Finance & Administration Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Minutes - Final Monday, May 23, 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, Randy King, Ambareen Ahmed & Michael Himmes Staff Liaison: Timothy Sexton Finance & Administration Minutes - Final May 23, 2016 Committee 1.0 Call to Order and Pledge of Allegiance 2.0 Roll Call Present 6 - Reid Foltyniewicz, Mary Cation, Jay Tovian, Ambareen Ahmed, Randy King, and Michael Himmes Absent 3 - James W. Hogan, David Cain Jr., and Dan Hartweg Staff Present: Tim Sexton, Jamie Cunningham, Kathy Dunne 3.0 Public Participation Boy Scout Troop 51 4.0 Approval of Minutes It was moved by Cation, seconded by Tovian, to approve the minutes for the March 21, 2016 meeting. The motion carried by the following voice vote: Aye: 5- Mary Cation, Jay Tovian, Ambareen Ahmed, Randy King, and Michael Himmes Absent: 3- James W. Hogan, David Cain Jr., and Dan Hartweg 5.0 New Business 160202 Review and Recommended Updates to the Financial Policies Tim Sexton reviewed the staff recommended financial policy updates, waterfall chart, and example of how the General Fund Reserve would be maintained. He also discussed eliminating the Utility Reserve to create an emergency reserve, revenue stabilization fund, building reserve fund, and pension stabilization fund. King asked if the recommended changes would paint us into a corner. Tim responded that solid policies will help prevent us from spending as wanted instead of as needed. This was one of the concerns that was mentioned in the Long Range Planning workshop with the Board and that is why staff is making this policy recommendation. Trustee Foltyniewicz mentioned also that this approach may help our credit rating. Village of Lombard Page 1 Finance & Administration Minutes - Final May 23, 2016 Committee David Cain had e-mailed his comments on the policy recommendations and the Finance & Administration Committee agreed that the following sentence should be removed from the Property Tax Policy, “Over the past several years, the increase in pension costs have significantly exceeded the statutorily allowable property tax increase.” Mary Cation would like the User Fee policy to read, “At least once, every three years.” The boyscouts were given a chance to ask questions on the materials presented. Tim asked that the F&A Committee provide any additional changes by June 20, 2016 and they will be incorporated into the final policy recommendations for approval at their next meeting. 6.0 Other Business 160203 Water & Sewer Rate Study Update Tim discussed the progress that has been made on the Water & Sewer Rate Study. He explained that it is important that the new meters get installed in order to make accurate assumptions on future revenues and to properly set up the future rate structure. 7.0 Review of Financial Information Tim reviewed the Financial Report for April 2016 8.0 Future Meetings June 27, 2016 July Meeting Cancelled August 15, 2016 BOT Budget Workshop August 22, 2016 BOT Budget Workshop Village of Lombard Page 2 Finance & Administration Minutes - Final May 23, 2016 Committee 9.0 Adjournment It was moved by Cation, seconded by Himmes, to adjourn the meeting at 8:24 P.M. The motion carried by the following voice vote: Aye: 5- Mary Cation, Jay Tovian, Ambareen Ahmed, Randy King, and Michael Himmes Absent: 3- James W. Hogan, David Cain Jr., and Dan Hartweg Village of Lombard Page 3