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

SPECIAL FINANCE COMMITTEE Meeting Minutes December 6, 2024, Special Meeting The meeting was called to order by Chair S we e ne y at 4:30 pm on December 6, 2024, in Government Center Room 204. 1. ROLLCALL PRESENT: Jack Sweeney, Tylor Elm, and Mike Herrick. VIRTUAL: Nick Rhinehart. CITY STAFF PRESENT: Renee Hoff. OTHERS PRESENT: Bob St. Arnold, Jenny Bickel, Steve Stanczak, Ben Rank, Ben Hoverson, Jon Vose, Darrel Zaleski, Dave Kodel. 2. APPROVAL OF MINUTES 3. OLD BUSINESS 4. NEW BUSINESS 4.1 2025 Liability and Property Insurance Recommendation Finance Director Nick Rhinehart opened the discussion on the city’s liability and property insurance proposals, recommending a change in providers from Community Insurance Corporation (CIC) to Cities and Villages Mutual Insurance Company (CVMIC), following the Request for Proposals (RFP) insurance bid process conducted in 2024. Finance Director Nick Rhinehart recommended that the city waive the formal bid process allowable under Section 2-380(6) of the Superior Code of Ordinances and transition to Cities and Villages Mutual Insurance Company (CVMIC) for our liability and property insurance coverage. This change aims to enhance service quality, reduce risks, and better align with the city’s operational needs. The session concluded with a Q&A, where committee members and attendees addressed key questions and concerns. Motion was made by Tylor Elm, and seconded by Mike Herrick, to approve the CVMIC proposal for the Liability and Property Insurance renewal. Motion was made by Tylor Elm, and seconded by Mike Herrick, to waive the formal bid process for the Liability and Property Insurance renewal. 5. RECURRING BUSINESS 6. ADJOURNMENT The meeting was adjourned at 4:41 p.m. Minutes respectfully submitted by Nick Rhinehart