[0:30] I think we have a quorum here, there's one person that was expecting, it's not there, but I think we have all the regular members here at the meeting to order. So I don't think we have some mistaken. I don't think we need to seek anybody today. So we'll open up the discussion on the budget and sent out.

[1:02] So to everyone, not to do a hand, but I sent it out what the comments that had come in and they all came in the other day up to up to right now there's there's no, there's no additional comments.

[1:25] I think it was good to saw all the comments appear to be favorable and there was the one

[1:32] that had some issues with how the budget is any, that would be the usual, but I can't

[1:39] get it towards the budget itself.

[1:41] All right.

[1:46] That's why I noticed also anyone else have any comments or discussion?

[2:10] All right.

[2:12] looks like something we have to address.

[2:14] The library's obviously happy with the support they're getting.

[2:27] Yeah, it's Tim Turan.

[2:30] I think it all seemed pretty good to me.

[2:32] I mean, I think Ed's comment is one,

[2:35] it's worthy of taking note of as we go forward,

[2:40] not obviously, but this year because of this year is passing,

[2:43] but I think that when we look at ways of presenting

[2:46] and sharing information with the public in the future,

[2:49] worthy of considering.

[2:50] Right before

[3:01] we start the mill rate.

[3:07] They don't go have to officially adopt the budget.

[3:11] Sure, right.

[3:12] We have to guess we'll officially adopt, right?

[3:18] That would be the first step.

[3:23] So, I'll be happy to make a motion then to adopt the budget

[3:27] as it was presented, I know that exact figure in front of me,

[3:31] but maybe you'll fill in the blank on that.

[3:34] So

[3:38] the budget total is $32,775,118.

[3:47] That would be my motion.

[3:50] I will second the motion. This is Dave. I'll second the motion.

[3:56] Right. Any other discussion?

[4:00] Hey, Joe, this is Mark out of work.

[4:02] I just had one question. I'm trying to understand on the revenue side.

[4:08] that when we look at projected 2021, which is the budget versus the budget of

[4:12] for last year, for example, like the total general property tax is going up

[4:17] for $129,000. Where is that going up? How's that based on?

[4:23] I know the grain list went up point was at 0.92%, which is $275,000.

[4:31] I'd have to go look at the formula that's calculating,

[4:38] but that's the number that balances

[4:42] the budget.

[4:48] So does that mean, I guess we'll get in that discussion about the mill rates?

[4:50] Does that mean the mill rate goes up then? If it only 275,000 dollars, is it increased through

[4:55] the grain list?

[4:59] Based upon the calculations, we don't need to increase the

[5:06] So when we get to the moment discussion, it was lowered a little bit to the collection percentage, but not significant. We're just going to hope for the best.

[5:17] Yeah.

[5:20] Yeah, I just, and I apologize because I'm new to this. I just, I can't.

[5:24] I just don't understand how the general property tax, the total property tax went up more than

[5:33] what we said in the last document, we said it went up $2,000 to say $5,000, keep them

[5:37] and they'll rate the same.

[5:39] And at your point, the collections can probably go, or this was estimated to go down a little

[5:43] bit.

[5:44] So, I have to look at last year's calculation, I think in comparison to that, I think there

[5:53] there was an adjustment related to collections, but I didn't go compare that. So, but this is the calculation, but that is a good question.

[6:11] Well, why were I asking questions on that one on the revenue because I think it is worthy of note is because we are living in the world of COVID.

[6:20] and I think today the stock market is turning it into main street and the impact that potentially

[6:26] this is not over. We are hoping to obviously increase the property tax line assuming everybody is

[6:33] solvent. You're comfortable Joe and you're comfortable Bob that we have enough cushion if that's not the

[6:39] case.

[6:44] If we have to adjust on the expenditure side during the year that would be what we need to

[6:52] look at. We're not going to really know until January because in July they're going to be

[6:58] most of that, most of that those payments are escort but January that's not going to be the case.

[7:04] So we're going to have to monitor closely and look at some of the lines

[7:11] throughout the year and see what we may need to do to adjust the expenditure side if the revenue

[7:16] is dramatically different?

[7:20] Do we have a sense of the flow of people's paying,

[7:24] meaning I know obviously most people try to pay

[7:27] on time during the month that they're supposed to pay,

[7:29] at least the first six months and the next six months.

[7:32] And then some of it's surely trickling there after.

[7:35] I have certainly been at fault of that myself,

[7:36] I can honestly say, happily paid the interest due.

[7:40] But is there a way to crack it that we know

[7:43] if it looks like we're gonna have a significant shortfall

[7:46] given people less than often in the situation in town if they are if we have a situation like that.

[7:55] Well what we can do is those monthly tax lectures reports that if I pass around that that

[8:02] you know we can set up something to compare at the prior years, the last two prior years as a benchmark.

[8:09] You know this year's a little bit impacted that so it might go back two years but we can set up

[8:15] something so that we can see how it is tracking compared to prior years, how big the gaps are.

[8:23] That would be the best way to track is just to look at, look at monthly what's happening, where the receivable balance of the collection percentage on that list is, where it was the two previous years.

[8:36] I think if we could do that with that creating a great pain for anybody in the finance department that might be a useful thing for us to just eyeball from time to time.

[8:47] Yep, it's done, most of the points being we're going to need to look at our revenues.

[8:53] Yeah, this is Bob. To Tim's point, I'm going to go to yours, I agree, and for Tim, regardless

[9:01] of the amount of work it causes, we're going to have to watch the revenue closely this year.

[9:07] So comparing being able to look monthly as to comparison to what we got last year,

[9:14] maybe the last couple of years percentage wise, I think would be a good idea and worth the effort.

[9:23] So it's something when by September we can have that set up because it's easy to build the prior years

[9:29] and then I'll just be adding each month to it as we go along.

[9:36] So if we get it set up, I think see what happens over the summer.

[9:41] Again, I think July will be better.

[9:43] October 1 is, you know, the date for the low interest program, so that'll be another date to

[9:51] measure against, but I think January is the big, the most important date is what happens for

[9:58] the real estate payments since they may not have been escrowed, what happens with those collections

[10:03] in the month of January. And then that will set the tone for the rest of the year if we need to look at

[10:09] spending what can we do it out that that will be the the time to depending on

[10:17] dramatic the the revenue side looks.

[10:25] Great thanks Joe.

[10:50] I think we have to vote.

[10:51] We have to vote on the milk rate. Correct. The milk rate. I think we have to we're

[11:03] We didn't actually take a vote.

[11:05] Okay, all right.

[11:07] It's just to be the only one or two votes.

[11:09] So all in favor?

[11:15] Five.

[11:18] Opposed?

[11:20] All right.

[11:21] Mark out of the name.

[11:27] So the motion passes this projected budget

[11:30] at the 32 million, 775, 118.

[11:37] So again, the mill rate as we have planned

[11:44] that number would be the 31.69 balance the budget as was the prior year.

[11:58] And that's at a 90.5% collection.

[12:01] Again, did reduce it a little bit. It's not a huge impact.

[12:07] Again, we'll have to manage it like we discussed when we have more information.

[12:11] Yeah,

[12:16] I agree with the discussion that we're going to have to be careful with that, but that's that's a fair starting question in particular rate at 31.6 and the collection at 95.

[12:38] Do I have a second?

[12:44] Yeah, this is Dave. I'll second.

[12:48] Okay. Any other discussion?

[12:53] Hey, job. Just curious that the 98.5. What's it normally set in the budget at is a cartoon rate?

[12:58] Okay.

[13:01] 98.7 or 75 because what we've been using in the past.

[13:06] Okay. Thank you.

[13:07] Thank you.

[13:08] In

[13:16] favor.

[13:18] Hi.

[13:19] Hi.

[13:20] Hi.

[13:21] I proposed.

[13:25] The thing.

[13:27] All right. Great.

[13:29] Thank you very much.

Haddam Board of Finance - June 11 2020

Transcript