WILMETTE PARK DISTRICT
Financial Planning & Policy Committee
Date: February 13, 2012
Location: Administration Office – Conference Room
Time: 6:15 p.m.
Committee: J. Brault, G. Benz, J. Olvany, Chair D. Graham
Commissioners: M. Murdock
Staff: S. Wilson, K. Bingham, B. Lambrecht, J. Bowen, K. Eppelheimer
Visitor: Bill Lemieux, 4088 Fairway Drive
1. Call to Order
2. Approval of Minutes
3. Communications and Correspondence
4. Recognition of Visitors
5. Old Business
6. New Business
7. Next Meeting
1. The Meeting was called to order at 6:15 p.m.
2. The Committee approved the minutes of December 5, 2011 as presented.
3. Communications and Correspondence – None
4. Recognition of Visitors – Bill Lemieux, was in attendance to observe.
5. Old Business
a. Consider 2012 Debt Issuance, Ordinance 2012-O-2 – Superintendent Eppelheimer presented information on the Debt Issuance. The Committee directed that a one-year, non-rated issuance up to the available DSEB. The resulting bond Ordinance contains information on the issue of $279,000 at 1%. The nine month issue was sized according to the available Debt Service Extension Base and properly noticed. The note will be sold to Wintrust Financial Corporation of Lake Forest. There was discussion on the savings resulting from not rating the issue, the savings is estimated at $6,600. The Committee recommended Ordinance 2012-O-2 be approved by the full Board.
b. 2012 Annual Budget Follow-Up – Superintendent Eppelheimer presented additional information from the January Budget Workshop. Some Commissioners wished for the detail line item expenses. This along with summary information from the new accounting system was provided. Financial Risk Management charts were also supplied that calculated the risk at the operating surplus level. There was also discussion of the November projections against the year-end actual results. No action was needed on this item.
6. New Business
a. 2011 Deferred and Carry-Over Capital Project List – Superintendent Eppelheimer presented the staff recommended amount of deferred and carry-over capital improvement projects. There was discussion on the make-up of the amount, the impact on the overall budget and specifically some discussion on the renovation of the tennis locker rooms. The Committee wanted additional discussion in the spring before funds are expended for these projects and include all 2012 capital improvement projects. The Committee recommended that the Deferred and Carry-Over Capital Improvement Projects of $1,049,629 be approved by the full Board
b. IMRF General Memorandum #622 – Superintendent Eppelheimer presented information on the 2011 results with the District’s pension fund IMRF. The fund experienced a loss in investment income which will result in an increase in the pension contribution by the District. This increase is not yet known as rate information usually is released in April. Additional discussion was then held on the District’s investments, funds placed in money market funds and ways to enhance the return to the District. Staff will follow-up on the ways to create liquidity and still obtain better rate of returns.
7. Next Meeting – The next meeting will be scheduled for March on a date to be determined.
8. Adjournment – With no further business to discuss, the Committee adjourned at 7:20 p.m.
Minutes taken by Ken Eppelheimer
APPROVED BY COMMITTEE ON MARCH 19, 2012.