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HomeMy WebLinkAbout04/10/2003 FC minutes RAFT FINANCE COMMISSION MINUTES OF THE MEETING AVRIL 10, 2003 VILLAGE HALL BUILDING DRAFT I. CALL TO ORDER The meeting was called to order at 7:00 p.m. Those present included Chairman John Kom and Commissioners Charles Bennett, Vince Grochocinski, Ann Hull and Ann Smilanic. Also present were Director of Finance Douglas Ellsworth, Deputy Director of Finance Carol Widmer and Finance Administrative Assistant LisaBurkemper. Commissioner George Busse was present and leftat 7:35 and Commissioner Tom Pekras was absent. II. APPROVAL OF MINUTES Commissioner Vince Grochocinski motioned to approve the minutes of February 27, 2003. Commissioner Charles Bennett seconded the motion and the minutes were accepted as presented. III. DISCUSSION REGARDING 2004 PROJECTED BUDGET DEFICIT Chairman John Kom began the discussion with an overview of the April 9, 2003 Committee of the Whole meeting. Chairman Korn stated that the Board presented a tentative budget plan for 2004 at that meeting. The Board will hold another meeting on April 22, 2003 to allow for feedback from the residents, businesses and the Finance Commission. There was a question from commission members as to why the Board wanted to remove the sunset clause on the Food and Beverage Tax and the Municipal Motor Fuel Taxes now when they will not sunset until October 2006. The Finance Commission suggested it was too early to make recommendations on those revenues at this time. The commission stated that they felt there should not be a formal vote on the sunsets now. They felt it should be a topic for discussion purposes only. There was a discussion among the members on the tentative plan to increase the Home Rule Sales Tax rate by .5%. Commissioner George Busse stated he would rather increase the Telecommunications Tax and transfer less money to the CIP instead of increase the Home Rule Sales Tax. Commissioner George Busse motioned to resubmit the Finance Commissions original general fund operating deficit recommendations and to further mention that the commission did not support the October 2006 snnset recommendations bythe Board. COmmissioner Vince Grochocinski seconded the motion and Commissioners Charles Bennett, Ann Hull and Chairman John Korn were in favor. Commissioner Ann Smilanic abstained. Commissioner Charles Bennett asked if, as part of the projected deficit for next year, the village be looking to recover the money drawn down from reserves. Finance Director Douglas Ellsworth stated that the intent is to get the reserves back to 25% through excess revenues. HAIRMAN'S REPORT Chairman John Korn highlighted the topics discussed at the board meetings that have taken place recently. FINANCE DIRECTOR'S REPORT Director of Finance Douglas Ellsworth wished the Finance Commission luck in the coming years, and commended them for a job well done. VI. OTHER BUSINESS Commissioner Ann Smilanic asked if Chairman Kom had resolved the problem with the commission member's staggering terms. Chairman Kom stated that Commissioner Charles Bennett has agreed to extend his term an additional year. Chairman Korn also stated that he would advise the Village Manager and the Board of the change and they will have to revise the terms. Chairman John Korn motioned to wish Finance Director Doug Ellsworth luck in his new position and stated it was a pleasure working with Doug for the past few years. Commissioner Ann Hull seconded the motion and the motion carded. VII. Next Meeting: May 22, 2003 Commissioner Vince Grochocinski motioned to adjourn which Commissioner Charles Bennett seconded. The meeting was adjourned at 8:10 p.m. The next meeting is scheduled for May 22, 2003. Respectfully submitted, Lisa Burkemper Administrative Assistant Finance Department