Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE AUGUST 26, 2013 VERONA CITY HALL 1. The meeting was called to order by Mac McGilvray at 6:00 p.m. 2 Roll Call: Elizabeth Doyle, Mac McGilvray. Absent (excused): Scott Manley. Also present: Jon Hochkammer, Mayor; Brad Stiner, Alderperson; Bill Burns, City Administrator; Cindy Engelke, Finance Director. 3. Approval of the 8/12/2013 Finance Committee Minutes: Motion by McGilvray, seconded by Doyle, to approve the 8/12/2013 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 $599,051.28. Motion carried 2-0. 5. Resolution R-13-033 Requesting Exemption from County Library Tax: Mr. Burns presented a resolution that would exempt City residents from the Dane County Library Tax since the City of Verona levies sufficient funds for the Verona Public Library. Motion by Doyle, seconded by McGilvray, to recommend that the Common Council approve resolution R-13-033. Motion carried 2-0. 6. Resolution R-13-034 Approving Revisions to the City of Verona Financial Management Policy: Mr. Burns provided a summary of the recommended revisions to the City’s Financial Management Policy. Key revisions include:  Increasing the target maximum direct debt per capita from $3,000 to a range of $3,000 to $3,500.  Increasing the minimum value of items that may be funded by borrowing from $25,000 to $50,000.  Establishing a goal of funding 50% of the cost of street rehabilitation projects through capital levy.  Identifying additional desired equipment replacement funds.  Establishing a general contingency of 0.5% of the general fund expenditure budget.  Replacing a target tax rate for debt service and capital levy of $3.00 per $1,000 with a targeted maximum debt service levy as a percentage of total non-TIF levy of 35%. Motion by McGilvary, seconded by Doyle, to recommend that the Common Council approve resolution R-13-034. Motion carried 2-0. 7. Professional Services Agreement with Architectural Design Group, LLC (Five Bugles Design) for Architectural Services for a New Fire and EMS Facility: Mr. Burns provided an update on the negotiation of a professional services agreement with Five Bugles Design for the new Fire and EMS Facility. Several clarifications are still being worked on based on comments from the City Administrator and City Attorney. The Committee Members indicated that they would prefer to wait until the agreement is finalized before taking action. No action was taken. 8. Adjournment: Motion by McGilvary, seconded by Doyle, to adjourn the Finance Committee Meeting at 6:45 p.m. Motion carried 2-0. Respectfully submitted, Bill Burns, City Administrator