you know you go down
005to the bottom they put the button turns on a ten percent for an hour up to the midnight any day so if you want to walk on track this arc will get ten percent like getting that these agents so that's working out over twenty nine we finalized the plan with video feed the lower federal Road Suite C this is goes from Jay Ronon right you see the last wagon will for people who are it goes all the way down to five guys Colts he's going to include turn lanes new interceptions Road closes and it is a very comprehensive plan sidewalks bus polos everything yeah as you know you know this started three years ago a woman went to the Commissioner changer editor and asked for a left-hand turns into chick-fil-a that's turned into 20 million
006dollar project the same the state pays the entire cost of it and they've been really good they given us a lot a lot of suggestions instead of modifying us they wanted to work for Brooklyn as much as anyone get into town right so we're very happy with the same Sun that the project would probably start 2021 we both Sears but there's schedule time it would be really love that left hand earned their actually let the attorneys at chick-fil-a a little shop right and chick-fil-a there's going to be light at Beverly try because people live on Beverly and I just murdered especially on the weekends trying to get it out of there it is going to put old the old road why that is that most close where Jay Thomas and new rule will go right
007through Jane Rollins parking lot and hit the light we're all Conesus it'll be much safer even a to accommodate all the businesses there and that will have the same number of entrances it'll make that intersection a lot safer unfortunately it's gonna vary adversity in fact that gentleman business I understand he's going to take it over my head because able to have no parking minor finished then going down a little road test healthy ways and we're Filmation sauces on the bus rootkits perhaps that Rosie doesn't become a one great way road going south you will not be able to make left come before the middle i any work right go to the lake by the Congress and the left then just gonna make that intersection alot secret and also take out that light at the bottom
008of the hill that you wait the crossroad it's gonna be safer and probably otherwise it's gonna why the rural poor the sidewalks in website but we do recommend people come to that area you think got questions now the state has spoken diversity every single property owner will be affected and god they're buying on this and so that's a long day now road you gotta make sure the business is affected we've been able to convince em this is work for them we also are looking at we have a business in the Vale Road area armful they want to increase the capacity of our cement factory gate boat significantly and in order to do that they don't have enough water from wells so we're looking at possibly putting in a water lining up the elbow could we
009get a few hundred feet long and each of the property owners on Bell Road would be like you did with all the road be assessed but a value that were not it increases and eases their properties does everybody agrees on that and also opens up to the properties to many more types of businesses moving there and we've got water and sewer that's early days yet we want to keep our code and they're good this is glad to have them here but if they can't get that they're gonna have to go soon wells justified order to do the manufactory as you know we implemented quite suspect and that is going well now we're going through the difficult and arduous effort putting all the data from the storm if the prices have letting up all the departments
010all the people so the process works take their phone say here's where I think this is what I'm doing doing any and then that will allow speed the theme it also will give us real-time knowledge which was too close we're paralyzed it down there's an interactivity worker says hey hold them at the corner of 133 it automatically comes back and shows it on that so the little gate will show Rose clothes so people and then the rest sense here's where to close the school for these thing we're going to put together a plan for you that will support it and I think that's about it the federal right to 20 2020 when they hope they hope to start studying finished by that fall they do in one year I don't know it's spinning for a
011big project almost positive fun easier for society yeah yeah would you get a project number to date three years ago and that puts it into the air cooling system to be funded so they have the funding unless something really our ball is on the state budget they had fun but right now [Music] pages all right so we've got some preliminary numbers that balance I wanted to go through that the handout said have more details they're not perfect or some of the changes that I know that stuff to be made but if I waited until they were perfect you would never never get them that so if you look at slide two that is a summary of the revenue and the expenditures to this year that that the budget was balanced wanted to begin with if
012there was an additional appropriation of a few changes most of them are transfers from contingency one was an additional appropriation of $25,000 I'm trying to remember what that was but and then $2 seems to be around the air that so had everything hit the way it was intended you would have reduced the fund we were to reduce the fund balance for $25,000 as it turned out the revenues were higher than what we had anticipated and they were hired by $40,000 that is a very small difference considering the total that tax collections were look a little bit of tax collections going forward but under the next slice but a tax collections were we're very good they came in and almost 100% of the budget in total revenue remember last year you did that a budget and
013spraying the summer and the state didn't pass their budget until October so whether it was a moving target of whatever revenues would be there but I should say the tax collections have all been entire to the tax collectors a report that I think that we ended up with like an $8,000 variance these are on a modified accrual basis and hers on a cash basis but but we tie it out international revenues the state gives us a little sing of what they beat us and anti that out to their listing I made sure that I had everything that I'm expected it in the general fund charges for services and permanence and things I'm still working through those numbers I've got lists from the different systems to make sure that it looks like we've got things recorded
014appropriately because we want a going forward basis the operating transfers in that is what came in from closing the registers assessment the self-insured health insurance there was more money than that but a samel of it you would lacked at 370,000 your devoted to offset that the Board of Ed expenses with that so that's why it's it's lower than I anticipated the town operating expenses [Music] but the BN premium was just that the premium that November of 2017 there were bond and patient notes issued and that is just the prorated portion we got some of it and the WPC ASM because we share the the bonds the towns don't budget for a bond premium that just you don't know where it's going to where senator I mean just looking at the old financial statements that it
015looks like you put up the bottom premiums in the general fund as opposed to in the capital projects fund so that's why I think whatever there so doesn't have the potential to correct that it's always a premium you're not a discount and I mean in a school bond but there are times where we don't see oh there's there's a possibility of NFC and I myself grew that as far as the expenditures go that there were 64 million dollars budgeted and we spent 63 million six so we spend 1.1 million less and what we could have spent this is on a GAAP basis so for example the Board of Ed it shows here that they didn't spend two hundred and fourteen thousand of their budget there however that's a net figure however the final budget actual
016that figure will be lower because I'm trying to get it to tie out to find balance and the balance sheet but there's an encumbrances that I believe that they have about 75,000 a set of incumbrances and I think that the final number is going to be a hundred and forty thousand or so that they didn't spend and the conference's are things that are firm madness' the things you forwarded by age to the 30th and and just happen and we see that it's trying to match to the biota to you long enough to say oh you know I wanted it to do this but then we had the storm that hit and I'm instead of saying well we did in the Senate last year coming it kind of Macanudo the purpose of them in common citizens
017and we rarely tried to go through them so they are specific they're not like leftover buying at the purchase orders like that [Music] that so that the talented gray are not spending the operating expenses agenda was the freeze that was put into place [Music] debt service I have tied out to the actual bonds that that revaluation is kind of an interesting thing that for a gap but it's not really an expenditure because you're just trying to highlight that you want to put it aside so it shouldn't set up a zero here and I just have to be creative when I do the final budget actual to the show that this is what we're trying to do and then just happen to reconcile in the name at the bottom to go back to the gap basis
018that open on creation was me and then the transfer sort of capital a non-recurring that was the original appropriation plus there were two additional transfers whether the thing is one for each fire department totaled maybe thirty four thousand dollars so that's a little higher number than it was taking out a contingency and input up there so ultimately that 1.2 million $1 spent was not spent then we get down to the FEMA that the FEMA becomes an issue that how do we handle that and I think this is gonna be the easiest way to handle it it's kind of just off the bottom that there was a budget that was passed multiple the total of 1.7 million well then in the general fund and the general fund the question institute in 30th and so in Atlanta
019to treat this as a continuing and appropriation I think would it be the best way to handle it that I talked about well maybe we treat that as a transfer to a separate fund and an account for it there however how do we handle that receivable that the receivables and the separate funds and you've got 1.7 million coming out of the general funds and it had a hole for a year so this is kind of the plan on what I think would be the best way to handle it is just say let us handle it as a continuing an appropriation they did pick up a receivable that everything indicates that we will have reimbursement from from FEMA that so it's measurable we expect to get it in the current year so it would be available
020that sorry I picked up a receivable the expense that fimo we spent 1.7 million we will have spent after the all the work is done by now it's about 1.7 million we are expecting to get 2.8 million because of reimbursement and for volunteer time and reimbursement for equipment at time I don't think we can pick that up as a receivable the the extra that I'm just going through the the rules for picking up losses if it's remote if it's probable and those we think I have thanks that you know keen and that would appear to me again so what I'm proposing is we pick up a receivable just to neutralize the expenditures so when the cash is actually exceed you look interesting recorded pro rata is correct i I would unless it happens all before
021I would say I would have a hard time picking it up and justifying it to the to the auditors to keep it there that and I would say it's it would seem to me that it were were occurring again and then the Karma expenses that those are we're actually at 54,000 of expenses and they paid it as a half million so we're picking up a receivable for a FEMA to neutralize that for the kurma they have a prepayment that we're picking up is on earned revenue because we hadn't sent it they gave us money in advance at June 30th so all in all that in a senator column we are adding 1.2 million dollars to our fund balance ed that would be what would you consider our profit for the year that it would go
022to fund balance I go over to the next slide you have that in the handouts but you have all the details of both of these that there's a page that shows that the revenue or sizes and a portrait page that is that the revenues by line item and then you have a page that it looks like this that it doesn't have any colors on it that most of the expenditures by line item that and community centers are very ugly report so I drop them into Excel to me a little prettier and easier to read that what you're asking [Music] so nourish identify that educational interest that's under I try to make it so if it's a positive number it's a positive the very very negative numbers and it's bad that the police are under that
023they had some please officers that were out what I understand to what pleases your et under a front-page drug bust right yeah just going through the next page you pick up 30,000 all right the next page pick up 20,000 it's the last two pages that we have an employee benefits that are under by 350,000 and we have contingency that is honored by 376 out yeah [Music] the police to the partner why you looking at that doing we're gonna go to 176 I'll get that far over time we have an hour police we use over time we have police officers that go up every year assignment Afghanistan Kabul or wherever and my guess is we can look at my guess is that if we didn't have a saying go out because usually a positive cuz they
024run pretty lean on their you know stick we don't know how guys sitting around who could just fill it if somebody's out we've done else instead of sitting in my guest [Music] I think we're I think it could change this what happen when I look at the statements as an employer to background I always worry about tax collections because that if there was a very issue that's that that's the real driver in the revenue that and so I take a little bit of class right now we look at this graph that and that mattress will never leave anyone the brass doesn't start at zero that so I should point out that it doesn't start this arrow if it did it would be a really boring graph so it serves to nangi percent and and I
025think this is just an important measure to wash that how we are collecting how we're collecting during the year as well but we have a 99% collection rate that a navy blue that's a great year taxes compared to the current year levy and we budgeted for a 19% and we got 99 percent and the delinquent taxes are the light blue on top of that that just showing that that was about ninety nine point six percent that would mean I receivables went up because we didn't collect 100 percent of what we built that in a minute so for the past couple years we were we are down yeah so in Afghanistan ask questions okay so I can call it cash basis whether the band's tax collections are gonna liability session that so at the end of
026last year we ate 1.5 million that of 1771 million of ativan attack and this year we had I think five hundred and sixty thousand I the discrepancy I didn't ask for this what him the difference was how a June 30th however you send people out the bills earlier and they came earlier that is usually the issue that and my guess is the budget was passed a little later this years everyone waited for the state to decide what they were going to do anything so and it seems be lying but but so they're paying taxes that have not been in love you get it I love you the next day July 18 there I thought we were no you really had making an adjustment to take I thought it was things that ended in received it
027but she was accruing based on our collection rate yeah I think you're right we could amount of that so here's the here's what was happening is that when you see the reporter the tax collector that's all cash basis her report it'll be in the audit reports it's a cash basis that the budget is the modified accrual basis and what a modified accrual basis says that you can pick that up to the next 60 days of collection is for years that are already levy not the 60 days of current your taxes and you couldn't berating them backwards and so essentially and then you have to subtract off for the first 60 days and to put it into the last year so essentially what's happening is it's a cash basis but a slightly different fiscal year from
028stead of ten number first along its 31st and it would be that cash it's the ultimate result when you're done with the April's on each side that does make our collections a little bit better this year because there was a big tax out in August of this year that's not in these figures because cash basis but it's figures against the budget you'll see that back taxes were high in that light headedness we could make it simpler that we can't the extent like FEMA we're going to say hey as long as we collected in the next year taxes Gatsby is very specific that it is going to be 60 days or less so we could say you know what our our rule the way we're going to whip twice worth this is just garbage to the
02960 days that's been abusing taxes I don't know that that would make it a whole lot easier to explain that would make it a whole lot easier to see look at the schedule of the report of the tax collector to find out to these schedules but [Music] it's not gonna make a material difference either way so maybe just they're the most advantageous scientists a presentation is all complying look at yeah if we go next year last you next so this is an important water tax collection in history that 99% is a pretty good Fairfield County that all goes by wealth so other there's parks is that the state is it's lower that just interested it means this is only and exciting when you try and figure out what number you used to your budget but
030I'm saying we should use 225,000 an adjusted ending receivables just looking at those that it doesn't tie out exactly to that 99 percent the collection in the front rank 926 good as there at all sort of assassin adjustments but we want to watch this to make sure that they're not it's not a sloping up that that were falling further and further behind and collection so we also wanted to watch it to see hey we're gonna be very good if we can get it bring it down from a hundred thousand six hundred thousand so balance sheet that this is the general fund balance sheet and I shouldn't look at any financial report here doing this for internal controls and monitoring showers out of a balance sheet whether the income statement and probably the most unusual thing
031on here if you're not used to government's is this do to do from other funds that is five point six million dollars but I can tell you it took 15 hours that we have about 20 different funds that and what will happen is bill will be paid out of the checking account that the regular checking accounts but it's going to be paid or something that was maybe for the library and so the reduce to the cash and the general fund and replace it with an asset that it says do in front of the library and then the library they have an expense and then due to the general fund one of the neat things now the tariffs that are tied out at June 30th is Eunice's can do that automatically that right now we're doing
032journal entries to make sure and that's why I didn't tie up and sometimes journal entry is forgotten you know let's use the program for every capability inside that we wanted we wanted I think of saying that so we went through that with Muniz today and just how to get it done and then the softest of that sort of we'll be putting that in so you can see each of them and we have them labeled fund a fund so we can just a little quickly and say yeah it does tie that each one of those nothing else is too exciting on the revenues and expenses that the town clerk has various accounts where a town clerk last saw a piece and to thousands of donkeys or the state that's what that liability is dog fees and
033if you pay for a sportsman's license we collect some an assignment at the state I haven't quite got those I have over 3,000 dollars not to make a big difference and then the fund balance the fund balance is six point seven million dollars that that should be primarily unassigned fund balance and I know a little of a reconciliation at the bottom that if you remember last year a 72 I financial statements there were five or six funds that were added together the trial balances so we're added together to make the general fund and that just that kind of irks me that because that's what I did back when Gatsby 254 worth of the prove that there were certain funds did it both I special rather than the funds that anymore in the Senate it's taken
034care of it and in combining hey that they scheduled that the financial statements to say oh yeah here's to the general fund and then here's the Economic Development Fund and all those other funds that did involve I it was just kind of a shocking well I don't know that there's anything that I'm allowing us to do that under the state statute to say you know we're going to take a portion of our expenses and column general fund that lots of times do it but but it doesn't seem appropriate that so the fund balance at the bottom that general fund is the figure that it was on page 72 and the column general fund trial balance the economic development and fund trial balance was closed in no activity in there anyway that that what that will
035mean is we can't spend money outside a budget through that trial balance the the revaluation trial balance where we're just kinda keeping track of the money for a rebound was closed in the restricted fund was money that came in on a set of another five hundred six thousand so we can keep track of things and the general fund trial balance about having a separate trial balances so that was closed in and you used some of the last year's income to balance to the board of events budget it this year have a quite figuring out that a creative way to show that on a budget actual because it's in fun manifested its pulled out separately that so the beginning fund balance was five point five million dollars the profit this year was 123 million we've got
036a negative for that accredits change what it changed how units was reported to them so that's when we get to the fund balance of six point seven million there were two trial balances also on a page seventy two that are not included in here that there's a library fund the library fund had four hundred and seventy thousand dollars of committed fund balance after talking to the library you're doing some research that that comes from what you call the library causing an endowment and their endowment at money lake even in Wells Fargo that well minister friends who said that you can't spend the principal town say it because anyone said we got the well from 1947 shameless but but we have the will and the gentleman Mr D Clark Bailey was his name Judy Clark Joyce
037said he was giving the town money for the library during the time money for the library and it started as about twenty thousand dollars that and I'm waiting for a volunteer from the library to make copies a seventeen financial pages so you can just look at it and see what's happening sure we're all in agreement that this is a library money that's built up at a four hundred and seven seventy eight thousand but it looks like it like this so because he said you can't spend them appearances of all it is last year was committed it's actually a level more secure as restricted and it shouldn't really be in general it should be a separate would have called a Permanent Fund where you can't spend that principle that and the principle keeps increasing every year
038that there's rules the state of Connecticut has sachets called up metha you pee and IFA that and those rules say they keep it at the same spending power so it's not twenty thousand that you can't spend it's whatever twenty thousand has become and usually what happens is that you have a spending policy that we're going to spend four percent per year five percent per year so those so be a calculation to say okay of that they're about half a million dollars what part is going to be considered not spendable and what part could we could it be used for whatever purposes the mr. Clark mr. tourist it couldn't be any sense is there a policy there isn't policy but I think the directors to the make women and where I'm going to ask them to
039make one on whatever bedroom take another sense preparing me Oh up that I'm going to ask them to because if we're going to meet the population to figure out what was said about what it's not anyone but you four or five percent is normal for the type of funds I would love to see that money along with a way like scholarship go to the Community Foundation Community Foundation's are special IRS nonprofits and their purpose there's a hole in the dominance for nonprofits governments that as where we might be getting eight percent of money they might be a 16 percent on that money that seems to be a win-win that it keeps the money intact keeps it safe it gets more money that you can spend on whatever desire but we haven't gotten that far so
040that's why the library funds money is not included in here it wasn't part of your own science fund balance last year that but it was in a general fund and then the heart and hypertension money is not in here that's usually that would be accounted for kind of like the self insurance and I can tell when Lewis Shapiro set up to the trial down so that's what everything it was because the account number we don't want it in here because there's a liability there that we got from karma that we should just an estimate of the liability for the already incurred claims that we should be recording so well it was a positive last year we'll be making a prior period adjustment turned recorder that liable and it'll be probably close to zero that between
041the cash that's in there and the reliability of the flames so those two on the bottom reconciling items to last year's so correct that is someone were to go to the page that I'm thinking today I wanted to know what happened and I'll put it in the painting to see if it's us [Music] so I thought about tweaks to make that I don't think any of this just wanting to have a copy or less than I'm keeping that it's still playing out those town-clerk liabilities and revenues tell the others miscellaneous revenue the best I can allocate the fund balance and into appropriate categories that they I think most of it will be on assigned but if there may be some minor amounts of money that our town clerk collected a dollar for every page that
042schedule for me that you sent on how much is there that we can spend on appropriate purposes really we have to add the Board of Ed and encumbrances that there's the OCD one line item underground or utility described which category is negative I $9,900 that's because there's a $10,000 from every source really where the spending is I've got a finding that matched up actually parking lot yes but we have to get it at detail and make sure to be a pastor some of the way use tells people to record their payables and don't like this what happens every place and is just bhakti the checks that so the payables on the Board of Ed site I have to debit cash in credited payables for a five hundred fifteen thousand just because that's how the grounds
043is overextended but a lot of that is swore money that we've broken the swarm expenditures out separately for the specifically identified the list you get every every week or every two weeks and Excel but the salaries haven't been pulled out of the salary categories and input into that and today so some of those salaries grounds really out of mine because of the overtime from storm work strategy so when the entry was made in flying August debited expenses credited cash so cash looks like it's overextended and it's not look it's like a negative balance and it's not and it's because the credit should have defined the payables that the number-8 is that I'd like to show you the the gross amounts and the losses might like to know if for myself is so I'm through what
044are all the different things that are offset in the budget that I don't really like offset but let's say for example that the Board of Ed that there's five or six things that in the original budget are offsetting fifty six thousand from that restitution money fifty thousand from something else in the common expenses there are some two and they just like to disclose what they are that there's some reimbursement some kurma for insurance I'd like to have a policy that says anything over accidental murder dollars fine just offset it anything over X number of dollars we want going to come to the board how many we have this is alleged with the police say where they got a grant right for twenty thousand dollars and cents total expense of thirty thousand and they were officially
045adjusted and passed and we said is to show the grant sense like God sent him into three assets are just putting that into the trial balance taking it out of the pension in us the firefighters so we talked about last month we're dealing with the department said most of them are made it did make some changes and for example that I don't like the way it comes like it that I like mixing nonpareil and parallel items and we had like payroll to be pure that and so in my department we have actually the bills made her and the stamps all gonna get his payroll I think it's more appropriate to show that as time sort of professional services and so I made that judgment and I did it share that with it's firing ahead and
046perfect it but I did it some of that some of the other department heads so I want them to I want them to know most of the really tiny little things so there's a two places that was one big one the other big one was that it was it was budgeted last year for some actually stuff to the be go through debt service that I'm not exactly sure the history of it I don't like that so I moved it I have to do that I'm in and and so but a service again so to be pure so when we're making the comparison to the debt service future and other other places we have a pure number so and then we're gonna vacuum and after meeting with transfers and we just go to the poorest Lachman
047at first and then come to you with one of proposed transfer speech doing in accounts go ahead a good trick that they break that I talked to and all their meetings that for their finance that Dave have agreed to close actually as a this week I think they're going to close their fund for I think I call it they have weird names but one is pay to participate is the name of the fund but the pay to participate it's over but the fun is so called that you might go over to spawn 21 I'm not sure what names you pick but but it is well that's why through there now is building foodies the before if you are the minerals talents and you use to the building they're gonna charge you for stole fees that
048and they're going to put that into the budget into the very budget and it's just an offset so put under the revenue and as an expenditure sure what there there's a city statute actually the sense that that they can do that 10-2 22a and then there is a another one that they have a different name for it Chromebooks which is apparently I really I had some fee that the children pay for insurance that will also go through the general fund and they sent the general ledger we wanna take a look at what's in we being me and that our Finance Committee what's in a student activity that my activities that might not really be student activities when I make sure that a secure that what's in there [Music] so that's it's been a very good
049session of the the very first meeting I went into in August they talked about it but it seems like they had our previously talked about that and there may be a draft that's floating around someplace but but I had chance on that just that capital projects that that kevin has been all this week the senior Hammond just taking and we had all reconciled stars by the project and now he's just kind of getting and pasting all that from ourselves of the weird by year for the general ledger so we can give it to each of the departments to say here's how much we think you've spent we need that anyway for our bonding so that we can verify those numbers and then the non major funds there's just two I think that of all the
050other funds that I haven't gotten into capital non-recurring I've gotten into it enough - those are the small capital items that are paid with cash you might know it is called cash - capital or cash but I don't know the name but I'd gotten into it enough to see there's only two years of details that to go through and then there's a town fund the town grants fund that I'd like to know the details of the subcategories of what went in and what went out of that capital projects you asked about that and preparing for bonding that we have to finish the reading agency presentation today that we're working on the draft of the offering statement updating that the tax questionnaire and tying it all back to the financial reports that munis again let's make
051the program sing and do everything that it can do that we're have a draft of project codes for both capital projects and and these subcategories we want to know what grants go through there we can have project codes for grants we can do multi-year reporting on those so we are once we get that done which we're trying to keep up with the current work and just keep making improvements as we go from here and just applying them so that we'll be rolling that out we actually had training today in in munis as far as doing the budgeting together with the Board of Ed doing the budgeting and munis that some pretty cool things there where do we stand this year that we've got this that you've got a printout with the colors on it which
052is this year's expenditures that and again this is there's things that as I look throughout that we need to do for example I think it's ability beyond disability we usually pay them July first no bill came in so we didn't raid them we have to follow up on some of those those things that I met with each of the department heads asked where they shared the budget with them where they think they stand they're all in pretty good shape there's only two line items happened to both be on the front page that we're watching that one is the tax appeals that this year we've broken it out separately and we may just have Tim do a transfer from the regular legal to the tax appeals the second one again is my department that some of
053this bookkeeping will be we had some temps in there and we all said FEMA and some will have to be reclassed to the to the storm account but all in all that they felt that they were in good shape what's on the screen is just something that I'd like to give you every month and every quarter of is easy enough the forecast where do we think we'll stand at the end of the year so the first column is the original budget that the original budget balanced so unbalanced shouldn't change that there wasn't an amendment to the budget at 45 that added to the bottom line was 45 thousand for the metal light poles at your July meeting that so that would bring the the fund balance down by forty five thousand assuming everything would hit
054and then they the third column with the amount and the comments are just is there anything big out there that we think is going to fluctuate so let's say gosh the state of Connecticut decided to give us an extra an extra million dollars that I'd be something we'd want to put in there as as we think we're going to have a million dollars more revenue or something big happened that we have another storm we don't think it's going to be covered by FEMA it's five hundred thousand that would that would go in there that went and as get closer we can further refine that maybe special ed if the dozen they did talk last night there and that they watching that special ed that but if there was something that came up to say oh
055we think we're gonna be off we should put that in here so that is it's just a pretty the forecast I love this slide I think this is wonderful is there a way either on this slide or somewhere else to show the actual find balance and the projected fund balance versus a target or appropriate metrics the number in a vacuum to a lot of people with meaningless so if we can show either point people are on this schedule say this is what we would like to be about in the year or this is the percent of the budget and that it actually is versus what we want it to be shall we well hopefully this is what you want it to be because this ties out here what you approved at the budget I agree
056but I can do the percentage yes I'm talking we have yeah now we're looking at 10.4% as an ending fund balance before end of this for six they enacted for 2018 to the 1718 that's a vast improvement rate what we previously huh but you know this is a good idea it's a way if we're hitting the general fund balance it's good to know right if everything else remains static what are we doing to the general get our balance which we obviously never want to touch okay I any questions other questions or comments on that that you'd like to slide last month about the percentage and when we're going to get to but it looked exactly the same as last month the state numbers dungeness I didn't put it back in again one thing about the
057fund balance and we are saying it's going to hit 10 percent by the end here but I choose energy to sorry but I'm going forward with the capital projects perhaps there's a way to project what that fund balance will be when edit against you know what that could what those hits are going to be in the future okay that's gonna be important to see how that's gonna actually because we don't actually we actually hit our budget perfectly throughout the year both revenue and expenditures no change in a general fund balance if we're under budget on expenditures then that rolls into the general fund balance for things like contingency fund one is that we have known increases that are gonna take place which is gonna decrease what the general same yeah the budget goes from 63
058million has 70 million that research becomes lower means it's moving yeah so we have to buy make sugar that I said okay yeah any attack so I think having that knowledge of we don't have to make a projection on what next year's budgets gonna write and that's ready for you to so the percent of the increasing budget yep I could get that [Music] so as with respect to the next week that what we've been preparing is a projection and projection so what we just looked at was a forecast a forecast is what we believe will most likely happen a projection is what we believe will most likely happen if that something something's there and the big if is if this new school gets approved and so what we're doing is a 10-year projection of what
059we think will most likely happen and what we think will most likely happen if it gets approved there's two differences the first one of the forecast of what would most likely happen we've got some repairs that need to be made to Center school and huckleberry that are included there and then the separate one is if we were to build a new school we can take out some of those things and but we have to put in that that so part of this projection is just taking and this is the same way we did projections that when the clients would hired me to do it further in public accounting is a spreadsheet here the different revenue sources does allocated by how they would very for example all those miscellaneous things that really don't add up to
060much of the budget at all probably aren't going to vary by much Board of the state of Connecticut is certainly never going up that but maybe it we we go down and and it's all interactive so I can just change the percentages the expenditures how they're going to vary payroll is very different than benefits that so we've reached out for example to the people that we've used for consultants on the health insurance and what would their projection because that's probably what goes up the fastest and the letter of they didn't open it but letter says they still person thinking single digit increases that and everything else will vary it by a different percentage that we've gone back we had the 10 year plan from lengthen the February of 2017 so the bigger users of that
061we've gone back and asked them to update it I think I've got the last one and today that so that would be police grounds Public Works and education and the education is their plan is coming directly from the architect of of what would need to be done and the timelines of when that would be done that so those are for the small capital projects we call small under a million that because I probably all be put into a band together abundance as a patient know together and we're just assuming we do it every three years we can we bond those that the large capital projects of over a million that are separate that and then the debt service on all of those different categories the grand list we were working with the historical growth plus
062any that might have specific identification of this is going to be bump bump other than the historical growth so that's how we're kind of working with the projection that and then we'll take it from there nobody really wants to see it that much detail except for you and you go home later that but in the presentation we're trying to show what the taxes would look like that on a typical home how they would change we can't just show them changing you know look at they're going up they're going up but under any circumstances there'd be a cost-of-living adjustment as well but you're never going to have them just flat that so we'll compare how they go up compared to the cost-of-living adjustment from the Congressional Budget Office I think it is trying to get them
063just nonpartisan numbers that and here's how it would increase or under if this one was done here's what it would increase just the way we're on a target now and a comparison to the neighbors because it looks like taxes on an average when we look at this DRG be the group from statewide it looks like the taxes right now are about a thousand dollars less than the average from the other some of the similar towns so all of these affairs all these assumptions urban and get you better them okay here's what our costs of interests is on bands bonds etc here's what the growth rate isn't grand list all of these things together you'll get all that detail but what we're going to give the residences I've got the average price of a house in
064Brooklyn is three hundred and forty thousand dollars here's the increase per year you will pay and if you've got a different price house without the calculator you can put in your assessed value it will tell you what the increase would be so that people can understand how it's gonna affect them directly boris larin important finance you need much more detail to make sure that those numbers are reasonable and fair right and represent a good calculation of where we're gonna end up obviously whenever you project out there are variables some of using conservative numbers on everything to get there and understand cause before but there are more things that people need to know to make this decision not just their own taxes but you're going to need to know what is what how this affects our
065total debt that and how this affects our debt service because those would be important that some people will just say to you but that's more important to the boards coming forward individuals residents want to know how much I wouldn't underestimate there are plenty I have what will actually show up on Tuesday they're there for a reason oh yeah they're gonna be a lot of just for the basics yeah but those are the types of things that you've got to look at to say you know how flexible does this leave us for if something else comes up that we did check and confirm with the attorney on the middle school and on the high school that because there's been talk at least and I saw in the presentations about stuff that needs to be done there
066and that it would not need to be done in the next 10 years that it's not unreasonable to to push that off further once if this is if this this school is done because I guess the middle school is open our capacity with the exception of taking the trailers out of the middle school because their plan is moving fifth back to the new school we want to take those trailers out so we'll have that expense when that's 60 70 $80,000 that that will be included also what Tecton told us we had the meeting answer no mate - from normal capital maintenance items on both whiskey near and the high school neither them meets major renovation as new or whatever for at least ten years that's what they told us so that's what our projections will
067shuffle since we're digging into it one question on that is will the projections show any expense for refurbishment or repurposing of center support no there will be no expense there we're gonna have to add something because we have to look at that as potentially another project right there it could be a lot of different things I wouldn't want to commit community center you know activities a lot of different things God even if we leave centre school as is least heated at 55 degrees and have there will be some ongoing expense and I agree we should put that in there again or not not then accounting of the project and then all that but for planning purposes on long trails gonna be expenses to refurbishing that which needs to be able I'm assuming you're having revenue
068assumptions as well you anticipate so revenue it's much easier in the government then than it is in a for-profit because in a for-profit you start with revenue and in a government you end with revenue and it would be a pretty cool exercise that's for this project but going forward to to when we talk about doing the budget to start with revenue and make the expenses fit like we do in a for-profit we're not running think of a normal increase in taxes cost of living and project that out concerns everyone bored with what happens next Tuesday next Tuesday of the 16 7-5 7-5 that's a place cool so just take the Larry Wilson we're gonna see that for the financial presentation at the same time as the public and then get back up all right all
069right because it the actual project has to go to the board selected first we will get the details as soon as we have all the underlying data we're gonna get that to you guys so you can look at it they'll probably be end of next week look at it so I wouldn't expect on water Probie questions are different laws we're probably gonna get a lot what we're hoping is that the presentation will be complete enough that most people have a pretty good feel and then they may go back and say oh what about this what about that you know we're not going to overload you have like four slides for the finance part it'll be a combination of all this underlying data that we're putting together just just okay here's where your costs are going
070to be here's how we compare all of those sorts of things and say anybody who saw applying please show up to or select network finance motion to learn it yeah you Jocelin no well secret super secret leader right yeah who's gonna have those residents and it's fine that question almost everything we do they're gonna cut the boys side and then they're gonna come to the board and let me probably know what those people but not the one that I didn't anticipate is fun bounce and I'll add that add that to it any questions thank you there's nothing else for our from the finance director but there what a committee have anything would update us on that was there as a general point not just know now that we have the 630 balance in pretty good
071shape talk to mark schedule okay no items have all business nor a new business does anyone have any other items if they'd like to bring before the board once twice okay that brings us to public comment are there any members of the public that would like to comment at this time name and address um you have a mother yes Betsy McIlvain 127 Long Meadow Hill I'm here as chairman of the library board excuse me I also have a cold I the library board certainly has has been dealing with the finance director over our endowment fund and we appreciate certainly the amount of effort put into finding the records of it although I have to tell you it was the State Library that finally came up with the will so he can't count out libraries we
072are we are at the point where we we need to look again at the endowment fund but we do actually have a library board policy dealing with what we will spend that money on now I grant you it could be more detailed and we're willing to look at the options suggested but that the the chief point of the policy at the moment is that the endowment fund will not be used for operating expenses for the library so and we have that's been the purpose ever since I've been on the board the the policy is not quite that old but we don't want to spend it on operating expenses we want to we've sort of looked at more recently and we will spend it on items that might might possibly be moved to a new library
073capital equipment some chairs so things that will have lasting value for the library regardless of where it is they'll be useful now a lot of new furniture was purchased with this money for the center of the live if you looked at it there but it's so it's it's an ongoing process and we'll keep looking at what what it is in and the the information that's turned up and make sure we're doing things correctly thank you thank you and I'll just add the spending product I cut the spending policy I'm talking about is just a percent not a purpose so is there a is there a percent in that policy that you recall we don't I don't think we would particularly want to say we'll spend X % or X dollars every year because we don't
074in indeed do that we don't look for things to spend we look for direction from the library director of and the board on we might want this because we do it out of the Adamic this year so I'm not sure because we really want I think the majority of it to be safe in fact to build another new library and that would have been our intent so we were not out to say we have to spend X amount of money every year a library so I that's that's our so just to clarify that when I talk about a spending policy that what I'm talking about is a percent that what you would be allowed to spend and then just keeping that separate so if you had a hundred thousand dollars and you were spending policy
075at four thousand maybe made six thousand in one year but if you could take four thousand put it aside and ask to the pocket of the money that you could have spend this year or some year and and the next year maybe it had a loss and it was only worth 90,000 you still have to take 4% and put it aside and the goal is that that you're not jumping up and down with the stock market you're just having a nice even keel so that you're putting 4% of side and that's the amount that it becomes to the pocket of the money that you can spend that make more sense one of the question comes up I found some work with an endowment is this fund actually in an endowment or are you set up
076legally under IRS regulations as an endowment and then I know there are IRS regulations for endowments that they have to spend certain amount of the endowment every year you just can't put on under the Gazeta endowment and let it grow 50 years [Music] okay but you know we didn't have questions on a very last budget the one before that I think it was very important that we at least further our understanding right now so you know what I had thank you for that I'm in a motion to adjourn [Music] girl she returned [Music]