Finance Committee

Finance Committee Meeting Minutes May 15, 2018 Chairman Miller called the meeting to order at 7:15 PM. Members Present: Aldermen Zwart and Rosek Staff Present: Mayor Nold, Kitsembel, Sullivan, Freber, Pickart, Gallo, Buerger, Duffy, Frye and Coenen Others Present: Alds. Shaw, Kowieski, Ellis and Strey, and Atty. Riffle 2. Consider/recommend Commitment of Western Lakes Fire District Fund Balances as Required by GASB 54 for 2017 Carryovers Sullivan reported capital improvements were budgeted in 2017 for the WLFD but never completed due to the work involved with the consolidation of the Fire Districts. The Fire District’s auditor and accountant recommend these items be carried over to the 2018 Capital Budget. At the end of 2017 there was a total of $400K of funds budgeted for capital improvement projects that are ongoing into 2018. Motion by Rosek to recommend the commitment of Western Lakes Fire District Fund Balances as required by GASB 54; second by Zwart. Motion carried 2-0. 3. Consider/recommend Authorizing Western Lakes Fire District to Establish a $200,000 Biennial Revolving Line of Credit with Ixonia Bank Sullivan reported at the end of a budget year when revenues have not been received as expected, the WLFD may incur expenses and would need to draw from a line of credit (LOC) to continue to operate and provide services to the community. Ixonia Bank has offered to provide a $200K LOC free of charge if it is agreed to keep the LOC in place for two years. WLFD has not drawn on the LOC to date, but because their fund balance is insufficient at this time, we do need to have the backup LOC available should they need it. The difference between last year’s resolution and this year’s is that it covers two years. Motion by Rosek to recommend authorizing Western Lakes Fire District to establish a $200K Biennial Revolving Line of Credit with Ixonia Bank; second by Zwart. Motion carried 2-0. 4. Consider/act on Vouchers Motion by Rosek to approve the vouchers in the amount of $2,371,476.14; second by Zwart. Motion carried 2-0. Motion by Rosek to adjourn; second by Zwart. Motion carried 2-0. The meeting adjourned at 7:17 PM. Minutes taken by Diane Coenen, City Clerk Ald. Rosek, Secretary S:\Committees - Commissions\Finance\Minutes\2018\FCMin5-15-18.doc