Kankakee County Board, IL Finance Committee Meetings, 26 Jul 2023

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From YouTube: Finance Committee Meeting 7/26/2023

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Finance Committee Meeting 7/26/2023 9:00 AM

A

Sure, good morning, I like to call the finance committee meeting to order roll call. Please.

B

A

B

Mr Fairfield Mr Hess Miss Polk president miss Weber Miss Parker Mr C Ray, Mr, Swanson, Mr, featherling, Mr, Dental, Mr, Miller, Mr long Mr, Hunter, Mr, Wheeler, Mr, Alexander Hildebrand. We have a quorum.

A

We have a quorum. I have no public comment in front of me. Any public comment in the back approval of minutes from June 28 2023 can I have a motion motion by Mr Fairfield second, by Miss Parker, any corrections all in favor, say: aye opposed motion carries no presentations, finance department, Mr McCarty in your packet. You have the financial reports.

A

If you want to go through them.

A

Good morning, Steve.

C

Good morning, there's any questions or not on the sales tax or uh the various tax reports. I should say um have a lot of concern. um The bed rental program is doing well.

C

um Everything else is kind of holding true with what we thought. So, unless there's any questions, I won't spend a lot of time on there. I don't think, there's anything major to to pull out of this one's.

D

Any questions cash flow, update.

C

uh No issues there um I have a built-in um the entire year, as well as options to return the highway funds uh to whatever bank account or investment account that they choose. um We are not borrowing it right now, but it is sitting in our common bank account, so that has been included in these reports I'm showing that that could pretty much leave any time but I'm just showing it in November.

C

Just so, you can see the trend for the year and then also um for our next discussion here for paying down Series 2009 potential cash movement there.

C

um So our ending balance at just over 18 million um for the year last year, we were in the 16 million at the end of 22, so um no issues uh just Sean trending and bond payments, and you know cash flows approximately when they happen and ending overall balance. So, um let's first look at for the entire year, but I just want to make sure everybody could you know see that and if there's any questions, let me know so.

D

Any questions, no questions all right here. Do we have any claims? We do not have any claims. Wow, shocker.

A

Monthly claims report.

C

I, don't have anything specific now, so anybody has any questions on that. Any.

A

Questions on the monthly claims, if not, can I have a motion motion by Mr fettlin second by Mr Swanson, all in favor or roll call.

B

Mr Echo aye Mr Fairfield Miss Polk hi, Miss, Weber, aye, Miss, Parker, aye, Mr, sponsen, aye, Mr, featherling, aye, Mr long aye, Mr, Hunter, Mr Wheeler motion carries.

A

Motion carries next up is series 2009.

C

Yeah, this is uh for the uh part of the paid yeah, the payoff for 2009, that we've discussed and budgeted for, and now we are at the threshold of uh actually making a decision to move so uh two things today. One is whether or not you would like to do a resolution at the full board.

C

um This is not a recommendation just sharing that there is no legal requirement to do it, but you can do it and then, as we discussed the options which option uh to take so for the options of the payoff option, one you have all the detail about summarize it we're paying off in sequential date order so earliest to latest the savings will be approximately 713 thousand dollars.

C

um Option two would be paying off the last date, which are usually the higher interest rates and then moving backwards. If you will that savings would be 772 thousand dollars approximately as far as payoffs, both are great options. uh Both save a lot of money, um but I wanted to present to you what uh Bernardi Securities have shared with me.

C

um We have timed it assuming there would be a resolution, so that would be um in September as we do have to provide U.S Bank um 30 over 30 days, approximately 38 days for them to notify you know bondholders and to do the process, so um so we're at the threshold of actually taking step, one of two of paying down half of it this year and half and then we'll talk about it half of next year, approximately at this time, so um so good options, good discussion, um just a few things for the committee.

C

uh It was a pleasure to you know as far as moving forward so.

A

Any comments or questions from the committee Mr Weber thank.

E

You I just, could you remind us what that what those Bonds were for Series.

C

2009 is for the current uh but expiring uh software at the courthouse. That's.

E

E

Thank you forever.

A

A

F

So is there a reason why we wouldn't do the option two for the most Savings of.

C

Most dollars, nope, there's no downside to it, so um I figured it would be picked, but yeah I was presented too wondering if I was missing, something there. No, not missing anything. So is.

A

There a motion there sure motion by Mr long to go with option number two second by Miss Weber, any other discussion, Mr Hunter. Thank you.

G

Very much Mr chairman: uh could you explain that again that second option.

C

Sure the second option is the to pay off uh the later dates first and then we'll move backwards. um As far as the bond dates, um I believe it's it's in the I can actually give you the specific.

C

uh We'd be paying off 20 30, 20, 29 and 2028 bonds. First, and the savings is what 772 thousand dollars compared to 713.

G

C

G

And it won't adversely affect our cash flow or anything no.

C

We've we've budgeted for it, we've been preparing for it and we are um able to do it.

G

A

You I think the taxpayers will be happy with that. uh So we started this back in 2009 with the software 2008. That's the court View and we bonded it out or the previous administration bonded it out until 2030., wow and software. Okay,.

A

Literally uh German wheeler.

H

Just uh as a reminder, we started this process. We we had planned on this process um to to go through uh splitting up into two years.

H

Just as a reminder we talked about this, you know at the end of last year, we when we were doing our other abatements um at this point, it will take uh Steve, will kind of explain down the road, but uh we will be passing a budget that will account for this correct Steve um to take it out of general fund or slash funds that are within in-house rather than um any another Direction.

H

um You know I, guess probably if you want to explain the mechanics of how this works and then the ultimate goal is to have these lines just disappear from everybody's tax bill uh at the in in uh two two phases.

C

Yeah this this was phase one that we discussed um last year. I mean it did come off. The tax rolls um phase two will be to pull off um the other um three bonds for 2024 and and uh as far as paying everything off. So there would basically at the end of 24 all the bonds, except for the new animal control. Bond will be paid off and those bonds are being paid for by the animal control, um fees, funds and fines.

H

So it's not only taking it off the tax bill. It's a substantial savings to the taxpayer. I mean it's just, not a a a trick of the hand. Slight with you know, mirrors whatever it's actual real savings, yeah.

C

We'll be able to discuss specifically when we get to when we do our tax levy process, we'll we'll discuss that specifically.

A

Awesome any other comments, questions, if not real call.

B

Miss Polk aye Ms Weber aye, Miss, Parker, aye, Mr, sponsen, aye, Mr, featherly, Mr long yeah, Mr, Hunter, Mr Wheeler motion carries motion.

D

Carries anything else, uh just one question.

C

Do we want a resolution at the full board for this.

D

I would think so: everybody's shaking their head yeah, so good, okay,.

C

We're okay, yep.

D

C

Has a different opinion of that or not, but.

C

um Other than that, um that's all I had for today, no I feel like I forgot something, but uh that's all I had no. Somebody had any questions.

A

Very good, thank you very much. Steve.

A

Next up is the Treasure's office. Can I have a motion to combine and improve the reports motion by Mr Hunter second by Mr, Miss Polk, uh real call? Is it Oracle all in favor, say aye opposed motion carries.

A

Thank you. Kelly.

I

Good morning, everyone um I attached an addendum to the my monthly report. Just to give you an idea what uh it looks like as of today. So all the money in the different banks and that's all being Illinois funds was deposited actually yesterday into our account and all these other monies will be coming in overnight tonight and then be going out. Thursday and Friday we'll be Distributing to all the taxing bodies. So it's just to give you an idea what it looks like before we send it all out.

I

um Mobile home bills are in the mail. Well, they're they've hit um so they're. Those will be. um They get 60 days to pay those, so that's out until mid-september and then second uh due date, uh I believe is September 6th. So um we're done with first collection. Now we'll do distribution in the next couple days by the end of the week, we'll be done.

I

um I think that's essentially oh well. I guess I can report that, as of today we're we were getting 5.33 um percent in Illinois funds. I can't tell you how much that made so far because they report once a month but I will at the next meeting, but we kept about 83 million in Illinois funds for a little over three weeks, so it'll be substantial and I just looked while I was in the back on the same date.

I

Last year we were getting 1.67 5.33 today and I believe the FED is expected to raise the 40 interest rate again today, which means our rates will go up even more and I guess. Lastly, I would uh mostly for people who might see this at home or um the journal May publicize this or you could tell your constituents.

I

um The recorder is having a fair this weekend, a resource, fair I, believe uh they are providing 500 backpacks to the first 500 students who show up, and it's at all of that, the warming house from 10 to 1 and I believe every elected official will be there. um I know I'll, be there in I. Think everyone will be there Lori's in the back. She can probably answer that, but um so we'll be there and look forward to seeing everybody. If anybody has any questions.

A

Any questions for the treasurer Mr Hunter yeah.

G

uh Lori's back there I.

I

Believe she is.

G

uh Lori, could you dovetail on what the treasure indicated about your event? I know I've seen Flyers everywhere.

J

um Actually, it's a community resource Fair. It's um we are providing 500 back to school backpacks for school-aged children. They do have to be present, but the whole idea of this is to connect people in services.

J

So if you don't have a child, you can still come because there might be Services there that we offer at the county or some of the other organizations that are going to be. There that'll be helpful to you so instead of people trying to find them, we're trying to connect them so and.

I

It's great, it's a One-Stop shop I mean we'll all be there. So.

A

That's all I have thank you.

A

Next up is the auditor's office yet again nobody's here. It's been 1216 days since the auditor has been in front of this committee and he has collected a salary of 231 802 dollars. Just so this committee knows other business. Oh miss uh Parker,.

A

A

you're welcome.

A

Other business new business for the committee motion, yeah yeah, there's no arpa anymore, so motion motion by Mr featherling second by Mr long all in favor, say aye aye opposed motion carries.