Village of Freeburg Finance Committee met September 27.
Here is the minutes as provided by the committee:
Chairperson Denise Albers officially called the meeting of the Finance Committee to order at 5:49 p.m. on Wednesday, September 27, 2017. Those in attendance were Chairperson Denise Albers, Trustee Mike Blaies, Trustee Ray Matchett, Trustee Dean Pruett, Mayor Seth Speiser, Treasurer Bryan Vogel, Trustee Trustee Lisa Meehling, Trustee Matt Trout, Village Clerk Jerry Menard, Public Works Director John Tolan, Village Attorney Fred Keck, Chief Mike Schutzenhofer, Village Administrator Tony Funderburg, Finance Clerk Debbie Pierce (absent) and Office Manager Julie Polson.
A. Review of Board Lists: Sidener Environmental, $808.50 - SAVE pump station control valve expense. Trustee Albers asked how the employees like the Guardian program, and Village Administrator Tony Funderburg advised it has been an accounting disaster. He is interested to see how it will affects taxes. Public Works Director John Tolan commented he and his employees use the benefits. JD Street, $12,537.03 – fuel for generators; ALS Tribology, $23.65 – electric; TWM, $5,742.00 - new sewer plant facility plan.
B. Review of Investments: We have one CD renewing in December.
C. Income Statement: Trustee Albers questioned the electric dues (53-40-561) and Tony advised those include dues to IMEA, AAPPA, IMUA. Electric computers (53-40-835) is over budget, and Tony advised we had Windows 98 and had to upgrade in order for the SCADA to work properly and be protected from cyber attacks. Tony commented when you look at the income statement, we should be at 50% right now. He and Debbie will be reviewing the statement to see if there are some areas that need to be addressed. He stated some line items are hard to budget. For example, overtime, vacation payouts and compensatory time payouts are hard to budget.
D. Treasurer's Report: Treasurer Vogel stated overall, we broke even fairly well. He stated that our depreciation expense is $1,000,000 plus. Tony commented the pool, ESDA and audit fund transfers have not been done for several years. The transfers amount to $9,013.39 (Audit); $32,280.59 (ESDA); and $343,965.90 (Pool); and those need to be done before books are closed. After making these transfers, we will be up to date. Trustee Meehling asked why they were not, and Treasurer Vogel cannot say for certain why they were not done. Tony stated he has confirmed with the C.J. Schlosser that we need to make the transfers. We will make sure there is a year-end checklist to ensure all financial transactions are processed.
E. Old Business:
1. Approval of August 30, 2017 Minutes. Trustee Dean Pruett motioned to approve the August 30, 2017 minutes and Trustee Ray Matchett seconded the motion. All voting yea, the motion carried.
2. Attorney Invoices: No questions.
3. Newsletter: Trustee Albers stated the newsletter looks good.
4. FY2017 Audit: Tony agreed with Bryan that we have a break even audit. Bryan clarified his comment regarding depreciation by stating even with the $1,000,000 in deprecation, We have a break even audit, and that is a good thing.
E. New Business: None.
G. Public Participation: None.
H. Adjourn: Trustee Ray Matchett motioned to adjourn the meeting at 6:23 p.m. and Trustee Dean Pruett seconded the motion. All voting yea, the motion carried.
http://www.freeburg.com/vertical/Sites/%7BBF1EBCED-BB68-4781-96B4-C004E1B2B4B6%7D/uploads/Finance_Minutes_September_27_2017.pdf
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