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1.
DRAFT MINUTES-
Pending Approval
MINUTES
FINANCE COMMITTEE
October 27, 2022
Call to Order, Roll Call, and Establishment of a Quorum.
Alderman Dimas called the meeting to order at 6:00 p.m. Roll call found Aldermen Dimas,
Chassee, Sheahan, Swiatek, Dettmann, Stout and Morano present. Absent: None.
Staff in attendance: City Administrator Michael Guttman and Interim Finance Director Nikki
Giles.
Approval of Minutes
A. Finance Committee Meeting minutes of April 28, 2022
Alderman Swiatek moved and Alderman Morano seconded a motion to approve the
minutes. Voice Vote: All Ayes. Motion Carried
Public Participation / Presentations — None.
Items for Consent
A. Ordinance No. 22-O-0035 — Fourth Quarter Budget Amendment
B. Resolution No. 22-R-0066 — Selection of a Financial Advisor for Debt Issuances
City Administrator (CA), Michael Guttman, introduced Anthony Miceli from Speer Financial,
Inc. and spoke on how the City issued a Request for Proposal for a financial advisor for debt
issuances in September. He said three responses were received and reviewed and it was
recommended that the City hire Speer Financial, Inc. CA Guttman explained that an advisor is
needed to offer the City guidance on funding larger capital projects and some potential
economic development initiatives.
Anthony Miceli, Senior Vice President, introduced himself and spoke on his 15 years of
experience working with municipalities and how Speer Financial, Inc. has been around for
over 60 years. He explained that Speer Financial, Inc. does not sell bonds and is not a broker,
they only offer advice and will only execute bonds that are convenient to the City.
CA Guttman, said that the team had questioned if there was an hourly consulting fee and the
answer is no, whether there is a debt issuance or not, there are no hourly consulting fees. Mr.
Miceli said their firm does not rely on one or two clients to survive so they prefer its business
model.
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In response to a question from Alderman Chassee, Mr. Miceli responded that there are various
‘players’ and that bonds are sold three different ways. There are public sales where they are
sold to various investors, either competitively or via a negotiated sale where an offer is
prepared and put out on the market and underwriters bid on it. The underwriter with the best
rate is selected. For a negotiated sale, an underwriter is selected ahead of time, and a plan of
finance and official statement are worked on with the underwriter. The underwriter then
markets the bonds to investors and they are considered the broker/dealer in this case. A private
placement sale is sold directly to an investor or bank.
Mr. Miceli spoke on the Municipal Advisor Rules from 2012 and explained that a municipal
advisor that does not have a fiduciary duty to the client can only provide advice on sale or
investment of bonds.
Alderman Chassee moved and Alderman Stout seconded a motion to approve the items.
Voting Aye: Alderman Chassee, Dimas, Dettmann, Sheahan, Swiatek, Stout and Morano.
Voting Nay: 0. Motion Carried
5. Items for Discussion
A. DuPage Senior Citizens Council — Request for Additional Funding
City Administrator (CA), Michael Guttman, said that at the April Finance Committee meeting
there was a conversation about the $10,000 contribution made to the DuPage Senior Citizens
Council (DSCC) and provided history on how that decision had previously been made. CA
Guttman said in April the Committee had additional questions and requested staff from DSCC
attend a meeting for further discussion.
DSCC Executive Director, Marilyn Krolak, introduced herself and said she has been with the
Council for over 25 years. She stated that since 2000 the Council has asked cities and townships
for assistance. She said West Chicago has always funded $10,000. She noted that since 2018
they have shown that there is a yearly shortfall of around $23,000, which leads to ask if the
$10,000 is enough. She said costs have gone up and the senior populations continues to
increase. She said some communities give the cost gap, others give the cost gap and a little
more, others like West Chicago have a budget line item, and others give less or nothing. She
said the DSCC would like to expand some services in West Chicago such as open dining and
community meals. She appreciates the $10,000 and encourages additional funding be
considered.
Alderman Chassee noted that some of the questions the Committee had were answered in the
documents previously provided. Alderman Chassee would like to discuss the possibility that
the City provide $24,000 in funding if the DSCC comes back in one year to show the
Committee what the money is being used for.
Alderman Dimas asked if other communities increased their funding. Ms. Krolak stated
funding is now steadily increasing but there was a decline during COVID. She said there is
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also a percentage of families that are under the poverty level and a group right above the
poverty level that is hard to determine.
Alderman Dettmann commented that it is an extremely vital task to reach out to the homebound
seniors that don’t have anyone to provide nutritious meals.
Alderman Dimas asked for a show of hands of members in favor. It was determined that
Alderman Chassee’s suggestion is recommended to increase funding to $24,000 and for DCSS
to come back to the Committee in a year to show where the money was used.
6. Unfinished Business — None
7. New Business - None
8. Reports from Staff
City Administrator, Michael Guttman, said there is a budget meeting in November and there
should be no surprises. He noted that there will be a rate increase in the water and sewer rates
of anywhere between 40 to 43 percent in 2023.
9. Executive Session (if needed) — None
10. Adjournment
Alderman Chassee moved and Alderman Stout seconded a motion to adjourn at 6:19
p.m. Voice Vote: All Ayes.
Respectfully submitted,
Josie Aviley
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