Quincy Reporter

Adams County Board Finance Committee met April 13.

Here is the minutes provided by the committee:

The Adams County Board Finance Committee held their regular meeting in the County Board room at 507 Vermont Street, Quincy, Illinois, April 13, 2020.

The following members were present:

Bret Austin, Chairman

Taylor Rakers

Matt Obert

David Hoskins

Barney Bier

Others present:

Kent Snider

Gary Farha

Ryan Niekamp

Bryden Cory

Sue Hester

Todd Eyler (teleconference)

Les Post (teleconference)

The meeting was called to order at 6:00 p.m. by Bret Austin.

Approval of Prior Minutes:

Mr. Hoskins made a motion to approve the March 9, 2020 meeting minutes. Mr. Biers seconded the motion. The minutes were approved.

Bills:

The committee reviewed bills and stamped as “Checked.”

Resolutions:

a. Resolution Number 2020-04-141-008 Property Tax Late Fees

a. Mr. Rakers made a motion to approve; Mr. Bier seconded the motion. The motion carries.

Transfer of Budget Appropriation

a. Transfer of Budget Appropriation – From Ryan Niekamp – County Clerk – a transfer of $2,749.20 from line item 001-001-5999: County General Contingency for a revised budgeted amount of $40,500.80 and an increase of $2,749.20 to expense account 001-111-5566: County Clerk Consulting Fees for a new budgeted amount of $2,749.20.

a. Mr. Obert made a motion to approve; Mr. Hoskins seconded the motion. The motion carries. b. Additional Fund Appropriation – John Simon – EMA Director – an increase of $100,000 to revenue account line item XXX-XXX-XXX – FEMA-COVID-19 RELIEF for a new budget amount of $100,000. An increase of $50,000 line item 213-211-5645: Material and Supplies, for a new budget amount of $50,000 and an increase of $50,000 to line item 213-211-5105: Overtime for Response, for a new budget amount of $50,000.

a. Mr. Rakers made a motion to approve; Mr. Bier seconded the motion. The motion carries.

Budget/Levy:

Elected officials salary (see table below)

a. Mr. Rakers made a motion to approve; Mr. Bier seconded the motion. The motion carries.

Tax Anticipation Loan

Mr. Cory presented the committee with four options for the tax anticipation loan. All of the loans will be available by April 17th, and Mr. Cory reported that the terms are the same besides the rates:

1. First Bankers – 2.25%

2. Commerce Bank – 1.83%

3. First Mid – 1.8%

4. Mercantile – 1.74%

Mr. Austin recommending using First Mid even though they are not the lowest bid, stating that he would appreciate maintaining the relationship with First Mid assuming all the other terms are the same as with Mercantile.

Mr. Bier voiced his concern of not accepting the lowest bid from Mercantile.

Mr. Obert stated that First Mid has been a good historical partner, and being that they assisted the County last year with the tax anticipation loan and this is not for a new project he felt comfortable with choosing First Mid over Mercantile for this particular situation.

Mr. Rakers stated that he knows all of the presidents at each of the banks and has a hard time not giving it to the lowest bidder.

Mr. Hoskins agreed that the County needs to take the lowest bid as long as all things are equal with the loan terms, i.e. closing costs, etc.

Mr. Rakers made a motion to accept the lower bid from Mercantile bank at 1.74%. Mr. Bier seconded the motion. Roll call vote:

Barney Bier – yes; Taylor Rakers – yes; Bred Austin – no; Matt Obert – no; David Hoskins – yes.

The motion carries and will be sent on to the County Board. Mr. Cory will find out for certain the terms of the loan prior to the County Board meeting.

Mr. Austin confirmed that the loan can only be 85% of the current year levy. Looking at the 3 payroll levy accounts – County General, Social Security and IMRF – the loan amount cannot be more than $4.76M. The actual ask will be a $4M loan.

Adams County Small Business Emergency Loan Program

Mr. Austin presented an idea for a small business emergency loan program that would be similar to the city’s loan program that was established earlier this month using funds recaptured from the DCEO funds to develop a quick loan program for small businesses outside of the city limits in Adams County. After a lengthy discussion vetting out the pros and cons of having such a loan program, Mr. Rakers made a motion to move forward to support a Small Business Emergency Loan Program with a $250,000 pledge, and to accept applications from small businesses for a Small Business Emergency Loan with a May 15, 2020 funding date. Roll call vote.

David Hoskins – yes; Matt Obert – yes; Bret Austin – yes; Taylor Rakers – yes; Barney Bier – yes. The motion carries and will be presented to the County Board.

Mr. Austin confirmed that the Finance Committee will meet at 6:00pm from here on out.

Mr. Obert made a motion to adjourn the meeting. Mr. Rakers seconded the motion. Mr. Austin adjourned the meeting at 7:45 p.m.

Minutes submitted by: Sue Hester, Director of Administrative Services, Adams County Board

https://www.co.adams.il.us/home/showdocument?id=4629