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082217 FAC Agenda
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New Britain Borough Financial Advisory Committee

Meeting Agenda

August 22, 2017, 7:30pm

  1. Call to order
  1. The meeting was called to order at 7:41PM by Chairman Mr. Frank Lombardo.
  1. Pledge of Allegiance
  2. Roll call
  1. Members present included Frank Lombardo, Art Conover, and John Wolff, Jr.  Council Liaison Jeff Gilmore and Sam Bryant (Borough Manager/Treasurer) were also present.  Members Joseph Borek and Danielle Rookstool Young were not present.
  1. Approval of Minutes
  1. Mr. Conover motioned to approve the minutes.  Mr. Wolff seconded the motion and it was approved by all members present.
  1. Unfinished Business
  2. New Business
  1. Auditor Review
  1. Mr. Bryant reported that he solicited quotes for audit services from Bee Bervall, Maillie and Dunlap.  All of the quotes were more expensive than the current service.  As the current auditor does a good job, Mr. Bryant recommended no change.
  1. “Managing the Message” for Financial Information
  1. Cleargov Presentation and Case Study
  2. Mr. Conover noted that it was a lot of good information provided by Cleargov, but that we need to decide what kind of information to present and how much information to present before deciding on a service or tool to present it.  Mr. Gilmore agreed with this thought.
  3. Mr. Lombardo noted the lack of public and Council questions received from the financial statements provided and information on the Borough website as an indication that adequate information was already being provided.
  4. After discussion, the group consensus was to generally continue with the current process.
  1. 2018 Budget Preparation
  1. Mr. Bryant thanked Mr. Conover for his assistance in cleaning up and improving the five year plan.
  2. The committee requested Mr. Bryant put notes on the fund balance sheet to note the Road Loan and Miller Acquisition, as they create major changes to the Liquid Fuels and Groner funds.
  3. After discussion, it was agreed that Mr. Bryant would prepare information for Mr. Lombardo to review for a budget work session.  As there is a BCBA meeting the night of the September Finance Meeting, it was agreed to ask Council if Monday, September 25th would work instead
  1. Adjournment
  1. Mr. Wolff motioned to adjourn.  Mr. Conover seconded the motion and approved by all members present.  The meeting adjourned at 9:02 PM.