HomeMy WebLinkAboutCOMMITTEE OF THE WHOLE - 09/13/1994 - CAPITAL REPLACEMENT FUND/COOK CTY HIGHWAY IMPROVEMENTS/BUSSE DAM COMMITTEE OF THE WHOLE
9/13/94
10:05 PM
COUNCIL CHAMBERS
Present : D. Gallitano, Village President
M. Tosto, Village Trustee
R. Chernick, Village Trustee
J. Petri, Village Trustee
C. Johnson, Village Trustee
P. Rettberg, Village Trustee
N. Czarnik, Village Trustee
Absent : None
Staff: G. Parrin, Village Manager
R. Rummel, Assistant Village Manager
R. Farrell, Administrative Assistant
H. Ingebrigtsen, Director of Finance
D. Gillian, Assistant Director of Finance
S. Osowski, Administrative Assistant
CAPITAL REPLACEMENT FUND
The Director of Finance explained the concept of a Capital
Replacement Fund. This fund would receive revenues based upon
the depreciation of capital equipment. Funds would then be
available to replace equipment at the end of its useful life. it
was noted that the fund would need to be created by ordinance.
The consensus of the Committee was as follows:
-- Establish a Capital Replacement Fund by ordinance during
the budgeting process; and
-- Include in the ordinance "escape clause" language that
would allow the Board to use the fund for other purposes
other than capital items; and,
-- to adopt a policy on unreserved fund balance to equal 4
months of cash reserves each budget year.
COOK COUNTY HIGHWAY IMPROVEMENTS
The Village President reported that Carl Kowalski of the Cook
County Highway Department will work with Elk Grove to synchronize
the traffic lights on Arlington Heights Road and obtain land for
double left-hand turn lanes at Landmeier and Oakton on Arlington
Heights Road.
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BUSSE DAM IMPROVEMENTS
The Village President reported on attempting to arrange a
meeting with the Governor on this item.
The meeting adjourned at 10:55 p.m.
c: President & Board of Trustees
Village Manager
Assistant Village Manager
Administrative Assistant
Administrative Intern
Village Clerk
Village Attorney
All Department Heads