Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE DECEMBER 19, 2022 The meeting was called to order by Alder Mara Helmke at 6:30 p.m. Roll Call: Alder Christine Posey and Alder Mara Helmke were present. Chairperson Chad Kemp was excused. Also present: Mayor Luke Diaz, City Administrator Adam Sayre, Finance Director Brian Lamers and Alder Rye Kimmett Discussion and Possible Action regarding approval of November 14, 2022 Finance Committee minutes: Motion was made by Posey, seconded by Helmke to approve the November 14, 2022 Finance Committee minutes with no changes noted. Motion carried 2-0. Discussion and Possible Action regarding the City Investment Report-November 2022: Lamers stated nothing to report beside the loss on interest revenue which will be discussed on the next agenda item. Discussion and Possible Action regarding the Revenue and Expenditure Summary Report- November 2022: Lamers stated that one area still of concern is the interest revenue budget as usual. As of November, the interest revenue is approximately a negative $525,000, and with a budget of $200,000 that is a deficit of $725,000. Lamers stated the building inspection revenue is above budget, but overall year end is not going to look good. This will have an impact on fund balance and carry over funds and effect the 2024 budget. Discussion and Possible Action regarding the payment of bills: Lamers went over some of the higher vendor payments. He pointed out there was one invoice for an office chair purchased by the Library for $1,355, that he thought was excessive. After further discussion a motion was made by Helmke, seconded by Posey to approve the payment of bills totaling $1,098,193.64. Motion carried 2-0. Adjournment: Motion was made by Helmke, seconded by Posey to adjourn the Finance Committee Meeting at 6:44 p.m. Motion carried 2-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us