Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE MARCH 25, 2024 The meeting was called to order by Chairperson Chad Kemp at 6:30 p.m. Roll Call: Chairperson Chad Kemp and Alder Christine Posey were present. Alder Mara Helmke was excused. Also present: Mayor Luke Diaz, City Administrator Jamie Aulik, Finance Director Brian Lamers, Chief of Police Dave Dresser and Lisa Trebatoski from Ehlers Financial Advisors. Discussion and Possible Action regarding approval of March 11, 2024 Finance Committee minutes: Motion was made by Posey, seconded by Kemp to approve the March 11, 2024 Finance Committee minutes with no changes noted. Motion carried 2-0. Discussion and Possible Action regarding Resolution R-24-007, Declaring Official Intent to Reimburse Expenditures from Proceeds of Borrowing. Lamers explained that this was so the funds can start being spent for some of the projects prior to the City receiving the funds. Motion was made by Kemp, seconded by Posey to recommend that approval of Resolution R-24-007, Declaring Official Intent to Reimburse Expenditures from Proceeds of Borrowing to the City Council. Motion carried 2-0. Discussion and Possible Action regarding Resolution R-24-008. Authorizing the Issuance and Establishing Parameters for the Sale of Not to Exceed $5,000,000 General Obligation Promissory Notes. Series 2024A. Lisa Trebatoski from Ehlers Financial Advisors went through some of the presentation they prepared. Motion was made by Kemp, seconded by Posey to recommend the approval of Resolution R-24-008, Authorizing the Issuance and Establishing Parameters for the Sale of Not to Exceed $5,000,000 General Obligation Promissory Notes, Series 2024A. Motion carried 2-0. Discussion and Possible Action regarding the Compensation for the Police Officers. Chief Dresser went through the need for retention bonuses and hiring bonuses. He also brought up the request of the transfer of sick leave. After further discussion the Committee would like staff to come back with information and a Resolution explaining the need and the total cost. No motion taken Discussion and Possible Action regarding the payment of bills: Motion was made by Kemp, seconded by Posey to approve the payment of bills totaling $733,040.00. Motion carried 2-0. www.ci.verona.wi.us Adjournment: Motion was made by Posey, seconded by Kemp to adjourn the Finance Committee Meeting at 6:52 p.m. Motion carried 2-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us