Finance, Taxes and Insurance

FINANCE COMMITTEE January 9, 2012 - Official 5:00 p.m. Members Present: Brian Lauer, Randy Harrington, Ron Kluth, Rick Albee, Cindy Gauger and Kelly Krause Also Present: Rebecca Ewald, Lori Peternell, Lynn Spleas and James Mann Lauer called the meeting to order at 5:00 p.m. Motion made by Kluth, seconded by Gauger, to approve the December 12, 2011 Regular Meeting Minutes. Motion carried unanimously. th Lynn Spleas presented the Committee with an update on Water & Sewer 4 quarter activity. She provided the following updates:  Vig and Associates will be in the office to complete the 2011 audit on February 12, 2012  The Utility sent out 2,108 bills on 12/20/11 and the new rates for water and sewer generated $22,182.00 in additional income.  The Utility collected fourth quarter water impact fees and sewer connections. Customer Water Impact Sewer Connection Waterford Union High School 1,280.00 2,500.00 (Concession stand-ball diamond) Waterford Memory Care 1,280.00 12,325.00 Allessee Development 2,137.60 4,175.00 Discussion was held regarding the sewer connection fee for the Waterford Memory Care and whether $12,325 was the correct amount. Spleas will review the fee and report findings to the Committee at the February meeting. Motion made by Albee, seconded by Harrington to recommend to the Village Board approval of Village prepaid invoices in the amount of $32,034.30. Motion carried unanimously. Motion made by Harrington, seconded by Albee, to recommend to the Village Board approval of Village unpaid invoices in the amount of $141,222.13. Motion carried unanimously. Motion made by Gauger, seconded by Harrington, to recommend to the Village Board approval of Village tax refunds in the amount of $15,109.45. Motion carried unanimously. Motion made by Albee, seconded by Harrington, to recommend to the Village Board approval of Village tax refunds in the amount of $19,236.26. Motion carried unanimously. Motion made by Harrington, seconded by Kluth, to recommend to the Village Board approval of Water & Sewer invoices in the amount of $108,269.71. Motion carried unanimously. Jim Mann from Ehler’s was present to discuss the proposed refunding of the 2001 Sewer System Revenue Bonds. Mann stated that if the Village were to proceed with the refunding, he estimated that the savings would be in the $90,000 future value range, net of all fees associated with the issuance of the refunding obligation. That equates to approximately $11,000 annually. On a net present value basis, the savings would be in the range of $47,000 or 6.8% of the refunded principal. Motion made by Kluth, seconded by Harrington to recommend Village Board proceed with refunding of the 2001 Sewer System Revenue Bonds with the same terms and lower rate as proposed. Motion carried unanimously. The Committee reviewed the December 2011 statements. Discussion was held. Upon motion made by Harrington, seconded by Albee, the meeting adjourned at 5:55 p.m. Submitted by, Lori Peternell Village Treasurer