Village of Lombard Legistar System

Trustee Rick Soderstrom-Chairperson

Trustee Laura Fitzpatrick-Alternate Chairperson

Trustee Dana Moreau-Alternate Chairperson

Edward Murphy, Bill Ware, David Wellehan,

James Hogan, Mary Cation, Brad Janisch

Staff Liaison: Timothy Sexton

Call to Order and Roll Call

James W. Hogan, Edward Murphy, David Wellehan, Bill Ware and Committee

Member Trustee Dana Moreau

Mary Cation and Brad Janisch

Staff Present: Tim Sexton, Mike Nugent (Risk Management Consultant)

Public Participation

There was a question on the banking part of the minutes. In the meeting minutes from

October 29, 2008, the motion was labeled at the top for a one-year extension of the

banking services contract; however, at the bottom of that section of the minutes it was

further explained that the motion was for the amended two-year extension of the

Village's banking services contract with MB Financial.

It was moved by Murphy, seconded by Ware, to approve the minutes of October

29, 2008. The motion carried by a voice vote

Recommendation on 2009 Insurance Renewal

The Village's Risk Management Consultant, Mike Nugent, will update the Finance

Committee on the upcoming 2009 Risk Management and Insurance Renewal Program.

Information from Mr. Nugent is attached.

The Village's risk management consultant, Mike Nugent, reviewed his spreadsheet

analyzing the costs for the 2009 insurance renewal. Further discussion followed.

It was moved by Wellehan, seconded by Murphy, that this matter be

recommended to the Board of Trustees for approval. The motion carried by a

voice vote

Tax Levy Ordinances (Two Ordinances)

Providing for the levy and assessment of taxes for the fiscal year beginning June 1,

2008 and ending May 31, 2009 for the Village of Lombard and Helen M. Plum Memorial

Library. A staff report is attached.

Tim Sexton reviewed the details of the tax levy report. The report recommended a total

Village tax levy of $8,127,595, an increase of $473,347 or 6.18% over the prior year's

extended levy. In addition, the report recommended a total Library tax levy of

$2,888,722, an increase of $166,081 or 6.10% over the prior year's extended levy.

Discussion of the current tax levy, including the impact of the special levies on the

corporate levy, followed.

It was moved by Hogan, seconded by Wellehan, that this matter be

recommended to the Board of Trustees for approval. The motion carried by a

voice vote

Director of Finance Tim Sexton will review major revenues.

Tim Sexton reviewed the current and projected shortfalls in Sales Tax, Places for Eating

Tax and Income Tax revenues with the Committee. In addition, Mr. Sexton noted that

water sales through October are 3.4% below budget. Discussion followed.

Next meeting will be the regularly scheduled meeting the 3rd Tuesday in January.

(January 20, 2009)

It was moved by Wellehan, seconded by Ware, to adjourn at 8:02 p.m. The

motion carried by a voice vote