Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE OCTOBER 10, 2022 The meeting was called to order by Chairperson Chad Kemp at 6:30 p.m. Roll Call: Chairperson Chad Kemp, Alder Mara Helmke and Alder Christine Posey were present. Also present: City Administrator Adam Sayre and Finance Director Brian Lamers. Discussion and Possible Action regarding approval of September 26, 2022, Finance Committee minutes: Motion was made by Kemp, seconded by Helmke to approve the September 26, 2022, Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding recommending to the City Council Resolution R-22- 043, Resolution Approving Exceeding the Levy Limit for Joint EMS Districts: Lamers stated the memo has in it increasing levy limit by $50,930, however for the EMS budget to remain within the percentage we would only need $19,989. He stated the question is do we want to only increase the levy limit by the $19,989 or could go up the $70,920 and utilize the $50,930 for something else like increase equipment replacement. This would increase the mill rate, but it would help with levy limit restrictions in the future. Just an estimate the $19,989 would be approximate $2.00 on a $348,400 assessed property, the $70,920 would probably be under $10.00. The decision could be made with budget approval to go beyond the $19,989. Motion was made by Kemp, seconded by Helmke to recommend to the City Council approval of Resolution R-22-043, Approving Exceeding the Levy Limit for Joint EMS Districts. Motion carried 3-0. Discussion and Possible Action regarding recommending to the City Council Resolution R-22- 044, Resolution Requesting Exemption from County Library Tax: Motion was made by Kemp, seconded by Helmke to recommend to the City Council approval of Resolution R-22-044, Approving Requesting Exemption from County Library Tax. Motion carried 3-0. Discussion and Possible Action regarding any updates or information on the 2023 Budget: Lamers stated that we received the General Transportation Aid estimate, which was an increase of $24,237, which we would recommend add to capital such as equipment replacement. In the capital projects was Whalen Road reconstruction with borrowing and grant funding. The Public Works Director stated it was unlikely we would get any grant funding so that project was taken out of the capital listing. There was $5,000 added of capital levy for Badger Mill Creek Improvements at the request of Mayor Diaz. www.ci.verona.wi.us Discussion and Possible Action regarding the Revenue and Expenditure Summary Report- September 2022: Lamers stated interest revenue for September decreased by $97,287, we are down $468,586 and budgeted $200,000, so we are down over $668,586 total. We are monitoring Building Inspection revenue as it will be above budget to hopefully help offset some of the interest losses. Discussion and Possible Action regarding the payment of bills: Motion was made by Kemp, seconded by Helmke to approve the payment of bills totaling $1,393,480.18. Motion carried 3-0. Adjournment: Motion was made by Helmke, seconded by Posey to adjourn the Finance Committee Meeting at 6:51 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us