City of Colona Finance/Administrative Committee met March 19.
Here is the minutes provided by the Committee:
Call To Order: 9:03 a.m.
Roll Call: Aldermen Holman, Swemline answered present
Alderman Hillman was absent
Staff Present: K. Palmer Office Manager
J. Legare Treasurer/Budget Officer
Public Comments: None
Old Business:
1. Kathleen Palmer presented a proposed compensation package for the part-time position in City Hall. The committee will continue to discuss/review the proposed package.
2. The committee reviewed the 2017 Min/Max payout which was $24k. The City paid $94k for the coverage. The committee discussed possibly establishing an account to be self-insured. Kathleen Palmer will check on a policy with a higher deductible or a catastrophic policy that when the aggregate cost is high enough the co-insurance kicks in.
3. The committee is still reviewing the proposed 2018-2019 budget. A copy of the budget is available for review at City Hall. The budget hearing is scheduled for April 9, 2018 at 6:00 pm in the Council Chambers at City Hall. The City still has a deficit of $89k scheduled from transfers. There is $94k to taken from MFT funds for streets, sidewalks, and snow plowing. There are no major projects scheduled for this FY’s budget. The City’s revenue is down $112k with $75k being withheld from State municipal payouts.
New Business:
1. The committee discussed a complaint from a resident about the new fee schedule. It was decided to bring the complaint before the City Council at the March 26, 2018 council meeting. Kathleen Palmer reported that the new fees have resulted in minimal complaints and more residents are paying their bills on time. She will do a six month review and report back to the committee.
2. As of July 1, 2018 the IPBC renewal rate will be down to 2.7 percent, which is an approximate $10k savings to the City. The committee proposes to open an account for insurance reserves and place the $10k in that account.
3. The committee reviewed the ICMARC 457 plan document. There are some changes; however, the City is in compliance with those changes so no revisions need to be made to current policies.
4. The committee decided to go out for Requests for Proposals (RFP’s) for the City Attorney. A letter will be sent to selected attorneys identified by the committee. It is planned to hold interviews with the interested attorneys, the Mayor, and the committee on April 27, 2018 at 9:00 am.
Adjourn: Meeting adjourned at 10:20 a.m.
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