Bourbonnais Trustee: Bruce Greenlee | Village of Bourbonnais
Bourbonnais Trustee: Bruce Greenlee | Village of Bourbonnais
Village of Bourbonnais Finance Committee met Nov. 1.
Here are the minutes provided by the committee:
1. Meeting Opening
Meeting called to order at 4:00 PM by Trustee Randy King
Discussion: A. Roll Call - Trustee Randy King at 4:00 PM
Members present: Mayor Paul Schore, Trustee Randy King, Trustee Jack Littrell, and Trustee Angie Serafini. Also in attendance, Treasurer Ron Riebe, Administrator Mike Van Mill, Assistant Administrator Laurie Cyr, Finance Director Tara Latz, Chief Jim Phelps, Public Works Superintendent Terry Memenga, and Admin Assistant Margie Beach. Absent: Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Jeff Keast, and Attorney Patrick Dunn.
2. Review and Approve Committee Minutes
Action, Procedural: A. Finance Committee Minutes from October 11, 2023
Motion by Trustee Randy King, second by Trustee Angie Serafini to approve the Finance Committee minutes from October 11, 2023, as presented.
Final Resolution: Motion Carried
Aye: Trustee Randy King, Trustee Jack Littrell, and Trustee Angie Serafini
3. Bill Lists
Accounts Payable: A. General Fund
> Questions on invoices and payments were discussed and answered by Superintendent Terry Memenga and Chief Jim Phelps.
The General fund bill list was reviewed and the Finance Committee agreed to proceed with payment of the bills at the Regular Board meeting on November 6, 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 Regular Board meeting on November 6, 2023.
4. Other Business
Discussion: A. Kankakee County Chamber of Commerce Annual Gala & Awards Dinner Sponsorship Request
> Mrs. Latz stated we received a request for sponsorship for the Kankakee County Chamber Annual Gala to be held on Wednesday, November 29, 2023 at 5:00 PM.
Finance Committee agrees to purchase a table of 8 for the Kankakee County Chamber of Commerce Annual Gala dinner.
Discussion: B. BESD Community Partnership Through Digital Advertising Sponsorship Request
> Mrs. Latz stated this is the first time we have had this request from BESD #53 for a community partnership through digital advertising at athletic programs at a cost of $500 or $1,000.
Finance Committee agrees to deny this sponsorship request at this time.
Discussion: C. Police Pension Actuarial Report
> Mrs. Latz gave an overview of the annual actuarial report prepared for the Police Pension Fund that was presented in October 2023. The fund is currently 73% funded. The alternative minimum contribution for FY24 was calculated to be $878,998, which increased compared to last year. Per state statute we must make at least the minimum contribution to be in compliance with our funding. This amount is within our budgeted number for FY24 of $900,000.
Finance Committee agrees to stick with the budgeted amount of $900,000 to the Police Pension Fund for 2023-2024 fiscal year.
Discussion: D. Bond Abatement Ordinances
> Mrs. Latz went over the four Bond Abatement Ordinances, which we have historically done each year for many years. By doing this, the Village takes the principal and interest owed on our outstanding bond issues (debt service) off of the burden of the property tax payers. We are not levying extra money on property tax bills to cover our bond payments. Mrs. Latz reminded the board what each bond issue was for, and also provided savings calculations for taxpayers (on Board Docs).
Finance Committee agrees to move forward with first readings on all four Bond Abatement Ordinances at the next Regular Board meeting.
Discussion: E. Other
> Mrs. Latz announced there will be an Executive Session at the Regular Board meeting on Monday to review closed session minutes since it has been 6 months since the last review.
> Mrs. Latz gave an update on the TIF extension that has been presented at the fall session of the General Assembly. It has passed the Senate and will be going to the House of Representatives on November 7, 2023.
5. Old Business - None
6. New Business - None
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 Angie Serafini to adjourn the Finance Meeting at 4:25 PM. Final Resolution: Motion Carried
Aye: Trustee Randy King, Trustee Jack Littrell, and Trustee Angie Serafini
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