FINANCE COMMITTEE MINUTES
MAY 24, 2010


Attendance: David Grove (member), Ralph Jacobs (member), Philip Jefferson (chair). Other council members present: Steve Goldfield, Elizabeth Knapp, Susan Smythe. Staff members present: Jane Billings (Borough Manager).


1. Public Comment

No comments made.

2. Approval of Finance and Community Development Committee Minutes of October 28, 2009
The minutes were approved by unanimous vote.

3. Distribution of excess 2010 Pension Contribution ($140,000)

The Committee discussed the need to distribute the excess 2010 Pension Contribution across the police and non-uniform staff pension plans. After receiving input from all present, Jane and Philip will develop a specific proposal for distribution. That proposal will be presented at a future committee meeting.

4. Preliminary 2011 Operating and Capital Budgets

Jane provided an overview of major expected spending increases in the 2011 Operating and Capital Budgets. Special emphasis was placed on the need to augment the Borough’s fund balance. There was consensus that the Borough should develop an explicit policy pertaining to a prudent size of the fund balance.

5. Earned Income Tax

The committee took up a general discussion of the EIT. Pros and cons were considered. Those present were encouraged to send requests to Jane for data that might better inform our discussion. The committee will revisit this issue in a subsequent meeting.