Elmhurst Finance, Council Affairs & Administrative Services Committee met Thursday, March 23.
Here are the minutes as provided by Elmhurst:
Finance, Council Affairs, & Administrative Services Committee
Monday, March 13, 2017
City Hall
209 N. York St.
Elmhurst, IL 60126
Conference Rm #3
6:00 p.m. **Please note meeting time change**
Kevin York, Chairman
Finance, Council Affairs, & Administrative Services Committee
Monday, March 13, 2017
Submitted by Thomas W. Trosien, Director of Finance
1. Call to Order
Chairman York called the meeting to order at 6:00 p.m.
Committee Members Present: York, Dunn, Tallutto, Sabatino
Other Elected Officials Present: Treasurer Libovicz
City Staff Present: Trosien, McDonough, Stenson (Agenda Items A and B), Speer Financial Advisors McCanna and Jeretina
2. Public Comments
No public comment.
3. Business Before the Committee
A. Review Sungard Public Sector Proposal for NaviLine Mobile Work Orders, User License and Server Framework
Mike Stenson, Director of IT, presented the report to purchase the SunGard mobile work order software application, licenses, framework, training and maintenance fees totaling $27,863. This application will convert the current paper/email based system to electronic processing in the field and throughout the City. The Committee signed the report.
B. Review Proposal from Sungard Public Sector Proposal for Utility Billing Software Modification
Assistant Director of Finance McDonough reviewed the report for a software modification request in the amount of $20,640, to automate the data input for the water meter change out program planned to start in the third quarter of 2017. The software modification will set up the new meter information and convert the meter reading measurement from cubic meters to thousand gallons electronically instead of manual entry. Approximately fifteen thousand meters are expected to be replaced. The report was signed by the Committee.
C. Review General Obligation Bond Series 2009 Refunding
Kevin McCanna, Chairman and Mark Jeretina, Vice President of Speer Financial Inc., the City’s financial advisor, reviewed the Series 2009 G.O. bond refunding that is projected to save approximately $500 thousand. The bond issue timeline and interest rate market were also discussed with the Committee and staff will draft a report.
D. Review 2017 General Obligation Bond Issue
Director of Finance Trosien, along with Speer Financial advisors noted above, presented fifteen and twenty year payment options for a 2017 Bond Issue in the amount of $10 million. The proceeds of the bond issue will be used to finance the water meter change out project and a waste water treatment digester project. Bond rating agency criteria were also discussed. The Committee discussed the timeline and possibility of swapping this bond issue with the Series 2009 Refunding issue if necessary to coincide with the start of the water meter change out project or if interest rates change significantly. Staff will draft a report for the Committee’s review.
E. Continue Review of Debt Policy
The Committee discussed the revised schedule of the City’s current debt obligations. Components included G.O. bonds, IEPA loans, revenue bond, and the line of credit. Speer Financial advisors discussed tax supported and self-supported bonds and using a modified version of the schedule for bond issue official statements. Director of Finance Trosien and Chairman York reviewed funding sources and debt policies from other municipalities. Other discussion included a balance between flexibility and affordability, debt limits and parameters for rating agencies. A policy will be drafted with review by Speer Financial and Committee input.
F. Continue Review of Subdivision Fee Ordinance
Director of Finance Trosien briefly reviewed the variables usually included in the School and Park District calculations and stated that Attorney Baugh will come back to the Committee to discuss the calculations along with updated enrollment information from School District 205 and estimated per acre land values.
4. Other Business
Chairman York mentioned the Committee will meet next Monday, March 20, 2017 at 6:00 pm for agenda items related to insurance renewals and the proposed DuPage Water Commission (DWC) increase from $4.80 to $4.88 per thousand gallons.
Alderman Dunn reviewed the parameters of the referral for the procurement function. Staff will research other communities.
5. Adjournment
The meeting was adjourned at 8:21 p.m.
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