Finance & Administration Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Meeting Minutes Monday, September 23, 2019 6:00 PM Village Manager's Conference Room Finance & Administration Committee Trustee Reid Foltyniewicz, Chairperson Dan Militello, 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 September 23, 2019 Committee 1.0 Call to Order and Pledge of Allegiance The Finance & Administration (F&A) Committee meeting of September 23, 2019 was called to order at 6:04 P.M. by Trustee Foltyniewicz. The Pledge of Allegiance was led by Trustee Foltyniewicz. 2.0 Roll Call Present 6 - Reid Foltyniewicz, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent 3 - Mary Cation, James W. Hogan, and Ambareen Ahmed Staff Present: Tim Sexton, Jessica Nawracaj, and Jamie Cunningham, Jamie Wilkey (partner @ Lauterbach & Amen) 3.0 Public Participation None 4.0 Approval of Minutes The minutes of the Joint F&A and PW&E meeting and regular F&A Committee meeting of August 14, 2019. It was moved by Tovian, seconded by Hartweg, to approve the minutes for the Joint Finance & Administration and Public Works & Environmental Committee meeting, and the regular Finance & Administration Committee meeting of August 14, 2019. The motion carried unanimously by the following voice vote: Aye: 5- David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 3- Mary Cation, James W. Hogan, and Ambareen Ahmed 5.0 New Business 190402 2018 Comprehensive Annual Financial Report (CAFR), Management Report and Recommendation Jessica Nawracaj, Accounting Coordinator, discussed the management letter, current recommendation, and finding on fund balance restatement for capital assets. Jamie Wilkey discussed the primary purpose of an audit is two-fold: 1) get an unmodified opinion and 2) assessment of internal controls. She Village of Lombard Page 1 Finance & Administration Meeting Minutes September 23, 2019 Committee mentioned the Village had a smooth audit and received an unmodified opinion with no internal control issues on the items assessed. A motion was made by Mary Cation, seconded by David Cain, Jr., to accept and file with the Village Board the 2018 CAFR & Management letter. The motion carried by the following vote: Aye: 5- David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 3- Mary Cation, James W. Hogan, and Ambareen Ahmed 190298 Review and Recommendation of Statutorily Permissible 2019 Property Tax Levy Tim discussed the tax levy memo and highlighted that the increase is 6.10% which is over 5% and a public hearing will be required. The CPI increase is 1.90%, the Fire Pension exempt amount increased 2.39%, and new growth accounted for 1.81%. If there is no new growth, there will be no levy for this. For the owner of a $300,000 house, the increase will be approximately $14.21. It was moved by Cain, seconded by King, to recommend the Village Board of Trustees approve the proposed 2019 Statutorily Permissible Property Tax Levy. The motion unanimously carried by the following voice vote: Aye: 5- David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 3- Mary Cation, James W. Hogan, and Ambareen Ahmed 190324 Budget Ordinance for Fiscal Year 2020 Ordinance adopting the Village of Lombard FY 2020 Annual Budget in Village of Lombard Page 2 Finance & Administration Meeting Minutes September 23, 2019 Committee the amount of $95,085,532. Tim reviewed the 2020 Proposed Budget and Village Manager Letter. The FY20 budget totals $95,085,532 an increase of $9,674,222 (11.33%) when compared with the FY19 amended budget of $85,411,310 and an increase of $2,465,932 (2.66%) when compared with the current fiscal year’s estimated expenditures of $92,619,600. For FY20, the Capital Improvement Plan (CIP) totals $16,196,800 an increase of $8,335,160 (106%) when compared with the FY19 CIP funded at $7,861,640. This is the primary reason for the large increase to the Village’s FY20 budget when compared to FY19. The FY20 budget is based upon projected revenue from taxes, fees, and other sources totaling $101,492,650. This represents an increase of $7,659,240 (8.16%) when compared with FY19 budgeted revenue of $93,833,410 and an increase of $5,204,290 (5.40%) when compared with FY19 estimated revenue of $96,288,360. It was moved by Tovian, seconded by Cain, to recommend the Village Board of Trustees approve the proposed 2020 Budget. The motion unanimously carried by the following voice vote: Aye: 5- David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 3- Mary Cation, James W. Hogan, and Ambareen Ahmed 6.0 Other Business 7.0 Review of Financial Information The August Financial Report was provided to the Committee. 8.0 Future Meeting Dates November 18, 2019 9.0 Adjournment It was moved by Cain, seconded by Tovian, to adjourn the meeting at 7:10 p.m. The motion carried unanimously by the following voice vote: Aye: 5- David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 3- Mary Cation, James W. Hogan, and Ambareen Ahmed Village of Lombard Page 3