City of Peru Finance Committee met Nov. 7
Here is the minutes provided by the committee:
ROLL CALL: Aldermen Payton, Sapienza, Buffo and Tieman present.
OTHER ALDERMEN PRESENT: Aldermen Waldorf, Lukosus, Ballard and Edgcomb
PRESENTATION
Cate Moulton, CPA of Mack & Associates, presented the city’s audit report to the council. Ms. Moulton described the audit as “clean” and “strong” with minimal adjustments. Ms. Moulton also reported there were “no significant deficiencies or material weaknesses” in the city’s accounting.
Mayor Kolowski thanked all the people that are working retail shifts and selling these goods and keeping their stores open, especially after the pandemic, and factoring in supply issues that have also be a challenge for stores. Mayor Kolowski stated that’s where the true thank you goes to, everyone working in small business to big businesses.
PUBLIC COMMENT
None
MINUTES
Alderman Buffo made a motion to approve the Finance Committee Minutes of October 24, 2022. Alderman Sapienza seconded the motion; motion carried.
OLD BUSINESS
Finance Officer Tracy Mitchell reported the following:
• investment of 2 CD’s
o $250,000 to American Express National Bank, CD at 4.70% for 3 years
o $250,000 to Synchrony Bank NA, CD at 4.70% for 5 years
• EAV is up 2%
• Tax levy increase of 4.9% in accordance with state statute
Human Resource Director Kim Reese reported working on advertising to fill current vacancies.
Alderman Payton discussed/recommended the following:
• $2,500 donation to Blue and Red Christmas for Kids
• $250 donation to the Illinois Valley Food Pantry for the “Fill the Cart” (Pay it Forward) campaign
• $3,000 to NCICG EDD for the Economic Development District annual local share for 2022-2023
NEW BUSINESS
Committee discussed renewal from Illinois Municipal League Risk Management Association. Committee was in favor.
Committee discussed employee Christmas Party January 14, 2023. Committee was in favor.
PUBLIC COMMENT
None
CLOSED SESSION
None
ADJOURNMENT
Alderman Tieman made a motion to adjourn. Alderman Buffo seconded the motion. Meeting adjourned at 6:52 p.m.
https://www.peru.il.us/city-government/forms-and-documents/minutes/finance-committee-minutes/2022-fc/5878-finance-committee-minutes-11-07-22-1/file
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