Finance/Pension Committee Meeting

BOROUGH OF DOYLESTOWN FINANCE AND PENSION COMMITTEE MEETING THURSDAY, SEPTEMBER 12, 2024 – 6:00 pm MEETING MINUTES The meeting of the Finance and Pension Committee was held on the above date and time with the following people present: Committee Members: Chair Amy Popkin, Bob Kinney Council Members: Mayor Noni West, Jack O’Brien Staff: Caroline Brinker Approval of Minutes Approval of the minutes of August 8, 2024 were deferred to the October meeting. Verizon Cable Franchise Renewal In 2025, the Borough’s current Cable Franchise Agreement with Verizon will expire. As with the previous Franchise Agreement negotiations in 2016, the Bucks County Consortium of Municipalities is proposing joint negotiations to produce a single franchise renewal agreement for consideration by all municipalities choosing to participate. The Consortium has solicited a proposal from the Cohen Law Group of Pittsburgh, PA (copy attached) to provide consulting services to the participating municipalities during the negotiations. In addition to franchise renewal negotiations, the scope of services includes a franchise fee audit to determine whether Verizon has paid each municipality all of the franchise fee revenue to which it is entitled. Twelve to sixteen municipalities are anticipated to participate in the joint negotiations with the Borough’s share amounting to $8,075. The members present are recommending that Council authorize participation in the Verizon Cable Franchise Renewal Consortium at a cost of $8,075. Disclosure of 2025 Minimum Municipal Obligation to Pension Plan The Committee reviewed the 2025 MMO Disclosure to Council. The projected 2025 non-uniformed pension obligation is $386,224, and it is anticipated that approximately $168,000 will be covered by State Aid. Old/New Business 1. Ms. Brinker updated the Committee on the new accounting software transition, and that the “Go Live” date has been moved to the week of September 16. 2. Ms. Brinker updated the Committee on the 2025 budget schedule, noting that all departments have met with John Davis to discuss 2025 capital purchases. The first Budget Worksession will be October 16, 2024 at 6:00pm. All Council are invited to attend. The meeting ended at 6:50pm. Respectfully Submitted, Caroline Brinker Finance Director