Finance Advisory Committee

MINUTES FINANCE ADVISORY COMMITTEE MEETING CITY OF DEKALB JULY 14, 2015 The Finance Advisory Committee of DeKalb, Illinois held a Committee Meeting on Tuesday, July 14, 2015, in the City Council Chambers of the DeKalb Municipal Building, 200 South Fourth Street, DeKalb, Illinois. A. CALL TO ORDER Committee Chair Peddle called the meeting to order at 5:02 p.m. B. ROLL CALL Committee members present were Mike Peddle, Connie Golden, Lynn Neeley, David Conlin, Mike Verbic and Tom Teresinski. Absent: Thomas Gearhart. City staff present were City Manager Anne Marie Gaura, Finance Director Cathy Haley, Police Chief Gene Lowery, Interim Fire Chief Greg Hoyle, Assistant City Manager Patty Hoppenstedt (arrived at 5:04 p.m.), Interim Public Works Director/City Engineer John Laskowski, Community Development Director Ellen Divita (arrived at 5:37 p.m.) and Account Technician Carri Parker. C. APPROVAL OF MINUTES Minutes of the October 29, 2014, November 13, 2014, April 2, 2015, May 12, 16, 20, 27, 2015 and June 2, 2015 meetings were reviewed and approved on a motion by Committee Member Teresinski, seconded by Committee Member Neeley. D. FINANCIAL POLICY CHANGES/ADDITIONS Finance Director Haley stated that the intention is to bring the Financial Polices for review each year during the budget process. Committee Member Teresinski asked who assists in the recommended changes. Finance Director Haley replied recommended changes will come from GASB regulation changes, the Audit Team, the Senior Accountant, the Assistant Finance Director and the Finance Director. Committee Chair Peddle stated the timing of the review process for these policies are important as the City intends to submit the budget for the FY16 GFOA distinguished budget award. Adding these policies will go through a peer review process. Committee Member Verbic added that the budget is a great improvement from the past years. Committee Member Conlin stated that within the Financial Polices under item #5, Debt Management Policy, within the first sentence, it should say, “Not”. Finance Director Haley agreed. The Finance Advisory Committee approved these minutes on October 27, 2015. The City Council has not approved these minutes. Finance Advisory Committee Meeting July 14, 2015 Page 2 of 3 Committee Member Teresinski asked if the changes in the budget policy were a recommendation by the Auditors. Finance Director Haley stated, “Yes.” Committee Chair Peddle asked for a motion to accept the Financial Polices as presented. Committee Member Verbic motioned and Committee Member Conlin seconded. E. PURCHASING MANUAL Committee Chair Peddle recommending adding a section in the Purchasing Manual for, “Request for Qualifications.” Committee Chair Peddle went on to recommend additional information in the “Conflict of Interest Section” for Independent Contractor’s. Discussion took place on how to add this in to the policy. All agreed it should be added. Committee Chair Peddle requested a motion to approve Purchasing Manual dependent on the additions and changes recommended. These suggested changes will be communicated through email. Committee Member Verbic motioned and Committee Member Golden seconded. F. CHANGE IN FISCAL YEAR The Committee and Executive team discussed the pros and cons of changing the fiscal year. These pros and cons were listed in a detail memo from Finance Director Haley. Finance Director Haley suggested that to implement the change in fiscal year staff would produce a 6 month budget for FY17, and a 12 month budget starting January 1, 2017 through December 31, 2017 (FY17A). Committee Member Verbic motioned to change the fiscal year, no second, the motion died. Committee Member Golden asked how the financial software would handle this change. Finance Director Haley explained that there would be two General Ledgers causing a small disconnect, but it can handle it. City Manager Gaura recommended that staff gather more information to bring back for further discussion at the next meeting. Committee Chair Peddle agreed. G. OTHER ITEMS Committee Member Teresinski asked about the catastrophic insurance coverage for Worker’s Comp. Finance Director Haley explained that its $600k per incident, there is not a cap. Finance Director Haley will send out additional information on this topic with further details. Committee Member Golden inquired on the Water Study. City Manager Gaura stated that this will be brought back again to a Joint Council Committee meeting in September. The Finance Advisory Committee approved these minutes on October 27, 2015. The City Council has not approved these minutes. Finance Advisory Committee Meeting July 14, 2015 Page 3 of 3 The Committee then had a discussion on additional revenue sources. The Committee agreed additional revenues be brought back for further discussion at a future meeting. H. PUBLIC PARTICIPATION Committee Chair Peddle offered public participation. No public was present. I. CONFIRM NEXT MEETING Finance Director Haley explained that the next meeting would be decided through email correspondence. J. ADJOURNMENT Committee Chair Peddle requested a move to adjourn, moved by Committee Member Neeley and seconded by Committee Member Teresinski. Meeting adjourned at 6:11 p.m. __________________________________________ CARRI PARKER, Account Technician The Finance Advisory Committee approved these minutes on October 27, 2015. The City Council has not approved these minutes.