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

FINANCE COMMITTEE Meeting Minutes February 25, 2025, Regular Meeting The meeting was called to order by Chair Sweeney at on February 25, 2025, Government Center Room 1 PRESENT: Jack Sweeney, Tylor Elm, and Mike VIRTUAL: Jenny Van Sickle (committee alt.) CITY STAFF PRESENT: Nick Rhinehart (Finance Director), Renee Hoff (Assistant Finance Director), Mayor Jim Paine, Camron Vollbrecht (Fire Chief) and Karie Markon OTHERS PRESENT: Shelley Nelson, Suzanne Prohazka, Katelyn Baumann, Jordan Stish, Suzie Olson, and Garner Moffat. 2 APPROVAL OF MINUTES 2.1 Finance Committee (Meeting held January 28, 2025) Motion was made by Tylor Elm, seconded Mike Herrick, and carried to approve the Finance Committee minutes held January 28, 2025. Chair Sweeney proposed to move 4.1 through 4.3 ahead of 3.1. 3 OLD 3.1 Landfill Budget 2025 Mayor Jim Paine spoke on where the Budget was standing as to best that could be determined due to several unknown future cost variables. Committee took no action on the Landfill Budget 2025. 3.2 Superior Public Museums RFP Review 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 negotiation of the Superior Public Museum Contract Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to move into closed session at 5:00pm Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to move out of closed session at 6:03pm NEW BUSINESS  4.1 Baker Tilly Contract Extension Finance Director Nick Rhinehart spoke on Baker Tilly’s satisfactory results of their current contract, and looking forward to a future partnership. A question and answer period was ensued. Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to approve the Baker Tilly Contract Extension. 4.2 Investment Summary 4th Quarter 2024 Finance Director Nick Rhinehart spoke on the investments they are holding strong, still wrapping up year end numbers. Motion was made by Tylor Elm, seconded Mike Herrick, and carried to approve the Investment Summary 4 th Quarter 2024. 4.3 Golf Lift Capital Purchase Finance Director Nick Rhinehart spoke on the lift. A question and answer period was ensued Motion was made by Mike Herrick, seconded Tylor Elm, and carried to approve the Golf Lift Capital Purchase. 5 RECURRING BUSINESS 5.1 Golf Course Report and Financials January 2025 Chair Jack Sweeney spoke on the highlights of the Golf Course meeting, how extraordinarily well they are doing at this time of year and the Golf Course actions to keep revenue flowing despite the grounds closure for the season. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve and file the Golf Course Report and Financials January 2025 5.2 Check Register – Periods 01 to 13 Councilor Tylor Elm questioned the large volume and amounts that were made to pacific companies, if they would be eligible to Bid for Contract. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve and file the Check Register Periods 01 to 13 5.3 January 2025 Check Register – 2024 Expenditures 5.4 January 2025 Check Register – 2025 Expenditures Motion was made by Mike Herrick, seconded Tylor Elm, and carried to approve the January 2025 Check Register –2024 & 2025 Expenditures. 5.5 General Fund Financial Statement – 2024 and 2025 Expenditure vs Budget Analysis as of  February 14, 2025 Finance Director Nick Rhinehart spoke on the Fund, as we are still too early in the year to complete the final budgets as there were still some adjustments needed to be made for the year end, overall everything is looking good. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve and file the General Fund Financial Statement – 2024 and 2025 Expenditure vs Budget Analysis as of February 14, 2025. 5.6 American Rescue Plan Act (ARPA) Fund Budget Review Finance Director Nick Rhinehart spoke on the budget and final projects obligations Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to approve and file the American Rescue Plan Act (ARPA) Fund Budget Review. 5.7 Insurance Update Finance Director Nick Rhinehart informed the committee there were no updates to relay. No motion was made by Committee 5.8 Other Financial Matters Fire Chief Camron Vollbrecht brought copies for the committee to review on the depreciation schedule on the Fire department’s capital equipment. 6. ADJOURNMENT The meeting was adjourned at 6:42 p.m. Minutes respectfully submitted by Karie Markon