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HomeMy WebLinkAbout01/24/2002 FC minutesFINANCE COMMISSION MINUTES OF THE MEETING JANUARY 24, 2002 VILLAGE HALL BUILDING CALL TO ORDER The meeting was called to order at 7:00 p.m. Those present included Chairman John Korn and Commissioners Charles Bennett, Ann Hull, Tom Pekras and Ann Smilanic. Also present were Director of Finance Douglas Ellsworth, Deputy Director of Finance Carol Widmer and Finance Administrative Assistant Lisa Burkemper. Commissioner George Busse arrived at 7:55 and Commissioner Vince Grochocinski was absent. II. APPROVAL OF MINUTES Commissioner Ann Smilanic motioned to approve the minutes of October 25, 2001, seconded by Commissioner Charles Bennett, the minutes were accepted as presented. Commissioner Charles Bennett motioned to approve the minutes of November 1, 2001, seconded by Commissioner Ann Smilanic, the minutes were accepted as presented. III. DISCUSSION REGARDING PROPOSED 2002 WORK PLAN Chairman John Korn began the meeting with the Chairman's Report. Chairman Korn summarized the topics discussed at several of the most recent board meetings. Chairman John Korn began the discussion on the 2002 work plan by stating that he was happy with the way last years work plan was scheduled. Chairman John Korn asked the commissioners for their comments on the 2002 work plan. Commissioner Ann Smilanic stated she would not be able to attend the April 25~ meeting. Commissioner Tom Pekras mentioned he also would not be able to attend. Commissioner Charles Bennett motioned to move the April 25~ meeting to May 2na. Commissioner Tom Pekras seconded the motion and the motion carried. Following a discussion the Finance Commission drafted an agenda for the 2002 meeting schedule. The following motions summarize the meetings to be cancelled and the attached agenda outlines the work plan for the year 2002. Commissioner Charles Bennett motioned to cancel the meeting scheduled for February 28, 2002. Commissioner Tom Pekras seconded the motion and the motion carried. Commissioner George Busse motioned to cancel the November 28, 2002 meeting. Commissioner Charles Bennett seconded the motion and the motion carried. Commissioner Charles Bennett motioned to cancel the meeting scheduled for December 26, 2002. Commissioner Ann Smilanic seconded the motion and the motion carried. V. OTHER BUSINESS There was no other business discussed. V. CHAIRMAN'S REPORT Chairman John Korn made his report prior to the discussion on the 2002 Work Plan. VI. FINANCE DIRECTOR'S REPOR T Finance Director Douglas Ellsworth stated that at the February 5~' village board meeting the board would be asked to pass an ordinance transferring our private activity bond volume cap to Stern Brothers. Mr. Ellsworth stated he had negotiated a 2% fee for the transfer of this private activity bond. This fee will net the village $84,000. Mr. Ellsworth also stated that he would recommend to the village board that we perform a current refunding of the Series 1993 and 1994 bonds that were callable in December 2001. The savings are estimated at $215,000 after subtracting the costs of bond issuance. Commissioner George Busse motioned in favor of approving and supporting the two proposals set forth by Mr. Ellsworth. The motion was seconded by Commissioner Tom Pekras and was carried. Chairman John Korn mentioned that he would like to see the Finance Commissioner's terms expire on a staggered term basis. Commissioner George Busse suggested the commission formulate a recommendation and then present it to the Mayor and village board. Chairman Korn agreed and stated he would put together a recommendation to present to the village board. VII. NEXT MEETING: MARCH 28, 2002 Commissioner Tom Pekras motioned to adjourn and Commissioner Charles Bennett seconded the motion. The meeting was adjourned at 8:40 p.m. The next meeting will be March 28, 2002. Respectfully submitted, Lisa Burkemper Administrative Assistant Finance Department 2