Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE FEBRUARY 12, 2024 The meeting was called to order by Chairperson Chad Kemp at 6:30 p.m. Roll Call: Christine Posey and Alder Mara Helmke were present. Chairperson Chad Kemp was excused. Also present: City Administrator Jamie Aulik, and Finance Director Brian Lamers. Discussion and Possible Action regarding approval of January 22, 2024 Finance Committee minutes: Motion was made by Posey, seconded by Helmke to approve the January 22, 2024 Finance Committee minutes with no changes noted. Motion carried 2-0. Discussion and Possible Action regarding Resolution R-24-001. Authorizing the Termination of Tax Increment District No.4: Lamers stated that after everything is paid and the 2023 increments are moved into the affordable housing fund there will be over $400,000 remaining. Out of that balance the City’s portion is estimated to be at approximately $90,000. Lamers stated when TID 6 was terminated the City’s portion was about $108,000 and the Finance Committee with recommendation was put into the Equipment Replacement Fund. Motion was made by Posey, seconded by Helmke to recommend to the City Council Resolution R-24-001, Authorizing the Termination of Tax Increment District No. 4 with the residual fund going to the equipment replacement fund following the Audit of TID 4, with an estimate of approximately $90,000. Motion carried 2-0. Discussion and Possible Action regarding the City Investment Report-January 2024: Lamers stated that the investments are up drastically due to tax collections and will be paying out the February settlement out of that. Discussion and Possible Action regarding the payment of bills: Motion was made by Posey, seconded by Helmke to approve the payment of bills totaling $2,465,477.71. Motion carried 2-0. Adjournment: Motion was made by Helmke, seconded by Posey to adjourn the Finance Committee Meeting at 6:40 p.m. Motion carried 2-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us