Jo-Carroll Depot Local Redevelopment Authority
Finance
& Personnel Committee
9:00 a.m.,
April 17, 2009
Savanna Depot Business, Industry &
Savanna, IL
CALL TO ORDER: Chairman Ed Olds called the meeting to order at 9:00 A.M. on Friday, April 17, 2009.
ROLL CALL was answered as follows: Present- Don Crawford, Bill Wright, and Ed Olds. Present: 3. Absent: Bill Sparboe. Absent: 1. Other board members and staff present: Bill McFadden, Ron Smith, Diane Komiskey, Mara Sutton and Dawn Hall. Guests present: Tom Kamper (Riverport Railroad).
AGENDA ITEM 3: APPROVAL OF COMMITTEE MINUTES
A motion to approve the Finance/Personnel
Committee minutes from March 24, 2009 was made by Don Crawford, seconded by Bill
Wright. The motion carried by voice vote.
AGENDA ITEM 4: OLD BUSINESS
A. Cost-cutting measures Nothing new.
B. Revenue-generating
measures Marketing update - The Executive Director showed the committee a
property marketing packet for walk-ins that she created.
AGENDA ITEM 5: NEW BUSINESS
A. Bills over $2500 None.
B. Outstanding Invoices None.
C. Bank
account balances & financial updates Bookkeeper presented bank account
balance sheet for review. As of 4/16/09 the grand total of LRA money is $1,888,084.58.
CD #354805 matured April 5 and the best CD rate bid was with THE National Bank
for a rate of 2.85% APY for a 12 month term. The bookkeeper reported that CD
#354701 had matured and she was currently seeking CD rate bids from Carroll
County institutions and the best quote so far was 2.75%APY for a 12-month term.
The committee requested that she inquire with Jo Daviess county banks as well.
Mr. McFadden reported that First Community Bank in
The committee reviewed the total page of the financial projections as of 3/31/09. The financial projection indicates that the LRA will have a deficit of $588,800 by year end if it reinvests $500,000 in capital improvements as budgeted. Without reinvesting $500,000, spending will exceed revenues by $88,800.
D. Midwest
3pL request for equipment purchase The committee reviewed a request from
E. Other tenants request None.
F. Investment policy review The committee conducted the annual review of the
policy. The committee recommended no changes.
AGENDA ITEM 6: OTHER BUSINESS None.
AGENDA ITEM 7: PUBLIC COMMENT Mr. Kamper (RRX) updated the committee on the rail track project. The tracks in the railyard are being expanded from five to eight. Tracks 7 and 8 are to be open by April 29. Crews were tamping, dressing and hauling in rock.
The
Executive Director reported that she had asked the Carroll County CEDS
Committee to support the expedited transfer of Parcel 14 and to consider the
impact of funding for the Illinois Capital Bill on efforts to make
AGENDA
ITEM 8: ADJOURNMENT
A motion to adjourn was made by Bill
Wright, seconded by Don Crawford at 9:28 a.m. The motion carried by voice vote.
_____________________________
Dawn Hall,
LRA Secretary