Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE MAY 13, 2024 The meeting was called to order by Chairperson Mara Helmke at 6:00 p.m. Roll Call: Chairperson Mara Helmke, Alder Christine Posey and Alder Patrick Lytle were present. Also present: City Administrator Jamie Aulik, Finance Director Brian Lamers, Parks and Interim Public Works Director Adam Waszak and Planning Director Lucas Sivertsen. Discussion and Possible Action regarding approval of April 22, 2024 Finance Committee minutes: Motion was made by Posey, seconded by Lytle to approve the April 22, 2024 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding the budgeting for the City Comprehensive Plan: Lamers stated that the estimated cost would be between $120,000 and $150,000. With the saving for the full-time Community Development Specialist being filled with a part-time 50% employee the estimated savings would be about $60,000. Lamers stated the $60,000 could be utilized in 2024 and the remainder could be budgeted in 2025. Lamers stated the other idea could be the remaining estimated $90,000 residual amount in TIF 4 that was discussed earlier in the year to be put in equipment replacement funds could be utilized for this. Aulik stated he felt the TIF 4 funds would be an appropriate use of these funds. After further discussion it was determined that Administration will come back to Committee with a better estimate and plan for funding. No Action Taken. Discussion and Possible Action regarding the New Public Works Facility Borrowing: Lamers went over the debt that is levy funded and the change from year to year. He also went over the utility debt for looking at when there is a reduction in debt to look at funding the new building. He stated if using the 2024 tax calculation on a yearly payment of $1.3 million for the building the increase on a $400,000 property would have been an increase of $150, just to give an idea of what it would do to the levy portion of the debt. After further discussion the Administration will continue to start looking at construction timeline and cost. No Action Taken. Discussion and Possible Action regarding the 2025 budget Calendar and Initial 2025 Budget Discussions: Lamers stated the budget calendar was in the packet and stated that there is approximately $2 million in fund balance from 2023 that could be utilized towards capital. No Action Taken, www.ci.verona.wi.us Discussion and Possible Action regarding the City Investment Report-April 2024: Lamers stated nothing significant noted. Discussion and Possible Action regarding the Revenue and Expenditure Summary Report-April 2024: Lamers stated there is nothing to be concerned about at this time. Discussion and Possible Action regarding the payment of bills: Motion was made by Lytle, seconded by Posey to approve the payment of bills totaling $3,293,308.93. Motion carried 3-0. Adjournment: Motion was made by Posey, seconded by Lytle to adjourn the Finance Committee Meeting at 6:36 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us