Spring 2008 Visit our Website at www.gfoact.org Volume 15 Issue 3

President’s MessageBy Christine Hutton

It doesn’t seem possible, but another fiscal year is almost over. Serving as President this year has been a rewarding experience, particularly getting to work with such a dedicated group of individuals who served on the Executive Board and various committees. Without the hard work of many individuals, we would not have been able to accomplish the things we did:

The Education Committee, co-chaired by Diana Doyle and Maryanna Stevens, re-introduced a two-part “Introduction to Accounting” course in conjunction with Tunxis College. Each five session program had the maximum of twenty participants attend and was well received.

The Education Committee also ran a one-day program on Fraud Prevention and Leadership which was attended by many of us.

We sponsored the GAAP update held by National GFOA on November 8, 2007.

The quarterly meetings hosted programs such as “Are You Smarter Than a Bond Lawyer?”, Best Value Purchasing, How to Purchase Insurance, Rating Agency Panel Discussion on Investment Pools and Other Economic Issues, New England States Performance Measurement Project, GASB Update, Legislative Update by Guinan Associates and Motivational speaker, Steve Sobal.

The review and revision of the By-Laws has been completed and will be voted on at the June Annual Meeting.

Special thanks to Jim Jaskot, First Vice-President and Program chair, for planning our quarterly meetings and to Sal Pandolfo and Linda Savitsky for organizing the events. All programs were well attended and informative.

Our next event is the Annual Meeting at Tunxis Plantation on June 5th. See the Program Committee report below for details.

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The National Conference will be held this year in Fort Lauderdale June 15th – 18th. Tom Hamilton and Sal Pandolfo have worked very hard to arrange this year’s annual Connecticut night event which will be held on Monday June 16th at the Samba Room. See the website for further details. Our special thanks to all the sponsors who made this event possible: Bank of America, Blum Shapiro, Carlin, Charron and Rosen, DIXWORKS, Fiduciary Investment Advisors, Financial Investors Trust, First Southwest Company, Fitch Ratings, IBIC, ICMA-RC Services, Kostin Ruffkess and Company, MBIA Asset Management, Milliman, Morgan Keegan and Company, Navellier Calculated Investing, People’s United Bank, Phoenix Advisors, Pullman and Comley, Reich and Tang Asset Management, Robinson and Cole LLP, RSM McGladrey, Standard and Poor’s, TD Banknorth, U.S. Bank National Association, Wachovia Bank, and William Blair and Company.

COMMITTEE REPORTS

Education Committee Page 2Legislative Committee Pages 3-4Accounting Standards Committee Pages 4-5Program Committee Page 5John Walsh Scholarship Committee Page 6Bylaws Sub-Committee Pages 6-17Nomination Committee Pages 17-19

Also See:

Draft CT GFOA April 10, 2008 Minutes Pages 19-22Announcements – Calendar of Events Pages 22-23Correspondence from AGI Pages 23-24

EDUCATION COMMITTEEMaryanna Stevens & Diana Doyle, Co-Chairs

In March we held the Fraud Detection and Prevention and Leadership Training on which we received extremely positive feedback. We will be meeting on June 3rd to discuss future training. We hope to again offer the Introduction to Governmental Accounting through the Connecticut Community Colleges.

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LEGISLATIVE COMMITTEE Chair, Anthony Genovese

Summary of 2008 Legislative Session for GFOA Newsletter:(Excerpts from “2008 Legislative Summary” prepared by Randy Collins of Guinan Associates)

Due to the budget deficit that became apparent toward the end of the session, the Democratic leaders and Governor Rell agreed that there would be no mid-term budget adjustments. This means no additional aid for municipalities beyond what was allocated with the passage of the two-year budget in 2007. Speaker of the House Amann announced that he would not seek another term; this places Rep. Chris Donovan (D-Meriden) in line to be the next Speaker and Rep. Denise Merrill (D-Mansfield) to be the next majority leader.

Following is a brief summary of the legislative history of some of the most relevant bills addressed this session:

Municipal Share of the Real Estate Conveyance Tax (HB 5885): The tax is currently set to sunset on 7/1/08. The legislature did not agree on language and no bill was passed. The legislature is planning a call for a special session at the beginning of June to allow the revenue stream from the conveyance tax to remain intact. The issue is still considered a priority for both houses.

Workers’ Compensation Coverage for Firefighters and Police Officers (HB 5629): This is a streamlined version of the former “heart and hypertension” bill. This establishes a rebuttable presumption under workers’ compensation law for municipal firefighters, police and constables hired after 7/1/96 who suffer a “cardiac emergency” while on duty after 7/1/09. The sections of the bill that dealt with communicable diseases were removed by amendment in the House and the Senate passed the bill unanimously. The Governor signed the bill on 5/12/08,

Paid Sick Leave (SB 217): This bill increases the categories of employees that would qualify to earn paid sick leave to include part-time and seasonal workers. Employers with more than 50 employees would be required to provide paid sick leave to employees. Sick leave would be accrued after 120 days of work at the rate of one hour per 40 hours worked up to a maximum of 52 hours per year. The bill passed the Senate but was not called in the House and so it died with the end of the session.

Connecticut Healthcare Partnerships (formerly “MEHIP” – HB 5536): The bill would allow municipalities and small employers to voluntarily participate in the state employee health insurance plan for an administration fee. Joining would require a 3-year commitment. The bill passed along party line votes but Governor Rell has not yet signed it. If enacted, this bill could result in increased state costs because insurers will revisit their rates due to increased participation.

Homestead Exemptions (SB 701): This bill would allow 18 municipalities to exempt from property taxes up to $100,000 of the assessed value of any residential real property that is a singe parcel, is owner-occupied, contains no more than 4 dwelling units and is the owner’s permanent residence. The bill was not called for a vote and died on the Senate calendar.

Collection of Delinquent Property Taxes on Motor Vehicles (SB 373 & SB 602): These bills were identical in their intent to have prohibited local tax officials and their agents from enforcing motor vehicle tax levies against people and corporations more than six years after the tax due date. It also capped at three years the accrual of interest on motor vehicle tax delinquencies unless the official or agent had, within that period, mailed or personally given the taxpayer a statement specifying the year, amount of tax due, and accrued interest. SB

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373 was raised in the Planning and Development committee at the request of the Stamford delegation. It was passed on 12-8 and moved on to the Judiciary Committee where it was not acted upon before that committee’s deadline. SB 602 started in the Judiciary Committee chaired by Sen. Andrew McDonald (D Stamford) and was passed to the Senate floor on a 42-1 vote. The bill was subsequently referred to the Planning and Development Committee, which killed the bill by taking no further action upon it.

ACCOUNTING STANDARDS COMMITTEEJames Jaskot & Stephanie Tatro, Co-Chairs

The GASB has issued the following document since the Winter 2008 Newsletter:

GASB Exposure Draft (ED), Fund Balance Reporting and Government Fund Type Definitions

The ED, Fund Balance Reporting and Government Fund Type Definitions, was issued on February 29, 2008. The ED proposes improvements to the usefulness of information provided about fund balance by providing clearer, more structured fund balance classifications, and by clarifying the definitions of existing governmental fund types. More specifically, the proposal seeks to establish a hierarchy of fund balance classifications primarily based on the extent of spending constraints imposed upon the use of governmental fund balances. Nonspendable fund balance, e.g. fund balance associated with inventories, would be distinguished from spendable fund balance. The spendable category would be further broken down based on the relative strength of the constraints that control how specific amounts can be spent. From greatest to least constraint, the classifications of spendable fund balance would be restricted, limited, assigned, and unassigned. In addition, the proposal includes interpretations of certain terms within the definition of special revenue fund types, and modifies the debt service and capital projects fund types for clarity and consistency. Guidance for reporting economic stabilization or “rainy-day” funds is also provided. The deadline for public comment is June 30, 2008. Issuance of the resulting Statement is scheduled for December 2008. The ED, as well as the related news release and plain-language article, can be downloaded from the GASB website, www.gasb.org .

GASB ED, Service Efforts and Accomplishments Reporting - An Amendment of GASB Concepts Statement No. 2

An ED, Service Efforts and Accomplishments Reporting - An Amendment of GASB Concepts Statement No. 2, was issued on April 4, 2008. According to GASB Chairman Robert Attmore, “SEA performance information has a long history of being recognized as an important component of public sector financial reporting, providing insight into how effectively state and local governments utilize resources to achieve their missions on behalf of citizens.” By modifying four sections of

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Concepts Statement 2 – Purpose and Scope, Elements of SEA Reporting, Limitations of SEA Information, and Enhancing the Usefulness of SEA Information, and eliminating one section, Developing Reporting Standards for SEA Information, the GASB believes that the understanding of the elements, characteristics, and limitations of communicating SEA performance information will be enhanced. It should be noted that Concepts statements do not establish accounting and financial reporting standards; and, the proposed changes would clarify that it is beyond the scope of the GASB to (1) establish the goals and objectives of state and local government services, (2) develop specific nonfinancial measures or indicators of service performance, or (3) set targets for service performance. The deadline for submitting written comments is July 3, 2008. The ED, as well as the related news release and plain-language article, can be downloaded from the GASB website, www.gasb.org .

The following exposure documents are still being deliberated:

GASB Exposure Draft (ED), Accounting and Financial Reporting for Derivative Instruments

An ED was issued on June 29, 2007, which would require the reporting of derivative instruments at their fair value in the financial statements of state and local governments. The changes in fair value of hedging derivative instruments, those that significantly reduce an identified financial risk by substantially offsetting the changes in cash flows or fair values of the item they are associated with, would be reported as deferred inflows or outflows of resources. The changes in fair value of other derivative instruments would be reported immediately as income or loss. The proposed standards follow up on the Preliminary Views the GASB published in April 2006. The ED is available to download from the GASB website at www.gasb.org. It is accompanied by a plain language supplement that summarizes the proposed standards. The deadline for public comment was October 26, 2007. Issuance of the resulting Statement is scheduled for June 2008.

PROGRAM COMMITTEEJim Jaskot,Chair

I look forward to seeing you once again at the Tunxis Plantation Country Club in Farmington for the Annual Meeting on Thursday, June 5, 2008, at 3:30 PM. Registration forms are on the GFOA of Connecticut website, www.gfoact.org. The forms and fees are due May 27, 2008. Pre-meeting activities include the annual golf event beginning at 10:30 AM. See the website for details and registration forms which are due May 29, 2008 along with the separate fee. There will be an informal bike ride at 11:00 AM, the Angelo Sanquedolce Memorial Bocce Tournament sponsored by Financial Investors Trust and a Mini Golf Tournament sponsored by Day Pitney and Webster Bank, both at 2:30 PM. Again, see the website for details.

JOHN WALSH SCHOLARSHIP COMMITTEE

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James Finch, Chair

The John Walsh Scholarship which is financed thru the GFOA-CT membership is now in its 12th year and we have made awards totaling $39,000 to 26 individuals. We have a four member committee made up Bill Hogan, Bill Cochran, Cathy Boone and myself all former employees of John.

This year we will be acknowledging one of our own members with scholarships to the Advanced Government Finance Officers Institute at the University of Wisconsin and 2 $1000 scholarships to two graduate students with concentration (and hopefully careers in public finance) at UConn’s School of Public Policy. Christopher Forster has 3.5 GPA and received his undergraduate degree at UConn as well. Chris had double undergraduate major in Political Science and economics. He has completed internships with the Department of Veteran’s Affairs, and the Transportation Security Administration. He is also the Treasurer of the Graduate Association of Public Policy Students. Chris is currently enrolled in the Uconn MPA course built around the CPFO examination process.

Lisa Carver, has a 3.9 GPA and received her undergraduate degree at Post College. Lisa may be familiar to some of you. She is currently Chief of Staff to Mayor Timothy T. Stewart of New Britain. She previously worked for the Office of the State Treasurer, the DPUC, and in 2006 filled in as Acting Finance Director for the City of New Britain. She is almost halfway through her course of study, even with the demanding City position.

The fellowship to the Advanced Government Finance Institute will be announced at the Annual meeting.

BYLAWS SUB-COMMITTEE Lisa Hancock & Jim Jaskot, Co-Chairs

COMPARISON REPORT: ADOPTED BY-LAWS EFFECTIVE: JULY 1, 1993 vs.

NEW PROPOSED EFFECTIVE DATE: JULY 1, 2008

BY LAWS OF GOVERNMENT FINANCE OFFICERS ASSOCIATION OF CONNECTICUT, INC.

ARTICLE I: NAME

The name of this organization shall be the GOVERNMENT FINANCE OFFICERS ASSOCIATION OF CONNECTICUT, INC. (the "Corporation").

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Changed to:

The name of this organization shall be the GOVERNMENT FINANCE OFFICERS ASSOCIATION OF CONNECTICUT, INC. (the "Corporation"). The Corporation is incorporated under the Connecticut State Statutes and is an authorized 501 (c) 3 organization under the Internal Revenue Code.

ARTICLE II: MEMBERSHIP

Section 1. Classes of Members. The Corporation shall have three (3) classes of members. The designation of such classes and the qualifications with respect to each class shall be as follows:

(a) Active members. Active members shall include all public officials or employees, elected or appointed, who are employed by any municipality of the State of Connecticut or any State of Connecticut in any aspect or function of public finance. The word "municipality" as used in this article shall mean any town, city, borough or other duly authorized political subdivision organized under the laws of the State of Connecticut.

Clarified the State Agencies. “State of Connecticut Agency that is associated in any aspect…”

(b) Associate Members. Associate members shall include any person who is not eligible for Active or Affiliate membership, and who is both interested in public finance and subscribes to the objectives and purposes of this Corporation.

Changes: Deleted Affiliate and added the word Honorary in its place. (c) Honorary Members. Honorary members shall include any person elected to this class by the Corporation in recognition of his or her exemplary service to the Corporation.

Changes: Honorary Members. Honorary members shall include any retired person elected to this class by the Corporation’s Executive Board of Directors in recognition of his or her exemplary service to the Corporation.

Section 2. Eligibility. Any person interested in membership in the Corporation may submit an application for membership. The Treasurer and Chairman of the Membership Committee shall determine the eligibility and classification of any applicant for membership. Any question of eligibility or classification shall be resolved by a majority vote of the Executive Board.

Changes: Eliminated this section. Eligibility is based on classes of members and is classified at that time. The committee did not feel the need to have this in the bylaws as this is a procedure done during the membership application process.

Section 3. Voting Rights. Voting rights are restricted to Active and Affiliate Members.

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Changes: Only change was that this was renumbered as Section 2.

Section 4. Dues. The annual dues of the Corporation shall be determined by the Executive Board not later than forty-five (45) days following the election of officers. The dues shall be in sufficient amount to include the membership fee to the New England States Government Finance Officers Association, Inc.

Dues shall be set for Active, Affiliate and Associate Members only and may be structured to allow for Municipal memberships. Dues shall be payable on the first of September in each year and shall cover the twelve (12) month period commencing July 1st of the current year and extending through June 30th of the succeeding year.

Changes: Renumbered as Section 3. Changed the timing for the setting of the annual dues to 60 days to allow sufficient time for the new Executive Board to be able to meet and vote in a timely manner.

Deleted the word affiliate.

Added: Any new membership enrollments received during the months of May or June will be extended through the next membership period commencing in July. This excludes late membership renewals.

ARTICLE III: EXECUTIVE BOARD

Section 1: General Powers. The activities, business, property and affairs of the Corporation shall be managed by its Executive Board.

Section 2: Number, Composition and Election of Executive Board. The Executive Board shall consist of twenty (20) members, including all of the Officers of the Corporation, the immediate Past President of the Corporation, two representatives of the New England States Government Finance Officers Association, Inc., seven directors, and the six (6) ex-officio members of the Executive Board.

The President of the Corporation shall serve as Chairman of the Executive Board. Officers shall be elected to serve a term as follows: (a) the President, First Vice President, and Second Vice President shall serve a term of one (1) consecutive year only in each position; (b) the Treasurer shall serve a term of a minimum of three (3) years.

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The immediate Past President of the Corporation shall serve on the Executive Board for the year immediately succeeding his or her term as President.

The two (2) representatives to the New England States Government Finance Officers Association, Inc. shall be elected from the active membership of the Corporation to serve a term as follows: one (1) representative shall be elected for a term of three (3) years and one (1) representative for a term of five (5) years; thereafter, the term for said representatives will be for five (5) years.

Of the seven (7) directors, one (1) shall be elected annually from the voting membership of the Corporation to serve for a term of one (1) year. The other six (6) directorships shall initially be filled as follows: two (2) directors shall be elected from the voting membership of the Corporation to serve for a term of three (3) years; two (2) directors shall be elected from the voting membership for the Corporation to serve a term of two (2) years; two (2) directors shall be elected from the voting membership of the Corporation to serve for a term of one (1) year. Thereafter, two (2) directors shall be elected annually from the voting membership of the Corporation to serve for a term of three (3) years.

The six (6) ex-officio members of the Executive Board, who shall be non-voting, shall consist of the representative to the Government Finance Officers Association of the United States and Canada and of the Chairman of each of the following Committees: the Membership Committee, the Newsletter Committee, the Legislation Committee and the Education Committee and the Association Historian. The Association Historian shall serve for an indefinite term at the pleasure of the current President. The duties of the Association Historian shall be to provide repository and retrieval services for all adopted Association policies, model RFPs, minutes, agendas, and other materials prepared for member use.

Changes: Included the Accounting Standards Committee, Audit Committee, and Internet Committee which increased the Ex-officio members to 9 from 6 to reflect the membership of those Committees. The Ex-officio members were removed from the total number of Executive Board members which reduced that number from 20 to 14

Added: A voting member may also hold a non-voting position. Any of these committees may establish a co-chair position when necessary and will count as one ex-officio member.

Section 3 (A). Regular and Special Meeting. Regular meetings of the Executive Board shall be held at such times and places as the Executive Board shall from time to time determine. Special meetings of the Executive Board may be called at any time by the President and shall be called within seven (7) days of receipt of a written request of one-third of the Executive Board. Meetings of the Executive Board may be held within or without the State of Connecticut and shall be held at such place as shall be designated in the notice of meeting. Not less than seven (7) business days written or oral notice shall be given of each regular meeting of the Executive Board, and not less than three (3) business days written or oral notice shall be given of each special meeting.

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Changes: Added the ability to communicate electronically such as email, etc. Changed the wording on where Executive Board meetings may be held – Within or outside of the State of Connecticut.

Section 3 (B). Urgent Voting by Fax. In the event of an urgent matter, the President may call an emergency meeting, without the notice requirements as outlined in Section 3 (A). Communications and votes for such matters as the emergency meeting is called may be transmitted by fax to and from members of the Executive Board and the President. Such actions shall be ratified at the next regular or special meeting of the Executive Board.

Changes: Added the ability to vote by email or conference call.

Section 4: Quorum. A quorum shall consist of eight (8) voting members of the Executive Board. Except as otherwise provided by law or by these By-Laws, the vote of a majority of the Executive Board present shall constitute the act of the Executive Board.

Section 5. Vacancies. If the office of the President becomes vacant, the First Vice President shall automatically become the President and the Second Vice President shall automatically become the First Vice President.

If the office of the First Vice President becomes vacant, the Second Vice President shall automatically become the First Vice President. By a vote of the remaining voting members of the Executive Board, an eligible member of the Executive Board shall then become Second Vice President.

If a vacancy in any of the Corporation's officers becomes vacant before January 1 of any year, it shall be considered to be a full term for the officer filling such vacancy. If the vacancy occurs after January 1 of any year, said officer filling such vacancy shall be eligible for an additional one (1) year term.

If a vacancy occurs in an Executive Board or Officer's position with a multiple-year term, the position, by a majority vote of the remaining members of the Executive Board, shall be filled by appointing an eligible active member until the next annual election, at which time an election will be held for an eligible active member to fill the remaining unexpired term of the position that was so vacated.

Changes: If a vacancy occurs in an Executive Board, Officer, Committee Chair or New England Representative position with a multiple-year term, the position, by a majority vote of the remaining members of the Executive Board, shall be filled by appointing an eligible active member until the next annual election, at which time an election will be held for an eligible active member to fill the remaining unexpired term of the position that was so vacated.

Section 6. Action Without a Meeting. If all Executive Board members consent in writing to any action taken or to be taken by the Corporation, the action shall be as valid as if it had been

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authorized at a meeting duly called and held by the Executive Board, and such written consent or consents shall be filed in the corporate minute book.

Section 7. Participation by Conference Telephone. An Executive Board member may participate in a meeting of the Executive Board by means of a conference telephone or similar communications equipment which enables all Executive Board members participating in the meeting to hear one another; such participation in a meeting by one or more directors shall constitute presence in person at such meeting.

ARTICLE IV: OFFICERS

Section 1. Officers. The officers of the Corporation shall consist of a President, a First Vice President, a Second Vice President/Executive Secretary and a Treasurer, all of whom shall be active members.

Section 2. Duties of the Officers. The duties of the officers shall generally be those that are customarily assumed by such officers.

The Treasurer shall prepare an annual budget for presentation to and approval by the Executive Board not later than forty-five (45) days following the election of officers. The approved budget shall be published and mailed to all members together with the notice of dues.

The Treasurer shall have the care and custody of all funds belonging to the Corporation and shall deposit all such funds in a bank or trust company charged to do business in the State of Connecticut. The Treasurer shall be the only officer authorized to make deposits and to sign drafts or checks on the Corporation's accounts. No special account or device may be created that would make it unnecessary for the Treasurer to sign drafts or checks against it. The Treasurer shall receive and deposit all payment of dues and shall forward a list of such payments promptly to the Second Vice President/Executive Secretary and the Membership Committee Chairman. The Treasurer shall from time to time present a written accounting of the finances of the Corporation to the Executive Board and shall provide an annual financial statement to the membership.

Section 3. Duties of the Second Vice President/Executive Secretary. The Second Vice President/Executive Secretary shall be responsible for maintaining an up-to-date mailing list of members of the Corporation and prepare billings for annual dues as directed. The Second Vice President/Executive Secretary shall be responsible for maintaining a central file for the Corporation's business and activities, taking and maintaining minutes of all Executive Board meetings, and carry out such other duties as may be assigned by the Executive Board.

The Executive Board may designate an outside party to assist the Second Vice President/Executive Secretary or First Vice President to perform his or her duties.

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Changes: Replaced Section 3 with clarified duties of the officers as follows:

Section 3(A). Duties of the President. In addition to serving as the Chairman of the Executive Board, the President shall be responsible for communicating information with external agencies based on the Executive Board’s various approved standings in financial, legal, legislative and other pertinent issues. The President shall have the power and authority to authorize contracts on behalf of the Corporation once approved by the Executive Board. The President shall preside over quarterly meetings of the membership or may designate an alternate when necessary. The President shall appoint or remove all Committee Chairs or Co-Chairs, subject to the approval of the Executive Board.

Section 3(B). Duties of the First Vice President. The First Vice President shall serve as Chairman of the Program Committee. He or she may appoint other members to assist. The First Vice President shall be responsible for coordinating the quarterly meeting program schedule. This shall include the selection of programs to be presented, obtaining the appropriate presenters and working with the Treasurer or any other assistants to make sure that the facility is properly organized for the function. In the absence of the President, the First Vice President may have the authority to authorize contracts on behalf of the Corporation once approved by the Executive Board. The First Vice President shall provide sufficient notification of the program schedule in advance of all quarterly meetings.

Section 3(C). Duties of the Second Vice President/Executive Secretary. The Second Vice President/Executive Secretary shall be responsible for maintaining a central file for the Corporation's business and activities, taking and maintaining minutes of all Executive Board meetings, and carry out such other duties as may be assigned by the Executive Board. The Second Vice President/Executive Secretary shall serve as Vice-Chairman of the Program Committee.

Section 3(D). The Treasurer shall prepare an annual budget for presentation to and approval by the Executive Board not later than sixty (60) days following the election of officers. The approved budget shall be published by posting to the Corporation’s website or emailing it to all members together with the notice of dues.

The Treasurer shall have the care and custody of all funds belonging to the Corporation and shall deposit all such funds in a bank or trust company charged to do business in the State of Connecticut. The Treasurer shall be the only officer authorized to make deposits and to sign

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drafts or checks on the Corporation's accounts. The Executive Board may appoint an Assistant Treasurer if deemed appropriate. No special account or device may be created that would make it unnecessary for the Treasurer to sign drafts or checks against it. The Treasurer shall receive and deposit all payment of dues and shall forward a list of such payments promptly to the President, First and Second Vice President/Executive Secretary and the Membership Committee Chairman where payments relate to membership. The Treasurer shall present a written accounting of the finances of the Corporation to the Executive Board at all Executive Board Meetings except for the Annual Meeting in June and shall provide an annual financial statement to the membership once the annual audit is complete.

Section 3(E). The Executive Board may designate an outside party to assist all officers and committees to perform his, her or their duties.

Section 4. Election of Officers. Officers shall be elected each year at the Annual Meeting by the voting members of the Corporation and shall hold office until the next annual meeting or until their successors have assumed office or have been appointed. An affirmative vote of a majority of the voting members present shall be required for election.

Changes: An affirmative vote of a majority of the voting members present shall be required for election from a list of candidates determined by the nominating committee and/or from nominations from the floor.

Section 5. Removal. The Executive Board may, by a vote of two-thirds of its members present at a meeting at which a quorum is present, remove any officer of the Corporation or Executive Board member from office at any time, regardless of the term for which the officer or Executive Board member may have been appointed or elected.

Any member of the Executive Board who fails to attend two (2) Executive Board meetings in any one (1) corporate year shall automatically be removed from the Executive Board, provided however, that the Executive Board may, by a simple majority of its members present at a meeting at which a quorum is present, reinstate said member.

Changes: Changed the removal for voting members only.

Added: Non-voting members are only required to attend meetings as appropriate to discuss their various committee activities. They will not be automatically removed for failing to attend (2) Executive Board meetings in any one (1) corporate year.

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ARTICLE V: MEETINGS

Section 1. Annual Meeting. The annual meeting of the Corporation shall be held in the month of June each year for the purpose of elections and for the transaction of such other business as may regularly come before the meeting.

Changes: Due to the timing of when the location of the annual meeting can be confirmed we eliminated it from being required to be held in the month of June and replaced it within 60 days of the end of the fiscal year.

Section 2. Regular and Special Meetings. Four (4) regular meetings of the Corporation shall be held each year, one of which shall be the Annual Meeting. Special meetings may be called at the discretion of the President or by a majority vote of the Executive Board.

The Executive Board shall determine the time and place for all quarterly meetings and the First Vice President shall provide sufficient notification of the program schedule in advance of all said quarterly meetings.

Section 3. The Executive Board shall meet at least four (4) times per year at the discretion of the President or a Majority of the Executive Board Members.

Added Section 3 to reflect the Executive Board meeting requirements.

Section 3. Rules of Order. All meetings of the Corporation and the Executive Board shall be conducted in accordance with Roberts Rules of Order.

Changes: Renumbered as Section 4.

ARTICLE VI: COMMITTEES

Section 1. Nominating Committee. On or before May 1st of each year, the President shall appoint a Nominating Committee composed of at least three (3) past Corporation Officers who are active members and current participants and one of those appointed members shall be designated as Chairman. The Nominating Committee shall recommend a slate of names from the eligible membership list as candidates for each open office and position on the Executive Board to be filled by election at the Annual Meeting.

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The candidates recommended by the Nominating Committee shall be included in the notice for the Annual Meeting. The notice for the Annual Meeting shall also list those members of the Executive Board who will be continuing terms to which they have been elected at a prior Annual Meeting.

Additional nominations may also be made from the floor by any voting members. Changes: Added that one of the members of this Committee will be the immediate Past President and that person shall Chair this Committee.

Section 2. Special Committees. The President, with the approval of the Executive Board, shall appoint such other committees as shall be deemed necessary to carry out the work of the Corporation.

Section 3. Membership Committee. The President shall appoint, subject to the approval of the Executive Board, a Membership Committee which shall consist of not more than five (5) members. The Chairman of this Committee in conjunction with the Treasurer shall accept suitable candidates for membership in the Corporation, shall be the central contact point for persons wishing to apply for membership in the Corporation and shall be responsible for the membership brochure. The Chairman of this Committee shall serve as ex-officio member of the Executive Board.

Section 4. Newsletter Committee. The President shall appoint, subject to the approval of the Executive Board, a Newsletter Committee which shall consist of not more than five (5) members. This Committee shall prepare a GFOA newsletter that may be published from time to time. The Chairman of this Committee shall serve as an ex-officio member of the Executive Board.

Section 5. Program Committee. There shall be a Program Committee whose duty it will be to prepare programs for all meetings. The First Vice President shall serve as Chairman and the Second Vice President/Executive Secretary shall serve as Vice-Chairman of the Program Committee. They may appoint other members to assist them.

Section 6. Education Committee. There shall be an Education Committee which shall consist of not more than four (4) members. This Committee shall arrange professional development programs for the purpose of furthering the objectives of this Corporation as outlined in its Certificate of Incorporation.

The President shall appoint, subject to the approval of the Executive Board, the Chairman and members of the Education Committee. The Chairman of the Committee shall serve as an ex-officio member of the Executive Board.

Section 7. Legislation Committee. There shall be a Legislation Committee which will consist of not more than eight (8) members whose duty it will be to review and advise the Executive Board about Connecticut State legislation affecting public finance.

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The President shall appoint, subject to the approval of the Executive Board, the Chairman and members of the Legislation Committee. The Chairman of this Committee shall serve as an ex-officio member of the Executive Board.

Changes: The language that outlined each committee was modified as follows:

Section 3. Other Committees. The Chairman of each committee shall serve as ex-officio member of the Executive Board. The President shall appoint, subject to the approval of the Executive Board, the following Committee Chairman or Co-chairman:

a. Membership Committee. The Chairman of this Committee in conjunction with the Treasurer shall accept suitable candidates for membership in the Corporation, shall be the central contact point for persons wishing to apply for membership in the Corporation and shall be responsible for the membership brochure and database.

b. Newsletter Committee. This Committee shall prepare a GFOACT newsletter that may be published from time to time.

c. Program Committee. The Program Committee will prepare programs for all meetings. The First Vice President shall serve as Chairman and the Second Vice President/Executive Secretary shall serve as Vice-Chairman of the Program Committee.

d. Education Committee. This Committee shall arrange professional development programs for the purpose of furthering the objectives of this Corporation as outlined in its Certificate of Incorporation.

e. Legislation Committee. There shall be a Legislation Committee will review Connecticut State legislation affecting public finance and will advise the Executive Board about any potential changes to those laws.

f. Accounting Standards Committee. The Accounting Standards Committee shall review and advise the Executive Board, and as appropriate, the remainder of the membership, about new or proposed Governmental Accounting Standards.

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g. Audit Committee. The audit Committee shall review the Combined Balance Sheet of the GFOA of Connecticut as of June 30th and the Statement of Revenues, Expenditures and Changes in Fund Balance for the year then ended. The chairman of the committee shall report their findings to the President of said organization before the first Executive Board meeting in the new fiscal year. 

h. Internet Committee.  The Internet Committee shall be responsible for updating the web page as needed including, but not limited to, job postings and the calendar of upcoming events. 

ARTICLE VII: AMENDING THE BY-LAWS

Section 1. Amendments. These by-laws may be altered, amended or repealed in any section or article, and new by-laws may be adopted, amended, altered or repealed by a majority vote of the membership present and voting at any regular meeting, only after the proposed change has been distributed and discussed at a previous regular meeting.

ARTICLE VIII: GENERAL MATTERS

Section 1. Fiscal Year. The fiscal year of the Corporation shall be July 1 through June 30.

Section 2. Waiver of Notice. Whenever any notice of time, place, purpose or any other matter, including any special notice or form of notice, is required or permitted to be given to any person by law or under the provisions of the Certificate of Incorporation or By-laws of the Corporation, or of a resolution of the directors, a written waiver of notice signed by the person or persons entitled to such notice whether before or after the time specified for giving of such notice, shall be equivalent to the giving of such notice. The Second Vice President/Executive Secretary of the Corporation shall cause any such waiver to be filed with or entered upon the records of the Corporation or, in the case of a waiver of notice of a meeting, the records of the meeting. The attendance of any person at a meeting without protesting the lack of proper notice, prior to or at the commencement of the meeting, shall be deemed to be a waiver by such person of notice of such meeting.

NOMINATION COMMITTEEJeff Jyllka, Anna Johnson, & Maggie Cosgrove

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Below is the Nomination slate for May 2008 – Voting will take place on June 5th at the annual meeting:

Connecticut GFOA Nominating Slate (May 9, 2008)

OFFICERSPresidentJames JaskotDeputy Director of FinanceTown of Cheshire

First Vice PresidentLisa Hancock Director of FinanceTown of Wethersfield

Second Vice PresidentMaryanna StevensDirector of FinanceTown of Stonington

Treasurer Salvatore M. Pandolfo (2009-2011)Director of Finance Town of Groton

Past PresidentChristine Hutton Director of Finance & RecordsTown of Tolland

BOARD OF DIRECTORSBarbara Bertrand (2009-2011)Finance DirectorTown of Windsor Locks

Diana Doyle (2009-2011)Deputy Finance DirectorCity of Middletown

Anthony Genovese (2009)Finance DirectorTown of Woodbridge

New England States GFOA RepresentativeDiane Waldron (2009-2012)Director of Finance & Administrative Services Town of Glastonbury

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Continuing on the Board of Directors Richard Darling (2009)Finance Director/ Asst. Town Administrator

James Finch (2009)Finance DirectorTown of Branford

Michael Walsh (2010)Director of FinanceCity of East Hartford

Margaret Colligan (2010)Director of FinanceTown of Avon

New England States GFOA RepresentativesAlan Desmarais (2011)Director of FinanceTown of Manchester

GFOA of US & CANADA RepresentativeJeff SmithDirector of FinanceTown of Mansfield

DRAFT CT GFOA BOARD MEETING MINUTES

Minutes of CT-GFOA Executive Board Meeting

April 10, 2008 – 9:30 AM

Water’s Edge Resort & Conference Center-Board Room

Westbrook, CT

The meeting was called to order by President, Christine Hutton at 9:32 AM.Attendance: President-Christine Hutton, 1st Vice President-Jim Jaskot, 2nd Vice President-Lisa Hancock (9:40am), Treasurer-Sal Pandolfo, Diana Doyle, Barbara Bertrand, Jan Godley, Alan Desmaris, Diane Waldron, Ann Harter, Michael Walsh, Anthony Genovese, Jim Wren, Robert Curry (9:50am), Jim Finch (9:45am).Board Members absent: Jeff Jylkka – Past President, Maryanna Stevens, Jeff Smith, Richard Darling, Patti-Lynn Ryan, Margaret Colligan.

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Moment of Silence: Chris Hutton requested a moment of silence in honor of Don Miklus to be held at today’s meeting.Approval of Minutes of the February 7, 2008 Meeting: Sal Pandolfo moved to approve the minutes. The motion was seconded by Diana Doyle. All voted in favor with one abstention from Diane Waldron.Treasurer’s Report: Sal Pandolfo reviewed his financial report. He noted a correction to his memo regarding Linda Savitsky’s bill to the dates that should read as November through February. It should not be July through February. Diana Doyle moved to approve the acceptance of the report as revised. The motion was seconded by Alan Desmaris. The motion was approved unanimously.Board Appointments: Christine Hutton appointed Diane Waldron to replace Don Miklus as the New England State’s GFOA Representative. She also appointed Jeff Jylkka as Chair of the Al Young Award Committee.Committee Reports: Accounting Standards Committee: Jim Jaskot provided an overview of what David Bean will be reviewing at today’s session.Education Committee: Diana Doyle reported on the Fraud Seminar that was held in March. She stated that there were favorable reviews from the seminar and it was a success. The Education Committee will be meeting again in June to see if the Tunxis Governmental Accounting class is available in the fall. She also acknowledged all the assistance from Linda Savitsky and stated that she has been a tremendous asset to our organization and especially to her committee. She encourages the Board to continue to have Linda provide on-going support to her committee.Historian: Jan Godley had no report.John Walsh Scholarship: Alan Desmaris reported that there are two students who will be awarded the CT-GFOA John Walsh Scholarship at today’s meeting. The recipients are Chris Foster a UCONN student in the Public Policy program and Lisa Carver from the City of New Britain. There were also nine applications for the National GFOA Advanced Government Finance Institute. This year’s recipient of the award is Tom Hamilton-Finance Director from Norwalk, CT.Internet: Bob Curry reported that revisions have been made to the web site that will now appropriately notify all registered users that a topic has been posted to the message board. There will only be one notification sent at the time of the original posting and then members who are interested will then need to login and review the postings from other members. The originator of the question will continue to receive notifications as responses are posted by other members. In order for this option to work the member must check the box on their member profile to receive email notifications.Legislative: Jim Wren reported that he has shared with the Board an email from Guinan of the top 10 Bills. The Donovan Bill for Municipal Health Insurance has passed the Labor and appropriations and it is still listed as voluntary participation. SB602 regarding the deletion of the tax bills has come out of the Judiciary Committee. Membership: Sal Pandolfo reported that there are 277 active members, 161 Associate members and 14 honorary members. He will be sending a check to the New England GFOA for approximately $4,500 for our share of the membership.National Event: Christine Hutton stated that Tom Hamilton has submitted his resignation from chairing the National event. Sal Pandolfo will be assuming the responsibility of the Event. The Board is very appreciative of all the efforts that Tom has put into organizing these events over the years. Tom had already set up much of this year’s event and is willing to assist with sending out one more vendor solicitation letter. The event is planned to be held on Monday evening-June 16th from

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6:30 pm to 9:30 pm at the Samba Room. It will consist of Latin music, Latin cuisine and transportation from the Main conference hotel (Marriott Harbor Beach Resort). The cost is approximately $15,000 and the organization has received $10,500 so far in contributions. Sal recommended that the fee for attendees should be $50 per person and $25 for children. There are 31 registered members so far from CT. Lisa Hancock moved that a fee of $50 for adults and $25 for children be charged for the event attendees. Barbara Bertrand seconded the motion. The motion was approved unanimously. Newsletter: Jim Jaskot reported that Patti-Lynn Ryan has been ill and that the newsletter might be delayed for a short time. Nominating Committee: Chris Hutton reported that she has appointed Jeff Jyllka, Anna Johnson and Maggie Cosgrove to serve on the Nominating Committee. They will have selections made by May 4th for the election at the June Annual Meeting.Program: Jim Jaskot reported that Dr. Schaefer from the Worcester Regional Research Bureau will be speaking at today’s meeting regarding the Performance Measurement project being supported by the New England GFOA and the Sloan Foundation Grant. She will be followed by David Bean from the GASB. He will be speaking about the GASB’s Performance Measurement proposal and other new pronouncements issued by the GASB. Lisa Hancock will present the proposed By-Law revisions to the membership. The final version with revisions will be voted on at the Annual Meeting in June.New England GFOA : Diane Waldron reported that the New England GFOA annual Spring training program will be named in recognition of Don Miklus. She stated that he always stressed the importance of the training. Alan Desmaris stated that this training program has been highly successful. He also stated that the New England Board had outpoured with many types of recognition for Don. He was highly respected by the organization and will be missed. Alan reported that Lisa Parker, who was responsible for the NESGFOA Sloan Foundation Performance Measurement Project, has accepted a position with the GASB and will no longer be heading up that program. The New England Board will be meeting with Dr. Schaefer to possibly work with her to continue the program. Lisa Parker was the driving force of this project. It has been slow to evolve and many Towns have pulled out of the program. Citizen involvement was also much more than expected and has been somewhat troublesome. The fall conference is being held in Newport, Rhode Island. UCONN will be doing another certificate session on pricing benefits. The course will be taught by Jim Francis.Old Business: The proposed By-Law revision will be presented at today’s membership meeting. Barbara Bertrand made a recommendation to change the nominating committee language to include membership of not only consisting of past officers, but also past Board members and up to two other members who are active in the organization. Lisa Hancock will include the recommended revision in the draft will also discuss it with the membership today. Sal Pandolfo noted one correction. The organization is a 501 (c) 6 and not a 501 (c) 3. Lisa will also note that correction.

New Business: Executive Assistance:Chris Hutton acknowledged the significant services that are performed by Linda Savitsky to our organization. She stated that Linda’s contract will be coming up for renewal soon. This service provision was voted on a few years ago by the Board and has been evolving over time to provide various levels of assistance to the committee chairs and the Board. She has provided a tremendous

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amount of assistance with the internet web site, membership and the member database, the education committee programs and supporting the Executive Board with various needs. Her efforts have been invaluable and are highly appreciated. In fiscal year 06-07 Linda provided 182 hours of service; FY 07-08 has been about 227 hours so far and the projected cost is about $18,500. The budget for the current year is $15,000. Based on the past levels of service it is estimated that her services next year will amount to 283 hours at a cost of $22,200. We will be exceeding our budget this year and there was discussion as to whether the Board should appropriate additional funds. Alan Desmaris asked how we normally had handled this. Sal Pandolfo stated that we normally just let it run in the red and cover it at year end from other line items. The concern with this year is that there may not be sufficient line items under budget and more of the fund balance may be needed to meet expenses. Christine is very concerned about the Fund Balance. The balance could go as low as $11,000 if we continue to grow this position at the current pace. There was discussion on the original intention of the position. Michael Walsh had suggested that we should ask Linda to provide a task list of what she feels are the most important functions that she should be providing assistance for. The contract may need to have more clearly defined levels of assistance contracted for. Lisa Hancock suggested that maybe we could discuss with Linda the idea that Mike had, as well as, a possible combination of raising membership dues, re-evaluating the levels or types of service that she provides and possibly a lump sum price for defined services. If any other services are requested that go beyond the scope of a lump sum contract then the Board would need to approve those services and payment would need to be provided to her for those additional services. Other discussion included that Committees may need to take on some responsibilities in order for Linda to be able to focus on other services to be provided. It was determined that a committee consisting of Chris Hutton, Jim Jaskot, Sal Pandolfo and Lisa Hancock would work with Linda to determine the best way to proceed with managing the costs involved with the services. Chris stated that anyone else on the Board was welcome to join in. Chris stated that she has shared the concerns with Linda already and feels that she understands the situation and is willing to work with us on this concern. She is going to speak with Linda at the meeting today to let her know what has been discussed and how we will be proceeding.

Annual Golf Tournament:It was recommended that the annual CT-GFOA Golf Tournament be named in honor of Don Miklus’s memory. Everyone was supportive of this idea. Don was heavily involved with the organization of this event each year. Alan Desmaris suggested that the vote be brought up at the Annual Meeting in order to allow the organization to share their support for Don’s significance to the organization. Adjournment:Diane Waldron moved for adjournment at 11:21 am. It was seconded by Mike Walsh and the motion was carried unanimously.

Announcements

Upcoming Events:

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Agendas, registration materials and links are posted on the CT GFOA website at: www.gfoact.org see the “calendar” section for the following:June 4 Ben Spragg Retirement Party (See info under the “news” section of the

website)June 5 Annual Meeting – Registration Deadline – May 27thJune 5 Golf Tournament – Registration Deadline – May 29thJune 15 -18 102nd National GFOA ConferenceJune 16 CT Night at National GFOA - Samba RoomOctober 5-8 New England States GFOA Annual Conference – Newport, RI

CORRESPONDENCE FROM THE ADVANCE GOVERNMENT INSTITUEJohn Walsh Scholarship, By James Finch

This is the time of the year that the recipients of the John Walsh scholarship begin making plans for their trek to The University of Wisconsin to attend the Advanced Government Finance Institute (AGFI). As a member of the 2007 class, I will share my thoughts and experiences.

The University of Wisconsin’s main campus is located in Madison. Madison is often cited in personal finance publications as one of the most livable cities and after experiencing it, I would agree. The influence of the university on the city is quite evident. I encountered this first hand as the cab driver (who by the way is a pursuing his doctorate) asked us if we knew what an “isthmus” was. I answered him correctly, explaining that one of the few things I did remember about fourth grade was land forms. Fortunately, the ride from the airport was relatively short and my fear of being asked questions on “exposure drafts” quickly subsided.

Once arriving at my hotel, I unpacked and strolled around the university, taking in the scenic beauty of the lake and surrounding area. I soon discovered that the student union sold beer and bratwurst about 30 yards from the water (even on Sundays), perhaps to heighten one’s appreciation of the surroundings. Later that afternoon I attended an orientation and social hour with my Connecticut cohorts Lisa Hancock and Anna Johnson. We met scores of people who would later become our good friends.

The AGFI offered classes designed to increase our knowledge in a variety of areas with the purpose of enriching our work experience and improving our community. The instructors hailed from the university’s executive MBA program, and thus they were naturally suited to instruct mature audiences. While the program offered nine classes for the purpose of this article I will group them into two major themes:

Workplace Issues and Trends, Leadership and Organizational Change

Workplace Issues and Trends

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The first course was entitled “Working with Employees to Keep Them Happy.” I was skeptical as this seemed like an impossible task. However, the instructor succeeded in identifying the ways in which our gender, culture, generation, and technological changes influence the way we interact and communicate with others.

Another helpful course with a communication theme involved dealing with the media. I found his advice on dealing with bad news “tell the truth, tell as much as you can, tell it all at once “ particularly refreshing. ( I should also note the professor is an unapologetic Chicago Cubs fan so I suspect he has some experience in handling bad news). The instructor also discussed the various media outlets (radio, television, print, internet including bloggers) and how to use the unique characteristics of these outlets to circulate your message.

A final class dealt with the impact of intergenerational change on the workforce. The feedback among my colleagues was mixed, but I will confess that I often think back to this session when observing new employees approach their work versus the middle age and older folks. This course made it painfully apparent that we as public employers with our inherent organizational structures and collective bargaining agreements need to find new ways to attract employees and promote public service to a generation that prefers a flexible and decentralized workplace.

Leadership and Organizational Change

These courses addressed the forces which cause organizations to change, strategies to identify and overcome resistance to change as well as managing the process of change. We also identified the need to build teams in implementing change and how our own leadership style and approach impacts the organization. During these courses we also divided into smaller groups to provide more in depth discussion of the topics. In one class we formed teams and were charged with making a bridge out of Lego blocks that could hold multiple soda cans.

Perhaps another practical application of the teambuilding approach was the case study requirement. In essence, each participant was assigned to a group and asked to formulate a process for dealing with a particular issue. Our group’s presentation needed to be rescheduled until after the tour of Frank Lloyd Wright’s school located in Spring Green, Wisconsin, conveniently located about an hour outside of Madison. As a result, we presented in a small conference room at a local country club where our dinner was scheduled. Fortunately we required no additional props, as the setting for our assigned case study was a press room. Ironically, the tight confines of our space provided a more authentic atmosphere for our case study.

The experience of attending the AGFI fulfilled and exceeded my expectations. I remain grateful to the CT GFOA and their sponsors for affording me this opportunity. The institute provides the practitioner an opportunity to be enriched by a superb faculty in a first class institution of higher learning completely undistracted by our daily challenges. I thank the staff of GFOA in particular, Susan Gaffney for the coordination and support she provided. I think of my “classmates” often, wishing them continued success in the field of public finance. I hope that the class of 2008 finds their week equally rewarding. I wholeheartedly encourage other members to pursue this opportunity in the future.

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