New Britain Borough Financial Advisory Committee

Meeting Notes

February 27, 2018, 7:30pm

  1. Call to order
  1. The meeting was called to order at 7:30pm by Chairperson Frank Lombardo.
  1. Pledge of Allegiance
  2. Roll call
  1. Members present included Mr. Lombardo, Ms. Rookstool, Mr. Conover and Mr. Wolff.  Members not present were Mr. Borek.  Others present included Council Liaison Jeff Gilmore and Borough Manager Sam Bryant.  Also present was Alex Nagy, a Borough resident and Borough Intern.
  1. Approval of Minutes of January 2018
  1. Mr. Lombardo requested the minutes be amended to reflect that Mr. Wolff nominated Ms. Rookstool for Vice Chairperson.  Mr. Wolff made a motion to approve the amended minutes, seconded by Ms. Rookstool.  Mr. Lombardo, Ms. Rookstool, and Mr. Wolff voted to approve, while Mr. Conover abstained.
  1. Unfinished Business
  1. Consideration of Groner Fund Investment Options
  1. The Borough Solicitor informed Council and the Manager that the Groner Funds are not subject to municipal investment limitations, as it is setup as a trust that the Borough oversees.
  2. Mr. Conover stressed the need for prudent investment, even if there were no legal restrictions.  He noted it was important to have diversity in the investments, a return without being speculative, and avoids excessive risk.  He advised that the Borough should find a professional investment manager who has experience with municipal clients and trusts.  Mr. Conover also advised that the liquidity requirements of the Nature Preserve be considered.  After discussion, Mr. Conover also advised that the investment manager should report quarterly on the performance of the funds.
  3. Mr. Gilmore noted that an individual named Tim Breslin did such work for his company and he get some thoughts from him and put him in touch with the Borough Manager.  Mr. Gilmore also noted that the Borough could try doing a small portion of the money at first, or set up competing portfolios.
  4. Mr. Conover offered to assist Mr. Bryant in creating a scope of work for this project.
  5. Mr. Bryant stated he would confirm with the Borough Solicitor on the RFP requirements and would contact Mr. Conover to work on the scope of work.
  1. New Business
  1. Review of Draft Groner House Lease
  1. After review and discussion, the Financial Advisory Committee felt the lease was too generous.  They recommended an increase in rent to $1,700, removal of the mowing and driveway services, adding a clause to make the tenant responsible for repairs under $100, annual increases in rent, and requiring an annual rental inspection.
  2. Mr. Bryant expressed several concerns with this approach, but pledged to try and implement some of these ideas before asking Council to approve the new lease.
  1. Consideration of Borough Overhead Assets (i.e., power lines)
  1. Mr. Gilmore reviewed the report he prepared.  In short, he would like to see actions taken to reduce the visual impact of utility wires on the Butler Ave streetscape.
  2. After discussion, the group requested that Mr. Bryant contact PECO, Verizon and Comcast for the cost and feasibility of such a project.
  1. Adjournment
  1. Ms. Rookstool made a motion to adjourn at 8:43pm.  Mr. Wolff seconded the motion, which was approved by all members present.