North Cook News

Village of Glencoe Board of Trustees Finance Committee met April 17.

Here is the minutes provided by the Board:

I. Call To Order And Roll Call

The Finance Committee of the Board of Trustees meeting was called to order by Trustee Vree at 6:00 p.m. on the 17th Day of April, 2018 in the Village Hall Conference Room.

The following were present:

Jonathan Vree, Chairman

Barbara Miller, Trustee

The following were absent:

Dale Thomas, Trustee

Also present were:

Lawrence Levin, Village President

Philip Kiraly, Village Manager

Denise Joseph, Interim Finance Director

David Mau, Public Works Director

Cary Lewandowski, Public Safety Director

Sharon Tanner, Assistant Village Manager

Megan Hoffman, Assistant to the Village Manager

Jordan Lester, Management Analyst/Deputy Village Clerk

II. Public Comment

There were no comments from the public.

III. Consideration Of The Minutes

Trustee Miller moved, seconded by Trustee Vree to approve the minutes of the March 18, 2018 Finance Committee meeting. Said motion passed with a unanimous voice vote.

IV. Review Of Monthly Financial Reports

Interim Finance Director Joseph presented the March Monthly Financial Report, sharing that General Fund revenues and expenditures for the first month of the fiscal year are on track. She noted that property tax revenues are trending ahead of prior year-to-date due to an early payment received in calendar year 2017, which was recognized on March 1, 2018 as Fiscal Year 2019 revenue. She also commented that there is a variance in State income tax, with revenues trending lower than prior year-to-date by $113,520. The variance, however, is due to the Village receiving two payments in March 2017 because of a lag in disbursements from the State, which no longer exists. Trustee Vree asked if the two payments led to higher than projected State income tax revenues in Fiscal Year 2018, to which Interim Finance Director Joseph responded that they did not. Trustee Vree then asked if the Village should expect a 10% drop in State income tax receipts this year, to which President Levin explained that the State has yet to decide if they will restore the full payment amount before the 10% cut actually decreases total disbursements.

Interim Finance Director Joseph went on to explain that sales tax revenues are trending positive and that while they are slightly lower than prior year-to-date, they are trending above the year-to-date average. She noted that Personal Property Replacement Tax and utility tax disbursements are as expected. Building permit revenues, she added, are trending lower than the prior year-to-date but that they are still higher than the year-to-date average by approximately $28,000. Village Manager Kiraly added that the Village expects a number of construction projects to file for permits in the near future.

Moving to General Fund expenditures, Interim Finance Director Joseph noted that operating expenditures are ahead of prior year-to-date, as are service fees, due to expenditures associated with the outsourcing of emergency dispatch and garbage collection services. Those services were moved to the General Fund with the elimination of the Garbage and E911 Funds.

In reviewing the Water Fund activity, she explained that revenues and expenditures are as expected. She added that the first utility bills reflecting the new volumetric rate and fixed charge were mailed to residents in early April, and that as those payments are received Water Fund revenues are expected to trend higher than the prior year-to-date. Village Manager Kiraly noted that the Village received very few complaints about the changes to the water rate, although consumption tends to be relatively low during this time of year.

Village Manager Kiraly added that the Village recently sold an additional garbage packer, which will be reflected in the April Monthly Financial Report. As the Garbage Fund balance has been transferred into the General Fund, revenues from the sale will go toward the General Fund.

V. Review Of Fiscal Year 2019 Community Improvement Program Schedule

Village Manager Kiraly presented the April update to the Fiscal Year 2019 Community Improvement Program schedule, noting that many of the projects approved by the Village Board in March are already underway.

Trustee Vree asked about the timeline for the replacement and moving of the water tower, to which Village Manager Kiraly responded that it is tentatively scheduled for Fiscal Year 2024, but that it will also be incorporated into an overall debt and financing plan. He added that there are a number of milestones that need to be met before the movement is possible, such as finding a suitable piece of land for the new tower.

VI. Other Items For Discussion

Village Manager Kiraly reminded the committee that a Public Hearing will be held at the April 19 Village Board meeting for the appropriation ordinance.

VII. Adjourn

Trustee Miller moved, seconded by Trustee Vree to adjourn the meeting at 6:20 p.m. Said motion passed with a unanimous voice vote.

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