Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE MARCH 9, 2015 VERONA CITY HALL 1. The meeting was called to order by William “Mac” McGilvray at 6:30 p.m. 2 Roll Call: Elizabeth Doyle, Jack Linder, William “Mac” McGilvray. Also present: Jon Hochkammer, Mayor; Bill Burns, City Administrator; Brad Stiner, Alderperson. 3. Approval of the 2/23/2015 Finance Committee Minutes: Motion by McGilvray, seconded by Doyle, to approve the 2/23/15 Finance Committee minutes. Motion carried 3-0. 4. Payment of Bills: Motion by McGilvray, seconded by Linder, to approve the payment of bills in the amount of $424,699.92. Motion carried 3-0. 5. Out-of-Office Checks: Motion by Linder, seconded by Doyle, to approve the payment of out-of-office checks in the amount of $8,354,996.12. Motion carried 3-0. 6. Update on the Status of TIF Development Guarantees: Mr. Burns provided an update on the development guarantees for two projects in Tax Incremental Financing District #6. For Liberty Business Park – Phase 1 a shortfall payment is due for the 2014 tax year in the amount of $115,631.40. For the Wisconsin Brewing Company project a shortfall payment of $38,940.46 is due for the 2014 tax year. For both projects, the City is required to provide notice of the amount due by March 31 and the developer is required to make the shortfall payment on or before July 31. 7. Adjournment: Motion by McGilvray, seconded by Doyle, to adjourn the Finance Committee Meeting at 6:50 p.m. Motion carried 3-0. Respectfully submitted, Bill Burns, City Administrator