Finance Committee

Finance Committee Meeting Conference Room 212 October 28, 2010 7:30 a.m. Attendance Committee Members Present: Mayor Callero, Trustee Weel, Village Manager Van Geem and Finance Director Neukirch Committee Members Absent: Trustee Hynes Non Committee Members Present: Trustee Preston, Mary Marusek, Mike McHugh (Gallagher) and Sandra Hannon (Gallagher) Meeting Opened Meeting opened at 7:35 a.m. Approval of Minutes The minutes from the September 23, 2010 Finance Committee meeting were approved. Motion made, all concurred. Review of Village Insurance Quotes Mike McHugh and Sandra Hannon from Arthur J. Gallagher and Associates presented the results of the bids received from insurance carriers for the Village of Niles’ liability and workers compensation insurance coverage for calendar year 2011. The Gallagher representatives discussed some of the concerns that various carriers have insuring for workers compensation and gave explanations as to why we only received one quote for our workers compensation coverage. The Gallagher representatives presented their entire report to the Committee and answered questions. The following are the Committees recommendations for the 2011 insurance coverages: Mr McHugh said he felt that Torus would most likely reduce its cost of coverage by about $10,000. Mr McHugh will follow up with Finance Director Neukirch on the developments with Torus. Also, the Committee will decide at its next meeting concerning increased exposure options for the excess workers compensation coverage that would result in a lower premium. Other Business Trustee Weel noted that the Finance Committee minutes are now available on the Village’s website. Adjournment The remainder of the agenda items were postponed until the next Finance Committee meeting. A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 8:55 a.m. Next Meeting The next Finance Committee meeting will be November 4, 2010 at 7:30 a.m. Prepared by Scot Neukirch on 10/29/10