Finance Committee (Meets 4th Tuesday of each month at 4:30 p.m.)

Finance Committee Proceedings City of Superior August 12, 2021 Members Present: Jack Sweeney, Tylor Elm and Keith Kern Staff Present: Ashley Puetz, Jean Dotterwick, Deborah Kamunen, Jane Darwin and Jim Paine Others Present: Jenny Van Sickle, Kelly Burger, John Couley, Taylor Pedersen, Shelley Nelson, Jeff Dejno, Dustin Heckman, Jeff Cushman and Terry Lundberg Members Excused: Brent Fennessey Jack Sweeney called the meeting to order at 5:00 pm with a quorum present. Attendance was done by sign in and virtual meeting. 1. Approval of July 08, 2021 Finance Committee meeting minutes. Motion was made by Tylor Elm, seconded by Keith Kern and carried to approve the July 08, 2021 Finance Committee meeting minutes. 2. Approval of July 27, 2021 Special Finance Committee meeting minutes. Motion was made by Tylor Elm, seconded by Keith Kern and carried to approve the July 27, 2021 Special Finance Committee meeting minutes. 3. Jeff Dejno – Senior Manager, Audit – Wipfli, LLP to present 2020 Audited Financial Statements for the City of Superior. Wipfli, LLP Senior Manager, Jeff Dejno, presented the 2020 audited Financial Statements for the City of Superior. A question and answer period followed the presentation. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file the 2020 Audited Financial Statements for the City of Superior. 4. CASDA Grant Application. Kelly Burger, Executive Director of CASDA, presented a brief description of the organization’s mission, opportunities offered and whom they serve. The grant request is for $25,000. A question and answer period followed. Motion was made by Tylor Elm, seconded by Keith Kern and carried to approve a grant of $15,000 for one year. 5. Superior Public Museums 2020 Financial Statements and 2020 Annual Report – receive and file. The Committee reviewed the 2020 Financial Statements and Annual Report for the Superior Public Museums. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file the Superior Public Museums 2020 Financial Statements and 2020 Annual Report. 6. 2nd Quarter 2021 reports from Bong Center – receive and file. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file the 2nd Quarter 2021 reports from the Bong Center. 7. Report from Director Puetz – policy and procedures review of Travel Superior internal controls.  Director Puetz met with President, CEO, Taylor Pedersen to review the policy and procedures of Travel Superior internal controls. Puetz found no concerns. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file policy and procedures review of Travel Superior internal controls. 8. Discussion on scope for tourism entity contract. The current tourism entity contract will be ending in December of 2021. The Mayor wants the Finance Committee to determine what qualifications, references and visons are wanted in an RFP and RFQ. President, CEO, Taylor Pedersen, of Travel Superior is very proud of the work Travel Superior does and would like to see the future contract referred directly to Council where the bid requirement can be waived and again be awarded to Travel Superior. Motion was made by Keith Kern, seconded by Tylor Elm and carried to table this item to prepare a draft RFQ/RFP for a Special Finance Committee meeting. 9. Request from Councilor Sweeney – Discussion of 2018 to 2021 CIP Budget Rollover Amounts. The Committee reviewed and discussed the 2018 to 2021 CIP budget rollover amounts. Sweeney would like to discuss the CIP budget on an annual basis. A question arose as to what the goal is for the larger amounts and the possibility of reallocation. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file the discussion of 2018 to 2021 CIP Budget Rollover Amounts. 10. S&P Ratings Letter and Summary Report – receive and file. Puetz spoke to the Committee regarding the rating of “AA” which the City of Superior received from S&P Global Ratings. Sweeney suggested surveying cities of our size to compare ratings. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file the S&P Ratings Letter and Summary Report. 11. Councilor Sweeney requested to review the 5:00 start time of the Finance Committee. Motion was made by Tylor Elm to leave the 5:00 start time of the Finance Committee. The motion failed. Motion was made by Keith Kern, seconded by Jack Sweeney and carried to change the start time of the Finance Committee to 4:30 p.m. 12. Golf course Financials – receive and file. Motion was made by Tylor Elm, seconded by Keith Kern and approved to receive and file the golf course financials. 13. Review July, 2021 check register. Motion was made by Tylor Elm, seconded by Keith Kern and carried to receive and file the July, 2021 check register. 14. Review General Fund Financial Statements – 2021 & 2020 Expenditure vs. Budget Analysis as of August 3, 2021.  This is the last time reviewing the 2020 Expenditure vs. Budget Analysis. 2021 is tracking accordingly. Motion was made by Keith Kern, seconded by Tylor Elm and carried to receive and file the review of the General Fund Financial Statements – 2021 & 2020 Expenditure vs. Budget Analysis as of August 3, 2021. 15. General Financial Overview a. Update on top 3 financial concerns or updates. *Budgets – Currently being worked on for 2022 *Insurance renewals – Puetz met with Marsh & McLennan Agency *ETF Payments – Finance Department is working on getting vendors paid through direct deposit *Payroll – TCP is still a work in progress 16. Other financial matters. There were no other financial matters. Having no other business, the Finance Committee meeting adjourned at 6:49 p.m. Minutes respectfully submitted by Jean Dotterwick