Finance Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Minutes Monday, December 1, 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 December 1, 2014 1.0 Call to Order and Pledge of Allegiance Present 6 - Peter Breen, Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, and Ambareen Ahmed Absent 2 - Dan Hartweg, and Benjamin Pelz Present 6 - Peter Breen, Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, and Ambareen Ahmed Absent 2 - Dan Hartweg, and Benjamin Pelz The Finance Committee meeting of December 01, 2014 was called to order at 7:00 P.M. 2.0 Roll Call Present 6 - Peter Breen, Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, and Ambareen Ahmed Absent 2 - Dan Hartweg, and Benjamin Pelz Present 6 - Peter Breen, Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, and Ambareen Ahmed Absent 2 - Dan Hartweg, and Benjamin Pelz Staff Present: Tim Sexton, Jamie Cunningham 3.0 Public Participation None 4.0 Approval of Minutes A motion was made by James W. Hogan, seconded by Mary Cation, to approve the minutes for October 27, 2014. A motion was made by James W. Hogan, seconded by Mary Cation, that this be approved . The motion passed by an unanimous vote. 5.0 New Business 140476 Risk Management Insurance Renewal-2015 Recommendation of the Finance Committee to approve the final negotiated costs for the 2015 Insurance Program with an overall cost increase of 1.6% or $5,395. Mike Nugent, the Village’s Risk Management Consultant, updated the Finance Committee on the upcoming 2015 Insurance Renewal Program. Good news, the increase was only 1.6% or $5400 this year. Excess workers comp was the major increase. A motion was made by Jay Tovian, seconded by Mary Cation, that this Village of Lombard Page 1 Finance Committee Minutes December 1, 2014 Request be recommended to the Board of Trustees . Aye: 5 - Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, and Ambareen Ahmed Absent: 2 - Dan Hartweg, and Benjamin Pelz Aye: 5 - Mary Cation, James W. Hogan, David Cain Jr., Jay Tovian, and Ambareen Ahmed Absent: 2 - Dan Hartweg, and Benjamin Pelz 140469 GASB 67/68 Overview An overview of Governmental Accounting Standards Board (GASB) Tim Sexton reviewed the staff PowerPoint slides on GASB 67/68. 6.0 Other Business 7.0 Review of Financial Information Tim Sexton reviewed the financial report for the period ending October 2014. 8.0 Future Meeting Dates January 26, 2015. 9.0 Adjournment A motion was made by James W. Hogan, seconded by Mary Cation, to adjourn the meeting at 8:55 P.M. A motion was made by James W. Hogan, seconded by Mary Cation, that this be adjourn . The motion passed by an unanimous vote. Aye: 0 Absent: 2 - Dan Hartweg, and Benjamin Pelz Aye: 0 Absent: 2 - Dan Hartweg, and Benjamin Pelz Village of Lombard Page 2