Finance, Taxes and Insurance

FINANCE COMMITTEE February 13, 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 and Jim Mann Lauer called the meeting to order at 5:00 p.m. Motion made by Albee, seconded by Kluth, to approve the January 9, 2012 Regular Meeting Minutes. Motion carried unanimously. Discussion was held regarding operating efficiencies in 2011, which resulted in savings in various operational accounts which are being reallocated to capital accounts in 2012. Motion made by Harrington, seconded by Albee to recommend Village Board approval of Resolution #698 – 2011 Budget amendment to reallocate $4500 from Accounting fees to Community Relations for financial planning for Hwy 83/20. Motion carried unanimously. Motion made by Harrington, seconded by Kluth to recommend Village Board approval of Resolution #699 – 2011 Budget amendment to reallocate $8500 from Assessor contract to Community Relations for revaluation costs in 2018. Motion carried unanimously. Motion made by Gauger, seconded by Harrington to recommend Village Board approval of Resolution #700 – 2011 Budget amendment to reallocate $2000 from Engineering to Building for engineering costs related to bidding requirement for re-roofing of Safety building and generator at Village hall and to reallocate $15,800 from Engineering to Community Relations capital account for survey at Whitford Park and engineering fees for Hwy 83/20. Motion carried unanimously. Motion made by Kluth, seconded by Gauger to recommend Village Board approval of Resolution #701 – 2011 Budget amendment to reallocate $98,355 from the Contingency account to the Streets Maintenance capital account. Motion carried unanimously. Motion made by Harrington, seconded by Kluth to recommend Village Board approval of Resolution #702 – 2011 Budget amendment to reallocate $2,500 from physicals in the Fire Department budget to Fire small equipment for EKG testing and physicals. Motion carried unanimously. Motion made by Albee, seconded by Harrington to recommend Village Board approval of Resolution #703 – 2011 Budget amendment to reallocate $2,500 from physicals in the Rescue Department budget to Rescue small equipment for EKG testing and physicals. Motion carried unanimously. Motion made by Albee, seconded by Gauger to recommend to the Village Board approval of Village prepaid invoices in the amount of $83,793.38. Motion carried unanimously. Motion made by Kluth, seconded by Albee, to recommend to the Village Board approval of Village unpaid invoices in the amount of $1,458,232.74. Motion carried unanimously. Motion made by Gauger, seconded by Albee, to recommend to the Village Board approval of Village tax refunds in the amount of $8,216..99. Motion carried unanimously. Motion made by Kluth, seconded by Gauger, to recommend to the Village Board approval of Village tax settlements in the amount of $3,885,565.48. Motion carried unanimously. Motion made by Albee, seconded by Gauger, to recommend to the Village Board approval of Water & Sewer invoices in the amount of $50,371.70. Motion carried unanimously. Discussion was held regarding the refunding of the 2001 Sewer System Revenue Bonds that took place the morning of February 13, 2012. Peternell stated that Bankers Bank was the lowest bidder with a blended interest rate of 1.98%. This results in future savings of approximately $102,000 which is approximately $9,000 more than what was presented by Ehler’s last month. Motion made by Harrington, seconded by Albee to recommend Village Board approval of Resolution #704 - A Resolution Authorizing the Issuance and Sale of $570,000 Sewerage System Revenue Refunding Bonds, Series 2012A of the Village of Waterford, Racine County, Wisconsin and Providing for the Payment of the Bonds and Other Details with Respect to the Bonds. Motion carried unanimously. Upon motion made by Harrington, seconded by Kluth, the meeting adjourned at 5:55 p.m. Submitted by, Lori Peternell Village Treasurer 2