Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE JUNE 28, 2021 The meeting was called to order by Chairperson Chad Kemp at 6:33 p.m. Roll Call: Chairperson Chad Kemp, Alder Kate Cronin and Alder Christine Posey were present. Also present: Mayor Luke Diaz, City Administrator Adam Sayre and Finance Director Brian Lamers. Discussion and Possible Action regarding approval of June 14, 2021 Finance Committee minutes: Motion was made by Cronin, seconded by Posey to approve the June 14, 2021 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding the Federal American Rescue Plan Funds: Lamers stated that the City received the first portion of the funds in the amount of $692,539 and will receive a total of $1,385,079 and will receive the second portion next year. He stated so far we are looking at utilizing $215,970 to replace the funds that were given out to businesses out of the Economic Development fund, $69,888 for recreation revenue lost and $136,214 in room tax lost in 2020. We could also look at utilizing funds for any room tax or possible recreation revenue lost in 2021. Lamers also stated looking at 2022 budget there are 3 potential utility projects that the funds could possibly be used for in the amount of approximately $691,000. Mayor Diaz asked about utilizing some of the funds as a donation to non-profit entities. A discussion took place regarding some funding for Badger Prairie Needs Network. Lamers stated that you have to be careful since these are federal funds given to the City and could be audited. Any money given would have to meet the qualifications and the City would be the one being audited so we would need all the documentation of what the funds were used for. Posey asked if there were any needs based items at the Senior Center that the funds could be used for. After further discussion Sayre stated that we would provide a list of potential usages in the future for approval. No action taken. Discussion and Possible Action on the 2022 budget: Lamers stated that the departments turned in their capital request and we have met with all departments except for Public Works to discuss the items on their capital request. Discussion took place regarding vehicle and equipment replacements. No action taken. Discussion and Possible Action regarding the payment of bills: Motion was made by Cronin, seconded by Posey to approve the payment of bills totaling $999,422.36. Motion carried 3-0. www.ci.verona.wi.us Adjournment: Motion was made by Posey, seconded by Cronin, to adjourn the Finance Committee Meeting at 6:53 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us