S-957 - 10/26/1999 - FINANCE - Ordinances Supporting Documents * k Z7,
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VILLAGE OF OAK BROOK
1200 IDAK BROOK ROAD
OAK BROOK, ILLINOIS 60523- 2255
PHONE: 630 990- 3000 j
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FAX: 630 9 004876
NV E B S I T E: u-mw.oak•trcook_org
Date: October 7, 1999
To: Village Preisident and Board of Trustees
From: Darnell Langiois
Subject: Revisions to the Village Board's policy ordinance on Finance, Taxation,
and Budget.
The attached ordinance proposes certain revisions to the Village Board's policies on
Finance, Taxation, and Budget based on the recent discussions regarding the 2000-
2004 Five-Year Financial Plan. These changes include:
• Section 5 has been revisea to indicate that the Village Board objectives discussion is
held in June rather than July. j
• Section 9 has been revised to provide that only the utility tax on natural gas and
electricity be imposed for periods not to exceed one year. This change has been
made due to the recommendation that the utility tax on intrastate telephone service �I
be eliminated on January 1, 2000 and replaced with a 2% tax on all
telecommunications to be deposited in the General Corporate Fund.
• Section 11 has been revised to increase the minimum uncommitted cash balance
from four months to sir.months of operating expenditures.
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• Section 15 has been revised in that the reference to the Finance Officer has been Ij
changed to Finance Director and the provision that interfund loans be repaid with �.
interest has been deleted.
If the Village 3oard concurs with these changes the revised policy ordinance will be
placed on the active agenda for consideration at the next meeting. Please let me know if it
you have any comments or questions.
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MEMORANDUM
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DATE: October 21, 1999
TO: Village President& Board of Trustees
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FROM: Richard A. Martens,Village Attorney
SUBJECT: Revisions to the V'iriage Board's Policy ordinance on
Finance. Taxation and Budget
Pursuant to your direction at the meeting of October 12, 1999, attached is the ordinance
amending certain finance,taxation and budget policies based on the recent discussions
regarding
the 2000-2004 Five-Year Financial Plan.
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I understand you will consider this ordinance at your regular meeting on October 26, 1999.
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Respectfully submitted,
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Richard A. Martens
Village Attorney j
RAM:sps
Attachment
CC,. Stephen B. Veitch, Village Manager
Darrell Langiois, Finance Director
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_,rm ON Motion by Trustee Caleel, seconded by Trustee Kenny, to pars
Ordinance 1999-TX-TELCOM-G-645, "An Ordinance Amending
Chapter 13 Of The Code Of Ordinances Of The Village Of Oak
Brook By The Addition Of Article VI Imposing A Municipal
Telecommunications Tax," as presented and waive the full reading
thereof. ROLL CALL VOTE: j
Ayes: 6—Trustees Butler, Caleel, Craig, Kenny, McInerney and
Savino.
Nays 0—None.
Absent: 0--None. Motion Carried
1. B. 3}� OQNANCE 1999-FI-S-257 r'OMPREHENSIVE ORIMAKE
AMENDMENT TO AN ORDINANCF, ESTABLISHING "-F1-S_9$
!; TAn`! FINANCE TAXATION AND BUDGET POLICIES FIN.TAX A
OF THE VILLAGE PRESIDENT AND BOARD_ OF aUDGaT
TRUSTEES OF THE VILLAGE OF OAK BROO VUG A
za
Pursuant to the Village Board's direction at their meeting of October
12, 1999, the Village-Attorney has drafted an Grdinance amending I'
certain finance, taxation .ind budget policies based on the recent
discussions regarding the 2000-2004 Five-Year Financial Plan.These
changes include:
• Section 5 has been revised to indicate that the Village Board j
objectives discussion is held in June rather than July.
Ij
• Section 9 has been revised to provide that only the utility tax on I!
natural gas and electricity be imposed for periods not to exceed
one year. This change has been made due to the recommendation
that the utility tax on intrastate telephone service be eliminated on
January 1, 2000 and replaced with a 2%tax on all
telecommunications to be deposited in the General Corporate
Fund.
• Section I 1 has been revised to increase the minimum
uncommitted cash balance from four months to six months of
operating expenditures.
A Section 15 has been revised in that the reference to the Finance
Officer has been changed to Finance Director and the provision
that interfund loans be repaid with interest has been deleted.
Motion by Trustee Caleel, seconded by Trustee McInerney, to pass
Ordinance 1999•FI-S-957, „Comprehensive Amendment To An
Ordinance Estiblishing Certain Finance, Taxation And Budget
Policies Of The Village president And Board Of Trustees Of The
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VILLAGE OF OAK BROOK Minutes Page 5 of 16 October 26, 1
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Village Of Oak Brook," as presented and waive the full reading
thereof. ROLL CALL VOTE:
Ayes: . 6—Trustees Butler, Caleel, Craig, Kenny, McInerney and
Savino.
Nays: 0—None.
Absent: 0—None. Motion carried.
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7. B. 4) ORDINANCE 1999-B"QW-!Q-646 Ahl JORDI,NANCE
AAMENpM SEMIQN 2-19 OF THE CQDE OF �.aa�owe
MtNA C0 QF THE VILLAGE OF QAK BRQOK. IL AND AWEXd SEC
PROVIDING FOR-UVISED REGULAR MEEIINQ DATES � c
FOR THE BOARD OF TRUSTEES: a+rrs
Pursuant to the Village Board's direction at their meeting of October
12, 1999, the Village Attorney has drafted an ordinance which
ch--nges the Board's Committee-of-the-Whole meeting to the Monday
immediately preceding the fourth Tuesday of each month.
President Bushy indicated that the change was requested so that the
Committee-of-the-Whole meeting did not conflict with the School
Board or Park District Board meetings as they declined to change
their meetings.
Motion by Trustee Caleel, seconded by Trustee Savino, to pass
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Ordinance 1999-BD-COW-G-646,"An Ordinance Amending Section
2-19 Of The Code Of Ordinances Of The Village Of Oak Brook, IL
And Providing For Revised Regular Meeting Dates For The Board Of
Trustees;' as presented and waive the full reading thereof. ROLL
CALL VOTE:
Ayes: 6 — Trustees Butler, Caleel, Craig, Kenny, McInerney and
Savino.
Nays: 0 — None. 'I
Absent: 0— None. Motion carried.
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5) RESOLtJTIQN 1299 ICMA-R-? 1 A R SOLUTI,Q),i aLsoLu"
SUEPORTING FEDERAL LEGIS,LATIQN TO IMRR2_VE WICMAI�R-711
STATE AhM LOCAL GOVERNMENT RETIREMENT rrn LIAII:s
PLAM: atraar AV
This resolution indicates the Village's support, as a Section 457
deferred compensation plan sponsor, of legislation that would
strengthen the retirement savings programs of public employers and II
their employees and enhance the attractiveness of public service. The
thnsst of the recommended changes is to level the field between li
public sector and private sector plans in terms of portability,
contt'bution limits and withdrawal rules,
VILLAGE OF OAK BROOK Minutes PAge 6 of 16 October 26, 1999 �