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, January 18, 2005
Manager's Conference Room
1.0
Call to Order and Roll Call
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Chairperson Trustee Karen S. Koenig, James W. Hogan, Edward Murphy, |
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David Wellehan, Bill Ware and Jim Castaldo |
Present:
Mary Cation
Absent:
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Staff Present: Bill Lichter, Len Flood, Tim Sexton, Anne Fairbairn, Ron Amen (from |
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Lauterbach & Amen) |
2.0
Public Participation
None
3.0
Approval of Minutes
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It was moved by Ware, seconded by Hogan, to approve the Minutes for |
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November 22, 2004. The motion carried by the following vote: |
Aye:
Hogan, Murphy, Ware and Castaldo
4 -
Absent:
Cation and Wellehan
2 -
David Wellehan arrived at 7:38 p.m.
4.0
New Business
050032
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P. FYE 2004 Comprehensive Annual Financial Report, Management Letter and |
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Recommendations Regarding the Management Letter Comments |
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Motion to accept and file with the Village Clerk the 2004 Comprehensive Annual |
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Financial Report, Management Letter, and recommendations regarding the |
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Management Letter comments. |
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Village Auditor Ron Amen of the accounting firm Lauterbach & Amen presented the FYE |
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2004 CAFRs. Accounting Manager Anne Fairbairn reviewed the Management Letter |
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comments. Discussion followed regarding the upcoming implementation of GASB 45. |
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There was also discussion regarding the Construction Deposit comment. Additional |
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discussion followed. |
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It was moved by Wellehan, seconded by Murphy, 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:
Hogan, Murphy, Wellehan, Ware and Castaldo
5 -
Absent:
Cation
1 -
5.0
Unfinished Business
6.0
Review of Financial Information
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A. Bimonthly Financial Reports |
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Tim Sexton reviewed the highlights of the November 30, 2004 Bimonthly Financial |
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Report. Discussion followed. |
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B. Update on Financial Projections for FYE 2006 Budget |
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Len Flood discussed the current financial projections for the FYE 2006 budget. Also |
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discussed were the short- and long-term revenue options for the Village, as well as the |
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option of a home rule referendum. Discussion followed. |
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Len Flood discussed the current sales tax report. Discussion followed. |
7.0
Future Meeting Dates
Future meeting dates were reviewed by the committee
8.0
Adjournment
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It was moved by Wellehan, seconded by Ware, to adjourn at 9:26 p.m. The |
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motion carried by a voice vote |
