Finance Committee

Finance Committee Meeting Council Chambers January 15, 2014 8:00 a.m. Call To Order: Meeting opened at 8:03 am Roll Call: Finance Director Neukirch called the roll for Committee members. Committee Members Present: John Johann, Robert Callero, Village Manager Steve Vinezeano and Finance Director Scot Neukirch Committee Members Absent: Chairman Joe LoVerde Non Committee Members Present: Asst Finance Director Laurie Nannini, Attorney Joe Annunzio, Human Resources Coordinator Kathy Barnat, Asst Village Manager Hadley Skeffington-Vos and Trustee George Alpogianis. Motion made that Bob Callero serve as interim-Chairman in Joe LoVerde’s absence. Motion made and all concurred. Approval of Minutes: The minutes from the December 18 2013 Finance Committee meeting were up for approval, motion made and all concurred. Accounts Payable Approval: The approval of the Accounts Payable registers for 12/13/2013, 12/20/2013, 12/27/2013 and 1/3/2014 were up for approval, motion made and all concurred. New Business 2014 Bond Counsel Presentations: Finance Director Neukirch gave an overview of the need for bond counsel services for the 2014 Storm Water Relief Program. Neukirch explained that the Village will be in need of bond counsel services for an issue of $4 million up to $10 million depending on whether or not the Village is approved for a $6 million IEPA loan. Three firms came in and gave presentations. Representatives from Odelson & Sterk, Chapman & Cutler and Miller/Cooper briefly discussed their proposals which had been previously submitted to the Committee for review. The Committee asked questions of each of the firms’ representatives concerning their qualifications. Each representative was informed that the Committee would adjourn in to executive session later in the meeting, but they were free to leave and would be notified by Neukirch as to the results of the Committee’s decision. 2030 Plan Budget Requests: This item was requested by Chairman LoVerde who was absent. Therefore this item will be held over until a future Committee meeting. 2014 Storm Water Program Funding Update: Finance Director Neukirch already provided an update of the status of the 2014 Storm Water Program funding status prior to the presentations from the prospective bond counsel representatives. Neukirch explained that the Village is scheduled to issue $10 million towards the program in 2014. $6 million of the funding is anticipated to be coming from an IEPA loan which provides a significant savings in interest rates. The remaining $4 million is anticipated to be a general obligation loan since the two projects this portion covered did not qualify for the IEPA program. Budget Status Report: Finance Director Neukirch updated the Committee on status of the budget process. Neukirch explained that the various departments are completing their data entry for their initial budget requests. Neukirch also explained that the Finance Department has been working on the projections for FY 14 and the actual data from FY 13 and incorporating that information in to the budget document as well as beginning its review of the FY 15 requests. Other Business: Asst. Village Manager Hadley Skeffington-Vos and Human Resources Coordinator Kathy Barnat presented the draft RFP for professional consulting services for the Village’s employee benefits including health, dental and life insurances. The  Committee discussed the RFP and how it was primarily based on an RFP that Glenview recently used. Concerns about the time frame and whether or not the staff can efficiently complete this process before the May 1 renewal date were discussed. There is concern that some vendors may not quote as a result of the short window of time available. But since the Board wants this done immediately, staff will make every effort to comply with this request in the tight time frame. Finance Director Neukirch explained that he completely understands the Board’s and Committee’s desire to have the staff go out for quotes/RFPs for the various services to ensure the Village is receiving a competitive price for the services. He did request in the future that the staff be given some input as to the timing for implementation of these RFP processes so that they can be coordinated with the staff’s other duties in a manner in which they can be completed in the most effective and efficient manner. Public Comment: None Executive Session: Under section 5 ILCS 120/2 (c)(1) hiring of legal counsel, the Committee went in to executive session at 9:15 am. Return From Executive Session: The Committee returned from executive session at 9:37 am. A motion was made to select Chapman and Cutler as the Bond Counsel for the 2014 debt issue. Callero- Yes, Johann-Yes and Vinezeano-No Adjournment: Motion to adjourn was made and all concurred at 9:40 am. Prepared by Scot Neukirch on 1/15/2014