FINANCE COMMITTEE 2017/01/17 Minutes
The City of Lake Forest
FINANCE COMMITTEE
Proceedings of the January 17, 2017 Meeting
6:30 p. m. – City Hall Council Chambers
I. Call to Order and Roll Call
The meeting was called to order at 6:30 p.m. Present: Chairman Pandaleon, Mayor
Schoenheider, Aldermen Waldeck, Beidler, Newman, Reisenberg, Tack, Buschmann and Moreno.
Absent: None. Quorum present. There were approximately 38 present in the audience.
Staff present: Robert Kiely, Jr., City Manager; Elizabeth Holleb, Finance Director; Diane Hall,
Assistant Finance Director; Pete Siebert, Fire Chief; Karl Walldorf, Police Chief; Cathy Czerniak,
Director of Community Development and Victor Fillippini, City Attorney.
Others present: There were thirty-one people in the audience.
II. Consideration of Minutes from the Finance Committee Meeting Held on November 14, 2016
Alderman Newman made a motion to approve the minutes from the Finance Committee
meeting held on November 14, 2016. The motion was seconded by Alderman Moreno. The
motion carried unanimously by voice vote.
III. Capital Budget (FY18 Budget Item)
Ms. Elizabeth Holleb, Finance Director provided an update based on items discussed at the
November budget meeting. She stated previously unfunded projects approved for funding have
now been added to the funded project list and were highlighted in yellow. She reviewed an
updated five year schedule, which included additional funding sources. She reviewed changes
to the Parks Public Land fund for the addition of Laurel Avenue building fees. She stated
additional information will be provided at the March budget meeting.
IV. Investment Policy and Procedures
Ms. Holleb stated the revised investment policy had previously been on the July 2016 agenda.
She stated the policy was last updated in 2004 and in anticipation of rising interest rates the City
would like to be in the position to move funds accordingly. She stated an investment procedure
manual has been developed and recommended changes from July have been incorporated
into the procedures.
The Committee discussed the City’s current cash balances and the opportunity to invest. The
policy would not include the Police and Fire pension funds or the Cemetery investments. The City
is very limited in the type of investments allowed by state statute. The new policy requires an
annual review of the policy and all transactions of $500,000 or more would require the Finance
Committee Chairman approval.
The Committee recommended the be brought to the City Council for approval.
V. Other Business:
1) Core/Elective Service Analysis (FY18 Budget Item) – Ms. Holleb stated part of the annual
budget process is to review and update the City’s Core/Elective Services. She stated
recommended changes were included in the packet. No additional changes were
recommended.
2) Draft Information Technology Five-Year Capital Improvement Program (FY18 Budget Item) –
Ms. Holleb stated the proposed FY18 IT projects were included in the packet. No changes
were recommended.
Finance Committee Meeting
Minutes – January 17, 2017
3) December 2016 Flash Report – Ms. Holleb reviewed the Income Tax revenue trend, which
has been 9% lower than budget. She stated the Illinois Municipal League (IML) has been
working with the state to analyze why the average allocation to all communities is so low.
The Committee discussed proposed state legislation recommending a temporary property
tax freeze.
VI. Opportunity for the Public to Address the Finance Committee: None
VII. Adjournment
There being no further business, Alderman Newman moved, seconded by Alderman Beidler, to
adjourn the meeting at 6:54 p.m. The motion carried unanimously by voice vote.
Respectfully Submitted,
Diane Hall
Assistant Finance Director