HomeMy WebLinkAbout06/25/1985 COW MAgendark r s Office
COMMITTEE OF THE WHOLE
AGENDA
Meeting Location: Meeting Date and Time:
Board Room, 2nd Floor Tuesday, June 25, 1985
112 East Northwest Highway 7:30 p.m.
I. CALL TO ORDER - ROLL CALL
II. ACCEPTANCE OF MINUTES OF JUNE 111* 1985
III. CITIZENS TO BE HEARD
Attached to the Agenda is the final draft of a written Policy
Statement covering the investment procedures and objectives that
the Board should consider for adoption. The Investment Policy
was developed by Finance Director David.Jepson and has been
reviewed by area Finance Directors, Village auditors., local banks
and the Finance Commission on June 13. Suggestions and comments
from these various interests have been incorporated into the
Policy Statement, (Also attached with the Agenda are the Minutes
of the Finance Commission.)
Mr. Jepson developed this Policy in response to a growing concern
we had administratively over recent news articles about bank
failures across the country and last year's difficulty with
Continental Illinois National Bank. The Policy makes as its
primary objective the successful preservation of capital. That
is, our investment decisions will be made on the basis of
investment, security and minimization of risk. One of the
significant additions to prior policy is the requirement that
banks collateralize municipal investments when they exceed the
insurance limits of the FDIC. While that collaterization
procedure will reduce potential investment yields, it will
provide that added security to obtain the objective of capital
preservation.
After review of the Policy, it should be acknowledged and adopted
by the Village Board at a regularly scheduled meeting,
V. FLEXIBLE COMPENSATION PLAN
With the institution of Blue Cross/Blue Shield as the health and
life insurance carrier of the Village, the staff is recommending
that employee contributions 'be made with pre-tax deductions as
opposed to the present policy after tax deductions. In
conjunction with that move, the Village is required, under
Internal Revenue Services Codes and the Deficit Reduction Act of
1984, to adopt a formal Flexible Compensation Plan by the
appropriate authorities,
This Plan has been developed by A. S. Hansen, Inc., who also
acted as our pension actuaries. It does meet the requirements of
the IRS Code and the Deficit Reduction Act and sets forth
applicable definitions and procedures. A brief explanation from
Mr. Jepson is attached along with the Plan documents as prepared
by Hansen.
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