Minutes - 04/15/2010 - Citizen’s Finance Advisory Committee of ()Air
e,9 MINUTES OF THE APRIL 15, 2010 MEETING OF THE
VILLAGE OF OAK BROOK CITIZEN'S FINANCE ADVISORY
: 0 COMMITTEE AS WRITTEN OR AS AMENDED ON MAY 19,
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1. CALL TO ORDER
The meeting was called to order by Village Manager David Niemeyer in the West Wing
Conference Room of the Butler Government Center at 7:04 pm.
2. ROLL CALL
Manager Niemeyer called the roll with the following persons:
PRESENT: George Klein,Norma Lauder and Randall Teteak
ABSENT: Todd Rusteberg and Don Adler(arrived late)
ALSO IN ATTENDANCE: Village Manager David Niemeyer, Finance Director Sharon
Dangles, Assistant Village Manager Blaine Wing, Trustee Wolin, Chief Sheahan, Lt. Weber
and Battalion Chief Marciniak.
In the absence of Chairman Adler, Manager Niemeyer requested a motion for a temporary
chairman for tonight's meeting. G. Klein motioned, seconded by R. Teteak to appoint Norma
Lauder to act as temporary Chair for tonight's meeting. VOICE VOTE: Motion carried.
3. APPROVAL OF MINUTES
A. Minutes from the February 18, 2010 meeting
R. Teteak motioned, G. Klein seconded to approve the minutes of January 25, 2010. VOICE
VOTE: Motion carried. Minutes approved.
4. POLICE AND FIRE PENSIONS —Discussions to be held with Actuary, Tim Sharpe via
conference call. Information received prior to tonight's meeting was reviewed and discussed
prior to speaking with Actuary Tim Sharpe.
Tim Sharpe called in to the meeting and Manager Niemeyer explained what the Committee is
looking at with the 3 options he was working on with Finance Director Sharon Dangles. The
Committee has several questions and discussions on percentages. Actuary Tim Sharpe gave a
generalization of what the Village currently has. He offered different scenarios if the Village
was to change contributions. He also discussed the assumptions short term vs. long-term and
how that affects the Village. Tim feels the Village of Oak Brook is in a good place right now
in regards to percent funded. It is higher than most local pension funds, and ratio of assets to
expenses (15 tol) is still pretty comfortable and the stellar track record. Not one dollar of
underfunding has occurred at Oak Brook. That is the kind of community Oak Brook seems to
be.
Manager Niemeyer explained that the two pension funds are managed differently. His
experience in reviewing the Oak Brook pension funds is that they do a pretty good job. Trustee
Wolin further explained that the police and fire pension fund boards are appointed by the
Village President and are independent and determine the goals for the funds.
Tim Sharpe explained the reasoning behind pension reform and explained why the Village
would not want to cut back on their assumptions right now as pension reform would not apply.
Citizens Finance Advisory Committee Page- 1 -of 3 Meeting of April 15,2010
Manager Niemeyer explained that Tim's calculations and estimates did not reflect the
possibility of the Village considering an early retirement program. We are considering an early
retirement program and it was placed in the budget to do something this year.
The Committee thanked Tim Sharpe for his time and ended the call.
R. Teteak motioned,N. Lauder seconded by to accept assumption#2 predicated on the data
they heard as well as the staff's recommendations. Voice Vote:
Ayes: 2,Norma Lauder, Randall Teteak
Nay: 1, George Klein
Motion carried.
5. RESIDENT COMMENTS
Resident Connie Xinos spoke to the Committee regarding his displeasure in the direction the Village is
headed.
6. CONSOLIDATED DISPATCH
Assistant Village Manager Wing distributed a 9-page document that is a work-in progress draft of the
different options that is being worked on with staff. AVM Wing reviewed the handout page by page.
Chief Sheahan spoke to the Committee regarding the Communication Center staff benefits. He
reviewed the options with the Committee and AVM Wing explained how we got to these options.
Chairman Adler arrived at 8:30 pm.
AVM Wing continued to explain the options in a little more detail. Discussion ensued of the various
options and firms available to handle Oak Brook's dispatch operations.
R. Teteak motioned,N. Lauder seconded to seriously pursue option 4 with Westmont communications
and try to nail down more facts and go from there. Discussion. Voice Vote:
Ayes: 3, Randall Teteak,Norma Lauder and Don Adler
Nay: 1, George Klein.
Motion carried.
7. BANKING & AUDITING SERVICES
Finance Director Dangles stated that McGladrey &Pullen, LLP has been providing auditing services
for the Village for 4 years. There is a 3-5 year rotation policy for banking and auditing services. The
Committee recommended that rather than do a full blown RFP, Finance Director Dangles might be
able to get services and fee estimates by surveying other towns as to who others are using. An RFP is
very time consuming and this may be a way of shortening the process. Finance Director Dangles
mentioned that banking services are through MB Financial and we have been with them for 5 years.
She is also pleased with the services they provide. R. Teteak requested that Sharon bullet-point all of
the banking services and volunteered to work with Sharon on reviewing the banking services provided
to the Village..
8. SPORTS CORE—Next Steps. Not discussed at this time.
9. OTHER BUSINESS
A. Future Meeting Dates. The committee already agreed to meet once a month unless
otherwise needed.
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Chairman Adler mentioned that the Committee got a little off track with discussions on Consolidated
Dispatch. He reminded the committee of what their charge is. N. Lauder felt that some of the
discussions are a little broader than the financial side. She is here to evaluate the financials, not the
processes or operations and that discussions could be tightened up to the financials rather than
evaluating. Chairman Adler agreed and mentioned that the Committee should remain focused on the
financials.
Next meeting,May 6, 2010.
Manager Niemeyer mentioned to the sub-committee that we are in the process of creating a small
committee to look at the Fire Department Study from McGrath, and where to go from here. The sub-
committee will consist of 2 Trustees,the Fire Chief and Manager Niemeyer. If someone from the
Finance Committee is interested in participating,please let him know. "It will be a rather large
commitment.
10. ADJOURN TO CLOSED SESSION—the Committee did not adjourn to closed session.
11. ADJOURNMENT
Motion by R. Teteak to adjourn the regular meeting of April 15, 2010. Seconded by G. Klein. VOICE
VOTE. Motion carried.
Meeting adjourned at 10:16 p.m.
ATTEST:
David Niemeyer
Village Manager
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