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The Borough of Lansdowne Pennsylvania The Borough of Lansdowne Pennsylvania

Finance Committee
Minutes

February 2, 2009

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

There were no visitor comments.

  1. Intern Program – The committee discussed the potential needs for interns for short-term projects and potential sources for interns.
  2. Restructuring Debt – Mr. Bartley reported that the borough would not be allowed to refinance the PennVest loans. He is waiting for rate information from DVRFA loan. The DVRFA Capital loan balance is currently $1,074,000 with a 3% variable rate.
  3. Audit Update – The auditors have begun work on the 2008 audit. Mr. Bartley continues to provide them information as requested.
  4. Factoring Receivables – Mr. Totaro received information from the county regarding outstanding taxes to determine the feasibility of selling them to a private firm for collection. The vast majority of older receivables were already encumbered and not available for sale. The majority of outstanding 2007 taxes are being collected by the county as will the 2008 taxes in 2009.
  5. Expenditure Policy – Mr. Bartley is preparing an accounting manual that will include purchasing and expense policies. The committee gave Mr. Bartley direction on authorizations for contracts, purchases, expenses, etc.
  6. Copier Leases – Mr. Totaro and Mr. Bartley are reviewing all the copier leases throughout the Borough for any potential savings.
  7. 2008 Fund Balance – Ms. Lustgarten described some concerns with outstanding 2008 taxes from two large property owners and the potential impact on the 2008 General Fund balance.
  8. Union AA – Mayor Young described financial issues facing the Union AA and asked the committee to discuss any potential ways that the Borough could support the Union AA’s July 4th activities. The committee requested that the Mayor as the Union AA to provide the committee with a budget so they could better respond to this request.
  9. 20th Century Club Rentals – The committee revisited the issue of renting the 20th Century Club to community groups. It is recommending to the full Council that all 501(C)3 non-profit organizations based on Lansdowne be able to use the 20th Century Club at no cost.
  10. Elm St Financing – Ms. Coleman provided the committee with information regarding the financing of the Elm St. project in preparation for the February 4th Council meeting discussion.
  11. Staff Recognition – Betsy Riffert and Michael Taylor were each acknowledged for work that resulted in significant cost savings for the Borough.
  12. Executive Session – There was one item for Executive Session.
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