Borough Council to get guarded report on finances

Revenues "on target," but still some unknowns

By: Kara Fitzpatrick
   Princeton Borough Administrator Robert Bruschi will present to the Borough Council a second-quarter financial report Tuesday at a meeting that will also include a Princeton Senior Resource Center annual report by Director Susan Hoskins.
   "Overall, the revenues look to be on target," Mr. Bruschi wrote in a memo to Mayor Mildred Trotman and the council. "One to keep an eye on is the construction fees," which, Mr. Bruschi noted, are only slightly ahead of the annualized expectation. "That is some cause for concern since normally the first half of the year is more weighted," he wrote.
   Mr. Bruschi said that if some major projects that are in the pipeline come to fruition — such as a new Princeton University building for the engineering school or the erection of the Palmer Square luxury housing development at Hulfish North — those could "certainly throw this revenue over the top."
   Another source of revenue Mr. Bruschi cited as a potential cause for concern is the hotel-motel tax, which has been estimated based upon prior years’ revenues.
   "While not a huge revenue, it is behind the anticipated number," he said.
   Expenditures are "at or under where they should be at this time of year," the administrator said.
   Mr. Bruschi said while he was concerned about gasoline costs during the budget process, the expenditure "appears to be tracking well."
   Ms. Hoskins’ report is expected to outline the 2005-2006 highlights at the Princeton Senior Resource Center.
   According to the report, some of those highlights include the completion of a community resource directory; the creation of a central data base; new collaborations with the Princeton Public Library and The Arts Council of Princeton; the inception of a cell-phone recycling program; and expansion of the GrandPals program.
   "In summary, most goals for 2005-6 were met, as well as strategic goals set in 2003," Ms. Hoskins’ report said, adding that a new strategic planning process has begun.
   Some goals for 2006-2007 include completing a new strategic plan, implementing the data base, hiring social service and GrandPals positions, creating a development plan, seeking new funding sources, establishing an endowment and managing the Web site.
   In other business, the council is expected to approve a council liaison to Princeton Community Television.