HomeMy WebLinkAbout02/01/1999 FC minutesFINANCE COMMISSION
Minutes of the Meeting
February 1, 1990
I Call to Order
The meeting was called to order at 7:30 p.m. Commission members in attendance
were Richard Bachhuber, Paul Davies, John Engel, Vince Grochocinski, and Jim
Morrison. Also present were Finance Director David Jepson, Assistant. Finance
Director Carol Widmer, and Jay Fritz, Dolores Haugh, Paul Hoefert, and Walter
Rutkowski, members of the Mount Prospect Historical Society Board of
Directors.
II Approval of Minutes
The minutes of the January 4, 1990 meeting were accepted as presented.
III Mount Prospect Historical Society
Dolores Haugh presented background information to the Finance Commission
regarding the efforts of the Historical Society to renovate the property at
101-103 South Maple Street. Restoration costs were estimated to be $50,000
when the work began in 1989 and the Society planned to have the work performed
over a two-year period. However, as work began the Society found that the
repairs would have to be more extensive than they originally planned. Code
requirements also added to the original estimate. The revised estimate is now
$200,000 of which $120,000 remains to be raised. The Historical Society
believes their fund raising efforts will generate $30,000 in each of the next
two years and they have requested that the Village match the amount they raise
up to a maximum of $30,000 for each year.
Jay Fritz reviewed the Historical Society's operating budget. They currently
have $14,000 in cash reserves and for 1990 they estimate revenues of $30,000
and expenses of $26,000 which will add an additional $4,000 to their reserves.
After a discussion period, a motion was
the Village Board match funds raised by
of $30,000 for each of the next two
formal recommendation from the Finance
Village Board.
IV Finance Director Report
made by Jim Morrison recommending that
the Historical Society up to a maximum
years. It was seconded and passed. A
Commission will be presented to the
David Jepson presented a preview of the Village's 1990/91 Budget. The
proposed Budget for 1990/91 is $40,079,625. Dave explained that the informa-
tion in the Budget flows from the Introductory Section which includes a letter
from the Village Manager highlighting significant items in the Budget down to
V
departmental budgets. Each department budget begins with a narrative descrip-
tion of the department's budget followed by program totals and then line item
detail for each program. A detailed description of personal services and
capital expenditures completes each department section.
Dave also presented to the Finance Commission a copy of a report on personal
services prepared in response to a request by Trustee Van Geem. The report
provides detailed information on each department and total Village figures
over a four-year period from 1987/88 through the proposed 1990/91 fiscal year
on salaries and benefits forthree classes of employees --full-time, part-time,
and seasonal.
The next meeting is scheduled for February 8 followed by meetings on
February 22, March 8, March 22, and March 29. The meeting was adjourned at
10:00 P.M.
Respectfully Submitted
Carol Widmer
Assistant Finance Director
CLW/sm