Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE OCTOBER 14, 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, Fire Chief Dan Machotka, Planning Director Lucas Sivertsen and Elizabeth Pearson from Pines Bach LLP. Discussion and Possible Action regarding approval of September 30, 2024 Finance Committee minutes: Motion was made by Posey, seconded by Lytle to approve the September 30, 2024 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding recommending to the City Council Approval of an Agreement for Development of a Comprehensive Plan and Funding: Lamers stated the cost of the plan is at $157,430, and the recommended funding is utilizing the TID 4 closeout funds of $104,056, with the remaining $53,374 from savings of the 2024 budget or 2025 budget with the full time position of Community Development Specialist being budget full-time and being filled by a part-time Employee. Lamers stated since this is going to carry over into 2025, that the part- time position would continue and there would be savings in 2025 also for the payments that would happen in 2025. Motion was made by Posey, seconded by Lytle to recommend to the City Council a budget amendment in the amount of $157,430, including a work authorization with MKSK for a cost not to exceed $119,810 subject to final approval by the Director of Planning and Development and City Attorney and the remainder for services from AECOM. Motion carried 3-0. Discussion and Possible Action regarding Recommending to City Council Resolution R-24-027, A Resolution Requesting Exemption from County Library Tax: Motion was made by Lytle, seconded by Posey to recommend to City Council Resolution R-24-027, A Resolution Requesting Exemption from County Library Tax. Motion carried 3-0. Discussion and Possible Action regarding 2025 Budget Items: Lamers stated since last time and when all the changes were made there was an additional $32,225 with taking the levy limit adjustment for EMS. He stated that he included it back into contingency to bring that up to $87,225. Lamers talked about the Fire Truck and the increase from the $481,500 that was borrowed in 2024 and the increase in cost and the recommendation to purchase new at an increased cost. Lamers stated he included in the Capital budget $720,000 of additional debt in www.ci.verona.wi.us 2025. If things change or cost come in later the City can always adjust the borrowing in 2025. Lamers stated that the General Transportation Aids dropped by $94,774, which was unexpected to that extent. Lamers stated that this will probably continue to happen in the future just because of the major projects the City has done in the past are dropping out of the 5-year average. To what expend the reduction would be a wait and see. Lamers suggested increasing the interest revenue by $94,000 and adjust the remaining amount through Contingency just for rounding purposes. He stated that the interest revenue was over a million in 2023 and is over a million also in 2024 so far. Currently in the budget there is a conservative amount of $300,000. Lamers stated that the Library Board had made changes to the budget and asked if the Committee had any issues with the changes, which there were none. Lamers stated he had planned to make the changes approved and submit this week for publishing on 10/24/24. The presentation would still be on 10/28/24 and the final adoption was noted for 11/18/24, but felt like the passage of budget could be moved to 11/11/24 and asked the Committee if they were good with the change, which they were. Discussion and Possible Action regarding Recommending to City Council the approval of Replacement Funds to purchase a generator from the Water Utility and cover associated installation costs: The estimated $165,000 consist of $50,000 for Public Works that would come out of Equipment Replacement, $50,000 from Sewer and Storm each and $15,000 from the Water Fund. Of that $165,000, three funds would reimburse the Water fund $105,000 for the generator and $60,000 would be paid for installation. A motion was made by Posey, seconded by Lytle to recommend the approval of the purchase of a generator from the Water Utility and the installation cost not to exceed $165,000 utilizing Equipment Replacement funds and Utility funds. Motion carried 3-0. Discussion and Possible Action regarding Recommending to City Council funding for potential Badger Creek Legal Expenses: Motion was made by Posey, seconded by Lytle, roll call was taken to go into closed session with all in favor. Motion was made by Posey, seconded by Lytle to go in open session. Motion carried 3-0. Motion was made by Helmke, seconded by Posey to recommend to the City Council the approval of funding for the contested case hearing for Badget Creek legal expenses. Motion carried 3-0. Discussion and Possible Action regarding the City Investment Report-September 2024: Lamers stated nothing significant noted. Discussion and Possible Action regarding the Revenue and Expenditure Summary Report- September 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 Helmke, seconded by Lytle to approve the payment of bills totaling $1,234,164.09. Motion carried 3-0. Adjournment: Motion was made by Posey, seconded by Lytle to adjourn the Finance Committee Meeting at 6:56 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA www.ci.verona.wi.us  Finance Director www.ci.verona.wi.us