Finance Committee

123 Madison Street Village of Oak Park Oak Park, Illinois 60302 www.oak-park.us Meeting Minutes Finance Committee Monday, October 23, 2017 6:30 PM Room 101 1. Call To Order Village President Abu-Taleb called the meeting to order at 6:30 P.M. 2. Roll Call Present: Members of the Finance Committee; Trustee Andrews, Taglia and Tucker; and President Abu-Taleb. Absent: Trustee Button Also Present: Village Trustee Boutet, Village Trustee Moroney, Village Manager Pavlicek, Village Attorney Stephanides, Chief Financial Officer Drazner, Budget Manager Gasiecki, Deputy Village Manager Shelley, Police Chief Ambrose, and Director of Development Customer Service Grossman. 3. Public Comment Bonita Robinson: Ms. Robinson referenced a Nuisance Code Enforcement complaint with the Village of Oak Park against her neighbor for outdoor lighting that has negatively impacted her quality of life. Ms. Robinson is dissatisfied with the Code Enforcement Supervisor's response to her complaint. Vernon Robinson: Mr. Robinson (son of the previous speaker) read a statement supporting his Mother's accusations with shared video and a picture as evidence of the impact on their quality of life. Chris Donovan: Mr. Donovan shared his concern that, in his opinion, the current Village Board has not sought the input of the community on proposed streetscape budget items, specifically for Madison Street. 4. Approval of Minutes A. MOT 17-245 Minutes from the October 9, 2017 and October 10, 2017 Meeting of the Finance Committee. It was motioned by Village Trustee Andrews and seconded by Village Trustee Tucker to approve the minutes for the October 9, 2017 and October 10, 2017 meeting of the Finance Committee of the Village Board. A voice vote was taken and the motion was approved. Village of Oak Park Page 1 Printed on 1/3/2018 Finance Committee Meeting Minutes October 23, 2017 5. New Business B. ID 17-664 Third Meeting of the Finance Committee to Review the Draft Recommended FY18 Budget Village Manager Pavlicek provided a brief overview on items scheduled for discussion as part of the 3rd meeting of the Village Board to review the Draft Recommended FY18 Budget; the Police and Fire Pension Funds and the Parking Enterprise Fund. Fire Pension Fund The Fire Pension Board held a meeting in congruent with the Finance Committee for purposes of presenting. CFO Drazner introduced a quorum of the Fire Pension Board: Tom Mazur, President; Deborah Kadin, Secretary; Jake Haag, Elected Member; John McDonald, Elected Member; Steve Drazner, Appointed Member; Trustee Taglia, Appointed Member. Also present was the Fire Pension Board Attorney Carolyn Welch Clifford. Mr. Mazur expressed gratitude for the Village Boards established commitment to reach a goal of 100% funded by 2040. The Fire Pension Fund is currently 37% funded. Ms. Clifford presented on behalf of the The Fire Pension Board the history of requested funding and actual Village contributions, as well as this year's recommended funding. The Firefighter Pension Board is requesting $5,277,679 based on Village actuary's valuation. The normal cost for this year's recommended contribution is $1,482,668; the remainder of the $5.2 million recommended contribution would go toward paying down the unfunded liability. Members of the Village Board expressed concern for the significant liability that exists with the underfunded Pension Funds and expressed committment to increase funding as aggressively as possible. Trustee Tucker suggested increasing funding by $400,000. The Pension Fund Board adjourned their meeting. Police Pension Fund Village Manager Pavlicek introduced retired Detective Len Jorgensen, President of the Police Pension Board. Ms. Pavlicek sumarized information from the Executive Summary of the Valuation provided to the Finance Committee in Item B. of the board agenda packet. The funded ratio for the Police Pension Fund is 51%. The recommended contribution for 2017 is $5,470,687. Chief Financial Officer Drazner highlighted tables in the same report that helped to explain the total accrued liability and unfunded liability for the Police Pension Fund. Members of the Village Board acknowledged the continued need to fund Village of Oak Park Page 2 Printed on 1/3/2018 Finance Committee Meeting Minutes October 23, 2017 the Police Pension Fund at a rate higher than the liability as well as the value to both Police and Fire in more aggressively funding the Fire Pension Fund until both Pension Funds are more equally funded. Parking Fund Village Manager Pavlicek introduced the Parking Fund as the next topic for the FY18 budget review discussion; specifically the need to discuss parking revenue regulations that can be implemented over the next year. Director of Development Customer Service Grossman provided a memo responding to questions of Village Board members on the cost and revenue of the Divvy Bike program and an outline of parking revenue options. The Finance Committee discussed options for garage hourly rates, metered parking, and permit parking fees. Ms. Pavlicek and Ms. Grossman responded to questions related to parking revenue options. Consensus of the Finance Committee was reached to suggest raising the cost of parking permits $5 and charging $1/hour for all metered and garage parking throughout the Village. The suggestion from the Finance Committee for Village Board approval would be to lower free parking from 1.5 hours to 1 hour in garages. It was decided to recommend raising the cost of replacement permit cards from $2 to $5. Members of the Finance Committee decided to discuss charging for parking on Sundays at a future meeting of the Village Board. Village Manager Pavlicek reviewed the schedule for reviewing the Draft Proposed FY18 Budget with the Finance Committee. Trustee Andrews requested that all partner agencies, with the exception of OPEDC, requesting funding from the Village Board be prepared to provide a short demonstration on their budget and respond to questions at the next meeting of the Finance Committee. 6. Old Business There was no old business to discuss. 7. Adjournment It was motioned by Village Trustee Tucker and seconded by Trustee Andrews to adjourn. A voice vote was taken and the motion was approved. This Finance Committee meeting adjourned at 8:58 P.M., Monday, October 23, 2017. Respectfully submitted, Vicki Scaman Village Clerk Village of Oak Park Page 3 Printed on 1/3/2018