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Operations Committee Minutes

VILLAGE OF NORTH AURORA
OPERATIONS COMMITTEE MEETING MINUTES
JANUARY 7, 2019

CALL TO ORDER
Trustee Guethle called the meeting to order.

ROLL CALL
In attendance: Trustee Mark Guethle, Trustee Laura Curtis, Mayor Dale Berman, Trustee Mark Carroll, Village Administrator Steve Bosco, Finance Director Bill Hannah.

AUDIENCE COMMENTS – None

APPROVAL OF MINUTES
1. Approval of the Operations Committee Minutes dated October 1, 2018
Motion for approval made by Trustee Carroll and seconded by Trustee Curtis. All in favor. Motion approved.

NEW BUSINESS
1. Revised Budgetary, Fiscal and Fund Balance Policies
Finance Director Bill Hannah reported that the policies were last updated in 2012. When the Village last met with the bond rating agency, it was discussed that the Village should review the policies on a regular basis. Overall, the policies are generally the same. Hannah reviewed the changes.

Revenue Policies
-Provided clarification that they should be reviewed annually to look at all revenue sources.

-Clarified the water user fee policy.

-Added a clarification to the one-time revenue policy. The policy says that one-time revenues can only be used for one-time non-recurring expenditures such as capital equipment and capital improvement projects. The Village added, “or its additional contributions for pensions.”

Expenditure Policies
Added that the Village would maintain a level of expenditures in accordance with the goals and objectives of the Village Board in addition to a manner to provide for the public well-being and safety of the community.

Debt Policies
-In regard to debt repayment, clarified that the useful life of the asset created with the debt should exceed the repayment schedule of the bonds.

-The Village will stay in good contact with all bond rating agencies and comply with the Securities and Exchange Commission.

-Debt funded projects should be accompanied by a full analysis of the operating and maintenance costs associated with the project. The Village previously passed a resolution regarding post issuance compliance procedures for debt. The policy now makes a reference to that resolution which was passed in 2013.

Cash Management Policy
The policy states the three main components of the investment policy to match what was recently approved by the village board.

Accounting/Auditing/Budgeting Policy
A statement was added to this policy that proposed capital projects should be accompanied by projection of future operating and maintenance costs associated with the project.

Police Pension Trust Fund Policy
The policy was previously adopted in 2013 adopting 100% funding goals. The only addition made was that the Village will periodically review the assumptions and the actuarial valuation in consultation with the actuary and make any needed changes.

Fund Balance Policy
-The Village will still maintaining its 40% - 50% General Fund fund balance target. The policy clarifies that if the targets are below the minimum that it would be restored within a reasonable period.

-A statement was added that any use of fund balance or reserves would be considered in a context of maintaining a strong level of overall budgetary flexibility and liquidity for governmental funds in total.

2. Revised Purchasing Policy
-The state allowed the threshold by which projects must be publicly bid to be increased from $20,000 to $25,000. In order for the Village to take advantage of that change we would need to amend our purchasing policy and ordinance to allow for that increased threshold for which certain projects must be publicly bid.

-Village Administrator’s purchasing authorization level – increasing from $10,000 to $15,000.

-Increase in change order authorization for the Administrator from $10,000 to $15,000.

-Allowing for approval of purchases of goods and services before the budget has been adopted which is what the Village does now. This clarifies that it is okay to do that.

-Minor clarifications to credit card authorizations for employees and clarification on sales tax exemptions.

OLD BUSINESS – None

OTHER INFORMATION – None

TRUSTEE COMMENTS
Trustee Curtis asked that someone take a look at the traffic light at that corner of Orchard and Randall. When on Mooseheart turning left onto Randall Road, the green arrow does not always work and appears to work only every other cycle. Guethle said the village could get in touch with the county.

ADJOURNMENT
Motion to adjourn made by Trustee Carroll and seconded by Trustee Curtis. All in favor. Motion approved.

Respectfully Submitted,

Lori J. Murray
Village Clerk

 


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Village of North Aurora
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