Village of Bloomingdale President and Board of Trustees Monday, Sept. 23.
Here is the minutes provided by the Board:
Proof of Posting
The meeting was duly posted according to State
Call to Order
The Standing Committee of the Whole Meeting of September 23, 2019 was called to order by Village President Coladipietro at 6:05 p.m.
Roll Call
Upon Roll Call by the Village Clerk, those in attendance were:
Present: Mayor Coladipietro, Trustees Belmonte, Shannon, Bolen and Ackerman
Trustee Bucaro arrived at 6:31 p.m.
Absent: Trustee Von Huben
Quorum Present
Audience Participation
Motion by Trustee Bolen, seconded by Trustee Ackerman, to open the floor to the public. All Trustees present voted Aye.
Motion Declared Carried
No one came forward.
Motion by Trustee Bolen, seconded by Trustee Shannon, to close the floor to the public. All Trustees present voted Aye.
Motion Declared Carried
Discussion Items
A. Finance and Administration
1) Presentation by Nyhart -Mike Zurek
Mr. Szott mentioned that State statute requires the Village to make an annual contribution to the Police Pension Fund as well as an actuarial report. In order to determine the annual contribution amount to fulfill the aforementioned requirement, the Village hired Nyhart as an independent actuary. Mr. Szott introduced Mike Zurek to present the Actuarial Valuation Report.
Mr. Zurek started his presentation by giving legislative updates and ongoing discussions of possible consolidations with IMRF. He went on to explain various key assumptions used to determine their conclusions. One was Mortality. In 2011, the Department of Insurance did a study on the average male aged 55 and the life expectancy at that time was 77.8. Since 2012, three different mortality assumptions were adopted. Each of these studies estimated that members of police and fire departments have lived a lot longer than the prior assumption. Life expectancy has gone from 77.8 (2011) to 80.2 (2012) and to 82.6 (2017). New mortality studies completed earlier this year were done strictly on the Public Sector fund and have three different mortality tables: Public Safety table (2019), teacher and general municipal worker. What was found from this study is that there is not much of a discernable difference between public safety members and general municipal workers. He was asked if the studies were done by the same organization or a different one. Mr. Zurek responded that they are the done by the same organization.
Another key assumption is the Interest Rate. Generally, a trend has been seen that over the last 10-15 years we are using a lower interest rate for pension funds than before. The interest rate assumption (equal to the expected future investment return on plan assets) was decreased from 7.50% in 2018 to 7.375% in 2019. A significant decrease is expected to be seen in the future. The state is using a 6.50% assumption for plans with more than $10 million in invested assets. Their 6.5% assumption is based on a composite plan with asset allocation of 45% equities, 45% fixed income, and 10% real estate. Capital market Survey is done on an annual basis. The Bloomingdale allocation for last year was as follows: 45% was on fixed income and 55% in equities, definitely using a higher interest rate assumption than the department of insurance was using which was 45% on fixed income and 45% in equities.
Mr. Zurek went on to give data on participant information and a review of the 2018 contribution. Lastly, he went over the 2019 Valuation Results.
In 2018 we were at 58.7% funded, with a recommended contribution of $1.9 million using a funding policy plan to 100% by 2040. The tax levy requirement is the statutory minimum funding policy which is a contribution to get the plan to 90% funded by the year 2040 and that is 1.7 million. In 2019, the plan improved from 58.7% to 60.1% funded. The recommended contribution went from $1,929,025 to $1,970,269. The actuary has determined that the Village's fiscal year 2020/21 plan to be 59.2% funded and contribution $2,036,947. He fielded various questions from the Mayor and the Board. The Mayor thanked Mr. Zurek for his presentation.
Added to the Roll: Trustee Bucaro arrived at 6:31 p.m.
B) Planning. Zoning and Environmental Concerns
1) Discussion of Planning and Zoning Commission's Findings of Fact and Recommendations for Kill Shot Axe Throwing.
Mr. Gascoigne noted that the Petitioner is looking for a special use permit to operate an axe throwing and laser tag facility in the Stratford Square Mall. The proposal includes 6 ranges (12 lanes) which would be used for axe throwing and then a laser tag arena directly behind it. The total size space of the facility would be 9,000 square feet. On September 3, 2019, the Planning and Zoning Commission considered the request for approvals of a Special Use for the operation of an indoor facility and the Commission unanimously approved the request.
2) Discussion of Planning and Zoning Commission's Findings of Fact and Recommendations for Noah Properties/Toll Brothers Condo Site.
Mr. Gascoigne stated that the subject property is bordered on the north by the Stratford Commons Wetland Area, to the south by Commercial and Retail fronting on Army Trail Road and west by the Marriott Residence Inn and Courtyard. Back in 2007, Toll Brothers was approved for the construction of two forty-five unit condo buildings. The application fell through and was never completed. Noah properties are now looking to resurrect the project and obtain approval to develop it as luxury apartments, rather than condominium buildings, as well as increasing the number of buildings, while keeping the same number of units.
Information
None
Meeting Reminders
Tuesday, October 1, 2019 - Planning and Zoning Commission Meeting
Monday, October 14, 2019 - Standing Committee of the Whole and Village Board Meetings
Tuesday, October 15, 2019 - Planning and Zoning Commission Meeting
Community Event Reminders
Old Town Brew and BBQ Fest
Old Town
Administrative Staff Reports
1. Village Administrator, P. Scalera
Mr. Scalera noted that Utopia is back filming at Indian Lakes.
2. Assistant Administrator, B. E. Weber
No report.
3. Village Attorney, M. Castaldo, Jr.
There was no report.
4. Director of Public Works, J. Monkemeyer
No report.
5. Finance Director, G. L. Szott
Mr. Szott mentioned that offers were made for the two fiscal assistant positions. Hopefully will be fully staffed by the end of the month.
6. Director of Public Safety, F. Giammarese
There was no report.
7. Community & Economic Development Director, S. Gascoigne Mr. Gascoigne stated that there will be a Planning and Zoning hearing on October 1st. The applicant is Bloomingdale Auto Center.
Other Business
None
Adjournment
Motion by Trustee Bolen, seconded by Trustee Ackerman, to adjourn the meeting of September 23, 2019 at 7:00 p.m. All Trustees present voted Aye.
Motion Declared Carried - Meeting Adjourned
https://www.villageofbloomingdale.org/AgendaCenter/ViewFile/Minutes/_09232019-664
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