Board of Finance

Approved by the Board of Finance May 21, 2024 MINUTES Vote: Unanimous Vol. 7. Page 419 BOARD OF FINANCE REGULAR MEETING CITY HALL AUDITORIUM / ZOOM April 16, 2024 A REGULAR MEETING of the Board of Finance was held on Tuesday, April 16, 2024. Attendance was by Zoom and in person. Present at City Hall were Mayor Elinor Carbone, Comptroller John Monks, Manager of Budgets and Planning Erika Johnson, and Board of Finance Members Deborah Iannacito, Laurene Pesce, Wendy Traub, Christopher Anderson, and James Wright. No one joined via Zoom. Board of Finance member Christopher Beyus was absent. Mayor Carbone called the meeting to order at 5:00 p.m. beginning with the Pledge of Allegiance. PUBLIC COMMENT On a motion by Mrs. Pesce, seconded by Mrs. Traub, the Board voted unanimously to table opening the meeting to the public, as no one from the public was present. APPROVE MEETING MINUTES On a motion by Mrs. Traub, seconded by Mr. Wright, the Board voted unanimously to accept the Special Joint Board of Finance and Board of Education Meeting Minutes from March 19, 2024. On a motion by Mr. Wright, seconded by Mrs. Traub, the Board voted unanimously to accept the Regular Meeting Minutes from March 19, 2024. BOARD OF EDUCATION TRANSFER REQUEST On a motion by Mr. Anderson, seconded by Mrs. Pesce, the Board voted unanimously to table the transfer of $33,893.97 surplus from the Board of Education’s General Budget into their Capital Reserve Account. Mr. Anderson arrived at 5:05 p.m. Mayor Carbone explained to the Board at the request of the Auditor that they close out purchase orders and reopen them in the new fiscal year. When the Board of Education did this, they had extra funds left in a purchase order that they would like to transfer into their Capital Reserve account. Mrs. Traub asked what PO’s had the funds left over, Mayor Carbone said she didn’t know. Ms. Johnson said that the funds could be from multiple PO’s. Mr. Wright asked if this was going to be a regular occurrence, Mayor Carbone said that Mr. Petruzzelli has been in the position now for a few years, and he is very good at following up. She explained that these transfers would happen in the future and be timelier. Mrs. Traub asked what the funds were earmarked for in the Capital Reserve, Mayor Carbone told her that the funds weren’t specifically earmarked for anything, and suggested tabling the vote until the Board of Education could say what the funds were for. On a motion by Mr. Wright, seconded by Mrs. Pesce, the Board voted unanimously to discuss the transfer of $33,893.97 surplus from the Board of Education’s General Budget into their Capital Reserve Account. BOARD OF EDUCATION BUDGET PERFORMANCE REPORT On a motion by Mrs. Traub, seconded by Mr. Anderson, the Board voted unanimously to accept the Board of Education Budget Performance Report for March 2024. Mrs. Traub asked why the health insurance line item was so over, Mayor Carbone said that the Board of Education had amended their budget and budgeted less for the fiscal year. BUSINESS BY DEPARTMENT HEADS On a motion by Mrs. Traub, seconded by Mr. Anderson, the Board voted unanimously to consider business by department heads. Comptroller John Monks told the Board that the Auditors are in, and they are working to finalize and finish the audit. Mr. Monks said that in May there will be a seminar and training for New World, for the new hires in the department. Mayor Carbone added that the Finance Department has been working hard to fill vacancies, they are currently training a new Accounts Payable person, and they have accepted someone for the payroll position. Mrs. Pesce asked if the audit would be done by the time the Board had to set the mill rate, Mr. Monks told her that it would be done by June. Mrs. Pesce said she wanted to ensure that there were no glaring errors like in the previous year’s audit. Mayor Carbone explained that since the FY 22 audit, they have put multiple procedures in place, the biggest is to review and have a second glance at items before submitting them. BUSINESS BY MAYOR & MEMBERS On a motion by Mrs. Traub, seconded by Mr. Wright, the Board voted unanimously to consider business by the Mayor and members of the Board of Finance. Mr. Anderson would like a resolution to the email regarding the Board of Education budget, he said that they need spreadsheets. Mayor Carbone asked the Board if they would prefer paper copies, and the Board said they would, so she will reach out to the Board of Education to ask for paper copies of the budget, like in the past. Mrs. Traub thanked the department heads and the budget subcommittee for their hard work on the budgets. She stated that there was a lot to go over. MINUTES Vol. 7. Page 420 BOARD OF FINANCE REGULAR MEETING CITY HALL AUDITORIUM / ZOOM April 16, 2024 ADJOURNMENT On a motion by Mr. Anderson, seconded by Mrs. Iannacito, the Board voted unanimously to adjourn at 5:21 p.m. Respectfully submitted by ATTEST: Heather Abraham, Asst. City Clerk CAROL L. ANDERSON, CITY CLERK CAROL L. ANDERSON, CITY CLERK