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HomeMy WebLinkAbout07/12/2005 COW agenda )~~:~~;~~~ II ~-~~,2'\ \ ( (. ''''. ~.-'i, "-.l4{'" \ , !.i [I 'k'__\~ \ \ -:>l-.r.- jil111~ "f~~~l1t 'rl1~;.~-~~ "-"'~~~r)::/:'~ '. . Illill" / .'. ; "',/ '"- COMMITTEE OF THE WHOLE AGENDA Meeting Location: ...Mount Prospect Village Hall 50 South Emerson Street Meeting Date and Time: Tuesday, July 12, 2005 7:00 p.m. I. CALL TO ORDER. ROLL CALL Mayor Irvana K. Wilks Trustee Timothy Corcoran Trustee Richard Lohrstorfer Trustee Paul Hoefert Trustee Michaele Skowron Trustee John Korn Trustee Michael Zadel II. ACCEPTANCE OF MINUTES OF COMMITTEE OF THE WHOLE MEETING OF JUNE 14, 2005 III. CITIZENS TO BE HEARD IV. ANNUAL AUDIT OF VILLAGE FINANCES Each year the Village retains the services of a CPA firm to audit its financials and assist in the preparation of the Comprehensive Annual Financial Report (CAFR). Sikich Gardner & Co, LLP performed the audit for the Village for fiscal year ended December 31, 2004. As part of the audit, Sikich is also required to present a management letter to the Village's governing board. The purpose of the management letter is to inform the board of any problems encountered during the audit, and to report any deficiencies in internal controls uncovered during the course of the audit. Sikich has given its audit of the Village for year-end 2004 an "unqualified opinion." This means that their examination found our financial statements to be fairly presented and prepared in accordance with generally accepted accounting principles. In addition to performing the audit on the Village's financials, Sikich also conducted two separate audits referred to as the Single Audit and the TIF Compliance Audit. The Single Audit is a compliance audit of the Village's federal and state grant receipts pursuant to the U.S. Office of Management and Budget Circular A-133. The TIF Audit is a compliance audit required by the State of Illinois of our tax increment financing activities. Results from these two audits indicate the Village is in compliance with requirements outlined in the Single Audit Act and TIF Statutes. Lou Karrison, Partner at Sikich Garner & Co, LLP and key staff will be on hand to answer questions and facilitate discussion. NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO A TTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT 50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000, EXTENSION 5327, TDD #847/392-6064. V. RECOMMENDATION FOR A COMPREHENSIVE AUDIT POLICY In November 2004, the Village conducted an RFP process for audit services. During discussion for awarding the audit services contract the Board felt a more formal audit policy was needed. At the Board's direction, staff researched establishing a formal audit committee and the creation of a comprehensive audit policy for the procurement of audit services. The purpose of the policy is to assign oversight responsibility for the independent audit of the Village's financial statements from the selection of the independent auditor to the resolution of audit findings. The policy will also provide comprehensive guidelines and directions for procuring audit services. Finally, the policy will address procedures for monitoring compliance of the Village's fraud risk assessment program. Staff will present recommendations for the comprehensive audit policy and will be available to answer questions and facilitate discussion. VI. 2006-2010 CAPITAL IMPROVEMENTS PLAN In 1997, the Village Board formally adopted its first comprehensive 5-year Capital Improvements Plan (CIP). In previous years, the Village used a number of separate documents in its capital projects planning. While each of these documents was useful in its own right, none offered an overall picture of the Village's capital needs. The establishment of a 5-year Capital Improvements Plan (CIP) provides a comprehensive view of the Village's capital needs for consecutive rolling five-year windows. The proposed 2006-2010 CIP is generally comprised of projects that involve the purchase or construction of long-lived, tangible assets at a cost of $25,000 or more. The total cost of all requests for all years included in the plan is approximately $48.9 million. Many of the requests in the plan are simply continuations of established projects. Others are projects not currently in progress but have been discussed by the Village Board on previous occasions. Some requests are being presented for the first time through the CIP. Given that the CIP is intended to afford a comprehensive view of the Village's capital needs, it is fitting that all of these project requests be included in the proposed plan. Of the $48.9 million of project requests included in the proposed CIP, $28.8 million (or 58.9%) is for the continuation of established projects including approximately $14.4 million for street resurfacing. Significant new projects include the combined sewer project with a five-year total of $8.5 million. The total cost of the combined sewer project is estimated to be $15 million. A project's inclusion in the CIP'does not guarantee its funding and accomplishment. The CIP is a planning document. As such, it is subject to change. The CIP is reviewed and updated on an annual basis. The next CIP will cover the years 2007 through 2011. 2006 project requests included in the proposed CIP amount to $9.2 million, an in crease of $3.9 from the first year projects in the 2005-2009 CIP. This is mainly due to the addition of the combined sewer project. Of the $9.2 million proposed for 2006, $5.5 million (60%) is for the continuation of established projects including $2.7 million for the street program. It should be noted that approximately $2.2 million in capital projects scheduled between 2002- 2005 have been deferred to out years while the Village Board and Administration work to develop a permanent funding source for such projects. The proposed 2006-2010 CIP was distributed on June 17,2005 to the Finance Commission and the Village Board. The Finance Commission held a meeting on June 30, 2005 to review the proposed document. Copies of the draft minutes from the Commission's meetings will be provided separately. Once the Committee of the Whole completes its review of the proposed 2006-2010 CIP, it will be presented to the Village Board forformal acceptance on July 19, 2005. Staff will make a presentation on the projects included in the five-year plan and will be on hand to answer questions and facilitate discussion. VII. VILLAGE MANAGER'S REPORT VIII. ANY OTHER BUSINESS IX. ADJOURNMENT