Finance Committee

Finance Committee Meeting Council Chambers February 18, 2015 8:00 a.m. Call To Order: Meeting opened at 8:00 am Roll Call: Finance Director Neukirch called the roll for Committee members. Committee Members Present: Chairman LoVerde, John Johann, Al Weel, Robert Callero, Village Manager Steve Vinezeano and Finance Director Scot Neukirch Committee Members Absent: None Non Committee Members Present: Community Development Director Chuck Ostman, Economic Development Coordinator Ross Klicker, Attorney Joe Annunzio , Assistant Finance Director Laurie Nannini and the Directors from most of the Village’s departments Approval of Minutes: The minutes from the January 21, 2015 Finance Committee meeting were up for approval, motion made and all concurred. Accounts Payable Approval: The approval of the Accounts Payable registers for 1/16, 1/23, 1/30, 2/6 were up for approval, motion made and all concurred. New Business 7B Incentive Request: Economic Development Coordinator Klicker presented the 7b incentive request for 7247 Waukegan. Klicker reviewed the information provided supporting staff’s determination that the request has merit. Klicker responded to questions from the Committee. There was a public comment from Eric Trimberger from School District 219 that they do not oppose the incentive as long as there is an agreement that the applicant will not file for a refund of prior year’s taxes. Klicker explained that is part of the agreement with the applicant. A motion was made to recommend that the Village Board approve the 7b incentive. The motion was amended to include the direction that future incentive requests in addition to the Finance Committee’s review also be sent to a pre-board for the Village Board to review and be sent to the Community Development Committee prior to being sent to the Village Board for final approval. Johann-yes, LoVerde-yes, Callero-yes, Weel-yes, Vinezeano-yes Annual Abatement Ordinance: Finance Director Neukirch presented the 2015 abatement ordinance. Neukirch briefly explained the abatement process. All but $675,000 of the potential debt levy created by the Village’s general obligation debt is abated by this ordinance. Motion made for the Committee’s approval and to send up to the Village Board, all approved. FY 16 Draft Budget Review: Village Manager Vinezeano and Finance Director Neukirch gave a presentation to the Committee concerning the status of the draft FY 2016 draft budget, see attachment 1. The Committee reviewed and discussed the budget timeline, Village cost control/operational efficiency efforts, the General Funds original requests, factors impacting requests, changes made to the original requests and partially discussed balancing options for the General Fund. The major issues facing each of the other funds were also discussed. Representatives from most of the Village departments attended the meeting and some answered various questions from the Committee during the meeting. After some discussion, the Committee decided not to provide direction on all of the staff items provided concerning possible reductions to the General Fund’s deficit. The following follow up items will be provided based on this meeting:  List of General Fund changes from requested budget broken out by cuts and postponements  Chairman LoVerde to provide a list of his suggested cuts to staff  Historical comparison between reserves and total General Fund expenses Public Comment: Louella Preston made a comment concerning the Village Board not having a general plan and expressed her disappointment that the Finance Committee did not continue offering input on the possible reductions to the General Fund’s deficit. Executive Session: None Return From Executive Session: None Adjournment: Motion was made and all concurred to cancel the February 19 Finance Committee Motion to adjourn was made and all concurred at 10:41 am. Prepared by Scot Neukirch on 2/19/2015