WILMETTE PARK DISTRICT
Financial Planning & Policy Committee
Monday, February 22, 2016
6:30 p.m. – Village Hall Training Room
Commissioners: Chair Abbott, Anderson, Pellaton
Staff: Executive Director Wilson, Superintendent Eppelheimer, Manager Holloway, Administrator Felicicchia
Committee Members Absent
I. Meeting Called to Order
Meeting was called to order 6:30 p.m.
II. Approval of Minutes
A. Commissioner Pellaton moved and Commissioner Anderson seconded a motion to approve the minutes of January 25, 2016 Financial Planning & Policy Committee meeting. All voted aye, the motion carried.
III. Communication and Correspondence
No communication or correspondence was included in the Committee packet and no Commissioner brought any to the Committee’s attention.
IV. Recognition of Visitors
Park District Staff
V. Unfinished Business
A. Issuance of Refunding and Limited Park Bonds (Verbal Update)
Four issues are in progress: new issue of approximately $1 million (2016A) in new debt; a refund of 2007 G.O. Bonds for $1.66 million (2016B); a refund of 2007B Debt Certificates for $645,000 (2016C); and a refund of 2007A Limited Park Bonds for $3.5 million (2016D). Superintendent Eppelheimer reported that the bond parameter ordinances were filed with the Cook County Clerk on February 16th. We continue to be on track for pricing on March 4th. There was no action required by the Committee.
VI. New Business
A. Financial Audit (Verbal Update)
Superintendent Eppelheimer updated the Committee that auditors Lauterbach & Amen were in to perform field work on February 15th. They were completed by mid-week with only some work on the fixed assets remaining. The Comprehensive Annual Financial Report is being prepared but will have to wait for pension information from IMRF, probably sometime in April. There was no action required by the Committee.
B. Monthly Voucher Report Changes
Superintendent Eppelheimer presented the changes to Monthly Voucher Report that was presented to the Board in February. The Voucher List – Reconciliation for January 2016 payments was changed to include all vendor disbursements over $5,000. Formerly large items paid through the PCard were included within the listing for JPMorgan Chase. This allows a few more vendors on the Reconciliation Report. The Committee also discussed the need for the detailed PCard listing since all the information, except the original vendor, is included on the detail voucher list. The Committee accepted the new reporting and future reports will exclude the detail PCard list. Commissioner Anderson raised the issue that the District should consider used equipment when practical. Commissioner Pellaton raised the issue of the purchased Ford Transit at Tennis, not to be used for transporting patrons. The vehicle is used to transport supplies for the summer outdoor tennis programs.
C. Property Tax Bill Explanation
Superintendent Eppelheimer presented information to the Committee regarding the spring real estate tax bills. Cook County takes the opportunity to present very summary information from the taxing agencies financial reporting. Unfortunately, the titles associated with the data do not explain the entire story. Each category has the correct amounts, but the explanations need to be expanded. A memo was supplied along with a sample tax bill to further explain the amounts. There was discussion on the pension funding ratios and how these may change with the new GASB 68 statement. There was no action required by the Committee.
D. 4th Quarter Financial Results
Superintendent Eppelheimer presented the unaudited financial statements for December 31, 2015. There was discussion on the District’s Cash Report and the level of cash at year end. A good deal of discussion was held on the District’s Certificate of Deposits and the position not to further, nor reinvest in the First Bank of Puerto Rico. The Committee then reviewed each area with discussions on net operating revenue and transfers. The District will end with a surplus which will bolster the District’s fund balance. There was no action required by the Committee.
The Committee continued discussion of goals for the District during 2016. These included consultant reviews, health insurance review, banking service review and review of all expenses within the District. The Committee also discussed a way to link the fixed asset listing and the long term capital plan.
VII. Next Meeting
The next meeting is scheduled for March 28, 2016 at 6:30 p.m.
There being no further business to conduct, the meeting was adjourned at 7:45 p.m.