After hiring a financial advisor in July, Butler City Council heard an analysis of proposals received to manage the money from the anticipated sale of Butler Area Sewer Authority assets.
At their Thursday night meeting, Certified Public Accountant Jason Ross of Relevate Business Advisors addressed City Council in a closed-door executive session about his findings.
Ross is going to continue to work on getting more clarification from the four financial institutions that made presentations to Council earlier this year and report back to Council at the end of next month.
According to Butler City Mayor Bob Dandoy the current situation with financial markets is such that there is no hurry to lock the money into a particular plan as soon as it is received.
“We know what to do with it. We’ll put it in the bank and we’ll get a very healthy return for it until we make the more nuanced decisions of where we’re going to put each thing, and the trust that we talk about,” Dandoy said. “So it’ll take a little longer than just as soon as the money comes in.”
“We’ll take our time because we want to do it right,” Dandoy added.
The BASA sale continues to be considered by the Pennsylvania Public Utility Commission.
