Finance Committee

Minutes Village of Niles Finance Committee Meeting Village Hall Large Conference Room 218 December 4, 2019 8:00 a.m. Call To Order Chairman George Alpogianis called the meeting to order at 8:05am. Roll Call Finance Director Jeff Martynowicz called the roll for Committee members: Committee Members Present: Chairman George D. Alpogianis, Al Weel, Jack Drexler Committee Members Absent: George Van Geem, Joseph Ori Village Staff Present: Finance Director Jeff Martynowicz, Village Manager Steve Vinezeano, Assistant to the Village Manager Kathy Thake, Budget Analyst Conor Schultz, Assistant Finance Director Laurie Nannini, Administrative Assistant Joy Athanasiou Old Business None Approval of Minutes The regular minutes from the November 6, 2019 Finance Committee meeting were presented for approval. A motion was made and all concurred. Accounts Payable Approval The Accounts Payable registers for 2019-11/1, 11/8, 11/15 were presented for approval. A motion was made and all concurred. New Business FY 2019 Comprehensive Annual Financial Report and Audit Finance Director Jeff Martynowicz introduced Ed Tracy from Selden Fox who gave an overview of the FY 2019 Comprehensive Financial Annual Report. Ed highlighted activity in various funds. He stated the general revenue was 3% over budget and the general expense was 2.5% under budge, noting that most departments came in under budget. After questions and discussion, a motion was made by Al Weel, seconded by Jack Drexler to present the FY 2019 Comprehensive Financial Annual Report to the Village Board. On roll call, all concurred. Ordinance Amending Chapter 102 Utilities Section 102-127 Finance Director Jeff Martynowicz presented an amendment to Chapter 102 Utilities Section 102-127 to the Niles Code of Ordinances. This amendment would give authorization to the Village Manager and Village Attorney, in addition to the Finance Director, to send written delinquent notices on water accounts. After discussion, the Committee supported the change but requested the language be reviewed by the Village Attorney. Update on Pension Consolidation SB 1300 Finance Director Jeff Martynowicz stated the General Assembly passed the SB1300 bill which will transfer all investment management of the Police and Fire pension funds into two separate statewide funds. The bill will save significant dollars in investment management fees. Jeff will update the Finance Committee as additional information becomes available.  December 4, 2019 Finance Committee Other Business None Public Comments None Executive Session A motion was made by Jack Drexler, seconded by Joseph Ori, to move to Executive Session. On roll call, all concurred. Adjournment Motion to adjourn was made at 9:10am and all concurred. Prepared by Joy Athanasiou on December 5, 2019. 2