Finance Committee

Finance Committee Meeting Council Chambers March 3, 2011 4:00 p.m. Attendance Committee Members Present: Mayor Callero, Trustee Hynes, Trustee Weel, Village Manager Van Geem and Finance Director Neukirch Committee Members Absent: None Non Committee Members Present: Trustee Hanusiak, Trustee Preston and Trustee Loverde Meeting Opened Meeting opened at 4:02 p.m. Approval of Minutes The minutes from the January 13, 2011 Finance Committee meeting were approved with one minor change to members who were present. Motion made, all concurred. Annual Audit Proposals: Finance Director Neukirch gave an overview of the proposal process and the proposals received for annual audit services for the Village of Niles for FY 2011. The Committee discussed the various proposals and answered questions from non Committee members who were present. The Committee directed Finance Director Neukirch to prepare following documents for the Village Board to help them make a decision at the March 22, 2011 Village Board Meeting:  A summary of the reference checks for Baker Tilly and Sikich,  A sample management letter from both firms  A list of Illinois city and village clients who have received the GFOA Certificate of Achievement for Excellence in Financial Reporting Other Business At our last meeting, Village Manager Van Geem explained that Golf Mill Shopping Center has sent the Village of Niles a plan draft to set up a business district which would result in the stores at Golf Mill increasing their sales tax rate by .25. The incremental sales tax revenue received would then be used to pay for improvements to the mall. The plan is in the preliminary stages and requires the major stores in the mall to agree. As of the date of the Committee meeting, Golf Mill has not received approval from the 5 anchor stores in their mall. Trustee Preston asked if the Finance Committee had reviewed the draft FY 2012 Budget. A Capital Plan has been discussed and various aspects of the budget process, but the details of the document will be discussed at the March 16 open workshop. Adjournment A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 4:27p.m. Next Meeting The next Finance Committee meeting determined based on the Committee members’ availability. Prepared by Scot Neukirch on 3/9/2011