Finance, Taxes and Insurance

FINANCE COMMITTEE December 10, 2012 - Official 5:00 p.m. Members Present: Brian Lauer, Gil Amborn, Cindy Gauger and Kelly Krause Excused: Ron Kluth and Rick Albee Also Present: Rebecca Ewald, Lori Peternell Lauer called the meeting to order at 5:00 p.m. Motion made by Gauger, seconded by Amborn to approve the September 24, 2012, October 3, 2012, October 8, 2012, October 15, 2012, October 22, 2012 Joint Finance/Village Board Minutes and the November 12, 2012 Regular Meeting Minutes. Motion carried unanimously. The Finance Committee reviewed Resolution #721– 2012 Budget Amendment to transfer funds from Contingency operational account to capital accounts. Peternell stated that $308,779 was included in the contingency fund to conform to the state imposed expenditure restraint formula requirements. The budget amendment is to reallocate the funds to the appropriate capital account. Motion made by Amborn, seconded by Gauger to recommend Village Board approval of Resolution #721– 2012 Budget Amendment to transfer funds from Contingency operational account to capital accounts. Motion carried unanimously. Amborn requested the Finance Committee to conduct a review of the Village’s financial policies to establish guidelines on capital and operational accounts in 2013. Motion made by Gauger, seconded by Amborn to recommend to the Village Board approval of Village prepaid invoices in the amount of $45,202.26. Motion carried unanimously. Motion made by Amborn, seconded by Gauger, to recommend to the Village Board approval of Village unpaid invoices in the amount of $229,334.79. Motion carried unanimously. Upon motion made by Gauger, seconded by Amborn, the meeting adjourned at 5:26 p.m. Submitted by, Lori Peternell Village Treasurer