Financial Advisory Committee Minutes

February 23rd, 7:30 PM

NBB Admin Office (45 Keeley Ave)

Call to Order

• The meeting was begun at 7:40PM.

Pledge of Allegiance

Roll Call

• Members Present: Frank Lombardo (Committee Chair), Art Conover (Committee Vice Chair), Joseph Borek, John Wolff
• Members Not Present: Lara La Sala
• Others Present: Jeff Gilmore (Council Liaison), Sam Bryant (Borough Manager/Treasurer, Committee Secretary)

Minutes Approval

• Mr. Wolff motioned to approve the January 2016 Minutes.  Mr. Conover seconded the motion.  The motion passed, with all members present voting in favor.

Unfinished Business

• There was no unfinished business to discuss.

New Business – Committee Outreach

• The Committee agreed it would be helpful for long-term budget and strategic plans to determine the goals and needs of the other Borough Committees.  Mr. Wolff noted that having each group provide a 3 year “wish list” with estimated costs would be ideal.
• Mr. Lombardo noted that as there are eight groups (Historic Preservation, Nature Preserve, Police Commission, Parks/Rec, Burkart Hall, Community/Business, Public Safety, Summer Camp) that will have budgetary needs, it would be most time efficient for the Financial Advisory Committee members to attend those meetings, instead of those groups coming to the Finance meeting.
• Mr. Lombardo volunteered to visit the meetings of the Police Commission and Parks/Rec.  He also wanted to learn more about the Summer Camp.  Mr. Wolff volunteered to attend Public Safety.  Mr. Borek volunteered to attend Nature Preserve.  Mr. Conover volunteered to attend Historic Preservation.  Mr. Gilmore, as he is co-chair of the Community and Business Committee volunteered to represent that group’s needs.  Mr. Bryant volunteered to work with the Burkart Hall Committee.
• As Emergency Management is not a current committee, the group recommended reaching out to the Borough EMC, Dan Jenkins, for any future financial needs.
• Mr. Bryant stated he would draft a letter for Mr. Lombardo to review that would then be sent to these committees to introduce the goals of the Financial Advisory Committee and connect everyone together.

New Business – Review of January Financials

• Mr. Bryant gave an overview of the current format of the Treasurer’s Report and requested feedback on how to make it more useful for Council.
• Mr. Conover suggested that the asset list should include some sort of valuation on Borough property to mimic GAAP.
• Mr. Gilmore suggested combining all of escrows listed under Borough liabilities into a single line item.
• Mr. Lombardo suggested that the monthly statement should have three columns: one for the amount spent/received in each account so far that year, the amount spent/received at that point last year and how much was budgeted for this year.
• Mr. Bryant noted that he would like to provide charts and graphs along with the numbers to improve comprehension.  He stated he would take these suggestions into account for the next Council and Financial Advisory meetings.

New Business – Delaware Valley University Update

• Mr. Bryant stated that he has discovered that all of Delaware Valley University’s employee LST payments go to Doylestown Township.  He has requested that the LST Collector investigate this matter.
• Mr. Conover suggested Mr. Bryant look into the availability of back owed monies.
• Mr. Lombardo also noted the group could think about ways Delaware Valley can support the Borough beyond just money.
• Mr. Gilmore noted that a new president will begin there in July, and that the Borough should reach out to her.  The Borough is meeting with current Del Val officials on March 2nd.

New Business – Grant Opportunities

• Mr. Bryant gave an explanation to the status of outstanding Borough grants.
• Mr. Gilmore explained the thought process behind the “grant moratorium” and emphasized that the Borough should do a better job of obtaining quotes and cost estimates prior to applying for any grants.
• Mr. Bryant then noted some grants the Borough may pursue in 2016 (DCNR and Sewage Facilities).   Mr. Wolff then suggested some grants that could also be beneficial for ADA Ramps and Street Lighting.

Adjournment

• Having no further business, Mr. Wolff made a motion to adjourn.  The motion was seconded by Mr. Borek.  The motion passed with all members present voting in favor.  The meeting was adjourned at 9:15PM.