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From YouTube: Finance Committee Meeting 06/29/2022
Description
Finance Committee Meeting 06/29/2022 9:15am
A
B
B
A
I
have
no
requests
for
public
comment.
Is
there
any
desire
for
anyone
to
give
public
comment?
Any
desire
for
a
public
comment,
anyone
needing
to
make
that
hearing
none?
We
have
no
presentations
under
this
portion
of
the
agenda.
Approval
of
the
minutes
for
may
25th
is
reporting.
Mr
donald,
mr
payton,
all
in
favor
of
approving
the
minutes
say
aye
opposed,
nay
motion
carries.
A
B
A
A
A
A
A
A
E
C
Real
quick
and
I
appreciate
your
comprehensive
documentation
that
you
have
in
the
articulation
stuff,
I'm
familiar
with
bernardi
and
associates
with
the
city
and
and
mr
mccarty
has
indicated
a
long-lasting
relationship
with
the
county
as
well
too.
So,
in
other
words,
what
I'm
saying
is
that
can
you
give
us
some
highlights
and
and
we
we
have
the
information
that
you
provided
to
us?
F
Okay,
well,
thank
you,
steve.
Thank
you,
mr
hunter
good,
to
see
you
again
good
morning.
Everybody
you've
got
the
information
in
front
of
you,
I'm
not
going
to
go
through
it
kind
of
word
by
word
paid
page
by
page,
but
I
wanted
to
obviously
hit
the
highlights
on
the
potential
bond
issue
and
obviously
take
any
questions
that
you
may
have
if
we
skip
ahead
a
couple
slides.
F
F
Basically,
our
business
is
underwriting
bond
issues,
financing
projects
for
illinois,
municipalities
and
counties
with
that
we
have
significant
experience
doing
that
up
and
down
the
state
of
illinois
as
well
as
here
in
the
county
page
three.
This
just
gives
you
a
quick
recap
of
the
bond
issues.
Bernardi
securities
and
myself
personally
have
been
involved
with
the
county
and
the
county
public
building
commission
going
back
to
2004.
F
Basically,
within
two
and
a
half
years,
the
county
is
going
to
have
paid
off
approximately
77
percent
of
the
outstanding
debt,
so
pretty
rapid
amortization
of
the
county's
outstanding
debt
and
you'll
see
there.
Those
are
the
principal
payments
on
an
annual
basis
going
forward
for
the
outstanding
bond
issues
for
the
county.
F
Turning
to
the
next
slide,
this
is
the
legal
debt
margin
page.
So
what
is
the
bonding
capacity
for
the
county
and
this
changes
on
an
annual
basis
as
the
equalize
assessed
valuation
changes
of
the
county
and
as
the
the
county
makes
its
payments
on
its
bond
issues?
Currently,
the
eav
is
about
2.1
billion
2.2
billion.
F
F
So,
yes,
interest
rates
have
gone
up,
they've
kind
of
stabilized
here,
the
last
couple
of
weeks,
but
there
is
obviously
talk
that
the
fed's
going
to
continue
to
increase
rates,
probably
likely
going
to
see
that
those
rates
go
up.
I
don't
know
as
rapid
as
they
have
gone
up,
but
just
putting
it
in
perspective
over
a
10-year
history
we're
about
average
of
where
rates
have
been
during
that
time
period.
F
If
we
go
to
the
next
slide
page
seven,
this
is
that
same
graph
bond
buyer
index
20-year
bond
issue,
but
this
goes
back
40
years
so
to
1982.,
so
you'll
see
where
rates
have
been
over
that
time
period.
Even
though
we've
had
a
spike
in
rates,
you'll
see
we're
towards
the
bottom
of
that
yield
curve.
Over
that
40-year
period.
F
F
Obviously
this
could
change,
and
this
is
just
you
know-
a
level
debt
payment
for
20
years
to
net
three
million
dollars
for
the
project.
The
level
debt
service
can
change.
We
can
we
can
lower
payments
up
front
to
meet
budget
budget
constraints
level
them
off
in
the
later
years.
This
is
kind
of
a
fluid,
basically
a
fluid
spreadsheet,
as
we
work
with
with
steve
and
the
county
in
regards
to
what
the
best
repayment
option
is,
but
this
just
gives
you
an
idea.
F
F
So,
that's
you
know
just
a
preliminary
debt
service
schedule
and
then
I
wanted
to
get
in
the
timing,
which
is
the
last
slide.
I
want
to
cover
and
then
answer
any
questions
you
may
have,
which
is
shown
here
on
page
10.,
so
there's
basically
three
board
actions
for
the
county
to
issue
the
bonds
and
this
year
the
same
steps
that
were
used
with
the
prior
bond
issues
of
the
county
and
the
first
step
which
we've
got
here
is
number
three
july
12th,
which
is
the
next
county
board
meeting.
F
We
would
pin
pinpoint
that
meeting
to
pass
the
first
short
authorizing
ordinance
now
that
authorizing
ordinance
provides.
The
general
purpose
of
the
bond
issue
defines
the
revenues
that
we're
going
to
use
to
repay
the
bonds
and
then
lastly,
provides
a
not
to
exceed
number
on
the
sizing
of
the
issue,
so
it
can
always
come
down
from
that
number
after
it's
authorized,
but
we
can't
go
above
that
number.
So,
typically,
what's
done
with
that?
F
So
that's
the
first
board
action.
Then
we
come
back
in
august
at
the
the
august
board
meeting.
We
would
have
the
public
hearing
on
the
bond
issue.
Again
we
restate
all
that
information
that
was
authorized
in
step
three
and
then
take
any
public
comments,
written
or
verbal
and
any
questions
from
the
board
again
at
that
at
that
board
meeting
and
then
come
september.
That's
the
last
board
action
at
that
board
meeting
the
bond
ordinance.
F
C
F
F
G
Yeah,
thank
you,
mr
chairman.
If
we
hit
the
if
the
feds
throw
another
three
quarter,
.75
on
an
interest
rate
that'll
hit
before
the
end
of
this
these
meetings,
you
have
it'd
be
on
there
before
that
last
tuesday,
meeting
in
august,
so
the
rate
could
be
even
higher
than
it
is
now.
If
it
goes
up
three
quarters,
is
there
any
way
to
forecast
that
three
quarters?
G
Because
you
know
it's
probably
going
to
happen-
I
mean
you
can't
do
it
in
your
your
head
and
give
us
an
idea
what
that
would
be
at
one
of
the
first
meetings
you
could
come
in
with
a
projection
of
some
kind
of
rejection
of
that
time.
Time
frame,
oh
yeah,
a
lot
of
everything
seems
to
be
flying
right
now.
Every
time
you
everything
you
do
is
just
ridiculously
more.
So
if
it
goes
up,
you
know
to
six
seven
percent
or
whatever,
then
that
can
make
a
big
difference
in
the
project.
F
Sure,
oh
yeah,
I
don't
envision
it
going
up.
I
don't
have
crystal
ball.
I
don't
envision
it
at
six,
seven
percent,
but
it's
it's
hard
to
say
it
seems
like
the
the
bond
market
knows,
rates
are
going
up
and
a
lot
of
those
potential
fed
increases
are
already
baked
in
the
rates
that
we're
seeing
now.
But
it
seems
like
the
commentary
that
comes
out
when
the
fed
meets
and
chairman
powell
and
the
other
committee
members
that
seems
to
be
driving
the
market
up
and
down
being
more.
G
F
They
were
talking
about
raising
it
six
seven
times
this
year,
so
I
think
a
lot
of
that
was
baked
into
the
numbers
that
we've
seen
and
then
it's
really
the
commentary
of
how
fast
they're
going
to
do
that
and
then
the
news
in
regards
to
inflation,
the
war
in
ukraine
supply
chain
issues.
Obviously
the
fed
increases
there's
a
lot
of
variables
that
we
don't
really
know,
but
best
we
can
do
is,
I
think,
we're
being
conservative
on
what
we're
showing
today
and
I'll
obviously
update
the
board
as
we
go
through
the
process.
Okay,.
F
A
D
Thank
you,
sir.
This
may
be
a
question
you
know,
obviously
for
for
from
mr
mccarty
as
well.
We
have
a
ratings
call
next
next
next
month
with
moody's,
your
action
talking
to
them
about
the
the
bond
issue.
Does
that
spur
their
re-rating
after
we
have
our
call,
you
see
what
I'm
trying,
because
usually
it
takes
them
months
to
get
back
to
us
with
any
type
of
change.
D
E
E
F
Yeah,
well,
I
think
steve
you
and
I
can
talk
about
this
after
the
meeting,
but
we
can
contact
moody's.
Let
them
know
that
the
county
is
contemplating
coming
with
a
bond
issue
and
we
will
be
going
out
for
a
rating,
so
they'll
delay
that
july
5th,
because
they're
not
going
to
want
to
then
turn
around
and
do
another
bond
rating
so
likely
this
has
happened
in
the
past.
Where
you've
got
a
cert,
they
call
it
a
surveillance
rating
which
you're
going
through
if
you're
going
to
be
issuing
bonds.
F
They'll
just
do
it
all
together,
so
we
could
just
do
it
and
coincide
it
with
the
bond
they
reached
out
to
us
first
yeah.
We
can
talk
to
them
and
just
do
one
call
and
then
it'll
be
more
then
they'll
have
the
information
about
the
bonds
and
it
won't
have
to
be
they'll
likely
just
move
it
to
the
one
run,
one
rating
call.
Okay,
thank
you.
A
A
A
E
Yeah
yeah,
I
you
know
you
see
these
up
ebbs
and
flows.
You
know
throughout
the
year,
so
I
I
don't
have
a
lot.
You
know
specifically
to
add
other
than
what
the
numbers
are
showing
us
here,
but
certainly,
if
there's
any
questions
otherwise
we'll
you
know,
keep
going.
We
got
other
stuff
to
cover.
Yet
today.
E
For
cash
flow
yeah,
no
complaints
on
this
end
we're
at
the
end
of
june,
which
has
historically
been
the
toughest
month
may
june,
before
the
property
tax
distribution,
we're
still
in
the
five
million
dollar
category
for
cash
on
hand
for
june,
which
is
I'm
speechless
and
happy.
Obviously,
and
you
know
in
previous
years,
I
had
to
balance
that
for
four
or
five
months
that
five
million
you
know
to
make
that
stretch.
E
H
A
E
I
I
H
Thank
you,
mr
chairman.
I
I've
just
got
one
comment
and
sometimes
and
not
to
try
to
pick
sides
on
any
of
this,
but
sometimes
it's
good
to
have
oversight
and
it's
good
to
have
things
get
questioned,
but
I
would
really
like
that
the
person
with
the
oversight
in
the
question
to
come
before
this
committee,
because
sometimes
it
could
be
correct
and
sometimes
like
this-
we're
saving
money
across
a
period
of
time.
H
So
I
I
these
little
hand
notes
on
the
bottom.
I
have
tough
time
understanding
or
reading
them
in
my
copy.
So
I
I
don't.
I
don't
know
if
we
can
do
anything
as
a
body
to
to
bring
somebody
to
the
table
to
so
that
when
there
is
a
problem,
we
need
to
recognize
it
because
we
all
want
to
fix
the
problem.
I
mean,
I
don't
think
anybody
in
here
wants
to
cause
problems.
H
Everybody
wants
to
fix
the
problem,
but
we
just
would
like
to
have
that
person
or
maybe
hey
we
messed
up,
let's,
let's,
let's
bring
it
up
in
here
I
mean
I.
I
just
I'm
frustrated
to
to
the
point
that
I
have
to
read
this
on
the
bottom
of
a
note
and
can't
hear
it
from
somebody
who
might
it
might
be
valid.
It
might
be
a
valid
point.
A
J
Mr
long,
you
know
many
of
these
problems
that
come
in
front
of
the
board
could
be
resolved
at
the
department
level
and
that
use
up
our
valuable
time
here
at
the
board.
There's
larger
issues
out
there
to
be
looked
at,
and
this
is
seems
pretty
petty
to
me:
go
go
to
the
department.
Have
a
discussion
find
out
why
it
doesn't
match?
Don't
send
us
a
letter
or
a
comment
like
this
on
a
on
a
claim
sheriff.
I
A
E
A
J
A
E
K
A
A
E
Yeah,
when
the
original
intergovernment
agreement
and
bond
was
done
in
2002,
it
can
only
be
done
for
20
years.
The
original
admitted
annual
administration
fee
was
seven
thousand
dollars
paid
to
the
public
building
commission
that
ended
in
2001
or
2021
sorry.
So
this
is
to
bridge
the
gap
for
the
for
the
last
five
years
of
the
bond
and
and
the
activity
related
to
the
bond.
E
The
proposed
fee
would
be
ten
thousand
for
22,
23
and
24
and
then
25
000
for
25
and
26..
I
put
together
a
little
just
so
everybody
understands
the
change.
The
the
county
is
historically
paid,
12
percent
of
the
bond
and
the
the
admin
fee
and
the
health
department
pays
88.
So
the
change
annually
for
three
years
will
be
360
to
the
general
fund
and
then
3
000
for
two
years
in
a
row
for
25
and
26.
E
For
this
change
so
there's
I
believe,
a
little
language.
That's
going
to
be
updated
in
the
in
a
government
agreement
to
make
sure
that
the
88
12
still
is
identified
and
clarified,
but
so
it's
really
just
changing
and
and
adding
in,
I
guess,
and
extending
the
intergovernmental
agreement
to
cover
the
last
five
years
of
the
bond
and
the
public.
Building
commission's
involvement
in
this.
A
C
D
E
Okay,
so
earlier
in
the
month,
actually
on
the
same
exact
date
as
last
year,
we
received
our
second
payment
from
the
feds
10.6
million.
So
we
have
the
full
amount
in
the
bank
now
and
there's
two
options.
As
far
as
the
lost
revenue
calculation
that
were
allowed,
you
could
either
take
a
a
one-time,
10
million
adjustment,
or
you
could
do
it
annually
and
with
the
calculations
set
forth
through
a
calculation
process,
and
it's
all
based
on
the
original
base
year
of
2019.
E
So
last
year
we
did,
we
adjusted
4.6
million
from
our
funds
to
lost
revenue.
This
year's
adjustment,
calculated
out
to
as
you
see
on
your
form
three
million
six
hundred
ninety
four
thousand
two
hundred
sixty
eight.
So
we
have
the
ability
to
do
this
for
two
more
years
through
23
and
24
for
lost
revenue.
You
know
applicable,
you
know,
projects
versus
you
know
the
direct
arpas
so
recommend
that
we
make
the
second
adjustment
here
and
transfer.
E
A
E
E
We
are
using
the
same
logic
or
the
same
format
that
we
are
you
that
the
feds
use
for
us
in
base
against
2019
and
so
better
cut
lawn
care
had
additional
loss.
We
reviewed
their
21
taxes,
tax
return
and
additional
impact
financial
impact,
so
they're
eligible
for
five
thousand
dollar
funding
that
we
do
one
at
a
time
right,
yeah.
We
do
these
one.
A
G
G
E
G
E
A
B
E
A
B
E
B
B
A
E
Somehow
I
lost
my
title
page
mcilroy,
yeah
communications.
This
is
the
second
request.
Looking
through
their
taxes.
In
comparison,
they
had
a
had
a
loss
but
a
smaller
one,
they're
at
422
dollars
of
eligible
funding,
and
I
did
reach
out
by
email
and
they
confirmed
they
would
like
to
continue
as
well.
So
they
are
eligible
for
422
dollars.
A
A
B
E
E
It
got
delayed,
but
as
we've
been
talking
about
inflation
hit,
it's
the
so
they're
they're
requesting
to
go
up
to
the
10
000
cap
that
we
have
for
not-for-profits
because
of
the
overages,
but
we
will
not
fund
it
until
they
prove
you
know
all
the
bills
and
everything
for
that.
So
this
is
a
amending
the
resolution,
because
this
has
not
been
paid
out
yet
to
change
it
from
8
000
to
10
000
funding.
Once
we
receive
everything
we
need.
A
A
B
E
L
Good
morning,
real
quickly,
just
to
update
you
a
little
bit
what
has
happened,
our
current
hvac
system
is
is
originally
in
2005.
It's
it's
outdated.
The
industrial
standards,
the
safety
guidelines
and
for
negative
pressure
that
we
have
to
have
is
not
it's
not
being
done
anymore.
I
worked
with
pat
mcconnell
and
on
guidelines
in
back
in
the
late
fall
and
then
in
january
of
2022
we
ordered
it
from
carrier.
L
Oh
I'm!
Sorry!
I'm
sorry!
I
didn't
like
you
want
me
to
repeat
all
that
or
no
go
ahead
recently
from
carrier.
They
they
said
we'd,
be
delayed
all
the
way
to
september
possibility
october
and
then,
but
there's
no
guarantee
that
we'll
ever
receive
the
unit
which
told
pat
and
myself
that
we're
not
gonna
ever
get
that
unit,
so
carrier
offered
a
full
refund
of
the
product
that
we
ordered,
which
I
don't
believe
we
put
any
money
towards
it
at
all.
L
L
So
pat
and
I
went
together
again
with
a
proposal,
we
found
another
system,
our
rtv
eru,
but
the
price
has
gone
up
considerably.
Just
like
you
were
talking
about
how
prices
are
going
up
from
36
000
to
53
110,
it's,
but
also
what
I'm
requesting
is
that
out
of
the
53
000
there
it's
going
to
cost
us
which
additional
12
000
to
cover
the
ductwork,
the
electrical
hookup-
and
this
was
not
included
in
that
quote
so
totally
wise.
It's
going
to
be
65
000.
L
Is
something
that
we
have
to
have
if
we
don't
get
that
we
have
to
move
and
when
we
move
it's
going
to
cost
it
triple?
So
if
not
even
more
so,
we've
done
the
best.
I
can
thank
god
for
pat
mcconnell,
be
able
to
find
this
spot.
We
should
be
able
to
get
this
within,
hopefully,
six
to
eight
weeks,
there's
no
guarantee
on
it,
but
they're
definitely
going
to
get
it.
So
I've
talked
to
maintenance
wise.
L
We
have
a
lot
of
leaves
out
of
cottonwood
back
there
that
gets
into
our
system
and
that's
what's
hurting
us
right
now,
and
I've
asked
them
to
now.
Instead
of
going
every
month
every
week
out
there
to
be
able
to
look
at
this
unit
and
make
sure
it's
clean,
because
we've
got
to
hold
on
to
this
unit
six
weeks,
yeah
we're
getting
through
the
hot
weather
right
now,
but
we
have
to
maintain
63
degrees
in
the
morgue.
So
we
have
to
do
that.
Otherwise,
it's
extremely
hot
in
there.
G
A
B
A
D
Chair,
mr
chairman,
yes,
is
mr
mccarty
still
available.
Yes,
I
had
something
for
him.
I
was
trying
to
catch
you
earlier,
I'm
sorry,
it's!
It
fits
with
this
area.
Yesterday
we
brought
up
the
v
or
karen
svetansky
brought
up
the
vac
and
the
new
funding
legislation
that
came
out-
and
I
talked
to
mr
mccarty
after
executive
committee
and
to
figure
out
exactly
when
that
was
going
to
be
levied
and
collected
steve,
correct
me.
If
I'm
wrong,
it's
it's
basically
they're
going
to
be
collecting
it.
The
next
tax
season.
D
E
So
yeah
from
what
I
researched
it,
it
appears
that
it's
immediate,
so
it
would
go
into
the
very
next
year's
cycle,
so
22
levy
collected
in
23..
It
is
approximately
from
what
they
have
been
operating
on
about
300
and
I'm
just
going
to
use
round
numbers
off
top
my
head.
I
didn't
bring
the
numbers,
but
about
340
000
additional
dollars,
so
they're
doubling
their
amount.
E
They
were
within
our
cap.
This
new
increase
that
the
state
did
takes
it
outside
the
cap.
So
it's
no
longer
rap
peter
pay,
paul
it's
on
its
own
now
and
it's
a
it's.
A
certain
percentage
of
the
of
the
previous
eab
is
how
it's
calculated.
So
it
is
they've
go
they're
going
from
270
000
to
over
about
650
000
as
far
as
budget-wise.
A
K
K
K
So
I
I
I'll
have
to
look
but
steve,
and
I
talked
a
few
weeks
ago
and
we
took
13
million
dollars
of
the
arpa
money
and
locked
it
up.
Well,
we
didn't
lock
it
up,
it's
totally
liquid,
but
we
invested
it
and
I
think
right
now,
if
tax
money
there's
about
59
million
in
illinois
funds
and
by
law,
we
have
to
distribute
that
money
within
30
days
and
because
the
rate
is
a
little
bit
better.
This
year,
we
probably
will
wait
almost
the
full
30
days
to
gain
some
interest.
K
K
I'm
not
a
fan
of
working
with
banks
that
don't
work
with
us
and
pnc
is
the
only
bank
in
the
county
that
won't
take
taxes.
So
my
opinion
is
that
we
shouldn't
be
doing
business
with
pnc.
I
feel
strongly
about
that.
So
we're
going
to
move
some
money,
I
think
and
invest
it
in
illinois
funds
and
move
it
around
to
some
other
banks.