Finance Committee

123 Madison Street Village of Oak Park Oak Park, Illinois 60302 www.oak-park.us Meeting Minutes Finance Committee Monday, June 18, 2018 6:30 PM Room 130 1. Call To Order Village President Abu-Taleb called the meeting to order at 6:31 p.m. 2. Roll Call Present: Members of the Finance Committee: Trustee Andrews, Taglia, Tucker, and President Abu-Taleb. Absent: Trustee Button Also Present: Village Trustee Moroney, Village Trustee Boutet, Deputy Village Manager Lisa Shelley, Chief Financial Officer Steve Drazner, Deputy Chief Financial Officer John Kramer, Village Attorney Paul Stephanides, Village Clerk Vicki Scaman, and Partner with Sikich LLP Dan Berg. 3. Public Comment Kitty Conklin: Ms. Conklin requested Village Commission & Committee meetings be conducted at a time when residents who work during the day can attend. She referred directly to an Efficiency Task Force meeting scheduled for the next day at 8 a.m. 4. Approval of Minutes MOT 18-347 Minutes from the October 30, 2017 Meeting of the Finance Committee. It was moved by Trustee Andrews and seconded by Trustee Tucker to approve the October 30, 2018 Finance Committee meeting minutes. A voice vote was taken and the motion was approved. 5. New Business A. ID 18-886 Review and Discuss the Draft Fiscal Year 2017 Comprehensive Annual Financial Report (CAFR) and Supporting Documents Village of Oak Park Page 1 Printed on 11/12/2018 Finance Committee Meeting Minutes June 18, 2018 Public Comment: Kitty Conklin: Ms. Conklin requested minutes of the Finance Committee be released sooner. She referenced situations when the Finance Committee has a long break in meeting and minutes remain unreleased during that break. Discussion of the draft FY 2017 Comprehensive Financial Report (CAFR) and supporting materials: Dan Berg, partner at Sikich LLP, presented the FY 2017 CAFR and supporting documents to the Finance Committee with explanation and responding to questions. Mr. Berg highlighted the independent auditors report, provided by Sikich LLP, which states the Village of Oak Park recieved an "unmodified opinion". He shared this is the best opinion they are allowed to give regarding the audit process and results. Trustee Tucker asked if there is an area that staff could further improve upon in regard to the audit process, despite significant improvements that have been made over the last several years. Mr. Berg responded that communication before the audit begins on what the auditor needs to see could assist new Village staff. Additionally, Trustee Tucker questioned whether there is value in using a different auditor from time to time for a fresh look. CFO Steve Drazner responded that he would not object but does not see a benefit. Mr. Berg responded to questions related to identified deficiencies in internal control and other comments to management provided by Sikich LLP. Mr. Berg noted that these deficiencies are minimal. Concern exists among the Finance Committee to remedying water waste. The Committee was happy to see improvement with Police & Fire Pension Funds. Deputy Village Manager Lisa Shelley shared with the Finance Committee that the FY2017 CAFR will be on the next regular Board agenda for official adoption. Trustee Boutet requested that the payroll report, including overtime expenses, be available to the Board for approval. The Committee thanked staff and the auditor for their work. 6. Old Business There was no old business. 7. Adjournment It was moved by Trustee Andrews and seconded by Trustee Tucker to adjourn. A voice vote was taken and the motion was approved. The meeting adjourned at 7:24 p.m. Respectfully Submitted, Village Clerk Vicki Scaman Village of Oak Park Page 2 Printed on 11/12/2018