Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE SEPTEMBER 23, 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: Mayor Luke Diaz, City Administrator Jamie Aulik, Finance Director Brian Lamers and City Clerk Holly Licht Public Comment: None Discussion and Possible Action regarding approval of September 16, 2024 Finance Committee minutes: Motion was made by Posey, seconded by Lytle to approve the September 16, 2024 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding 2025 Budget Items: Lamers stated since the last meeting we got the numbers from Madison Metro Sewerage District and the increase that was estimated in the budget was low and there will be another $75,768 added to the Sewer Budget expenditures. Lamers went over the Administration budget and stated there was a 4.69% increase in personnel services due to the budgeted COLA, health insurance increase and upgrade in position for the HR Manager from 2024 budget. Also in personnel cost is the requested increase of Election Workers from $10.50 an hour to $15.00 and hour and the Election Inspectors from $12.50 to $20.00. Licht stated that these rates are closer to the rates that the other municipalities in the area are at. Lamers stated that other contracted services went from $16,324 to $56,461, which was due to $40,000 added for a compensation study. Election expenses decrease by about $7,000 with going from 4 elections in 2024 to only 2 in 2025. In the capital there is $200,000 for upgrading IT Infrastructure, $5,000 for office furniture and for Solar projects there was $20,000 request from Mayor Diaz and the Sustainability Task Force met and requested that be increased to $45,000. Lamers went over the Economic Development budget. The only revenue is estimated interest of $1,575. The balance of loans at the end of 2024 will be about $50,000 and the estimated balance available will be about $494,000. www.ci.verona.wi.us Lamers went over the Debt budget. The total levy is $3,807,499, which was a reduction of $70,842. The total impact fee from Library, Police and Fire used is $721,975. Total principal being paid is $3,905,000 and interest of $817,929. At the end of 2024 the total G.O. Debt will be $35,740,000. Lamers went over the TID budgets and explained the Tax Increment Revenue is just an estimated and we will not know the actual until we get all the taxing entities levy’s and other numbers from the State. Lamers stated that TID 4 closed in 2024. TID 8 is basically the revenue and payments made to 2 developers. TID 9 is revenue from increments and some borrowing for Legion/West Verona Avenue signalized intersection. The majority of expenditures will be developer incentives and debt repayment. TID 10 is mostly tax increments and developer incentive. TID 11’s budget will include borrowing of a little over $1.8 million and utility projects with those proceeds as expenditures. Aulik talked about the Madison Metro bus services and explained currently the bus runs at peak hours and it was being looked at to include all day services that run from City of Verona to the City of Fitchburg and then it runs from Fitchburg to Downtown and hubs. It would also run from Monday-Sunday. He explained that Fitchburg is looking at their funding being included in a tax levy referendum, so that could have impact. After further discussion there was uncertain cost estimate given was for a whole year or a portion of the year. The Committee would like more information on the service and costs to make a decision on funding. Aulik went over things he does and how the position could work. He stated that he has about 10 direct reports and 4 indirect reports. There are a lot of fires to put out, he explained. He stated that HR takes time, external relations, lot of meetings, the rapid growth, request from Council members. He stated this position could help with things like researching information, IT, sustainability, field questions from the public, help departments with projects, grants and coverage for leave. There was discussion on succession planning. There was also a discussion on what this position would be titled and how much for salary. Other discussion took place on this position with no final decision. The Committee decided to have an additional budget meeting on September 30, 2024. Discussion and Possible Action regarding the payment of bills: Motion was made by Posey, seconded by Lytle to approve the payment of bills totaling $495,475.78. Motion carried 3-0. Adjournment: Motion was made by Posey, seconded by Lytle to adjourn the Finance Committee Meeting at 6:57 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us