City of North Chicago Finance/Audit Committee met July 17.
Here are the minutes provided by the committee:
Alderman Allen called the meeting to order.
ROLL CALL:
Present: Jackson, Coleman, Evans, Allen, Smith
Absent: Murphy, January
Alderman Coleman asked if the Economic Development/Planning/Zoning could follow the Finance/Audit Committee Meeting; the Mayor explained that Human Resources needed to follow sooner.
II. DISCUSSION OF AUDITOR PRESENTATION FROM FY 2022 ANNUAL FINANCIAL REPORT:
Mr. Matt Beran (Auditor) presentation from FY 2022 Annual Financial Report; highlighting Audit Report and Management Letter. Alderman Coleman questioned increase of 2 mil +; Mr. Beran stated could answer with additional details. Alderman Coleman asked if the remodeling of City Council Chambers caused the overage.
Alderman Smith left at 8:44 p.m.
Mr. Beran read the (3) Management Letter responses:
⮚ Implemented Capital Asset Policy adopted November 2022
⮚ Recommended Actuarial Contributions for Police & Fire Pensions
⮚ Home Rule Tax (1%) intention towards higher funding
Attorney Simon added more to follow up; Home Rule Tax was adopted in the spring and pension was accepted; Alderman Allen noted an additional $600,000 resulted. Treasurer Vance Wyatt clarified the Police Pension Fund wasn’t formally approved; no quorum and Special Meeting scheduled August 2023.
Ms. Joyner added the funding would be utilized from the Casino, Home Rule and Property Tax. Adjustments were effective 2023. She also explained the City Council adopted a 1% Home Rule Sales Tax effectively March 6, 2023;
Mr. Beran commented that it was great collaborating with Tawanda.
I. DISCUSSION OF FINANCE/AUDIT MONTHLY REPORT:
Interim Comptroller Tawanda Joyner provided overview of the Finance/Audit Monthly Report. Previous year of 2022, was $14,060.37+ and collected currently $50,575.00.
Alderman Smith returned at 9:07 p.m.
Ms. Joyner explained had advocated financial numbers from FY 2023; Community Days collected $14,060.37 of donations; fees of $50,575.00. Community Information Coordinator, Hombre Darby stated that the numbers were changing daily with vendors and new sponsors; $32,000 worth of pledges and awaiting payment.
Alderman Smith asked the financial goal for Community Days. Mr. Darby stated no exact number; benchmarked $70,000 based on previous years expense; FY 2023 - $113,000 money collected of which any unused funds to be carried over for the next year.
Alderman Allen questioned calculation of the numbers; Ms. Joyner explained and would include the Community Days monetary numbers monthly.
The Mayor clarified needed proceed from Community Days carrying over to the following year. Alderman Coleman commended the Chair.
III. DISCUSSION OF TREASURER’S REPORT – JUNE 2023:
Treasurer Vance Wyatt provided the overview/summary of the Treasurer’s report for June 2023. Including the accounts and investments. The amount of $5.1 mil was utilized from the City’s property tax; total month reports and YTD (Year to Date) would be updated accordingly.
Alderman Allen questioned pg. 10 of the report why the bonds were held and if there was a plan; Treasurer Wyatt explained.
Attorney Simon added that generally the bonds were held for security purposes; Treasurer Wyatt clarified were paper losses based on the investment policy; #1834 referred to Old National Bank Acct.
Alderman Jackson asked when both bonds mature; Treasurer Wyatt clarified both had matured as of June 1, 2023.
Alderman Coleman questioned if the monthly was part of the investment policy; Treasurer Wyatt explained that he administered the policy; it was approved December 11, 2022;
Attorney Simon added there was also an Annual Review of the Investment Policy; Treasurer Wyatt stated the information was located on the city website.
Alderman Smith moved, seconded by Alderman Evans that the Finance/Audit Committee Meeting stand adjourned.
ROLL CALL:
Ayes: Jackson, Coleman, Evans, Allen, Smith
Nays: None
Absent: Murphy, January
The meeting adjourned at 9:23 p.m.
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