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HomeMy WebLinkAbout11/30/2021 FC MinutesFINANCE COMMISSION — SPECIAL MEETING MINUTES Tuesday, November 30, 2021 Village Hall — 3 I Floor, Executive Conference Room 50 S. Emerson St., Mount Prospect, IL I. Call to Order Meeting called to order at 7:00 p.m. Commission members present: Kenneth Arndt, Yulia Bjekic, Trisha Chokshi, William Grossi, and Don Ocwieja Commission members absent: Vince Grochocinski and Pam Bazan Staff present: Director of Finance Amit Thakkar, Assistant to the Director of Finance Jennifer Fitzgerald and Assistant to the Village of Manager Alexander Bertolucci II. Approval of Minutes a. Yulia Bjekic, seconded by Kenneth Arndt moved to approve the minutes of the Finance Commission regular meeting of October 28, 2021. William Grossi abstained Chair Chokshi called a voice vote. Motion passed unanimously. III. Citizens to be Heard None. IV. Old Business None. V. New Business a) Storm Sewer Fees Director of Finance Amit Thakkar stated staff modified rollout of the storm sewer fee based on feedback from the Finance Commission and Village Board. The proposal is to avoid the storm water fee in 2022 and allocate a million dollars from sales tax surplus to fund storm water infrastructure. Mr. Thakkar provided additional information in response to questions and comments from the Finance Commission. • There is no cost to setting up the storm water fee. Finance already has a system and billing software. The fee would be an additional line item on the utility bill. • We would need to hire a consultant to develop storm water fee that is not a fixed fee. • Storm sewer projects are already in the Community Investment Plan. Keeping everything as it is, but instead of a fee, the funds for these projects will transfer from the general fund into storm sewer fund. • An out of state merchant that does $100,000 in business now needs to collect and remit State of Illinois sales tax. • Majority of the sales tax increase is from existing businesses doing more business. Finance Commission Page 1 of 3 11/30/2021 Staff needs more time to find out if the revenue amounts are sustainable and will present alternative funding options during the budget cycle next year. Need a long-term solution for funding storm water infrastructure. Two and a half (2.5) million sales tax revenue surplus is a conservative estimate for 2021. Staff will reallocate one (1) million of the surplus to Aspen Trails Storm Water Project if federal funding is not received to offset project cost. • Still waiting for recreational cannabis revenue numbers. Kenneth Arndt, seconded by William Grossi moved to approve staff recommendation to allocate surplus sales tax funding and postpone implementation of the storm water fee for one year. b) South Mount Prospect TIF Director of Finance Amit Thakkar explained the need for investment in south Mount Prospect. He stated staff ordered an eligibility study to see if the area is eligible for a Tax Increment Financing (TIF) district. TIF is one tool that can help the Village get funding to support that area of town (i.e. water mains, firefighting infrastructure). He stated this is an informational item at this time. Mr. Thakkar provided additional information in response to questions and comments from the Finance Commission. • Area boundaries are still under review. • Eligibility study expected to be completed in late December or early January. • SB Friedman Development Advisors are conducting the eligibility study. • This area was not under a prior TIF district. • The Village gave advance notice to other taxing bodies about the possible TIF district. • If the road is outside the TIF district, but it would help drive traffic to the district, then that road could be improved using TIF funds. Public Comment Steve Polit 601 N. Wilshire Drive • In response to Mr. Polit's questions, Mr. Thakkar stated the TIF district may have different boundaries than the Connect South Mount Prospect Plan. VI. Any Other Business None. VII. Chairman's Report None. VIII. Finance Director's Report Mr. Thakkar provided the monthly report for October and a brief overview of the report. XI. Next Meeting: 1/27/2022 IX. Adjournment: Finance Commission Page 2 of 3 11/30/2021 Yulia Bjekic, seconded by Kenneth Arndt, moved to adjourn the meeting. Chair Chokshi called a voice vote. Motion Carried unanimously. The meeting adjourned at 7:49 pm. Alexander Bertolucci Assistant to the Village Manager Finance Commission Page 3 of 3 11/30/2021