HomeMy WebLinkAbout07/26/2007 FC minutes
FINANCE COMMISSION
DRAFT
MINUTES OF THE MEETING
JULY 26, 2007
COMMUNITY CENTER - VILLAGE HALL
DRAFT
I. CALL TO ORDER
The meeting was called to order at 7 :07 p.m. Those present included Acting Chairman Vince Grochocinski and
Commissioners Wayne Gardner, Don Ocwieja, Tom Pekras and Ann Smilanic. Also present were Village
Manager Michael Janonis, Director of Finance David Erb, Deputy Director of Finance Carol Widmer and
Administrative Assistant Lisa Burkemper. Chairman Charles Bennett and Commissioner John Kellerhals were
absent.
II. ApPROV AL OF MINUTES
Commissioner Tom Pekras motioned to approve the minutes of June 27, 2007. Commissioner Wayne Gardner
seconded the motion. The minutes were accepted as presented.
III. MID- YEAR BUDGET REVIEW
Finance Director David Erb distributed a memo that outlined the mid year budget. Mr. Erb stated that overall
most revenue categories continue to improve, however two revenue sources that are showing a significant
downward trend are the real estate transfer stamp and the telecommunications tax. Mr. Erb also stated that for
the first time in about five years there will be no general fund transfers for this year and a budget surplus is
projected for 2007.
Finance Director David Erb stated the importance of identifying a permanent funding source for the Capital
Improvements Fund. Mr. Erb also reviewed the Water and Sewer Fund and the two Parking System Funds.
The Water and Sewer Fund is healthy due to the recent rate changes made. Currently the Parking System
Funds need to be addressed since they are both operating at a deficit with fund balances nearly depleted.
IV. REVIEW ANNUAL AUDIT
Finance Director David Erb distributed the 2006 Audit to the Finance Commission Members. Mr. Erb stated
that the Introductory Section contains a general outline of what has happened during the year and details any
major initiatives. Mr. Erb also summarized several pages with in the document that were of importance and
advised that he would be happy to answer any questions the members might have after they have had a chance
to review the document.
Mr. Erb stated that the 2006 Annual Financial Report has been submitted to the Government Finance Officers
Association for the Certificate of Achievement award.
Finally, Mr. Erb mentioned that the Management Letter outlined a few items that could be improved. One
item was having journal entries done earlier; another was adjusting some accounts more often than annually.
Mr. Erb briefed the Commission on the E-Pay program and how the process works and when it will likely be
in place.
V. CHAIRMAN'S REpORT
There was nothing to report.
VI. FINANCE DIRECTOR'S REpORT
There was nothing to report.
VII. OTHER BUSINESS
There was nothing to report.
VIII. NEXT MEETING: AUGUST 23,2007
Commissioner Tom Pekras motioned to adjourn which Commissioner Ann Smilanic seconded. The meeting
was adjourned at 8:23 p.m. The next meeting is scheduled for August 23,2007.
Respectfully submitted,
Lisa Burkemper
Administrative Assistant
Finance Department
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