Wilmette Park District
Financial Planning & Policy Committee
Meeting Minutes
Monday, February 23, 2015
6:30 p.m. – Village Hall Training Room


Attendees Present

Commissioners/Committee: Chair Olvany, Brault
Commissioners: Abbott, Shelly
Staff: Wilson, Eppelheimer, Lambrecht, Bingham, Felicicchia

Attendees Absent

Commissioner Gary Benz (VIA Electronic Means)

I. Meeting Called to Order

Meeting called to order 6:30 p.m.

II. Electronic Attendance of Meeting by a Commissioner

Commissioner Benz Attendance VIA Electronic Means

Commissioner Brault moved and Commissioner Olvany seconded a motion to approve the electronic attendance of Commissioner Benz at the February 23, 2015 Financial Planning & Policy Committee meeting.

By a roll call vote, voting Yes: Commissioners Olvany, Brault; voting No: None. Absent: None; motion carried.

Commissioner Benz was then connected and declared as being present at the meeting.

III. Approval of Minutes

A. Commissioner Brault moved to approve the minutes from January 26, 2015 meeting, seconded by Commissioner Benz; all voted yes, the motion carried.

IV. Communication and Correspondence

None

V. Recognition of Visitors

None

VI. Unfinished Business

A. Lakefront Financing Options

Superintendent Eppelheimer presented the reports in the packet for financing options for Gillson and Langdon Parks. The Committee asked Staff to show the difference between the Pro-Forma presentation of January 26th with different maturities and the current 15 year retirement scenarios dated February 11th.  The assumptions as stated in the packet show slightly lower interest rates, CPI adjusted to one percent, as 2014 came in at 0.8%, and keeping the tax levy flat for five years. Commissioner Olvany stated that the referendum will state a dollar amount and that is what will be borrowed.

Commissioner Benz commented that it was reported that New Trier opted to get all of the money together at the beginning of their project because of the low interest rates instead of parceling it out overtime as funds are needed. He asked if this was accurate. Superintendent Eppelheimer stated that it is the District’s understanding. He stated that the Staff would like to come back once the referendum process is finished to address any issuances in a more complete manner. Commissioner Brault asked if the District wanted to lock a rate all at one time and could buy a forward hedge to lock in rates for a future issue. Director Wilson stated that Staff will discuss this option with BMO Capital Markets, the District’s financial advisors.

B. Disaster Recovery Plan Policy

Commissioner Brault asked for an updated Disaster Recovery Plan policy. Director Wilson stated that Staff will get him one which has been updated last year.

VII. New Business

A. MCDC Initiative Submission

Superintendent Eppelheimer stated that the District was notified by BMO Capital Markets in August to look for any evidence of Electronic Municipal Market Access (EMMA) filings for the years 2004 through 2006. We searched for additional data but could not find evidence.

Although fillings with EMMA under the Municipal Securities Rulemaking Board (MSRB) were not made, the District did file with the Illinois State Comptroller’s Office; the Cook County Clerk’s Office and issued notice of the audit in the local paper.

The Comprehensive Annual Financial Report process began in 2007 and the District has been filing this report with EMMA since the 2010 CAFR.  We also continue to file with Cook County Clerk’s Office, Illinois State Comptroller’s Office, Dun and Bradstreet and the Cook County Treasurer’s Office which results in supplemental information on residents’ real estate tax bill.  We also file our report with PDRMA, NSSRA, file notice in the local paper of the availability of the audit at the Administration Office, place the CAFR on our web site and file a copy at the reference desk of the Wilmette Village Library.

Although no penalties will likely be assessed, the SEC MCDC Initiative may ask us to file, which we can show evidence the District has done continuously since 2010.
 
Director Wilson commented that Eric Anderson of BMO Capital Markets does not think this will be an issue but Staff wanted to make the Committee aware of it. Commissioner Brault asked if Staff has done research to see if there are other types of governance filings. Director Wilson stated that the District will look at all governance compliance filings to make sure the District is in compliance. Commissioner Brault stated to have it as a checklist at the meetings. Commissioner Benz asked if there would be any ramifications with our auditors on this. Superintendent Eppelheimer stated he briefed the auditors and they have copies of this documentation. Director Wilson stated they did need anything else.

B. Post Issuance Compliance Report

Superintendent Eppelheimer stated as a result of bond ordinances passed by the Board in October 2013 for the issuance of $510,000 in Debt Certificates, Section 14 of this ordinance designates the Superintendent of Finance and Personnel as the Compliance Officer.  A yearly review is to be conducted to assure those contracts and other records for each outstanding issue complies with federal requirements.

The first payment of the 2013A Debt Certificates was made on September 30, 2014, and documents were obtained and reviewed according to guidelines obtained from our bond counsel.  The process is fairly simple, but keeping in the spirit of the ordinances, the attached report is being filed with the Financial Planning & Policy Committee.  He believes appropriate action would be for the Committee to accept the report.

Commissioner Brault moved and Commissioner Benz seconded a motion to accept the Post-Issuance Compliance Report. All agreed.

C. 2014 Audit Progress

Director Wilson reported that Ron Amen and the auditors were at the District this past week and were please at how smoothly the process has been.

VIII. Next Meeting

The next meeting is scheduled for March 16, 2015.

IX. Adjournment

There being no further business to conduct, the meeting was adjourned at 6:53 p.m.