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| 725 Pine St. Winnetka, Illinois 60093 847-441-3400 |
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Councilors present: John Bausch, Kimberly Brya, Steve
Dyer, Georgie Geraghty, Betsy Holden, Steve Huels, Chris Hurley, Heidi Law,
Peggy McNamara, Jodie Stewart and Sarah Woodburn. Others present: Clyde McGregor and Tom Temple. Steve Dyer, Chair, called the meeting to order at 7:Q5 p.m. After reading a
short story about faith he turned the meeting over to Tom Temple, Financial
Management Co-Chair, and Clyde McGregor, Assistant Treasurer, for the express
purpose of covering three items: the 2007 Budget, funding of the Sanctuary floor
and a line of credit related to the Sanctuary Renewal Project. Tom Temple reported that the Financial Management Committee recommends that
funds from the Heritage Trust be used to cover the expense of installing a slate
floor in the sanctuary. He pointed out that this fund has been used in the past
for other capital improvements to the building. Chris Hurley moved, seconded by
Jodie Stewart, that Council accept the recommendation of the Financial
Management committee. In the brief discussion that followed, Mr. Temple stated
that the Heritage Fund currently has a balance of $164,500. Its the committee’s
recommendation that $160,000. from the fund be used for the expense of the
floor, leaving a balance of $4,500. As in the past, people are encouraged to
contribute to the Heritage Fund to regenerate it. The vote was called and the
recommendation of the Financial Management committee passed unanimously. Clyde McGregor then presented the proposed 2007 Budget for consideration. He
noted the surplus from last year as well as the anticipated deficit in 2007 due
to a short fall on the revenue side. In preparing the 2007 budget expenses were
cut back by 10% in all groups. Currently the anticipated revenue for this year
is down $88,000. from last year. Mr. McGregor pointed out that memorial
donations made during a year often help to off set a budget deficit. There being
no questions, John Bausch, seconded by Chris Hurley, moved that Council approve
the 2007 Budget. Tom Temple reported that to date $2.8 million has been paid out for the
Sanctuary Renewal Project with approximately a million left to pay out. There is
$600,000. due from pledges. The campaign still needs to raise a million dollars.
He then told Council that four banks have been approached regarding a line of
credit for the church. In researching the issue the Financial Management
committee was looking for the most flexibility and best interest rate.
Institutions approached were the Northern Trust, Chase, North Suburban Community
Trust and Harris. Harris Bank offered a $2,000,000. line of credit at an
interest rate of 6 %%. The Financial Management committee recommends that
Council approve the Harris Bank as the choice for the church’s line of credit.
Betsy Holden, seconded by Jodie Stewart, moved that Council approve the
selection of the Harris Bank and also authorized both the Executive committee
and the Financial Management committee to sign the necessary documents to
establish the church’s line of credit. Approval was unanimous. There being no further business, the meeting was adjourned at 8:15 p.m. Respectfully submitted, Peggy McNamara, Clerk
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