Finance Committee

900 Quay Street City of Manitowoc Manitowoc, WI 54220 www.manitowoc.org Meeting Minutes Finance Committee Thursday, November 16, 2023 4:30 PM Council Chambers & Remotely (Via Zoom) 1. Call to Order 2. Roll Call Present: 5- Brey, Sitkiewitz, Schlei, Reckelberg and Czekala 3. Public Comment Finance Committee Chair Alderperson Brey declared the meeting open for public comment. In accordance with policy, the public comment portion of the meeting is not made part of the official record. 4. Discussion and Action Items 23-0928 General City budget of proposed 2023 levy for 2024, in the amount of $19,177,069 with $1,024,657 in proposed tax incremental financing City of Manitowoc Page 1 Finance Committee Meeting Minutes November 16, 2023 Attachments: 2024 Mayor Proposed Budget 2024 Mayor Executive Proposed Budget Presentation 2023 Tax LEVY for 2024 Budget - Finance Committee Proposed to Council 2023 Tax RATE for 2024 Budget - Finance Committee Proposed to Council Amendments to 2024 Budget Finance Committee 2024 Capital Borrowing - Finance Committee Proposed 11.09.2023 2024 Capital Borrowing - Finance Committee Proposed 11.02.2023 2024 Capital Borrowing - Mayor Proposed Finance Committee Budget Recommendation - Fund 1100 - Interest Income Increase.Levy Decrease 2024 Budget_ 2023 Property Tax Bill - Assessed vs. Tax - All Municipalities 1.5 million for Road Projects SUGGESTIONS 5Yr.10Yr General and Library Employees Todd1 - The Good-Bad-and the Ugly Todd2 - City Tax Rate-Levy 2023-2024 Info Todd3 - 2024 Budget Notes Todd4 - General Fund History City of Manitowoc 2024 Budget - Street Lighting - Alternative Proposal for Savings 2023 Tax RATE for 2024 Budget - Finance Committee Proposed 11.16.23 2023 Tax LEVY for 2024 Budget - Finance Committee Proposed 11.16.23 2023 Tax LEVY for 2024 Budget - Finance Committee Proposed 2023 Tax RATE for 2024 Budget - Finance Committee Recommended 2023 Tax LEVY for 2024 Budget - Mayor Proposed Alderperson Sitkiewitz discussed the need to begin working on repairing the City's cul-de-sacs now that the alley repairs are almost complete. Engineering Division Manager Greg Minikel discussed what would need to be done and the cost for Elder Dr, Conrad Ct, and River Ct cul-de-sacs. Sitkiewitz would like to start to budget for repairing a cul-de-sac or two per year. Moved by Sitkiewitz, seconded by Czekala, to include the Elder Dr and River Ct cul-de-sac repairs into the budget, for a cost of $150,000 and $125,000 respectively, out of the proposed $1,500,000 borrowing for various road repairs. The motion carried by the following vote: Aye: 5- Brey, Sitkiewitz, Schlei, Reckelberg and Czekala Moved by Brey, seconded by Czekala, to include the remaining $130,000 of the proposed $1,500,000 borrowing for various road projects for the Epoxy Paint Program. The motion carried by the following vote: Aye: 5- Brey, Sitkiewitz, Schlei, Reckelberg and Czekala Alderperson Brey asked Finance Director Shawn Alfred to discuss how the $2,500 10-year employee bonus could potentially be funded if put back into the budget. City of Manitowoc Page 2 Finance Committee Meeting Minutes November 16, 2023 Alfred explained two different payment options for the new street lighting that is currently budgeted for 2024, and how option 2 would free up approx. $248,000 in up front costs in 2024. Moved by Schlei, seconded by Sitkiewitz, that option 2 for the street lighting be accepted, to reinstate the $2,500 10-year employee bonus into the budget at a cost of $140,000, to remove the $40,000 from the contingency salary line for Equity adjustments, and to apply the remaining approx. $148,000 savings to reduce the tax levy. The motion carried by the following vote: Aye: 5- Brey, Sitkiewitz, Schlei, Reckelberg and Czekala Moved by Sitkiewitz, seconded by Czekala, to approve the budget as amended and forward to the Common Council. Alderperson Reckelberg said he had three more ideas to reduce the tax levy. Sitkiewitz rescinded his motion. Reckelberg discussed the ideas, but no motions were made. Moved by Sitkiewitz, seconded by Czekala, to approve the budget as amended and forward to the Common Council. The motion carried by the following vote: Aye: 5- Brey, Sitkiewitz, Schlei, Reckelberg and Czekala 5. Adjournment Moved by Reckelberg, seconded by Schlei, that this meeting be adjourned. The motion carried by the following vote: Aye: 5- Brey, Sitkiewitz, Schlei, Reckelberg and Czekala City of Manitowoc Page 3