Finance Committee

City of Oconomowoc Quarterly Finance Committee Meeting Minutes May 16, 2024 - 6:30 PM Aldermen Present: Karen Spiegelberg, Jennifer Aultman Kloth, Matt Rosek Also Present: Robert Magnus, Diane Coenen, Mark Frye, Laurie Sullivan-Murray Chairman Spiegelberg called the Quarterly Finance Committee Meeting to order at 6:30 PM and appropriate meeting notification was confirmed. Committee Business a. Review/Discuss the 1st Quarter 2024 Purchase Orders Approved Administratively Sullivan-Murray gave a PowerPoint presentation using the spreadsheets in the packet on 1st Quarter Capital Purchase Orders. b. Review/Discuss the 1st Quarter 2024 Financials (January 1 - March 31, 2024) Sullivan-Murray gave a PowerPoint presentation using the spreadsheets in the packet for the 1st Quarter Financials. The Committee feels it may be of interest to citizens to display personnel costs on the Financial Transparency dashboard page; discussed amazon purchases; the potential for purchases, not approved, to be made; internal control procedures are needed; are we getting the best price through Amazon; staff to look at centralized purchasing; discussion on buying locally is needed; and requested a full year of purchases (2023) by dept. including the vendor. Sullivan-Murray can run a report of purchases by vendor to see who is buying from whom and will provide that at the next Finance Committee meeting. She will also put the name of the vendor on p-card purchase reports in addition to the item description. c. City Funds - Budget to Actual Review - 1st Quarter 2024 Sullivan-Murray gave a PowerPoint presentation using the spreadsheets in the packet for the 1st Quarter City Funds. d. Utility Funds - Budget to Actual Review - 1st Quarter 2024 Sullivan-Murray gave a PowerPoint presentation using the spreadsheets in the packet for the 1st Quarter Utility Funds. Adjourn Motion to adjourn made by Aultman Kloth and seconded by Rosek. Motion carried 3-0 The meeting adjourned at 7:07 PM. __________________________________ Minutes taken by Diane Coenen, City Clerk Alderman Aultman Kloth, Secretary 1 Finance Committee - May 16, 2024