Financial Planning & Policy Committee
Meeting Minutes

Date: September 24, 2012

Location: Administration Office

Time: 7:30 p.m. or Immediately following the Parks & Recreation Committee

Committee: G. Benz, D. Graham, Chair J. Olvany
Commissioners: M. Murdock
Staff: S. Wilson, K. Bingham, J Bowen, B. Lambrecht,  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 7:24 pm.

2) The Committee approved the minutes of August 29, 2012 as presented.

3) Communications and Correspondence – None

4) Recognition of Visitors – None

5) Old Business – None

6) New Business

     a. Review of Illinois Municipal Retirement Funding – Superintendent Eppelheimer conducted a presentation of IMRF which consisted of an overview of IMRF funding, the District’s funding position and provisions of the Public Act 96-0889. PA 96-0889 created a second tier of employees hired after January 1, 2011. There was discussion of GASB possibly having underfunded liability booked on the financials and Moody’s Investor Services including the pension liability as part of its rating methodology. The Committee discussed the funding of the District compared to the entire IMRF, the overall methodology of the funding process, the impact of retirements and what the District could do to address the underfunding. The Committee felt that IMRF was a “pretty good house in a bad neighborhood” when compared to other pension systems. There was no action required by the Committee at this time. Staff was asked to review the impact of recent retirements and research possible funding alternatives. 

     b. Administration Budget Review – Superintendent Eppelheimer briefed the Committee on the preparation of this year’s budget and highlighted major changes to the proposed budget from the 2012 Budget and 2012 Projections. There are still some questions that need resolution before presenting the 2012 tax levy but proposing budgeted costs is one of the first steps. There was an explanation of the Administration budget which includes all funds, except the Recreation Fund, and accounts for all the debt retirement and capital expenditures. There was also discussion of the increase in employee benefits which includes Social Security and IMRF. Staff in all areas has spent a great deal of time making corrections to revenue and expenses and making sure they are placed in the correct category and accounts. The Committee recommended approval of the 2013 Administration Budget. Superintendent Eppelheimer reminded the Committee this information will be presented again as part of the total Annual Budget.

7) Next Meeting – The next meeting is scheduled for October 22, 2012.
8) Adjournment – With no further business to discuss, the Committee adjourned at 8:19 p.m.

Minutes taken by Ken Eppelheimer