WILMETTE PARK DISTRICT
Financial Planning & Policy Committee
Date: October 22, 2012
Location: Administration Office
Time: 6:30 p.m.
Committee: G. Benz, Chair J. Olvany. Absent: D. Graham
Commissioners: M. Murdock
Staff: S. Wilson, K. Bingham, J Bowen, K. Eppelheimer
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 6:33 pm.
2) The Committee approved the minutes of September 24, 2012 as presented.
3) Communications and Correspondence – None
4) Recognition of Visitors – None
5) Old Business
a. FY 2013-17 Capital Improvement Plan – Executive Director Wilson explained the electronic sign at the corner of Glenview and Skokie Roads was an opportunity to better communicate District programming. This item was in the 2010 Budget but not deferred into future years and, as a result, was dropped. After some discussion on its merits, the Committee recommended the item be placed back in the five-year capital improvement plan in a future year.
b. Review of Illinois Municipal Retirement Fund – This was to follow-up to last month’s discussion on the funding of the District’s retirement program. A Moody’s status report on their comments request for a change in consideration of pension obligations in the rating methodology was presented. Chair Olvany had calculated the needed amounts to attain different funding levels. Discussion included additional funding, impact to future Park District rated debt, level of Board awareness of the issue and additional information needed. Staff will follow-up with the District’s financial advisors and bring GASB 50 Disclosures to the Committee in the spring.
6) New Business
a. 2012 Tax Levy and Truth-In-Taxation – Superintendent Eppelheimer presented recommendations on the 2012 Tax Levy. Staff generally develops the levy recommendation based upon expense levels and fund balances. Since all the budgets have been reviewed by the Committees, the tax levy fills in the additional revenue lines. Each fund was briefly discussed and how the Corporate and Recreation Fund amounts were developed. There was discussion on the Special Recreation Fund, the additional future capital needs and the use of its fund balance. Overall, the recommended 2012 levy is flat to the 2011 extended levy. There was discussion on the impact the tax cap has had on the aggregate funds. The Committee discussed increasing the aggregate levy by reducing the Special Recreation Levy. Staff believed this would be a good approach while taking advantage of future funding opportunities. The Committee recommended changing the mix between the capped and non-capped funds to take advantage of the CPI increase while keeping the entire levy flat. The Committee recommended the Truth-In-Taxation Resolution 2012-R-7 be approved in its reviewed form by the full Board, real estate taxes at $4,619,000 exclusive of debt service.
b. 3rd Quarter Financial Statements – Superintendent Eppelheimer presented the third quarter financial review with favorable results through September 30. Surplus from operations is considerably higher than 2011 because of tax collections as well as a very good summer season for programs. The cash funds available will make it easy for the District to meet its debt obligation in late November. Chair Olvany had praise for the business units and their financial positions going into the last quarter of the year. There was no action required by the Committee.
7) Next Meeting – The next meeting is scheduled for November 26, 2012.
8) Adjournment – With no further business to discuss, the Committee adjourned at 7:30 p.m.
Minutes taken by Ken Eppelheimer
MINUTES APPROVED ON JANUARY 28, 2013.