Finance Committee

Name: Finance Committee — Verona, WI
Start: 2017-06-12
End: 2017-06-12
Location: Verona, WI

Regular Meeting

Verona, WI · June 12, 2017

Minutes

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE June 12, 2017 The meeting was called to order by Mac McGilvray at 6:00 p.m. Roll Call: Alder William “Mac” McGilvray, Alder Jack Linder and Alder Elizabeth Doyle were present. Also present: Mayor Jon Hochkammer, Alder Brad Stiner, City Administrator Jeff Mikorski, and Finance Director Brian Lamers. Discussion and Possible Action regarding approval of May 22, 2017 Finance Committee minutes: Motion by McGilvray, seconded by Doyle, to approve the 05/22/2017 Finance Committee minutes with no amendments. Motion carried 3-0. Discussion and Possible Action regarding the payment of bills: Motion by McGilvray, seconded by Doyle, to approve the payment of bills totaling $1,019,862.35. Motion carried 3-0. Discussion and Possible Action re: Revision of Administrative Policy 38: Investment Policy. Finance Director and Administrator presented the current and proposed investment policy. The new policy’s objectives are similar to the current investment policy which are the SAFETY of the investments, LIQUIDITY of the investments, and RETURN on investments. The proposed policy includes a clear process in which the City investment team will work with investment advisors. A motion by Linder, seconded by Doyle to recommend to City Council to revise the investment policy and identified as proposed in the Finance Committee’s packet. Motion carried 3-0. Discussion regarding the May 2017 Investment Report and Bank Reconciliation report. Finance Director presented the reports and asked Finance Committee if they want to see a monthly or quarterly report on investments and bank reconciliation. Finance Committee were comfortable with at least quarterly investment reports and monthly bank reconciliation reports. Adjournment: Motion by McGilvray, seconded by Doyle, to adjourn the Finance Committee Meeting at 6:33 p.m. Motion carried 3-0. Respectfully submitted, Jeff Mikorski, ICMA-CM City Administrator www.ci.verona.wi.us

Agenda

CITY OF VERONA FINANCE COMMITTEE MONDAY, June 12, 2017 – 6:00 P.M. VERONA CITY CENTER 111 LINCOLN STREET AGENDA 1. Call to order. 2. Roll call. 3. Discussion and Possible Action re: Approval of 5/22/17 Finance Committee Minutes. 4. Discussion and Possible Action re: Payment of Bills. 5. Discussion and Possible Action re: Revision of Administrative Policy 38: Investment Policy 6. Discussion regarding May, 2017 Investment Report and Bank Reconciliation 7. Adjournment. POSTED: Verona City Hall Verona Public Library Miller's Market City Web Page at www.ci.verona.wi.us 6/8/2017 Notice is hereby given that a quorum of the members of the City Council or other standing committees of the City Council may be present at the meeting of the Finance Committee to gather information about a subject over which they have decision-making responsibility. The City Council and any other standing committees will not take formal action at this meeting IF YOU NEED AN INTERPRETER, MATERIALS IN ALTERNATIVE FORMATS, OR OTHER ACCOMMODATION TO ACCESS THE MEETINGS, PLEASE CONTACT THE CITY CLERK AT 845- 6495 AT LEAST 48 HOURS PRECEDING THE MEETING. EVERY REASONABLE EFFORT WILL BE MADE TO ACCOMMODATE YOUR REQUEST.

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