Dupont moves police pension fund to bank

First Posted: 11/16/2008

Dupont Borough Council Tuesday voted to move administration of the police pension plan from Asco Financial to Fidelity Bank.
The move had been under consideration for several months, after it was suggested that the borough could get a better return on the investment.
The account, Council said, did not need to be moved for financial reasons, as it is holding more money than will ever be needed by the retirement of the one eligible officer currently cover under the plan, Dupont Police Chief Anthony De Mark.
The move was financially responsible even if not strictly necessary, Council said at a a previous meeting.
Fidelity was one of three companies bidding for the business.
In other business, council approved a Young Lungs at Play anti-smoking ordinance designed to prevent smoking at the pavilion, the park and the baseball fields.
A planned nuisance ordinance was held over for a month in order to allow council members to review it and make comments before passage.
In current form, the ordinance lists a problem property as one that has three police calls in 60 days, and requires landlords to effect solutions to complaints within 10 days.
Fines can be as high as $100 a day, up to a $1000 maximum.
In recent months a number of communities have passed similar ordinances, most significantly Pittston City.
Council also clarified a note in the proposed budget outlining vehicle repayments to the sewer fund in response to a public question.
The borough will also borrow from that same fund this year to buy a new police vehicle, which will be repaid out of grant funds due to be delivered next year. The grant will be $30,000, and the vehicle planned for the police department, according to Chief De Mark, is a Dodge Durango, which will cost less than the grant.
In order to make space for the new vehicle, the department will likely sell a Chevrolet Caprice to a municipal or public body buyer.
The department was more confident in the long term running costs of its Ford vehicle.
Council also gave a second reading to the $930,000 2009 budget, which is now open for public review and comment through the following 10 days, before coming up for a final vote at the December meeting.
According to current numbers, after meeting standing and expected bills the borough has about $3,200 in the general fund account, and current plans call for payment of the balance of the 2008 tax anticipation note this month, and taking out a new note at the beginning of 2009.
The borough is working out a plowing schedule that should help save money, and has started revolving layoffs due to the lower staffing needs required through the winter, Council President Stanley Knick noted.

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