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HomeMy WebLinkAbout01/11/2000 COW minutes REVISED MINUTES COMMITTEE OF THE WHOLE JANUARY 11, 2000 I. CALL TO ORDER The meeting was called to order at 7:37 p.m. by Mayor Farley. Present at the meeting were: Trustees Paul Hoefert, Richard Lohrstorfer, Michaele Skowron and Irvana Wilks. Absent from the meeting was Trustee Corcoran. Members present included Village Manager Michael E. Janonis, Assistant Village Manager David Strahl and Finance Director Doug Ellsworth. II. APPROVAL OF MINUTES Approval of Minutes from November 23, 1999. Motion made by Trustee Hoefert and Seconded by Trustee Lohrstorfer to approve the Minutes. Minutes were approved unanimously. III. CITIZENS TO BE HEARD None. IV. FUND BALANCE POLICY DISCUSSION Finance Director Doug EIIsworth stated that during the Budget process that occurred last fall, there was a discussion to increase the General Fund balance from 16.50% to 25% through gradual increases of available annual surpluses. The recommendation was based on the elastic revenue sources that the Village depends on. He stated the Fund balance increase would provide a cushion to ride out a minor recession. He also highlighted the fact that a 25% reserve is consistent with other communities as evidenced by the survey that he provided in his material. He stated the Village could operate with a 16.5% Fund balance even though 25% is the typical national average. George Busse, 1007 Greenfield Lane spoke. He stated that as a member of the Finance Commission, he voted to retain the 16.5% fund balance as evidenced by a Commission vote of 5-4. He feels it is unnecessary to increase the balance to 25% when the Village has yet to reach the full 16.5% level nor demonstrated the need for the full 16.5%. He stated that Mount Prospect has been more fiscally disciplined than other towns and should not necessarily follow the trend of other communities. General comments from the Village Board members included the following items: There was some concern raised that the Village should be more fiscally responsible with the Fund balance including the fact that the Village has successfully increased revenues in the past when necessary. There was also some discussion regarding a possible compromise percentage between the 16.5% and 25%. If the Village operated at the Iower percentage, the staff would be more creative in their critical review of available funds. Additional fund balance will usually improve the borrowing rate. The village has exercised restraint in utilizing the available fund balance and that policy will continue regardless of the fund balance amount. Comments were made stating that even though the Village has gone to the residents for increases in the past, the fact that establishing a cushion during a down time would not require the Village to go to the citizens during a downturn which could possibly impact residents more. Consensus of the Village Board was to retain the original Resolution establishing a 25% Fund balance based on previous Village Board action. Based on this consensus, no additional action is necessary. V. FUTURE COMMITTEE OF THE WHOLE MEETINGS Mayor Farley stated that the list has been revised and the revised list is before each Board member with the appropriate back up describing each suggested topic. He suggested some items could be combined since the topics are quire similar. The Mayor proceeded to read each topic to determine whether there was consensus to consider the topic in the future. The consensus of the Village Board was to remove the following topics: Voter Turn-Out Attraction and Compensation of Board Members Discussion of Laws Governing Conflict of Interest Board consensus also determined that items should be added to the list: Those items included: Village-Owned Property Used for Possibly Setting Up Small Pocket Parks Prospect Heights Arena Update The topics are summarized on a separate sheet and attached to these Minutes. 2 .~ VI. MANAGER'S REPORT None. VII. ANY OTHER BUSINESS Trustee Hoefert commented on the Clocktower landscaping plan. Village Manager Janonis stated that Village staff has been in discussions with the CIocktower developer in attempting to address the appearance issues. He stated that sales have been going extremely well at the site. Trustee Skowron reminded everyone of the Celestial Celebration scheduled for February 5, 2000. Mayor Farley announced that a Prayer Breakfast has been scheduled for January 21, 2000, at Mr. Peter's. CLOSED SESSION Motion made by Trustee Hoefert and Seconded by Trustee Lohrstorfer to move into ,,., Closed Session to discuss Litigation and Personnel. The meeting moved into Closed Session at 8:31 p.m. Meeting reconvened into Open Session at 9:30 p.m. VIII. ADJOURNMENT No other business was transacted and the meeting was adjourned at 9:31 p.m. Respectfully submitted, DAVID STRAHL Assistant Village Manager DS/rcc H:\GEN\Cow\Min utes\011100 COW Minutes,doc 3