Monday, November 24, 2008
7:00 PM
Village of Lombard
Village Hall
Finance Committee
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 |
Meeting Minutes
Community Room
Finance Committee
Meeting Minutes
November 24, 2008
1.0
Call to Order and Roll Call
James W. Hogan, Edward Murphy, David Wellehan, Bill Ware and Committee |
Member Trustee Dana Moreau |
Present:
Mary Cation and Brad Janisch
Absent:
Staff Present: Tim Sexton, Mike Nugent (Risk Management Consultant)
2.0
Public Participation
None
3.0
Approval of Minutes
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 |
4.0
New Business
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 |
5.0
Unfinished Business
None
6.0
Review of Financial Information
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. |
7.0
Future Meeting Dates
Next meeting will be the regularly scheduled meeting the 3rd Tuesday in January. |
(January 20, 2009) |
8.0
Adjournment
It was moved by Wellehan, seconded by Ware, to adjourn at 8:02 p.m. The |
motion carried by a voice vote |