Financial Planning & Policy Committee
Meeting Minutes
Thursday, June 5, 2014
6:30 p.m.
Village Hall Training Room


Commissioners/Committee: Chair Olvany, Benz, Brault
Commissioners: Crowley, Abbott
Staff:  Wilson, Bingham, Bowen, Eppelheimer, Donoghue

Beth Beucher, 1420 Sheridan Road, #6E

I. Meeting Called to Order
Meeting called to order 6:30 p.m.

II. Approval of Minutes
Chair Olvany moved to approve the minutes from May 5, 2014, seconded by Brault; all voted yes, the motion carried.

III. Communication and Correspondence

IV. Recognition of Visitors
Chair Olvany recognized Beth Beucher who commented that she had been out of town and wanted to catch up on the Lakefront Master Plan process.

V. Old Business
     A. Financing Options – Lakefront Master Plan

Chair Olvany introduced the topic and asked Director Wilson to summarize the Lakefront Committee meeting held earlier in the day.  Director Wilson commented that the numbers are getting better with the firm W.B. Olson reviewing the master plan estimates.  Further work is being performed to help firm up some amounts regarding roads, the parking lot and the sewer.

Chair Olvany asked Superintendent Eppelheimer to comment on the revised funding plan.  Staff had asked BMO Capital to run an additional model to fund $15 million versus the $14 million from last month.  The results show with the addition of one more year in maturity, the District could still execute with a flat tax for five years and probably below CPI for the following 10 years.

The Committee felt it could continue to support the Lakefront Master Plan and that execution of the funding plan depended on the next steps of community support.  There was no action required by the Committee at this time.

VI. New Business
     A. Prevailing Wage Ordinance 2014-O-3

Superintendent Eppelheimer briefed the Committee on the required adoption of a prevailing wage ordinance.  There was discussion on the determination of wages and the continuing expansion of the Illinois Prevailing Wage Act in the determination of public projects.  There was a question as to what the overall amount of the budget is attributed to prevailing wage.  The Committee recommended that Ordinance 2014-O-3 be approved by the full Board.

     B. Non-Tax Revenue, Advertising on Wilmette Park District Property

Chair Olvany had requested that this item be discussed by the Committee.  During his out of town travels, he had noticed that in some unobtrusive advertising was placed on various park ways.  He felt this was something worth discussing as potential non-tax revenue.  Commissioner Benz commented that this could be a lot of work, but that we should keep our eyes open, ask what other park districts are doing and that the value of advertising diminishes with it being unobtrusive.  Commissioner Brault commented that we already do some of this at Centennial with the Ice Rink dasher boards. He felt we should pick a couple of places to try some advertising.  Staff was directed to find out what other park districts are doing and bring some items back for discussion at a future Committee meeting.  These should be advertising opportunities rather than event sponsorship.  There was no action required by the Committee.

     C. PDRMA Annual Report

Superintendent Eppelheimer briefed the Committee on the 2013 PDRMA results.  The Association finished with a positive year and held a series of Membership Assembly meetings to discuss results and future issues with the members.  Topics included the rate calculation, impact of health care, since is becoming the larger book of business with PDRMA, and legislative activity.  Results included some large losses including the Centennial Tennis claim, without any large reinsurance increases.  The Centennial claim will have little effect on the District’s contribution.  The Committee commented they were very pleased with the PDRMA during the Tennis claim project. There was no action required by the Committee at this time.

     D. IMRF 2013 Results

Superintendent Eppelheimer briefed the Committee on the 2013 IMRF results.  The fund experience a 20% return on investments resulting in large increases in the employer reserves.  Since the annuitant and the employee reserves receive 7.5% return, regardless of overall returns, the employer reserves receives more with higher returns and less when it experiences lower returns.  The employer reserves are always the one at risk.  There was some discussion on the funding of retirement reserves, and the return increased both the actuarial funding level to 72.9%, from 68.4% in 2012, and, if including the annuitant funding, to about 84%.  There was no action required by the Committee at this time.

VII. Next Meeting
The next meeting is scheduled for June 23rd, but may be moved depending on member availability.

VIII. Adjournment
There being no further business to conduct, the meeting was adjourned at 7:25 p.m.