HomeMy WebLinkAbout03/26/1998 FC MinutesFINANCE COMIrvIISSION
Minutes of the Meeting
March 26, 1998
The meeting was called to order at 7:00 p.m. Those present included Chairman John Korn, and
Commissioners George Busse, Vince Grochocinski, Newt Hallman, Jim Morrison, and Ann Smilanic.
Also present were Finance Director Brian Caputo, and Deputy Finance Director Carol Widmer.
Commissioner John Engel arrived at 7:20 p.m. Finance Commissioner Tom Pekras was absent.
The minutes of the March 5, 1998 meeting were approved as presented.
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Chairman Korn indicated that he had sent a letter to Village Manager Michael Janonis regarding
extending the Finance Commission's role in the budget process. To date, he has not received a reply.
He also reviewed recent Village Board actions for the commission.
Flections were held for two positions. George Busse was elected Vice Chairman and Jim Morrison
was elected Secretary of the Finance Commission.
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Finance Director Brian Caputo, in response to a questions posed at a previous meeting, reported that
a 1995 survey by the Northwest Municipal Conference regarding satellite dish fees indicated that two
municipalities, Glencoe and Niles, had instituted such fees. However, officials at Niles said they do
not have such a fee. Officials at Glencoe said the fee they charge is for a permit to install the satellite
dish, not a user fee.
There was a brief discussion of the role of the MIS Coordinator, Joan Middleton, and the members
of the Finance Commission asked if it would be possible for Joan to attend the next meeting to talk
about the Village -wide computerization project. Mr. Caputo stated that he would attempt to arrange
for Ms. Middleton to attend the next commission meeting.
Mr. Caputo reviewed his March 18 memo to the Village Manager regarding the Village's credit rating
from Moody's Investors Services in conjunction with the 1998 bond issue. Moody's changed their
rating categories from Aaa, Aa, etc. with two subcategories such as Aa and Aa -1 to a three -suffix
scheme of Aa -3, Aa -2, and Aa -1. The -1 reflects the strongest credit standing within a basic rating
category. Under the old system, the Village's general obligation bonds carried a straight Aa rating.
In the newly implemented rating scheme, Moody's assigned a Aa -3 rating to the recently issued Series
1998A and B bonds.
Mr. Caputo reported that the Village received the Government Finance Officers Association
Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended December
31, 1996.
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The meeting was adjourned at 8:15 p.m. The next meeting will be held at 7:00 p.m. on April 30.
Respectfully submitted,
Carol L. Widmer
Deputy Finance Director
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