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