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HomeMy WebLinkAbout01/26/2006 FC minutes FINANCE COMMISSION DRAFT MINUTES OF THE MEETING JANUARY 26, 2006 VILLAGE HALL BUILDING DRAFT 1. CALL TO ORDER The meeting was called to order at 7:05 p.m. Those present included Chairman Charles Bennett and Commissioners Vince Grochocinski, John Kellerhals, Tom Pekras, Ann Smilanic and Lee Williams. Also present were Deputy Director of Finance Carol Widmer and Finance Administrative Assistant Lisa Burkemper. Commissioner Rich Micelli and Director of Finance David Erb were absent. II. ApPROVAL OF MINUTES Commissioner Tom Pekras stated that he had a correction in the November 3,2005 minutes. Commissioner Pekras stated that on the top of page 2 it stated Finance Committee instead of Finance Commission. Commissioner Tom Pekras motioned to approve the minutes of November 3,2005 as amended. Commissioner John Kellerhals seconded the motion and the minutes were accepted as amended. III. DISCUSSION REGARDING PROPOSED 2006 WORK PLAN Chairman Charles Bennett began the discussion by asking the members if they had any suggested topics to add to the work plan. Commissioner John Kellerhals asked if the March meeting could be cancelled or moved because he has a conflict. Chairman Charles Bennett stated he also had a conflict with this date. After a brief discussion Commissioner John Kellerhals motioned to cancel the March 23rd meeting. The motion was seconded by Commissioner Lee Williams and all were in favor. Commissioner Tom Pekras stated he had a conflict with the February 23rd meeting/workshop at Northwest Central Dispatch and asked if it could be moved to February 22nd. Deputy Director of Finance Carol Widmer stated that she would check to see if the meeting/workshop could be moved to the 22nd. After a discussion regarding the remaining months the Finance Commission calendar was tentatively set for the year (see attached). IV. DISCUSSION REGARDING INVESTMENT POLICY Deputy Director of Finance Carol Widmer advised the commission members that the investrnent policy remained unchanged with the exception of Exhibit A which updated the financial institution list. Ms. Widmer gave a brief overview of the policy and stated that the policy was governed by the Government Financial Officers Association (GFOA) and approved by our auditors. Ms. Widmer also mentioned that the policy is for operating funds and not for police and fire pension funds. Commissioner Vince Grochocinski asked for clarification of a couple of items contained within the policy and pointed out a typographical error on page four (the word ration should be ratio). Commissioner John Kellerhals asked what the lowest level our reserves are during the year. Deputy Director of Finance Carol Widmer stated that she could not provide this number without doing a little research. V. SELECTION OF VICE CHAIR OF FINANCE COMMISSION Chairman Charles Bennett moved discussion of this item until after the discussion on the Audit Committee. VI. ApPOINTMENT OF FINANCE COMMISSION MEMBER TO AUDIT COMMITTEE Chairman Charles Bennett stated that the Mayor had appointed him to a term on the Audit Committee. Chairman Bennett also stated that he would like to see other members of the Finance Commission be participants in future terms. SELECTION OF VICE CHAIR OF FINANCE COMMISSION (REVIS TED ) Chairman Charles Bennett opened the floor to nominations for the position of Vice Chairman of the Finance Commission. Commissioner Ann Smilanic motioned to nominate Commissioner Vince Grochocinski. Commissioner Vince Grochocinski recognized the nomination but stated that he is currently the secretary and that the commission would have to nominate a new secretary. Commissioner John Kellerhals seconded the nomination and Commissioner Tom Pekras moved that the nominations be closed. All members were in favor of electing Vince Grochocinski as Vice Chairman. Chairman Charles Bennett then opened the floor to nominations for the position of secretary. Commissioner Tom Pekras moved to nominate Lee Williams for secretary. Commissioner Ann Smilanic seconded the motion and Commissioner Lee Williams accepted the nominations. Commissioner Tom Pekras motioned to close the nominations for secretary, which was seconded by Commissioner Ann Smilanic. All members were in favor of the nomination. VII. SITE VISIT TO NORTHWEST CENTRAL DISPATCH There was nothing to report. VIII. OTHER BUSINESS Chairman Charles Bennett mentioned that he asked Director of Finance David Erb to provide a brief overview of the monthly Budget Revenue and Expenditure handout. Commissioner Ann Smilanic also mentioned that she would like to see a quarterly update on investments. IX. CHAIRMAN'S REPORT There was nothing to report. X. FINANCE DIRECTOR'S REPORT Deputy Director of Finance Carol Widmer advised that the village has selected a firm to bill ambulance fees and that they are currently working with them to finalize the process. Ms. Widmer also stated that the Fire Department is working on preparing a brochure to hand out to residents and another for non-residents that explains the bill process. Commissioner Ann Smilanic asked what the fee amount is the agency will charge. Ms. Widmer stated that the fee is 7% of the monies they collect. Chairman Charles Bennett asked if the village has implemented a credit card payment option at the customer service counter. Ms. Widmer stated that customer service has been accepting credit card payments since November 2005. XL Next Meeting: February 23. 2006 Commissioner Ann Smilanic motioned to adjourn which Commissioner Vince Grochocinski seconded. The meeting was adjourned at 8:37 p.m. The next meeting will be Thursday, February 23, 2006. Respectfully submitted, ~~ 6GV~;(?~ Lisa Burkemper Administrative Assistant Finance Department 2