City of Chicago North Finance/Audit Committee met April 20.
Here is the minutes provided by the committee:
Alderman Runnels called the meeting to order.
ROLL CALL:
Present: Fisher, Mayfield, Evans, Allen, Markham, Runnels, January
Absent: None
II. REVIEW/DISCUSSION OF ENGAGEMENT AGREEMENT FOR AUDIT – FISCAL YEAR ENDING APRIL 30, 2020:
Interim Comptroller, Daniela Partipilo explained that it was an annual Engagement letter to be approved allowing audit conducted by Sikich. There was an estimated additional $111 cost this year.
This would be placed on the next Council Agenda, May 04, 2020.
I. REVIEW/DISCUSSION OF INTRODUCTORY BUDGET:
Interim Comptroller, Daniela Partipilo explained that the tax rate notice of 3.58% vs. last year; 4.40%. She provided an overview of slideshow presentation in detail. The revised overview due to COVID-19 was as followed: no reduction to the service level; no tax levy increase; Police & Fire Pension Fund would be budgeted; she stated there was a new water rate, approved in August 2019 and considering another study. The City would be deferring the Capital Improvement Plan and revising year-end projections due to COVID-19. No change to strategic priorities yet necessary to change the operations; fiscally sustainable.
Basically using a “wait and see approach” due to COVID 19 Pandemic. It would also affect the city revenue. Some of various taxes were slowly received. It only pertained to operations and maintenance budget that negatively affected the MFT (Motor Fuel Tax) funds. Would also need to change philosophies for the Fiscal Year 2021 Budget. The CARES Act required tracking expenses of COVID- 19. There would be a surplus in the General Fund. Created a General Fund specifically for tracking all COVID-19 expenses. The 2007A and 2014A Debt Service Fund should both be paid by Fiscal Year of 2022. There was also a reduction of utilities more than 3% in the economy. There would be severance packages for any dispatch employees. There would be minimal expenditures in the TIF and expenditures would be utilized from the Skokie TIF Fund for the growers and infusers dispensary businesses in the area. Grant Place was only operations and maintenance purposes.
Alderman Allen questioned status of the CDBG? Mrs. Partipilo explained was unaware how monies were to be allocated or when. All department heads have attended webinars to keep track of those possible monies. Alderman Allen requested keeping in contact with Brad Cole IML connected to Washington D.C.
The Mayor expressed he was in close contact with Mr. Cole.
Item I & II will be placed on the next Council Agenda, May 04, 2020.
Alderman Allen moved, seconded by Alderman Markham that the Finance/Audit Committee Meeting stand adjourned.
ROLL CALL:
Ayes: Fisher, Mayfield, Evans, Allen, Markham, Runnels, January
Nays: None
Absent: None
The Meeting adjourned at 6:50 p.m.
https://www.northchicago.org/vertical/Sites/%7B52959CF2-969E-41D9-A9CF-CF0A11D0BEA9%7D/uploads/COM.4.20.20.pdf
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