Finance Committee

Finance Committee Meeting Council Chambers April 28, 2011 4:15 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, Rosemary Palicki and Mary Marusek Meeting Opened Meeting opened at 4:20 p.m. Approval of Minutes The minutes from the March 3, 2011 Finance Committee meeting were approved. Motion made, all concurred. Committee’s Feedback on The Committee discussed the FY 2012 budget process and gave The FY 12 Budget Process: recommendations for next year. Overall the Committee felt the direction and process was good and has shown good improvement from previous years. Trustee Hynes felt the Board needs to work on giving staff notice of their direction and goals earlier in the process. Village Manager Van Geem would like to see the Finance Committee take a larger role in the process next year. Overall the feeling was that the process is moving in the right direction and next year we should follow basically the same format with focus put on getting direction from the Board earlier in the process Personnel Manual Changes: Trustee Weel recommended that the Ethics Committee review the changes to the personnel manual first. After their review, the Finance Committee can review the finance related changes if necessary. New Annual Auditor Update: Finance Director Neukirch updated the Committee on the progress with the new Village auditors. The staff has had one meeting with the auditors and preliminary fieldwork will begin in May. GFOA Certificate of Achievement Trustee Weel and the Committee congratulated Scot Neukirch and the Finance For Excellence in Financial Department for receiving the GFOA Certificate of Achievement for Excellence in Reporting Financial Reporting. Information on the award was presented. Finance Director Scot Neukirch asked the Board to recognize Asst Finance Director Laurie Nannini for all her work in helping the Village receive this reward as well as contributions from the entire Finance Department. Other Business Village Manager George Van Geem presented the investment returns for the General Fund investments. The long term portfolio received a return of 10.90% and the remaining securities received .5% return. The Committee noted what a good job he has done along with Finance Director Neukirch considering the difficult investment market. Village Manager George Van Geem updated the Committee on the status of the special service area proposed for Golf Mill. Golf Mill is still discussing the issue with the 5 major retailers in the mall. Adjournment A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 4:50 p.m. Next Meeting The next Finance Committee meeting will be determined based on the Committee members’ availability. Prepared by Scot Neukirch on 4/29/2011