Finance Committee

Finance Committee Meeting Conference Room 212 January 13, 2011 7:30 a.m. Attendance Committee Members Present: Mayor Callero, Trustee Hynes, Trustee Weel, Village Manager Van Geem and Finance Director Neukirch Committee Members Absent: None Non Committee Members Present: Trustee Hanusiak, Trustee Preston and Mary Marusek, Rosemary Palicki and Carol Panek Meeting Opened Meeting opened at 7:37 a.m. Approval of Minutes The minutes from the November 4, 2010 Finance Committee meeting were approved. Motion made, all concurred. 5 Year Capital Plan: Public Works Director Scott Jochim discussed the Village’s 5 year Capital Improvement plan. The plan includes anticipated street, watermain, sewer, alley and bridge improvements that will need to be done over the next 5 years. Mr Jochim explained that this list is always being adjusted due to budget constraints and other factors which may cause projects in the plan to be delayed or done sooner. Mr. Jochim and staff answered various questions from the Board on the plan. A request was made to include the current fiscal year budget amounts in future versions of the plan. FY 2012 Budget Update Finance Director Scot Neukirch gave an update on the progress with the FY 2012 budget preparation. Mr Neukirch also gave an update of the current condition of the Police and Fire pension funds and reviewed a summary of the Village’s funding requirements. Staff stressed the importance of continuing the effort to fund these pensions. Various changes to the pension statutes were also discussed. A request was made by Trustee Hynes to put the actuarial reports on the Village website Mr Neukirch asked for feedback from the Committee concerning the schedule of budget meetings in FY 2011 so that he can prepare the schedule for FY 2012. Trustee Preston requested a list of the meetings that were held for the FY 2011 budget. Trustee Preston also said she would like each department to give a presentation during the budget workshops. RFP for FY 2011 Annual Audit Finance Director Neukirch presented the draft request for proposals (RFP) for audit services for FY 2011. Mr Neukirch presented the proposed time line to the Board and presented a list of firms that will have the RFP sent directly to them, assuming the Village Board gives staff direction to do the RFP at the January meeting. Other Business Village Manager Van Geem explained that Golf Mill Shopping Center has sent the Village of Niles a plan draft to set up a business district which would result in the stores at Golf Mill increasing their sales tax rate by .25. The incremental sales tax revenue received would then be used to pay for improvements to the mall. The plan is in the preliminary stages and requires the major stores in the mall to agree. Adjournment A motion to adjourn was made, seconded and all concurred. The meeting adjourned at 9:03 a.m. Next Meeting The next Finance Committee meeting determined based on the Committee members’ availability. Prepared by Scot Neukirch on 1/13/2011