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West Chester finance committee reviews year-end cash position, approves purchasing requests
Summary
The Finance Committee reviewed year-end cash and departmental budget variances and approved multiple purchasing requests, including a rear-loader funded in part by a DEP grant.
Brian McGinnis, chair of the Finance Committee, opened the Jan. 8 meeting of the West Chester Finance Committee and asked for the director's monthly financial report. Sean Metric, finance director, told the committee the borough ended Dec. 31, 2024, with a cash balance of $24,257,013 across all funds, and that the capital operating reserve holds about $8,700,000.
The report presented department-level results for the year ended Dec. 31, 2024. Metric said the General Fund posted net income, and identified several departments operating at a net loss because their allocated revenues do not fully cover expenses. He said the Police Department overspent its overtime budget by $140,000 and salary expense by $53,000, the latter largely for a payout to a former chief. The Housing Department missed budgeted revenues for land development and rental permits and had consultant and land-development expense overruns. Public works showed several over-budget line items including utilities and vehicle repair. Metric cautioned the committee that the figures are cash-basis results and “there's no accruals for any timing,” so final audited numbers reported by external auditors in midyear may differ.
Committee members asked about banking and cash-management choices after noting processing and merchant fees tied to card payments at kiosks and meters. Metric said those charges are “credit card processing fees” generated each time a card is used at a meter or kiosk, and that he will investigate higher-yield options for short-term investments, including certificate-of-deposit terms and the money-market vehicles the borough currently uses. He noted recent seven-day yields reported for the boroughreferenced vehicle: “Pligit current 7 day yield for Pligit class shares is 4 and a quarter, and Pligit Prime is a little north of 4 and a half percent.”
Under new business, the committee moved to approve a slate of purchasing requests. The items read into the record included a rear-loader from Atlantic Heavy Duty for $313,045.20, with approximately $200,000 of that amount funded by a DEP grant; CivicPlus software for $12,420 for agenda/meeting management; Grantius payment of $19,256 for permitting and licensing (third of four payments); OpenGov asset-management software for $28,614.96; USALCO phosphorus-removal supply for $12,540; and Lewis Environmental for $11,473.75 for a holiday-period spill cleanup. The committee chair asked for objections; none were recorded and the requests were approved.
The committee also approved the Dec. 2024 minutes with no objections.
Looking ahead, Metric told the committee he will investigate investment yield opportunities “in the new year,” and committee members discussed whether to lock longer-term instruments if market rates decline.
Ending: The committee adjourned after closing new business and approvals. Staff follow-ups recorded during the meeting include Metric's pledge to review investment vehicles and the finance staff's continuing work with auditors and year-end accruals.
