Village of Manteno Finance Committee met October 11.
Village of Manteno Finance Committee met Oct. 11.
Here is the minutes provided by the Committee:
Timothy Nugent, Mayor X
Timothy Boyce, Trustee X
Todd Crockett, Trustee X
Diane Dole, Trustee X
Joel Gesky, Trustee X
Sam Martin, Trustee AB
Wendell Phillips, Trustee X
Jim Hanley X
Chris LaRocque X
Ryan Marion X
A motion was made by Tim Nugent, seconded by Dole, to approve the minutes of the September 13, 2017, meeting as written; motion carried by voice vote.
FY 2017 Audit Report & FY 2017 Treasurer’s Report
Due to schedule conflict with auditor, moved to later in agenda. Marcie Meents Kolberg distributed draft Audit report and Treasurer’s report, which was filed on time with state, to trustees. Complete draft Audit report will be presented at Committee of the Whole, 6:30pm, on October 16, 2017 prior to regular village board meeting.
IMIC/IPRF Work Comp Offer
IMIC, the co-op that village is a part of for property and liability insurance is requesting to add Worker’s Compensation insurance to the group. In order for the Village to participate, our broker of record must be AJ Gallagher. Currently our broker is Deuschle Gilmore Insurance. The village will remain with IPRF for coverage but the broker will switch. There was consensus to pursue to switch the broker of record from Deuschle Gilmore to Gallagher. Chris will report the account value at the next Finance Committee meeting.
Subdivision Ordinance-Letter of Credit
Currently village requires Letter of Credit from developers for total amount of project. Developer paying interest to bank on total Letter of Credit which reduces collateral and line of credit. Is village making it too expensive to build?
Making it too expensive for local contractors to be a local developer? Chris will ask Joe Cainkar what procedure other towns are using. Committee discussion on Letters of Credit, Occupancy Permits, and Annexation Agreements, will be continued, possibly leading to new ordinance to ensure protection for village.
DPW Contract Update
See attached sheet for final negotiation issues. Wage increases same as Police Department contract. Part-time employees will receive 4 paid Holidays. Department of Public Works contract adopted September 26, 2017, anticipate it will be on village board agenda October 16, 2017 for approval.
Sewer System Sale Update
Aqua IL learned Illinois Commerce Commission prefers percentage amounts in rate schedules, not dollar amounts.
Village rate schedule in percentage amounts. Aqua will file rate schedule language with same or slightly less amounts than current contract. Aqua asked mayor to send letter to state legislature requesting extension to April 30, 2018 deadline on acquisitions. Sewer system sale approval process on schedule.
Garbage Contract Expenses
Public discussion of sewer system sale has included eliminating residential garbage fees by village paying annual garbage cost from proceeds. See attached sheet detailing current contract with A&J Disposal thru July 1, 2023.
Need 2% return on $25M investment to cover annual garbage cost. Homeowners will save an average of $200/year. Village will save on invoicing, receiving payments, and delinquencies. A&J Disposal offered 2% discount for annual payment. Village will pursue higher discount at appropriate time.
Property Tax Rebate Discussion
Public discussion of sewer system sale has included rebating some amount of village portion of property taxes to residents from proceeds. Any residential rebate will depend on funds available after paying garbage service.
Options include which percentage amount, rebate timing of annual or every other year.
CTAP Grant Use
County Convention & Visitors Bureau asking Chris why $5,000 grant monies have not been spent? Board has not agreed on use for monies. Discussion on options: create village video, 2nd Street green space, monument sign placement. Chris will get estimate from Hitchcock Design for 2nd Street green space master plan.
Month End Financial Reports
Trustees can review month end financial report and bring any questions to October 16, 2017 Committee of the Whole.
A motion to adjourn was made by Nugent and seconded by Boyce; meeting adjourned at 8:24 a.m.