Quantcast

Dupage Policy Journal

Friday, November 22, 2024

City of Elmhurst Finance Council Affairs & Administrative Services Committee met June 26

City of Elmhurst Finance, Council Affairs & Administrative Services Committee met June 26

Here are the minutes provided by the committee:                    

1. Call to Order

Vice Chair Jensen called the meeting to order at 7:00 p.m.

2. Roll Call 

Committee Members Present: Jensen, Nudera, Irby

Committee Members Absent: Talluto

Other Elected Officials Present: Curran, Levin (7:30pm)

City Staff and Others Present: Coyle, Kravets, Grabowski (7:05pm), Kevin Cavanaugh from Lauterbach & Amen, LLP

3. Public Comment – None.

4. Receipt of Written Communication – None. 

5. Business Before the Committee

A. Minutes of the June 12, 2023, meeting of the Finance, Council Affairs & Administrative Services Committee

A motion to approve the minutes of the June 12, 2023, FCA&AS Committee meeting was made by Alderman Irby and seconded by Alderman Nudera.  Roll Call vote: 3 ayes, 0 nays. Motion duly carried.

B. Pension Actuary Report

Kevin Cavanaugh from Lauterbach & Amen (L&A) presented the actuarial reports for the fiscal year ended December 31st, 2022 of the Firefighters’ and Police Pension Funds. Mr. Cavanaugh indicated that L&A prepares four reports annually, two for each fund. The first report covers the actuarially determined contribution recommendation, and the second encompasses financial reporting requirements. The total recommended contribution for the funds increased by 16% over the prior valuation, driven primarily by investment losses compared to the expected return of 6.75%. The Committee inquired about the difference between Tier I and Tier II benefits, as well as the impact of the consolidated investment funds established for Police and Fire Pensions in Illinois.

C. Purchasing Policy

Director Coyle presented a draft revised Purchasing Policy to the Committee for consideration and discussion. Topics highlighted included updates to approval thresholds for City staff, quote and bid policies, travel reimbursement, and asset disposal. The Committee will continue to review and discuss the policy at a subsequent meeting.

6. Other Business

Director Coyle informed the Committee that the City is preparing to transition online payment platforms for utility bill payments, with the change taking place later this week. The current Click2Gov platform will be sunset, and customers will have the ability to pay online through the WaterSmart platform.

7. Adjournment

A motion to adjourn was made by Alderman Nudera and seconded by Alderman Irby.  Motion carried by unanimous voice vote.

The meeting was adjourned at 8:30 p.m.

https://go.boarddocs.com/il/coe/Board.nsf/Public

 

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate