All Trustees were present. The purpose of the meeting was a 2017 Mid-Year Financial review and a 2018 Budget/Capital Improvement Program (CIP) Preview.
Significant Topics Discussed:
There were three main areas of discussion:
The first two hours of the meeting were spent discussing the General Fund. Village staff reviewed with the Board the General Fund revenues and expenses to-date and year-end projections. 2017 revenues are projected to be higher than budgeted while expenses are projected to be lower. Large variances in both areas were reviewed. The Board discussed whether any expenses could be moved up from future years into 2017 because of the projected surplus. There was also a discussion of the Villages reserves and what is the appropriate level to maintain.
Preliminary projections for 2018 revenues and expenses were presented to the Board. The Board began a preliminary discussion of 2018 Capital Improvement Projects (CIPs) and the Capital Equipment Replacement Fund. The Board also discussed the Village Road Program and projected roadway conditions through the next approximately 20 years based on the current roadway funding plan.
Unfortunately, the observer had to leave after 2 hours and so missed discussion of the water and sewer funds, as well as a discussion of the tax levy, pensions, and solid waste fees. The meeting adjourned after 3.5 hours at approximately 10:30 pm.
The presentation from the meeting can be found at:
The 2018-2027 Capital Improvement Program can be found at:
Issues Referred to Other Committees or Organizations: N/A
Observer: Kate Gjaja Meeting Length: 3.5 hours (Observer present 2 hrs)
Next meeting: 2018 Budget presented on September 26, 2017
Other items of note: