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The Borough of Lansdowne Pennsylvania The Borough of Lansdowne Pennsylvania

Finance Committee

August 27, 2008

Present: Joe Bartley, Sharon Coleman, Kevin Lee, Ellen Lustgarten, Craig Totaro

There were no visitor comments.

The Committee reviewed 2008 Year End Projections prepared by the staff. The General Fund began 2008 with a $275,000 fund balance and it was estimated that there would be $4000 more in revenue than expense for the year. Based on information through June 30th, it is estimated that there will be an approximate $175,000 shortfall in revenue:
$75,000 in current taxes
$40,000 in transfer taxes
$35,000 in interest income
$25,000 in trash fees

This would leave a $100,000 beginning fund balance for 2009. Keeping in mind that a large check was received from the tax collector early in 2008 for the 2007 tax period, the Finance Director is working closely with the Tax Collector to closely monitor revenue for the rest of the year.

Based on revenue and expense activity in 2008, a preliminary 2009 Budget is being prepared which will be completed with information gathered from Department Heads and the Borough Manager at the budget meetings. The Borough Manager is finalizing budget meeting dates with staff.

Ms. Lustgarten reported on the meeting held by the Delaware County Solid Waste Authority regarding the tipping fees being proposed by the Authority to be implemented in 2009. Based on information presented by the Borough Manger, the original $173,000 estimated by the Authority to be Lansdowne’s share, may, in fact, be closer to $140,000.
More information will be provided to the municipalities at the end of September.

The Committee continued discussions about the process by which staff evaluations and raises based on merit may be implemented for 2009. The Borough Manager will draft a plan for review by the Committee.

The Committee adjourned to Executive Session.

In addition to the budget meetings to be scheduled in September, the Finance and Administration Committee will meet on Monday, October 6th at 7:00 p.m.

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