City of Darien Administrative-Finance Committee met Sept. 6.
Here are the minutes provided by the committee:
Chairwoman/Alderwoman Sullivan called the Meeting to order at 6:00 pm. Committee members Aldermen Vaughan and Schauer were present. City Administrator Vana, Accounting Manager Julie Saenz and Treasurer Coren were also present. Jim Savio of Sikich also attended.
Presentation – Draft FYE 22 Annual Financial Report
Jim Savio of Sikich presented the draft Annual Financial Report for the Year Ended April 30, 2022. The final report will be presented to the City Council October 3, 2022.
FYE 22 Audit to Budget Comparison
Staff advised upon completion of the yearly financial audit, the Administrative/Finance Committee reviews a comparison between the FYE 4-30-22 audited numbers and the FYE 4-30-22 estimated numbers included in the FYE 4-30-23 budget. This year’s review included the document containing a detailed sheet on the General and Capital Projects Funds. The General Fund audited fund balance exceeded the estimated balance used in the 4-30-23 budget by $1,746,945. The City Council previously approved the Capital Improvements Plan Guidelines. Section 3 of the guidelines includes the following:
• Surplus from the general fund, in excess of 3 months operating reserve, will be transferred to the capital projects fund annually
Based on these guidelines staff recommended that the Administrative/Finance Committee recommend that the City Council approve a transfer of $1,700,000 to the Capital Projects Fund from the General Fund. This item will be scheduled for the October 3, 2022, City Council meeting. The Committee unanimously approved the recommendation that the City Council approve a transfer of $1,700,000 to the Capital Projects Fund from the General Fund.
Pension Fund Report – Overview by Treasurer Coren
Treasurer Coren provided an overview of the CITY OF DARIEN POLICE PENSION FUND ACTUARIAL VALUATION AS OF MAY 1, 2022, conducted by the pension board.
Approval of an ordinance authorizing the disposal of surplus property
Staff recommended the distributed list of city property be declared as surplus property and auctioned using an on-line auction service, Public Surplus, or disposed of. The Committee unanimously approved the recommendation.
Approval of a resolution accepting a proposal from AIS for the purchase and install of a multi factor authentication (MFA) at the desktop level in a total amount not to exceed $35,005 ($23,905 for software/labor and Microsoft licensing $11,100).
Staff advised with the ever-increasing concerns related to ransomware, the FBI, cyber insurance companies, etc. are requiring Multi Factor Authentication (MFA). MFA is an authentication method that requires the user to provide two or more verification factors to gain access to a resource such as an application, online account, or a VPN (virtual private network), adding another layer of protection to the sign in process. In addition to combating common cyberattacks, MFA is also effective at preventing ransomware attacks. This at the computer desktop level. The Yubico USB MFA Key is the hardware authentication device to protect access to computers, networks, and on-line services that supports one-time passwords. Users may also use a city issued phone to receive the password. Staff identified this project was included in the FYE 23 budget. A resolution accepting a proposal from AIS for the purchase and install of a multi factor authentication (MFA) at the desktop level in a total amount not to exceed $35,005 ($23,905 for software/labor and Microsoft licensing $11,100). The Committee unanimously approved the resolution.
Minutes – August 1, 2022 – The committee unanimously approved the minutes.
Adjournment - The meeting adjourned at 6:59pm.
https://www.darien.il.us/getattachment/90622b06-3c46-4dc9-b6cb-8b5be55d4a78/Administrative-Finance-Committee-Meeting-September-1,-2022.aspx
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