FINANCE AND ADMINISTRATION
MINUTES
Monday, November 24, 2008
Minutes of a regular meeting of the Finance and Administration Committee of the City of O’Fallon, held in the Mayor’s Conference Room, City Hall, 255 S. Lincoln, O’Fallon, Illinois on November 24, 2008. CALL TO ORDER: Time: 5:30 p.m.
ROLL CALL: |
MEMBERS: |
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Chairman West |
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True |
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Grogan |
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Drolet J. |
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Medford |
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STAFF LIASON: |
Dean Rich |
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Alderman N.Drolet |
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Walter Denton |
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Alderman Reckamp |
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Alderman Schmitt |
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Approval of the minutes from October 27, 2008 with the correction of adding Alderman Schmitt as being in attendance.
Item A: 2008 Tax Levy: Director of Finance presented the proposed 2008 Tax Levy. The estimated EAV is $682,898,700 which includes an increase of $28,053,454 from new homes and $43,215,826 from Commercial Development. This increased EAV will produce an extra $467,826 with a reduction in overall property tax rate of 0.0211. Barring any county applied multiplier, the residents in O’Fallon should see a small decrease in the amount of money levied per existing home.
Motion to pass to Council- Alderman True, Second- Alderman Medford All ayes.
Item B: Capital Purchase of IT Equipment: Director of Finance reviewed the result of the 2008 Final Audit. The outcome in the General Fund was a positive $963,329. The Council has approved a $123,932 transfer to purchase property on Hartman Lane. Staff has reviewed current IT requirements and has requested Council to allow a transfer of $245,805 from the 2008 cash to upgrade the City IT system. Over the past 8 years, the City has made huge strides in IT. Some of the original equipment has now become obsolete or has outgrown capacity. Two prime examples are the AS-400 which manages all the Personnel, Finance and Utility Billing records and the Laser-Fiche, which records the great majority of City Historical records. Both
are now over capacity. The committee reviewed the supplied list and agreed to pass to council a recommendation to move $245,805 from cash to upgrade the City IT system.
Motion to pass to Council- Alderman Medford, Second- Alderman True All ayes.
Item C: TIF Ordinances Review: The Regency Park TIF has progressed to the point it is ready for a first reading. The committee was presented with three ordinances necessary to start the TIF process. Planning and Zoning will provide the annexation agreement and the development agreement which makes up the full TIF package.
Motion to pass to Council- Alderman Medford, Second- Alderman Drolet All ayes.
ADJOURNMENT: 6:03 p.m. PREPARED BY: Dean Rich
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