New Britain Borough Financial Advisory Committee

Meeting Notes

February 28, 2017, 7:30pm

  1. Call to order
  1. The meeting was called to order at 7:53PM by Chairman Mr. Frank Lombardo.
  1. Pledge of Allegiance
  2. Roll call
  1. Members present were Frank Lombardo, Art Conover, Joseph Borek, John Wolff, Jr., and Danielle Young.  Council Liaison Jeff Gilmore and Sam Bryant (Borough Manager) were also present.
  1. Approval of Minutes
  1. Mr. Wolff motioned to approve the minutes.  Mr. Conover seconded the motion and it was approved by all members present.
  1. Unfinished Business
  1. Road Loan and PFM
  1. Mr. Bryant has been working with staff at Penn Community on a quote for the road loan project, as requested by the Borough Solicitor.  The group discussed the merits of continued work with PFM as opposed to this loan offer.  It was decided to table this decision for a month while more information about the road program cost was obtained.
  1. New Business
  1. DCED Presentation
  1. Mr. Jamar Kelly from DCED gave a presentation on strategic planning grants available to the Borough.  Mr. Gilmore noted the borough had previously research this program a few years ago, but felt the Finance Committee met its needs.  Mr. Bryant asked if participation in this program would give the Borough favorability on other DCED grants, to which Mr. Kelly responded that it would not.  Mr. Kelly said he would try to get a better idea of what the matching cost would be for the Borough to participate in this program, and would try to provide a sample report.  Mr. Bryant agreed in exchange to provide Mr. Kelly with the 2016 audit and a list of the steps taken in 2016 to improve the Borough’s financial position in 2017.
  2. After Mr. Kelly left, Mr. Lombardo was curious to know if the Borough could pick the consultant used in the grant.  Mr. Bryant said he would find out from Mr. Kelly.
  1. Borough Pension Provider Evaluation
  1. Mr. Borek, Mr. Bryant and Mr. Conover reviewed the proposals submitted for pension and actuarial services.  In addition, candidates were interviewed prior to the Finance meeting that day.  The group reviewed their thoughts on the interviews.  After discussion,  Mr. Conover made a motion to recommend to Borough Council that Univest be selected for pension services as well as actuarial services.  Mr. Wolff seconded the motion and it was approved by all members present.
  1. Property Acquisition
  1. The committee reviewed updated financials prepared by Mr. Bryant and Council Vice President LaMontagne for a property acquisition to support the Groner Fund.  Mr. Conover motioned to support the purchase, on the condition that an appraisal supported the information provided.  The motion was seconded by Mr. Wolff and approved by all members present.
  1. Committee Outreach
  1. Mr. Lombardo asked the members to begin outreach to their assigned committees.  Everyone noted they were comfortable with their committee assignments and would do this outreach.
  1. Adjournment
  1. Mr. Lombardo motioned to adjourn.  Mr. Borek seconded the motion and approved by all members present.  The meeting adjourned at 9:11 PM.