Financial Planning & Policy Committee Meeting Minutes

February 24, 2014

Location: Village Training Room
Time: 6:30 p.m.
Committee: G. Benz, J. Brault, and Chair J. Olvany
Staff: S. Wilson,K. Bingham, J. Bowen, K. Eppelheimer, B. Lambrecht
Visitors: None
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. Adjournment

Discussion  Items
1)  The  Meeting  was  called  to  order  at  6:58 p.m., immediately  following  the  Parks  and Recreation Committee meeting.

2) The Committee approved the minutes of January 27, 2014 as presented.

3) Communications and Correspondence - None.

4) Recognition of Visitors - Chair Olvany recognized staff in attendance .

5) Old Business

     a. Personnel Policy Manual - Staff reviewed what had been shared with the Committee since the January 27th meeting. The Committee continued discussions on the chart of the District's actuarial assets and liabilities and the retirement reserves. The Committee agreed that the chart should be part of the annual budget review and should have user friendly descriptions of the different reserve lines (and a 10 year moving average of the targeted funding levels). The Committee discussed the impact if a large number of employees retired in a short period of time and a report from IMRF indicated that the Employer Reserve could handle the impact. The actuarial impact could not be gauged because of all the variables; are the replacement employees, Tier 1or Tier 2 employees, age, sex and other details needed for the calculation. There was a brief review of the impact of the proposed vacation carry-over on pension and the results of the review for recent statutory changes including firearm conceal carry, medical marijuana and after child birth nursing. The Committee asked to have a completely revised PPM to review for the next meeting in final preparation of a Board recommendation.

     b. Year-End Financial Information - This item was added to discuss the impact of the year-end projections missing the actual results. The Committee felt decisions were made by the Committee of the Whole on the 2014 Annual Budget based upon year­ end estimates of capital projects that were underestimated by over $270,000.and a bottom line deficit miss by $627,000. Much of this was a timing difference for booking of project retainage on the Golf Master Plan ($355,000) which will be paid in 2014 and additional costs for the Centennial and Platform Tennis projects. Staff will be working on a better reporting model, since 2013 was a very unusual year where over $9 million was spent on capital projects and ways we can project results earlier than during budget review.

6) New Business

     a. Gift Card Policy - Superintendent Eppelheimer briefed the Committee on the proposed Gift Card Policy. The policy is a result of a management letter comment in 2013. There were questions on the internal control of gift cards and although nothing is full proof, the codification should help in identifying use. The Committee recommends approval of the Gift Card Policy by the full Board.

     b. Voucher Report - Superintendent Eppelheimer presented a proposal to reduce the pages in the monthly Voucher Report. After some discussion the Committee felt the added detail of the PCards should give the Commissioners a better understanding of expenditures and recommend no changes to the report.

     c. 2013 Audit Progress - Superintendent Eppelheimer reported that field work by Lauterbach & Amen was completed last week . There will be a couple of Management Letter comments, but nothing major. Director Wilson reported that the senior auditor commented that unless there had been discussions with the prior audit staff, this year's audit work showed that it was a normal review. There was no action by the Committee at this time.

7) Next Meeting - The next meeting was scheduled for March 24, 2014 in the Village Training Room immediately following the Parks and Recreation meeting. (This has been subsequently changed to March 31st at 6:30 p.m.)

8) Adjournment - With no further business to discuss, the Committee adjourned at 8:25  p.m.

Minutes were taken by Ken Eppelheimer.