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

FINANCE COMMITTEE Meeting Minutes October 10, 2024, Regular Meeting The meeting was called to order by Chair Sweeney at 4:31pm on October 10, 2024, in Government Center Room 204. 1 ROLLCALL PRESENT: Jack Sweeney, Tylor Elm, and Mike Herrick CITY STAFF PRESENT: Nick Rhinehart (Finance Director), Renee Hoff, Lee Sandok Baker and Karie Markon OTHERS PRESENT: Shelley Nelson, Katelyn Baumann, Garner Moffat. 2 APPROVAL OF MINUTES 2.1 Finance Committee (Meeting held September 12, 2024) Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve the September 12, 2024, Finance Committee minutes. 2.2 Special Finance Committee (Meeting held September 18, 2024) Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve the Special Finance Committee minutes (September 18, 2024). 2.3 Special Finance Committee (Meeting held September 26, 2024) Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve the September 26, 2024, Finance Committee minutes Councilor Jack Sweeney moved 5.7 to the beginning of the Meeting 3 OLD BUSINESS 3.1 Health Insurance Renewal Finance Director Nick Rhinehart presented the Medica contract proposal for health insurance, noting that dental coverage was not included. He outlined several options for dental providers, recommending Delta Dental as the best fit for the City’s needs. Motion was made by Tylor Elm, and seconded by Mike Herrick, to approve the Medica contract for the Health Insurance Renewal and Delta Dental for Dental for the Health Insurance renewal 3.2 Finance Committee Meeting Time Finance Director Nick Rhinehart voiced the several optional dates to switch the meeting times. Motion was made by Mike Herrick, seconded by Tylor Elm to hold in committee the new Finance Committee  Meeting Time. 3.3 Accounting Policies and Procedures Manual Review. Finance Director Nick Rhinehart informed council the new manual has not been completed as of yet by the consulting company. Motion was made by Mike Herrick, seconded by Tylor Elm, and approved to hold in Committee the Accounting Policies and Procedures Review. 4 NEW BUSINESS 4.1 Investment Summary 3rd Quarter 2024. Finance Director Nick Rhinehart spoke on the investments. A question-and-answer period was ensured. Motion was made by Tylor Elm, seconded by Mike Herrick, and approved to Receive and file the Investment Summary 3rd Quarter 2024. 4.2 City of Superior 2024 Single Audit. Finance Director Nick Rhinehart spoke on the need of the single audit for the State and Federal Grant funding and the City’s position on the audit. A question-and-answer period was ensured. Motion was made by Mike Herrick, seconded by Tylor Elm, to receive and file the City of Superior 2024 Single Audit. 4.3 2023/2024 Debt Policy Analysis Director Nick Rhinehart spoke on the debt ratio and where the city stands with the policy. A question-and- answer period was ensured. Motion was made by Mike Herrick, seconded by Tylor Elm, and approved to receive and file 2023/2024 Debt Policy Analysis. 4.4 General Fund Reserve Analysis Director Nick Rhinehart spoke on the Fund Reserve and where the city is currently. A question-and-answer period was ensured. Motion was made by Tylor Elm, seconded by Mike Herrick, and approved to receive and file General Fund Reserve Analysis. 5 RECURRING BUSINESS 5.1 Golf Course Report and Financials August 2024 Nick Rhinehart spoke on behalf of the August Golf Course Financials, a question-and-answer period was ensured. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to receive and file the Golf Course Report and Financials August 2024. 5.2 August 2024 Check Registers – 2024 Expenditure Assistance Finance Director Renee Hoff informed council of the requested changes that had been made. A question-and-answer period was ensured. Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to receive and file September Check Registers – 2024 Expenditures 5.3 General Fund Financial Statement – 2024 Expenditure vs Budget Analysis as of September 20, 2024 Finance Director Nick Rhinehart spoke on behalf of the General fund, citing everything is trending well to date, with no updates to report Motion was made by Tylor Elm, seconded by Mike Herrick , and carried to receive and file the General Fund Financial Statement – 2023 and 2024 Expenditure vs Budget Analysis as of September 20, 2024. 5.4 American Rescue Plan Act (ARPA) Fund Budget Review Finance Director Nick Rhinehart spoke on behalf of the ARPA fund’s expenditures and the awarded project’s budget tracking, and the areas that was still in need of updates, a question and answer period was ensured. Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to receive and file the American Rescue Plan Act (ARPA) Fund Budget Review. 5.5 Insurance Update Finance Director Nick Rhinehart that the current contract for Property and Liability was ending. After speaking with our current carrier, They were not going to rebid and were ending contract. We are currently waiting on the new requested to come in. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to receive and file the Insurance Update. 5.6 Other Financial Matters There were no other matters of concern for this meetings. 5.7 Superior Public Museums Update Katelyn Baumann from the Superior Public Museum spoke that a special executive council had been produced between the two entities for the merger completion with the Douglas County Historical Society. A meeting was also scheduled with Mayor Paine for the in depth update and results of the merger. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to receive and file the Superior Public Museums update. 6. ADJOURNMENT The meeting was adjourned at 6:42 p.m. Minutes respectfully submitted by Karie Markon