HomeMy WebLinkAbout01/26/2023 FC Minutes
FINANCE COMMISSION
MINUTES
Thursday, January 26, 2023
rd
Executive Conference Room – 3Floor, Village Hall
Mount Prospect, IL 60056
I.Call toOrder
Meeting called to order at 7:01 p.m.
Commission members present: Kenneth Arndt (arrived 7:03 p.m.), Pam Bazan, Yulia
Bjekic, Trisha Chokshi, Vince Grochocinski, William Grossi, and Don Ocwieja.
Commission members absent: None
Staff present: Director of Finance Amit Thakkar, Deputy Director of Finance Jennifer
Fitzgerald and Assistant to the Village Manager Alexander Bertolucci.
II.Approval of Minutes
a.Motion by William Grossi seconded by Vince Grochocinski to approve the minutes of
the Finance Commission regular meeting of October 27, 2022.
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 William Grossi, second by Don Ocwieja to nominate Yulia Bjekic as Vice-Chair.
Chair Chokshi called a voice vote.
Motion Passed unanimously.
b)Selection of Secretary
Motion by Vince Grochocinski, second by William Grossi to nominate Kenneth Arndt as
Secretary. Chair Chokshi called a voice vote.
Motion Passed unanimously.
c)2023 Work Plan
Director of Finance Amit Thakkar handed out the proposed month-by-month work plan.
He stated the work plan will be finalized at the next meeting. There was general discussion
on the scheduling and timing of work plan items. He asked for ideas or suggestions for
discussion topics from the Commission. He noted that a few Sustainability Ad Hoc items
may be added to the work plan later in the year.
Mr. Thakkar responded to questions from the Finance Commission:
Staff is trying to schedule Finance Commission’s review of the 2024 Budget to
complement the Village Board’s review
Finance Commission Page 1 of 3
01/26/2023
The Vehicle Sticker Review will include steps staff has taken to date, a review of
other town’s vehicle sticker programs, and alternatives to a vehicle sticker
program
The 24% overall increase in the pension levy was the main contributor to the
Village Budget’s 5% property tax increase
Financial Updates/Monthly Reports
Mr. Thakkar provided December’s Monthly Financial Report and noted that it is not an
endof year report since it is missing significant revenue data. Revenue data lags by
threemonths. Mr. Thakkar reviewed the Monthly Financial Report with the Commission.
Mr. Thakkar responded to questions from the Finance Commission:
If the Village was to issue bonds it would be close to a 5% interest rate;
money markets are at 2.35%
The recorded unrealized losses for pension investments is an expected item,
with financial pressures throughout the world, current market conditions and
interest rates
Capital projects are moving forward; delays from supply chain shortages are
easing
Other than inflation impacts, no impact to the Village budget
The Police Department may explore a K9 un during 2024
Staff will make a Monthly Financial Report section on the Village’s website
Finances and Reports page
VI.Any Other Business
None
VII.Chairperson’s Report
None
VIII.Finance Director’s Report
Mr. Thakkar noted that the Police Department might be seeking a few additional officers.
If the additional personnel does go forward, it would require a budget amendment.
Mr. Thakkar responded to questions from the Finance Commission:
The Village Board authorized the new Community Relations Officer position and
adding two patrol officers in 2022
Staff was notified that the Village will not receive COPS grant funding for the two
additional patrol officers
Staff will share the financial impact data of two additional patrol officers with the
Commission
Departments may come forward and ask for additional personnel, equipment, and
resources as needed
Total cost (salary and benefits) per officer is $176,000 per year
IX.Next Meeting:
None
X.Adjournment:
Motion by Kenneth Arndt seconded by Yulia Bjekic to adjourn the meeting.
Finance Commission Page 2 of 3
01/26/2023
Chair Chokshi called a voice vote.
Motion Carried unanimously.
The meeting adjourned at 7:57 p.m.
Alexander Bertolucci
Assistant to the Village Manager
Finance Commission Page 3 of 3
01/26/2023