WILMETTE PARK DISTRICT
 FINANCIAL PLANNING & POLICY COMMITTEE
 MEETING MINUTES


Date:  May 10, 2010 Place: Park District Administration Offices
  
Time:  6:30 p.m.

Attendance: 
Commissioners:  D. Miller, J. Brault, M. Murdock
Staff:  S. Wilson, T. Grisamore
Guests:  B. Lambrecht, J. Bowen,  K. Bingham, R. Amen
          
Agenda Topics:
1. Approval of Minutes
2. 2009 Audit
3. Other Business
4. Old Business
5. New Business
 
Discussion Items:

1. The Committee approved the minutes of the April 22, 2010 Regular Committee meeting and the April 22, 2010 Closed Session Committee meeting by General Consent.

2. Ron Amen, of Lauterbach and Amen (L&A) attended the meeting to present to the Committee the 2009 Comprehensive Annual Financial Report (CAFR). Ron walked the Committee through various sections pointing out the Certificate of Achievement the District received for the 2008 CAFR and the fact that his firm has issued an unqualified audit opinion for 2009. He pointed out this is the best opinion an audit firm can issue. The Committee asked if his firm has any municipal clients to whom he has had to issue a qualified opinion. Ron replied he has done that in the past and with certain clients this upcoming year he anticipates having to do so again. Ron then continued to talk about aspects of the report and focused on the conversion from modified accrual to full accrual.  A Committee member asked what method of distributing tax revenue was used and staff informed the Committee the allocation of the revenue to the funds is based on the allocations set by the tax levy when submitted to the Cook County.  The Committee then asked to have an amendment to the way the debt maturity schedule in the footnote was displayed by adding a total column that aggregated the District’s debt service across debt instruments as well as principal and interest. Ron agreed that would be done as requested.

Ron next spoke about the Management Letter to the Committee. The Committee pointed out they were happy to see that some older items were no longer shown and instructed staff to work on the items currently on the Management Letter. 
 
At this point, Ron Amen left the meeting and the Committee made a motion to accept the 2009 CAFR and submit it to the Board of Park Commissioners for its acceptance. Motion carried.

3.  Other Business: None

4. The Committee briefly discussed Old Business. 

The meeting adjourned at 7:05 p.m.

Minutes taken by S. Wilson.

MINUTES APPROVED ON JULY 12, 2010.