City of Peru Finance Committee met Nov. 4.
Here are the minutes provided by the committee:
ROLL CALL: Aldermen Payton, Buffo and Tieman present. Alderman Sapienza absent.
OTHER PERSONS PRESENT: OTHER PERSONS PRESENT: City Clerk Dave Bartley, Treasurer Powell, Alderman Lukosus, Police Chief Bob Pyszka, PSM/Fire Chief Jeff King, Eric Carls, Director of Engineering, Zoning IT Director Stephen Rounds, Director of Human Resources Kim Reese and Economic Development Director Bob Vickery
MINUTES
Alderman Buffo made a motion to approve the Finance Committee Minutes of October 7, 2021. Alderman Tieman seconded the motion; motion carried.
DISBURSEMENTS
Committee reviewed and approved the disbursements for payment on November 10, 2021.
PRESENTATION
None
PUBLIC COMMENT
None
OLD BUSINESS
Justin Miller, Director of Finance provided the following finance update:
• Property Tax Discussion/Recommendation
o Recommended the net impact of 3.6% increase to property owners
• Noted this is City of Peru portion only
• Noted it will also trigger the abatement of bonded debt
• Fiscal Year 2023 Capital Project Discussion
o Deep Sewer/Water Street
• Deep Sewer
• $4.5 million cost
• $1.3 million available
• Funding source-ARPA
• Awaiting IL Rebuild & possible DCEO Grant funding
• Water Street
• Construction value unknown
o 2022 General Fund Street Program
• $1 million cost
• $650,000 (RBI) $350,000 (GF)
• Funding source-IDOT RBI (Rebuild Illinois) and General Fund
• Need to identify RBI project November 2021 per IDOT. Use of RBI frees up unrestricted GF funds
o Wenzel Road Extension
• $400,000 cost
• $60,000-$340,000 available
• IDOT COVID and MFT funding source
• $60,000 covid funding is ½ of expected $120,000 IDOT Covid Funds. Regionally funded. Project MFT out and obligate over construction season
• Budget Update
o Reviewing figures for the general fund and utility fund
• Eric Carls, Director of Engineering and Zoning reviewed the long-term projects that have been delayed:
o Deep Sewer-$4.5 million
o Electric Substation-$9 million
o Options for funding
• Grants
• Reserves
• Bonding
• Treasurer Jackson Powell to research options
• Audit Update
o Expressed his frustration with delays in receiving the audit noting none of the delays are due to the city.
o Hoping to present at the next finance meeting
• ERP System Update
o Reviewed the matrix for development
Kim Reese, Director of Human Resources provided the following update:
• IBEW Contract
o Should be ratified tomorrow (November 5th) and council vote on Monday (November 8th)
• Health insurance transition Thursday
• Wellness Screening
o Friday, October 29th with 49 employees/spouses in attendance
Economic Development Director Bob Vickery gave brief economic development opportunities update. Committee discussed the long-term strategy to secure a 138 interconnect.
Committee discussed options for pickleball. Eric Carls, Director of Engineering and Zoning reported the immediate plan for next year are improvements to the courts at Washington Park, adding four new courts.
NEW BUSINESS
PUBLIC COMMENT
CLOSED SESSION
Alderman Tieman made a motion to adjourn. Alderman Buffo seconded the motion. Meeting adjourned at 5:54 p.m.
https://www.peru.il.us/city-government/forms-and-documents/minutes/finance-committee-minutes/2021-fc/5483-finance-committee-minutes-11-04-21/file
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