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FEBRUARY 10, 2005

ATTENDANCE: Bruce Kimmel, Chair; Douglas Sutton; Carvin Hilliard (8:10 p.m.); Matthew Miklave (8:26 p.m.)

STAFF: Tom Hamilton, Finance Director; Frederic Gilden, Comptroller; Karen DelVecchio, Director of IT; Lisa Biagiarelli, Tax Collector

Mr. Kimmel opened the meeting at 8:05 p.m. and noted that they did not have a quorum.

CLAIMS COMMITTEE: RECEIVE THE MONTHLY CLAIMS REPORT; REVIEW AND APPROVE CLAIMS AS REQUIRED FOR CLAIMS REPORT DATED: FEBRUARY 10, 2005

Ms. Biagiarelli reviewed the claims report and it was sent to the full Common Council.

Mr. Hilliard arrived at 8:10 p.m., but they still did not have a quorum.

NARRATIVE ON TAX COLLECTIONS DATED FEBRUARY 10, 2005 – RECEIVE REPORT AND DISCUSS

Ms. Biagiarelli reviewed the narrative on tax collections and said that they collected 61% of the adjusted tax levy. They have collected nearly 60% of the sewer levy and are just behind last year. They also collected $2.6 million in past due taxes, which is about $700,000 down from last year.

Sending out the tax notices earlier this year worked out well. They are working on delinquent notices and they intend to file tax liens in the early part of March.

On June 20, 2005 at 5:00 p.m. they will hold a tax sale. Ms. Biagiarelli said that she is looking for support from the administration, when a taxpayer comes in looking for a different answer; they all need to be on the same page and give the same answer.

MONTHLY TAX COLLECTOR’S REPORT DATED JANUARY 31, 2005 – RECEIVE REPORT AND DISCUSS

The Tax Collector’s report was distributed.

AUTHORIZE THE PURCHASING AGENT TO ISSUE A PURCHASE ORDER TO DELL COMPUTER CORPORATION FOR 20 PERSONAL COMPUTER WORKSTATIONS FOR AN AMOUNT NOT TO EXCEED $20,757.00 ACCOUNT 09050600-5777-C0286

Ms. DelVecchio said that this is a continuation of Wave 2. Wave 1 was completed faster than expected and they are now in a position where they would like to implement Wave 2. The cost of the 20 personal computer workstations is $20,757.00. The balance in the IT Capital account for Technology Refresh is $25,507.25.

Ms. DelVecchio said that next year they will be looking at purchasing computers and printers. Mr. Kimmel asked Ms. DelVecchio if they have enough printers this year and she said that they are ok for now.

No action was taken due to a lack of a quorum, but Mr. Kimmel as chair, moved this item to the full common council.

RECEIVE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2004

Mr. Kimmel said that a separate letter went to the Board of Education because they did not have a representative on the Audit Committee.

Mr. Hamilton explained that a new audit firm was hired this year and was conducted without any problems. McGladrey & Pullen were happy with the condition of the City’s records. He said that the general fund balance increased by $4.1 million, which is a healthy balance and puts Norwalk where the rating agencies want to see the City.

Mr. Miklave arrived at 8:26 p.m.

Mr. Kimmel said that they now had a quorum.

Mr. Hamilton reviewed the audit as conducted by McGladrey & Pullen, pointing out that the City has enough cash on hand to meets its obligations. The pension funds had very strong returns. The total assets increased by 12.2%.

Mr. Hamilton said that the tax collection rate is one of the best in the State. The Parking Authority is still in a transition and the general obligation debt increased by $28 million due to financial activity.

Mr. Hamilton walked the committee through the observations.

Mr. Kimmel said that a letter was sent out to the Board of Education because no member of the Board of Education was on the Audit Committee.

RECEIVE FEDERAL AND STATE FINANCIAL AND COMPLIANCE REPORT FOR THE YEAR ENDED JUNE 30, 2004

Mr. Hamilton reviewed the Compliance Report. He said that there were no material weaknesses, which is a good thing. There were a few reportable conditions, which is not unusual when a new set of auditors comes in with a new set of eyes. This is simply a finding by the auditor.

RECEIVE MANAGEMENT LETTER AND CORRECTIVE ACTION PLAN SUBMITTED TO ADHOC AUDIT COMMITTEE FOR THE YEAR ENDED JUNE 30, 2004

Mr. Hamilton explained the findings and the corrective actions taken.

Mr. Kimmel said that all of this will be passed onto the full Common Council.

APPROVE THE MINUTES OF THE FOLLOWING FINANCE COMMITTEE MEETINGS:

December 9, 2004

** MR. KIMMEL MOVED TO ACCEPT THE MINUTES AS SUBMITTED
** MOTION PASSED WITH TWO (2) ABSTENTIONS (MR. MIKLAVE AND MR. HILLIARD)

January 13, 2005

** MR. MIKLAVE MOVED TO ACCEPT THE MINUTES AS SUBMITTED
** MOTION PASSED UNANIMOUSLY

January 20, 2005

** MR. KIMMEL MOVED TO ACCEPT THE MINUTES AS SUBMITTED
** MOTION PASSED WITH ONE (1) ABSTENTION (MR. MIKLAVE)

** MR. MIKLAVE MOVED TO ADJOURN
** MOTION PASSED UNANIMOUSLY

The meeting was adjourned at 9:00 p.m.

Respectfully submitted,

Rosemarie Lombardi
Telesco Secretarial Services