FINANCIAL PLANNING COMMITTEE
TUESDAY NOVEMBER 12, 2002
Approval of Minutes: Minutes of the meeting held on November 12, 2002 were approved on motion of member Fidler, seconded by member Newmuis and approved by all present.
The Newtown Township Financial Planning Committee met on Tuesday, November 12, 2002 in the meeting room of the Township Municipal Building.
Members present: Richard D. Weaver; James A. Bowe, III; Philip Newmuis, Jr.; Bob Dieterle; Phil Vance and Elaine M. Gibbs, Finance Director. Also attending was Township Manager Bob Pelegrino. Resident Nancy Crescenzo was in attendance.
Chairman Weaver called the meeting to order at 8:35 A. M.
Approval of Minutes: On motion of member Bowe, seconded by member Vance and approved by all present, except member Dieterle who abstained due to absence on October 8th, minutes of the meeting held on October 8, 2002 were approved.
A brief discussion was held relating to the percentage of Reserve Funds as recorded in paragraph three: Uses of Reserve Funds in the Proposed Budget for 2003. Suggested addition: The percentage of Reserve Fund Balance which might be more appropriate to maintain: somewhere between 5% and 35%.. based on the General Fund appropriations minus the Capital Fund.
Other suggestions from members were: A. plan a draw-down from the Reserve Funds understanding that “what is needed’ be put in Reserve Fund for: 1. Sycamore Street expenses and 2. Administration Building expenses. B. The Board of Supervisors may move funds from the General Fund to the Reserve Fund as they make serious considerations of pending projects.
Capitalization Policy of Fixed Assets: A hand-out dated November 8, 2002 from RSM McGladrey Inc., was distributed relating to the Capitalization Policy of Fixed Assets.
By agreement of members, it will be discussed at the meeting scheduled for Tuesday, December 10, 2002.
Manager Pellegrino noted he had a presentation in readiness for a meeting scheduled before the Board of Supervisors relating to the Proposed 2003 Budget. Capital and Operating Budgets were separated as suggested. He had reviewed presentations made by Department Heads to the Financial Planning Committee and considered items and related costs as he inserted them into the Proposed Budget.
He plans to interpret sources of revenue and give a general over-view of expenditures listed.
Wrightstown Township: Proposal for Police Services to Wrightstown Township will be considered for approval at the regular meeting of the Board of Supervisors on November 18, 2002.
All members of the Financial Planning Committee applauded the development and presentation of the Proposed 2003 Budget.
Questions relating to Debt Payments; Road Repairs Proposed; Earned Income Tax Revenue; costs of traffic signals (to be erected); expenditure for a Street Sweeper; the Council Rock School District tax on residents & employees; Sycamore Street expected costs and/or reimbursements were answered by Manager Pellegrino.
There being no further business, the meeting was duly adjourned at 10 A. M.
Ethel K. Hibbs, Secretary