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Wednesday, January 1, 2025

Village of Bourbonnais Finance Committee met Nov. 26

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Bourbonnais Village Clerk Brian Simeur | Village of Bourbonnais

Bourbonnais Village Clerk Brian Simeur | Village of Bourbonnais

Village of Bourbonnais Finance Committee met Nov. 26.

Here are the minutes provided by the committee:

1. Meeting Opening

Meeting called to order at 4:09 PM by Trustee Rick Fischer

Procedural: A. Roll Call - Trustee Rick Fischer

Members present: Mayor Paul Schore, Trustee Bruce Greenlee, Trustee Rick Fischer, Trustee Randy King, Trustee Jeff Keast, Trustee Jack Littrell, and Trustee Angie Serafini. Also in attendance, Attorney Patrick Dunn, Finance Director Tara Latz, Public Works Superintendent Terry Memenga, Public Works Assistant Superintendent Frank Triveline, Deputy Chief Dave Anderson, Deputy Clerk Margie Beach, and HR Manager Sue Pranskus (arrived at 4:22). Absent: Treasurer Ron Riebe and Administrator Michael Van Mill

2. Review and Approve Committee Minutes

Action, Minutes: A. Finance Committee Minutes from November 13, 2024

Motion by Trustee Jack Littrell, second by Trustee Angie Serafini to approve the Finance Committee minutes from November 13, 2024, as presented.

Final Resolution: Motion Carried

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

3. Bill Lists

Accounts Payable: A. General Fund

➢  Questions were discussed and answered by Mr. Memenga, Mr. Triveline and Mrs. 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 Monday, December 2, 2024.

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 Monday, December 2, 2024.

4. Other Business

Discussion: A. September/October Operating Results

➢  Mrs. Latz provided information on the September and October Operating results for FY 2025, and also included a quarterly update on bank deposits (on Board Docs).

➢  Revenues and Expenditures were explained in a memo and details were provided by line items for 6 months into the fiscal year.

➢  Total Revenue for FY25 budget purposes for the first 6 months is at $9,320,314.33 - less the DCEO grant we just received of $3M, Total Revenue for FY25 Budget Purposes $6,320,314.33

➢  Total Expenditures for 6 months $6,172,164.88 (less prior year capital expenditures made from prior year monies - Campus Bond, GO Bond and ARPA). Explanation was given on the total excess of Expenditures over Revenues on an accrual basis of accounting. Revenues over Expenses were $148,149.45

HR Manager Sue Pranskus arrived at 4:22 PM

Discussion: B. Other

➢  Mrs. Latz stated we received a request for the Dr. Martin Luther King Jr. Memorial Foundation for a donation.

Finance Committee declines this donation request at this time.

➢  Mrs. Latz gave an update on the Electrical Aggregation Program, which will be ending in December. We renewed the aggregation program last December and it has been 12 months so the program is coming to an end and residents have seen letters from ComEd regarding this change. Mr. Adam Hoover, our NIMEC Representative, reached out a few months ago about renewal and stated this upcoming year the rate would be marginally different from the ComEd rate and would not create any savings, so it's not worth pursuing at this time. NIMEC will reach out in the future if there is a savings advantage for residents to start the Aggregation Program up again.

➢  Reminder there will be a Public Hearing at 5:15 PM on Monday, December 2, 2024.

5. Old Business

Discussion: A. Police Department Capital Requests

➢  Mrs. Latz provided costs that were discussed at the last meeting regarding purchasing three new squad cars. An update was given on the interest rate for the financing. Bank of Bourbonnais dropped their rate to 3.95% for the new squad car loan which was less than the rate that was previously discussed. If the Board approves, loan documents will be written up and presented to the Board for approval.

Finance Committee agrees to move forward with the auto loan with Bank of Bourbonnais to purchase the three new squad cars, and legislation will be created for an upcoming Regular Board meeting.

6. New Business - None

7. Public Comments - None

8. Executive Session

Action, Procedural: A. Enter into Executive Session to discuss the appointment, employment, compensation, discipline, performance, or dismissal of specific employees of the public body as allowed by 5 ILCS 120/2 (c)(1)

Motion by Trustee Jack Littrell, second by Trustee Angie Serafini Enter into Executive Session to discuss the appointment, employment, compensation, discipline, performance, or dismissal of specific employees of the public body as allowed by 5 ILCS 120/2 (c)(1) at 4:28 PM.

Final Resolution: Motion Carried

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

➢  Trustee Angie Serafini left at 4:43 PM

Action, Procedural: B. Return to the Finance Meeting

Motion by Trustee Jeff Keast, second by Trustee Randy King to exit the Closed Session and return to the Finance Meeting at 4:56 PM.

Final Resolution: Motion Carried

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

9. Adjournment and Time

Action, Procedural: A. Adjournment & Time

Motion by Trustee Bruce Greenlee, second by Trustee Randy King to adjourn the Finance Meeting at 4:57 PM.

Final Resolution: Motion Carrie

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

https://go.boarddocs.com/il/vobil/Board.nsf/files/DBPQV66882D6/$file/2024-11-26%20Finance%20Minutes%20for%20Approval.pdf

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