Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE OCTOBER 19, 2015 VERONA CITY HALL 1. The meeting was called to order by William “Mac” McGilvray at 5:03 p.m. 2 Roll Call: William “Mac” McGilvray, Elizabeth Doyle, Jack Linder. Also present: Jon Hochkammer, Mayor; Brad Stiner, Alderperson; Bill Burns City Administrator; City Engelke, Finance Director; Ron Rieder, Public Works Director. 3. 2016 City of Verona Operating Budgets: Refuse and Recycling Budget – Ron Rieder presented an update on the requested Refuse and Recycling Budget. The City has been working with Waste Management on a potential 5-year contract extension which would include a switch to automated refuse collection using a cart system. The proposal would include bulk collection for residents and the annual e- waste collection at no additional cost. These changes are projected to save approximately $58,000 in 2016 which would reduce the Refuse and Recycling property tax levy from $39,455 to $1,326 and eliminate a planned use of fund balance. TIF District Budgets – Ron Rieder presented the requested Tax Increment Financing District budgets for TIDs 4, 6, and 7. Verona Economic Development Commission – Bill Burns presented the requested VEDC fund budget. Debt Service Budget – Bill Burns presented the requested Debt Service Fund Budget. Budget Summary and Recommendations – Bill Burns and Cindy Engelke presented the 2016 budget recommendations and information on General Fund Revenues, Expenditures, and a summary of the City’s overall tax levy. The 2016 Recommended Budget includes an estimated City assessed mill rate of $6.9063 per $1,000, which would be an increase of 3.0%. Several recommended budget adjustments were discussed resulting in a $174,774 decrease in the property tax levy compared to the requested budget. The Finance Committee will be meeting again on Monday, October 26 to discuss potential additional adjustments to the 2016 recommended budget. 4. Adjournment: Motion by McGilvray, seconded by Doyle, to adjourn the Finance Committee Meeting at 6:45 p.m. Motion carried 3-0. Respectfully submitted, Bill Burns, City Administrator