City of Lake Forest Finance Committee met Oct. 15.
Here is the minutes provided by the committee:
I. Call to Order and Roll Call
The meeting was called to order at 6:30 p.m. Present: Mayor Lansing, Chairman Morris, Aldermen Beidler, Newman, Rummel, Preschlak, Reisenberg, Moreno and Buschmann. Absent: None. Quorum present. There were approximately 18 present in the audience.
Staff present: Robert Kiely, Jr., City Manager; Elizabeth Holleb, Finance Director; Diane Hall, Assistant Finance Director; Cathy Czerniak; Community Development Director; Mike Thomas, Director of Public Works and Sally Swarthout, Director of Parks and Recreation.
Others present: There were approximately 12 people in the audience.
II. Consideration of Minutes from the Finance Committee Meeting Held on July 16, 2018
Alderman Rummel made a motion to approve the minutes from the Finance Committee meeting held on July 16, 2018. The motion was seconded by Alderman Beidler. The motion carried unanimously by voice vote.
III. FY2020 Mission Statement and Fiscal Policy
Ms. Elizabeth Holleb, Finance Director stated the City’s Fiscal Policy is reviewed annually and is the first formal discussion for the fiscal 2020 budget.
The Committee discussed debt financing for non-recurring maintenance capital expenses. Annual maintenance capital items are designated with an * in the capital detail.
The Committee discussed banking services, which are reviewed every five years.
Following discussion, Alderman Moreno moved, seconded by Alderman Reisenberg to affirm the City’s FY2020 Mission Statement and approve the FY2020 Fiscal Policy as recommended. The motion carried unanimously by voice vote.
IV. Consideration of the FY2018 Treasurer’s Report
Ms. Holleb reviewed the state statute requirement of publishing a Treasurer’s report, which includes mandated information in the local newspaper within six months after the end of the fiscal year. She stated the formatting of the document is intended to minimize publishing costs. She stated reports are included on the City’s website to enhance the resident’s usage of the report. The reports provide FY18 vendor information by dollar amount and in alphabetical order.
Alderman Reisenberg moved, seconded by Alderman Moreno to acknowledge receipt of the FY2018 Treasurer’s Report. The motion carried unanimously by voice vote.
V. 2018 Property Tax Levy Estimate
Ms. Holleb stated multiple meetings will include the tax levy for discussion. She stated the estimated tax levy included in the packet is non-binding. The estimate includes the 2.1% tax cap and the actuarially determined increases for Police and Fire Pensions. She stated new growth has not been included in the calculation, as it was not yet available from the County. This information will be included on the November 5th City Council agenda. She stated first reading of the levy will be included on the November 19th City Council Agenda, with the final reading on December 3rd.
The Committee discussed Police and Fire Pension allocations. A portion of the Fire Pension levy is allowed outside the tax levy tax cap as established by the state in 1993.
Alderman Preschlack moved, seconded by Alderman Beidler to recommend a non-binding tax levy estimate to be presented at the November 5, 2018 City Council meeting. The motion carried unanimously by voice vote.
Other Business
1) September 2018 Flash Report – Ms. Holleb stated a note was included on the report indicating a variance to property taxes due to prepayments received in June versus September. She stated staff is working with the County in relation to new growth from the Laurel Ave. TIF.
2) Accounting Policies and Procedures Status Update –No discussion
Ms. Holleb provided an update regarding the City’s new financial system which went live on October 1st and outlined the remaining module implementations.
The Committee discussed the implementation status of the project and provided feedback from a citizen group which had met with City staff to assist with the project. Credit was given for an on- time go live as well as on budget.
VII. Opportunity for the Public to Address the Finance Committee: No comments were made
VIII. Adjournment
There being no further business, Alderman Beidler moved, seconded by Alderman Rummel, to adjourn the meeting at 6:50 p.m. The motion carried unanimously by voice vote.
https://www.cityoflakeforest.com/assets/1/27/FCMIN11518.pdf
Alerts Sign-up