** AGENDA **
October 25, 2006
7:30 P.M.
Regular Meeting of the Mayor and Council of the Borough of Englishtown, 15 Main Street, Englishtown, New Jersey 07726.
1. Meeting Called to Order and Roll Call
2. Statement of Compliance with Sunshine Law
3. Moment of Silence and Salute to the Flag
4. Approval of Minutes – July 12, 2006 and July 26, 2006
5. Committee Reports
6. Correspondence
7. Open Public Portion/Limited to Agenda Items Only
Limited to Five (5) Minutes per citizen to be determined at Borough Council’s discretion. Any and all situations regarding Borough Personnel, when names are implied or mentioned, are to be brought to the full attention of the Council through an appointment and subsequent disclosure through the Personnel Committee.
8. Old Business:
A. Ordinance No. 2006-22 – Public Hearing and Adoption
Amending Borough Code Book Chapter 2.89
Entitled “Littering”
9. New Business:
A. Ordinance No. 2006-23 – First Reading and Introduction
Establishing Limits for Employee Salaries
Amending Borough Code Book Chapter 2.121
Entitled “Vehicles & Traffic”
Approving the Employee Performance Evaluation System
D. Resolution No. 2006-167
Appointing Part Time Clerk Typist – Ann Marie Derpich
Approving Raffle Application RA# 2006-02
F. Resolution No. 2006-169
Approving Bylaws of the Central Jersey Health Insurance Fund
G. Resolution No. 2006-170
Relief from Municipal CAP Law
H. Resolution No. 2006-171
Establishing Investment Policy
I. Resolution No. 2006-172
Canceling Old Outstanding Checks
J. Resolution No. 2006-173
Appointment of Full Time Police Officer – Robert G. Stolte
OATH OF ALLEGIANCE – Officer Stolte
K. Resolution No. 2006-174
Canceling Grant Receivable Balance
L. Resolution No. 2006-175
Canceling Grant Reserve Balance
Canceling Grant Receivable and Reserve Balance
N. Resolution No. 2006-177
Authorizing Payment of Borough Bills
O. Resolution No. 2006-178
Approving Effort in Community Outreach Process
(Smart Future Planning Grant)
10. Public Portion
Limited to Five (5) Minutes per citizen to be determined at Borough Council’s discretion. Any and all situations regarding Borough Personnel, when names are implies or mentioned, are to be brought to the full attention of the Council through an appointment and subsequent disclosure through the Personnel Committee.
11. Executive Session
12. Adjournment
The meeting was called to order by Mayor Reynolds at 7:32 P.M.
Roll Call: Present: C/Rucker, C/Simon, C/Carr, C/Robilotti
Absent: C/Soden, C/Palmieri
Also present were Christine Robbins Deputy Municipal Clerk, Laurie Finger, Borough Administrator and Stuart J. Moskovitz, Borough Attorney.
Mayor Reynolds stated pursuant to N.J.S.A. 10 4-6 notification of this meeting has been (1) Published in the Asbury Park Press and Home News and the News Transcript the Official Newspapers of the Borough, (2) Posted to the Public at Borough Hall, (3) Copy has been filed with the Municipal Clerk, (4) Copy of this agenda and the Sunshine Statement has been filed with the Mayor and Council. Thus this meeting tonight is deemed in compliance with the Open Public Meetings Act.
There was a moment of silence and salute to the flag.
There being no corrections, deletions or additions, a motion to approve the Minutes of July 12, 2006 and July 26, 2006 was offered by C/Rucker and seconded by C/Simon. Passed on the following roll call:
C/Carr states that on July 12, 2006 minutes, Background Checks Ordinance is contradicting itself.
Stuart Moskovitz clarifies.
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nayes: None
Absent: C/Soden, C/Palmieri
Abstain: None
C/Robilotti
Mayor Reynolds states a minimum of two issues a year sounds good.
Council members consensus is no.
C/Carr
Stuart Moskovitz responds he will look into it tomorrow.
Peter Cooke, Office Of Emergency Management Coordinator responds that he already replied to the County the day after he received that same letter.
Mayor Reynolds opens the floor to the public for discussion limited to agenda items only.
There being no questions or comments, a motion to close the public portion was offered by C/Carr and seconded by C/Robilotti. Passed unanimously.
Resolution No. 2006-173
Appointment of Full Time Police Officer
Whereas, there is a need to hire a full time police officer; and
Whereas, the public safety committee has recommended Robert G. Stolte be appointed to Patrolman for the Borough of Englishtown.
Now Therefore, Be It Resolved by the Mayor and Council of the Borough of Englishtown, County of Monmouth, State of New Jersey that Robert G. Stolte is hereby appointed police officer for the Borough of Englishtown as follows:
1. Appointment is effective October 25, 2006.
2. Salary is effective October 25, 2006 in the amount of $29,134.00 per annum, paid bi-weekly per the salary ordinance.
3. That said appointment is probationary for one year effective October 25, 2006.
Be It Be Further Resolved that a certified true copy of this resolution be forwarded to the Chief Financial Officer, Chief John Niziolek and Robert G. Stolte.
Offered By: C/Simon
Seconded By: C/Carr
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Mayor Reynolds administers the oath of office to Robert G. Stolte and welcomes him aboard.
Old Business
BOROUGH OF ENGLISHTOWN PUBLIC HEARING & ADOPTION
ORDINANCE NO. 2006-22
AN ORDINANCE OF THE BOROUGH OF ENGLISHTOWN AMENDING CHAPTER 2.89 OF THE BOROUGH OF ENGLISHTOWN CODE BOOK WHICH CHAPTER IS ENTITLED “LITTERING”
WHEREAS, the governing body of the Borough of Englishtown recently amended Chapter 2.89 to comply with state stormwater regulations and, in so doing, inadvertently repealed certain then existing provisions of Chapter 2.89; and
WHEREAS, the governing body of the Borough of Englishtown determines that there exists a need for those sections and is desirous of restoring those sections to the Code of the Borough of Englishtown to protect the public health, safety and welfare of the residents of the Borough:
NOW THEREFORE BE IT ORDAINED by the Borough Council of the Borough of Englishtown that Chapter 2.89, Littering, of the Code of the Borough of Englishtown is hereby supplemented as follows:
§2.89.03 Prohibited Acts and Regulated Activities
3. Litter receptacles shall be placed at the following public places within the municipality: sidewalks used by pedestrians in active commercially-zoned area, such that at a minimum there shall be no single linear quarter-mile without a receptacle; buildings held out for use by the public, including schools, government buildings, and railroads and bus stations, parks; drive-in restaurants; all street vendor locations; self-service refreshment areas; construction sites; gasoline service station islands; shopping centers; parking lots; campgrounds and trailer parks; marinas, boat moorage and fueling stations; boat launching areas; public and private piers operated for public use; beaches and bathing areas; and at special events to which the public is invited, including sporting events, parades, carnivals, circuses, and festivals. The proprietors of these places and the organizers of these events shall be responsible for providing and servicing the receptacles such that adequate containerization is available.
4. It shall be unlawful to store tires in any residential zone except in a fully enclosed structure.
5. It shall be unlawful to accumulate debris on or around construction sites, or store such materials in such a manner as to be likely to be removed by natural forces onto adjacent property.
6. Open or overflowing commercial, industrial or residential waste disposal bins are prohibited.
7. Every owner, lessee, tenant, occupant, or person in charge of any building or structure shall keep and cause to be kept the sidewalk and curb abutting said building or structure free from obstruction and nuisances of every kind, and shall keep said sidewalks, areaways, backyards, courts and alleys free from litter an other offensive materials.
8. It shall be unlawful to sweep into or deposit into any gutter, street, catch basin, or other public place, any accumulation of litter from any public or private sidewalk or driveway. Every person who owns or occupies property within the Borough shall keep the sidewalk in front of his/her premises free of litter. All sweeping of material from within the property shall be collected and properly containerized for disposal.
9. All trash receptacles shall be kept in the backyard area.
BE IT FURTHER ORDAINED THAT:
A. All ordinances or parts of ordinances inconsistent herewith are hereby repealed to the extent of the inconsistency.
B. If any section, subsection, sentence, clause, phrase or portion of this Ordinance is for any reason held to be invalid or unconstitutional by a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision, and such holding shall not affect the validity of the remaining portions hereof.
C. This Ordinance shall take effect upon passage and publication in accordance with applicable law.
Public Hearing
Mayor Reynolds opened the floor to the public for questions or comments on the above titled ordinance.
C/Carr
There being no questions or comments, a motion to close the public hearing was offered by C/Carr and seconded by C/Robilotti. Passed unanimously.
A motion to adopt Ordinance No. 2006-22, above titled, was offered by C/Carr and seconded by C/Robilotti. Passsed on the following roll call:
Offered By: C/Carr
Seconded By: C/Robilotti
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Absent: C/Soden, C/Palmieri
ORDINANCE ESTABLISHING LIMITS FOR SALARIES OF THE EMPLOYEES OF THE BOROUGH OF ENGLISHTOWN, COUNTY OF MONMOUTH,
STATE OF NEW JERSEY
BE IT ORDAINED, the Mayor and Council of the Borough of Englishtown, County of Monmouth and State of New Jersey as follows:
Ordinance numbers 97-02, 98-06, 99-07 and 2002-03, 2003-09, 2004-07, are hereby amended/supplemented:
Section I: The annual salary ranges are established as follows, and the Borough Chief Financial Officer is hereby authorized to transfer such sums of money from such payroll from the time as directed by Salary Resolution of the Governing Body.
BUSINESS ADMINISTRATOR $15,000.00 $41,000.00
FINANCE CLERK $20,000.00 $39,000.00
COURT MAGISTRATE $ 9,000.00 $20,000.00
COURT CLERK $30,000.00 $50,000.00
DEPUTY COURT CLERK $ 500.00 $ 28,000.00
DPW SUPERVISOR $30,000.00 $50,000.00
DPW – LEVEL 1 $ 18,000.00 $30,000.00
DPW – PART TIME $ 6,000.00 $12,000.00
WATER SUPERINTENDENT $ 6,000.00 $15,000.00
WATER CLERK $ 9,000.00 $ 18,000.00
SEWER SUPERINTENDENT $ 6,000.00 $15,000.00
SEWER CLERK $ 9,000.00 $18,000.00
RECYCLING COORDINATOR $ 700.00 $ 1,500.00
DOG/CAT CENSUS TAKER $ 500.00 $ 1,500.00
EMERGENCY MGMT COORDINATOR $ 750.00 $ 1,500.00
TAX ASSESSOR $ 5,000.00 $10,000.00
TAX COLLECTOR $ 5,000.00 $12,000.00
DEPUTY TAX COLLECTOR $ 2,500.00 $ 7,500.00
CONSTRUCTION OFFICIAL:
DIRECTOR OF CODE ENFORCEMENT $ 5,000.00 $10,000.00
CONSTRUCTION OFFICIAL $ 4,000.00 $ 7,000.00
FIRE SUB-CODE OFFICIAL $ 4,000.00 $ 7,000.00
CONSTRUCTION OFFICIAL:
BLDG SUB-CODE INSPECTOR $ 4,000.00 $ 7,000.00
HOUSING INSPECTOR $ 4,000.00 $ 7,000.00
ASSISTANT HOUSING INSPECTOR $ 4,000.00 $ 6,500.00
CONSTRUCTION SECRETARY $ 2,500.00 $ 6,000.00
FIRE OFFICIAL:
FIRE INSPECTION
FIRE SUB-CODE
CODE ENFORCEMENT $ 6,000.00 $17,000.00
FIRE OFFICIAL
PART TIME FIRE INSPECTOR $ 100.00 $ 2,000.00
ASST. CODE ENF/ZONING OFFICER $ 2,000.00 $ 6,000.00
ELECTRICAL INSPECTOR $ 3,500.00 $ 9,000.00
PLUMBING INSPECTOR $ 3,500.00 $10,000.00
PLANNING BOARD SECRETARY $ 2,500.00 $ 6,000.00
CLEAN COMMUNITY GRANT $ 1,000.00 $ 4,000.00
POLICE CHIEF $65,000.00 $85,000.00
Section II: Salaries shall be set forth by Resolution of Mayor and Council within the
aforementioned salary guidelines.
Section III: Payment of salaries shall be in equal bi-weekly, monthly, quarterly or other
installments as the Mayor and Council may from time to time resolve.
Section IV: All ordinances or parts of ordinances inconsistent with this ordinance are
hereby repealed.
Section V: This ordinance shall take effect upon its passage and publication according to law.
A motion to introduce the above titled Ordinance was offered by C/Simon and seconded by C/Carr.
C/Robilotti:
Laurie Finger
C/Carr
Was a dog census done? Why are we budgeting a salary for Dog Census Taker if we are in
agreement?
Mayor Reynolds states that we are in no obligation to budget that position it is just a salary range if we chose to have a Dog Census Taker.
First Reading and Introduction on Ordinance No.2006-23 was passed on the following roll call:
Offered by: C/Simon
Seconded by: C/Carr
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Christine Robbins, Deputy Municipal Clerk states the Public Hearing and Adoption on Ordinance No. 2006-23 is scheduled for the November 8, 2006 Council Meeting, 7:30 p.m. at Borough Hall.
ORDINANCE NO. 2006-24 First Reading & Introduction
ORDINANCE AMENDING
CHAPTER 2.121
OF THE CODE OF THE BOROUGH OF ENGLISHTOWN ENTITLED
“VEHICLES AND TRAFFIC”
WHEREAS, the residents of Carriage Lane in the Borough of Englishtown have encountered difficulty with the current parking restrictions on the street; and
WHEREAS, currently, Section 2.121.07 of the Code of the Borough of Englishtown, entitled “Parking Prohibited at all times, makes unlawful the parking of any vehicles at any time along the outer circumference of Carriage Lane, and Section 2.121.08 of the Code of the Borough of Englishtown, entitled “Parking Prohibited During Certain Hours” prohibits the parking of vehicles anywhere on Carriage Lane between the hours of 12:00 midnight to 6:00 a.m. on any day;
WHEREAS, no danger to the health, welfare or safety of the community is perceived by continuing the parking restrictions applicable to the period of 12:00 midnight to 6:00 am for the inner circumference of the roadway, except for snow emergencies:
NOW, THEREFORE, BE IT ORDAINED by the Borough Council of the Borough of Englishtown that Section 2.121.08 of the Code of the Borough of Englishtown is hereby amended by removing the reference to Carriage Lane and the restrictions applicable to Carriage Lane within that section. All other restrictions on arking on Carriage Lane, including those within Section 2.121.07 and all general emergency and snow removal provisions remain applicable to Carriage Lane.
BE IT FURTHER RESOLVED THAT this Ordinance shall take effect upon passage and publication in accordance with applicable law.
Offered By: C/Carr
Seconded By: C/Simon
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti,
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Borough of Englishtown
Resolution No. 2006-166
Approving the Employee Performance Evaluation System
WHEREAS, the Borough of Englishtown wishes to institute a system that treats all employees fairly, provides incentives for good performance, clarifies responsibilities, expectations and obligations for all employees, and provides an objective basis for evaluations of all employees; and
WHEREAS, the Borough further wishes to create a framework within which each employee can communicate with his/her supervisor to determine how his/her performance is viewed and provide a framework for improvement; and
WHEREAS, the Borough Administrator has prepared a performance evaluation system that accomplishes these goals, which system is attached hereto:
NOW THEREFORE BE IT RESOLVED, that the Borough of Englishtown hereby adopts the Employee Performance Evaluation System attached hereto and authorizes the Borough Administrator and all personnel and professionals to take all actions necessary to effectuate the purpose and intent and direction of the system.
BE IT FURTHER RESOLVED, that copies of this resolution be forwarded to the Borough Administrator, the Deputy Clerk, the Chief Financial Officer and the Mayor and Council.
Offered By: C/Carr
Seconded By: C/Robilotti
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Resolution No. 2006-167
Appointment of Part Time Clerk Typist
Administration Department
Whereas, there is a need for a part-time Clerk Typist; and
Whereas, it is the recommendation of the Administration, Finance and Personnel Committee to appoint Ann Marie Derpich, Millstone, N.J.
Now, Therefore, Be It Resolved by the Mayor and Council of the Borough of Englishtown, County of Monmouth, State of New Jersey that Ann Marie Derpich be appointed Clerk Typist as follows:
1. Part-time 15 hours per week, 3 hours per day.
2. Paid $10.00 per hour, bi-weekly per the salary ordinance.
3. Shall be under the direction of the Municipal Clerk and
Deputy Municipal Clerk.
4. Appointment shall be effective October 16, 2006 till
October 18, 2006.
Be it further resolved that a certified true copy of this resolution be forwarded to Ann Marie Derpich and the Borough Chief Financial Officer.
Offered By: C/Simon
Seconded By: C/Carr
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Resolution No. 2006-168
Whereas, the Knights of Columbus, Prince of Peace, Council # 5903 has applied to the Governing Body of the Borough of Englishtown for a raffle license for December 18, 2006; and
Whereas, the Knights of Columbus, Prince of Peace, Council # 5903 has paid all the proper fees to the Borough of Englishtown and submitted the proper fees to be forwarded to the Legalized Games of Chance Control Commission; and
Whereas, the Mayor and Governing Body of the Borough of Englishtown finds that the Knights of Columbus, Prince of Peace, Council # 5903 is a qualified applicant and the members of the Knights of Columbus, Prince of Peace, Council # 5903 are designated to conduct games of chance and are of good moral character and said members have never been convicted of a crime to the best of the Council’s knowledge; and
Whereas, said games are to be conducted by the rules set forth by the Legalized Games of Chance Control Commission and the entire net proceeds are to be disposed of for a purpose permitted by the Raffle Licensing Law Act of 1954; and
Whereas, there is satisfactory proof that the Knights of Columbus, Prince of Peace, Council # 5903 will not make payment for the conducting of the game or assisting therein, except to the extent allowed by law; and
Whereas, The Knights of Columbus, Prince of Peace, Council # 5903 has stated that any rental to be paid for raffle equipment does conform to the schedule of authorized rentals prescribed by the rules of the Control Commission and the raffles equipment lessor, should there be one, has been approved by the Control Commission; and
Now, Therefore, Be It Resolved by the Mayor and Council of the Borough of Englishtown, County of Monmouth, State of New Jersey that Raffle Application No. RA2006-02 for the Knights of Columbus, Prince of Peace, Council # 5903 be approved as required by N.J.A.C. 13:47-4.11 and forwarded to the Legal Games of Chance Control Commission as prescribed by N.J.A.C. 13:47-4.3 (b); and
Be It Further Resolved, that a copy of Raffle License RA2006-02 be forwarded by the Municipal Clerk to the Legalized Games of Chance Control Commission for their review and determination; and
Be It Further Resolved, on the fifteenth day after Raffle Application No. RA2006-02 has been forwarded to the Legalized Games of Chance Control Commission with no objections received, Raffle License No. RA2006-02 may be issued to the Knights
of Columbus, Prince of Peace, Council # 5903 and copies of said license shall be distributed to the Licensee, the Municipal Clerk, and the Borough of Englishtown Police Department.
Offered By: C/Simon
Seconded By: C/Carr
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Borough of Englishtown
Resolution No. 2006-169
Approving the Bylaws of the Central Jersey Health Insurance Fund
WHEREAS, the Borough of Englishtown is a member of the Central Jersey Health Insurance Fund, hereinafter the “FUND” and;
WHEREAS, recent changes in the state regulations and Fund practices require the FUND’s bylaws to be revised; and
WHEREAS, after a public hearing conducted on September 20, 2006, the Board of Commissioners of the FUND recommends revised bylaws to the membership, which bylaws have been received and reviewed by the governing body of the Borough of Englishtown; and
WHEREAS, these revised bylaws must be ratified by at least three fourths of the members before they can become effective:
NOW THEREFORE BE IT RESOLVED, that the Borough of Englishtown hereby ratifies the revised bylaws as presented to them prior to the date of this Resolution by the Central Jersey Health Insurance Fund.
BE IT FURTHER RESOLVED, that copies of this resolution be forwarded to the Borough Administrator, the Borough Clerk, and the Chief Financial Officer.
Offered By: C/Carr
Seconded By: C/Simon
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Resolution No. 2006-170
WHEREAS, since their institution in 1977 as part of the package of bills establishing the Property Tax Relief Fund, funded by New Jersey’s first Income Tax, the artificial limits on local budgetary discretion contained in the local government cap law have, repeatedly, proved to be unworkable and in need of amendment in times of fiscal stress; and
WHEREAS, the latest amendments to the cap law were enacted in 2004 as part of Governor McGreevey’s FAIR Plan, which was supposed to provide short term property tax relief and produce long term property tax reform, the cap amendments being a part of the short term relief component; and
WHEREAS, those 2004 amendments drastically lowered the cap, eliminated important exceptions to the cap and severely limited the use of ‘cap banking’, which is crucial to municipal intermediate range budgetary planning; and
WHEREAS, despite the recommendations of the Governor’s Blue Ribbon Property Tax Convention Task Force and despite the energetic efforts of a core of concerned and committed legislators and the outspoken support of a large and growing coalition of citizens’ public interest groups, the Legislature has, to date, failed to advance the cause of property tax reform, continuing decades of inattention to a problem that a majority of our fellow citizens consistently identify as their greatest public policy concern; and
WHEREAS, instead State policy makers have consistently under-funded, cut and eliminated crucial municipal property tax relief programs, thereby exacerbating the property tax crisis and making it increasingly difficult for municipal budget makers to meet the needs and honor the wishes of local property taxpayers and to deal with current fiscal stresses over which they have no control; and
WHEREAS, in recognition of these serious issues, legislation has been introduced to provide appropriate flexibility to help local budget makers better meet citizen needs for high quality public programs and services; and
WHEREAS, in order to do so, the bills (A-3444/S-2183) would; first, make permanent the temporary cap exception for costs of domestic security preparedness and responses to incidents and threats to domestic security; second, make permanent the temporary cap exception for liability insurance, workers’ compensation insurance and employee group insurance; and finally, provide and exception from the county and municipal local budget cap for appropriations for the costs of goods and services, including wage and salary increases that are required under contracts entered into prior to July 7, 2004, the effective date of P.L. 2004, c74, the statute that reduced the local budget cap limits to the lesser of 2.5% or the consumer price index; and
WHEREAS, while extremely beneficial for rational effective budgetary planning, the ‘cap banking’ problems created by the 2004 amendments will pose lasting and growing problems for municipalities trying to prepare for unanticipated exigencies and immanent needs; and
NOW THEREFORE BE IT RESOLVED, that the Governing Body of the Borough of Englishtown does fully support and urge swift and favorable action on A-3444/S-2183; and
BE IT FURTHER RESOLVED, that we do respectfully request an amendment to the bill to restore ‘cap banking’ to its previous status, as it existed prior to the 2004 amendments; and
BE IT FUTHER RESOLVED, that copies of this resolution be forwarded to our State Legislative Delegation, the New Jersey League of Municipalities and Borough Chief Financial Officer.
Offered By: C/Simon
Seconded By: C/Carr
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
Borough of Englishtown
BE IT RESOLVED by the Borough Council of the Borough of Englishtown, that for the year 2006, the following shall serve as the Investment Policy for the Borough of Englishtown:
Borough of Englishtown
1. Policy
It is the policy of the Borough of Englishtown to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of our entity and conforming to all state and local statutes governing the investment of public funds.
2. Scope
This policy includes all funds governed by the Mayor and Council of the Borough of Englishtown.
3. Prudence
Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital, as well as the probable income to be derived.
4. Objective
The primary objective, in order of priority, shall be:
· Legality – conformance with federal, state and other legal requirements
· Safety – preservation of capital and protection of investment principal
· Liquidity – maintenance of sufficient liquidity to meet operating requirements
· Yield – attainment of market rates of return
The portfolio should be reviewed periodically as to its effectiveness in meeting the entity’s needs for safety, liquidity, rate of return, diversification and its general performance.
5. Delegation of Authority
Management and administrative responsibility for the investment program is hereby delegated to the Chief Financial Officer who, under the delegation of the governing body, shall establish written procedures for the operation of the investment program.
6. Ethics and Conflicts of Interest
Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions.
7. Authorized Financial Dealer and Institutions
The Chief Financial Officer will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security brokers/dealers selected by credit worthiness.
8. Authorized and Suitable Investments
Investments may be made in any type of security allowed for in New Jersey Statutes regarding the investment of public funds. Investments shall be made that reflect the cash flow needs of the fund type being invested.
9. Collateralization
Funds on deposit (checking accounts, certificates of deposits, etc.) in excess of FDIC limits must be secured by some form of collateral, witnessed by written agreement and held at an independent – third party institution in the name of the municipality.
10. Safekeeping and Custody
All security transactions, including collateral for repurchase agreements, entered into by the Borough of Englishtown, shall be conducted on a delivery-versus-payment (DVP) basis. Securities will be held by an independent third party custodian designated by the Chief Financial Officer and evidenced by safekeeping receipts and a written custodial agreement.
11. Diversification
The entity shall diversify its investments to the best of its ability based on the type of fund invested and the cash flow needs of those funds. Diversification can be by type of investment, number of institutions invested in, and length of maturity.
12. Maximum Maturities
To the extent possible, the Borough of Englishtown shall attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the Borough of Englishtown will not directly invest in securities maturing more than 2 years from the date of purchase.
Reverse funds may be invested in securities exceeding 2 years if the maturities of such investments are made to coincide as nearly practicable with the expected use of funds.
13. Internal Control
The Chief Financial Officer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the entity are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The internal controls shall address the following points:
· Control of collusion
· Separation of transaction authority from accounting
· Custodial safekeeping
· Written confirmation of telephone transactions for investment and wire transfers
14. Performance Standards
This investment portfolio will be managed in accordance with the parameters specified within this policy. The portfolio should contain a comparable rate of return during a market/economic environment of stable interest rates. Portfolio performance should be compared to benchmarks with similar maturity, liquidity and credit quality as the portfolio. Englishtown’s benchmark shall be the New Jersey Cash Management Fund.
15. Reporting
The Chief Financial Officer shall prepare an investment report at least monthly. The report should be provided to the Mayor and Council and available upon request. The report should be in a format suitable for review by the general public. An annual report should be provided to the Mayor and Council.
16. Marketing to Market
A statement of the market value of the portfolio shall be issued to the Mayor and Council quarterly if money is being invested with an approved security broker/dealer.
17. Investment Policy Adoption
This investment policy shall be adopted by the Mayor and Council. This policy shall be reviewed on an annual basis by the Chief Financial Officer and any modifications made thereto must be approved by the governing body.
Offered By: C/Simon
Seconded By: C/Robilotti
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Borough of Englishtown
Resolution No. 2006-172
Resolution Canceling Old Outstanding Checks
WHEREAS, there remains within the current fund and payroll checking accounts old outstanding checks dated prior to 2000;
NOW THEREFORE BE IT RESOLVED, that the old outstanding checks dated prior to the year 2000 be canceled and returned to Surplus:
5133 $ 37.79 Prior to 2001 Unknown
6287 $799.84 Prior to 2001 Unknown
3892 $128.68 Prior to 2000 Unknown
1908 $112.29 Prior to 2000 Unknown
414 $ 37.47 July 2000 Unknown
1560 $127.11 January 2001 Unknown
1674 $ 44.62 April 2001 Unknown
1771 $ 42.48 June 2001 Unknown
1900 $ 18.65 August 2001 Unknown
2238 $147.67 May 2002 Unknown
2492 $325.24 October 2002 Unknown
3005 $172.00 November 2003 Unknown
3113 $ 47.79 March 2004 Unknown
3317 $320.49 November 2004 Unknown
3339 $185.10 November 2004 Unknown
BE IT FURTHER RESOLVED, that a true certified copy of this resolution be forwarded to Borough Chief Financial Officer and Borough Auditor.
Offered By: C/Simon
Seconded By: C/Robilotti
Roll Call: Ayes: C/Rucker, C/Simon, C/Carr, C/Robilotti
Nays: None
Abstain: None
Absent: C/Soden, C/Palmieri
WHEREAS, a receivable balance of $186.24 entitled Due from State of NJ Clean Communities Program which remains on the Current Fund balance sheet dedicated to a Clean Communities Grant has expired prior to December 31, 2002; and
WHEREAS, it is necessary to formally cancel the receivable balance from the balance sheet;
NOW, THEREFORE, BE IT RESOLVED that the following grant receivable balance be cancelled:
GRANT TITLE &n