New Britain Borough Financial Advisory Committee

Meeting Notes

January 23, 2018, 7:30 pm

1. Call to order

1. The meeting was called to order at 7:36PM by Chairman Mr. Frank Lombardo.

2. Pledge of Allegiance
3. Roll call

1. Members present included Frank Lombardo, Danielle Young Rookstool, and John Wolff, Jr.  Members Joseph Borek and Arthur Conover were not present.  Non-voting members Council Liaison Jeff Gilmore and Sam Bryant (Borough Manager/Treasurer) were also present.  Mayor David Holewinski was present as a guest.

4. Selection of Chair, Vice Chair and Secretary

1. Mr. Wolff nominated Mr. Lombardo as Chairman.  No other nominations were made.  All present voted in favor of Mr. Lombardo as Chairman.
2. Mr. Lombardo nominated Ms. Rookstool as Vice-Chairwoman.  No other nominations were made.  All present voted in favor of Ms. Rookstool as Vice Chairwoman.
3. Mr. Lombardo nominated Mr. Bryant as Secretary.  Mr. Bryant noted that on most other committees, a voting member serves as Secretary.  It was suggested that Mr. Bryant delegate typing the minutes to the Borough Secretary.  No other nominations were made.  All present voted in favor of Mr. Bryant as Secretary.

5. Approval of Minutes

1. Mr. Wolff motioned to approve the August 2017 minutes.  Mr. Lombardo seconded the motion and it was approved by all members present.

6. Review of Civic Association Camp Proposal

1. Mr. Holewinski explained that upon a recent review of park maintenance costs stemming from summer camp, he and Mr. Gilmore felt the increased amount was appropriate.
2. Mr. Lombardo requested the Civic Association ask for a flat rate fee, instead of a per camper or revenue based amount.  Mr. Holewinski estimated this amount, including utilities, at $7,000 per year.
3. Mr. Bryant stated that it should be shown to Borough Council how these costs were derived and some form of commitment that the money would be invested in Covered Bridge Parking upkeep.

7. 2017 Financial Review

1. Mr. Bryant stated the Borough had its first surplus in six years, due to an increase in recurring revenue and flat amount of recurring expenses.

8. Investment of Groner Funds

1. Mr. Bryant still has to confirm with the Borough Auditor and Solicitor how the Groner Funds can be invested.
2. After discussion, the Finance Committee recommended Mr. Bryant use an asset management or invest firm to manage Groner Fund investment.  Mr. Bryant noted he would also need to check if the Borough would need to bid out such a service.

9. Executive Session to Discuss Possible Property Acquisition

1. Executive Session began at 8:19 pm.
2. Resume regular meeting at 8:43 pm.

10. Mr. Lombardo motioned to adjourn.  Ms. Rookstool seconded the motion and approved by all members present.  The meeting adjourned at 8:44 PM.

1. Frank, Danielle adjourn at 8:44 pm