Finance Committee

Finance Committee Meeting Room 218 July 21, 2011 8:00 a.m. Attendance Committee Members Present: Mayor Callero, John Johann, Village Manager Van Geem and Finance Director Neukirch Committee Members Absent: Trustee Lo Verde Non Committee Members Present: Trustee Preston Meeting Opened Meeting opened at 8:12 a.m. Approval of Minutes The minutes from the April 28, 2011 Finance Committee meeting were approved. Motion made, all concurred. Revised Purchasing Policy Manual: The Committee discussed the revised purchasing policy manual. Scot Neukirch opened the discussion by explaining some additional changes that will be made to the document. The Committee discussed the minimum signing threshold of $1000 for the Mayor and elected to keep it the same. John Johann made recommendations regarding several areas of the document. These changes will be incorporated in to the document and listed on the summary of changes for the August meeting. Trustee Preston recommended that the Finance Director review the manual on an annual basis and sign off on it. The Committee agreed that the Finance Director will review it on an annual basis and bring any change recommendations before the Committee as needed for approval. Overall the Committee present felt the revised document is a good document and will resume discussion of the document at the August meeting when Trustee Lo Verde will be available. Refunding of Series 2004 Debt: Scot Neukirch reviewed the status of the Village’s refunding of its series 2004 debt service. The parameters ordinance will be presented for approval at the July 26, 2011 Village Board Meeting. It is estimated that this refunding will save the Village over $204,000 in interest payments over the remaining life of the debt. The Village will not move forward with the refunding if the net present value savings is not above $100,000. The cost of issuance amounts were also reviewed. Health Insurance Discussion: This item was postponed until the August meeting when Trustee Lo Verde will be present. Other Business George Van Geem updated the Committee on the status of the status of the special service area that had previously been proposed for Golf Mill. As of the date of the Committee meeting, there was no significant progress to report. The Committee discussed the time and place of future Committee meetings. The Committee was agreeable to keeping the meetings in room 218 at 8:00 a.m. pending input from Trustee Lo Verde. Trustee Preston asked about the approval process for the accounts payable for the Village. Scot Neukirch explained the current process. The Committee agreed to add the approval of the accounts payable registers to the monthly agenda for the Finance Committee. George Van Geem presented a list of possible topics for the Finance Committee to review in the upcoming year. He stressed the need for the Finance Committee to review the tax levy process and the need to take the political pressures out of the process. Adjournment A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 9.09 a.m. Next Meeting The next Finance Committee meeting is tentatively scheduled for Wednesday, August 17, 2011 in the Council Chambers. Prepared by Scot Neukirch on 7/21/2011