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March 5, 2019 7:26 pm


 

Status Scheduled

Group Board of Trustees

Location 300 Portwine Road Riverwoods, IL 60015

Agenda

BOARD OF TRUSTEES
FINAL AGENDA
March 5, 2019- 7:30 P.M.

I. CALL TO ORDER
II. PLEDGE OF ALLEGIANCE
III. ROLL CALL
IV. APPROVAL OF MINUTES
• BOT February 5, 2019
• BOT February 19, 2019
V. DIRECTOR OF COMMUNITY SERVICES
VI. PLAN COMMISSION REPORT
VII. TREASURER REPORT
VIII. CONSULTANTS
• Gewalt Hamilton
• Village Attorney
• Village Ecologist
IX. POLICE REPORT
X. INFORMATION ITEMS & COMMENTS FROM THE PRESIDENT
Standing Reports
1. Project update on Flatwoods Heritage Center
General
2. Wine and Cheese Party
3. Statement of Economic Interest
4. Report from JPMorgan on Investments
XI. VISITORS WISHING TO ADDRESS THE BOARD
XII. ACTION ITEMS
NEW BUSINESS
A. DONATION POLICY REVIEW AND CONSIDERATION OF DONATION TO CENTER FOR ENRICHED LIVING AND DEERFIELD PARENTS NETWORK
OLD BUSINESS
B. DES PLAINES RIVER WATERSHED RESOLUTION – Continued to March 19 meeting

XIII. STANDING COMMITTEE REPORTS
– Trustee Haber Legal/ Public Works
– Trustee Chamberlain .External Communications/Bike Path/ Environment
– Trustee Jamerson Police/Building
– Trustee Ford NSSRA/Treasurer Liaison
– Trustee Goldstein Communications/IT/ Budget
– Trustee Hollander …………………………. Roads /Zoning/Planning and Land Use
XIV. EXECUTIVE SESSION
• Litigation, Acquisition of Property, and Personnel

XV. NEXT REGULAR MEETING:
• March 19, 2019– 7:30 PM

Minutes

Village of Riverwoods

Board of Trustees Meeting

March 5, 2019

APPROVED

 

In Attendance:

Cheryl Chamberlain

Kristine Ford

Michael Haber

Henry Hollander

Rick Jamerson

John Norris, Mayor

 

Absent was:

Eric Goldstein

 

Also Present:

Patrick Glenn, Village Engineer

Bruce Dayno, Police Chief

Bruce Huvard, Village Attorney

Rob Durning, Director of Community Services

Daphne Paras, Village Clerk

Hal Roseth, Village Treasurer

 

Call to Order:  7:30 PM

 

Approval of Minutes

 

Trustee Jamerson moved to approve the minutes from the February 19, 2019 Board of Trustees meeting. Trustee Chamberlain seconded the motion. The motion passed unanimously on a voice vote.

 

Trustee Chamberlain moved to approve the minutes from the February 5, 2019 Board of Trustees meeting. Trustee Jamerson seconded the motion. The motion passed unanimously on a voice vote with Trustee Ford abstaining.

 

Director of Community Services

 

Mr. Durning reported the Village sent out a mass mailing to determine whether residents are renting or planning to rent their properties.

 

The property at 2825Arrowwood sold.  Mr. Durning met with the new owner and will walk the house with the architect to determine the scope of work.  Trustee Hollander noted the tennis court would not be allowed and questioned whether it would stay in place.  Mayor Norris believes it should be grandfathered.

 

Plan Commission Report

 

Mr. Huvard reported the Plan Commission will meet on Thursday. March 14, 2019 at 7:30 pm.  The Plan Commission will continue the hearing from Engaged Senior Homes.

 

Treasurer’s Report

 

Daniele Driscoll, Vice President JPMorgan Securities and Michael Kearney, Vice PresidentJP Morgan Securities were present.  Mr. Kearney presented an overview of the investment portfolio.  He discussed the economy over the past few months.  A lot has changed due to the government shut down.  Mr. Kearney noted both the US interest rates and the number of rate hikes have been reduced.  The current yield is 2.49% and it is projected to be 3.05% at the end of the year.

 

Ms. Driscoll noted US corporate debt has been added to the statute, and can be added to the Village portfolio.  US corporate debt, A rated or better, is very liquid.  The 3 month to 1 year comparison are up by approximately 25 basis points. US agency notes and US treasuries are equal while corporate A or better are higher.  Ms. Driscoll suggested the Village purchase corporate debt rather than commercial paper.

 

The Village portfolio increased to $11,050,000, with the $4 million that was transferred from Wells Fargo. Trustee Ford noted getting a better return is part of the Village’s cash management goals.  68 percent of the Village’s investments are in CDs.  The Village lucked out because they received very attractive 3 percent rates for 2 year CDs.  The duration of the portfolio is 1.02 years, which has been significantly shortened.  The overall yield is 2.627 percent on the portfolio.  Ms. Driscoll noted as things mature, they have been replaced with higher yielding investments.  51 percent of the investments mature in less than 1 year.  Trustee Ford noted the Village moved the Wells Fargo portfolio to JPMorgan and that had a negative result.  In the future, the Village can see more corporate investments, which would yield more than 3 percent at this time.

 

Trustee Chamberlain asked how the Village has gone about setting goals and tolerances and how the Village sets the goals for the portfolio.  Mr. Roseth noted the investment cycle and maturities are fluid. Given the conservative nature of the Village’s advisory statement that guides the policy, the investments do not expand over what is seen in the portfolio.  The Village tries to mitigate risk.  The JPMorgan team knows where the Village needs to be.  Ms. Driscoll noted they plan for larger expenditures made by the Village.  Trustee Ford added the Village has constraints by State statute on what can be purchased.  The Village portfolio is diversified and short.  Mr. Huvard explained the Village’s investment policy limits the type of investments as well as the amount of corporate investments.  JPMorgan is operating within the Village investment policy. Ms. Driscoll indicated the Village’s investment policy also requires the investment term to be a maximum of 8 years. Trustee Jamerson noted there are some unrecognized gains/losses.  Ms. Driscoll noted some of the losses were inherited from Wells Fargo.

 

The 2019 portfolio outlook includes continuing to work with the finance team to establish cash flow needs and position the portfolio accordingly and to continue to make opportunistic purchases in approved asset classes while maintaining diversification.

 

Village Attorney Report

 

Mr. Huvard sent the receivers report for 2887 Blackthorn.  The receiver believes the house should be demolished.  They looked at the cost of demolition and land value versus the amount of money needed to fix the house, and determined the cost of remodeling the house was too expensive.

 

Mr. Huvard noted the Village has received a number of materials about the proposed senior group home. He is looking at how to make the information available.

 

Police Report

 

Chief Dayno presented highlights from the Police Report since the last Board of Trustees meeting. The police report is attached to the end of the minutes.

 

Informational Items & Comments from the President

 

  • Project Update on Flatwoods Heritage Center

Mayor Norris noted the survey has been launched and the response has been pretty good.  The Village will remind residents to send in their completed surveys.  The Village mailed postcards, sent emails and information is on the Village website. Depending on the response, the Village could send out a targeted Facebook message.  The Village is receiving about 15 to 20 responses a day. Mayor Norris noted the survey will close on March 16, 2019 and there will be a report at the March 19, 2019 Board of Trustees meeting.  Trustee Haber questioned why the survey needs to close on March 16, 2019.  He would like it to remain open to the last possible date.  Mayor Norris was told to utilize a 2 – 3 week window.  Trustee Haber noted a number of snow birds will not be coming back until the end of March.  Trustee Chamberlain noted MindMixer suggested 2 – 3 weeks is a good period of time. She noted some snow birds keep in touch with their neighbors.  Trustee Chamberlain believes the due date needs to be consistent and properly advertised. Mayor Norris noted the Village will be open to any communication that comes in before the vote.

 

Mayor Norris questioned whether there should be an open meeting on March 19thor March 26th.  Trustee Hollander would not want it to be on the same night as a Board meeting.  He suggested allowing residents to present new information succinctly.  Trustee Ford suggested reporting the survey results on March 19thand an open meeting for March 26th.  Trustee Jamerson agrees.  Mayor Norris tentatively scheduled a public meeting on March 26th.

 

  • Wine and Cheese Event

Mayor Norris reported the event was a tremendous success.  He congratulated Trustee Chamberlain and Clerk Paras for organizing the event.  Trustee Chamberlain noted there were about 120 attendees from all areas of the Village. Every person she spoke with were told about Engage Riverwoods.  She also asked people how they heard about the event.  Village Voice, email and signage were the top three responses. Unfortunately, the Village website was not cited.  The event came in within the budget.  Village resident Sherry Graditor heard the residents saying they were happy the Village hosted an event for adults.

 

  • Statement of Economic Interest

Mayor Norris noted the statement of economic interest should have been received via email.  This year there is a fine if you do not get the survey turned in on time.

 

Visitors Wishing to Address the Board

 

There were no visitors wishing to address the Board.

 

New Business

 

  • Donation Policy Review and Consideration of Donations to Center for Enriched Living and Deerfield Parents Network

Mayor Norris noted the two requests were not included in the packets.  The committee will make recommendations based on a lower maximum contribution of $1500. In the past, there was a $5000 maximum. The rest of the criteria will remain the same, but there are no guarantees a donation will be granted.  Trustee Ford noted the Village is being more conservative of spending outside of the Village.  Trustee Haber questioned whether the Village should make a decision to do away with donations rather than just reduce the amount.  Trustee Chamberlain noted there was no official maximum, but $5000 was the amount the Boardhad used in practice.  The Board can make a decision on any donations. Trustee Chanmberlain would like to do away with most donations, but ifthe Board considers them, Trustee Chamberlain would want to know how theorganizationsinteract with Riverwoods and Riverwoods residents.  Mayor Norris noted some organizations such as after prom and the Deerfield Parents Network are not charitable, but include our residents.  He questioned how those organizations can still be considered.  Trustee Ford noted they would still complete an application.  The application process would not go away; the Board can make a decision.  Mayor Norris questioned whether the Village should consider donations at all.  Trustee Jamerson believes things like the Explorers, after prom and the Parent’s Network should receive donations, but organizations that have fundraising abilities should not receive donations.  Deerfield only gives money to the high school.  Mayor Norris summarized the Trustees only want to donate to organizations that directly benefit the Riverwoods community.

 

Old Business

  • Des Plaines River Watershed Resolution

 

Mayor Norris noted this would be continued to the March 19, 2019 Board of Trustees meeting.

 

Standing Committee Reports

Trustee Chamberlain – External Communications/Bike Path/ Environment – Trustee Chamberlain will meet with Steve Zimmerman about the cost share programs.
Trustee Jamerson – Police/Building – Trustee Jamerson noted the building report is in the packet.

Trustee Ford – NSSRA/Treasurer Liaison reported NSSRA has a special meeting scheduled for Thursday.

 

Adjournment

 

There being no further business or discussion, Trustee Chamberlain moved to adjourn the meeting.  Trustee Jamerson seconded the motion.  The motion passed unanimously on a voice vote.  The meeting was adjourned at 8:43 pm.

 

The next regular Board of Trustees meeting will take place on March 19, 2019 at 7:30 pm.

 

Respectfully submitted,

Daphne Paras, Village Clerk

Transcribed by, Jeri Cotton

 

 

 

 

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