Peru finance committee reviews cash flow projection
The city of Peru Finance and Safety Services Committee met Aug. 31 to review cash flow projection.
Here is the meeting's agenda, as provided by the committee:
FINANCE & SAFETY SERVICES COMMITTEE MINUTES
DATE OF MEETING: August 31, 2016 TIME: 4:00 p.m.
PLACE OF MEETING: Executive Conference Room, Peru Municipal Building
1901 4th Street, Peru, IL 61354
THE FINANCE & SAFETY SERVICES COMMITTEE MEMBERS PRESENT:
Aldermen Potthoff, Ferrari and Radtke present; Mayor Harl present; Alderman Payton absent.
OTHER PERSONS PRESENT: Alderman Lukosus, Alderman Sapienza, City Clerk Dave
Bartley, ASM/Police Chief Doug Bernabei, PSM/Fire Chief King, City Engineer Eric Carls,
Finance Officer Justin Miller, Economic Development Director Bob Vickrey, Ben Hohenstatt of
the News Tribune
Alderman Potthoff made a motion to approve the minutes of the August 17, 2016 Finance &
Safety Services Meeting. Alderman Ferrari seconded the motion; motion carried.
The Committee reviewed and approved the disbursements for payment on September 7, 2016.
Economic Development Director Bob Vickrey provided an update on communications for a
potential light manufacturing prospect generated through the State of Illinois call operation
Committee gave a brief discussion on options for new city billboard signs.
Finance Officer Justin Miller provided the following update:
Finance Report- 08/31/2016
1. City Audit Update
? Winkle Parker Foster, CPA PC
o Completed fieldwork (follow-ups)
? Waiting on Actuary and Pension audits
? Foster and Foster (Actuaries)
o GASB 67 and 68
2. Police and Firefighters Pension Audit
? Stewart Tax
o Police IDOI- Filed
o Fire IDOI- Waiting on interrogatories
? Hopkins & Associates, CPAs
o Waiting on actuarial footnotes and meeting minutes
? Process and Site Development Stage
o Testing website 09/01/2016
4. 2009 Hydro Bond Refinance
? Refinancing options being discussed
o Best to level payments/frontload/backload
5. Investment Strategy
? Cash flow projection
o Public Works Building and Sewer Separation (November)
o Meeting set for 9/13
o Have not dipped into reserves for the Public Works building
Committee discussed administration authorization for OSLAD grant through NCICG.
Committee discussed $3,000 contribution to NCICG toward the local share to match the 50/50
Annual Planning Grant from the U.S. Department of Commerce-Economic Development
Committee discussed electronic recycling event.
Alderman Potthoff discussed options for increasing Hotel/Motel tax to provide additional
revenue for pending projects.
Mayor Harl asked about additional funding to Recreation Board for fireworks.
Mayor Harl initiated a discussion regarding recognition of retired elected officials.
PSM King updated the Committee on the upgrades to the Arby’s Lift Station.
City Engineer Eric Carls reported on Omni Trax approval of bids for the first phase of
Alderman Potthoff made a motion to adjourn. Alderman Ferrari seconded the motion. Meeting
adjourned at 5:20 p.m.