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The Borough of Lansdowne Pennsylvania The Borough of Lansdowne Pennsylvania

Finance and Administration Committee

July 12, 2010

Present: Joe Bartley, Janet English, Ellen Lustgarten, Craig Totaro, Stephen Wagner

There were no visitor comments.

  1. Old Business

    • Library staffing: Changes to a new organizational structure and the resulting financial impact will be reviewed during the 2011 budget process.
    • Determining Indirect Expense: The Committee reviewed the budget line items included in the calculation of the indirect expenses. Mr. Totaro will review the indirect line items to determine the appropriate allocation of each by department.
    • Codes Department Fees: Being deferred until indirect expenses are finalized. The Committee will be meeting with the Board President of the William Penn School District to review permit fees to be applies to the upcoming expansion project at Ardmore Avenue School.
    • 20th Century Club Fees – Special groups: The Committee recommends there be no increase in the rental fee schedule for Lansdowne non-profit organizations and institutions.
  2. 2011 Budget Schedule: Due to scheduling constraints, the Committee is recommending the meeting with the Public Works, Library and Fire Departments occur during the day. A final budget schedule will be developed is forthcoming.
  3. Liquid Fuels Audit: All but one finding of the Commonwealth’s Liquid Fuel audit have been responded to and corrected. The remaining finding requires that the Borough have front and back copies of cancelled checks, a service currently not provided by Wachovia Bank. The Liquid Fuels bank account is being transferred to PNC so that this finding can be addressed.
  4. 20 Century Club refund request: The Committee denied a request to have a deposit for a 20th Century Club Rental returned.

The next Finance Committee meeting is scheduled for Monday, August 2nd.

Police Pension Fund Committee

July 12, 2010

Present: Joe Bartley, Janet English, Ellen Lustgarten, Craig Totaro

Guest: Mark Rioboli, Independence Advisors, Inc.

There were no visitor comments.

Mr. Rioboli reviewed the management changes that have taken place at Independence Advisors. There are no changes in staff, investment policies, fees or any other administrative issues.

The Pension Fund’s current asset allocation remains at 70% equity and 30% bonds and cash. This is in line with the target allocation for the Fund.

One of the Municipal Bonds is coming due August 15, 2010. It will be liquidated and kept in cash to cover the upcoming monthly payments to retirees.

Mr. Rioboli reviewed the status of the Pension Fund as of June 30, 2010. The portfolio as of March 31, 2010 was $5.6 million and as of June 30, 2010 was just under $5.1. There was $150,000 in withdrawals during that 3-month time period. Year-to-date, the Fund is down 3.1%. In the last 12 months, the Fund is up 14.1%

The Police Pension Committee will have its next quarterly meeting in November to review the 3rd quarter results.

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