NEWTOWN TOWNSHIP FINANCIAL PLANNING COMMITTEE

100 MUNICIPAL DRIVE, NEWTOWN, BUCKS COUNTY, PA 18940

Internet: http://www.twp.newtown.pa.us

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Minutes for the meeting held on August 28, 2012

The Newtown Township Financial Planning Committee met on Tuesday, August 28, 2012 at the Newtown Township Administration Building.

Members present were Joe Barkley and Warren Dallas. Excused were Robert Daries, Rick Fuerman, Scott Rosenberg and Brian Wilson.

CALL TO ORDER:

Mr. Barkley called the meeting to order at 7:50 P.M.

MINUTES OF JULY 24, 2012:

The approval of the minutes of July 24, 2012 was tabled due to the lack of a quorum.

OTHER BUSINESS:

Mr. Barkley advised that Brian Wilson has resigned from the Committee and that Scott Rosenberg may be resigning. The Recording Secretary reported that she would contact both members and request them to submit a letter advising of their resignation. Mr. Barkley request the matter of the Committee looking for new members be added to the September agenda. The Recording Secretary advised that she does inform Mrs. Kivenko when members resign from a Committee.

OLD BUSINESS:

Work on First Draft of MuniCast Forecast

Mr. Barkley noted that due to the lack of a quorum and the absence of Mr. Daries the Committee would begin working on the MuniCast forecast at the September meeting. He reported on his discussion with the Township Manager and advised that Mr. Ferguson has reviewed the MuniCast system and is trying to understand how it works and to figure out what would be information would be meaningful to the Township. He commented on the fees collected from Earned Income Tax and noted that 11% of those fees are collected from non-residents and that percentage could be affected if the towns that those residents live in inact an Earned Income Tax. Mr. Barkley advised Mr. Ferguson that the Committee is struggling to determine what is relevant. He commented on his discussion with Scott Rosenberg with regards to economic indicators. It was noted that relevant items would include the three union contracts. Mr. Barkley also suggested inputting data with regards to refinancing the new building. The members present agreed that the value of the system needs to be determined. The Recording Secretary reported that she would contact Mr. Daries and request a copy of the MuniCast file.

NEW BUSINESS:

None.

PRIVILEGE OF THE FLOOR:

Mr. Barkley reported on the meaning of the phrases “Adjournment sine die” and “Adjournment”. Adjournment sine die (from the Latin “without day”) means “without assigning a day for a further meeting or hearing”. To adjourn an assembly sine die is to adjourn it for an indefinite period. A legislative body adjourns sine die when it adjourns without appointing a day on which to appear or assemble again. Adjournment is a suspension of proceedings to another time or place. To adjourn means to suspend until a later stated time or place.

ADJOURMENT:

There being no further business the meeting was duly adjourned at 7:58 P.M.

The next meeting is scheduled for September 25, 2012 at 7:30 P.M.

 

Respectfully submitted,



Christy Holley-Flaherty, Recording Secretary