WILMETTE PARK DISTRICT
Financial Planning & Policy Committee
Date: October 12, 2011
Location: Mallinckrodt Center – Conference Room
Time: 6:30 p.m.
Committee: G. Benz, J. Brault, J. Olvany, Chair D. Graham
Commissioners: M. Murdock, S. Shelly
Staff: S. Wilson, K. Bingham, J. Bowen, B. Lambrecht, K. Eppelheimer
1. Call to Order
2. Approval of Minutes
3. Communications and Correspondence
4. Recognition of Visitors
5. New Business
6. Old Business
7. Next Meeting
1. The Meeting was called to order at 6:30 p.m.
2. The Committee approved the minutes of September 19, 2011
3. Communications and Correspondence – None
4. Recognition of Visitors – Tom Scanlon, Pat McCann, Tom Bonnie
a. Tom Scanlon stated that he was present to hear the Park District’s options for issuance of debt and its impact on real estate taxes since he had read the article in the newspaper. Superintendent Eppelheimer provided an explanation of the District’s Debt Service Extension Base (DSEB) and how the change in equalized assessed valuation of the District will affect the tax rates. There was discussion on how the size of this issue would align with other referendum debt which is being retired over the next couple of years.
5. New Business – (Moved from Agenda Item 6 a.)
a. Fiscal Years 2012-2016 Capital Improvement Plan – Superintendent Eppelheimer presented staff’s recommended Capital Improvement Plan (CIP) and outlined information in the project narrative including project priorities and changes made in the presentation of the CIP. The CIP was resorted from fund to park and facility location. This gives a better view of the balance of investments in the park system. Priorities were assigned by staff based upon the project narrative of A, the highest; B, medium; and C, lowest.
The Committee then discussed reconciliation of the CIP to the Source and Use of Funds in the capital reserve fund. CIP, along with Deferred and the larger projects, shows the fund being depleted by 2013.
The Committee discussed the larger projects of the Centennial Compressor System and the Golf Course Master Plan. Information was supplied on how the Centennial project scope has changed and Superintendent Lambrecht indicated that in about a month an engineering estimate would be completed so a more accurate number would be available for the CIP.
The Committee then discussed the Golf Master Plan (MP) including a scaled-back plan, the complete removal of the MP from the CIP, or an elongated implementation. Discussion was also held on the possible financing of the MP. This then led to the discussion of agenda item debt issuance.
6. Old Business – (Deferred from Agenda Item 5 a)
a. Debt Issuance Discussion – The Committee discussed the need for funding of the CIP after the preliminary review and the source and use of capital reserve funds. The Committee offered direction to prepare one- and two-year issue options with a negotiated sale. Details of the options will be presented at the November 7 Committee Meeting. There was no action required by the Committee
b. Fund Balance Policy – The Committee also discussed setting fund balance targets to assure funds are adequate to meet contingencies while still investing in the District. Since the largest reserves are in the Corporate and Recreation Funds these funds may also be reserved for capital improvement projects. The Committee discussed some of the different categories and asked staff to recommend funding levels that could be discussed at a future meeting. There was no action required by the Committee.
5. a. Return to Discussion of the 5-Year CIP
The Committee then returned to the detailed review of the CIP where projects were further explained, moved, reduced or changed based upon discussion. The CIP will be recast and returned to the Committee at the next meeting. There was no action required by the Committee.
7. Next Meeting – The next meeting was scheduled for November 8 beginning at 6:30. There will also be discussion on the possible debt issuance, continued discussion on the Fund Balance Policy and a recommended 2011 tax levy for the Truth in Taxation resolution.
8. Adjournment – With no further business to discuss, the Committee adjourned at 10:00 p.m.
Minutes taken by Ken Eppelheimer
MINUTES APPROVED ON NOVEMBER 8, 2011.