MINUTES OF THE FINANCE COMMITTEE MEETING
CITY OF COUNTRYSIDE – CITY HALL
AUGUST 27, 2012 – 6:00 P.M. COUNCIL CHAMBER ROOM

1. The meeting called to order at 6:05 P.M. Present: Acting Chairman Sean McDermott; Alderman Karen Michalczyk, Alderman Scott Musillami. Also present: Alderman James Jasinski; Alderman Bob Pondelicek, Alderman John Von Drasek; City Administrator Gail Paul; Finance Director Steven Drazner; Police Chief Michael Ruth.

Absent: Steven Jasinski.

APPROVAL OF MINUTES

2. The minutes of July 23, 2012 were approved as submitted.

PRESENTATION OF MONTHLY TREASURER’S REPORT FOR THE PERIOD ENDED JULY 31, 2012

3. Finance Director Drazner presented the monthly Treasurer’s Report for the period ended July 31, 2012. Mr. Drazner noted a timing issue where the $166,000 in profit sharing was received from Flagg Creek this year, but was for the prior fiscal year. Also, Property Tax revenue is over budget due to the earlier than normal billing of the 2^nd installment tax bills by Cook County.

The expenses are all in line and all other funds are on target. In a few more months the direction of the revenues will be better expressed due to many of the numbers being estimated. Mr. Drazner noted the sales tax came in last year at $5.3 million, a nice improvement from FY11 which was about $5 million.

PRESENTATION OF QUARTERLY INVESTMENT REPORT FOR THE PERIOD ENDED JULY 31, 2012

4. Finance Director Drazner explained currently all of the City’s cash is in Illinois Funds, Illinois Metropolitan Investment Fund (IMET) and the MB Financial Operating Account. As of July 31 there was approximately $2.8 million in Illinois Funds earning .089 percent. IMET funds earned a little better with approximately $8 million in funds earning .27 percent. In the MB Financial Sweep Account we are earning .44 percent. Staff recommended transferring up to a combined $5 million from Illinois Funds and IMET into the City’s main operating account in order to capture additional income from the higher sweep rate. Monies from Illinois Funds would be transferred first to bring the balance down to approximately $500,000 with the balance coming from IMET.

The committee concurred with staff’s recommendation and authorized Finance Director Drazner to transfer the discussed funds.

INFORMATIONAL ITEM ON THE FY14 BUDGET CALENDAR

5. Finance Director Drazner presented a draft of important dates for the upcoming Fiscal Year 2014 budget season. The reason to start the budget process early is to determine how much, if any, should be levied for a property tax which must be submitted via adopted ordinance to Cook County by the end of December. The schedule for the remainder of calendar year 2012 pertains to only the General Fund.

OTHER BUSINESS

6. Pioneer Press requested a contribution in the form of an ad in the West Suburban Chamber Community Guide. No action was taken.

ADJOURNMENT

7. No further discussion. Motion and seconded to adjourn at 6:20 p.m.

Dated: ______________________ __________________________

Steven Jasinski, Chair