Finance Committee

Finance Committee Meeting Conference Room 218 May 20, 2010 8:00 a.m. Attendance Committee Members Present: Trustee Hynes, Trustee Weel, Village Manager Van Geem and Finance Director Neukirch Committee Members Absent: Mayor Callero Non Committee Members Present: Asst Village Manager Vinezeano Meeting Opened Meeting opened at 8:21 a.m. Approval of Minutes The minutes from the February 18, 2010 Finance Committee meeting were approved. Motion made, all concurred. Feedback for Staff on Budget Trustee Weel and Trustee Hynes provided feed back to the staff on how they felt Process the FY 2011 budget process went this year. Trustee Hynes said he would like to see a little more detail on what happened during the departmental meetings. Both trustees felt overall the process was good and liked the openness. Next year they would like to see the personnel issues discussed earlier in the evening and have staff give an overview to the public of what will be discussed during executive session. Finance Director Neukirch suggested that residents could be given an opportunity to comment on the personnel issues before the trustees went in to executive session. Staff will plan to incorporate these suggestions in to next year’s budget process. Update on the Progress with Staff provided an update of the progress with the various new and updated fees New Taxes and Fees and taxes that were implemented with the FY 2011 budget. The trustees said they would like to see more classes of liquor licenses created to charge higher fees to the larger businesses. Forensic Study Clarification Finance Director Neukirch requested further clarification of what Trustee Hynes would like to see accomplished with the forensic study to help narrow down the scope of the study. Trustee Hynes explained that he would like the study to address issues of basic theft, internal controls to minimize theft and a review of the Village’s investments. Village Manager Van Geem suggested we consider doing this in conjunction with this year’s annual audit with our current auditors since that could save the Village money. Proposed Groot Contract Village Manager Van Geem and Asst Village Manager Vinezeano presented the proposed Groot 5 year extension contract. The details of the contract were reviewed and will be voted on at the May 25, 2010 Village Board meeting. Other Business Trustee Weel noted that staff has cancelled the $20,000 stop loss coverage for calendar 2010 as directed during the budget meetings. The Village will receive a refund of $13,425 in the next couple weeks. Adjournment A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 8:59 a.m. Next Meeting The date and time of the next Finance Committee meeting will be determined at a later date. Prepared by Scot Neukirch on 5/20/10