WILMETTE PARK DISTRICT
Financial Planning & Policy Committee
Monday, June 26, 2017
6:30 p.m. – Administration Conference Room
Commissioners/Committee: Chair Anderson, Abbott and Pellaton
Staff: Steve Holloway
Staff: Director Wilson, Kathy Bingham, Jeff Bowen, Bill Lambrecht, Sean Flynn
Also in Attendance: Ken Eppelheimer, former Superintendent of Finance
I. Meeting Called to Order
Meeting was called to order at 6:32 p.m.
II. Approval of Minutes
A. Commissioner Abbott moved and Commissioner Pellaton seconded a motion to approve the May 22, 2017 meeting minutes. All voted yes; motion carried.
III. Communication and Correspondence
IV. Recognition of Visitors
Attendance Sheet will become part of the permanent record.
V. Unfinished Business
A. Property Taxes
Superintendent Holloway provided the Committee with an update on the status of the receipt of property taxes. He reported that he has spoken with his counterpart at the New Trier school district who stated that the district’s receipts are also behind at a 52-53% collection rate. Our current rate is 52.1%. Staff still feels that it is a timing issue.
VI. New Business
A. 2016 IMRF Results
Superintendent Holloway reported that during 2016, IMRF had a 7.71% return on investment. This caused the employer retirement reserves to increase, however, this did not impact the Park District’s actuarial funding as the actuarial assets decreased with the large amount of retirements. The District’s funding under GASB 50 was 72.05% for 2016 versus 77.05% for 2015. Under GASB 68 reporting, which includes the District’s retirees, funding was at 85.06% for 2016 versus 88.99% for 2015. IMRF on the whole is funded at 88.9% on an actuarial basis, and 89.3% on a market basis.
B. Uniform Budget Increase for 2018
Director Wilson explained that he wanted to start the discussion now about the uniform increases in preparation for the budget process which will begin in August. The Committee discussed both salaries and fees.
Director Wilson will contact his park district counterparts to evaluate salary increases.
The Committee concurred that for budgeting purposes staff should budget for an overall fee increase of 3%.
C. September Meeting Date
The September meeting will be postponed until Wednesday, October 4. The regularly scheduled October meeting will still take place.
Staff will prepare a multiyear budget project to be presented at the next meeting.
Director Wilson reported that the Village of Wilmette will consider opting out of the Cook County minimum wage increase ordinance. This would not affect Village employees specifically, but would allow local business to opt out of paying minimum wage. The park district is exempt from complying with the Cook County ordinance.
VII. Next Meeting
The next meeting of the Financial Planning & Policy Committee is scheduled for July 24, 2017 at 6:30 p.m.
There being no further business to conduct, the Financial Planning & Policy Committee meeting was adjourned at 7:19 p.m.