Village of Johnsburg Finance Committee met Oct. 11.
Here is the minutes provided by the Committee:
In attendance:
Chairman Hutchinson, Committee Members Laurie Cwerenz, Matt Colby, Andrew Klos, Jim Barrett, John Wolf and Rich Hrabak
Meeting started: 7:08 p.m
Approval of Minutes
Minutes from the August 28, 2017 meeting were approved with a motion by committee member Cwerenz and second by committee member Klos. All present voted aye.
Chairman’s Report None
Old Business
Fund Balance Policy
Chairman Hutchinson continued discussions and reported that the Board approved the policy without the appendix included. In addition, she talked about the possibility of implementing the appendix in one of the fiscal polices.
Capital Asset Policy
Committee member Cwerenz stated that she is ready to move this policy forward to the Board using the years shown and with all the changes that were made to the draft Capital Asset Policy. Motion by Committee Member Cwerenz and second by Committee Member Colby. All present voted aye.
Submittal process for Capital and Other Projects
Chairman Hutchinson and the Committee members decided that the process for moving forward with projects submittal process, would be making the recommendations to go forth of the Board, as well as making the changes in the Budget Policy.
New Business
FY 2018 Income Tax Revenue Update
The Committee reviewed income tax revenue to date for fiscal year 2018. This was a follow up to the estimates first reviewed in July as a result of the state budget and its impact on municipalities. Chairman Hutchinson stated that she would like to get an update on the income tax revenue at every finance committee meeting
Village President Hettermann will attend next meeting to address the finance committee’s questions regarding their role. Trustee Klemstein will attend the following meeting to provide report suggestions.
Other Business
The Committee discussed developing report formats that could be shared with the Board on a regular basis to provide financial updates. Chairman Hutchinson stated that Trustee Klemstein would attend a future meeting to share ideas on reports that could be helpful.
Committee Member Cwerenz stated that the Committee should start addressing the police pension fund more and educating the Board on some of the trends that they see. In addition, she stated that the fund should be at 70% funded in the next ten years.
Adjournment
Committee member Cwerenz moved to adjourn the meeting. Committee member Hrabak seconded the motion. Meeting adjourned at 9:45 p.m.
Next Meeting
Monday, October 23, 2017 at 7:00 p.m.
http://www.johnsburg.org/sites/default/files/finance_minutes_10-11-17.pdf