| Village Hall |
| 255 East Wilson Ave. |
| Lombard, IL 60148 |
| villageoflombard.org |
| Trustee Rick Soderstrom-Chairperson |
| Trustee Laura Fitzpatrick-Alternate Chairperson |
| Edward Murphy, Bill Ware, David Wellehan, |
| James Hogan, Mary Cation, Brad Janisch |
| Staff Liaison: Timothy Sexton |
| Trustee Rick Soderstrom, James W. Hogan, Edward Murphy, David Wellehan, |
| Bill Ware and Brad Janisch |
| Staff Present: Tim Sexton, Rhonda Heabel, Jamie Cunningham, Mike Nugent (Risk |
| Management Consultant). |
| Brad Janisch arrived at 7:02 P.M. |
| It was moved by Ware, seconded by Murphy, to approve the minutes of |
| September 16, 2008. The motion carried by a voice vote |
| Recommendation on 2009 Insurance Renewal |
| The Village's Risk Management Consultant, Mike Nugent, will update the Finance |
| Committee on the upcoming 2009 Risk Management and Insurance Renewal Program. |
| Information from Mr. Nugent is attached. |
| The Village's risk management consultant, Mike Nugent, reviewed a spreadsheet |
| analyzing the actual costs of the Village's 2007 insurance program with the year-end |
| estimates of the 2008 insurance program and the proposed budget for the 2009 |
| insurance renewal. Mr. Nugent explained that an RFP was done last year which |
| allowed the Village to experience a more cost efficient program for 2008. Mr. Nugent |
| further explained that the favorable program costs from 2008 along with the current |
| financial crisis will actually result in even lower costs for the 2009 insurance renewal. In |
| addition, Mr. Nugent stated that he saw no reason not to renew with AIG Lexington. He |
| further stated that he expects to receive a proposal within the next two weeks. |
| Tim Sexton then reviewed the Claim Analysis report for 2003 through 2008 to-date as |
| well as the chart breaking out the total dollars incurred by department for Worker's |
| Compensation for 2003 through 2008 to-date. Discussion followed. |
| Identity Theft Program and Prevention Policy |
| Recommendation to adopt the Identity Theft and Prevention Policy. |
| Tim Sexton reviewed the memo from Village Attorney Tom Bayer regarding the need for |
| an Identity Theft Program and Prevention Policy as well as why the Village is required to |
| have one in place. Mr. Sexton explained that the Village is already following the |
| procedures outlined in the policy and that he was seeking approval from the Committee |
| to recommend the resolution to adopt the Policy to the Village Board. |
| It was moved by Hogan, seconded by Murphy, that this matter be recommended |
| to the Board of Trustees for approval. The motion carried by a voice vote |
| Banking Services |
| Staff will review the memo on Banking Services. Motion to recommend to the Village |
| Board of Trustees the negotiation of a one year extension with our current banking |
| services provider, MB Financial. |
| together an RFP for banking services that was to go out at the end of October. |
| However, due to the current financial crisis in the banking industry, he felt that now was |
| not the best time to switch banks and requested the Committee's approval to |
| recommend the Village negotiate a one-year extension with the current banking |
| provider, MB Financial. Discussion followed regarding whether a one-year extension |
| was long enough, with the end result being a proposal to recommend a two-year |
| extension of the current contract with MB Financial, with no increase in fees. |
| It was moved by Murphy, seconded by Ware, that this matter be recommended |
| to the Board of Trustees for approval as amended. The motion carried by a voice |
| vote |
| FYE 2009 Financial Report for the period ending 9/30/08. (Information) |
| Tim Sexton reviewed the 9/30/08 Financial Report with the Committee. Discussion |
| followed regarding the revenue shortfalls that the Village is experiencing. In addition, |
| Trustee Soderstrom explained that staff withdrew the Financial Policy Amendment that |
| was brought to the Committee at the last meeting, noting that the Village would instead |
| deal with revenue shortfalls on a fiscal year basis rather than through a policy |
| amendment. |
| The next meeting is dependent on the timing of the receipt of the proposal for the 2009 |
| insurance renewal. Meeting will be either the week of Thanksgiving or the following |
| week. Mr. Sexton advised Committee members that they would be contacted within the |
| next two weeks to schedule the next meeting. |
| It was moved by Ware, seconded by Wellehan, to adjourn at 7:45 p.m. The |
| motion carried by a voice vote |