New Britain Borough Financial Advisory Committee

Meeting Notes

June 27, 2017, 7:30pm

1. Call to order

1. The meeting was called to order at 7:29PM by Chairman Mr. Frank Lombardo.

2. Pledge of Allegiance
3. Roll call

1. Members present included Frank Lombardo, Art Conover, Joseph Borek, John Wolff, Jr., and Danielle Rookstool Young.  Council Liaison Jeff Gilmore and Sam Bryant (Borough Manager/Treasurer) were also present.

4. Approval of Minutes

1. Mr. Wolff motioned to approve the minutes.  Mr. Borek seconded the motion and it was approved by all members present.

5. Unfinished Business

1. Five Year Plan Review and Update - 2017 Committee Outreach

1. Mr. Conover spoke with the Historic Chair, Lorraine Moxey.  That committee is requesting $1,500 for 2018.  Mr. Gilmore met with Shade Tree, who is requesting $6,300 for 2018.  Mr. Gilmore also met with Parks/Rec, who is requesting $7,000 for next year.  Mr. Borek met with the Nature Preserve, who are requesting $12,500 for preserve maintenance, $2,000 for updated mapping, and $3,000 for a brush hog for 2018.  Mr. Lombardo met with the Borough police commission members and recommended to them that they eliminate a Captain position to save money.  Mr. Bryant noted that at its June meeting, the Police Commission decided to delay this decision until a new Chief is hired later this year.
2. The Committee reviewed the five year plan and discussed possible structural changes for capital spending and fund balance reserve.

2. Council Request – Investigation of Investment of Remaining Groner Funds

1. Mr. Bryant needed direction on how the money should be invested.  He noted that the Borough Pension has an Investment Policy Statement (IPS) for this purpose.
2. Mr. Conover suggested that this item be tabled until the the possible property acquisition is resolved.
3. Mr. Bryant noted that one of the existing investments will expire in November 2017.  Mr. Conover agreed to assist Mr. Bryant with finding an appropriate short-term investment.

6. New Business

1. Multimodal Grant Application Review

1. Mr. Bryant gave an overview of the Borough plan to apply for grant funding for bike trail along Keeley Ave and sidewalk on Butler Ave to advance the main street plan, create a walkable community, and spur economic development.
2. To afford this, the Borough is investigating a multimodal grant, which has a 30% matching requirement.  The Borough match would be $363,600, but Mr. Bryant would hope to use developer contributions to offset some of this.
3. Mr. Conover noted that the group should evaluate this proposal without developer contributions, as they could be uncertain in timing and/or amount.
4. Mr. Wolff cautioned that implementing sidewalk in the University Village area could be problematic, as new development could come with road widening, utility installation, etc. that would force damaged sidewalk to be redone, wasting grant funds.
5. Mr. Lombardo asked about how this would affect cash flow, and if borrowing should be considered for the project.
6. After a review of impact on the five year plan, and Mr. Wolff’s comments on timing, Mr. Conover made a motion that the committee recommend Council approval of the grant application with a suggestion to split into three years (Keeley in 2018, Butler to Shady Retreat in 2019, University Village in 2020).  The motion was seconded by Ms. Rookstool Young, and approved by all members present.

7. Adjournment

1. Mr. Wolff motioned to adjourn.  Mr. Conover seconded the motion and approved by all members present.  The meeting adjourned at 8:54 PM.