Finance Committee

CITY OF PRESCOTT, WISCONSIN OCTOBER 21, 2015 FINANCE COMMITTEE MINUTES Pursuant to due call and notice thereof, a meeting of the Finance Committee was held Wednesday, October 21, 2015, 800 Borner St., Prescott, WI 54021. Call to order/Roll Call: Mayor Hovel called the meeting to order at 5:30 p.m. Members present were Bill Dravis, Rob Daugherty, Jack Hoschette, Joshua Gergen, Maureen Otwell and Galen Seipel. Finance Director Vanessa Norby and City Administrator Jayne Brand represented staff. Hank Zwart, Public Works Director presented the public works and parks budget. Both budgets are consistent with last year’s budget. The major change is wages. Finance Director Vanessa Norby explained she reviews how wages were spend in the previous year and then allocates wages among the entire public works budget including water, sewer and stormwater. The net of the public works budget and parks budget is the 3% tax levy which was the guideline provided by council. Hank Zwart, Public Works Director presented the water, sewer and stormwater budgets. All budgets are consistent with last year’s budgets. Finance Director Vanessa Norby discussed with the committee the possibility of paying off a loan for the classifier and clarifier with an original amount of $82,800. The committee was in favor of paying off the loan and asked the request be moved to Council. The capital projects for public works were discussed. $85,000 for two-ton pickup with polyhawk salt spreader with a plow. $55,000 from tax levy and $30,000 from reserves. $140,000 for public works garage addition for construction of two additional bays to existing building. $90,000 from tax levy and $50,000 from reserve budget. Finance Director Vanessa Norby presented the impact fee budget. The city does not budget for impact fees but are included in the budgeting process. Finance Director Vanessa Norby also reviewed debt service which is down $62,100 because TIF#5 can now make its debt payment. Finance Director Vanessa Norby reviewed fund balance projections and budgets for TIF #3, TIF#4 & TIF #5. Proposed projects for each TIF were discussed. Finance Director Vanessa Norby presented the Court budget. The budget as presented reflects the 3% tax levy increase. Finance Committee was directed to review list of capital project, unfunded needs for the next meeting set for October 28, 2015. Gergen/Hoschette motion to adjourn passed without a negative voice vote. Respectfully Submitted, Jayne M. Brand, City Administrator