New Britain Borough Financial Advisory Committee

Meeting Notes

March 27, 2018, 7:30pm

1. Call to order

1. The meeting was called to order at 7:36pm by Chairperson Frank Lombardo.

2. Pledge of Allegiance
3. Roll call

1. Members present included Mr. Lombardo, Ms. Rookstool, Mr. Conover and Mr. Wolff. Members not present were Mr. Borek. Others present included Borough Manager Sam Bryant.

4. Approval of Minutes of February 2018

1. Mr. Wolff made a motion to approve the amended minutes, seconded by Ms. Rookstool. All members present voted in favor.

5. Unfinished Business

1. Consideration of Groner Fund Investment Options

1. The group reviewed the current financials of the Miller property. After discussion, the group agreed to recommend to Borough Council that it move forward with the acquisition.
2. Mr. Bryant noted that the recent snow forced him and Mr. Conover to reschedule their meeting to create a Groner Investment Manager RFP to this Friday. They expect to present a draft rfp for approval to distribute in April.

6. New Business

1. Report on Roads Committee Meeting

1. Mr. Wolff gave a recap of the meeting. Actions suggested included the use of PennBid, removing cross sections from bid documents, simplifying bid documents, and to accelerate the repair timeline.
2. Mr. Conover suggested that the Borough ensure that work being done meets PennDOT standards.
3. Mr. Bryant provided Mr. Wolff with the documents put out to bid by the Roadmaster. Mr. Wolff conveyed that these bids did not fit with his expectations following the roads meeting. Specifically, he felt it would be a poor use of the loan proceeds to do microsurfacing work, when he feels many Borough Roads need to be paved. The committee recommend it be discovered why a bid for microsurfacing was produced and that the bids be changed to paving projects. Mr. Bryant requested a separate meeting with Mr. Wolff to investigate this matter further. 

2. Business Incubator Finances

1. Mr. Bryant gave an overview of the history and functions of the incubator and asked the committee for suggestions on how to improve its financial return and performance.
2. Mr. Lombardo suggested looking at existing models, such as WeWork and Per Diem for best practices. He also noted there are likely opportunities for various sponsorship and grants. He also noted the incubator could have events and charge admission, or charge for one time use of the upstairs conference room.
3. Mr. Wolff asked about the utility usage, and suggested ways to limit costs, such as installing a “Nest” style thermostat in the downstairs, splitting the internet service, etc.
4. Ms. Rookstool spoke to her experience in a shared space with the Regis company and offered her thoughts.

3. Budget Update Discussion

1. Mr. Bryant discussed some recent concerns he had with the 2018 financial projections and 2019 budget.
2. Specifically, Mr. Bryant had concerns that some of the assumed development in the budget is not happening on the timeframe originally assumed, and Borough revenues and expenses should be adjusted, which would result in a net decrease in fund balance. Many members of the committee questioned the return on investment provided by the Economic Development Consultant and recommended elimination of a non productive asset.
3. The summer camp program was also discussed. The financial impact of the Borough transferring camp to the Civic Association was reviewed.

7. Adjournment

1. Mr. Wolff made a motion to adjourn at 8:52pm. Ms. Rookstool seconded the motion, which was approved by all members present.