FINANCIAL PLANNING COMMITTEE
TUESDAY FEBRUARY 18, 2003
Approval of Minutes:
On motion of member Vance, seconded by member Dieterle and approved by all members present, minutes of the meeting held on February 18, 2003 were approved as presented.
The Newtown Township Financial Planning Committee met on Tuesday, February 18, 2003 in the meeting room of the Township Municipal Building, 100 Municipal Drive, Newtown, Pa.
Members present were Richard Weaver, Elaine Gibbs, Robert Dieterle, Phil Vance, Philip Newmuis and Ryan O’Keefe. Members Fidler & Tripak were excused. Also attending was Township Manager Robert Pellegrino and Township resident Glenn Beasley.
Call to Order:
Chairman Weaver called the meeting to order at 8:30 A. M. and introduced new member Ryan O’Keefe to the Committee.
Approval of Minutes:
On motion of member Gibbs, seconded by member Vance and approved by all members who had attended that session, minutes of the meeting held on December 10, 2002 were approved as presented. Member Dieterle abstained due to absence.
By consensus, meetings will begin at 8 A. M. for the year 2003.
Old Business: A discussion followed relating to the Capitalization of Fixed Assets for the Township; related information which Finance Director Gibbs had obtained was mailed to members earlier for review. Ms. Gibbs stated Lynn Forsythe of American Appraisers, Inc., will be conducting an ‘asset evaluation’ in the near future for the Township.
Manager Pellegrino noted that a recommendation from the Financial Planning Committee to the Board of Supervisors relating to fixed assets should be put forth within the next two months.
Finance Director Gibbs stated a recommendation from the auditors and the American Appraisers, Inc., will be used as a base for the recommendation. A presentation from these agencies will take place at the March meeting of the Committee.
Township Manager Pellegrino stated that $400,000. would be transferred into the Township Reserve Account from the General Fund as revenue which had been received and not expended during the year 2002.
An interpretation of receipts to the Township from Earned Income Tax collector, Berkheimer & Associates, Inc., was given by Ms. Gibbs. There will be additional receipts from the year 2002 received during the first quarter of 2003 as they are received by the Agency.
Manager Pellegrino detailed the process, plans, taxing, land acquisition and other matters which will require serious consideration prior to building expansion. These items will be items to be discussed by the Supervisors.
He stated re-structuring and re-financing will be necessary in order to build.
Members of the Committee noted that a tax increase would probably be a necessity.
Manager Pellegrino stated that revised plans have been received and are in the process of review and revisions.
Privilege of the Floor
Resident Beasley dialogued with members of the Committee about the impact of operating costs when a new facility is built, including maintenance and utilities. He asked that these costs be reflected early-on in presentations to the public.
Presentations by Department Heads
A schedule of presentation by Department Heads of the Township will be developed by Ms. Gibbs, sent to the Staff as had been done in 2002, with presentations to begin in April.
There being no further business to come before the Committee, the meeting was duly adjourned.
Ethel K. Hibbs, Secretary