Finance Committee

Finance Committee Meeting Minutes December 4, 2018 Chairman Zwart called the meeting to order at 6:30 PM. Members Present: Aldermen Zwart and Spiegelberg Excused: Ald. Rosek Staff Present: Mayor Nold, Kitsembel, Sullivan, Buerger, Gallo, Frye, Freber, Pickart, Kelliher, Schuh and Coenen Others Present: Alds. Kowieski, Ellis, Shaw, Miller and Strey 2. Consider/recommend Awarding Contract for Actuarial Valuation Services 2018-2023 Sullivan reported the City requested quotes from accounting firms regarding the new government accounting standard, GASB 75 which requires municipalities who allow retirees to remain on their health insurance plan at the same time as active employees, to be evaluated and reported on our financial statements starting in 2018. We requested quotes from six firms who have worked for other municipalities and received four proposals. Staff recommends the low quote of Key Benefit Concepts in the total amount of $15,345 which covers years 2018 – 2023. Additionally, because this is a new standard, we had not budgeted for the expenditure in 2018 and will need to use contingency in the amount of $4,550. For the subsequent years, this expense will be budgeted. Motion by Spiegelberg to recommend awarding the Actuarial Valuation Services Contract to Key Benefit Concepts in the amount of $15,345; second by Zwart. Motion carried 2-0. 3. Consider/recommend Awarding the Sale of $1,500,000 General Obligation Promissory Notes, Series 2018A Jim Miller from Hutchison, Shockey, Erley & Co. handed out a revised copy of the resolution to award the sale of $1.5M General Obligation Promissory Notes stating the debt is to pay for 2018 street projects. The City has maintained our Double A2 rating and five firms bid on the note. Robert W. Baird was the low bid at a true interest rate of 3.378%. This will be a ten-year bond. Motion by Spiegelberg to recommend; second by Zwart. Motion carried 2-0. 4. Consider/recommend Amending §27.09(1)(a)(Table 1) & (b); (3)(c)1.; (9)(b) & (c)(Table); (10)(b) & (c)(Table); and (12)(b)2. & 3.(Table) of the Municipal Code Relating to Impact Fee Schedules/Calculation Sullivan reported on items 4. & 5. stating annually staff reviews indexing of fees based on the CCI & LGIP. Staff is also in the process of conducting a study to update all impact fees which will be brought forward in the first quarter of 2019. In the interim, the proposed amendments will keep up with inflationary costs, however we do anticipate increases when the study is done. Motion by Spiegelberg to recommend amending §27.09(1)(a)(Table 1) & (b); (3)(c)1.; (9)(b) & (c)(Table); (10)(b) & (c)(Table); and (12)(b)2. & 3.(Table) of the Municipal Code relating to Impact Fee schedules/calculation; second by Zwart. Motion carried 2-0. S:\Committees - Commissions\Finance\Minutes\2018\FCMin12-4-18.doc 5. Consider/recommend Amending §13.62(3)(a)1. of the Municipal Code Relating to Sewer Availability Charges Motion by Spiegelberg to recommend amending §13.62(3)(a)1. of the Municipal Code relating to sewer availability charges; second by Zwart. Motion carried 2-0. Motion by Spiegelberg to adjourn; second by Zwart. Motion carried 2-0. The meeting adjourned at 6:55 PM. Minutes taken by Diane Coenen, City Clerk Ald. Spiegelberg, Acting Secretary S:\Committees - Commissions\Finance\Minutes\2018\FCMin12-4-18.doc