Finance Committee
Village of Lombard
Meeting Minutes
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Trustee Karen S. Koenig, Chairperson |
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Trustee Richard J. Tross Alternate Chairperson |
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Edward Murphy, Bill Ware, David Wellehan, |
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James Hogan, Mary Cation, Jim Castaldo |
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Staff Liaison: Leonard J. Flood |
7:30 PM
Village Hall
Tuesday, December 9, 2003
Village Manager's Conference Room
1.
Call To Order and Roll Call
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Chairperson Trustee Karen S. Koenig, Mary Cation, James W. Hogan, Edward |
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Murphy and David Wellehan |
Present:
Bill Ware and Jim Castaldo
Absent:
Others Present: Len Flood and Mike Nugent
2.
Public Participation
None
3.
Approval of Minutes
None
4.
New Business
030781
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Recommendation of the Finance Commitee to approve the Village's 2004 Risk |
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Management Program. |
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A: 2004 Insurance Program: Mike Nugent reviewed his report with the committee. |
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Nugent indicated that the Village was able to obtain positive renewal terms in a very |
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difficult market. Spreadsheets detailing each of the various options were distributed and |
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discussed with the committee. The option recommended projected an estimated total |
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cost of $1,227,495 with a $1,250,000 all lines aggregate and a primary liability limit of |
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$950,000. The insurance will be provided through Lloyds of London and Travelers |
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Insurance. Staff indicated that they had met with Nugent to review the information |
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before the meeting and concurred in the recommendation as presented. Discussion |
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followed. |
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It was moved by Wellehan, seconded by Cation, that this matter be |
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recommended to the Board of Trustees for approval. The motion carried by the |
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following vote: |
Aye:
Cation, Hogan, Murphy and Wellehan
4 -
Absent:
Ware and Castaldo
2 -
030782
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B. Proposed 2003 Property Tax Levy: Len Flood reviewed the details of the report on |
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the levy prepared by Assistant Director Tim Sexton . The report recommended a total |
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Village tax levy of $6,413,220, an increase of $266,820 or 4.34% over the prior year's |
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extended levy. Discussion followed. |
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It was moved by Hogan, seconded by Murphy, that this matter be recommended |
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to the Board of Trustees for approval. The motion carried by the following vote: |
Aye:
Cation, Hogan, Murphy and Wellehan
4 -
Absent:
Ware and Castaldo
2 -
Present:
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Chairperson Trustee Karen S. Koenig, Mary Cation, James W. Hogan, |
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Edward Murphy, David Wellehan, Bill Ware and Jim Castaldo |
5.
Unfinished Business
None
6.
Review of Financial Information
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A. Preliminary Financial Forecast: Len Flood reviewed his memo of December 4, 2003 |
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regarding the financial overview of the General Fund for FYE 2004 and FYE 2005 with |
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the committee. He indicated that the information had been presented to the Village |
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Board at their Budget workshop meeting on December 8, 2003. Flood indicated that at |
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this time the projected deficit in the General Fund for FYE 2005 was approximately $1.4 |
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million. Revenues continue to be the major reason for this problem, with sales tax in |
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particular running below projections by approximately $440,000. Flood indicated that |
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the projections would be updated for the Village Board and the Finance Committee |
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when they meet in joint session in February. Discussion followed. |
7.
Future Meeting Dates
Future meeting dates were reveiwed with the committee members
8.
Adjournment
Adjournment at 9:10 p.m.
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It was moved by Wellehan, seconded by Cation, to adjourn. The motion carried |
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by a voice vote |
