MINUTES OF= THE BOARD OF TRUSTEES
HELD ON JA= NUARY 24, 2005 AT 6:30 PM
AT THE PUB= LIC WORKS OFFICE
The meeting was called to order by Douglas Samz at 6:= 40 pm. The following Trustees w= ere present:
ROLL CALL = &n= bsp; &nbs= p; Douglas Samz
&nb= sp; = ; &= nbsp; &nb= sp; = ; Timothy McCue
&n= bsp; &nbs= p; = = John Fenger
= Mike Viramontes
&nb= sp; = ; &= nbsp; &nb= sp; = ; Stewart Gordon
&nb= sp; = ; &= nbsp; &nb= sp;
MINUTES &nb= sp; = ; &= nbsp; On a motion made, seconded and carried, it was
RESOLV= ED, that the minutes of the October 25, 2004 meeting be approved.
Mike V= iramontes was not present at the October meeting and abstained from the vote.
LEGAL COUNSEL &nb= sp; = ; Chris Potthoff a representative of law firm was present at the meeting.
ALSO PRESENT &nbs= p; = Marilyn McGuan
NEW APPLICANTS &n= bsp; None
FINANCIAL REPORTS = ; Audited financial report was submitted, which was the same as the preliminary draft report previously reviewed by the board.&= nbsp;
On a m= otion made, seconded and unanimously carried, it was
&nbs= p; = &n= bsp; &nbs= p;
&nbs= p; = &n= bsp; &nbs= p; RESOLVED, that the Annual Audited Financial Report be accepted.
A repo= rt for the period ending December 31, 2004 was presented by Marilyn McGaun, which showed Total Assets of $295,161.38; Total Revenue and Expenses for the eig= ht month period ending 12/31/04 was $108,109.81 and $23,087.78, respectively.=
&nbs= p; = &n= bsp; &nbs= p; The Village has made their required monthly contribution to the Pension Fund. = Per a report from the Illinois Department of Insurance Actuarial report the annu= al contribution beginning May 2005 should be $113,473.
&nbs= p; = &n= bsp; &nbs= p;
&nbs= p; = &n= bsp; &nbs= p; Current information of all participants was provided.
&nbs= p; = &n= bsp; &nbs= p;
DISCUSSION = &n= bsp; Is a report to each participant required on an annual basis, and what is cont= ained in the report? Doug Samz inq= uired about the requirements and stated that a report is necessary only if reque= sted by a participant.
&nbs= p; = &n= bsp; &nbs= p; =
EXPENSES &n= bsp; &nbs= p; Invoice for the following expense had been submitted:
&nbs= p; = &n= bsp; &nbs= p;
Legal Bills = ; Quarterly Retainer and Expenses of $500.00 for the First Quarter of 2005
On a m= otion made, seconded and, it was &nbs= p;
&nbs= p; = &n= bsp; &nbs= p;
&nbs= p; = &n= bsp; &nbs= p; RESOLVED, that the above expense be paid.
&nbs= p; = &n= bsp; &nbs= p; Voice Vote: Ayes 5; Nays 0.
MEETING SCHEDULE = The Village has released the 2005 meeting schedule for all the various committ= ees within the village, the Police Pension meetings are as follows: &= nbsp; April 18, July 25, and October 24 at 6:30 pm.
ADJOURNMENT = There being no further or other business to come before this meeting, upon a mot= ion made, seconded and unanimously carried, the meeting was adjourned at 7:45 = pm.
= &n= bsp; &nbs= p; = &n= bsp; ____________________________________
= &n= bsp; &nbs= p; = &n= bsp; &nbs= p; = &n= bsp; = ; Secretary