Agenda Item:
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Discussion and Review of Village of Glencoe Financial Policies
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Staff Contact: Nikki Larson, Deputy Village Manager/Chief Financial Officer
Purpose and Actions Requested: Staff requests review and discussion of Village's financial policies for the Calendar Year 2027 budget.
Budget Impact: Not Applicable
Strategic Priority Addressed: Economic Vitality, Reliable Infrastructure
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BACKGROUND AND ANALYSIS
As one of the initial steps of the annual budget development process, staff seeks guidance from the Finance Committee in the review and consideration of updates to the Village's financial policies. The Village's financial policies are included in the annual budget document and serve as a guide for the development and administration of the budget, including but not limited to: fund balance, property taxes, usage of debt, management fees, funding of pension obligations, liability insurance, financial planning, budget amendments and charges for services.
During staff's preliminary review of these policies, several suggestions have been identified for the Committee's review and consideration. A full copy of the policies and suggested changes in redline has been included in the packet. During the meeting, the Committee may consider:
? Whether the Committee would like to continue the practice of levying property taxes at the maximum allowable CPI increase;
? Maintaining consistency in the Village's Abatement Policy to allow for repayment of Water Fund debt through water revenues;
? Directing continued analysis on current year management fees from the Water Fund and Golf Club Fund;
? Funding the Police Pension Fund in accordance with the Village's private actuary's recommendation;
? Directing additional analysis on fees and fines;
? The amendment of the Village's Budget and Appropriations Policy to reflect the Village's change to a budget officer system;
? Utilizing a portion of the Village's surplus with its property, casualty and worker...
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