FINANCE COMMITTEE 2016/07/18 Minutes
The City of Lake Forest
FINANCE COMMITTEE
Proceedings of the July 18, 2016 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, Aldermen Waldeck,
Beidler, Reisenberg, Tack, Adelman and Moreno. Absent: Mayor Schoenheider and Alderman
Newman. Quorum present. There were approximately 17 present in the audience.
Staff present: Robert Kiely, Jr., City Manager; Elizabeth Holleb, Finance Director; Diane Hall,
Assistant Finance Director; Jeff Howell, Fire chief; Michael Thomas, Director of Public Works; Dan
Martin, Superintendent Public Works and Vic Filippini, City attorney.
Others present: There were ten people in the audience.
II. Consideration of Minutes from the Finance Committee Meeting Held on April 18, 2016
Alderman Reisenberg made a motion to approve the minutes from the Finance Committee
meeting held on April 18, 2016. The motion was seconded by Alderman Beidler. The motion
carried unanimously by voice vote.
III. Annual Cemetery Commission Report
Mr. Dennis O’Brien, Cemetery Commission Chair reviewed the Cemetery Commission Mission
Statement, as well as the investment policy. He reviewed the investment portfolio growth from
2008 to 2016. He stated William Blair had been hired through a RFP process in 2014 and currently
holds three major types of investments. He reviewed the asset allocation within the limits
provided within the policy.
Mr. O’Brien stated the Cemetery is currently debt free. A grant has been received for $80,000 to
move forward with the Ravine Restoration.
The Committee reviewed the cash and fixed income category of investments as well as the fees
associated with the account. By using the William Blair accounts, the Commission does not incur
transaction fees.
IV. Budget Calendar
Ms. Elizabeth Holleb, Finance Director reviewed the annual FY2018 budget calendar. She stated
the capital and operating budget meetings are scheduled on off-City Council meeting dates.
She provided the dates for the budget meetings.
V. Investment Policy and Investment Procedures
Ms. Holleb stated a goal for FY2017 is to revise the City’s 2004 investment policy and to develop
written investment procedures. She stated the City has worked with Public Funds Consulting LLC
to assist with the development of the policy and procedures. She stated interest rates are
anticipated to rise and would like a mechanism in place to move City funds to higher interest
bearing investments. She stated the proposed policy would be brought to the City Council at a
later date for approval and does not include major changes from the current policy.
The Committee discusses ensuring checks and balances are added to policy. Reports would be
developed to be brought to the City Council. Annually asset allocation would be brought to the
Finance Committee for approval. The Committee requested adding Finance Committee
Chairman approval for all large transactions and ethics statements to be approved annually.
The Committee discussed the types of investments to be used. A majority of the investments will
be short term and the Public Funds Act limits the types of investments available.
Finance Committee Meeting
Minutes – July 18, 2016
VI. Other Business:
1) July 18 City Council Agenda includes FY2017 annual appropriation ordinance with roll overs
– no discussion
2) Purchasing Statistics FY2016 – Ms. Holleb provided requested purchasing statistics from the
April 2016 Finance Committee.
3) Sales Tax information – Illinois added a line on tax returns to report sales tax for online
purchases.
4) June 2016 Flash Report - no discussion
VII. Opportunity for the Public to Address the Finance Committee: None
VIII. Adjournment
There being no further business, Alderman Tack moved, seconded by Alderman Reisenberg, to
adjourn the meeting at 7:00 p.m. The motion carried unanimously by voice vote.
Respectfully Submitted,
Diane Hall
Assistant Finance Director