|Michael Forbes, President||Mark Barenie||David Austgen, Town Attorney|
|Larry Bustamante, Vice-President||Ken Gembala||Steve Kil, Town Manager|
(The Pledge of Allegiance was said.)
Mr. Forbes stated he would entertain a nomination for the position of vice-president. Mr. Forbes made a motion to nominate Larry Bustamante to the position of vice-president for 2015. Mr. Gembala seconded the motion. The motion was passed by voice vote (4/0). Ayes --- all. Nays --- none.
Mr. Forbes stated he would entertain a motion for approval of the Board of Finance meeting minutes on January 30, 2014. “So moved,” by Mr. Bustamante. Mr. Gembala seconded the motion. The motion was carried by voice vote (4/0). Ayes --- all. Nays --- none.
Mr. Kil stated he could summarize the document he had just submitted to the Board. He stated this report was one of the best reports he possibly has ever made in his career as Town Manager.
Mr. Kil reported the highlighted the finances of the Town as follows:
Standard & Poor’s credit rating for the Town was raised to “AA” from “AA-“. He stated that Standard & Poor also cited the Town’s outlook as in a very good financial position and with a very favorable outlook. Mr. Kil stated these ratings help the Town with their bond issues.
January 1, 2014, beginning cash balance of all of the Town’s funds amounted to $20,024.198.52, and as of December 31, 2014, the Town’s cash balance was $22,808.080.36, a net increase of $2,783,881.84, up fourteen percent (14%).
Mr. Kil stated the Town is in fantastic shape. He commended the Council for their good works. Mr. Kil remarked that the numbers don’t lie and the report is a testament to how well the Town is doing.
General fund, operating receipts for 2014 were over budget $465,204.00, forty-six percent (46%), more than the Town had budgeted for in revenue.
Disbursements were under budget by $470,000.00 or ten percent (10%).
Property taxes levied were thirteen percent (13%) under the Town’s levy. Mr. Kil explained that the Auditor reimbursed Munster Medical Research $2,000,000.00 for an appeal, a one-time reimbursement.
Outstanding debt as of February 1, 2015, for the Town proper is $11,000,035.00. Water Works, approximately $5.4 million Sewage, $1.7 million. Mr. Kil stated these would be retired very soon.
Redevelopment $5.2 million (road bond).
Mr. Kil congratulated the Council once again for the outstanding financial report. He stated the Town is in great financial position with revenues up and expenses down. He concluded the report summary.
Mr. Forbes asked the Board members if they had any questions or comments. There were no questions or comments.
Mr. Forbes stated he would entertain a motion to accept the 2014 Annual Finance Report as submitted “So moved,” by Mr. Bustamante. Mr. Volk seconded the motion. The motion was carried by voice vote (4/0). Ayes --- all. Nays --- none.
(The meeting was adjourned at 7:35 p.m.)
A TRUE COPY
Susan E. Wright
St. John Town Board of Finance, Recording Secretary