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Home My WebLink About07/13/2004 COW agenda COMMITTEE OF THE WHOLE AGENDA Meeting Location: Mt. Prospect Park District Community Center 1000 West Central Road Meeting Date and Time: Tuesday, July 13, 2004 7:00 p.m. I. CAll TO ORDER - ROLL CALL Mayor Gerald L. Farley Trustee Timothy Corcoran Trustee Michaele Skowron Trustee Paul Hoefert Trustee Irvana Wilks Trustee Richard Lohrstorfer Trustee Michael Zadel II. ACCEPTANCE Of MINUTES Of COMMITTEE OF THE WHOLE MEETING OF MAY 11, 2004 CITIZENS TO BE HEARD III. IV. ANNUAL AUDIT OF VilLAGE FINANCES Each year the Village retains the services of a CPA firm to audit its financials and assist in the preparation of the Comprehensive Annual Financial Report (CAFR). Sikich Gardner & Co, LLP performed the audit for the Village for fiscal year ended December 31,2003. As part of the audit, Sikich is also required to present a management letter to the Village's governing board. The purpose of the management letter is to inform the board of any problems encountered during the audit, and to report any deficiencies in internal controls uncovered during the course of the audit Discussion regarding the CAFR will revolve around changes made to the format of the report as a result of implementing Governmental Accounting Standards Board (GASS) Statement 34. Sikich has given its audit of the Village for year-end 2003 an "unqualified opinion." This means that their examination found our financial statements to be fairly presented and prepared in accordance with generally accepted accounting principles. In addition to performing the audit on the Village's financials, Sikich also conducted two separate audits referred to as the Single Audit and the TIF Compliance Audit The Single Audit is a compliance audit of the Village's federal and state grant receipts pursuant to the U.S. Office of Management and Budget Circular A-133. The TIF Audit is a compliance audit required by the State of Illinois of our tax increment financing activities. Results from these two audits indicate the Village is in compliance with requirements outlined in the Single Audit Act and TIF Statutes. NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME ACCOMMODA TION TO PARTICIPA TE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE A T 100 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000, EXTENSION 5327, TOO #847/392-6064. V. VI. VII. VIII. 2005-2009 CAPITAL IMPROVEMENTS PLAN In 1997, the ViHage Board formally adopted its first comprehensive 5-year Capital Improvements Plan (CIP). In previous years, the ViHage used a number of separate documents in its capital projects planning. While each of these documents was useful in its own right, none offered an overall picture of the Village's capital needs. The establishment of a 5-year Capital Improvements Plan (CIP) provides a comprehensive view of the Village's capital needs for consecutive rolling five-year windows. The proposed 2005-2009 CIP is generally comprised of projects which involve the purchase or construction of long-lived, tangible assets at a cost of $25,000 or more. The total cost of all requests for aU years included in the plan is approximately $38.3 million. Many of the requests in the plan are simply continuations of established projects. Others are projects not currently in progress but have been discussed by the Village Board on previous occasions. Some requests are being presented for the first time through the CIP. Given that the CIP is intended to afford a comprehensive view of the Village's capita! needs, it is fitting that all of these project requests be included in the proposed plan. Of the $38.3 million of project requests included in the proposed CIP, $26.6 million (or 69.5%) is for the continuation of established projects including approximately $13.9 million for street resurfacing. A project's inclusion in the CIP does not guarantee its funding and accomplishment. The CIP is a planning document. As such, it is subject to change. The CIP is reviewed and updated on an annual basis. The next CIP will cover the years 2006 through 2010. 2005 project requests included in the proposed CIP amount to $5.3 million, down $7.9 million from the first year projects in the 2004-2008 CIP. This is mainly due to the completion of the new Village Hall. Ofthe $5.3 million proposed for 2005, $3.9 million (74%) is for the continuation of established projects including $2.2 million for the street program. It should be noted that approximately $2.2 million for the street program. it should be noted that approximately $2.2 million in capital projects scheduled between 2002-2005 have been deferred to out years while the Village Board and Administration work to develop a permanent funding source for such projects. The proposed 2005-2009 CIP was distributed on June 6, 2003 to the Finance Commission and the ViHage Board. The Finance Commission held a meeting on June 19, 2003 to review the proposed document. Copies of the draft minutes from the Commission's meetings will be provided separately. Once the Committee of the Whole completes its review of the proposed 2005-2009 CIP, it will be presented to the Village Board for formal acceptance on July 15, 2003. The proposed 2005-2009 CIP was distributed on June 8, 2004 to the Village Board and Finance Commission. The Finance Commission held a meeting on June 17,2004 to review the proposed document. Copies of draft minutes from the Commission's meeting will be provided separately. Once the Committee of the Whole completes its review of the proposed 2005-2009 CIP, it will be presented to the Village Board for formal acceptance on July 20,2004. VILLAGE MANAGER'S REPORT ANY OTHER BUSINESS ADJOURNMENT