Finance & Administration Committee

FINANCE AND ADMINISTRATION

MEETING MINUTES

 

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 23, 2017.

 

CALL TO ORDER: 5:30 pm

 

ROLL      CALL:      COMMITTEE        MEMBERS:       Cozad,-Chair,       Albrecht,Vice-Chair,         Drolet McCoskey, Roach, Kueker

NON-COMMITTEE ALDERMEN: Holden, Gerrish, Gilreath, Hursey STAFF: Evans, Funk, Denton, Litteken

GUESTS/RESIDENTS: Stopp, Malone, Malare, Witter, Zelms, Youngblood, Vetri

 

Approval Minutes: January 9, 2017 Motion Albrecht, Second McCoskey All Ayes. Motion carried.

Item A: Auditor Presentation: Director of Finance introduced Eric Stopp and Mollie Malone from the auditing firm of Stopp and VanHoy who presented the highlights of the FY 2016 Audit. (Slide presentation attached and will be posted on finance page of the city website) The auditor commented that the City was in a very strong financial position and that the city has met all pension liability obligations. Two of the auditor’s recommendations pertained to actuarial valuations that should be done in order to remove the modified opinion, but as the auditor explained, this is not uncommon, as there is an expense involved in hiring such a firm.  As the City Administrator pointed out, this was a topic of discussion during last year’s audit presentation and it was the aldermen’s decision not to pursue. Director of Finance will include as a discussion item for the FY 18 budget.  The other recommendation was due to the previous auditor reconciling an account which should have been done by staff. This issue has already been resolved.  The FY 16 Audit can be found on the city’s website.

 

Item B: RFQ for Bond Underwriter: Director of Finance commented that interviews for Bond Underwriter were held on Friday, Jan. 20th. City Administrator, Bond Counsel, Ice Miller and Director of Finance conducted the interviews. Selection will be made this week and the firm will be notified so that bond underwriting can commence in preparation of the bond issuance.

 

Item C: Budget Calendar: Director of Finance explained that the budget process is underway and pointed out dates when the draft FY 18 Budget will be presented at the committee meetings and final approval at the April 17 Council meeting.

 

Motion to Adjourn: Albrecht Second McCoskey All Ayes. Motion carried. Next Meeting:  February 27, 2017 5:00pm.