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HomeMy WebLinkAbout02/25/2021 FC AgendaVILLAGE OF MOUNT PROSPECT, ILLINOIS FINANCE COMMISSION AGENDA Thursday, February 25, 2021 7:00 p.m. Mount Prospect Police Head Quarter 911 E Kensington Rd, Mount Prospect, IL 60056 I. Call to Order II. Approval of Minutes a. January 28, 2021 III. Citizens to be Heard IV. Old Business a. Approval of the Work Plan V. New Business a. Cyber Security Updates b. Elk Grove Rural Fire Protection District Updates c. Financial Updates — COVID 19 Loss Tracking VI. Any Other Business VII. Chairman's Report VIII. Finance Director's Report IX. Next Meeting: Thursday, March 25, 2021, 7:00 p.m. Venue — TBD X. Adjournment NOTE: Any individual who would like to attend this meeting but because of a disability needs some accommodation to participate should contact the Office of the Director of Finance at 50 South Emerson Street, Mount Prospect, (847) 392-6000, ext. 5276. FINANCE COMMISSION MEETING W Ill., MINUTES Thursday, January 28, 2021 Via GoToWebinar Call to Order Meeting called to order at 7:00 p.m. Commission members present: Pam Bazan, Yulia Bjekic, Trisha Chokshi, Don Ocwieja and Tom Pekras. Staff present: Director of Finance Amit Thakkar, Assistant Village Manager Nellie Beckner, Assistant to the Director of Finance Jennifer Fitzgerald and Assistant to the Village Manager Alexander Bertolucci. Approval of Minutes a. Commissioner Pekras, seconded by Commissioner Bjekic moved to approve the minutes of the Finance Commission regular meeting of October 22, 2020. Chair Chokshi called a voice vote. Motion Passed unanimously. Citizens to be Heard None. IV. Old Business None. V. New Business a) Selection of Vice -Chair Motion by Commissioner Bjekic, second by Commissioner Pekras to nominate Commissioner Bazan as Vice -Chair. Chair Chokshi called a voice vote. Motion Passed unanimously. b) Selection of Secretary Motion by Commissioner Pekras, second by Commissioner Bazan to nominate Commissioner Bjekic as Secretary. Chair Chokshi called a voice vote. Motion Passed unanimously. c) Discussion on 2021 Work Plan Mr. Thakkar presented the preliminary 2020 Work Plan and facilitated discussion on the work plan with Commission members. Chair Chokshi stated she asked for Community & Economic Development - Business Incentive Review and Integrating Electric and Hybrid Vehicles in the Village Fleet — PW agenda items for 2021. Mr. Thakkar stated the work plan is an outline of what we want to achieve, but we may add items to meeting agendas as issues or discussions come up throughout the year. Finance Commission Page 1 of 2 1/28/2021 Vi. Any Other Business None. VII. Chairman's Report None. VIII. Finance Director's Report a) Financial Updates Mr. Thakkar reviewed the Monthly Financial Report for December 2020. Staff provided the following in response to questions from the Finance Commission: • Fire pension funded at 64% and Police pension funded at 63% based on the most recent available report from December 2019. The target is to be 100% funded by 2040. • Village sold about 2,000 fewer vehicle stickers last year, which is about $110,000 revenue. X1. Next Me Thursday, February 25, 2021, 7 p.m. IX Adjournment: Motion by Commissioner Pekras, seconded by Commissioner Bjekic, to adjourn the meeting. Chair Chokshi called a voice vote. Motion Carried unanimously. The meeting adjourned at 7:33 pm. Alexander Bertolucci Assistant to the Village Manager Finance Commission Page 2 of 2 1/28/2021 VILLAGE OF MOUNT PROSPECT FINANCE COMMISSION Work Plan 2021 January 28, 2021 • Develop 2021 Work Plan • Financial Updates February 25, 2021 • Finalize 2021 Work Plan • Cyber Security and the Village Data • Financial Updates • Elk Grove Rural Fire Protection District Updates March 25, 2021 • IRMA Risk Management • Financial Updates April 20, 2021 • Joint workshop with Village Board, IQ Financial Review May 27, 2021 • Financial Updates • Audit Items • Strategic Plan for the Village • Community & Economic Development — Business Incentive Review June 24, 2021 • Alternative Revenue Analysis • Final Audit Report • Integrating Electric and Hybrid Vehicles in the Village Fleet - PW Page 1 of 2 VILLAGE OF MOUNT PROSPECT FINANCE COMMISSION Work Plan 2021 July 22, 2021 • Financial Updates • Operating Budget Expectations August 17, 2021 • Joint workshop with Village Board, Mid -Fear Review and Capital Budget Presentations September 23, 2021 • Financial Updates • Cannabis Revenue Updates October 12, 2021 • Joint Workshop with Village Board, Operating Budget Presentations October 28, 2021 • Recommendation to the Village Board for the Budget 2021 • Financial Updates November 25, 2021 - No Meeting December 23, 2021 - No Meeting Page 2 of 2