DATE: October
18, 2005
TIME: 6:00
p.m.
MEMBERS
PRESENT: Gilmour,
Plese, Johnston, Mietzner, Strong & Hoppe, (arrived at 6:17) Orr (arrived
at 6:35) & (arrived at 6:30) Hermes (arrived at 6:55)
ABSENT:
NON-MEMBERS
PRESENT: Mayor
Roy Strong, Accounting Supervisor Robin Theobald, Executive Secretary
Puracchio, Reporter Monson, City Attorney Justin Fredin, Wendy Flaherty from
First Trust Portfolios, City Auditor Tawyna Mack
DISCUSSION: Annexation
ACTION: Alderman Plese made a motion and Alderman Mietzner seconded to open the meeting at 6:07 p.m. All yes. Motion passed.
Alderman Plese made a motion and Alderman Hermes seconded to Approve
Ordinance #05-10-18-03, an Ordinance Authorizing the Execution of an Annexation
Agreement between the City of Wilmington and the Will County Sportsmen’s
Club. All yes. Motion passed.
DISCUSSION: Davy Letter of Credit-Approval of
Streets
ACTION: Alderman Gilmour made a motion and Alderman
Johnston seconded to Accept the Engineer’s Recommendation to Accept the
Streets in the Davy Industrial Park. All yes. Motion passed.
DISCUSSION: Lot Split-Stark
ACTION: Alderman Plese made a motion and Alderman
Gilmour seconded to Approve the lot split of the Clay Stark property on RT
53 on the recommendation of the Planning and Zoning Commission and City
Planner. All yes. Motion passed.
DISCUSSION: Approval
of Payables
ACTION: Alderman Plese made a motion and Alderman
Gilmour seconded to Approve the September Collector’s Report in the amount
of $185,734.48 and the October Payables in the amount of $320,963.85. All yes. Motion passed.
DISCUSSION: Bond Issue Presentation
ACTION: See attachments. Wendy Flaherty
from First Trust Portfolios presented her recommendations on funding the City’s
wish list. She also asked the Committee
to take a hard look at their wish list since this was going to tie up funding
until 2022. She recommends putting 10
year calls on the bonds and the Committee agreed. She also recommended that the City take out one lump sum because
in the long run it will save the City money. The Committee agreed to Flaherty’s
first option and would like to move forward on this. Flaherty will begin the
process immediately.
DISCUSSION: Audit Presentation
ACTION: City Auditor Tawyna Mack presented the audit report. See attached.
The Governmental activities of the City (which is all activities except water and sewer related funds) showed revenues of $3,528,091 and expenditures of $3,950,233 and transfers in and out of various funds netting to $81,179 for an overall deficit of $340,963 for the year. This year's activity brought the cumulative fund balance down to $1,844,943 at the end of the fiscal year, of which $868,144 is a reserved fund balance for specific purposes. The City has been able to pass down low taxes to the residents while maintaining enough operating cash on hand. However, if the current fiscal year follows the trend of fiscal year 2005, the City will have to look to options for increasing taxes.
The Water and Sewer related activities showed revenues of $1,620,176 and expenditures of 1,117,059 and transfers in and out of various funds netting to ($81,179) for an overall excess of $421,938. This year's activity brought the cumulative fund balance up to $1,868,679 at the end of the fiscal year, of which $1,430,007 is reserved for upcoming projects.
Mack pointed out that the City needs to follow through on levying for Social Security, IMRF, Audit, Liability, Workers Comp and Police Pension. The Finance staff and Mack will take care of this.
DISCUSSION: Adjourn
ACTION: Alderman Mietzner made a motion and Alderman Hoppe seconded to adjourn at 6:59 p.m. All yes. Motion passed.