Wilmette Park District
Financial Planning & Policy Committee
Meeting Minutes
Monday, January 26, 2015
8:30 p.m. – Village Hall Training Room

Attendees Present

Commissioners/Committee: Chair Olvany, Brault, Benz
Commissioners: Abbott
Staff: Wilson, Eppelheimer, Lambrecht, Bowen, Felicicchia

Attendees Absent

None 

I. Meeting Called to Order

Meeting called to order 8:30 p.m.

II. Approval of Minutes

A. Commissioner Benz moved to approve the minutes from November 17, 2014, seconded by Brault; all voted yes, the motion carried.

III. Communication and Correspondence

Commissioner Brault commented that there is general community disbelief that the Lakefront Master Plan will allow the District to raise $14.5 million dollars and still not raise taxes. He believes our communication of finances needs to be more specific so community understands the concept. The Committee discussed ways to communicate the amortization of the debt to the community.  Director Wilson will put together talking points of the financing plan. The Committee suggested a FAQ section put on the website addressing finances of the plan.

IV. Recognition of Visitors

Ryrie Pellaton, 1115 Lake Avenue, Wilmette, Commissioner Candidate

V. Unfinished Business

A. Gillson Park Financing Option
B. Langdon Park Financing Option

Superintendent Eppelheimer communicated the impact of the two referendum questions, both together and if one or the other passes. Superintendent Eppelheimer reviewed and discussed the report from Eric Anderson from BMO Capital Markets with the Committee. Committee agreed to review and discuss options again once the referendum process is over.

VI. New Business

A. Ordinance 2015-O-2, Refinancing of Referendum G.O. Bonds

Superintendent Eppelheimer reviewed and discussed the Ordinance. He stated that the refinancing of this debt is expected to save about $2,000 in interest costs by retiring five years of debt through this single, short term issue. Commissioner Brault stated that it looks like we are paying off our debt faster and saving money at the same time.
 
Commissioner Brault moved and Commissioner Benz seconded a motion to recommend to the full Board approving Ordinance 2014-O-2. All agreed.

B. 2014 Carry Over Capital Projects

Superintendent Eppelheimer reviewed and discussed the carry over capital project list. He stated that the 2014 carry over capital projects have appropriated funds that have been partially expended. The project work continues which will need funding to complete the work in the new fiscal year. There are seven projects, as outlined in the report, totaling $302,146.  Staff is requesting the Committee to recommend approval of funding in 2015 in the amount of $302,146 to the full Board. Commissioner Olvany indicated that this is an annual discussion of carry over projects.

Commissioner Olvany moved and Commissioner Brault seconded a motion to recommend to the full Board approving 2014 Carry Over Capital Projects. All agreed.

C. Unaudited 2014 Financial Results

Superintendent Eppelheimer reviewed and discussed the Unaudited 2014 Financial Statements ending December 31, 2014. Commissioner Olvany commented that the District budgeted a loss of $94,000 for the year and came in with a surplus of $415,000 with carry over projects totaling $302,146 He stated that basically because of what the management staff has done, despite the weather year, came in better than budget. Commissioner Olvany gave kudos to staff in managing the expenses and revenue challenges.

No action was required by the Committee and the Comprehensive Annual Financial Report should be back to the Committee in April.

VII. Next Meeting

The next meeting is scheduled for February 23, 2015.

VIII. Adjournment

There being no further business to conduct, the meeting was adjourned at 8:58 p.m.