Finance Committee

Finance Committee Meeting Council Chambers November 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, Bob Callero, John Johann, Paul Nielson and Al Weel Committee Members Absent: None Village Staff Present: Village Manager Vinezeano, Finance Director Neukirch, Assistant Finance Director Nannini, Village Attorney Annunzio, Community Development Director Ostman and Economic Development Coordinator Klicker, Approval of Minutes: The minutes from the October 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 10/16, 10/23 and 10/30 were up for approval, motion made and all concurred. New Business 6B Semi-Annual Update: Economic Development Coordinator Klicker reviewed the annual summary of existing Niles 6B incentives. He noted that 2 properties on the list were sold to exempt agencies, therefore their 6Bs will be removed. Klicker also noted that one property never actually implemented the development associated with the approval but used the 6B incentive as a selling point for the property. Klicker responded to the Committee concerning the 6B report and process and there was further discussion. FY 15 Audit Report: Lead auditor Dan Berg gave an overview and answered questions from the Committee on the FY 15 audit and audit process. Mr Berg explained that the audit went smoothly, gave some recommendations on what parts of the audit to focus on and discussed the Management Letter. The auditor and staff responded to questions from the Committee. Mr Berg explained that the staff was cooperative and professional. The Committee thanked the Finance staff for their hard work. Police and Fire Actuarial Reports: Finance Director Neukirch gave an overview of the recent changes in the Village’s pension funds actuarial process and introduced Jessica Fain from Lauterbach and Amen. Fain gave a detailed explanation of the current status of the pension funds and explained the various reasons and impact of various changes to the pension funds’ demographics, salaries, assumptions, funding policy changes, investment return and Village contributions. Fain also explained how Lauterbach and Amen evaluated that the Village’s current interest rate assumption of 7.25% is within the corridor of acceptability based on their analysis. Fain responded to additional questions from the Committee. Annual Municipal Compliance Pension Letters: Finance Director Neukirch presented the annual municipal compliance letters from the Village’s Police and Fire Pension Funds. Neukirch explained that these letters are an annual, statutory requirement that were prepared by Lauterbach and Amen. This letters were provided to the Village Board as required by Neukirch. Pension Tax Levy Request Letters: Finance Director Neukirch presented the annual tax levy request letters sent by the Village’s Police and Fire Pension Funds. Neukirch explained that these are annual letters that the Pension Boards send to the Village Board requesting that the Village contribute the recommended levy calculation amount. Neukirch explained that the Village is planning on contributing the recommended levy amount once again for the th upcoming FY 2017 budget, which will be the 4 consecutive year. TIF Joint Review Board: Finance Director Neukirch explained that the annually required TIF Joint Review Boards will be held on Friday, November 20 at 9:00 am at the Village Hall. Neukirch gave a brief overview of the reports and the requirements pertaining to the Joint Review Boards. Other Business: Chairman LoVerde requested that the Committee get name plates so presenters and people addressing the Committee know their names. Public Comment: None . Executive Session: None Return From Executive Session: None Adjournment: Motion to adjourn was made and all concurred at 9:25 am. Prepared by Scot Neukirch on 11/19/2015