VILLAGE OF NORTH AURORA
FINANCE COMMITTEE MEETING MINUTES
MARCH 10, 2014
CALL TO ORDER
Trustee Curtis called the meeting to order.
ROLL CALL
In attendance: Trustee Laura Curtis, Trustee Chris Faber, Trustee Mike Lowery, Public Work Superintendent Mike Glock, Police Chief David Summer, Finance Director Bill Hannah, Village Administrator Steven Bosco, Water Superintendent Paul Young, Village Clerk Lori Murray.
AUDIENCE COMMENTS – None
APPROVAL OF MINUTES
1. Approval of the Finance Committee Minutes dated 2/10/14.
Motion for approval made by Trustee Faber and seconded by Trustee Lowery. All in favor. Motion approved.
NEW BUSINESS
1. Discussion of Budget Amendment #3 for FY 2013-14
Finance Director Hannah provided an overview of the Budget Amendment details as follows:
1. Increase in Public Works overtime and contracted snow removal costs due to the extreme winter conditions experienced thus far. An increase of $40,000 in overtime and $180,000 in contracted snow plowing is recommended.
2. A recommended increase in the Village contribution to the Police Pension Trust Fund of $50,000. Due to the receipt of various one-time revenues and certain variances in expenses the additional contribution to the Police Pension Trust Fund to assist with the funding of the accrued liability is recommended. This would increase the total contributions from $524,000 to $576,000.
3. Increase in budget of Liability Insurance Fund due to additional payables anticipated from the Min-Max program of about $40,000. Also, an additional transfer of $150,000 is recommended to provide funding for future annual contributions and to minimize the effect of a significant increase on a future operating budget.
4. A transfer to the Capital Projects Fund of $75,000.
5. Increase in the budget of the Road Program account of $300,000 in the event the 2014 road program begins prior to the end of the year.
6. Reclassification of the recently vacant Building Inspector position to a Chief Building Inspector positon with a salary range increase in line with the Senior Accountant and IT Specialist. Staff explained that the change is necessary in order to attract candidates that possess or can attain various ICC certifications.
The Committee was in agreement with the items outlined in the budget amendment,
2. Discussion of Budget Development for FY 2014-15
Finance Director Hannah provided the Committee with an update on the development of the FY 2014-15 Budget process and noted the following:
1. After reviewing current year revenues and expenditures in the General Fund, Hannah noted that revenues are projected to exceed expenditures by about $384,000.
2. Major revenues are projected to modestly increase next year between 3% and 4%
3. Projections assume a 2.25% pay adjustment for non-union employees while union agreements provide for a 1.75% to 2.25% adjustment
4. Funds are allocated for continued strategic planning updates and site specific market studies
5. Current numbers provided do not include any staffing requests at this time which are still being evaluated by staff.
6. Preliminary budget is balanced with revenues exceeding expenditures by $48,000
Hannah provided an overview of other funds and major projects being budgeted for next year within those funds. Staff responded to questions from the Committee regarding proposed vehicle purchases and other items.
Hannah said the official Draft Budget would be available at the end of March and discussed the budget process and timeline going forward.
OLD BUSINESS – None
TRUSTEE COMMENTS – None
ADJOURNMENT
Motion to adjourn made by Trustee Faber and seconded by Trustee Lowery. All in favor. Motion approved.
Respectfully Submitted,
Lori J. Murray
Village Clerk
