HomeMy WebLinkAbout01/27/2022 FC MinutesFINANCE COMMISSION MEETING
MINUTES
Thursday, January 27, 2022
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I. Call to Order
Meeting called to order at 7:10 p.m.
Commission members present: Kenneth Arndt, Pam Bazan, Yulia Bjekic, Trisha Chokshi,
Vince Grochocinski, Don Ocwieja and William Grossi.
Commission members absent: None
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.
II. Approval of Minutes
a. Motion by William Grossi, seconded by Kenneth Arndt moved to approve the minutes
of the Finance Commission special meeting of November 30, 2021.
Chair Chokshi called a voice vote.
Motion Passed unanimously.
III. Citizens to be Heard
None.
IV. Old Business
None.
V. New Business
a) Selection of Vice -Chair
Motion by Vince Grochocinski, second by Don Ocwieja to nominate William Grossi as
Vice -Chair. Chair Chokshi called a voice vote.
Motion Passed unanimously.
b) Selection of Secretary
Motion by Yulia Bjekic, second by William Grossi to nominate Kenneth Arndt as
Secretary. Chair Chokshi called a voice vote.
Motion Passed unanimously.
c) Discussion on 2022 Work Plan
Mr. Thakkar asked to table this discussion. He stated he would circulate the
proposed month -by -month work plan and finalize the plan by the end of next
meeting. He asked for ideas on the work plan.
There was a discussion on how staff forecasts sales tax revenues for the budget. Mr.
Thakkar summarized a number of factors that affect sales tax revenues such as lag
in revenue data from the State and the most recent forecasts from Illinois
Government Finance Officers Association, International City/County Management
Association and the State of Illinois.
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He stated the recent growth in sale tax is unprecedented. We welcome the new
revenue streams and want to use them in the most effective ways. Staff relies on 12
months of data.
Mr. Thakkar mentioned the Village recently had a credit rating call with Standard &
Poor's (S&P). Cook County unemployment is higher than S&P would like to see, and
median household income is a little less than other towns that have AAA rating. We
improved on most factors they consider. Village EAV is back to 2009 levels. There are
no more bond issuances planned until 2025.
If there are some work plan ideas with a budgetary impact, they will be scheduled
closer to the budget cycle.
VI. Any Other Business
None.
VII. Chairperson Report
Trisha Chokshi reviewed the Village Board's Committee of the Whole meeting on Boards
and Commissions. It was a great opportunity for board & commission chairpersons to
highlight their boards work. The Village Board shared their appreciation for the work of the
Finance and other Village Commissions.
VIII. Finance Director's Report
a) Financial Updates
Mr. Thakkar stated the Monthly Financial Report for November 2021 was included in
the agenda packet.
XI. Next Meeting:
Thursday, February 24, 2022, 7:00 p.m.
IX. Adjournment:
Motion by Yulia Bjekic, seconded by Vince Grochocinski, to adjourn the meeting.
Chair Chokshi called a voice vote.
Motion Carried unanimously.
The meeting adjourned at 7:41 pm.
Alexander Bertolucci
Assistant to the Village Manager
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