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Board of Finance Meeting Minutes 2015

Meeting Minutes

01-29-2015 Board of Finance

January 29, 2015 Board of Finance Minutes

Michael Forbes, President Mark Barenie David Austgen, Town Attorney
Larry Bustamante, Vice-President Ken Gembala Steve Kil, Town Manager
Gregory Volk    

CALL TO ORDER:

Mr. Forbes called to order the special meeting of the Town of St. John, Board of Finance for January 29, 2015, at 7:29 p.m.

(The Pledge of Allegiance was said.)

ROLL CALL:

Roll call was taken by Susan E. Wright, Recording Secretary, with the following members present: Michael Forbes, Greg Volk, Ken Gembala and Larry Bustamante. Mark Barenie was absent. Staff members: Steve Kil was present. Attorney Austgen was present.

ELECTION OF OFFICERS:

Mr. Forbes noted that the 2015 election of officers was first on the agenda. He asked if there were any nominations for the position of president. Mr. Bustamante nominated Michael Forbes to serve as president for 2015. Mr. Gembala seconded the motion. The motion was carried by voice vote (4/0). Ayes --- all. Nays --- none.

Mr. Forbes stated he would entertain a nomination for the position of vice-president. Mr. Forbes made a motion to nominate Larry Bustamante to the position of vice-president for 2015. Mr. Gembala seconded the motion. The motion was passed by voice vote (4/0). Ayes --- all. Nays --- none.

APPROVAL OF MEETING MINUTES: JANUARY 30, 2014 SPECIAL MEETING

Mr. Forbes noted the next item for the Board’s consideration and action was approval of the meeting minutes of the January 30, 2014, Board of Finance. He asked if there were any questions on the meeting minutes. There were no questions.

Mr. Forbes stated he would entertain a motion for approval of the Board of Finance meeting minutes on January 30, 2014. “So moved,” by Mr. Bustamante. Mr. Gembala seconded the motion. The motion was carried by voice vote (4/0). Ayes --- all. Nays --- none.

NEW BUSINESS:

A. CONSIDER 2014 ANNUAL FINANCE REPORT
Mr. Forbes noted the first item under New Business was the Board’s consideration of the 2014 Finance Report.

Mr. Kil stated he could summarize the document he had just submitted to the Board. He stated this report was one of the best reports he possibly has ever made in his career as Town Manager.

Mr. Kil reported the highlighted the finances of the Town as follows:

Standard & Poor’s credit rating for the Town was raised to “AA” from “AA-“. He stated that Standard & Poor also cited the Town’s outlook as in a very good financial position and with a very favorable outlook. Mr. Kil stated these ratings help the Town with their bond issues.

January 1, 2014, beginning cash balance of all of the Town’s funds amounted to $20,024.198.52, and as of December 31, 2014, the Town’s cash balance was $22,808.080.36, a net increase of $2,783,881.84, up fourteen percent (14%).

Mr. Kil stated the Town is in fantastic shape. He commended the Council for their good works. Mr. Kil remarked that the numbers don’t lie and the report is a testament to how well the Town is doing.

General fund, operating receipts for 2014 were over budget $465,204.00, forty-six percent (46%), more than the Town had budgeted for in revenue.

Disbursements were under budget by $470,000.00 or ten percent (10%).

Property taxes levied were thirteen percent (13%) under the Town’s levy. Mr. Kil explained that the Auditor reimbursed Munster Medical Research $2,000,000.00 for an appeal, a one-time reimbursement.

Outstanding debt as of February 1, 2015, for the Town proper is $11,000,035.00. Water Works, approximately $5.4 million Sewage, $1.7 million. Mr. Kil stated these would be retired very soon.

Redevelopment $5.2 million (road bond).

Total $23,465,000.00.

Mr. Kil congratulated the Council once again for the outstanding financial report. He stated the Town is in great financial position with revenues up and expenses down. He concluded the report summary.

Mr. Forbes asked the Board members if they had any questions or comments. There were no questions or comments.

Mr. Forbes stated he would entertain a motion to accept the 2014 Annual Finance Report as submitted “So moved,” by Mr. Bustamante. Mr. Volk seconded the motion. The motion was carried by voice vote (4/0). Ayes --- all. Nays --- none.

ADJOURNMENT:

Mr. Forbes stated he would entertain a motion to adjourn the meeting. “So moved,” by Mr. Volk. Mr. Gembala seconded the motion. Ayes --- all. Nays --- none. The motion was carried by voice vote (4/0).

(The meeting was adjourned at 7:35 p.m.)

A TRUE COPY

_____________________________________________________
Susan E. Wright
St. John Town Board of Finance, Recording Secretary

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