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HomeMy WebLinkAbout04/28/1998 COW minutes ~ MINUTES - · . ' COMMITTEE OF THE WHOLE APRIL 28, 1998 ~. I. CALL TO ORDER Mayor Farley called the meeting to order at 7:33 p.m. Present at the meeting were: Trustees George Clowes, Timothy Comoran, Paul Hoefert, RiChard Lohrstorfer, Daniel Nocchi and Irvana Wilks. Staff present include~d Village Man~ager Michael Janonjs, Assistant Village Manager David Strahl, Community Development Director William Cooney, and Finance Director Brian Caputo II. MI~NUTES ~ · Approval of Minutes or.ch 24. 1998'. Motion made by Trustee Nocchi and Seconded by Trustee Lohrstorfer to approve the Minutes. Minutes were approved unanimously with Trustee Corcoran voting absent. ~ lie CITIZENS TO BE HEARD None. * IV. ;1998 FIRST QUARTER REVIEW OF FINANCIAL CONDITION Finance Director Brian Caputo reminded the Board that the original projections during the 1998 Budget discussion for 1999 showed a significant Budget deficit. However, he wanted to relay good news to the Village Board that the originally projected Budget deficit for 1999 has been averted. Minor changes in the health insurance projections for emploYees, the increase in the Property Tax Levy slightly higher than originally projected, Landlord/Tenant fees and Ambulance Fee increases have provided the necessary funding to avoid the deficit as originally projected. However, a deficit is projected for 2003 but not guaranteed depending on revisions to revenue projections and economic conditions at the time the Budget is prepared for 2003. ~ Future Year Budqet Deficits and Permanent Fundina for Capital Improvements He stated even though the OVerall Budget appears to be healthy going into 1999, there still remains a concern for the Capital Improvement Fund. He stated at the current funding level, the Capital Improvement Fund will be exhausted in fiscal year 2000 and there should be some discussion in the near future to discuss a funding source for continued Capital Improvement Projects. 1 One option which he would propose to the Board at this time would be to transfer funds above the existing fund balance to the Capital Improvement Program to provide some relief for such funding; For example, the Board has established a fund balance of 15% and any amount above that level would be transferred to the Capital Improvement Fund for Capital Improvement purposes. ~General Fund FUnd Balance SurveY He stated that a' reCent GeneraI.Fund balance sUr~ey of other communities showed avery wide range in fund balances with Mount Prospect being at the lOwer end of the survey in terms of fUnd balance percentage. He also Stated ~hat the Vehicle Replacement Fund is under funded. Transfers from other funds have been undertaken to assist in the necessary funds to purchase vehicles, however, this is not a viable, long,term solution. Excessive fund balance can also be used to assist in tills un'der-funding situation. General Obligation Debt Position~ · ~ ' A survey of comparable communities showed that MoUnt Prospect has aper capita debt ratio of $99 compared to other similar sized communities which have a debt ration of $765 per capital. However, with all overlapping taxing bodies included, Mount Prospect residents have an overlapping debt of $1,856 per capita compared ~-~ to $1,314 on average. He stated the debt burden controlled by the Village of Mount - Prospect is very light compared to comparable communities and the overall debt burden for a typical Mount prOspectrresident. General discuSs!on from the Village Board member~ included the follOwing items: Some Concern was raised by Trustees concerning the lean Budget and previous comments from Moody's regarding the Village fund balance. There was also a discussion COncerning a comparison of fund balance to other communities, Some Trustees suggested increasing the fund balance. Other comments included a concern that the fund balance was sufficient for emergencles and maintaining a high fund balance impacts citizens due to the continued funding level. Brian Caputo'stated that there is no rule of thumb from finance professionals recommending a specific fund balance, He stated that a diversified revenue structure which Mount Prospect has allows for a comfortable 15% balance to pay ~.. necessary expensesl Admittedly, the balance remains modest. 2 Mr. Janonis stated that he feels the fund balance is adequate but Iow ir~ comparison with other communities. He stated that the Mount Prospect 2000 Plat[ suggested a fund balance adequate to smooth out revenue fluctuations over time regardless of economic conditions. He wouldsuggest the Board consider raising the fund balance level in order to devote adequate funds for Capital Improvement Projects. Consensus of the Village Board was to continue discussion concerning the fund balance level at the mid-year Budget meeting scheduled for the second Committee of the Whole meeting In July, Mr, Caputo stated that allowing for natural growth over time can assist in funding Ca~)ital Improvement Projects but it may not be adequate over time. He stated the medical insurance savings and extending useful lives for vehicles will have an impact on long-term capital project demands. General comments from the Village Board members included the following items: There was some concern that the Budget may be too lean and modest growth, while included in the projections, may not be adequate in the face of dramatic changes in economic conditions. V. RAND ROAD CORRIDOR STUDY DISCUSSION Community Development Director Bill Cooney provided an overview of the Study and some background regarding the discussion to date. He stated that Trustee Corcoran had proposed numerous language changes which are presented to the Board for consensus this evening. The first area proposed for change is the Preface of the draft. Some Trustees could not determine what the difference between the proposal from Trustee Corcoran and the Plan Commission. Mike Hoffman, Chairman of the Plan Commission, stated that the proposed language from Trustee Corcoran was satisfactory. Consensus of the Village Board was to maintain the language from the Plan Commission regarding paragraph two of the Preface. Language Discussion - Preface- Paragraph three , Mike Hoffman stated the commemial corridor should reflect a mixed use and not highlight the area as a major residential Corridor. Some Trustees fe t that it was cdtica to recognize residential development along the ~' COrridor but not diminish its importance as part of the Corridor. Ed Janus, 908 Persimmon, Spoke. He stated that Rand Road is a thoroughfare and two large residential projects back-up to Rand which should be included as developments which have a residential impact upon Rand. '-" -. CaroI Tortorello, member of the Plan Commission, spoke. She Stated that she is concerned about residential development along Rand Road.. She stated that according to Village estimates, there are approximately 130 miles of residential streets already in the community. She stated that Rand is the major commercial, if not the top commercial, street within the community. She stated that it is critical to maximize the revenue value of property along this Corridor Which may not include additional residential and should be addressed within the Plan. Bill Reddy, 105 South Elm, spOke. He said it was important to recognize adjacent residential develOpment to the COrridor. He stated that encouraging additional residential development complicates existing situations throughout the Corridor. Steve Polit, 601 Wilshire Drive, spoke. He stated that he does not feel that residents expect additional changes on Rand. Howeverl he stated that there was a need'to recognize adjacent property owners who are impacted by commercial '-'" development along Rand. He felt that defining residential development as minimal ~' .~ would not be acknowledging residents who are impacted by develOpment. He felt that staff and citizens should form a partnership to discuss future development '' opportunities. ,John Korn, 301 North William, spoke. He stated that he has concerns about the Plan Commission language regarding residential development. Clarence Bobikewlcz, 1114 North Meadow Lane, spoke. He stated that'a recent SPA meeting in Palatine was held and numerous businesses were the ones that we{e upset about access and expansion along Rand. He stated that he is gravely concerned about the IDOT plans for Rand Road and feels that such changes in traffic patterns will significantly impact not only residents who live alOng Rand but adjacent property owners within several blocks of Rand. Nancy Bobikewicz, President of the Wedgew°od Homeowners Association, ~ spoke. She stated that she has a concern that residents are considered second class and the focus is on businesses throughout the CorridOr. She stated that an occupied home generates revenues while vacant businesses do not and feels the language must be balanced. ' 4 Trusti~e Corcoran stated that his initial concern was the use of the word ,adjacent" in the Plan Commission 'langdage because it coUld infer different definitions depending on the need; whether it was residential or commercial. He felt that using the word "adjacent" adds ambiguity, · ~ Some Trustees were concerned that the change proposed by Trustee Corcoran is unnecessary and feel the Plan Commission language is adequate. Consensus of the Village was to Include the proposed language from Trustee CorCoran with some revisions. The revisions InCluded language that balanced the development of the Corridor. Language Discussion - Paragraph Eigh;~. Page 5 of the Corridor Plan General discussion from the Village BOard members included the following items: The proposed language again is to balance the residential and commercial needs of the Corridor. Some Trustees were concerned that Rand Road is primarily a commercial Corridor. Mike Hoffman, Plan Commission Chairman, stated that he would be supportive of the proposed language from Trustee Corcoran. Consensus of the Village Board was to recommend language proposed by Trustee Corcoran to be Included In the final plan. ParaaraDh seven. Paae 6 of the Study Consensus of the Village Board was to accept the proposed language from Trustee Corcoran. , Paragraph Three. Page 8 Consensus of the Village Board was to accept the proposed language from Trustee Corcoran. Action Plan, Page 15 Consensus of the Village was to accept the language proposed by Trustee Corcoran. 5 Community Development Director Bill Cooney stated that there has been some discussion concerning access roads along Rand to improve cimulation between businesses and to minimize Rand Road crossing and traffic congestion at lighted intersections. He stated that the proposals would need IDOT approval before they were undertaken. General comments from the Village Board members included the following items: There was a suggestion that the Economic Development Commission provide input into the access road proposals. There was also a concern that access roads dictated by the Village would be more accommodating than access roads imposed by IDOT. Consensus of the Village Board was to refer concept drawings regarding access roads for commercial development along Rand to the EDC for review and recommendations to the Village Board. VI. VILLAGE MANAGER'S REPORT Village Manager Janonis reminded the audience that Welcome New Resident is scheduled for May 2 and unlimited garbage pick-up is scheduled for the week of May 4. He also stated the Public Works Open House is May 16. VII. ANY OTHER BUSINESS Trustee Wilks ~elcomed X-Press-O Coffee and a new Art Gallery to the community. CLOSED SESSION A Motion was made by Trustee Hoefert and Seconded by Trustee Nocchi to move into Closed Session to discuss property acquisition and personnel. The Motion was approved unanimously. The meeting moved into Closed Session at 9:51 p.m. Meeting reconvened in open session at 10:42 p.m.~ ' ~ There was' no action regarding the discussion of property acquisition or personnel. A Motion was made by Trustee Wilks and Seconded by Trustee Lohrstorfer to approve the Minutes of the Closed Session of April 7, 1998. Motion was approved. 6 '~' VIII. ADJOURNMENT Them was no further business. The meeting was adjourned at 10:44 p.m. Respectfully submitted, DAVID STRAHL Assistant Village Manager DS/mc X:\USERS~ROBERTAC~WIN~OFFICE\COWMIN~324COW. MIN 7