NEWTOWN TOWNSHIP FINANCIAL PLANNING COMMITTEE

100 MUNICIPAL DRIVE, NEWTOWN, BUCKS COUNTY, PA 18940

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

******************************************************************************************************

Minutes for the meeting held on September 25, 2012

The Newtown Township Financial Planning Committee met on Tuesday, September 25, 2012 at the Newtown Township Administration Building.

Members present were Joe Barkley, Warren Dallas, Robert Daries and Rick Fuerman.

CALL TO ORDER:

Mr. Barkley called the meeting to order at 7:30 P.M.

MINUTES OF JULY 24, 2012:

Mr. Barkley made a motion to approve the minutes of July 24, 2012, as presented. The motion was seconded by Mr. Dallas and passed unanimously (4-0).

MINUTES OF AUGUST 28, 2012:

Mr. Barkley made a motion to approve the minutes of August 28, 2012, as presented. The motion was seconded by Mr. Dallas and passed unanimously with two members abstaining (2-0-2).

OLD BUSINESS:

Work on first draft of MuniCast forecast

The members discussed the MuniCast system. Mr. Daries advised that currently the system contains Township information up to the first quarter of 2102. The members discussed choosing assumptions and Township’s current financial situation. It was agreed that the Township’s largest expenditures included salaries and medical benefits. The members discussed the Township’s three union contracts and agreed that information regarding salary increases and increased medical costs should be included in system’s data. Mr. Daries noted that data in the system can be easily changed and suggested contacting Mr. Ferguson with regards to choosing assumptions.

The members reviewed the MuniCast spreadsheet. It was agreed that more education is needed with regards to how to use the system and a suggestion was made that the members should schedule a conference call with Mr. Swanson from MuniCast.

The members discussed various scenarios with regards to the system such as raising taxes and freezing payroll.

The members discussed setting up an offsite teleconference with Mr. Swanson, so that everyone would be in front of their own computer. Mr. Barkley requested having the conference in the evening and prior to the October meeting; he also suggested that prior to the conference Mr. Swanson be provided with the Township’s assumptions. It was agreed that the conference setup would be handled by Mr. Daries. Mr. Daries requested Mr. Swanson be provided updated information with regards to the 2012 and 2013 Budgets and the Township’s second quarter; so that the data in the MuniCast system will be the most current. Mr. Barkley reported that he will contact Mr. Ferguson and Mrs. Gibbs with regards to the information needed to be forwarded to Mr. Swanson.

Township pension funds

Mr. Barkley inquired on what information Mr. Daries has received with regards to the three pension funds. Mr. Daries reported on what he has received. It was agreed that more information is needed.

NEW BUSINESS:

Committee looking for new members – 5 vacancies

Mr. Barkley suggested that the Committee delaying adding any new members at this time.

PRIVILEGE OF THE FLOOR:

None.

ADJOURMENT:

There being no further business the meeting was duly adjourned at 8:31 P.M.

The next meeting is scheduled for October 23, 2012 at 7:30 P.M.

 

Respectfully submitted,



Christy Holley-Flaherty, Recording Secretary