z - Retired - Finance Committee

draft Finance Committee Meeting Minutes - June 8, 2017 Westmont Village Hall Call to Order: 4:02 pm - Mayor Gunter Pledge of Allegiance Roll Call: Committee Staff Trustee Guzzo (Chair) Director Parker Trustee Liddle Manager May Trustee Addington (4:08) Chief Gunther Trustee Barry (4:22) Director Ziegler Trustee Barker (4:19) Larry McIntyre (4:30) Mayor Gunter Dave Weiss Clerk Szymski Mike Ramsey (4:17) Manager May Tom Mulhearn (4:18) Deputy Clerk Richards Ruth Olsson Deputy Chief Riley Visitors None Minutes approved: The April 13, 2017 Mee ng Minutes were approved by a mo on from Trustee Guzzo and a second by Trustee Addington, all ayes. UNFINISHED BUSINESS: Director Parker was not present, Assistant Finance Director Ruth Olsson presented objec ves of the agenda topics in Director Parker’s absence: Places for Eating Tax - Summary Assistant Finance Director Olsson gave a presenta on of the seventeen restaurants that are in arrears with their Places for Ea ng Tax. It was found two of these restaurants are not subject to the Tax, and this is now documented. Five of the restaurants have paid their arrears in full. Five have full payment plans which comes to about $71,000 to be paid over three years. One has a par al payment plan. We are pursuing issuing a liquor license viola on le er to one of the restaurants at this me. The Village A orney is dra ing three prosecu on le ers to the remaining restaurants. Mayor Gunter added that there is one restaurant in par cular that has a very high dollar amount in arrears and we are looking at some sanc ons in the liquor license from a legal standpoint. Assistant Finance Director Olsson also went over the impact of the Places for Ea ng Tax. The Village receives about $1,070,000 total annually, averaging about $90,000 monthly. There is a certain percentage of Places for Ea ng Tax that is pledged for debt re rement. Assistant Director Olsson will advise what the percentage and dollar amount is at next mee ng. NEW BUSINESS: Hotel/Motel Grants Budget: We have $25,000 for specific payments for WSEC, DuPage Conven on Visitors, and the Westmont Park District Holly Days. We have $15,000 designated as Community-Wide available through October. If today’s requests are approved, we will have $5,000 of unrequested money at this me le in the budget. We will have $10,000 Community-Wide available a er October. We had $15,000 unused money in the FY 2016/17 budget. The Park District’s Summer Musical, Concerts in the Park and Haunted Forest will go before the Board tonight for consent approval. Overview of Appropriations Ordinance and Timeline: We approved the Budget on April 17, 2017. Now we have to set a legal spending limit. Using the approved budget we typically add 20% to the approved Budget. We also add in other items such as TIF, repairs, land, etc in an cipa on of other projects. The pension budget also needs to be high enough to cover FY 19. The Appropria ons Ordinance needs to be approved by end of 1st quarter which is the end of July, 2017. Timeline: We approved the Budget on April 17,2017. A no ce of the Appropria on Ordinance will be published in the local paper and a dra ordinance will be available to the public for viewing by 6/21/2017. A public hearing is scheduled for 7/6/2017. The date of the an cipated adop on of the Appropria on Ordinance is 7/6/2017. The Appropria on Ordinance has to be filed with the County by 7/31/2017. Overview of Bonds: Per the Budget we will be issuing about $6.5 - 7 million of Issuing Bonds for Stormwater Management. We are planning to use the same bond counsel as last me, Ice Miller LLP. Mr. Tom Chapman presented on behalf of the underwri ng firm of Raymond James and Associates, Inc. Tom Chapman walked through meline and answered ques ons. REPORTS: None at this me The next Finance mee ng is July 6, 2017. Adjourn: 4:30 pm, a mo on to adjourn was made by Trustee Addington, seconded by Trustee Liddle, all approved with all ayes.