FINANCE AND ADMINISTRATION
MINUTES
Monday, January 26, 2009
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 January 26, 2009. 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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Alderman Polites |
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Approval of the minutes from November 24, 2008.
Item A: TIF Update: The City continues to work on the TIF issue. Central School has passed a resolution opposing the TIF and forwarded a letter of concerns. The City is working to address these issues and has prepared a revised draft to present to Central to hopefully reopen discussion and find a middle ground. It will be after February 16th before it comes back to Council.
Item B: Economic Outlook: The City is 74% through the fiscal year and revenue generated is at 66%. The good news is the expenses have been held to 64%. Even though we are $600,000 below the projected budget, we are able to stay within our revenue. ICMA has released a White Paper-“Navigating the Fiscal Crisis”. Staff has reviewed and believes we are following the principals recommended. An electronic copy has been forwarded to the committee.
ADJOURNMENT: 6:02 p.m. PREPARED BY: Dean Rich
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