Finance Committee

Village of Niles Finance Committee Meeting Council Chambers December 20, 2017 8:00 a.m. Call To Order Chairman LoVerde called the meeting to order at 8:00 a.m. Roll Call Assistant Finance Director Nannini called the roll for Committee members: Committee Members Present: Chairman Joe LoVerde, Bob Callero, John Johann, Paul Nielsen and Al Weel Committee Members Absent: None Village Staff Present: Finance Director Jeff Martynowicz, Village Manager Steve Vinezeano, Assistant Finance Director Laurie Nannini, Assistant to the Village Manager Kathy Thake Old Business None Approval of Minutes The regular minutes from the October 20, 2017 Finance Committee meeting and the special Finance Committee meeting from October 27, 2017 were up for approval, motion made and all concurred. Accounts Payable Approval The approval of the Accounts Payable registers for 2017 10-6, 10-13, 10-20, 10-27, 11-3, 11-10, 11-17, 11-24, 23-1, and 12-8 were up for approval, motion made and all concurred. New Business None Water Appeal 8118 Octavia Steven Malok of 8118 N. Octavia asked the committee for additional time to pay his water bill. Mr. Malok gave the committee reasons for needing additional time and relief. Joe LoVerde asked when the Village could expect payment. Mr. Malok said after st January 1 , 2018. Al Weel recommended late fees be removed back to February, 2017 and determine a payment plan. Paul Nielsen recommended a reversal of late fees and a due date of May 1, 2018. John Johann made a motion to waive late fees, shut off fees and for the petitioner to make payment by May 1, 2018. John also recommended in the future that the committee receive a history and recommendation about the hearing before the meeting. Al Wheel seconded and the committee agreed. Vehicle Financing Jeff Martynowicz asked the committee to approve JP Morgan to Finance Vehicles that were included in the 2018 Automotive Fund budget. The total amount to be financed is $896,000. Jeff stated that the Village used JP Morgan last year to fund vehicles and that he would like to renew the Master Lease Agreement with JP Morgan. Jeff said the current rate is 2.36% with no fees. The term would be 5 years and interest would accrue upon arrival of the vehicles. Joe LoVerde asked if there were any questions and made a motion to approve the financing. The Committee concurred.  December 20, 2017 Finance Committee Other Business Joe LoVerde asked Jeff Martynowicz when the first budget hearing would be. Jeff rd stated it is scheduled for the 3 Wednesday in February. Public Comment None Executive Session None Adjournment: Motion to adjourn was made and all concurred at 9:01 a.m. 2