Quincy Reporter

Quincy Park District Board Finance Committee met Oct. 10.

Here is the minutes provided by the committee:

The Finance Committee of the Board of Commissioners of the Quincy Park District held a finance committee meeting in the Conference Room at 1231 Bonansinga Drive, Quincy, IL. Those present included: Commissioner Kelly Stupasky, Chair of the Finance Committee, Commissioner John Frankenhoff, President Bob Gough and Commissioner Jeff Steinkamp. Staff in attendance included: Executive Director – Rome Frericks, Director of Business Services – Don Hilgenbrinck and Administrative Assistant - Mary Arp.

The meeting was called to order by Chair Stupasky. The finance meeting minutes from September 12, 2018 were approved by unanimous consent.

Director Hilgenbrinck reviewed the financial reports and noted that the Directors have projected balances for the year end. He noted that the largest check issued this month was $49,000 for the turf field.

Director Hilgenbrinck explained that the BINA hearing is for $3,200,000 and includes $900,000 for the annual bond issue and the $2,300,000 for the trail. The rates will be established in November. We anticipate that they will be higher than last year. There was some discussion on rates, terms, issue dates, payments and prior year rates. The anticipated tax levy and the change from last year were reviewed. We anticipate an increase of $40,000 and a decrease in the rate. The decrease is due to a drop in the liability and unemployment levies. The increase is due to an anticipated increase in the EAV (equalized assessed valuation). The Corporate tax is set at the maximum amount.

There was discussion regarding the impact of the Riverfront Development project and its potential impact on the budget. It was noted that the anticipated funding levels have been updated. The City and County portions will be $1,000,000 each and the Park District will be $4,000,000. The City and County have been told that we must have their nonbinding resolutions by December 6 so they can be included in the December Board packet. We need to vote on the petition and adopt a resolution at the December meeting. President Gough noted he wants a presentation made to the entire Board in November prior to taking any votes. There was discussion regarding the presentations, phases to the project, the need for the written guarantees from the City and County and what can be said publicly by Board members. It was noted that the corporate tax rate would need to be increased to maintain a pier. There was discussion regarding pier maintenance, anticipated cost to maintain a pier, and the need for a referendum to be able to increase the corporate tax levy.

Commissioner Steinkamp noted the importance of the presentation and the need to note what the phases to the project include. Jeff Kerkhoff noted the importance this project could have on property tax rates.

With no further business to discuss, the meeting was adjourned.

https://www.quincyparkdistrict.com/wp-content/uploads/2018/11/2018.11.14-Finance-Committee-Packet.pdf