Metro East Sun

City of Belleville Finance Committee met November 13.

Here is the minutes provided by the Committee:

In Attendance:

(A) Finance Committee Members

Ken Kinsella, Alderman

Jane Pusa, Alderman

Scott Tyler, Alderman

Shelly Schaefer, Alderman

Raffi, Ovian, Alderman

Andy Gaa, Alderman

Dennis Weygandt, Alderman

Roger Barfield, Alderman

(B) Guests

Michael Hagberg

Brad Kreisler, Warma Witter Kreisler

Alderman Randle, Ward 3

(C) Staff

Jamie Maitret, Finance Director

Chairman Kinsella called the meeting to order at 7:00 pm.

Roll call was taken. All members were present.

Evacuation procedures were explained. In case of severe weather everyone should exit through the back door and go to the basement,

Chairman Kinsella opened public participation. No one wished to speak so public participation was closed.

Chairman Kinsella asked for a motion to approve the minutes from the Finance Committee Meeting on October 9, 2017.

Motion-

Alderman Pusa made a motion to approve the minutes from the Finance Committee Meeting on October 9, 2017 Alderman Schaefer seconded. All attending members voted yes. The motion passed.

Motion to Approve Renewal of Worker's Compensation and Property and Casualty Insurance with ICRMIT-

The Finance Director stated that the premium was down S85,000 from last year. She also commented that the department heads have worked really hard to reduce the worker's compensation costs. They have initiated a Health & Safety Team and have participated in training sessions. Brad Kreisler discussed the policy with the committee. The Finance Director asked the committee to approve the renewal with ICRMT.

Motion-

Alderman Schaefer made a motion to approve the renewal of the worker's compensation and property and casualty insurance with ICRMT. Alderman Pusa seconded. Roll call vote was taken. Alderman Pusa, Tyler, Ovian, Schaefer, Gaa, Weygandt, Barfield and Kinsella all voted yes. The motion passed.

Motion to Approve the Bank Financing from Commerce Bank for the New Fire Truck-

The Finance Director told the committee that she had been in contact with several banks who were interested in providing the financing. She received quotes from three banks: Bank of Belleville, Bank of Edwardsville and Commerce Bank. The City requested a 10 year loan for the purchase price of the equipment ($455,122), with payments due semi-annually. Commerce Bank was the lowest with an interest rate of 2.97%. She requested that the committee approve Commerce Bank for the financing.

Motion-

Alderman Schaefer made a motion to approve the bank financing from Commerce Bank for the new fire truck. Alderman Gaa seconded Roll call vote was taken. Alderman Pusa, Ovian, Schaefer, Gaa, Weygandt, Barfield and Kinsella all voted yes. Alderman Tyler abstained. The motion passed.

Motion to Approve Amendment to the Electric Aggregation Agreement-

The Finance Director explained that we are part of a group of communities that buy electricity in bulk to get lower rates. This amendment will extend the current agreement at reduced rates. It will lower our current price of 5.85 cents to 5.6 cents. In June 2019 the price will automatically lower again to 5.496 cents. The term will be extended by 18 months. It will run through December 2020. Discussion followed.

Motion-

Alderman Barfield made a motion to approve the amendment to the electric aggregation agreement. Alderman Gaa seconded. Roll call vote was taken. Alderman Pusa, Tyler, Ovian, Schaefer, Gaa, Weygandt, Barfield and Kinsella all voted yes. The motion passed.

Revenue Sources-

Receive and File.

Motion-

Alderman Schaefer made a motion to receive and file the revenue sources. Alderman Pusa seconded. All attending members voted yes. The motion passed.

Alderman Ovian made a motion to adjourn at 7:35pm. Alderman Schaefer seconded. All attending members voted yes. The motion passed.

http://www.belleville.net/AgendaCenter/ViewFile/Minutes/_11132017-1574