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The Borough of Lansdowne Pennsylvania The Borough of Lansdowne Pennsylvania

Finance Committee

May 7, 2007

PRESENT: Sharon Coleman, Dan Donegan, Kevin Keinzle, Kevin Lee, Ellen Lustgarten, Marc Mugler, Dale Nupp, William Smith

Stuart and Scott Race of Simon Capital Management made a presentation to the Finance Committee regarding what their firm could offer the Borough in terms of managing the Police Pension Fund. They provided their history, investment philosophy and answered questions from the Pension Board. The Committee is recommending that Smith Barney no longer manage the Pension Plans and will interview other firms in addition to Simon Capital to determine where we want to move the plans. It was agreed that this need to occur as soon as possible with a goal of making the change by June 30, 2007.

The committee then met with Jason Leininger of Portnoff Associates to review the policies and processes around collecting delinquent trash and sewer fees. The Committee and Mr. Leininger reviewed the monthly reports provided by Portnoff and agreed to preparing additional information to assist the Borough in accounting for these collections. From January – April, 2007, over $55,000 has been collected.

The Committee reviewed the request for a contribution to the Senior Center and recommends that the Borough make the $2000 contribution requested.

The Accounting software presently used by the Borough is outdated and the license is expiring at the end of the year. The Treasurer is going to take the lead on evaluating new accounting software programs over the summer.

The next Finance Committee meeting will be held June 4, 2007 at 7:00 p.m. in Borough Hall.

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