City of Peru Finance Committee met Dec. 5.
Here are 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
None
PUBLIC COMMENT
None
MINUTES
Alderman Payton made a motion to approve the Finance Committee Minutes of November 21, 2022. Alderman Tieman seconded the motion; motion carried.
OLD BUSINESS
Human Resources Director Kim Reese reported on hiring selected candidate for accounting department.
Alderman Payton reported the committee will be receiving hard copies of disbursements.
NEW BUSINESS
Mayor Kolowski recommended $1,000 donation to The Lighted Way and challenged neighboring communities to match.
Alderman Payton initiated a discussion on financial planning for capitol projects and suggested holding back on new investments. Alderman Payton also noted $1.5 million is in reserve for substation project.
Alderman Payton asked all department heads to cut FY 24 budget by 10% to 15% in order to help the General Fund.
Treasurer Jackson Powell made a recommendation to look at long-term option to capital projects and believes short-term investments could go five years.
Eric Carls, Director of Engineering and Zoning noted the preferred approach to managing cash flow and not eroding reserves waiting for projects to come to focus.
PUBLIC COMMENT
None
CLOSED SESSION
None
ADJOURNMENT
Alderman Tieman made a motion to adjourn. Alderman Buffo seconded the motion. Meeting adjourned at 6:43 p.m.
https://www.peru.il.us/city-government/forms-and-documents/minutes/finance-committee-minutes/5907-finance-committee-minutes-12-05-22/file
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