December 5, 2011

Page 2 of 2

Finance Committee Meeting

6:30 p.m. in the Village Hall

Present: PAUL ELSEN – VIVIAN GAINES

Guests: Sally Bennett, Charles Dana

The meeting was called to order at 6:48 p.m.

1.  Approve Previous Meeting Minutes – A motion to approve the minutes from the November 21, 2011 meeting was made by MRS. GAINES, seconded by MR. ELSEN - Approved.

2.  Public Comment – Charles Dana from Rock River Energy Services gave a brief presentation about his company and stated that if the referendum to approve Aggregation of Electric Power passes, his company would like to offer a quote.

3.  Referendum for Aggregation of Electric Power for the Village – This will be on the ballot in April, 2012.

4.  Mediacom Franchise Agreement – This was not discussed at the meeting.

5.  Budget 2011 – MR. ELSEN will discuss this at the board meeting.

6.  Financial Reserves – This was not discussed at the meeting.

7.  Budget 2012 – The accounting person for Sullivan’s will email Mrs. Bennett a spreadsheet every month showing the sales tax payment to the state so that we can reimburse them according to the agreement. The money that we need to borrow for infrastructure costs will cost $79,200 per year for every $1 million borrowed.

8.  Audit Issues 2010 – Mrs. Bennett will combine the Police Fund and the Foreign Fire Tax Fund with our General Fund in our computer system beginning January 1, 2012 based on a recommendation from the audit management letter. The monies will still remain separated but will be a sub-account of the General fund.

9.  Audit 2011 – The committee will recommend using Elliott & Company for next year’s audit.

10.  2011 Property Tax Levy – Attorney Gaziano is working on the levy.

11.  Income Streams Audit – MR. ELSEN said that he talked to Avazar, Inc. at the IML Conference. They are a company that will come in and double check all of our revenue streams to make sure that we are collecting everything that we can be. They do not charge anything unless they recover some money and they get a percentage. MRS. GAINES will call them to make an appointment for the January meeting and check some of the references listed in their brochure.

12.  Risk Management Insurance – The committee decided to recommend to the village board to continue with IML-RMA as they had the lowest quoted cost.

13.  Executive Session –The committee did not go into executive session.

The next meeting will be January 9, 2012 at 3:00 p.m. A motion was made to adjourn at 8:48 p.m. by MRS. GAINES, seconded by MR. ELSEN. The meeting was then adjourned.

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Sally Bennett, Treasurer