Kankakee Times

Village of Bourbonnais Finance Committee met July 12.

Here are the minutes provided by the committee:

1. Meeting Opening

Meeting called to order at 4:00 PM by Trustee Rick Fischer

Discussion: A. Roll Call - Trustee Rick Fischer

Members present: Mayor Paul Schore, Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Jeff Keast, and Trustee Jack Littrell. Also in attendance, Treasurer Ron Riebe, Attorney Patrick Dunn, Administrator Mike Van Mill, Assistant Administrator Laurie Cyr, Finance Director Tara Latz, Public Works Superintendent Terry Memenga, Engineer Mike Gingerich, Commander Brent Barrie, and Admin Assistant Margie Beach. Absent: Trustee Randy King and Trustee Angie Serafini (arrived at 4:01 PM).

2. Review and Approve Committee Minutes

Action, Minutes: A. Finance Committee Minutes from June 28, 2023

Motion by Trustee Jack Littrell, second by Trustee Bruce Greenlee to approve the Finance Committee minutes from June 28, 2023 as presented.

Final Resolution: Motion Carried

Aye: Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Jeff Keast, and Trustee Jack Littrell

3. Bill Lists

Accounts Payable: A. General Fund

> Questions on invoices and payments were discussed and answered by Mrs. Latz.

> Mayor Schore discussed plans for additional cleaning once the new Campus is completed. Trustee Serafini arrived at 4:01 PM.

The General Fund bill list was reviewed, and the Finance Committee agreed to proceed with payment of the bills at the next Regular Board meeting on July 17, 2023.

Accounts Payable: B. Special Fund

The Special Fund bill list was reviewed, and the Finance Committee agreed to proceed with payment of the bills at the next Regular Board meeting on July 17, 2023.

4. Other Business

Discussion: A. Approval of Banking Depositories

> Mrs. Latz went over the updated list of banking depositories the Village uses which is required by State statute (on Board Docs).

Finance Committee agrees to move forward with legislation updating the designated depositories for the next Regular Board meeting on July 17, 2023.

Discussion: B. Investment Update

> Mrs. Latz gave an update on the $21.5M bond proceeds we received in June 2022 that will be used to pay for the Campus project (on Board Docs). Some Certificates of Deposits have matured, and since interest rates have increased in the market, the money has been moved around to earn higher rates in different accounts until we need to access these funds.

Discussion: C. Change Orders #8 & 9 for Municipal Campus

> Ms. Cyr went over the change order requests #8 and #9 from Johnson-Downs for the Campus project (on Board Docs).

> Change order #8 had several items that needed to be addressed: Water service lines and drains adjusted, moving fire hydrant, new ice machine, shut off the old irrigation system and add a new one, masonry framed electrical boxes at 48 locations, and the pavilion cedar planks will need to be sealed and stained. These changes are at a total cost of $69,927.

> Change order #9 includes adding showers to the splash pad restrooms per Department of Health at a cost of $134,673.

> Discussion was had by the Board and Administration about these changes and the various charges. Ms. Cyr will get answers on questions and concerns that were discussed about decommissioning the irrigation system.

Finance Committee agrees to move forward with the two change orders and legislation will be created for the next Regular Board meeting on July 17, 2023.

Discussion: D. TIF Extension Update

> Mrs. Latz gave an update on the Industrial TIF extension meetings that have been had with several taxing bodies, reminder it does straddle two townships - Manteno and Bourbonnais. They have made contact with 85% of our taxing districts and the responses have been favorable, we did receive one support letter already. Reminder this TIF is going to expire in 2029, we are requesting a 12-year life extension. We are hoping to have this ready for our State Representatives to discuss at the fall session in Springfield.

Discussion: E. IML Conference Expenses for Approval

> Mrs. Latz went over the updated IML Conference expenses for the September conference in Chicago. Finance Committee agrees to move forward with legislation for the next Regular Board meeting on July 17, 2023.

Discussion: F. Other

> Mrs. Latz reminded the Board there will be a Public Hearing for the Appropriations Ordinance at 5:15 PM on Monday, July 17, 2023.

5. Old Business - None

6. New Business

Discussion: A.

> Mrs. Latz wanted to discuss the Republic Services next billing cycle in October at a future meeting if there will be a discount offered the next quarter.

7. Public Comments - None

8. Executive Session - Not applicable.

9. Adjournment and Time

Action, Procedural: A. Adjournment & Time

Motion by Trustee Jack Littrell, second by Trustee Bruce Greenlee to adjourn the Finance Meeting at 4:50 PM. Final Resolution: Motion Carried

Aye: Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Jeff Keast, Trustee Jack Littrell, and Trustee Angie Serafini

https://go.boarddocs.com/il/vobil/Board.nsf/files/CUAGB842F7F8/$file/2023-07-12%20Finance%20Mtg%20Minutes%20for%20Approval.pdf