Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE SEPTEMBER 30, 2019 The meeting was called to order by Chairperson Chad Kemp at 6:17 p.m. in Conference Room D110 Roll Call: Chairperson Chad Kemp, Alder Kate Cronin and Alder Christine Posey were present Also present: City Administrator Adam Sayre, Finance Director Brian Lamers, Public Works Director Theran Jacobson and Jim Ferolie from Verona Press Public Comment: None Discussion and Possible Action regarding approval of September 23, 2019 Finance Committee minutes: Motion was made by Kemp, seconded by Cronin to approve the September 23, 2019 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding Updates on the 2020 Budget: Lamers went through the changes that were talked about during last Finance Committee meeting including the elimination of the Economic Development Manager position and other changes came to $115,755, which reduced the $222,000 debt for pavement rehabilitation program with the remainder to be taken out of the capital revolving fund of $80,000 for the public works facility and the remainder out of city center facilities. The Committee asked what the Personnel Committee recommended regarding the Economic Development Manager position. Sayre stated that it was discussed and recommended with a vote of 3-0 to eliminate the position. The Committee asked Public Works Director Theran Jacobson about the Mark Drive and East View/Elm Street improvement projects. Jacobson stated that the fund of $32,000 and $25,000 for those projects is the engineering and design that is done a year ahead of time which is needed to determine the cost of the project for the following year. Posey asked about the replacement schedule for the equipment at the Public Works Department. Jacobson stated the plows are typically 15 years, loaders are on a 5 year replacement but under a trade in plan which is a better cost for the City, the mini excavator about 6 years, street sweeper with a 10 year plan and other equipment varies. Lamers went over the estimated mill rate before TIF would be going from $5.5689 to an estimated $5.5988, but stated we are waiting for the assessed value from the Department of Revenue. Lamers stated the final rate with TIF will not be determined until the other taxing entities get us their levy amounts, but should go down with the correction of the assessment error in the prior year. www.ci.verona.wi.us Lamers asked the Committee if once we get any other information such as General Transportation Aid that Administration make the determination on how to adjust the budget, which would most likely be through the Contingency or adjusting the Capital Revolving funds. Administration will communicate the changes made to the Committee at the next Finance Committee meeting. Adjournment: Motion was made by Cronin, seconded by Posey, to adjourn the Finance Committee Meeting at 6:37 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us