z - Retired - Finance Committee

Draft - (amended & approved 2/1/2018) Finance Committee Meeting Minutes - Dec 7 , 2017 Westmont Village Hall Call to Order: 4:01 pm - Trustee Guzzo Pledge of Allegiance Roll Call: Committee Staff Trustee Guzzo (Chair) Finance Director Parker Trustee Liddle Manager May Trustee Addington Chief Weiss Trustee Barker Chief Gunther Trustee Nero (4:25) Deputy Chief Gruen Mayor Gunter Deputy Chief Thompson Clerk Szymski Jenny Babyar Visitors None Minutes approved: A mo on approve the minutes from November 9, 2017 was made by Trustee Liddle and seconded by Trustee Barker, all ayes. UNFINISHED BUSINESS: Director Parker presented on the following topics: Director Parker gave the opportunity for any ques ons regarding the 2017 Property Tax Levy. A public hearing is scheduled for this board mee ng. Because the property tax increase over last year was under 5%, the Village is not legally required to hold a public hearing, but is doing so for transparency. NEW BUSINESS: Director Parker spoke regarding the following topics: HOTEL/MOTEL GRANT REPORT FROM LION’S CLUB RED WHITE & BBQ: Director Parker stated here was a net profit of $4,000 from the BBQ. The BBQ requested the Hotel/Motel grant money for the promo on of the event. The BBQ provided informa on showing they spent money on promo ng the event. We will reimburse the BBQ for half of the amount they spent on promo ng the event. Trustee Addington then commented about the BBQ. He talked about ideas of how to improve next year, and men oned that weather was an issue this year. The addi onal money from the Hotel/Motel grant of about $2,500 will add to the $4,000 profit. The Lions Club has been using profit money for contribu ons to local organiza ons. Trustee Addington added that there were about 18 to 20 hotel rooms were used for the BBQ weekend. AUDIT RFP Director Parker said the Village is expec ng to issue a Request For Proposal (RFP) in 2018. We typically look at changing auditors every five years or so, to get a new perspec ve. A downside to changing auditors is the loss of the ins tu onal knowledge that was gained over the last few years. In selec ng an audit firm we look at the exper se, service, and cost of different auditors at the same me to make our decision. Director Parker indicated that one other factor that could be considered is the firm’s ability to change audit partners or audit staff. He explained that an op on used by some municipali es is to keep the same audit firm to retain the ins tu onal knowledge, but to have that firm rotate staff who work on the audit to keep the same perspec ve. He indicated that staff recommended including ques ons about this in the RFP and using this as a factor in the selec on of an audit firm. The Commi ee confirmed their approval. BUDGET CALENDAR Director Parker stated we have started working on the Budget Calendar. There will be Commi ee mee ngs through April to present any topics to the board that need review. The Budget Workshop will be April 5, 2018. Director Parker men oned that as the Strategic Plan includes focusing on long-term financial planning, the departments are being asked to include the financial impact of any proposed changes over the next several years as part of the budget process. COMPREHENSIVE ANNUAL FINANCIAL REPORT Director Parker presented charts and discussion ensued regarding the Comprehensive Annual Financial Report including: ● General Fund Available Balance ● Police Pension Contribu ons ● Investment Income increased from $30,000 in FY 2016 to $50,000 per year in FY 2017. REPORTS: Finance Director Parker Presented on the following topic: WATER AND GARBAGE BILLING We are s ll working with Waste Management on offering the smaller containers to townhomes which they would coordinate with townhomes directly. The next Finance mee ng is January 4, 2017. Adjourn: 4:30 pm, a mo on to adjourn was made by Trustee Addington, seconded by Trustee Liddle, and approved with all ayes.