Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE OCTOBER 26, 2015 VERONA CITY HALL 1. The meeting was called to order by William “Mac” McGilvray at 6:05 p.m. 2 Roll Call: William “Mac” McGilvray, Elizabeth Doyle, Jack Linder. Also present: Jon Hochkammer, Mayor; Luke Diaz, Alderperson; Brad Stiner, Alderperson; Bill Burns City Administrator; City Engelke, Finance Director; Joe Giver, Fire Chief. 3. Approval of 10/12/2015 and 10/19/2015 Finance Committee Minutes: Motion by McGilvray, seconded by Doyle, to approve the minutes of the 10/12/15 and 10/19/2015 Finance Committee meetings. Motion carried 3-0. 4. Payment of Bills: Motion by McGilvray, seconded by Linder, to approve the payment of bills in the amount of $314,231.43. Motion carried 3-0. 5. City of Verona Proposed 2016 Budget: Capital Projects Fund – Mr. Burns provided an overview of the Capital Projects Fund summary for the 2016 Proposed Budget. Included on the summary is $1,605,000 in planned borrowing for the portion of a quarry purchase that will be used as a future public works fill site. The total proposed capital levy is $774,749 which includes $320,000 for the Public Works/Parks, Public Safety, City Center, and Public Works facility replacement funds. The amount of projects planned to be funded with general borrowing is $5,366,626. The summary will be updated to include the planned parking lot improvements at Community Park and the old library at 130 N. Franklin Street. Budget Summary and Recommendations – Mr. Burns provided information on the 2016 budget recommendations and projections for the general fund unassigned fund balance. The recommendations have been updated to include $4,000 in the Senior Center Budget for transportation services. The City has also received the manufacturing assessment information. As proposed, the projected City mill rate is $6.9027 per $1,000 which is an increase of 2.9%. Mr. McGilvray stated that he is concerned with increasing the tax rate with the 2016 budget while anticipating a potential decrease with the 2017 budget. He indicated that he would like to see a 0% option to by looking at items such as reducing the levy for street mill and overlay, increasing the use of fund balance, reducing funding for replacement funds, and cutting capital items such as the Fire Department ATV, splash pad funding, and Harriet Park play structure replacement. Mr. Linder stated that he had hoped for a 0% change in the mill rate and asked how the City could get to that level. Ms. Doyle indicated that she would be open to considering changes. Mayor Hochkammer stated that he was fine with the 2.9% recommended increase considering what was included in the budget and the progress the  City was making toward long-term financial goals. He also said that he would be okay with some additional reductions. The consensus of the Finance Committee was to direct staff to prepare recommendations that would reduce the projected City mill rate to a 0% change. Staff will email the list the Finance Committee and Council. The Finance Committee will meet again at 5:30 p.m. on Monday, November 2 to take action on a recommended budget that will be used for the budget public hearing notice. 6. Adjournment: Motion by McGilvray, seconded by Doyle, to adjourn the Finance Committee Meeting at 7:05 p.m. Motion carried 3-0. Respectfully submitted, Bill Burns, City Administrator