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HomeMy WebLinkAbout09/27/2007 FC minutes FINANCE COMMISSION DRAFT Minutes of the Meeting September 27, 2007 3rd Floor Executive Conference Room Village Hall DRAFT I. Call to Order The meeting was called to order at 7:02 p.m. Those present included Chairman Charles Bennett and Commissioners Vince Grochocinski, Tom Pekras, Ann Smilanic, John Kellerhals, Wayne Gardner and Don Ocwieja. Village staff was not present at the meeting. II. Approval of Minutes A motion to approve the minutes of the meeting of July 26, 2007 was made by Commissioner Pekras Smilanic and seconded by Commissioner Smilanic, and the minutes were accepted as presented. III. Pre 2008 Village Budget Discussion Chairman Bennett presented an overall review of the 2007 budget recommendations from The Finance Commission. He felt the suggestions made were good ideas with specific recommendations even though they were generally rejected by the Village Board. He reminded the Commissioners that it was our recommendations on the permanent funding source for the Capital Improvements Fund that lead to the approval by the Village Board of the Sales Tax source. Discussion took place regarding the success of a number of prior funding recommendations including the combined sewer repairs, the water fund adjustments, the street repair projects and other General Fund taxing issues. This discussion took place in light of the major funding issues to be decided regarding the new fire station. Commissioner Smilanic noted the major increase in estimated costs from the $3 million amount of a year ago to now over $9 million. There was unanimous agreement that any indication that this was limited to an inflation adjustment was to be dismissed and other explanations should be expected from Village staff during the upcoming budget reviews. The Commissioners agreed that not involving this Commission in the process leading up to the current status, after repeated promises of making information available, including the space needs study, was not well received by the Commissioners. Discussions regarding the emergency operations center lead to a general consensus that the Commission would not be in favor of this type of expenditure. This also led to a general disagreement with the expenditure of funds for the purchase of the back up generators for the back up water supply from Village wells which the Coommission opposed last year. The level of General Fund balance was discussed with general agreement that an excess over 25% should not be permitted to accumulate. It was pointed out that in the past, when general fund levels were significantly lower, there were also minimal or non- existent fund balances in several other funds. The result is that currently the accumulated fund balances in all funds held is a major increase over past situations. The resulting interest earned, although it operates to reduce tax levels, should not to be viewed as or relied upon as a source of funds for Village financing. IV. Chairman's Report There was nothing additional to report. V. Finance Director's Report There was nothing to report. VI. Other Business The response of the Village to the recent storms was discussed, and there was unanimous agreement that a major complement and thank you should be expressed by the Commission to every Village Employee. The response of individual citizens in the assistance of their neighbors was also to be commended. VII. Next Meeting: Thursday October 11, 2007 There being no further business to come before the Finance Commission, Commissioner Kellerhals motioned to adjourn which was seconded by Commissioner Pekras. The motion passed and the meeting was adjourned at 9:02 p.m. Respectively submitted, Vincent Grochocinski Vice Chairman, Finance Commission