Administrative-Finance Committee Reviews Audit Report Draft

The city of Darien’s Administrative-Finance Committee met Monday night to review a draft of the audit report for the 2011 fiscal year.

The report is used to outline and verify the city’s financial statements and to report any inconsistencies if the auditors encounter them.

Committee members talked at length about the general obligation bonds outlining the city’s long-term debt.

“We’ve structured these bonds so that payments are even every year,” city Treasurer Michael Coren said.

Both government and business activities were also reviewed. City officials plan to pay off the more than $5.5 million in bonds for capital projects by Dec. 15, 2017.

While some members questioned the strategy, Lou Karrigon, the city's auditor, backed up the original plan.

“This is a very typical way for how governments can finance themselves,” he said.

During Monday night's meeting, Coren noted a significant drop in payment for the DuPage Water Commission.

Last year, the city paid about $600,000, while this year’s report lists only $102,611 for the city to pay each year, from 2012 to 2016.  Though the amount does depend on both a fixed cost and a variable cost which is based on usage, Coren asked committee members to look into the issue.

“I’m just not that comfortable with such a decrease,” he said.

Committee members also reviewed the Illinois Municipal Retirement Fund and discussed the police pension reform bill.

A final draft will be prepared for review by the City Council on Sept. 6.