Finance & Administration Committee

Meeting date: 
Monday, January 9, 2017
            
FINANCE AND ADMINISTRATION
MEETING MINUTES
5:30 P.M. Monday, January 9, 2017
 
Minutes of a regular meeting of the Finance and Administration Committee of the City of O’Fallon, held at the Public Safety Building, 285 N. Seven Hills Road, O’Fallon, Illinois on January 9, 2017.
 
CALL TO ORDER: 5:30 pm
 
ROLL CALL: COMMITTEE MEMBERS: Cozad,-Chair, Albrecht,Vice-Chair, Drolet McCoskey, Roach, Kueker
NON-COMMITTEE ALDERMEN: Holden, Meile, Gerrish, Hagarty
STAFF: Evans, Funk, Denton, Litteken, Hutchison, Dallner
GUESTS/RESIDENTS: Malare, Zelms, Boch, Rosenberg, Pitts
      
Approval Minutes: November 28, 2016  Motion Albrecht, Second Roach
 All Ayes. Motion carried.
     
Items Requiring Council Action:
 
Item ABond Ordinance 2017 Issue- Director of Finance explained that this is ordinance authorizes bonds to be issued in amount not to exceed the bank qualified amount of $10 million to finance the costs of the Destination O’Fallon project consisting of the Downtown Plaza and Family Sports Park soccer complex. The amount issued will be based on the how much can be financed with a debt service of $650,000.  This amount is derived from the additional revenue that will be generated from the 4% increase in Hotel/Motel tax. The ordinance was prepared by Ice Miller LLP, our bond counsel, and is a parameters ordinance. The final terms will be determined after bond underwriting is completed. We are in the process of choosing a bond underwriter based on the responses received from the RFQ issued, but anticipate the bonds to be issued by late February.  Alderman Kueker asked the term of the bonds, which will be 20 years.  He also in inquired what will be the capital replacement reserve. Director of Parks is currently estimating $300,000/year which will be for the turf only, since the infrastructure was already in place.    
 Motion to approve Albrect, Second by McCoskey Ayes: McCoskey, Albrecht, Cozad, Roach, Drolet   Nayes- Kueker  Motion carried.
 
Other Business: 
Item A: RFQ for Bond Underwriter: Director of Finance received five responses to the RFQ.  Those responding were Bernardi Securities, Bank of Edwardsville, Hilltop Securities, R.W. Baird and Stifel, Nicholaus.  Staff are currently reviewing the proposals. 
 
Item B: January 3, 2017 Warrant:    As discussed at the previous Finance Committee meeting, if no Council Meeting were to be held on January 3, 2017, some invoices had to be paid because of urgency.  This warrant represents those that were paid. It will be presented and approved at the January 17, 2017 Council meeting.
 
Item C: Council Chamber Re-Design:  As a follow-up to the presentation at the November finance committee meeting regarding the redesign of the council chambers, City Administrator, Walter Denton, provided a list of options for possible renovations to improve security and seating.  This list provided a more “a la carte” format.  After discussion, it was agreed that staff should move forward by including both projects (council chamber and lobby counters) in the FY 2018 budget for review.
 
 Motion to Adjourn: Albrecht Second McCoskey All Ayes. Motion carried.                                                    
Next Meeting:  January 23, 2017  5:00pm.
                                                                               
ADJOURNMENT:               5:50 p.m.        PREPARED BY:      Sandy Evans