Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE JANUARY 23, 2023 The meeting was called to order by Chairperson Chad Kemp at 6:15 p.m. Roll Call: Chairperson Chad Kemp, Alder Christine Posey and Alder Mara Helmke were present. Also present: City Administrator Adam Sayre, Finance Director Brian Lamers, Alder Rye Kimmett, Library Director Stacey Burkart, Library Board President Chris Hopp, Attorney Bryan Kleinmaier and from the Public, Arnie Douglas. Arnie Douglas questioned the increase of his taxes compared to other communities. Sayre asked Mr. Douglas to call and set up a time for a meeting to discuss. Discussion and Possible Action regarding approval of January 9, 2023 Finance Committee minutes: Motion was made by Kemp, seconded by Posey to approve the January 9, 2023 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding the Minimum Funding for the Library: Sayre provided an update on the meeting with Dane County Library Personnel. He stated there is no changes. He explained that the City is possibly facing an increase of $200,000 or more for the 2024 budget of levy for the Library. He stated we will look at taking steps such as allocating Administration and Human Resource time to the Library and look at more maintenance instead of capital to include in the budget, but these are temporary solutions. Sayre stated that the City will be working with the League of Municipalities and Dane County Cities and Villages to possibly look at possibly changing the Statutes, which he felt is unlikely. He stated that if we decide to not meet the minimum funding requirement it would be an approximate tax impact on a $450,000 property of about $171 or $.00038 per thousand. No action taken. Discussion and Possible Action regarding the Tax Increment District 4 (TID) Affordable Housing Extension: Lamers stated that a resolution would need to be adopted at next meeting that would allow for the extension and the funds be utilized for affordable housing. With the extension of TID 6 there is $1,964,115 balance already in funds. If this was approved, it would add approximately another $750,000. Currently the City has no plans for the funds. If this wasn’t approved the TID would close a year sooner and go into the tax base. The Committee stated they were in favor of bringing a resolution for next meeting. www.ci.verona.wi.us Discussion and Possible Action regarding the City Investment Report-December 2022: Lamers stated that the increase is due to taxes collected in December that were paid out in January to the other Taxing Entities. Discussion and Possible Action regarding the Revenue and Expenditure Summary Report- December 2022: Lamers stated December is not complete and will not be for months until the Auditors are done with the Audit. There are payments that still need to go back to 2022 and things like Room Tax revenue that will impact 2022. Lamers stated that interest revenue was a negative $429,000, Counsel budget is over by approximately $15,000 due to legal cost for Municipal Court. Municipal Court budget is over due to a payout for retirement and Buildings and Grounds budget is over by $4,000 partially due to additional cost at the old Sugar Creek School. Lamers stated Police Administration is over by $62,000 due to overtime and payouts of retired employees and Parks is over by $6,000 so far due to repairs of equipment and utility increases. Discussion and Possible Action regarding the payment of bills: Motion was made by Kemp, seconded by Posey to approve the payment of bills totaling $17,394,247.11. Motion carried 3-0. Adjournment: Motion was made by Posey, seconded by Helmke to adjourn the Finance Committee Meeting at 6:50 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us