WILMETTE PARK DISTRICT
 FINANCIAL PLANNING & POLICY COMMITTEE
 MEETING MINUTES


Date: October 11, 2010  Place: Park District Administration Offices
  
Time: 6:30 p.m.

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

1. The Committee approved the minutes of the October 4, 2010 Committee meeting by General Consent.

2. Staff presented a memo to the Committee related to the current fund balance targets the District employed.  Staff stated that the current targets are very much in line with industry norms. However, during discussion at the previous meeting, there were potential changes to the methodology which was mainly that the fund balance targets for the Recreation and Special Revenue Facility Funds could be adjusted from 33% to 25% as the revenue streams for those two funds are not very tax reliant and therefore more stable and predictable. Staff then indicated if we were to reduce the targets for these two funds, it would be wise to increase the targets for the capital projects funds and staff suggested doubling the capital projects fund targets. The Committee asked about the restrictions of transferring and loaning money between funds and staff provided the answers. At that point, the Committee felt the fund balances should be looked at in aggregate and in comparison to the District’s overall expenditures – not on a fund-by-fund basis.  Staff stated that could be done as a tool but in reality the fund balances must be maintained by fund and tax money distributed by fund and be in line with the tax levy since much of the tax levy is generated by the needs of each fund in relation to the fund balance.  The Committee then closed discussion on this topic.

3. Under Other Business, the Committee discussed goals and methodology for compensation in relation to the goals of the Executive Director and staff in 2011.

The meeting adjourned at 7:0 p.m.

Minutes taken by S. Wilson.

MINUTES APPROVED ON NOVEMBER 22, 2010.