Butler City Council heard from another financial adviser Thursday, April 13, evening regarding potential uses for the money the city will receive from the sale of the Butler Area Sewer Authority.

Butler and Butler Township are in the midst of selling BASA’s assets to Pennsylvania American Water for $231.5 million, a sale that is being evaluated by the Pennsylvania Public Utility Commission before the transfer can be official. The city is set to receive about $115 million from the sale.

PNC Institutional Asset Management & PNC Capital Advisors spoke at the meeting about putting chunks of the money into investments that compound over different lengths of time.

PNC representatives suggested putting $15 million into ultra-short-term, five-year investments, where money could fund maintenance and infrastructure over a period of five years; $25 million into short-term, 10-year investments, which can fund vehicle replacements; and $50 million into short-intermediate term, which could have minimal draws and be “targeted for optimal growth over time.”

Nathan Willi, senior relationship manager with PNC, said the different length investments will allow the city to work with a financial adviser to monitor trends so the money can be used at optimal times.

“That’s why you hire them, so they can pay attention to different dynamics in the market, understanding what interest rates, what inflation looks like, and make determinations,” Willi said. “Our investment team believes in a more balanced type of approach, one that allows some flexibility with periodic cash flows.”

The PNC representatives at the Thursday forum meeting also included market managing director Chris Merlo and business development officer Henry Wilson, who explained to council how the bank operates and has a commitment to the Pittsburgh region.

Edward Jones and Baird Private Wealth Management are scheduled to present at the next two council meetings. NexTier Wealth Management made a presentation at the March 23 meeting.

Butler Mayor Bob Dandoy said that after all of the presentations, council will likely narrow the field down and then choose one financial adviser for the BASA money.

“What we’ll probably end up doing is whittling it down to two and have more conversations,” Dandoy said. “You sit and you let it sit and percolate, then we’re going to need some elaboration.”

Council also discussed an agreement that, if passed, will migrate IT assets to a new platform. The council will vote on an agreement with Perfection Services, based in McCandless, at a cost of $1,481 a month. The current cost for the service is $1,201 a month.

Councilman Don Shearer said the new agreement would improve internet security within the city offices.

“We have been getting hit with a lot of phishing emails,” Shearer said. “So we’re upping the internet security, and it’s also going to be coming with training for the city building staff.”

Dandoy also said there will be no changes to the city’s polling places in the upcoming May primary election, so residents will vote in the same location they did in the 2022 General Election.