Financial Planning & Policy Committee
Meeting Minutes

Date:   July 23, 2012

Location:  Village Hall Training Room

Time:  6:30 p.m.

Committee: G. Benz, Chair J. Olvany
Absent: D. Graham
Commissioners: M. Murdock, J. Brault
Staff: S. Wilson, K. Bingham, B. Lambrecht, J Bowen, K. Eppelheimer

Agenda Topics:

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
8. Adjourn

Discussion Items

1. The Meeting was called to order at 6:32 pm.

2. The Committee approved the minutes of May 21, 2012 as presented.

3. Communications and Correspondence – None

4. Recognition of Visitors – None

5. Old Business – None

6. New Business

     a. The Ouilmette Foundation – Chair Olvany discussed a meeting he had with staff in July about some of the topics on today’s agenda and had a follow-up question about a foundation dedicated to our local park district. As a result, Superintendent Eppelheimer presented current information on the Ouilmette Foundation including its mission, former board members and assets. The Committee discussed differences between event sponsorships and funds raised through a foundation. The Committee felt there were people in the community who would be more comfortable giving to a 501(c)(3) organization rather than the Park District. Staff was directed to return to the Committee with a plan for reviving the Ouilmette Foundation.  

     a. 2011 Tax Levy Results – Superintendent Eppelheimer presented information on the 2011 tax levy. Several exhibits were supplied including the final tax levy extension report (Agency Tax Rate Report) and results of the 2012 levy if the full CPI-U of 3% was used on the tax-capped funds. There was also discussion on the impact the EAV had on the tax rate, and the tax levy history table was reviewed. The Park District levies tax dollars and the tax rate is the method used to levy those taxes. No decisions were needed at this time on the 2012 tax levy. The last exhibit on collections clarified the levy amount and it was recommended to use the actual tax levy ordinance amounts to compare collections in the Comprehensive Annual Financial Report.

     b. Debt Service Extension Base Issuance for Fall 2012 – Superintendent Eppelheimer presented information on the Park District’s overall debt position and possible debt issuance to support the capital improvement plan. There was discussion on the actual savings by issuing on one-, two- or three-year notes. The Committee directed staff to review the proposals and return with a recommendation. Debt issued to support the Golf Master Plan was reviewed. The Committee recommended this information be shared with the Golf Operations Committee with support of a five-year, $3 surcharge per round to retire proposed $500,000 in debt certificates.

     c. Second Quarter Financial Statements – Superintendent Eppelheimer presented a brief overview of the second quarter 2011 financial results. There was discussion on the positive results in almost all the reporting areas. The Park District has been fortunate with the weather and is on target with budget. There were a couple of program area questions and staff will return with responses. There was no action needed by the Committee at this time.

7. Next Meeting – The next meeting is scheduled for August 27, 2012.

8. Adjournment – With no further business to discuss, the Committee adjourned at 8:20 p.m.

Minutes taken by Ken Eppelheimer.