McHenry Times

Village of Richmond Finance Committee met March 19.

Here is the minutes provided by the Committee:

The Finance Committee meeting held at the Village Hall, 5600 Hunter Drive was called to order by Chairman

Ramsin Wardanian at 5:00 PM.

Members Present: Trustees: Dennis Bardy, TJ Fulmer and Ramsin Wardanian.

Members Absent: None.

Other Employees/Officials Present: Village President Craig Kunz, Finance Clerk Kristen Murphy and Village

Clerk Karla Thomas.

Approval of Minutes: None.

Public Comments: None.

Clerk’s Comments: None.

Unfinished Business: None.

New Business: Rick Huber and Katherine Violett from McHenry Savings Bank explained the Collateral Agreement and the purpose for the reduction. Ms. Violett reported that she monitors the Village’s account balances on a regular basis to determine whether sufficient funds are held to secure the Village’s money. The Finance Committee will make a recommendation to the full Board to authorize the Village President to sign the “Notice of Substitution of Collateral” at it next Regular Board meeting. The committee reviewed the Septic Receiving and Water/Sewer budgets, no changes were made.

The committee reviewed the Capital Improvement budget and requested that the fees for (5) homes be added to the revenues for tapon fees. They discussed the purchase of a new sewer jetter, several options were suggested. General Transfers were not discussed. The Finance Clerk provided a preliminary budget report with balances carried over and anticipated year end bank balances with pending revenues and expenditures through April 30, 2018.

The committee will meet on March 26th for final review of the FY2019 budget.

Trustee Comments: None.

Adjournment: There being no further business to discuss, Trustee Fulmer moved, seconded by Trustee Bardy to

adjourn the March 19, 2018 Special Finance Committee meeting. The motion was approved by voice vote.

Meeting adjourned at 6:35 PM.

http://richmond-il.com/pdf/residents-minutes/03-19-2018_Finance_Minutes.pdf