L.M. Board of Commissioners to Talk Money (Updated)

Editor's note: This story, originally posted late Wednesday morning, has been updated with additional information.

The Lower Merion Township Board of Commissioners is set to OK the issuance of $11 million of general obligation bonds and hold a public operating budget workshop Wednesday evening.

The workshop begins at 6:30 p.m., when the commissioners plan to discuss the preliminary 2012 Township budget and present its five-year (2011-2015) “General Fund” financial forecast. Public comment is invited.

“This workshop offers a valuable opportunity to provide important information in preparation for the 2012 budget season,” said Board President Liz Rogan, in a statement. “We hope that many will attend workshops and plan to participate in the forthcoming public hearings.”

It will be immediately preceded, at 6 p.m., by a presentation from the Board’s Finance Committee, chaired by Commissioner Paul A. McElhaney (with vice chairs Daniel Bernheim, Cheryl Gelber,  Scott Zelov and Brian McGuire).

The Finance Committee is expected to recommend to the full board the taking on of “non-electoral” re-financing debt—just over $11 million of “General Obligation Refunding Bonds (Series B of 2011).” The bond sale is to be held on the morning of July 29, via electronic bidding. A special Finance Committee meeting will be held that evening at 6 p.m.

Township Manager Doug Cleland, in a public letter to Township Chief Financial Officer Dean Dortone, stated that a recent analysis provided by the company facilitating the auction indicated that “the current market conditions project $551,000 (or $301,000 net present value) of future debt savings, primarily in 2011, 2012 and 2013. This is within the Township’s debt policy goal range of 3% net present value savings.”

“The Township received confirmation from both Moody’s and Standard and Poor’s that once again the Township’s financial position attained the strongest of ratings,” said Dortone, also in the stateement issued earlier this week. “As a result of our Triple A bond credit rating, we anticipate that many lenders will respond to our bond sale with very competitive interest rates.”

The meeting will be televised live on LMTV (Comcast 7/Verizon 37), and replayed on Thursday, Saturday, Sunday and Tuesday at 7 a.m. and 7 p.m. On Friday, Monday and Wednesday it will be replayed at noon. Presentations made at the meeting will be posted on the Township's website.

Patch will have full coverage of the meetings early Thursday morning.