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Finance
Town of North Branford
P.O. Box 287 - 909 Foxon Road
North Branford CT 06471
Phone: 203-484-6002
Fax: 203-484-6025
Anthony P. Esposito Jr., CPFO - Treasurer/Finance Director, Email
Staff Accountant - Barbara J. Felie, CPFO - Email
Account Clerk I - Geralyn Krista - Email
Account Clerk I - Terri Nuzzo - Email
The Finance Department is responsible for the development of the Town’s
Annual Budget and Capital Improvements Plan documents; the reporting,
monitoring and accounting of all financial transactions involving the
Town; the investment of general government, pension and trust funds; the
preparation of information for the issuance of long-term debt and the
preparation of financial statements and related schedules for the annual
audit of the Town’s financial records. A staff of four carries out
these activities: two Account Clerks; a Staff Accountant, who oversees
the daily operations and reports to the Treasurer/Finance Director, and
the Treasurer/Finance Director. The Tax Collector and the Assessor also
report directly to the Treasurer/Finance Director.
In addition, the Treasurer/Finance Director is involved in benefits administration,
contract negotiations, special projects as assigned by the Town Manager
and, by ordinance, is a member of the Pension Committee. As part of our
drive to increase the use of technology to make the department more efficient,
we have included the most recent audited financial statements and official
statement [used for bond issuance] in PDF formats on our site. During
the 2005-06 fiscal year, the Finance Department implemented a new check
creation process. Formerly, two-part checks were printed on a line printer,
separated and signed via a separate check signer. Now, laser printed checks,
with a digital signature embossed on them, are signed on lower cost plain
check stock. This process saves the Town both on materials cost and employee
time.
The Treasurer/Finance Director and the Staff Accountant maintain their
Certified Public Finance Officer designation from the Government Finance
Officers Association. Both remain active in the Connecticut GFOA chapter
and regularly attend New England GFOA training seminars as well to keep
abreast of the latest trends in municipal finance.
The finance department successfully implemented Governmental Accounting
Standards Board (GASB) 34. This has changed the way the financial statements
of the town are prepared, with the underlying premise being that they
will be easier to read and understand. The financial statement link to
the left will bring you the 6/30/05 audited financial statements, completed
under the new reporting model. Another major GASB change (based on statements
43 & 45) on the horizon is the inclusion of the cost/liability Other
Post Employment Benefits (OPEB) in the current financial period. Some
classes of Town employees are entitled to post-employment benefits, primarily
medical insurance. In the current methodology, these costs are accounted
for on a pay-as-you-go basis. In the future, these costs will be treated
similar to pension costs, whereby the future liability will be calculated
and appear on the financial statements as a long-term liability. In addition,
there will be expenses in the current period to reflect the benefits that
are being "earned" by the current employees during that period.
This accounting change could have significant implications of the future
financial statements of the Town.
Financial Reports:
These reports are provided to give the viewers an on-line version of the financial statements as of June 30, 2005. Anyone requiring additional information is asked to contact the Treasurer/Finance Director.
June 30, 2006 Audited Financial Statements/Reports
Official Statement for the November 2007 $8.505 million bonds and $14.5 million note issue
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