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

FINANCE COMMITTEE Meeting Minutes June 13, 2024, Regular Meeting The meeting was called to order by Chair Sweeney at 4:30pm on June 13, 2024, in Government Center Room 204. 1 ROLLCALL PRESENT: Jack Sweeney, Tylor Elm, Mike Herrick, and alt Jenny Van Sickle VIRTUAL: Linda Cadotte CITY STAFF PRESENT: Nick Rhinehart, Renee Hoff, Mayor Jim Paine, and Karie Markon OTHERS PRESENT: Shelley Nelson, Katelyn Baumann, Mark Liebaert, Dale Koziol, and Stewart Platner. 1.1 Election of Chair Tyler Elm nominated councilor Jack Sweeney as Chair. Motion was made by Tyler Elm, seconded by Mike Herrick, and carried to approve Jack Sweeney as Chair of the Finance Committee. 1.2 Election of Vice Chair Mike Herrick nominated councilor Tyler Elm as Vice Chair. Motion was made by Mike Herrick, seconded by Jack Sweeney, and carried to approve Tyler Elm as Vice Chair of the Finance Committee. 2 APPROVAL OF MINUTES 2.1 Finance Committee (Meeting held May 9, 2024) Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to approve the May 9, 2024, Finance Committee minutes. 3 OLD BUSINESS 3.1 Investment Summary 1st Quarter 2024. Finance Director Nick Rhinehart spoke on how the investments are doing and interest rate earnings for these funds. Motion was made by Tylor Elm, seconded by Mike Herrick, to receive and file the Investment Summary 1st Quarter 2024. Chair Jack Sweeney proposed to move 3.2 to the end of the meeting. Motion was made by Tylor Elm, seconded by Mike Herrick, to move 3.2 to the end of the meeting. Vice Chair Tyler Elm proposed to move 5.8 to the next order of business to discuss.  Motion was made by Jack Sweeney, seconded by Mike Herrick to move 5.8 next in order of business to discuss. 3.2 Review and analyze proposal from Douglas County regarding the city’s future as a tenant at the Government Center. Upon a proper motion and second, the committee may convene in closed session under Wis. Stat. sec. 19.85(1) (e) for the purpose of deliberating strategies and setting parameters for the continued negotiation of rent and other terms relevant to the county’s proposed Agreement for city office within the Government Center. Closed session was requested going forward. Motion was made by Tyler Elm, and Seconded by Mike Herrick to move into closed session at 5:39pm. Motion was made by Tyler Elm, and Seconded by Mike Herrick to move out of closed session at 6:34pm. Motion was made by Tyler Elm, and Seconded by Mike Herrick to adopt the contract proposal from Douglas County regarding the rent contract at the Government Center. 4 NEW BUSINESS 4.1 Health Insurance Plan Review Director Nick Rhinehart spoke on behalf of the plan review as we are doing a full analysis of the current provider vises others. Motion was made by Tylor Elm , seconded by Mike Herrick, and carried to hold in committee the Health Insurance Plan Review. 5 RECURRING BUSINESS 5.1 Golf Course Report and Financials March and April 2024 Finance Director Nick Rhinehart reported that the golf course financials have significantly exceeded both Month-to-Date (MTD) and Year-to-Date (YTD) projections. This positive performance is attributed to favorable weather conditions and the course opening earlier than anticipated. Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to receive and file the Golf Course Report and Financials March and April 2024 5.2 2024 Golf Course Capital Lease Appropriations. Financial Director Nick Rhinehart spoke on behalf of the Golf course Capital Lease Appropriations. Motion was made by Tyler Elm, seconded by Mike Herrick, and carried to approve the 2024 Golf Course Capital Lease Appropriations 5.3 March, April and May 2024 Check Registers – 2023 & 2024 Expenditure Motion was made by Mike Herrick, seconded by Tyler Elm, and carried to receive and file March, April and May 2024 Check Registers – 2023 & 2024 Expenditures  5.4 General Fund Financial Statement – 2023 and 2024 Expenditure vs Budget Analysis as of June 7, 2024 Financial Director Nick Rhinehart spoke on behalf and recommended full review once the 2023 financial audit is completed. Motion was made by Mike Herrick, seconded by Tyler Elm, and carried to receive and file the General Fund Financial Statement – 2023 and 2024 Expenditure vs Budget Analysis as of June 7, 2024. 5.5 American Rescue Plan Act (ARPA) Fund Budget Review Finance Director Nick Rhinehart spoke on behalf of the ARPA fund’s expenditures, detailing outstanding and committed amounts. Motion was made by Tyler Elm, seconded by Mike Herrick, and carried to receive and file the American Rescue Plan Act (ARPA) Fund Budget Review. 5.6 Insurance Update Compactor Update Financial Director Nick Rhinehart informed council of the Landfill compactor’s total loss due to the fire damage it received back in February and where things stood with the insurance company and replacement of the compactor. Motion was made by Tyler Elm, seconded by Mike Herrick, and carried to receive and file the Insurance Update on the Landfill Compactor. 5.7 Other Financial Matters Enterprise Resource Planning (ERP) Software Consultant Financial Director Nick Rhinehart informed council of the process that was used to choose the current proposal of the new Enterprise Resource Planning (ERP) Software Consultants. 5.8 Superior Public Museums Update Mayor Jim Paine spoke on behalf the merger between the Superior Public Museums and Douglas County Historical Society and the standard procedures to follow, what we needed out of the contract for the City and time frame, and possible extension to accomplish these goals as now they are both hitting their busy tourist season. Katelyn Baumann from the Superior Public Museums council gave an update that both organizations have met twice in the past month and what was accomplished with those two meetings, and what they hoped to achieve in the meetings to come. She also stated that with tourist season is full swing and 4th of July fast approaching the schedules will not allow the next meeting until the middle of July. 6. ADJOURNMENT The meeting was adjourned 6:38 p.m. Minutes respectfully submitted by Karie Markon