MINUTES

FINANCE COMMITTEE MEETING

Monday, December 7, 2015 6:00 P.M.

Countryside City Hall-Council Chambers

I. CALL TO ORDER

The meeting was called to order at 6:00 PM.

II. ROLL CALL

Those physically present as follows:

Present: Treasurer Stancik, Alderman Mark Benson, Alderman James Jasinski

Absent: Alderman John Von Drasek

Also Present: City Clerk Burdett, Mayor McDermott, City Administrator Paul, Assistant City Administrator Peterson, and Finance Director Schutter

Public Present: Bob Navarro

III. APPROVAL OF MINUTES

The Minutes of the Regular Meeting of October 26, 2015 were previously distributed to the members of the Finance Committee.

I move to approve the minutes of the Finance Committee Meeting of October 26, 2015.

A motion was made by Alderman Jasinski, seconded by Alderman Benson and carried unanimously.

IV. PUBLIC COMMENT-NONE

V. PRESENTATION OF THE MOTHLY TREASURER’S REPORT

The Monthly Treasurer’s Report for the period ending October 31, 2015, was previously distributed to the members of the Finance Committee.

A motion was made to accept the Treasurer’s Report by Alderman Benson, seconded by Alderman Jasinski and carried unanimously.

VI. PRESENTATION OF THE REQUESTED BUDGET FOR FISCAL YEAR 2017

Finance Director Schutter presented a draft of the FY2017 requested budget. Department Heads will be present at the January Finance Committee meeting to present their individual budgets and answer any questions.

The Infrastructure Committee recommended adding another $300,000 to the budget for street resurfacing, which has added to the deficit. Director Schutter is working to find alternatives to the municipal software upgrade. There is a potential for cost savings there.

NO ACTION TAKEN.

VII. CONSIDERATION OF ORDINANCES ABATINGTHE PROPERTY TAX LEVIES ON GO BOND SERIES 2008, SERIES 2012, AND SERIES 2014.

Finance Director Schutter presented the proposed ordinances for tax year 2016. The City of Countryside has the right to abate the taxes and use cash from other source to pay for it; in this case general obligation bonds.

A motion was made to approve moving the proposed ordinances to the next City Council meeting agenda by Alderman Jasinski, seconded by Alderman Benson.

VIII. CONSIDERATION OF MB WEALTH MANAGEMENT PROPOSAL FOR INVESTMENT MANAGEMENT SERVICES.

This item has been tabled.

IX. CONSIDERATION OF AUDIT CONTRACT WITH SIKICH LLP FOR THE FISCAL YEARS ENDED APRIL 30, 2016 THROUGH APRIL 30, 2020.

Mayor McDermott expressed his recommendation to bid this contract. The Committee directed staff to initiate a request for proposal.

This item has been tabled. No vote taken.

X. CONSIDERATION OF AN INTERGOVERNMENTAL AGREEMENT THE MCCOOK LIBRARY DISTRICT AND THE CITY OF COUNTRYSIDE.

Mayor McDermott explained that this item came about as another option for residents with the Library Reimbursement Program.

A motion was made to approve the intergovernmental agreement with the McCook Library District by Alderman Benson, seconded by Alderman Jasinski.

XI. CONSIDERATION OF AN ORDINANCE FOR THE FACADE/RENOVATION LOAN PROGRAM.

This program was initially presented at an EDC meeting. Finance Director Schutter explained the details of the program-low interest loans from FNBC to qualified Countryside businesses. It is a good program that could spur investment in the community. The City will have final discretion on loans that are reviewed for approval. There is a cap of $300,000 per year.

A motion was made to approve moving the proposed loan program ordinance to the next City Council meeting by Alderman Benson, seconded by Alderman Jasinski.

XII. CONSIDERATION OF A CONTRIBUTION TO THE HERITAGE CORRIDOR CONVENTION & VISITORS BUREAU.

Bob Navarro, President of the Heritage Corridor Convention and Visitors Bureau addressed the Committee to request funding. The organization is asking for a portion of local hotel tax to apply for a matching grant from the State. Funding of $3,000 would pay for an ad in the visitors guide. Most communities start with a minimum of $5,000, but can go up to $50,000. Among other destinations, the Bureau is a supporter of Route 66. 50,000 copies of the visitors guide are mailed to people who requested them. Another 25,000 are distributed at hotels and events.

The Committee will review the materials and consider including in the FY17 budget.

NO ACTION TAKEN.

XIII. CONSIDERATION OF COMCAST FRANCHISE AGREEMENT RENEWAL.

Treasurer Stancik asked if staff recommends the 10-year term. Assistant City Administrator Peterson expressed that she is comfortable with the 10-year term. In addition, she had the city attorney review the agreement and he did express any concerns.

A motion was made to approve the Comcast Franchise Agreement by Alderman Jasinski, seconded by Alderman Benson.

XIV. DISCUSSION ITEM: IMET UPDATE.

Finance Director Schutter explained that the bulk of the assets that IMET was trying to recover are coming from hotel properties. At this time, 4 of the 5 properties have been sold. As long as there are no significant liens pending, there would be approximately $70M. At this point, IMET is at approximately 39% recovery. Funds will not be distributed until sometime in 2016. IMET is still pursuing potential avenues to recover funds. Therefore recovery actions could go on for some time.

XV. OTHER BUSINESS

Mayor McDermott asked when the Home Depot tax sharing agreement will end. City Administrator Paul said that will expire December, 2015. Approximately $150,000 per year will be coming available the City/budget. There are no other tax sharing agreements close to expiring.

XVI. ADJOURNMENT

There being no further business to discuss, Alderman Benson motioned to adjourn, seconded by Alderman Jasinski and carried unanimously.

Treasurer Stancik declared the meeting adjourned at 6:33 PM.

APPROVED: 1-25-2016

Treasurer Caryn Stancik, Chairman

/mc