Finance Committee

City of Verona Finance Committee City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES FINANCE COMMITTEE FEBRUARY 24, 2025 The meeting was called to order by Chairperson Mara Helmke at 6:01 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 Matt Slowinski from Dana Investment Advisors Presentation on the City’s Investments by DANA Investment Advisors. Discussion and Possible Action regarding approval of February 10, 2025 Finance Committee minutes: Motion was made by Lytle, seconded by Posey to approve the February 10, 2025 Finance Committee minutes with no changes noted. Motion carried 3-0. Discussion and Possible Action regarding Cost Increase for the purchase of Replacement Generator for the Water Utility: Lamers stated that one of the past meetings there was approval to move the Generator from the Water Utility Well #3 to the Public Works Facility with reimbursing the Water utility. The replacement cost of the Well #3 Generator was stated at approximately $120,000 and now bids came back with the lowest quote of about $172,000. The cost of the additional amount will be covered by water rates. Discussion then took place regarding a rate case study for the Utilities and the Auditors have been contacted to do this. Discussion and Possible Action regarding Claim for Reimbursement for Sump Pump Damages: Aulik stated that there was a claim for a replacement sump pump by a resident for the amount of $454.58. Aulik discussed the extraordinary rain events and the road construction were the reason for the claim. Aulik stated the claim was not submitted within the time frame per state statute. The City insurance carrier recommended to deny the claim. A motion was made by Helmke, seconded by Posey to recommend the denial of the claim for $454.58 for the cost to replace a sump pump. Motion carried 3-0. Discussion and Possible Action regarding the City Investment Report-January 2025: Lamers stated nothing significant noted with the increase due to tax collections. Discussion and Possible Action regarding the payment of bills: Motion was made by Helmke, seconded by Posey to approve the payment of bills totaling $20,720,824.36. Motion carried 3-0. www.ci.verona.wi.us Adjournment: Motion was made by Helmke, seconded by Posey to adjourn the Finance Committee Meeting at 6:41 p.m. Motion carried 3-0. Respectfully submitted, Brian Lamers CPA Finance Director www.ci.verona.wi.us