Financial Planning & Policy Committee Minutes
Monday, April 7, 2014
6:30 p.m. – Mallinckrodt Community Center
(Immediately following the Lakefront Committee Meeting)

Committee:  Commissioners: G. Benz, J. Brault, and Chair J. Olvany
Commissioners: B. Abbott
Staff: S. Wilson, K. Bingham, J. Bowen, K. Eppelheimer, B. Lambrecht

Eric Anderson, BMO Capital Markets

I. Meeting  Called to Order
The meeting was called to order at 7:31 p.m.
     A.  Roll call taken.

II. Approval of Minutes
     A. Committee approved the minutes of February 24, 2014.

III. Communications and Correspondence

IV. Recognition of Visitors
Commissioner Olvany recognized Mr. Anderson of BMO Capital Markets and other staff present.

V. Old Business
      A. Personnel Policy Manual - The Committee asked for a recap from Superintendent Bowen.  About 80% of the changes were related to changes in personnel law.  Superintendent Bowen briefly reviewed each area and what was added or changed.  Lastly the Committee reviewed a suggested addition to Section 4-2, IMRF Pension discussing retiring employees and asked for a qualification to include periodic review of the retirement benefits.  The Committee recommended approval of the Personnel Policy Manual by the full Board.

VI. New Business
      A. Financing Options – Lakefront Master Plan – The topic was introduced with some baseline information on existing referendum and extension base supported by the tax levy. Next, a review was made of the decreasing referendum based debt, new DSEB debt and an estimate of what a decreasing debt retirement line would look like plotted against the total.  Mr. Anderson of BMO then presented and explained different scenarios and the impact to the total tax levy year over year. The Committee wanted further details on the amount of the DSEB issued in the assumptions and if it was possible to lower the year over year change in the total tax levy to zero for five years. The Committee did provide direction of a $14 million issuance and liked the overall decreasing tax levy required to retire the debt. The Committee felt that it was the consensus of the Board to do the plan within a couple of years rather than spread out over several years. There was no action required by the Committee at this time.

       B. PTAB Appeals – Superintendent Eppelheimer briefed the Committee on three new Property Tax Appeal Board actions. The Committee recommended that Resolutions 2013-R-1, 2013- R-2 and 2013-R-3 be approved by the full Board.

       C. 2013 Audit Progress – Superintendent Eppelheimer briefed the Committee on the audit; fieldwork was completed in February, a draft report was received in March, the Auditors were in last week to complete the report and we have a final draft for review. The Management Letter had 12 comments; three were new and seven were implemented and not to be repeated. Ron Amen of Lauterbach & Amen will be at the next Committee meeting to present the 2013 Comprehensive Annual Financial Report. There was no action by the Committee at this time.

VII. Next Meeting
The next meeting will be scheduled later.

VIII. Adjournment
There being no further business to conduct, the meeting was adjourned at 8:40 p.m.

Minutes were taken by Ken Eppelheimer.