z - Retired - Finance Committee

draft Finance Committee Meeting Minutes - July 6, 2017 Westmont Village Hall Call to Order: 4:02 pm - Trustee Guzzo Pledge of Allegiance Roll Call: Committee Staff Trustee Guzzo (Chair) Director Parker Trustee Liddle Manager May Trustee Addington Chief Gunther Trustee Barker Dave Weiss Trustee Nero (4:30) Mike Ramsey (4:30) Mayor Gunter Clerk Szymski Manager May Visitors None Minutes approved: The June 8, 2017 Mee ng Minutes were approved by a mo on from Trustee Addington and a second by Trustee Liddle, all ayes. UNFINISHED BUSINESS: Director Parker presented Funding op ons for a new Public Works Facility NEW BUSINESS: Director Parker presented op ons for funding a new Public Works facility. The op ons include Places for Ea ng Tax increase, Sales Tax increase (only If Westmont goes back to Home Rule), Personnel Vacancy Budget adjustment, Water Rate increase, and move the Salt purchase to Motor Fuel Tax Fund. ● Places for Ea ng Tax is at 1.5% right now, which makes our total tax on restaurants 9%. We can make changes to that amount without any referendum while we are non home rule. ● Sales Tax increase (only If Westmont goes back to Home Rule). Right now the sales tax is at 7.5% for non- tled vehicles and non-qualifying food and drug. There are two ways for Westmont to become Home Rule again. One way is a referendum. The second way is to wait five to six years for the next census. ● Personnel Vacancy Budget is when we budget as if every posi on were to be filled. There are mes not all posi ons are filled. In the past there have been mes we are $100,000.00 under budget due to being conserva ve in budge ng. We could devote that money to something else if we are not as conserva ve in budge ng in the future. ● Water Rate increase, currently the rate is $9.64 per thousand gallons. This is compara ve to  other villages. To meet infrastructure needs, in five years we will be at $11.64 per thousand gallons due to increasing the rate by $.40 each year. Any addi onal increases will be in addi on to this dollar amount, such as a DuPage Water Commission increase or a City of Chicago increases. Right now the Water fund is under by about $600,000.00 of the minimum balance of where we would like it to be. ● Move Salt fund to Motor Fuel Tax. This is money we get from the state. We get about $700-800,000.00 a year based on our popula on. This money can only be used for roads, salt, gravel. We could take about $100,00.00 from this account. That would mean less road resurfacing. There are seven different combina ons of the listed above op ons to get us close to the annual amount we need to rebuild the Public Works Facility. The next step is to choose a plan so we can issue the bond. The bond would be paid back over twenty years. Director Ramsey suggested an open house to educate the public about the public works facility and how important a new facility is. REPORTS: None at this me The next Finance mee ng is August 3, 2017. Adjourn: 4:41 pm, a mo on to adjourn was made by Trustee Guzzo, seconded by Trustee Addington, all approved with all ayes.