HomeMy WebLinkAbout09/26/2013 FC Minutes FINANCE COMMISSION
Minutes of the Meeting
September 26, 2013
1St Floor Community Center
Village Hall 50 S. Emerson Street
I. Call to Order
The meeting was called to order at 7:OOp.m. Those present included Chairman
Vince Grochocinski and Commissioners Pam Bazan, Jim Gregory, Tom Pekras
and Don Ocwieja. Commissioner John Kellerhals participated by phone. Finance
Director David Erb was also in attendance.
I1. Approval of Minutes
a) June 27, 2013. Pam Bazan moved to approve the minutes of June 27, 2013.
Jim Gregory seconded the motion. The minutes were approved.
b) July 25, 2013. Jim Gregory moved to approve the minutes of July 25, 2013.
Pam Bazan seconded the motion. The minutes were approved.
III. Citizens to be Heard
There were not any citizens to be heard.
IV. Old Business
Finance Director Dave Erb and Chairman Vince Grochocinski reported that the
Village Board asked for additional alternatives to raise $2 million a year to fund
the street repair program at six miles a year. Finance Director Erb presented
several funding alternatives that were discussed by the Commission. The revised
5-year plan includes step increases to the refuse collection fee along with one-
time increases in the local motor fuel tax and vehicle sticker fee. A reallocation
of the property tax will allow debt service coverage for bonds issued to address
the resurfacing backlog.
V. New Business
There was no New Business.
VI.Any Other Business
There was no Other Business.
VII. Chairman's Report
There was no Chairman's Report.
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VIII. Finance Director's Report
Finance Director Dave Erb reported on the August 20th bond sale. Proceeds from
the sale will be used for flood control projects. The net interest rate is 4.0%.
Maturity for paying off the bonds is 20 years. The Village maintained its' AA+
rating with Standard & Poor's through the sale.
Budget meetings will be held October 17, October 24 and November 7.
IX.Next Meeting
The next meeting will be held on Thursday, October 17, 2013 at 6:00 P.M. at
Village Hall.
X. Adjournment
Commissioner Bazan motioned to adjourn the meeting. Commissioner Kellerhals
seconded the motion. The meeting was adjourned at 9:10 P.M.
Respectfully Submitted,
Don Ocwieja
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