FOREST PRESERVE DISTRICT FINANCE COMMITTEE

Transcription

1 FOREST PRESERVE DISTRICT FINANCE COMMITTEE Wednesday, July 6, W. Laraway Road Joliet, IL IMMEDIATELY FOLLOWING THE OPERATIONS COMMITTEE MEETING BUT NO EARLIER THEN 8:45 AM AGENDA A. CALL TO ORDER B. PLEDGE OF ALLEGIANCE C. ROLL CALL D. SCHEDULE OF BILLS E. APPROVAL OF MINUTES 1. Minutes of June 1, 2016 F. OLD BUSINESS - NONE G. NEW BUSINESS 1. Award of Contract for Annual Audit Services H. EXECUTIVE SESSION 1. Collective Bargaining 2. Land Acquisition 3. Pending or Imminent Litigation 4. Personnel I. REPORTS 1. Monthly Financial Statements as of June 30, Next Meeting Date - Wednesday, August 3, 2016 immediately following the Operations Committee meeting but no earlier then 8:45 AM Page 1

2 Agenda Forest Preserve District Finance Committee July 6, 2016 J. COMMENTS BY PUBLIC K. COMMENTS BY COMMISSIONERS L. ADJOURNMENT Page 2

3 E.1 FOREST PRESERVE DISTRICT FINANCE COMMITTEE Wednesday, June 1, W. Laraway Road Joliet, IL :45 AM MINUTES A. CALL TO ORDER Meeting was called to order at 9:24 AM by Chair Ray Tuminello B. PLEDGE OF ALLEGIANCE Mr. Bennefield led the Pledge of Allegiance. C. ROLL CALL Attendee Name Title Status Arrived Judy Ogalla Ex-Officio Present Stephen M. Wilhelmi District 10 (D - Joliet) Absent Kenneth E. Harris District 4 (D - Bolingbrook) Present Donald Gould District 6 (R - Shorewood) Present Joseph M. Babich District 10 (D - Joliet) Absent Steve Balich District 7 (R - Homer Glen) Present Ragan Freitag Ex-Officio Absent Mike Fricilone District 7 (R - Homer Glen) Present Suzanne Hart Ex-Officio Present Charles E. Maher District 11 (R - Naperville) Absent Donald A. Moran District 3 (D - Romeoville) Present Jim Moustis Ex-Officio Present Tom Weigel Vice Chair Present Darren Bennefield District 5 (R - Aurora) Present Lauren Staley-Ferry District 9 (D - Joliet) Absent Ray Tuminello Chair Present Ralph Schultz Chief Operating Officer Present John Gerl Chief Financial Officer Present Andrew Hawkins Director of Planning and Development Present Laura Kiran Director of Marketing and Communications Present Denise Steffen Director of Information Technology Present Communication: Minutes of June 1, 2016 (Approval of Minutes) Page 1 Packet Pg. 3

4 Minutes Forest Preserve District Finance Committee June 1, 2016 Tracy Chapman Lieutenant Present Lisa Lukasevich Director of Finance Present Cindy Cain Public Information Officer Present Mike Tully Lake County Forest Preserve District Present Ty Kovach Lake County Forest Preserve District Present Susan Lafferty Southtown Star Present Mike Mallory Shaw Media Present Herbert Brooks Jr. District 8 (D - Joliet) Present Richard Kavanagh Attorney Present D. SCHEDULE OF BILLS E.1 1. Approval of Schedule of Bills E. APPROVAL OF MINUTES 1. Minutes of May 2, 2016 F. OLD BUSINESS - NONE G. NEW BUSINESS Tom Weigel, Vice Chair Steve Balich, District 7 (R - Homer Glen) Darren Bennefield, District 5 (R - Aurora) Steve Balich, District 7 (R - Homer Glen) 1. Approval of Power Supply Coordination Service Agreement Mr. John Gerl stated that the District's current contract with Direct Energy is set to expire in June. Consistent with the last contract process, staff utilized Midwest Energy, an energy consultant, to solicit pricing from ARES companies. Midwest Energy received six proposals. Of the proposals received, Direct Energy has the lowest rate per Kwh at $ for a thirty-five month contract. If rates drop, the District can rescind the agreement and lock into an even lower rate per Kwh at some future date. Communication: Minutes of June 1, 2016 (Approval of Minutes) Staff recommended approval of a thirty-five month contract with Direct Energy. Mr. Weigel inquired about doing a two-year contract and saving the District $2,000. Page 2 Packet Pg. 4

5 Minutes Forest Preserve District Finance Committee June 1, 2016 E.1 Mr. Gerl stated that there are new clean air regulations coming out in The District's consultant suggested locking in these rates in order to protect our savings. Steve Balich, District 7 (R - Homer Glen) Suzanne Hart, Ex-Officio 2. Approval of Old Plank Trail Bank as Bank Depository Mr. John Gerl asked the Committee to consider adding Old Plank Trail Community Bank as a bank depository. Staff will primarily invest proceeds collected from the District's debt service levy in Old Plank Road Trail's MaxSafe money market account. Old Plank Trail Community Bank is a $1.2 billion financial institution. Old Plank Trail is also a wholly owned banking subsidiary of Wintrust Financial Corporation, which is a $20 billion financial services holding company. APPROVED [10 TO 0] Darren Bennefield, District 5 (R - Aurora) Donald A. Moran, District 3 (D - Romeoville) Bennefield ABSTAIN: Tuminello 3. Approval of Resolution No , Accepting Transfer of Parcels WGT2A2 WGT2A6 from the County of Will Mr. Bennefield questioned the need for these parcels. Mr. Schultz stated that this is consistent with the goals of the Wauponsee Glacial Trail and the Sugar Creek Preserve preservation plans. The District documented many of the properties along Sugar Creek for preservation. Communication: Minutes of June 1, 2016 (Approval of Minutes) Mr. Schultz stated that this is a standard operating procedure for the District to accept properties that have been abandoned by their owners and when consistent with District plans. Page 3 Packet Pg. 5

6 Minutes Forest Preserve District Finance Committee June 1, 2016 E.1 Tom Weigel, Vice Chair Steve Balich, District 7 (R - Homer Glen) 4. Approval of Ordinance No. 496, Authorizing an Intergovernmental Agreement with the Village of Frankfort for Steger Road/Jackson Creek Roadway Improvements Mr. Ralph Schultz stated that the Village of Frankfort has requested one (1) temporary construction license and one (1) renewable, non-exclusive operation and maintenance license for a term of ninety-nine (99) years for the purposes of the installation, operation, maintenance, and repair of a multi-use pathway and culverts, drainage structures, and other improvements related to the Steger Road improvement project at Jackson Creek Preserve. Staff recommended approval of Ordinance No Donald A. Moran, District 3 (D - Romeoville) Steve Balich, District 7 (R - Homer Glen) 5. Approval of Ordinance No. 497, Authorizing Residential and Non-Residential License Agreements Tom Weigel, Vice Chair Darren Bennefield, District 5 (R - Aurora) Communication: Minutes of June 1, 2016 (Approval of Minutes) 6. Approval of Ordinance No. 498, Authorizing Budget Reallocation for Construction and Development Funds (24, 25, 26, and 27) Mr. Bennefield requested a brief explanation of the reallocation of funds. Mr. John Gerl stated that the District's Construction and Development Funds have a five year life and are established to account for the planning, maintenance, and overhead costs associated with the District's acquisition, maintenance, Page 4 Packet Pg. 6

7 Minutes Forest Preserve District Finance Committee June 1, 2016 improvement, and renovation efforts. The Governmental Accounting Standards Board (GASB) allows a construction or capital fund to stay open for five years. The 2016 fund will remain in force for the next five years and the reason being is typically all the dollars are not spent in one year. Mr. Gerl presented a schedule reflecting the original budgets approved by the Board and the proposed reallocation of the proceeds remaining at December 31, Mr. Bennefield asked if the funds were established for certain projects. Mr. Gerl stated that the bond funds are project specific. E.1 Mr. Bennefield inquired about where the initial dollars come from and who is responsible for establishing the ceiling on each fund. Mr. Gerl stated that initial funds come from the levy and there is a maximum amount for the Construction and Development Fund. Ultimately, the Board approves a budget each year and the levies (IMRF, Audit, Liability, Social Security (FICA), Corporate, and Construction and Development). Mr. Schultz stated that the cost for the website development that was approved by the Operations Committee is actually coming out of four of the C&D Funds. For four years, the District budgeted $25,000/year and now the District has the funds available in the fifth year to complete the project. Prior to the District issuing bonds in the late 1980s, the C&D Funds were really the only source of accumulating money to acquire land, stated Attorney Kavanagh. Staff recommended approval of Ordinance No. 498 authorizing the reallocation of the remaining cash balances of the C&D Funds in order to pay costs associated with various preserve improvements and other overhead related items. Donald A. Moran, District 3 (D - Romeoville) Tom Weigel, Vice Chair Communication: Minutes of June 1, 2016 (Approval of Minutes) 7. Approval of Ordinance No. 499, Authorizing Amendments to the Capital Development Fund and Land Acquisition Fund Mr. John Gerl stated that the proposed amendment increases the budget with respect to the Bond Funds for certain preserve improvement projects and land acquisitions that were scheduled to be completed in 2015 but will not be completed until The proposed amendment merely reallocates existing bond proceeds. Page 5 Packet Pg. 7

8 Minutes Forest Preserve District Finance Committee June 1, 2016 E.1 Donald A. Moran, District 3 (D - Romeoville) Steve Balich, District 7 (R - Homer Glen) 8. Review and Approval of Planning and Adoption Budget Timetable for 2017 Donald A. Moran, District 3 (D - Romeoville) Mike Fricilone, District 7 (R - Homer Glen) 9. Review of Executive Session Minutes - None H. EXECUTIVE SESSION No closed session occurred on June 1, I. REPORTS 1. Monthly Financial Statements 2. Next Meeting Date - Wednesday, July 6, 2016 immediately following the Operations Committee meeting but no earlier then 8:45 AM at the Sugar Creek Administration Center J. COMMENTS BY PUBLIC No comments were received. K. COMMENTS BY COMMISSIONERS No comments were received. L. ADJOURNMENT 1. Meeting was adjourned at 9:43 AM Communication: Minutes of June 1, 2016 (Approval of Minutes) Steve Balich, District 7 (R - Homer Glen) Donald Gould, District 6 (R - Shorewood) Page 6 Packet Pg. 8

9 G W. Laraway Road / Joliet, IL / fax ReconnectWithNature.org SUZANNE HART, President RAGAN FREITAG, Vice President JUDY OGALLA, Secretary JAMES G. MOUSTIS, Treasurer M E M O R A N D U M MEMBERS OF THE FOREST PRESERVE DISTRICT FINANCE COMMITTEE AND ALL OFFICERS OF THE FOREST PRESERVE DISTRICT OF WILL COUNTY FROM: John Gerl, Chief Financial Officer DATE: June 22, 2016 SUBJECT: Award a Two-Year Contract to Sikich, LLP ("Sikich") to Perform Auditing Services for the Calendar Year ending December 31, 2016 and 2017, with an Option for Staff to Extend the Contract for an Additional Year Background The term of Sikich s contract ended with the completion of the December 31, 2015 audit engagement. This year, Sikich has proposed a two year contract with an option for staff to extend the contract for an additional one year. The first two years of the contract will increase 1% each year to $24,369 and $24,613, respectively. The option year would increase 2% to $25,105. However, if at any time during the contract the State of Illinois freezes property taxes, Sikich will agree to freeze their fees. About Sikich: Sikich is a licensed public accounting and consulting firm comprised of over 750 employees. They are the 31 st largest CPA firm in the country with offices throughout the United Sates. Sikich s corporate office is located in Naperville, Illinois. Sikich currently audits the Forest Preserve and Conservation Districts of Kane, DeKalb, McHenry, Winnebago, Champaign, and DuPage counties. Sikich also has various municipal and park district clients including the Village of Shorewood, Village of Plainfield, City of Naperville, City of Aurora, Fox Valley Park District, Naperville Park District, and Arlington Heights Park District. Furthermore, the District has received the Government Finance Officers Association ( GFOA ) Certificate of Achievement award for the past 20 years. This accomplishment is the direct result of the continued support staff receives from Sikich. Recommendation Packet Pg. 9

10 G.1 2 P a g e Staff recommends that Sikich be retained to perform the District s annual audit for the period ending December 31, 2016 and 2017 for a total amount not to exceed $24,369 and 24,613, respectively, with an option for staff to extend the contract for one additional year at a price not to exceed $25,105. It is also agreed that if the State of Illinois freezes property taxes at any time during the contract, Sikich will in turn freeze their audit fees. Staff further recommends that if the District is subject to the Single Audit Act, Sikich will perform all required audit procedures in accordance with the provisions of the 1996 Single Audit Act, and the provisions of the Office of Management and Budget Circular A-133. If you should have any questions with respect to the item captioned above, please feel free to contact me. Packet Pg. 10

11 I W. Laraway Road / Joliet, IL / fax ReconnectWithNature.org SUZANNE HART, President RAGAN FREITAG, Vice President JUDY OGALLA, Secretary JAMES MOUSTIS, Treasurer M E M O R A N D U M MEMBERS OF THE FOREST PRESERVE DISTRICT FINANCE COMMITTEE ALL OFFICERS OF THE FOREST PRESERVE DISTRICT OF WILL COUNTY FROM: Ralph Schultz, Chief Operating Officer DATE: June 30, 2016 SUBJECT: June 30, 2016 Operating Statements Attachments: June 30, 2016 Operating Statements (PDF) Packet Pg. 11

12 I.1.a Packet Pg. 12 Attachment: June 30, 2016 Operating Statements (3799 : June 30, 2016 Operating Statements)

13 I.1.a Packet Pg. 13 Attachment: June 30, 2016 Operating Statements (3799 : June 30, 2016 Operating Statements)

14 I.1.a Packet Pg. 14 Attachment: June 30, 2016 Operating Statements (3799 : June 30, 2016 Operating Statements)

15 I.1.a Packet Pg. 15 Attachment: June 30, 2016 Operating Statements (3799 : June 30, 2016 Operating Statements)