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HomeMy WebLinkAbout02/26/2026 FC MinutesFinance Commission Meeting Minutes Thursday, February 26, 2026 Village Hall Council Chambers Conference Room 50 S Emerson Street mount Prospect, IL 60056 i. Call to order The meeting was called to order at 7:00 P.M. Commission members present: Mary Rath, Ken Arndt, Vince Grochocinski, Don Ocwieja, Sinan Khamo, Sam Cannizzaro, and Edward Derfler Staff Present: Director of Finance Amit Thakkar, Deputy Director of Finance Jennifer Fitzgerald, and Assistant to the Village Manager Josh Attain ii. Approval of minutes January 22, 2026 Motion by Vince Grochocinski, seconded by Don Ocwieja, to approve the minutes of the Finance Commission meeting of January22, 2026. A voice vote was called. Motion passed unanimously i i i. Citizens to be heard None iv. Old Business 2026 Work Plan Director of Finance Amit Thakkar presented the draft work plan following previous discussions. Mary Rath wanted to confirm that the Finance Commission would be meeting at other Village facilities in 2026. Director Thakkar confirmed that the Commission will meet at other facilities. Motion by Vince Grochocinski, seconded by Don Ocwieja, to approve the 2026 Work Plan. A voice vote was called. Motion passed unanimously. V. New Business a. Budget Amendments Director Thakkar explained that transfers are needed between the 2025 and 2026 budgets. A report will be sent to Commission members regarding the transfers soon. It was noted that the Village has acquired a portion of the former St. Mark's property. The Commission was also notified of the Village's efforts to purchase a new facility for the Human Services Department, a facility that would replace the current Community Connections Center (CCC). Background on how the property was secured and additional details were provided to the Commission. The purchase of the facility and the overall project of relocating the CCC had been planned for and highlighted in the CIP budget. Mary Rath asked if the former St. Mark's property would be used for parking and requested information on which portions of the property were acquired. Director Thakkar discussed what was included in the purchase and the current vision for the property. Director Thakkar and the Commission discussed the relationship between the new St. Mark's property, Fat Pour, and the topic of parking. Parking for Fat Pour was outlined to the Commission. Vince Grochocinski followed up with additional questions on Fat Pour and the location of the building. Sinan Khamo asked about the purchase of any houses near these locations. The Commission was informed that the Village only purchases houses if they are cost- effective. Ken Arndt informed the Commission that he has seen a lot of information on the property, but the exact location of everything has been confusing. The Commission discussed other items in the vicinity of the potential Fat Pour, including the medians, the Willie Street lot, and changes to properties in the downtown area. b. Financial Updates The Village is currently waiting for property tax data. $7 million in property tax dollars are still owed to the Village. Director Thakkar explained that how this will be portrayed will become a topic of focus for accounting. Vince Grochocinski asked if this delay is a political repercussion involving the County. Director Thakkar explained the issue that the Village is having with the County in receiving these funds and outlined the history of similar issues occurring with the County. The Commission discussed issues related to receiving funds from the County. Director Thakkar and Mary Rath discussed the Village's ERP system. Ken Arndt asked if the Village's ERP system would be different than the County's. Director Thakkar explained the differences between the Village and theCounty's ERP systems. Mary asked if any taxes owed by the County would impact the Village's plan to receive a AAA bond rating. c. Property Tax Updates Information on Property Tax updates was included as part of the previous item. vi. Any Other Business Mary Rath asked about the Melas Meadows Bridge bids. Director Thakkar explained that the railroad is requesting the Village to seek air rights to go over the railroad. Sinan Khamo asked if there was an expiration on the grants relating to the bridge. Director Thakkar explained the grants relating to the Melas Meadows Bridge. The Commission discussed the purpose of the bridge, which is to connect the community. vii. Chairman's Resort Edward Derfler and Ken Arndt discussed their attendance of the State of the Village. They echoed the mayor's statements on sales tax generation. viii. Finance Directors Report None ix. Next Meeting Cancellation of the next meeting in March was proposed. Motion by Vince Grochocinski, seconded by Mary Rath, to Cancel the meeting of March 26, 2026. A voice vote was called. Motion passed unanimously. X. Adjournment Motion by Ken Arndt, seconded bySinan Khamo, to adjourn the meeting, A voice vote was called The motion was carried unanimously The meeting adjourned at 7:42 P.M.