Finance & Administration Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Meeting Minutes Monday, May 21, 2018 6:00 PM Village Manager's Conference Room Finance & Administration Committee Trustee Reid Foltyniewicz, Chairperson Robyn Pike, Alternate Chairperson Mary Cation, Jim Hogan, Jay Tovian, David Cain, Jr., Dan Hartweg, Randy King, Ambareen Ahmed, Michael Himmes Staff Liaison: Timothy Sexton Finance & Administration Meeting Minutes May 21, 2018 Committee 1.0 Call to Order and Pledge of Allegiance The Finance & Administration (F&A) Committee meeting of May 21, 2018 was called to order at 6:01 P.M. by Trustee Foltyniewicz. The Pledge of Allegiance was led by Trustee Foltyniewicz. 2.0 Roll Call Present 7 - Reid Foltyniewicz, Mary Cation, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent 2 - James W. Hogan, and Ambareen Ahmed Staff Present: Tim Sexton, Jamie Cunningham 3.0 Public Participation None 4.0 Approval of Minutes A motion was made by Michael Himmes, seconded by Jay Tovian, that the minutes of the Finance and Administration Committee meeting of March 19, 2018 be approved . The motion carried by the following voice vote: Aye: 6- Mary Cation, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 2- James W. Hogan, and Ambareen Ahmed 5.0 New Business 180256 Debt Management Policy Tim Sexton reviewed the updated debt management policy and procedures for preparing and updating disclosures. The primary purpose of this update is to improve the Village’s credit rating. Randy King asked if the language should include long term leases and requested clarity on the language regarding 3% savings inclusive of all reissuance costs. Randy also asked if the Village can do a premium bond. Village of Lombard Page 1 Finance & Administration Meeting Minutes May 21, 2018 Committee Tim stated that exceptions to the policy are discussed throughout the policy and that the Village Board may choose to exercise those exceptions. Any exceptions will require Village Board approval. The Village shall prepare appropriate disclosures related to Village bond issuances and Tim will consult with the Village’s bond council Chapman and Cutler. A motion was made by Mary Cation, seconded by Jay Tovian, to recommend the Village Board of Trustees approve the proposed changes to the Debt Management Policy and the new Disclosure Policies and procedures and to add the updated Debt Management Policy and the Disclosure Policies and Procedures to the Village of Lombard Financial Policies. The motion carried by the following vote: Aye: 6- Mary Cation, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 2- James W. Hogan, and Ambareen Ahmed 6.0 Other Business 7.0 Review of Financial Information Tim reviewed the March 2018 financial information with the F&A Committee. 8.0 Future Meeting Dates August 20th @ 6 p.m. 2019 Budget Workshop to discuss Public Works Department and Capital Improvement Plan (optional for F&A Committee) August 27th @ 6 p.m. 2019 Village Board Budget Workshop to review Police, Fire, Village Manager, Finance, and Community Development budgets (optional for F&A Committee) September 24th @ 6 p.m. Review of FY19 Proposed Budget and 2018 Proposed Tax Levy 9.0 Adjournment It was moved by Cation, seconded by Cain, to adjourn the meeting at 7:05 p.m. The motion carried by the following voice vote: Village of Lombard Page 2 Finance & Administration Meeting Minutes May 21, 2018 Committee Aye: 6- Mary Cation, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 2- James W. Hogan, and Ambareen Ahmed Village of Lombard Page 3