Finance Committee

Finance Committee Meeting Conference Room 212 August 10, 2010 7:30 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: None Meeting Opened Meeting opened at 7:35 a.m. Approval of Minutes The minutes from the July 22, 2010 Finance Committee meeting were approved. Motion made, all concurred. IT Audit Direction Request The Committee members discussed the draft IT audit request for proposal (RFP) that was presented for their review at the July 22, 2010 Finance Committee meeting. Several recommendations and changes were made by the Committee and staff will revise the RFP based on their comments. The RFP will be presented for the Village Board’s approval at the August 24, 2010 Board Meeting. Internal Controls Audit Proposals The Committee reviewed and discussed the 4 proposals received for the internal controls audit. The Committee decided to on Selden Fox as the firm that it will recommend to the Village Board to conduct the internal controls audit. The recommendation will be made at the August 24, 2010 Board Meeting. Proposed 2003 Debt Refunding Finance Director Neukirch presented the details for a proposed debt refunding for the Village’s series 2003 debt issue. The refunding of this debt is estimated to save the Village $175,000 in interest costs over the remaining years of the issue. Committee concurred with the recommendation. A parameters ordinance will be presented to the Village Board at the August 24, 2010 Board Meeting. Other Business Village Manager Van Geem gave an update on the proposed early retirement incentive plan. Adjournment A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 8:30 a.m. Next Meeting The next Finance Committee meeting will meet in September depending on the Committee members’ schedules. Prepared by Scot Neukirch on 8/10/10