04/26/197217
SPECIAL MEETING
April 26, 1972
Pursuant to notice thereof, a Special Meeting of the President and Board of
Trustees of the Village of Deerfield was called to order by the President in the
Council Chambers of the Village Hall on Wednesday, April 26, 1972 at 8:20 p.m.
The clerk called the roll and reported that the following were
Present: Bernard Forrest, President
Charles R. Bootz
George Kelm
Werner E. Neuman
Absent: Albert E. Brust
Stephen M. Slavin
M. Jay Turner, Jr.
and that a quorum was present and in attendance at the meeting. The manager was
also present.
Tax Anticipation Warrants The Village treasurer stated he had been advised
Approved as Necessary by Mr. Worth of the County Clerk's office that
tax bills will be late and it is probable that
the Village will receive no tax money until October or November. Current expenses
average $150,000 to $175,000 per month. These expenses can be financed by the sale
of Treasury bills in which funds have been invested which are not currently needed,
however, interest on bills is approximately 4 -3/4% and he had been ddvised by Mr.
Ramsay of the Deerfield State Bank that the Village could issue tax anticipation
warrants at an interest rate no higher than 3 %. It was the consensus of the Board
that there was nothing to be unduly concerned about at this time, but if funds are
needed, it would be better to issue tax anticipation warrants at 3% interest than to
sell investments paying more than 4 %. Discussion was had on how interest charges
for tax anticipation warrants should be shown in the budget, Trustee Bootz suggested
that interest revenue be reduced in amount. The treasurer was asked to keep the
Board avised on cash balances.
Investment Polite Trustee Neuman reported he and Trustee Slavin had
met with the treasure to discuss a policy on the
investment of funds not currently needed. There is usually approximately $750,000
which is available for investment. The Village attorney has given a written opinion
that funds can be merged for investment purposes, but but kept separately on the
Village's records. Interest rates were.discussed, with a higher rate paid for a
longer investment period.
Trustee Neuman then moved, seconded by Trustee Bootz, that an investment
policy be set to provide that one -third of the average monthly balance be held in
cash and 90 day bills; one -third in investments maturing in 91 to 365 days; and
one -third in investments maturing in 2 years, which policy will give sufficient
guidance to the Treasurer to get the best package to maximize interest income.
Discussion was had on investment in Savings and Loan Association Ceuificates
of Deposit which pay 69 on two year investments. The treasurer stated he had written
to the FIDC to ascertain whether $20,000 deposited in each of several accounts with
different designations would each be insured for $20,000.
Trustee Slavin entered the meeting at 9:00 p.m. and the previous motion was read
to him. He recommended that one -third be invested ti th maturities of two or.more
years to- get- a-- higher-rate of -interest, and did not agree with the two year limita-
tion.
The motion carried unanimously.
Transfer to Sewer Fund & Gen. Fund The manager stated some clarification was desirable
to clarify fund transfers to the SEwer Fund to
eliminate the 1971 -72 deficit.
Trustee Salvin moved, seconded by Trustee Kelm, that the treasurer be authorized
to transfer up to $20,000 from the General Fund surplus to the Sewer Account as
"Sewer. -iVuEd Astisfance -from the General Fund" for fiscal 1971 -72, and the transfer
of the cost of the Sewer Adequacy Study ($10,000) from the Sewer Fund to the General
Fund.
Motion carried unanimously.
18
Re: Capital Outlay Funds President Forrest suggested that Capital Out-
. lay funds be restructured by reducing the
allocation of '$150,000 for Park Avenue realignment to $90,000 and adding
$60,000 for sewer improvements.
Trustee Neuman.stated he had no objection to the additional $60,000 for
sewer improvements; but felt that $150,000 should be'retained for the Park
Avenue realignment as one of the most important parts of the Comprehensive Plan.
The Village attorney entered the meeting at 9:15 p.m.
Trustee Slavin stated he agreed with Trustee Neuman that $150,000 'Sh6itld
be kept for the Park Avenue project, funds must be budgeted for sewer improvements.
While application has been made for a grant, he felt the Board must proceed
with or without it. Trustee Neuman stated he knew Baxter & Woodman were over -'
loaded with work as are other engineers, but suggested that they get reports from
the U.S. Research Laboratory which may provide useful information.
Add$00,000 for
Sewer Improvements
0 utlay budget.
Motion carried unanimously.
Trustee Neuman moved, seconded by Trustee
Bootz, that $60,000 for sewer improvements
be added to the items listed in the Capital
Adopt Budget (0- 72 -22) Trustee Neuman asked that pages of the
budget be re- numbered and per capita costs
be added to each account in the summary, and also that cost accounting items be
marked.
the ordinance approving and adopting
Trustee Bootz moved, seconded by Trustee Slavin, that /the budget, with
additions and corrections, be ^passed. Adopted by the following vote:
Ayes: Bootz, Kelm, Slavin,
Nays: None (0)
The President signed
Salary Ordinance
(0 -72 -2�
action on the ordinance at
Neuman (4)
the ordinance indicating his approval thereof.
The salary ordinance for 1972 -73 was presented.
Trustee Kelm moved, seconded by Trustee
Neuman, that the rules be waived to permit
its first presentation. Motion carried unanimously.
Trustee Bootz then moved, seconded by Trustee Neuman, that the ordinance
be passed. Adopted by the following vote:
Ayes: Bootz, Kelm, Neuman, Slavin (4)
N ays: None (0)
The President signed the ordinance indicating his approval thereof.
Trustee Neuman asked that the President appoint the committee to work
with the manager and treasurer on the list of accounts and reports. President
Forrest stated this would be done shortly.
There being no further business, on motion by Trustee Slavin, seconded
by Trustee Bootz, the meeting was adjourned at 9:45.p.m.
APPROVED :�� 1
Presid
A TTEST:
Village Clerk