HomeMy WebLinkAbout03/17/1982 FC minutesMINUTES OF THE MOUNT PROSPECT FINANCE COMMISSION
March 17, 1982
The Finance Commission meeting was called to order at 8:00 PM by Chairman Ronchetto.
Commission Members present were: Chairman Ronchetto and Commissioners Bachhuber,
Magnuson, Coventry and Smilanic.
Also present: Village Manager Burghard, Director of Management Services Hedstrom,
and Messers William Greenfield and Peter Justen, representatives of Arthur J.
Gallagher the Village's insurance broker.
Minutes of the January 20, 1982 commission meeting were approved as presented.
Chairman Ronchetto introduced the Gallagher representatives. A general discussion
of the history of the group health insurance followed with Mr. Greenfield mentioning
that a self-funded insurance plan was presented and decided against in 1980. Improved
coverage was discussed, and that it was becoming more common for employees to contri-
bute towards increased premium to obtain this improvement. Mr. Greenfield explained
current benefits such as (1) emergency room coverage only for accidents and not for
illness (2) $90 per day for intensive care (3) $5 a day for doctor's charges for
each day of hospitalization and (4) a $100 deductible per incident per person before
major medical coverage applied, and that plan contains an 80o co-insurance clause with
no stop loss provision. Mr. Greenfield stated that the Village has had this plan
for a good number of years and that its provisions were common when the original
agreement was made.
It was pointed out that the commission was responsible for the dividend paid the
Village in 1980 as well as reduced premiums that resulted from the brokers seeking
new quotations.
Chairman Ronchetto inquired about securing experience by employee divided between
dependents and employees, as well as for data that Gallagher is obtaining for self -
funding and from other interested carriers.
The current carrier, Connecticut General, will be submitting any proposed changes
shortly since they must notify the Village at least 30 days prior to the anniversary
date of the policy which is May 1. Chairman Ronchetto also asked for copies of this
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data as quickly as possible so that the Commission can consider available options.
The Commissioners and staff thanked the Gallagher people for attending the meeting prior
to their leaving.
The discussion then shifted to the Village's participation in IRMA (Intergovernmental
Risk Management Association). Village Manager Burghard explained some of the history
and details and the physical training program utilized by the Fire Department and that
some consideration is being given to extending the program to the Police Department.
A review was made of Mount Prospect's experience while in IRMA.
Discussion turned to Auditors recommendations and cash management. Chairman Ronchetto
explained the benefits of using the banks checking account reconciling services including
having the bank mechanically sort checks into numerical sequence prior to returning
to Village. Staff responded that it is planned to take advantage of this service
effective with statements for March 31, 1982. Handling of cash collections and timelv
deposits was then discussed.
Prior to adjourning, Commissioner Smilanic pointed out that the 1982-83 budget increase
for street lighting should be changed from $17,436 to $12,200.
Meeting adjourned at 9:35 PM.