Finance & Administration Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Minutes - Final Monday, March 21, 2016 7:00 PM Lorraine G. Gerhardt Community Room Finance & Administration Committee Trustee Reid Foltyniewicz, Chairperson Robyn Pike, Alternate Chairperson Mary Cation, Jim Hogan, Jay Tovian, David Cain, Jr., Dan Hartweg, Ambareen Ahmed Randy King, Staff Liaison: Timothy Sexton Finance & Administration Minutes - Final March 21, 2016 Committee 1.0 Call to Order and Pledge of Allegiance The Finance & Administration (F&A) Committee meeting of March 21, 2016 was called to order at 7:03 P.M. by Trustee Foltyniewicz. 2.0 Roll Call Present 7 - Reid Foltyniewicz, Mary Cation, James W. Hogan, Dan Hartweg, Jay Tovian, Ambareen Ahmed, and Randy King Absent 1 - David Cain Jr. Staff Present: Tim Sexton, Jamie Cunningham, Kathy Dunne 3.0 Public Participation Mike Himmes 4.0 Approval of Minutes It was moved by Tovian, seconded by Cation, to approve the minutes for the February 22, 2016 meeting. The motion carried by the following voice vote: Aye: 6- Mary Cation, James W. Hogan, Dan Hartweg, Jay Tovian, Ambareen Ahmed, and Randy King Absent: 1- David Cain Jr. 5.0 New Business 6.0 Other Business 160085 Long Range Planning (LRP) Long Range Budget Planning Discussion Tim Sexton reviewed the LRP memo that outlined the past discussions by the F&A Committee. The Committee had more discussion on the importance of maintaining the 50/50 split of revenue and expenses. Staff requested the Finance and Administration Committee provide a recommendation to the Village Board for the Long Range Plan. Village of Lombard Page 1 Finance & Administration Minutes - Final March 21, 2016 Committee It was moved by Cation, seconded by Tovian, to recommend to the Village Board a Long Range Plan that consists of the following strategies:  Increase the Places for Eating tax a full 1%  ½% of revenue would go to the General Fund  ½% would be held in a separate account to reserve for future needs  Approval of expenditure reductions as identified by staff and adjust revenue increases and expenditure reductions as needed to maintain a 50/50 split  Policy that states the Village will budget conservatively (budget revenues low and expenses high) and the Multi-Year Financial Forecast will be updated annually. The motion carried by the following voice vote: Aye: 6- Mary Cation, James W. Hogan, Dan Hartweg, Jay Tovian, Ambareen Ahmed, and Randy King Absent: 1- David Cain Jr. 7.0 Review of Financial Information None 8.0 Future Meeting Dates June 27, 2016 July TBD August 15, 2016 BOT Budget Workshop August 22, 2016 BOT Budget Workshop 9.0 Adjournment It was moved by Ahmed, seconded by Tovian, to adjourn the meeting at 8:08 P.M. The motion carried by the following voice vote: Aye: 6- Mary Cation, James W. Hogan, Dan Hartweg, Jay Tovian, Ambareen Ahmed, and Randy King Absent: 1- David Cain Jr. Village of Lombard Page 2