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HomeMy WebLinkAbout03/04/2019 FC Minutes FINANCE COMMITTEE Minutes of the Meeting March 4, 2019 Village Hall Building 50 South Emerson rd 3 Floor Executive Conference Room I. CALL TO ORDER ROLL CALL The meeting was called to order at 7:04 p.m. by Chairman John Kellerhals. Commissioners present included Pam Bazan, Trisha Chokshi, Don Ocwieja and Thomas Pekras. Staff present included Director of Finance David Erb and Management Analyst Alexander Bertolucci. II. APPROVAL MINUTES a. Approval of Finance Commission Meeting Minutes of October 25, 2018. Motion by Commissioner Pekras, second by Commissioner Ocwieja to approve the minutes. Chairman Kellerhals called a voice vote and the minutes were approved. b. Approval of Finance Commission Meeting Minutes of January 24, 2019. Motion by Commissioner Bazan, second by Commissioner Chokshi to approve the minutes. Chairman Kellerhals called a voice vote and the minutes were approved unanimously as amended. III. CITIZENS TO BE HEARD None. IV. OLD BUSINESS a. Finalize 2019 Work Plan Director of Finance David Erb reviewed the work plan. The plan has the Finance Commission presenting a final vehicle sticker recommendation at the First Quarter Financial Review Joint Village Board Workshop. During the year, staff will present a Pension Fund Policy that formalizes current practices to the Commission. Also, there will be a discussion on Other Post-Employment Benefits Funding. Mr. Erb stated that capital funding is a topic for the May and June meetings. Additional funds are needed to support mid-range capital and storm water projects. The following responses from staff were provided to questions from the Finance Commission: Police and Fire pension increases are compounded, Illinois Municipal Retirement Fund (IMRF) pension increases are not compounded. Illinois municipalities are required to offer health insurance to their retirees. s of total plan cost vary across municipalities. an is self-funded and plan costs are based on prior experience. Mount Prospect retirees health insurance premiums are equal to the plans Consolidated Omnibus Budget Reconciliation Act (COBRA) rate. 3/4/19 Finance Commission Page 1 of 3 b. Vehicle Sticker Discussion Director of Finance David Erb reviewed possibilities for a reallocation of revenues to support the Street Construction Improvement Fund if the vehicle sticker program was to be eliminated. The following responses from staff were provided to questions from the Finance Commission: General Fund reserves above 30% will continue to be transferred based on need. Motor Fuel Tax revenue is about 20% of Street Construction Improvement Fund. An alternative vehicle sticker program which requires registration, but does not have a sticker like some area cities have implemented could be an alternative option. Eliminating the vehicle sticker program idea is intended to provide relief to residents and businesses from the hassle of annually purchasing the sticker and the associated fee. Elimination of the vehicle sticker program with a sunset date could be an option. Staff will provide information on the status of capital projects and available funds to help the Commission evaluate funding and revenue sources beyond the silo of vehicle stickers. Fund reserves continue to grow in light of recent reallocation of General Fund reserves. The total cost of the replacement sticker is $7,740. V. NEW BUSINESS a) Police/Fire Headquarter Building Update Director of Finance David Erb reviewed progress of the Police HQ project and budget. The bids for Police HQ project GMP are ready and will be presented to the Village Board on March 5. Bids for the Fire HQ project are not expected until later in March. He also noted that interior and exterior demolition has started on the Police HQ building. VI. ANY OTHER BUSINESS There was discussion regarding bank fees charged to the Village for various bill payment methods. These fees have increased exponentially; however, staff recently made some bank administration changes to help offset bank fees. Staff will add a bank fee review on to the vehicle sticker discussion for March 28. VII. None. VIII. None. IX. NEXT MEETING Thursday, March 28, 2019 at 7:00 p.m. at Village Hall. 3/4/19 Finance Commission Page 2 of 3 X. ADJOURNMENT Motion made by Commissioner Bazan seconded by Commissioner Chokshi. The meeting adjourned at 8:34 p.m. Alexander Bertolucci Management Analyst 3/4/19 Finance Commission Page 3 of 3