= I. = ; CALL TO ORDER AND ROLL CALL

Meeting was called to orde= r at 7:32 P.M. by Mr. Samz.

Attend= ing: = Stephen Dugan

Doug Samz, Chairperson

&nb= sp; = ; &= nbsp; Bob Gerry

&nb= sp; = ; &= nbsp; Tim McCue

&nb= sp; = ; &= nbsp; Jim Silvers, Trustee

Absent: Ray Perry

&n= bsp; Bob Sarley

Also

Attending: Marilyn McGuan, Village Treasurer

&nb= sp; = ; &= nbsp;

II. = ; OPPORTUNITY FOR PUBLIC TO ADDRESS THE COMMITTEE

None t= his month.

III. = ; APPROVAL OF THE MINUTES FROM THE APRIL 11, = 2005 SPECIAL MEETING

A motion was made by Mr. D= ugan to approve the April 11, 2005 Meeting minutes. Seconded by M= r. McCue.

On a voice vote, the motio= n carried unanimously.

&nb= sp;

IV. = ; NEW BUSINESS

Mr. Sarley arrived at 7:3= 5 p.m.

A. Quarterly Revenue and Expenditure Report – FY ’06 – 1^st Quarter

Mr. = Samz wanted to review first the 4^th Quarter – FY ’05 report. He stated that the M= ay meeting did not have a quorum, however, those p= resent identified three items that need addressing. Those being the litigation costs, fireworks expenditure account and a miscellaneous account with a budget of $2,000 and actual expenditures of $15, 000.

Trustee Silvers commented on the litigation expenses. In the future Trus= tee Silvers will ask the Village Board for a projection in litigation costs.

Mr. Gerry commented that dinner expenses, en= tertainment and conventions should be reviewed by someone besides the department administrator to ensure they are appropriate.

Motion by Mr. Gerry that= a system be developed for all entertainment, travel, dinner and conventions expenses incurred by any elected official that would require the review and approva= l by a committee of the Board. Furthermore, receipts and expense report must be submitted. Second by Mr.= Dugan. Trustee Silvers was asked to pres= ent this to the Village Board.

In the 1^st Quarter FY ’06 r= eport, Mr. McCue pointed out that the numbers on the revenue report were off by o= ne line. The committee reviewed= the reports.

B. SSA Expenditure Update

The SSA Expenditure Report as well as a memo= randum from Lee Fell, Christopher B. Burke, Engineering, Ltd. dated July 6, 2005 = were reviewed. =

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C. Auditor Update

Mr. Samz announc= ed that the Village has contracted with Sikich Gardner= to conduct the annual financial audit. Mr. Samz commented that he, Mayor Hunt = and Donna Lobaito interviewed three audit firms and looked at fees, services a= nd qualifications of each firm. Mr. Samz noted that the proposal from Sikich Gardner was lower than what he estimated.= The audit is scheduled to commence at the end of August. Ms. McGuan commented that the new= auditor will not start the audit until they receive the prior work papers from Ms. McMahon, which she has not supplied to the Village because she has not rec= eived payment.

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D. Long Range Financial Planning &= #8211; Discussion

Trustee Silvers stated that at the July Vill= age Board meeting, the Village Board voted to create a position of Director of Economic Development and Special Projects. The committee wants that the person hired has financial expertise to assist with a five-year plan.

= V.      = ;           OLD BUSINESS

Problems at the Toll Brothers site were discussed.

= VI.      = ;        ADJOURNMENT

On a motion by Mr. Gerry, seconded by Mr. Du= gan, the Finance Committee adjourned at 8:40 p.m.

Respectfully submitted,

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Doug Samz, Chairperson        =             &n= bsp;           &nbs= p;         =     Donna Lobaito, Recording Secretary