z - Retired - Finance Committee

draft Finance Committee Meeting Minutes - Aug. 31 , 2017 Westmont Village Hall Call to Order: 4:02 pm - Trustee Guzzo Pledge of Allegiance Roll Call: Committee Staff Trustee Guzzo (Chair) Finance Director Parker Trustee Liddle Assistant Finance Director Olsson Trustee Addington(4:07) Community Development Director Ziegler Trustee Barker Deputy Fire Chief Riley (4:10) Trustee Barry Municipal Services Office Supervisor Brendle Trustee Nero (4:25) Police Chief Gunther Mayor Gunter Public Works Director Ramsey Clerk Szymski Manager May Visitors None Minutes approved: A mo on to approve the minutes from July 6, 2017 and Aug 3, 2017 was made by Trustee Barker and seconded by Trustee Liddle, all ayes. UNFINISHED BUSINESS: Director Parker reviewed the op ons for funding a new Public Works Facility. Director Parker stated we need to priori ze the funding op ons. Then we will need to iden fy funding sources versus pledged revenue. Director Parker presented Dra Priori za on Points. These points included: ○ Poten al savings will be applied first ○ Places for Ea ng Tax will be no more than 0.50% if possible ○ Use Water at 50% match when it’s available and if it is a project for the water division ○ Will keep the following op ons open: ■ Hold reserves to the end of the year ■ Hold infrastructure funds towards the end of the year ■ Minimize use of the Stormwater Bond money Director Parker provided informa on on funding sources both on a basis on how much it would cover on a full bond issue, and how much it would cover on an annual basis. The dra presenta on showed funding sources to be used in the following order: 1. Costs savings due to equipment consolida on 2. Cost savings due to slightly less conserva ve budge ng 3. Costs for the Water Tower to be covered by previous water increases already set aside for a water tower 4. An increase in Places for Ea ng Tax from 1.5% to 2.0% 5. An extension of water rate increases beyond the already an cipated length of me 6. Use of Stormwater bonds to fund stormwater management that will impact proper es beyond the Public Works Facility 7. Planning to set aside money from ongoing infrastructure expenses in future years 8. Use of reserves, as as last resort At the request of Trustee Barker, Finance Director Parker indicated he would see if increasing Places for Ea ng Tax to 1.75% would be sufficient if larger amounts were used on item numbers 6 and 7, and would report the findings at the Public Works Commi ee mee ng. Mayor Gunter indicated his preference was to use other op ons, rather than reserves. He stated we have not come to a consensus yet. A er Director Ramsey’s Public Works presenta on, we may have a consensus. Trustee Guzzo stated that the new Public Works Facility is a necessity. Trustee Guzzo also said that the Public Works vehicles will be in a covered area and that will save money because we will not have to repair and/or replace equipment as o en as we do now. Mul ple Trustees suggested that the Village should provide informa on to the public, so they understand the need for the project. NEW BUSINESS: None at this me. REPORTS: None at this me. The next Finance mee ng is October 12, 2017. Adjourn: 4:30 pm, a mo on to adjourn was made by Trustee Guzzo, seconded by Trustee Liddle, all approved with all ayes.