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0725 fin min

August 9th, 2011  |  Published in Board Meetings, Minutes

Carol Stream Park District

Finance Committee

July 25, 2011

6:05pm – 6:57pm

 

 

Present: 

Commissioners: Brenda Gramann, Tim Powers, Jackie Jeffery
Brian Sokolowski  arrived at 6:30pm

 

Staff: Arnie Biondo, Executive Director (via conference call), Sue Rini, Director of Finance & Administration, Lisa Scumaci, Controller

 

Consultants: Lynda Given, Bond Counsel with Chapman Cutler, Joe Meyer, Auditor with Seldon Fox

 

Bond Issuance/EAV:

Lynda Given, of Chapman Cutler presented information regarding the next bond issue.  Although unable to be present, Bill Hepworth of R.W. Baird prepared a document explaining the benefit of Debt Limit Legislation which could result in a $5M less in interest costs as compared to issuing Capital Appreciation Bonds (the current option under debt limitations created by the drop in EAV).

Lynda Given then presented information regarding the purpose of the proposed legislation, and the two main points:

  • Allows bonds approved at the 2/2/10 referendum to be issued without regard to the District’s 2.875% debt limit.
  • Allows the District’s referendum approved bonds to have a maximum maturity of 32 years.

 

Followed by a brief explanation of the process, which would include:

  • Benefits of gaining the support of the IAPD
  • Need to gain support of the District’s Illinois House and Senate representatives is critical.
  • Veto Session begins around the third week of October; ends before Thanksgiving.
  • Expect the process to take a minimum of 5-7 months.
  • Need to move quickly.

 

Review of 2010 Consolidated Audit of Financial Results

Joe Meyer of Seldon Fox gave a brief presentation on the 2010 CAFR.  District has received 10 consectutive awards from the GFOA for Excellence in Financial Reporting, and he has submitted our application for our 11th year. There were no exceptions to the audit, and overall performance resulting in positive gains to both the Corporate/General Fund, and the Recreation Fund.

 

Quarterly Treasurer’s Report

Commissioner Gramann asked for the 2nd quarter Treasurers Report to be tabled until August 8.