Finance & Administration Committee

Village of Lombard Village Hall 255 East Wilson Ave. Lombard, IL 60148 villageoflombard.org Minutes Monday, June 27, 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 June 27, 2016 Committee 1.0 Call to Order and Pledge of Allegiance 2.0 Roll Call Present 8 - Reid Foltyniewicz, Mary Cation, James W. Hogan, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent 1 - Ambareen Ahmed Staff Present: Tim Sexton, Jamie Cunningham, Kathy Dunne 3.0 Public Participation None 4.0 Approval of Minutes It was moved by Cation, seconded by Tovian, to approve the minutes for the May 23, 2016 meeting. The motion carried by the following voice vote: Aye: 7 - Mary Cation, James W. Hogan, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 1 - Ambareen Ahmed 5.0 Old Business 160202 Review and Recommended Updates to the Financial Policies At the May meeting 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. At the June meeting Tim discussed the changes that were incorporated into the policy based on the recommendations by the F&A Committee at the May meeting. It was moved by Cation, seconded by Tovian, to recommend the financial policy changes to the Village Board. The motion carried by the following voice vote: Aye: 7 - Mary Cation, James W. Hogan, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Village of Lombard Page 1 Finance & Administration Minutes June 27, 2016 Committee Absent: 1 - Ambareen Ahmed 160085 Long Range Plan Communication Efforts (LRP) - Review of the proposed Pride printing schedule adjustments. - Review the Places for Eating Tax Communications Plan. - Review of the Communications Plan regarding the Senior Taxi Subsidy program and additional information sheet. Tim reviewed the communications plans for the Places for Eating Tax 1% increase, Phasing-out the Taxi Subsidy Program, and the Long Range Plan. The F&A Committee recommended that staff add the 50/50 split wording to each plan. Staff made the suggested changes. 6.0 Other Information 160282 Meter Replacement & W/S Rate Study Tentative schedule for meter replacement & W/S study rate updates. Tim reviewed the tentative schedule for meter replacement and W/S rate study. Both depend upon approval of an IEPA loan for the residential water meter replacement program. 160283 Long Range Plan and FY2017 Budget Updates on Long Range Plan (LRP) and FY2017 Budget Process. Tim reviewed the calendar for the FY17 Budget Process and outstanding items to complete for the Long Range Plan. 160285 Fitness Update Kathy Dunne reviewed the success with the Virgin Pulse Fitness Program 7.0 Review of Financial Information Tim reviewed the Financial Report for May 2016 Village of Lombard Page 2 Finance & Administration Minutes June 27, 2016 Committee 8.0 Future Meeting Dates August 15, 2016 BOT Budget Workshop August 22, 2016 BOT Budget Workshop September 26, 2016 (6 p.m.) October 24, 2016 (6 p.m.) November 28, 2016 December--Canceled January 23, 2017 February 27, 2017 March 27, 2017 April 24, 2017 9.0 Adjournment It was moved by Cation, seconded by Tovian, to adjourn the meeting at 7:50 p.m. The motion carried by the following voice vote: Aye: 7 - Mary Cation, James W. Hogan, David Cain Jr., Dan Hartweg, Jay Tovian, Randy King, and Michael Himmes Absent: 1 - Ambareen Ahmed Village of Lombard Page 3