Finance Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Minutes Monday, October 27, 2014 7:00 PM Lorraine G. Gerhardt Community Room Finance Committee Trustee Reid Foltyniewicz - Chairperson Trustee Mike Fugiel - Alternate Chairperson Michael Corso, John Larkin, John Schwarz, Bob Corbino, Jerry Schaefer, Jennifer Perkins, Gary Cation and John Mullins Staff Liaisons: Deputy Chief Tom Wirsing - Police Department and Matthew Lew - Public Works Department Finance Committee Minutes October 27, 2014 1.0 Call to Order and Pledge of Allegiance The Finance Committee meeting of October 27, 2014 was called to order at 7:05 P.M. 2.0 Roll Call Present 6 - Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent 1 - Ambareen Ahmed Present 6 - Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent 1 - Ambareen Ahmed Staff Present: Scott Niehaus, Tim Sexton, Jamie Cunningham 3.0 Public Participation None 4.0 Approval of Minutes It was moved by Cation, seconded by Tovian, to remove Laura Fitzpatrick from the minutes, and to approve the minutes as amended for the September 22, 2014 meeting. The motion carried by the following voice vote: Aye: 6- Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent: 1- Ambareen Ahmed Aye: 6- Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent: 1- Ambareen Ahmed 5.0 New Business 140418 Budget Ordinance for Fiscal Year 2015 Approval of the proposed Annual Budget for the Fiscal Year beginning January 1, 2015 and ending December 31, 2015 in the amount of Ninety One Million Four Hundred Sixty Seven Thousand Three Dollars. ($91,467,003.) Tim Sexton reviewed changes made to the budget since the budget workshops. Tim also reviewed the proposed budget letter. Village of Lombard Page 1 Finance Committee Minutes October 27, 2014 Mary Cation mentioned that she is concerned about the potential expenses that are a year out. With the future expenses, the Finance Committee expressed the need to increase the tax levy because you can’t go back and get it or send the tax levy item back to the Finance Committee to look at options. Hogan and Cain stated that it would be negligent on our part to leave money on the table when there are future needs to be funded. Cation also stated we need to act as good stewards for our town in matters of financial planning. Tovian mentioned that if you have obligations you shouldn’t be shortsighted. Finally, Cain mentioned that we should take what we can to build reserves due to our credit rating. It was moved by Cation, seconded by Tovian, to recommend that the Village Board approve the 2015 Proposed Budget with the approval motion also including the recommendation that the Village Board of Trustees also approve the 2014 tax levy with the statutorily permissible increase with new growth. The motion carried by the following voice vote: Aye: 6 - Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent: 1 - Ambareen Ahmed 6.0 Other Business 7.0 Review of Financial Information Tim Sexton reviewed the financial report for the period ending September, 2014. 8.0 Future Meeting Dates December 1, 2014. 9.0 Adjournment It was moved by Cain, seconded by Hogan, to adjourn the meeting at 8:35 P.M. The motion carried by the following voice vote: Aye: 6- Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent: 1- Ambareen Ahmed Aye: 6- Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, Dan Hartweg, and Benjamin Pelz Absent: 1- Ambareen Ahmed Village of Lombard Page 2