Board of Finance

Approved by the Board of Finance March 18, 2025 MINUTES Vote: Unanimous Vol. 7. Page 445 BOARD OF FINANCE REGULAR MEETING CITY HALL AUDITORIUM / ZOOM February 18, 2025 A REGULAR MEETING of the Board of Finance was held on Tuesday, February 18, 2025. Attendance was in person and by Zoom. Present at City Hall were Mayor Elinor Carbone, Comptroller Olivia DeRosa, Deputy Comptroller and Manager of Budgets and Planning Erika Johnson, Treasurer Dan Farley, and Board of Finance Member Laurene Pesce. Board of Finance Members James Wright, Wendy Traub, and Deborah Iannacito participated via Zoom. Board of Finance Members Chris Beyus and Christopher Anderson were absent. Mayor Carbone called the meeting to order at 5:03 p.m. beginning with the Pledge of Allegiance. OPEN TO THE PUBLIC On a motion by Mrs. Iannacito, seconded by Mr. Wright, the Board voted unanimously to open the meeting to the public. No one from the public wished to speak. APPROVE MEETING MINUTES On a motion by Mrs. Pesce, seconded by Mr. Wright, the Board voted unanimously to accept the Regular Meeting Minutes from January 21, 2025. POLICE DEPARTMENT – PAYMENT OF LATERAL TRANSFERS On a motion by Mr. Wright, seconded by Mrs. Traub, the Board voted unanimously to open the discussion for the creation of a new budget line item to accommodate the City’s obligation per C.G.S. 7-294(d)(d) for payment of lateral transfers from other Police Departments during the training period. Mrs. Iannacito asked if this was a regular occurrence, Mayor Carbone said this is the first time the City has received a bill to pay. She told the Board that the City had received payments from other towns. Mayor Carbone stated that in 2023, the City received $75,000; in 2018, it received $29,000 as compensation for officers who left to work for other towns. Mrs. Pesce asked where the funds were coming from, and Ms. Johnson told the Board they would create a new line item under the Police Department for better tracking. Mayor Carbone said there have been surpluses in the salaries due to the vacancies within the Department. Mrs. Traub asked if this would save funds on the Officer Training line item, Mayor Carbone said it would, that the new Officer only needs some field training. Mayor Carbone added that Officers are getting paid while in the academy, plus the costs of the academy and uniforms, the towns are looking for some reimbursement for the funds already spent. CLIFTON LARSON ALLEN, LLP (CLA) On a motion by Mrs. Pesce, seconded by Mr. Wright, the Board voted unanimously to extend the contract with Clifton Larson Allen (CLA), LLP, of West Hartford, CT for auditing services for FY25, for a proposed payment of $97,300 as further explained in the quote dated February 6, 2025. This is pending the City Council's approval. Mayor Carbone said next year they would be putting this out to bid. Mrs. Iannacito asked how long the City has had the current auditors and if it’s the same audit team. Mayor Carbone said CLA had been our auditors for the past five years, six years with this extension. Mrs. Iannacito said it would be appropriate to go out to bed and change the audit team, to keep the audit fresh. Mayor Carbone told the Board that Leslie Zoll would be out for the March meeting to go over the audit, and they could speak more about changing the team at that time. Ms. Derosa said they always have different senior staff who overlook the audit. CITY PERFORMANCE REPORTS On a motion by Mrs. Iannacito, seconded by Mrs. Traub, the Board voted unanimously to accept the Performance Reports for the City. BOARD OF EDUCATION REPORTS On a motion by Mrs. Traub, seconded by Mr. Wright, the Board voted unanimously to accept the Board of Education Budget Performance Reports. Mrs. Iannacito noticed a difference of $9,000 in the financials from December 2024 to January 2025 and wasn’t sure why. She also said that 70% of the BOE Budget was spent so far this year, and she hopes that some of that is encumbered funds. Mayor Carbone informed the Board that her regularly scheduled meeting with the Superintendent was rescheduled to next week, but she will address the matter when she speaks with him. Mrs. Traub spoke about how the teachers get paid quarterly for perfect attendance. She asked where the offset for these incentives was and if they were seeing savings by adding this to the teacher contract. Mrs. Traub said that since the first quarter, there has been $126,000 expended, which means a lot of teachers are taking advantage of this. Mr. Wright said there is nothing to do until the contract is expired and renegotiated. Mayor Carbone told the Board she would find out where the funds are going and how they are tracked. BUSINESS BY DEPARTMENT HEADS On a motion by Mrs. Traub, seconded by Mrs. Iannacito, the Board voted unanimously to consider business by department heads. Treasurer Dan Farley updated the Board on the bonding process, stating that the City received an AA- rating, the same as last year, and an SP1+ rating for bond anticipation notes, the highest possible rating. The bond sales are scheduled for next Wednesday.  MINUTES Vol. 7. Page 446 BOARD OF FINANCE REGULAR MEETING CITY HALL AUDITORIUM / ZOOM February 18, 2025 Deputy Comptroller Erika Johnson informed the Board that the Department Heads have submitted their preliminary budget requests. Mayor Carbone added that the budget is expected to be sent to the Boards by the end of the week. BUSINESS BY MAYOR & MEMBERS On a motion by Mrs. Iannacito, seconded by Mrs. Traub, the Board voted unanimously to consider business by the Mayor and members of the Board of Finance. Mrs. Traub said she looks forward to budget season and is available for the Budget Subcommittee. Mrs. Pesce asked for an update on the Yankee Pedlar. Mayor Carbone explained that a court hearing was held on January 30th to update the judge on the strategy for redeveloping the property. The Torrington Development Corporation (TDC) requested developers, receiving interest from over 40 applicants and narrowing it down to three. Mayor Carbone noted that Jayson Hospitality LLC has owned the Pedlar for years, but TDC has made significant progress in just four months. Mr. Wright asked if Jayson Hospitality was no longer involved. Mayor Carbone responded that their attorneys still attend court hearings. She reminded the Board that the Pedlar remains in receivership, meaning Jayson Hospitality could petition the court to remove the receiver. Mrs. Pesce inquired about the current state of the salt and plowing budget after the recent snowstorms. Ms. Johnson reported that $305,000 has been encumbered, with $120,000 spent in January. She noted that surplus funds from last year have been placed into a sinking fund as a precaution if needed. Mayor Carbone added that the public often doesn’t realize the significant demands placed on the Street Department during and after a storm. Mrs. Pesce asked where the City was with the solar arrays, Mayor Carbone said the Council instructed her to send a letter to the Siting Council stating their concerns. She said there are now four approved solar arrays in the City, including Lovers Lane which was just approved on January 24, 2025. Mrs. Pesce wanted to know the potential impact of the Aquarion sale, Mayor Carbone told the Board bills are looking to appeal some of the approvals. There is a meeting scheduled for March 6th, and she wants to make sure there is a representative from Torrington on the Board, to ensure the rates don’t get raised. She stated that tax revenue will decrease, but the exact amount is uncertain. Mrs. Pesce asked if any recent actions by the federal government have impacted the City. Ms. DeRosa responded that they are not aware of any effects at this time. Mayor Carbone noted that the largest federal funding received was through the ARPA Grant. She also mentioned that the Small Cities Grants are federally funded but currently using program income. Mayor Carbone asked for volunteers for the Budget Subcommittee, stating that Mrs. Traub and Mrs. Pesce were her initial choices. However, she would contact other Board members if either was unavailable. She also distributed the proposed Budget Schedule but noted that the timing of the State's final figures is uncertain. As a result, the Mill Rate Setting may be delayed by a week. ADJOURNMENT On a motion by Mrs. Pesce, seconded by Mr. Wright, the Board voted unanimously to adjourn at 6:00 p.m. Respectfully submitted by ATTEST: Heather Abraham, Asst. City Clerk CAROL L. ANDERSON, CITY CLERK CAROL L. ANDERSON, CITY CLERK