HomeMy WebLinkAbout1705_001COMMITTEE OF THE WHOLE
AGENDA
Meeting Location: Meeting Date and Time:
Board Room, 2nd Floor Tuesday, November 27, 1984
112 East Northwest Highway 7:30 p.m.
II. ACCEPTANCE OF MINUTES OF NOVEMBER 13, 1984
III. CITIZENS TO BE HEARD
IV. POLICE AND FIRE PENSION FUNDS ACTUARIAL REPORT
Pursuant to the direction of the Mayor and Board of Trustees,
the Finance Department engaged A. S. Hansen, Inc., to
conduct a valuation of the actuarial status of both the
Firemen's 1�1 Pension Fund and the Policemen's Pension Fund.
These reports cover the fiscal year ending1984.
Sta ' te Pension Codes require the Funds to have an annual
valuation that can be performed either by the State Depart-
ment of Insurance or by a recognized actuary employed by
the local governmenL. This is the second year in which
we have had independent actuariql valuations made of the
Pension Funds.
The analyses preparerd by Hansen demonstrate that the Police
Pension Fund has 99.7% of its requirements; the Hansen
reports demonstrate the Fire Pension Fund has 179.6% of
its requirements. Attached is a memornadum from the
Director of Finance, Mr. David Jepson offering adonal
information and considerations., The Committee of the
Whole should review these documents and determine what
degree of tax abatement is appropriate -inasmuch as one Fund
is nearly 100% complete and the other Fund has 179% of its
requirements.
. ........... _.- "I
Attached is a memorandum and a series of financial charts
recapping the Village's current financial position and
the Finance Department's estimates for the remainder of the
fiscal year. The major Funds are operating as anticipated
generally in the budget process although we are considering
a number of AMA amendments to reflect either the direction
of the Mayor and Board of Trustees previously or to correct
certain accounting deficiencies. The Village remains in a
sound financial position with adequate cash balances to meet
our operating needs and provide for adequate reserves. In
some cases, revenues are advancing faster than anticipated
in the budget.
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The administration is recommending additional tax abatements
in the Debt Service Fund. Such abatements were predicted
during the budget process. An analysis of the Water
Fund will demonstrate that the planned need for a water
rate increase in January of 1985 can be postponed until some
later date. Mr. David Jepson will be available at the
meeting to review the financial reports with you.
VI. MULTI -FAMILY REHABILITATION PROGRAM
VII. REFERENDUM PROCEDURES
Trustee Van Geem "requested that to of,fice secure informt'
regarding pe. -L-1,011 r1equ
theilrew la ion
i
question ol nents for a Referendum regarding
w] i, e t 1h,,, e "r Trustees in the Village of Mount
PIrospect sh(-.)�,.ild le. �cted ]LEromn districts rather than, at
large. Att &&jr, (� il
1, w and d
OPIM yo'tix revie
I is an
In' On by, 1),&,v,e t�'Tev;rrnan, as General
V:I 11 alg,e., COU"n,'Sel, to the
In Summary the op"
ird-on sc-ateis t1i&t 10% of the registered
voters in ��th,e Vii."Lage are tecj,uir g at or
e d, as si n i e Is on a
Pg-�It*tton for such a'->R'ef'erendumx, -_ind that said petition shall
be If 1'',led wi.th, t1'iI,e
9_
V,3[,11c33,,e, Clerk, no lat'le
hAcr thlan January 15
19riterec28�- Coll,r), tYg llthe Viage OfMount Pross 7 -11 vote `
tran'Slate into 21, 8565 s' rg., A 10% requirement would
ignattlres The staff' I
to is securing
itten, confirrr�at-io,n frov,,1. Goo'k Cotiinty as tio the n
wr'l
'umber of
reg,istered vot�ers.
VIII.MANAGER'S REPORT
1. Lake Water.
2. Route 83 Paving,
3. TIF Districts,
IX. ANY OTHER BUSINESS
X. ADJOURNMENT
1 -m -
Development Code Update
Sidewalk/Lawsuit Notice
Citizens Utilities Acquisition
Safety Bonus System
Traffic Ordinance Sunset Provisions
Citizens Utilities Rate Case I ons
TIF Districts
Audit Letter