Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE JUNE 24, 2013 VERONA CITY HALL 1. The meeting was called to order by Mac McGilvray at 6:40 p.m. 2 Roll Call: Elizabeth Doyle, Mac McGilvray. Absent (excused): Scott Manley. Also present: Bill Burns, City Administrator; Cindy Engelke, Finance Director; Jon Hochkammer, Mayor; John Andres, Baker Tilly; Heather Reekie, Alderperson; Brad Stiner, Alderperson. 3. Approval of the 6/10/2013 Finance Committee Minutes: Motion by McGilvray, seconded by Doyle, to approve the 6/10/2013 Finance Committee Minutes. Motion carried 2-0. 4. Payment of Bills: Motion by McGilvray, seconded by Doyle, to approve the payment of bills in the amount of $1,364,316.13. Motion carried 2-0. 5. Resolution R-13-022 Terminating TIF District No. 5 and Authorizing the City Treasurer to Distribute Excess Increment to Overlying Taxing Districts: Mr. Burns reported on the status of Tax Increment District #5. This district was created in 1997 and encompasses the Bruce Street Industrial Park. At this time, the TIF District has generated sufficient increment to pay the remaining debt obligations and the district may be terminated. Termination of the district will provide $13,628,000 of additional value to the City’s non- TIF tax base. Upon completion of the final audit of the district, the City Treasurer will distribute the balance of funds to the various taxing jurisdictions. The projected final balance available for distribution is $211,156. Motion by McGilvray, seconded by Doyle, to recommend that the Common Council approve Resolution R-13-022 Terminating TIF District #5. Motion carried 2-0. 6. Presentation of the 2012 Audited Utility Financial Statements by Baker Tilly Virchow Krause, LLP: John Andres from Baker Tilly-Virchow Krause presented the City’s 2012 utility financial statements. Mr. Andres reported that allow of the City’s utilities are in sound financial condition and that revenues were up in 2012. It was explained that a loss on impairment for the water utility was due to the relocation of water main facilities by Epic Systems to accommodate changes in development plans. Motion by McGilvray, seconded by Doyle, to recommend that the Common Council accept the 2012 Audited Utility Financial Statements. Motion carried 2-0. 7. Adjournment: Motion by McGilvray, seconded by Doyle, to adjourn the Finance Committee Meeting at 6:56 p.m. Motion carried 2-0. Respectfully submitted, Bill Burns, City Administrator