Kankakee Times

Village of Bourbonnais Finance Committee met Oct. 16.

Here are the minutes provided by the committee:

1. Meeting Opening

Meeting called to order at 4:00 PM by Trustee Randy King

Procedural: A. Roll Call - Trustee Randy King

Members present: Trustee Randy King, Trustee Jeff Keast, and Trustee Jack Littrell. Also in attendance, Attorney Patrick Dunn, Administrator Michael Van Mill, Finance Director Tara Latz, Deputy Chief Dave Anderson, Public Works Superintendent Terry Memenga, Public Works Assistant Superintendent Frank Triveline, HR Manager Sue Pranskus, Assistant Finance Director Holly St. Germaine, Engineer Michael Gingerich, Deputy Clerk Margie Beach. Absent: Mayor Paul Schore, Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Angie Serafini, and Treasurer Ron Riebe.

2. Review and Approve Committee Minutes

Action, Minutes: A. Finance Committee Minutes from October 2, 2024

Motion by Trustee Randy King, second by Trustee Jack Littrell to approve the Finance Committee minutes from October 2, 2024 as presented.

Final Resolution: Motion Carried

Aye: Trustee Randy King, Trustee Jeff Keast, and Trustee Jack Littrell

3. Bill Lists

Accounts Payable: A. General Fund

> Questions were discussed and answered by Finance Director Tara Latz.

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 October 21, 2024.

Accounts Payable: B. Special Fund

> Questions were discussed and answered by Finance Director Tara Latz.

> TIF incentive for OAK was discussed, which was an agreement made in 2020, the max is $750,000 and currently $36,956.74 is remaining from the Village. Only TIF agreement that is active at this time, since Road Ranger is completed and PSI construction has not begun yet.

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 October 21, 2024.

4. Other Business

Discussion: A. Kankakee Holiday Tournament Donation Request

> Mrs. Latz explained we receive this request annually for the holiday basketball tournament.

Finance Committee declines this donation request at this time.

Discussion: B. IML Risk Management Association Insurance Renewal for 2025

> Mrs. Pranskus went over the IML Risk Management Association insurance renewal - the Village has been with them since 2022 (on Board Docs). Renewal for 2025 came in 8% increase from last year, this is due to adding $15M of assets due to the municipal campus construction. If it weren't for the campus it would have been about a 5% increase. Mrs. Pranskus recommends that we renew this liability insurance with IML since they show excellent stability and service.

> IML offers insurance for those who rent our facilities which we will look at for future events.

> IML is continuing to provide safety training to the Village, and the Public Works Department just had recent training for flagger and forklift.

Finance Committee agrees to move forward with this renewal and legislation will be prepared for an upcoming meeting.

Discussion: C. Police Pension Actuarial Report for FY24 Contribution Year

> Mrs. Latz gave an update on the Police Pension Board that meets 4 times a year, and they just met this month with Lauterbach & Amen, LLP (on Board Docs). Actuaries recommends a contribution of $1,303,398.

> Mrs. Latz stated we budgeted for $900,000 and will pay the Alternative Contribution, which is the amount required by the State, which for this year is $955,436.

> Funded status - Actuarial Value of Assets valuation states that the pension is currently funded at 69.07% and we have 16 more years to get to 90% per the state pension law.

Discussion: D. Campus Bond Update

> Mrs. Latz gave an update on where we are at with our bond proceeds from the campus bond issue which occurred in June 2022 (on Board Docs). Through this bill list we have spent $20.5M. A list was provided of all the enhancements for the campus as well. We have also received two grants totaling $3.5M. Subtracting what we know we still have to pay to vendors, we will have a remaining balance of about $2.7M.

Discussion: E. Other

> Mrs. Latz gave an overview of some upcoming Finance meeting topics. These include: Bond Abatements, Tax Levy, FY24 Audit Report, Allocation of remaining ARPA funds and Rebuild IL Funds.

5. Old Business - None

6. New Business - None

7. Public Comments - None

8. Executive Session

Action, Procedural: A. Enter into Executive Session to discuss collective negotiating matters between the public body and its employees or their representatives, or deliberations concerning salary schedules for one or more classes of employees. 5 Ill. Comp. Stat. Ann. 120/2(C)(2).

Motion by Trustee Randy King, second by Trustee Jack Littrell to discuss collective negotiating matters between the public body and its employees or their representatives, or deliberations concerning salary schedules for one or more classes of employees. 5 Ill. Comp. Stat. Ann. 120/2(C)(2) at 4:27 PM.

Final Resolution: Motion Carried

Aye: Trustee Randy King, Trustee Jeff Keast, and Trustee Jack Littrell Action, Procedural: B. Return to the Finance Meeting

Motion by Trustee Randy King, second by Trustee Jack Littrell to exit the Closed Session and return to the Finance Meeting at 4:50 PM.

Final Resolution: Motion Carried

Aye: Trustee Randy King, Trustee Jeff Keast, and Trustee Jack Littrell

9. Adjournment and Time

Action, Procedural: A. Adjournment & Time

Motion by Trustee Jack Littrell, second by Trustee Randy King to adjourn the Finance Meeting at 4:50 PM.

Final Resolution: Motion Carried

Aye: Trustee Randy King, Trustee Jeff Keast, and Trustee Jack Littrell

https://go.boarddocs.com/il/vobil/Board.nsf/files/DAARFS6DD169/$file/2024-10-16%20Finance%20Minutes%20ready%20for%20approval.pdf