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Posted: Wed, May 7 2008, 11:53 am EDT Post subject: Cranbury Finance Committee? |
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Since Cranbury has an outstanding debt of 23 mil and only brings in 12 mil per year - where is the oversight?
Cranbury is not only a town but a nonprofit and should be run like it. Just because NJ allows towns to have a certain percentage of outstanding debt; does not mean we NEED to have it. Nonprofit agency have strict financial obligations to report a balanced budget.
Why should we be any different?
I know we have a Finance dept but with all the huge future expenditures and limited funds - we need think about having a Cranbury Finance Committee that can be headed by our current CFO/Treasure and be comprised of Cranbury Residents that hopefully have skills in investments, accounting, and capital structure mangement.It is anticipated that the Committee will always include some members who possess skills in the disciplines of accounting, investment management, and/or capital structure/finance.
Case in point:
The Nature Conservancy - http://www.nature.org
Finance Committee Charter
1. Purpose
The Finance Committee (Committee) will assist the Board of Directors in its oversight responsibilities relating to fiscal management. In furtherance thereof, the Committee will:
1. Review and recommend approval of an annual operating budget;
2. Regularly review financial results;
3. Ensure the maintenance of an appropriate capital structure; and,
4. Oversee the management of organization-wide financial assets.
In addition, in order to assist the organization in the proper and prudent management of its financial resources, the Committee will ensure that management employs personnel and systems capable of providing timely and accurate financial information to key decision-makers.
It is clear the TC needs financial input from our residents (especially ones that have the background) to help keep our Cranbury what is is today. |
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Cranbury Conservative
Joined: Tue, Apr 29 2008, 9:26 am EDT Posts: 287 Location: Old Cranbury Road
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Posted: Wed, May 7 2008, 12:16 pm EDT Post subject: Re: Cranbury Finance Committee? |
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Agreed. Weather it be a financial background or just people with common sense. My self I do not work in the financial sector. However I agree and see that we are spending way to much on wants instead of needs. We are not looking at the big picture such as property taxes have gone up dramatically. When that happens you need to hold the line on spending. You do not need to be a financial wiz to figure that one out. You just need to be conservative in your spending and you need to have the foresight and vision to spend on what is needed and not what we want.
Additionally I agree the TC should leverage the knowledge of and individuals in town with a financial background that can assist the town at no charge. Free advice cost you nothing and you only have to listen. |
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Guest
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Posted: Wed, May 7 2008, 1:42 pm EDT Post subject: Re: Cranbury Finance Committee? |
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It really concerns me the way our township handles the finances in Cranbury.
It is my understanding that all the different departments and special interest groups (school, library, etc) hand in their budget to the Finance Dept CFO.
"The CFO/Treasurer oversees the entire Finance Department, prepares and manages the budget, balances the general ledger and prepares all the financial documents to be filed with the State, tracks debt and paydown of such debt and maintains all the financial records of the township."
After all the numbers balance, then it goes right on over the the TC for approval. There is no process in place to go back to the funded parties to adjust their dollars spent.
At one of the township meetings I personally attended - one of our TC committee members made a statement that the TC cannot tell the school how much or where to spend the money. So, another words the school get what they want - no oversight to say "We don't have the money - be creative and go back to see what you can come up with". Instead, we have to vote to spend an extra 1 million a year for the school (this year alone over $400,000 is budgeted to fix only part of the roof). Most of which the voters do not look into the details and trust the school's decision on merit alone. Again, no oversight by an outside committee.
Oh my, what a way to run our town. Our CFO gets paid for her expertise but even her hands are tied with limited allowable input. A finance committee might be helpful in helping these parties spend wisely and perhaps be able to raise extra money on their own thru endowments, fund raising, investments, etc.
We need some financial creativity and vision put back into this town. Even the shade tree commission will agree "Money does not grow on trees". |
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Guest
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Posted: Wed, May 7 2008, 4:06 pm EDT Post subject: Re: Cranbury Finance Committee? |
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You should be aware that the school budget is the ONLY budget the voters in Cranbury can approve or not approve. The municiple budget is not voted on only the school budget. You have every right to ask at a school budget hearing about line items in their proposed budget.
When the TC said they cannot tell the school how to spend the money what they meant is the responsibility lies with the school and the school board. The only time the TC would get a say is if the school budget is defeated. |
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Guest
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Posted: Wed, May 7 2008, 4:19 pm EDT Post subject: Re: Cranbury Finance Committee? |
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Exactly my point - no financial oversight. |
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concerned Guest
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Posted: Wed, May 7 2008, 6:23 pm EDT Post subject: Re: Cranbury Finance Committee? |
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What are the incentives for anyone to run for TC? There is no pay, it takes up a tremendous amount of time, and you are subject to constant criticism.
I myself find that those who criticise are least likely to put their own necks on the line and run. The TC members are our neighbors and are volunteers. I think we need to consider this
as we debate all of the issues impacting our town.
I love Cranbury, I have a financial background, but am not willing to put myself (and my family) out there to be ostracized. |
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Guest
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Posted: Wed, May 7 2008, 7:33 pm EDT Post subject: Re: Cranbury Finance Committee? |
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I generally agree about the volunteer thing and being civil in criticizing, especially if people bring up problems but offer no solutions...
That said, I don't think you can completely excuse TC memebers just because they are volunteers. It think they still have to be accoutable for thing like the frequency with which they do things in closed session, the items they have approved that will affect taxes without significant voter input or even a vote, like the Babe Ruth Ball Field. And when they ask for your vote with things like Mayor Stout did when he expressed said he would prioritize separation of "like to have from need to have" and only support the latter, it is fair game to call him to the mat if he appears to support something which no one, least of all he, has made a case is essential to the township. Need to have means the Township will fundamentally suffer in some way without it. If we stopped supporting the school and it declined, that would affect property values. If we didn't try to buy and protect developable land, that will start a domino effect that will negatively affect property values. But no one has made a case that the the status quo of the existing Library will lead to substantial drop in property values or increase in taxes or a fundamental reduction (not improvement, which by definition makes it a "like to have") in our quality of life. So how is support the library consistent with his campaign pledge? |
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concerned Guest
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Posted: Wed, May 7 2008, 7:55 pm EDT Post subject: Re: Cranbury Finance Committee? |
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I to, agree that when accepting a public position - whether small town mayor or president, paid or volunteer, one must stand by their promises and are obliged to do what is best for the people they represent (and who elected them).
As a member of this community, I believe that we can all disagree on issues as long as we look at what is best for the town, the town people, and the greater community. I think the definition of want & need is clear. We ask our children all the time if they 'want or need' something.
My question is has anyone ever looked into what revenue would be generated if that parking lot had meters? Could the revenue generated by metered parking cover the cost the purchase price and interest over a period of 5 years?
If PNC has deed restricted the property to not ever be a bank, has anyone talked to PNC about deeding a certain amount of parking spaces to the town?
These are just some questions that I have had. I don't have the answers, but I think looking at the possibilites are important.
Personally, I do not support the purchase by the town. I cannot afford to have my taxes raised any higher. But, is there another way to accomodate the town's need for parking??? |
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Guest
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Posted: Wed, May 7 2008, 8:59 pm EDT Post subject: Re: Cranbury Finance Committee? |
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Dear Concerned,
I know of no TC member being ostracized. That's extremely harsh. However, becoming a TC member you will run the risk of being criticized. That unfortunately is part of adding yourself to the political process - democrats and republican. Just think of how many time you might have criticized our own Governor about not wearing his seatbelt or talk about our President going into Iraq. That's not saying they are bad men - only bad decisions.
To my knowledge, there have been no untruthful or hateful remarks about anyone in our town. Only concerns, questions, and exchanges of ideas. With every opinion there will be an opposite. It's it great to live in a country with freedom of speech.
AND Yes, the TC needs a pat on the back ever once in awhile - but they also need our help and input. Without it they will not know what's on our minds. Let's face it, hardly anyone shows up at the township meetings. So, the TC goes on their Merry Way and votes and makes decisions without input. Not necessarily their fault unless it is a closed session. But, there is hope for us yet - If you were at the COAH meeting - what an exciting turnout.
As far as a Finance Committee - I am a past board member of Big Brothers Big Sister of Long Island; Having a Finance Committee was and is an important part of the overall longterm plan. Even when local, state, and federal funds were being seriously cut - this finance committee always managed to find ways to raise the funds needed by being extremely creative. By presenting short-term, interm, and long-term ideas to the board for approval. This visionary finance committee helped this small nonprofit to expand from Nassau County and finally consolidate with the failing Suffolk County Branch to become Big Brothers Big Sister of Long Island. Granted, this did not happen overnight.
I'm not sure what might have happened if all the financial ideas only came from the board; but I do know exchanging ideas is the start to the keys to success.
Anyway, Don't be fearful about volunteering or saying your peace - You don't have to be in the public eye to help our town - join one of the committees or help jump start a think-tank financial club. Use your talents for the betterment of Cranbury.
Don't forget - We are all neighbors and respect everyone's truthful opinions no matter how harsh. |
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Guest
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Posted: Wed, May 7 2008, 9:05 pm EDT Post subject: Re: Cranbury Finance Committee? |
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Concerned,
Now, that's what I'm talking about. Way to go! Some great ideas! |
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Guest
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Posted: Thu, May 8 2008, 7:36 am EDT Post subject: Re: Cranbury Finance Committee? |
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For concerned. A couple of things.
1) The TC are not volunteers or they weren't as of 10 years ago. They are paid, but seriously the pay is equivalent to volunteering. The School board and other committees are volunteer positions.
2) I too think ostracize is the wrong word. That would mean they are being shunned and cut out. I don't think anyone wants that. They were voted into office for repeat terms last year. What they do want is to make sure the TC involves themselves with the town and looks out for town vs personal interests. Implementing a million dollar ball field when the majority of children and residents don't play babe ruth is not looking out for town interests. In fact the majority of the babe ruth team when I called a couple of years ago was not even Cranbury children. We were a small part of the overall team.
Looking to buy a building and only showing supportive comments is not looking out for town interests.
Forcing the revaluation when the warehouses had yet to appeal to the county for a revaluation was not appropriate. A lawsuit could only have happened after the county appeal was denied and after they could show justification, but no further recourse. A threat of lawsuit however scared the TC into doing a revaluation when there was no legal mandate or cause to do so at that time.
In fact, what some members of the TC are doing quite often is ostracizing the residents. Saying we want to hear comments and then going against the majority opinion. Or not even asking for comments such as adding 17 new employees at a time when they themselves say the taxes are high because they underfunded benefits.
3) When a TC or school board member run, they make promises and a commitment to the voters. If their actions go against their promises then they deserve to be and must be questioned. It is not that these individuals should not be congratulated for taking time away from family nor is it that these individuals are bad people. However, the voters place a trust in them that they will be advocates for the town and keep it sustainable. Creating debt when you are 23 million already causes financial instability, especially when you are in a market like this.
4) In terms of parking meters, I personally would be opposed for a few reasons. 1) There are homes with no driveways so some residents have no choice, but to park in the street. 2) Parking meters would not fit in with the character of Main St. and would stick out like a sore thumb. 3) Parking meters would be busy at lunch hour and then really generate nothing the rest of the day. So the overall revenue would be minimal.
The nice thing about Cranbury is that we have managed to be a politically clean town as opposed to Robbinsville and WW. I want and believe we need to keep it that way. The only way that can happen is if our officials remove their personal opinions.
BTW, the one TC member who has a business in town should recuse himself from discussion and vote on the PNC building as that is a clear conflict in interest. |
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traveler Guest
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Posted: Thu, May 8 2008, 8:26 am EDT Post subject: Re: Cranbury Finance Committee? |
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Guest wrote: | Dear Concerned,
I know of no TC member being ostracized. That's extremely harsh. However, becoming a TC member you will run the risk of being criticized. That unfortunately is part of adding yourself to the political process - democrats and republican. Just think of how many time you might have criticized our own Governor about not wearing his seatbelt or talk about our President going into Iraq. That's not saying they are bad men - only bad decisions. |
Like the good Lord said....hate the sin not the sinner. |
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traveler Guest
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Posted: Thu, May 8 2008, 8:34 am EDT Post subject: Re: Cranbury Finance Committee? |
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Speaking of the Babe Ruth baseball field, what is the status of this project...."Take me out to the ballgame". |
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?? Guest
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Posted: Thu, May 8 2008, 8:41 am EDT Post subject: Re: Cranbury Finance Committee? |
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"BTW, the one TC member who has a business in town should recuse himself from discussion and vote on the PNC building as that is a clear conflict in interest."
Wow! This is new info. I wondered why the TC is eager to buy this site than to come up with a plan that can lower tax for residents. Now, at least there is a possible explanation, which may not be a correct explanation.
I am not sure why people champaign to be elected to be a member of the TC if the job is so bad. There must be a motivation there. The motivation may not be an obvious financial gain.
The key attribute to look for in a candidate is integrity. Trading a bit of integrity for money is a huge mistake, so says the most successful investor in the world. |
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Guest
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Posted: Thu, May 8 2008, 10:10 am EDT Post subject: Re: Cranbury Finance Committee? |
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traveler wrote: | Speaking of the Babe Ruth baseball field, what is the status of this project...."Take me out to the ballgame". |
I still have yet to ever hear anyone on the council who voted for this defend why it was important for the taxpayers to contribute well over $1M for this project. How is it benefitting a majority of our citizens and why was it essential to the town?
Does anyone know enough about the history to know who first proposed the idea and what, if any, relationship they have to the people on the council?
Any why wouldn't they put this to a vote in the township? |
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Guest
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Posted: Thu, May 8 2008, 10:51 am EDT Post subject: Re: Cranbury Finance Committee? |
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About the baseball field, if the residents are not the main beneficiaries of the project, then just ask who will benefit most if the project is pushed forward. I'll look for connections among various people.
This is just investigative journalism 101. |
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