Town of Cedar Lake, Lake County, Indiana

Minutes of the Board of Finance

Date: January 26, 2023

Special Public Meeting Advertised for: 6:00 PM

Location: Cedar Lake Town Hall

Pledge of Allegiance and Moment of Silence

Roll Call

Ward Representatives

• Robert H. Carnahan, Ward 1, Member - Absent
• Julie Rivera, Ward 2, Member - Present (Via Zoom)
• Nick Recupito, Ward 3, Member - Present
• Ralph Miller, Ward 4, Member - Present
• Colleen Schieben, Ward 5, Member - Absent

At-Large Representatives

• John Foreman, At Large, Member - Present (Arrived at approximately 6:05 PM)
• Richard Sharpe, At Large, Member - Present

Town Officials

• Jennifer N. Sandberg, IAMC, CMC, CPFIM, Clerk-Treasurer - Present
• Chris Salatas, Town Manager - Present
• David Austgen, Town Attorney - Present

Election of Officers

1. Board of Finance President

Ralph Miller nominated Richard Sharpe. A second was made by Julie Rivera. No other nominations were received.

Roll Call Vote: Rivera – Yes, Recupito – Yes, Miller – Yes, Sharpe – Yes. Vote: 4-0.

2. Board of Finance Secretary

Ralph Miller nominated Nick Recupito. A second was made by Julie Rivera. No other nominations were received.

Roll Call Vote: Rivera – Yes, Recupito – Yes, Miller – Yes, Sharpe – Yes. Vote: 4-0.

New Business

1. Consider Approval of the 2022 Financial Report

Clerk-Treasurer Sandberg reported on the memorandum she presented to the board regarding 2022 finances. She stated they had an investment from Fund 804, the TIF fund, with TrustIndiana. Those funds were withdrawn in 2022 for cash flow and debt obligation purposes. There is a remaining amount of $18.96 due to interest earned and timing. She stated that was requested to be withdrawn and the monies will be receipted back into Fund 804.

She stated she also included the Cash Summary by Fund report in their packet for year 2022. She also included a history of the General Fund cash balances and interest.

Mr. Foreman asked Ms. Sandberg if she is allowed to put monies in a CD. Ms. Sandberg stated yes but there are rules. She stated she would be looking into that with Corby. Mr. Foreman stated they might as well do something. Ms. Sandberg stated she has been hesitant to deposit funds due to the number of ongoing projects. Mr. Foreman agreed, it needed to be liquid.

Ms. Sandberg stated that is why they went with TrustIndiana for the TIF investment because it could be withdrawn quickly. A brief discussion continued on future investment opportunities. Ms. Sandberg stated she would speak with Corby to research and see what opportunities are available.

Mr. Recupito asked what the duty and responsibility of the board is. Mr. Salatas stated the duty and responsibility of the board is to accept her report to satisfy state law, which is the first page. The other reports provided are the Clerk-Treasurer going above and beyond her responsibility. The board is specifically to acknowledge, accept or deny, the investment report. A brief discussion continued.

A motion to accept was made by Nick Recupito with second by Julie Rivera.

Roll Call Vote: Foreman – Yes, Rivera – Yes, Recupito – Yes, Miller – Yes, Sharpe – Yes. Vote: 5-0.

Public Comment

None

Adjournment

President Sharpe called the meeting to adjournment at approximately 6:10 PM.

Minutes Transcription Notice

Minutes are transcribed pursuant to IC 5-14-1.5-4(b), which states:

(b) As the meeting progresses, the following memoranda shall be kept:

1. The date, time, and place of the meeting.
2. The members of the governing body recorded as either present or absent.
3. The general substance of all matters proposed, discussed, or decided.
4. A record of all votes taken by individual members if there is a roll call.
5. Any additional information required under section 3.5 or 3.6 of this chapter or any other statute that authorizes a governing body to conduct a meeting using an electronic means of communication.