|
Other Officials in Attendance
|
James T. Hayner, Village Administrator; David Ziegler, Community Development Director; Diane Lembesis, Finance Director; Tom Rigwood, Director of Public Works; Fred Friedl, Fire Chief
|
|
|
a) Special Revenue Funds
Mr. Hayner gave the following Power Point presentation.
Special Revenue Fund
- Funds established for those activities that must be accounted for separately from general government operations.
- 911 Fund
- Debt Service
- Impact Fee Fund
- Asset Forfeiture Fund
- Golf Course Fund
b) Debt Service Fund
- Bond Fund accounts for repayment of long-term debt.
- Abated property tax levy; therefore transfer required from the General Fund.
- FY10/11 expenses:
- Principal of $ 1.05 million;
- Interest $214 thousand;
- Bank fees of $700.
- Special Service Area #2 accounts for payments made by taxpayers related to special assessments.
- Not backed by General Obligation of the Village.
- FY 10/11 expenses:
- Principal of $25 thousand;
- Interest of $16 thousand;
- Bank fees of $350.
General Obligation Debt
- Series 2004 Refunding
- Principal Outstanding: $1,925,000 as of 5/1/11
- FY 11/12 Principal Payment: $360,000
- FY 11/12 Interest Payments: $ 64,732.50
- $254,840 paid by General Fund
- $169,893 paid by Utility Fund
- Series 2009 Refunding
- Principal Outstanding $5,270,000 as of 5/1/11
- FY 11/12 Principal Payment $690,000
- FY 11/12 Interest Payment $149,775
Asset Forfeiture Fund
- Accounts for monies acquired through outcome of drug-related criminal cases or DUI court fines collected.
- May 1, 2011 cash balance estimated at $56 thousand, and looking to add $4,150 to that balance.
- Federal and State law require monies expended in local law enforcement efforts such as purchase of D.U.I equipment.
Impact Fee Fund
- Accounts for monies collected from developers to defray future costs associated with additional traffic, sidewalk, storm water, and public safety needs.
- May 1, 2011 cash balance estimated at $2.6 million.
- FY 11/12: Proposing $330,000 transfer to fund improvements to 3 detention facilities. The locations of the detention facilities are: Waveland Ave., Gurnee Industrial Park, and Country Trails.
Golf Course Fund
- Established in 1992 when property was donated.
- Lease term expires 2031.
- Income limited to investment income on cash balances in fund, projected to be $15.
- Expenditures limited to occasional legal or other expense. Budgeting $2,000 to allow for contingencies.
Questions / Comments:
No questions.
c) Police and Fire Pension Funds
- Account for resources necessary to provide retirement and disability pension benefits to sworn personnel.
- Financing provided by Village contributions, employee payroll withholdings, and investment income.
- Each fund has its own board which contracts for professional investment management, approves expenditures, and reviews requests for retirements and/or disability.
Police & Fire Pension Revenues
- Investment Income projections
- Police $1,023,500
- Fire $750,000
- Employer contribution and change over prior year:
- Police $1,259,628, .9% decrease or $11,046
- FY10 investment return 12.32%; and funding level of 66%. Funding level was 61% last year.
- Fire $1,068,451, .3% decrease or $3,484
- FY10 investment return of 10.18%; and funding level of 71%. Funding level was 67% last year.
- Projected employee payroll withholdings and rate:
- Police $610,000 (9.910% pretax);
- Fire $439,000 (9.455% pretax)
Police & Fire Pension Expenditures
- Total Expenditures: Police - $1,021,950 Fire - $642,900
- Benefit Payment (Salaries & Wages) including retiree, surviving spouse & disability pensions.
- Police $925,500, and Fire $596,600
- Personnel expense includes seminars for Board members, medical reviews, etc.
- Police $6,750, and Fire $5,500.
- Professional Services include Investment Management, Bank Fees, and proportional share of Audit fees.
- Police $72,200, and Fire $24,200.
- Contractual includes cost of out-sourced Pension Accounting and Benefits Administration, and other miscellaneous items.
- Police $17,500, and Fire $16,600.
Questions / Comments:
No questions.
It was moved by Trustee Jacobs, seconded by Trustee Balmes to adjourn the meeting.
Voice Vote: ALL AYE: Motion Carried.
|