Budget Overview Committee

BUDGET OVERVIEW COMMITTEE

June 2nd, 2011

Town Hall Lower Level Lounge

DRAFT

OfficersBill DrakeChairmanDistrict 5(Delegate) Steve Warzoha Vice Chairman District 9 (Delegate)

Christine EdwardsSecretaryDistrict 8 (Alternate)

Members:George F. ChelwickDistrict 1 Absent

Don ConwayDistrict 2Absent

Murray ParolyDistrict 3Absent

James BonneyDistrict 4Absent

Bill DrakeDistrict 5

Barbara Ruud NucciDistrict 6Absent

Tim HarknessDistrict 7Absent

Steve GrossDistrict 8

Steve WarzohaDistrict 9

Bert MetterDistrict 10

Rosa FiniDistrict 11

Anthony D’AscoliDistrict 12

Alternates: -- --District 1(Alternate)

Jill OberlanderDistrict 2(Alternate)

Robert AllenDistrict 3(Alternate)

Brian O’ConnorDistrict 4(Alternate)

Nancy WeisslerDistrict 5(Alternate)

Jackie HammockDistrict 6(Alternate)Absent

Peter QuigleyDistrict 7(Alternate)

William GalvinDistrict 7(2nd Alternate)

Christine EdwardsDistrict 8 (Alternate)

-- --District 9(Alternate)

Louisa StoneDistrict 10(Alternate)Absent

Michael WacekDistrict 11(Alternate)

-- --District 12(Alternate)

* BOC Members attend special meeting on the Firehouse

Guests:Leslie Tarkington, BET

The Meeting was called to order at 7:35 PM. by Bill Drake

I.New Business

Discussion of Debt Policy for the Town of Greenwich.

-Excessive focus on financial rating vs. debt

-Financial requirements for audit purposes

-Peter Mynarski, Comptroller, communicating questions to bond advisors

-Looking at ratios with bond premiums

-Modeling for standards and staying in compliance

-Look to see if there is any difference between what is written now vs.

previous policy: any change of practice.

BOC June 2nd, 2011Page two

I.New Business (continued)

-Look to see how much cash to carry over through June to close up year.

-Conveyance Tax numbers are not back yet

-Ratings agency told Peter Mynarski for 2010 to keep the fund balance

positive. Pay as you go operates town with an overdraft.

-Ratings agency look at municipalities the same as private businesses.

-How can BOC, Finance Committee etc. get in early in process to be

Constructive in Budget Process

-(Leslie Tarkington) In summer the numbers are pulled together. Takes two

months to close out current fiscal year (6/30/11 – 8/30/11).

• 1st draft of Budget has rawest available information
• 1st meeting scheduled for Thursday after Labor Day (September 8th, 2011)
• Approve in October: 2nd meeting things begin to get written in stone.

-Shared services: find efficiencies -- look at savings by grouping IT functions together

• Lash spoke of folding Tax collection into the Assessors office
• BET hired a consultant to look at long term values of a Health Dimensions

Group (HDG) , Look at Nathaniel Witherell. Report on HDG expected at

July BET meeting.

• 18 members on the committee. 1st reading September. Then a 2nd reading.

II.Minutes:

Reviewed minutes for: March 3rd, 2011

March 24th, 2011

March 31st, 2011

April 28th, 2011

Approved. Secretary cast one vote to accept the minutes.

Christine Edwards gave resignation as Secretary of the BOC. We need another Secretary.

Motion to adjourn at 9:55 PM.

Respectfully submitted,

Christine Edwards

BOC Secretary