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HomeMy WebLinkAbout02/24/2004 COW agenda COMMITTEE OF THE WHOLE AGENDA Meeting Date and Time: Tuesday, February 24, 2004 7:00 p.m. Meeting Location: Mt. Prospect Community Center 1000 West Central Road 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 REVISED MINUTES OF JANUARY 27, 2004 CITIZENS TO BE HEARD III. III. DOWNTOWN REDEVELOPMENT AD HOC COMMITTEE--PHASE II RECOMMENDATIONS ,.' , .' . In late 2003, the Village Board formed the Downtown Redevelopment Ad Hoc Committee- Phase II to review the remaining redevelopment opportunities within the Village's downtown. The Board requested that the Committee review the Concept Plan and related recommendations included within the Village's existing Downtown TIF District Strategic Plan (adopted in 1998) to determine if they are still appropriate. In addition, the Committee was also asked to look at other potential redevelopment opportunities that exist outside of the boundaries established by the existing Strategic Plan. The Committee met on a weekly basis from the beginning of December 2003 through mid- February 2004. In addition to the general Committee meetings, a public hearing was held on January 31 to allow for public review and comment on the Committee's preliminary recommendations. At this time, the Committee is prepared to tender its final report and recommendations to the Village Board. Committee members, along with appropriate staff, will be in attendance to answer questions and facilitate discussion. IV. REVISED INVESTMENT POLICY The Village has had an approved investment policy since 1985. The policy sets forth the requirements for the investment of public funds. Included in the policy is a list of all financial institutions the Finance Department is authorized to conduct business with. The policy was last amended on April 17, 2001. Section 16.0 of the policy states that the Director of FinancelTreasurer shall review the policy on an annual basis and any modifications made thereto must be approved by the Board of Trustees. NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO A TTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME ACCOMMODA TION TO PARTICIPA TE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT 100 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056,847/392-6000, EXTENSION 5327, TDD #847/392-6064. / ._, / As part of the annual review of the investment policy, the list of authorized financial institutions and broker/dealers (Exhibit A) is reviewed so it reflects current existing entities. In addition, it is also prudent to add new institutions and brokers/dealers from time to time to allow the Village more flexibility in managing its investments. Finance Director David Erb has undertaken his annual review of the current investment policy document and is recommending some minor text changes and an expansion of the official list of "authorized financial institutions and broker/dealers." Mr. Erb will be present to discuss his proposed changes and answer any questions. V. YEAR-END FINANCIAL REPORT As everyone is well aware, balancing Mount Prospect's Municipal Budget over the last several years has been an impossible task. The sustained economic downturn has caused a number of historically robust revenue sources (sales tax, state income tax to name a few) to fall off precipitously. Fortunately for the Village, the Mayor and Trustees, a number of years ago, determined that it was in the best interests of the community to grow the Village's General Fund fund balance from 16.5% to 25%. That goal was not only accomplished but also exceeded during the later part of the "go-go 90s." When the economic bubble burst with the "dotcom" crash and the 9/11/01 tragedy, Mount Prospect found itself with the ability to ride out the fiscal storm for a couple of years through a combination of aggressive expenditure reductions, fund balance draw downs and modest revenue enhancements. The Village has positioned itself reasonably well to get through 2004 without fiscal crisis. The hope was that by early 2004, the economy would be in the midst of a substantive comeback. While certain sectors of the economy are, in fact, seeing robust growth, the areas of job creation and consumer spending have remained unspectacular. Crafting the coming 2005 Municipal Budget could prove to be the most challenging yet as General Fund reserves dwindle to minimum levels. With that knowledge, and as was the case in 2003, the Village Board has again set development of a viable Long-Range Financial Plan as a priority during 2004. A first step in that process is to review and analyze our 2003 year-end financial position. Doing so provides a known baseline for making necessary adjustments to the current 2004 Budget and in revising the forecast for 2005. The good news coming out of 2003 is that our known General Fund deficit position improved substantially (from approximately $860,000 to $375,000). This will, in turn, have a positive impact on 2004 and, coupled with an improving economy, brighten the picture somewhat for 2005. We are by no means out of harms way but the horizon looks a little brighter. Finance Director David Erb will present his 2003 Year-End Report and review same with you. VI. VILLAGE MANAGER'S REPORT VII. ANY OTHER BUSINESS VIII. ADJOURNMENT CLOSED SESSION PERSONNEL 5 ILCS 120/2 (c) (2). "Collective negotiating matters between the public body and its employees or their representatives, or deliberations concerning salary schedules for one or more classes of employees. "