HomeMy WebLinkAbout07/24/2008 FC minutes
FINANCE COMMISSION
DRAFT
Minutes of the Meeting
July 24, 2008
1st Floor Community Center
Village Hall
DRAFT
I. Call to Order
The meeting was called to order at 7:01 p.m. Those present included Chairman Charles
Bennett and Commissioners Vince Grochocinski, Tom Pekras, Ann Smilanic, John
Kellerhals. Wayne Gardner arrived at 7:10 p.m. Commissioner Don Ocwieja was absent.
Village staff at the meeting was Finance Director, David Erb. Prospective Finance
Commission member Pam Bazan was in attendance.
II. Approval of Minutes
Three changes to the minutes of the meeting of June 18, 2008 were made. Page 3, 2nd
Paragraph, 2nd line, the word "for" was eliminated. 4th Paragraph, "where" was changed
to "were" and last page, 2nd paragraph, "Kellerhals" was misspelled. A motion to accept
the minutes was made by Commissioner Pekras and seconded by Commissioner
Smilanic, and the minutes were approved as amended.
III. Mid-Year Budget Review
A question was raised about missing pages in the previously distributed memo from the
Director of Community Development regarding the Randhurst redevelopment. Director
of Finance David Erb indicated the pages would be supplied. An extensive discussion
took place regarding the details ofthe redevelopment with emphasis on the $25 million in
non-recourse revenue bonds to be issued by the Village.
Director Erb presented the mid-year budget review going over the major increases and
decreases in the revenue and expense numbers. Director Erb also summarized the
changes as they impacted the General Fund balance and presented his thoughts as to the
expectations for the rest of the year. Each variation of substance was discussed and
questions raised by committee members were answered by the Director Erb.
IV. Chairman's Report
There was nothing to report.
V. Finance Director's Report
There was nothing additional to report.
VI. Other Business
The Commission discussed areas to address at up coming meetings. The areas mentioned
included Energy costs, the impacts of the new Station 14 and other capital projects.
Commissioner Smilanic noted that the public meeting on Station 14 would be held on
August 26, 2008.
VII. Next Meeting: Thursdav August 28, 2008
The need for the August meeting was discussed and the consensus was to cancel the
August meeting. The next scheduled meeting would be held on September 25,2008.
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, ,_ _
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Vincent Grochocinski
Vice Chairman, Finance Commission