|Larry Bustamante, President||Ken Gembala||Attorney David Austgen|
|Mark Barenie, Vice-President||Chief Fred Frego||Sherry Sury, Clerk-Treasurer|
|Michael Forbes||Chip Sobek||Steve Kil, Town Manager|
Mr. Bustamante requested a roll call vote on the motion to nominate Mr. Bustamante as President of the St. John Board of Finance. Ms. Kocot took a roll call vote. Mr. Barenie – yes. Mr. Volk – yes. Mr. Gembala – yes. Mr. Bustamante – yes. The motion was carried by roll call vote (4/0).
Mr. Bustamante requested a roll call vote on the motion to nominate Mr. Barenie as Vice President of the St. John Board of Finance. Ms. Kocot took a roll call vote. Mr. Barenie – yes. Mr. Volk – yes. Mr. Gembala – yes. Mr. Bustamante – yes. The motion was carried by roll call vote (4/0).
Mr. Kil stated that the Town’s revenue for 2012 was $1,801,869 as compared to $1,258,227 in 2011. He stated that there was a decided increase in revenue due in part to the Lake Central construction project and an increase in building permits.
Mr. Kil stated that Town’s expenses for the General Fund for 2012 were $4,227,237. He stated that in the year 2009, the Town’s expenses were $4,726,000. Mr. Kil congratulated everyone for managing to decrease the Town’s expenses and increase the revenue for each year.
Mr. Kil stated that the Annual Finance Report also encompasses the Town’s debt. He stated at the present time the Town has seven outstanding bond issues. The bond issues are as follows: the Park District Bond Series from 1997; St. John Building Corp., 2005 and 2006; Waterworks Revenue Bonds, on in 2007 and one in 2009; G.O. Bond, 2010 (road bond); and a Sewage Works Revenue Bond. Mr. Kil stated that the Town’s total outstanding debt, including general and utilities, is $21,985,000. He stated that the longest term remaining on any bond is 16 years, that being the Waterworks Bond. Mr. Kil stated that on the Building Corp. Bonds, one bond will mature in 13 years and the other in 13 1/2 years. Mr. Kil stated that the Town Hall and Municipal Complex should be paid off in approximately 13 years.
Mr. Kil stated that interest income earned in 2012 was $16,804, 86 from the general, water and sewer funds. He stated that miscellaneous revenue was received from LECE, cable, riverboat and principle and interest. He stated that there are cash balances in all of the accounts. The Board concurred that this was a good financial picture.
Mr. Bustamante stated he would entertain a motion to accept the 2012 Annual Finance Report. There was no discussion. “So moved,” by Mr. Barenie. Mr. Volk seconded the motion. The motion was unanimously carried by voice vote (4/0).
(The meeting was adjourned at 7:27 p.m.)
A TRUE COPY
Susan E. Wright, Recording Secretary
St. John Board of Finance