The city of Peru Finance and Safety Services Committee met Oct. 12 to provide updates on the city audit.
Here are the meeting's minutes, as provided by the committee:
FINANCE & SAFETY SERVICES COMMITTEE MINUTES
DATE OF MEETING: October 12, 2016 TIME: 4:00 p.m.
PLACE OF MEETING: Council Chambers, Peru Municipal Building
1901 4th Street, Peru, IL 61354
THE FINANCE & SAFETY SERVICES COMMITTEE MEMBERS PRESENT: Aldermen Potthoff, Ferrari, Radtke and Payton present; Mayor Harl present.
OTHER PERSONS PRESENT: Alderman Lukosus, Alderman Ballard, City Clerk Dave Bartley, Treasurer Jackson Powell, ASM/Police Chief Doug Bernabei, PSM/Fire Chief Jeff King, Finance Officer Justin Miller, City Engineer Eric Carls, and Economic Development Director Bob Vickrey
MATTERS DISCUSSED
Alderman Ferrari made a motion to approve the minutes of the September 28, 2016 Finance & Safety Services Meeting. Alderman Radtke seconded the motion; motion carried.
The Committee reviewed and approved the disbursements for payment on October 19, 2016.
PRESENTATION
John Vezzetti of Bernardi Securities gave a presentation regarding callable May 1, 2017 Hydro 2009 Series bonds. Mr. Vezzetti reported on General Obligation replacing with best case savings $757,984 and worst case savings of $582,017.
Mr. Vezzetti reported on the following timeline:
• October 31-Authorizaton to proceed
• November-Rating with Moody’s
• December-Authorize to market
• January-sell
Lisa McCay of Buxton gave a retail analysis presentation and reported the following:
• Data driver solutions
• Looking beyond demographics
• Retail market conditions
Economic Development Director Bob Vickery gave an economic development presentation.
Finance Officer Justin Miller provided the following finance update:
Finance Report- 10/12/2016
1. Investment ? Comenity Capital 250k
o Yield 1.7% o Matures 10/12/2021
2. City Audit Update
Winkle Parker Foster, CPA PC
o Waiting on Actuary footnote ? Foster and Foster (Actuaries)
o GASB 67 (completed) / GASB 68 – in final review
3. Police and Firefighters Pension Audit ? Stewart Tax
o Police and Fire IDOI- Filed ? Hopkins & Associates, CPAs
o Waiting on actuarial footnotes
4. Concur ? Online site working (currently test running)
o Upload of file into accounting software (Incode) o Full implementation (expected end of October)
5. 2009 Hydro Bond Refinance ? Summary of 10/5 meeting
o Timeline and process
6. Property Tax Levy ? Estimate of Equalized Assessed Value
Alderman Potthoff initiated a discussion for increasing the contribution to the Recreation Board by $25,000.
ASM Bernabei reported on the need to get rid of two old ESDA vehicles, ambulance and old squad car. ASM Bernabei stated Operation Promise is interested in the squad car. The committee recommended putting them out for sale.
Mayor Harl inquired about Council perspective on the auditor fraud inquiry. Mayor Harl suggested drafting a resolution affirming or officially confirming no knowledge of fraud.
Alderman Ferrari asked the Committee for interest in a Christmas Party. The Committee recommended individual departments organize Holiday lunches.
OLD BUSINESS
NEW BUSINESS
PUBLIC COMMENT
CLOSED SESSION
Alderman Ferrari made a motion to adjourn. Alderman Potthoff seconded the motion. Meeting adjourned at 5:40 p.m.
Alerts Sign-up