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HomeMy WebLinkAboutMinutes_Miscellaneous_05/04/1998_Finance & Administration Committee F Tf VILLAGE OF TEQUESTA r Post Office Box 3273 • 357 Tequesta Drier o` Tequesta, Florida 33469 -0273 • (561) 575 -6200 e� Fax: (561) 575 -6203 4�N COU ty VILLAGE OF TEQUESTA FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES MAY 4, 1998 I. CALL TO ORDER AND ROLL CALL The Tequesta Finance and Administration Committee held a regularly scheduled meeting at the Village Hall, 357 Tequesta Drive, Tequesta, Florida, on Monday, May 4, 1998. The meeting was called to order at 5:00 A.M. by Chairman Carl C. Hansen. A roll call was taken by Betty Laur, the Recording Secretary. In attendance were the following Committee members: Chairman Vice Mayor Carl C. Hansen, Co- Chair Joseph Capretta, and Co -Chair Ron T. Mackail. Also in attendance were village Manager Thomas G. Bradford, Village Clerk Joann Manganiello, and Department Heads. II. APPROVAL OF AGENDA Under Any Other Matters a report on the status of finding a new Finance Director and accountants was requested from the village Manager. Co -Chair Mackail made a motion to approve the agenda as amended. Co -Chair Capretta seconded the motion. The vote on the motion was: Carl C. Hansen - for Joseph N. Capretta - for Ron T. Mackail - for Xec.PClyd P[[ /r FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 2 ------------------------------------ The motion was therefore passed and adopted and the agenda was approved as amended. III. COMMMICATIONS FROM CITIZENS (NON-AGENDA ITEMS) There were no communications from citizens. IV. REVIEW OF COMPREHENSIVE ANNUAL FINANCIAL REPORT (cafr) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1997 a) Overview of CAFR by Daniela Russell, C.P.A., Nowlen, Holt & Miner i) Financial Position by Fund ii) Management Comments and Response b) Reconmendation to village Council for Acceptance of CAFR Mr. Ed Holt of Nowlen, Holt & Miner explained his intent was to provide an overview of the financial report, which was provided in a comprehensive format required by the GFOA in order to be considered for an award of excellence in financial reporting, which had been awarded to the village every year for the past 16 or 17 years. Mr. Holt explained that the objective of an audit was to have an individual auditing firm render an opinion on the financial statements as to whether they were fairly presented, and in addition, because this was a government audit the auditors were required to report on internal control and on compliance. Mr. Holt expressed his firm's opinion that the financial reports were fairly presented in conformity with general accounting principles. Mr. Holt explained that focus in a government entity was on the fund balance, which was assets minus liabilities, and the general rule was to end the year with the fund balance being 10* of the normal expenditures in the general fund. Mr. Holt stated that the fund balance FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 3 as of September 30, 1997 was sufficient. The cushion was always desirable for emergencies and to provide funds from the end of a fiscal year until tax revenues were received the next January. Mr. Holt reported approximately $1.9 million in enterprise funds, which he stated were in extremely good order. Mr. Holt commented that adding $4 million in contributions to capital to the $5.8 million retained earnings in the enterprise fund for a total of almost $10 million, and subtracting fixed assets of $7.5 million, gave approximately $2.5 million in funds not tied up in non - expendable assets, which provided a level of comfort. Mr. Holt described the general fund as having $207,000 in excess of revenues over expenditures, and that the focus should be not to have an excess of more than what was deemed to be an appropriate amount. Mr. Holt explained it would not be fair to build up to 4 or 5 times the fund balance unless a specific purpose for the funds had been identified; and in some counties there were laws that property taxes could not be raised over a certain amount unless an adequate amount of fund balance was first determined. Mr. Holt gave an example that if the Village had $5 million in their fund balance with no reason for it they would then consider reducing taxes, which would reduce income to significantly less than expenditures, but that would not necessarily be wrong. Co -Chair Mackail commented he had been on the village Council 12 years and the increase in fund balance had been very good and the Village had been able to maintain a very constant minimal tax increase, and he felt the Village was financially strong. Co -Chair Mackail suggested increasing taxes for a year to increase the fund balance so the Village would not have to worry about taxes for several years. Co -Chair Capretta commented the village had been living like white trash, living within their means but not investing in the community for many years, and he had advocated increasing the assessed value of the town in order to invest in the community, which had now happened. Now the Village had debt they did not previously have, and needed to make sure they had the money to pay those debts. FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 4 ------------------------------------ Mr. Holt commented there was nothing wrong with getting ahead of the game but there needed to be a focus on the adequacy of fund balance for planned needs and a focus on what the amount should be for a cushion for emergencies. Mr. Holt explained the Village Council would need to make the decision on the amount. Co -Chair Capretta discussed recent consideration of selling the water department because he liked the idea of receiving income from Treasury Bonds. Village Manager Bradford commented the fund balance had been rising for the last couple of years and he considered times good now, but the time would come when the Village would need to cut back, and he wanted to get the fund balance to 25 %. CPA Daniela Russell commented that the general goal was expenses should not exceed revenues. Co -Chair Capretta expressed concern whether the right amount of money was being collected from water customers. Mr. Holt continued the overview, stating that the enterprise fund net income totaled approximately $375,000. Mr. Holt stated that notes to the financial statements were approximately the same as in prior years. In addition to financial reporting, compliance and internal control were reported. Mr. Holt explained that some of the items had been reported in the past. Mr. Holt discussed segregation of duties, and explained that anytime there was a small accounting staff it was difficult to separate procedures; however, to the extent that they could be separated it would make internal control stronger, especially in areas of most exposure. Mr. Holt recommended either segregating procedures or having procedures independent of the people performing the duties where tests of the procedures were done. Management had responded to all of the comments and was not at variance with any of the auditor's comments. In this case, Management had stated that to the extent we have people on board and where it is practical, that is, cost beneficial, to make those changes, we will. Mr. Holt stated the auditors would work with Management to the extent that they could. FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 5 ------------------------------------ Regarding the second item, automated collection procedures, a review was currently underway, and it had been decided it would be done but it was a matter of getting the right software. Mr. Holt stated that under current year comments, the first was finance department staffing, and that during the past 1 -1/2 years there had been significant turnover as a result of which the Finance Department fell behind in its accounting work. Long -term employees had been lost which made the situation worse, since if it had been someone newer to the job it would have been easier to replace them. Mr. Holt commented that in the enterprise fund for the Community Development Department the village was not charging utilities expense or rent for building space occupied and in order to operate as an enterprise fund those charges needed to be made. Chair Hansen inquired if this would be paid by the General Fund. Mr. Holt responded that it would, and that this would be an easy area to correct. Another problem found was that in a couple of instances there was overpayment of expenses, which Mr. Holt believed to result from turnover and new employees not understanding the job. Payment had been made from an invoice that was not an original, plus employees did not completely understand the procedures, and because of lack of staff many errors had resulted. Another problem was that voided checks were not tracked. These problems could be easily corrected by following procedures. Problems had been found in use of the travel policy, which was now under review. Some travel turned in had been out of Palm Beach and Martin counties. Mr. Holt expressed his opinion that this could be corrected with a travel policy. Mr. Holt explained that the auditors had considered all of these problems as not being material internal control weaknesses that were reportable under the law. Mr. Holt stated the auditors believed an annual inventory of tangible personal property should be taken and that was not done because it was not a high enough priority on the list of FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 6 ------------------------------------ items to be done. Chair Hansen questioned whether there were areas where a procedure should be in place where there had never been a procedure, to which Daniela Russell responded that the only one was a travel policy. Co -Chair Capretta commented that it was understandable that more important items had higher priority so that some things did not get done; however, he was not sure the important things were getting done since they were so far behind. Ms. Russell commented there was definitely a catch -up period to get to the point where the books could be audited. Co -Chair Capretta commented there were very few differences in this years management letter and that of last year; and expressed concern over whether the village was getting all the property taxes they had coming and all revenue from other sources, such as gas taxes. Finance Director Kascavelis expressed his opinion that all revenue from those sources was being received. Co -Chair Capretta inquired whether there was any doubt whether all water department revenue was being received, to which Finance Director Kascavelis responded he was sure it had been up to 9/30/97, but after that date there was a discrepancy in receivables which was now being researched. Mr. Holt explained that the books for 9/30/97 were not closed until mid - December and because staff was working on closing the books they got behind in other accounting work. Ms. Russell contributed that she believed problems had escalated since that date. Mr. Kascavelis reported problems had started in the water Department when a long -time employee, Iva, left between December 1996 and January 1997, and other people had been moved around to try to get the work accomplished. Co -Chair Capretta stated a staff of four was not many and it was easy to get in trouble when someone left, and to fall behind. Co -Chair Capretta commented the reason he was worried about the water company was if all the revenue was not collected the village would be in trouble when they had to make a payment of half a million, and water FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 7 ------------------------------------ revenue had been going down, when with the drought it should be going up. Co -Chair Capretta commented from the report it seemed everything was great but there were serious problems: the Finance Department did not have a staff that was trained, they were behind in their work so that they only did the important things, but now they were behind in the important things, which created a big problem. Mr. Holt stated he believed it was important to focus on the fact that the severity of being behind was occurring in the current period and not in the period that was reported; although there were several more items of compliance and internal control weakness mentioned than in previous years. Mr. Holt stated all the problems needed to be corrected, however, he would not consider any one of the problems severe enough to be considered a material problem. In this new period there were fewer Finance staff, and decisions must be made on how to focus so that the Village would not have a much worse audit report next time. Mr. Holt stated another problem was reconciliation of the payroll cash account had not been done, and needed to be done on a permanent basis. Personnel and payroll I -9 forms were not completed or could not be located. 941 forms were not reconciled. Accounts payable detail was not done and significant time had been spent to determine what the accounts payable were as of the end of the period. The auditors recommended closeout procedures be in place for the upcoming period. Purchase orders were used to encumber funds after the period, which could have been a misunderstanding as to when a purchase order should be used. Under compliance with Florida Statutes, the village did not submit the form it should have submitted to the Department of Revenue; and the village failed to provide addresses to the utility companies, which had now been done. Mr. Holt stated none of these problems made the auditors believe the village was in a state of financial emergency. FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 8 ------------------------------------ Mr. Holt announced discussion of where the village was now and where the auditors thought the Village should be. Mr. Holt stated that a once a year audit was adequate. Mr. Holt stated there was a lack of adequate people in the Finance Department, and the auditors had been requested to interview potential new hires. Out of those interviewed so far they believed at least two would be potential good hires. Mr. Holt explained they had just tried to determine if they could do what they said they could do and did not do further research. Mr. Holt advised the new hires should be brought on board as soon as possible, that the village had two positions to fill and if two people could not be found then they should readvertise immediately to get that other person. Mr. Holt explained that his company's staff had been working in the Finance Department. Mr. Holt explained the wanted the new hires to have as much experience as possible and wanted to assist in their training. The auditors also wanted to update procedures that were currently in place, such as the one for processing disbursements. Mr. Holt stated training was critical, because when the employee was on their own the auditors wanted to be sure they knew what to do. Mr. Holt also stated the Village was advertising for a Finance Director, who was needed as soon as possible. The current objective was to get the records current as quickly as possible, and the auditors would put together a guideline for this as quickly as they could, but believed it would be unreasonable to expect everything would be current before mid -July. Mr. Holt wanted to have documented procedures in place by the end of the period. With the new bond issue, before the end of the period certain required deposits must be made, required funds must be established, and a compliance check list must be prepared. Mr. Holt stated they did not want to have non - compliance on the bond issue as of 9/30/98. Chair Hansen inquired whether it was advisable to bring in extra personnel on an interim basis in order to catch up. Mr. Holt responded they would like to get new hires on board as soon as possible and depending on their level of expertise FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 9 ------------------------------------ to then see whether they thought extra help was needed for awhile or even another permanent person. Ms. Russell commented that all postings were done through March for the period October 1997 through April 1998, but reconciliation was not done, and a determination could not be made regarding ongoing requirements until everything was caught up. Co -Chair Capretta discussed what had happened, and came to the conclusion that everything went well until September, and the only thing that had happened was that key personnel had left, and the solution was to re -staff and follow procedures that had been in place for some time. Mr. Holt responded he did not think the problem started in September, but believed work was behind then, and stated turnover had started 18 to 24 months ago, which would affect any accounting staff. Co -Chair Capretta stated he believed the Finance Department was in trouble in the previous report. Ms. Russell explained there were two people on staff then, and Mr. Holt commented if the auditors had known things were happening they would have brought it to the Village Council's attention. Mr. Kascavelis commented the problem began in July of 1996. Co -Chair Capretta commented that personnel were lost, action should have been taken long ago, morale had deteriorated, some employees left that should not have left, and a meeting like this should have been held a year ago. Village Manager Bradford explained this was the first time there had been an Audit Committee meeting, which had not been authorized until November 1997. Co -Chair Capretta said it was the fault of Mr. Kascavelis and Village Manager Bradford that they did not bring this to the attention of the Village Council; that Mr. Kascavelis should have brought it to the Village Manager's attention, and if Mr. Bradford knew of this situation it was his fault. Co- Chair Capretta stated he interviewed some of the employees who left and wanted to see if they blamed the whole problem on Mr. Kascavelis and they didn't; therefore, the problem was it was the fault of both Mr. Kascavelis and Mr. FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 10 ------------------------------------ Bradford, that they both let the department become understaffed to the point it hurt Mr. Kascavelis physically and it should have been reported to the Village Council. Mr. Kascavelis stated heads of departments did not report to the village Council. Co -Chair Capretta stated he understood that. Co -Chair Capretta expressed concern for the Water Department, and whether the proper amount of money was being collected and whether the enterprise fund was right with the books. Co -Chair stated he hoped the only problem was lack of staff, but he believed that to prevent this from happening again the Village must have some procedure, and felt the audit committee must meet at least quarterly to see how things were. Chair Hansen questioned how the Village could not collect the proper amount of money. Mr. Kascavelis stated there were unexplained errors on the billing reports and in credit adjustments but he believed they were not significant; he believed water customers were being billed, and that the amount in the general ledger was just off, not over $80,000 one way or the other. Chair Hansen questioned whether the auditors could detect the problem, to which Ms. Russell responded that at the moment the problem was that when reconciliations were not done there was no way to be sure the water company service department was doing what they needed to do, and if the records did not agree then you could not be sure. Co -Chair Capretta asked if the water department was staffed, to which Village Manager Bradford responded they had two people, one had been there six months and the other nine months, plus a former employee was back working under contract. Ms. Russell explained that because a long -term employee was with the water Department until August of 1997 it was believed the FY 1997 figures were correct, however, after that there were untrained personnel and discrepancies in the figures. Co -Chair Mackail expressed his opinion there were other problems besides lack of manpower, and commented that the Finance Department had had to take over the extra duties of the pension fund and the fire department. Co -Chair Mackail FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 11 ------------------------------------ commented that the number of required personnel could not be gauged at this point, and there had been no process by which the Finance Director could communicate, which was not Mr. Kascavelis' fault, and the village must make sure employees had adequate supervision and proper hardware and software that were needed to do the job. Co -Chair Capretta stated the Village Council was not asked for hardware and software. Mr. Kascavelis explained that the current accounting system was on a mini computer and he and the Village Manager had planned to put a new system into the upcoming year's budget, but before a system could be converted to a new system employees must be on board that knew the old system, so now the Finance Department was at a point they could not even attempt changing to another system. Village Manager Bradford commented staff was aware a new system was needed but a recommendation had not put together. Co -Chair Capretta discussed the fact that nothing had been spent in a long time to help conditions because the Village had slowly been going broke, and it must be run more like a business. Co -Chair Mackail commented there had been a feasibility study on needs, the needs had been determined, but when it came to spending the money for new facilities the Village Council had backed off, and the Village was fortunate to have an auditing firm who could step in and who understood the operation. Chair Hansen questioned that the auditors did not mention new software and hardware in their recommendations. Mr. Holt responded that the most important thing was to get adequate staffing, so that financial information would be current, and only then should consideration be given to getting new software and hardware; and this was the wrong time to consider that matter. Co- Chair Capretta commented the users must know the kind of system they wanted before considering the type of system to buy. Mr. Holt speculated that would be in 12 to 18 months. Mr. Holt verified that for the 1999 budget the focus should be on employees, and equipment considered in the next year's budget. Mr. Holt explained that the auditors would make a FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 12 ------------------------------------ recommendation as to the number of personnel needed when they were able to do so, but the decision would be up to the Village. Co -Chair Capretta stated it must be determined whether the Village had any serious problems, to which Mr. Kascavelis responded there were no serious problems. Chair Hansen requested that Mr. Holt provide realistic deadlines for items recommended by the auditors. Mr. Holt requested another meeting with the Committee in 60 -90 days to provide a status report; and commented that a new Finance Director could not be brought on board overnight and would need time to learn the system. Co -Chair Capretta suggested another meeting when the auditors had something to report to the Committee. Co -Chair Capretta discussed the responsibilities of the auditors to report items to the Audit Committee and to the Village Council, and commented that there was a lot behind the innocuous remarks in the auditor's report, and he knew it was hard to put all of the dirty linen in writing. Mr. Holt responded the auditors were employed by the Village Council and if there was an item the auditors felt was serious they would not hesitate to report that to Mr. Kascavelis and village Manager Bradford and if they were not responsive, to the Village Council or the village Attorney, depending on the nature of the item. Co -Chair stated he was not sure he believed that, because they had not reported anything in the past six months to a year. Mr. Holt responded the management letter was the auditors' method of communicating with the Village Council. Co -Chair Capretta stated that this year's management letter was not much different from last year's management letter, and they both made it look like everything was fine, and if the auditing firm was to continue to do Tequesta's audits, the Audit Committee would expect more of them. Ms. Russell stated that accounts payable not being reconciled was serious. Co- Chair Capretta asked to see where that was in the report, FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 13 ------------------------------------ and commented there were more serious problems than the auditors let on to the Village Council. Mr. Kascavelis stated that when people left and the work would get behind for about three months, then would get caught up; to which Co -Chair Capretta responded Mr. Kascavelis had known that, and should have reported it to the Village Manager, who should have told the Village Council, and if the Village Council could not depend on staff or the Village Manager then the Village was in trouble. Mr. Holt stated the 9/30/96 report, which Co -Chair Capretta was using to compare to the 9/30/97 report, did not have these problems, which was the reason there were more comments in the 9/30/97 report. Co -Chair Capretta commented there was not much in the 9/30/97 report, only a few comments. Mr. Holt reviewed comments in the 9/30/97 report which were not in the 9/30/96 report because the problems did not exist then, such as overpayment of expenses, not tracking voided checks, no inventory of property and equipment, no reconciliation of cash account, and accounts payable detail not done, which were serious. Mr. Holt expressed his opinion that focus should now be directed to the problem of inadequate staffing, overpayment of bills, accounts payable and not having items current, and the message being sent was that these items were significantly different than the year before. Chair Hansen suggested submittal of this report to the full Village Council with the notation that this Committee planned to meet with the auditors again in three months or so, and that the auditors would formulate a plan to have certain things implemented in certain numbers of days. Chair Hansen requested input from the other Committee members. Village Manager Bradford reported he had spoken with Ms. Russell during the prior week regarding making sure a mechanism was put in place to assure the work did not fall behind again in the future, while being fair to the new Financial Director and allowing that person enough time to become acclimated. Ms. Russell had suggested that beginning FINANCE AND ,ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 14 January 1, 1999, interim financial reports be prepared, and if the reports were not produced then Management would know something was wrong and they were not keeping up. Chair Hansen requested a summary of what had been discussed at this meeting to be in the form of a motion for submittal to the full village Council. Co -Chair Capretta summarized the events of this meeting. village Manager Bradford reported the village was also seeking a person to be hired for the position of Personnel Specialist, for which hiring had been delayed when considering sale of the Water Department, and this position would take over all personnel related functions from the Finance Department. Co -Chair Capretta recommended exit interviews be conducted with all departing employees in the future since they were willing to provide information that could point to problems. Co -Chair Capretta commented the newspapers wanted to give Mr. Kascavelis an accounting award, but meanwhile it was unknown what was wrong. Mr. Kascavelis responded he could not stop what people said and he had tried to be a decent employee for 18 years; that when Co -Chair Capretta had asked him a question he had always answered, but he had not had the liberty to give Co -Chair Capretta unsolicited information. Co -Chair Capretta made a motion to submit to the full village Council the report heard at this meeting which indicated the village did not know where it stood financially, that there is inadequate staff, that two accountants and a Finance Director are needed, that the audit company will work in -house to help catch up and perform reconciliations to evaluate how bad things are and will report back to this Committee in 60 -90 days or when they find out something, that the audit company will assist in training new personnel and will report back in 90 days or before. Co -Chair Mackail seconded the motion. The vote on the motion was: Carl C. Hansen - for FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 15 ------------------------------------ Joseph N. Capretta - for Ron T. Mackail - for The motion was therefore passed and adopted. V. ANY OTHER MATTERS Village Manager Bradford reported on the status of efforts to hire two accountants and a new Finance Director. Applications for accountants had gone to the auditors to prepare a short list based on review of the resumes. The short list would go next to Village Manager Bradford, who would check their criminal backgrounds, drivers licenses, etc., interview them, and hopefully come up with two new hires. Village Manager Bradford reported the position of Finance Director had been advertised in Palm Beach Post, Jupiter Courier, Stuart News, International City Managers Association Newsletter, and would be advertised Statewide in the Quality Cities Magazine. The closing period was May 15, and it was hoped a Finance Director could be brought in during late June. Village Manager Bradford explained that if a local person without a current job could be found it might be sooner. Another firm had been contracted with to prepare a short list for the position of Personnel Specialist, and was expected to be available this week , accompanied by with recommendations regarding three potential employees. village Manager Bradford reported the Village had contracted with Nowlen, Holt & Miner to have Ms. Russell and an accountant work in the Finance Department, and since the contract exceeded $5,000 it would be on the Village Council meeting agenda May 14 for consideration of retroactive approval. Chair Hansen requested that the auditors not be shy about talking to the Audit Committee. Mr. Holt responded the auditors wanted to come back in 90 days or at another appropriate time to keep the Committee posted. Mr. Holt FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 16 ------------------------------------ stated he did not believe this problem would have a quick fix, but expected it to take six to nine months. Co -Chair Mackail stated the audit company must remain independent, that the Committee was aware of the goals and objectives, and requested the auditors come up with a sequence of events that was available to the Committee for the Committee to review at any time. Mr. Holt stated the next meeting might need to be in 120 days or after new personnel were on board, so that the auditors would have something of substance to discuss with the Committee. Co -Chair Capretta requested the auditors keep in mind there were two issues: management and, more importantly, to determine no money was stolen and the Village was collecting sufficient money to pay their debt. Village Manager Bradford stated that his impression was that as soon as anything was known about the Water Department whether good or bad, the Committee would like to hear about it. Co -Chair Capretta responded yes, and that the Audit Committee should be more active than usual for the next year or so. Ms. Russell requested clarification regarding the timetable desired by the Committee, and after discussion, concluded that a timetable should be set up showing goals and stating when those goals were accomplished. VI. ADJOURNM M Co -Chair Mackail made a motion to adjourn the meeting. Co- Chair Capretta seconded the motion. The vote on the motion was: Carl C. Hansen - for Joseph N. Capretta - for The motion was therefore passed and adopted and the meeting was adjourned at 6:37 p.m. FINANCE AND ADMINISTRATION COMMITTEE MEETING MINUTES May 4, 1998 Page 17 ------------------------------------ Respectfully submitted, Betty Laur Recording Secretary ATTEST: Joann Manganiel Village Clerk DATE APPROVED: