Finance, Taxes and Insurance

FINANCE COMMITTEE January 14, 2013 - Official 5:00 p.m. Members Present: Brian Lauer, Ron, Kluth, Rick Albee, Gil Amborn, Cindy Gauger and Kelly Krause Also Present: Rebecca Ewald, Lori Peternell, Tina Chitwood, Jim Mann Lauer called the meeting to order at 5:00 p.m. Motion made by Kluth, seconded by Amborn to approve December 10, 2012 Regular Meeting Minutes. Motion carried unanimously. The Finance Committee reviewed Resolution #726 - Authorizing the Issuance and Sale of $1,310,000 General Obligation Refunding Bonds, Series 2013A. Jim Mann was present to discuss the sale results for the refunding of the $259,017 State Trust Fund (STF) loan and the $1,480,000 GO Bonds. Mann stated that the true interest costs ranged from 1.9018% to 2.0460% with BOSC, Inc. being the lowest bidder. Mann recommended the Village obtain rating for future larger issuances to achieve lower interest rates. Motion made by Albee, seconded by Gauger to recommend Village Board approval of Resolution #726 - Authorizing the Issuance and Sale of $1,310,000 General Obligation Refunding Bonds, Series 2013A. Motion carried unanimously. The Committee reviewed Resolution # 723 – Designating Officials Authorized to Declare Official Intent Under Reimbursement Bond Regulations. Ewald stated that the Village Board has approved the preliminary engineering contract for utilities for the STH 83-20 project. When all costs for the project are identified for the utilities and village the Board will evaluate the most cost effective ways to borrow for the project. This resolution identifies that at the time such borrowing occurs, the utilities and Village have the option of reimbursing itself with the borrowed funds for projects such as the preliminary engineering and final engineering. This resolution makes the reimbursement option available in the future, should the utilities and Board choose to exercise their ability for reimbursement from borrowed funds. Motion made by Amborn, seconded by Kluth to recommend Village Board approval of Resolution # 723 – Designating Officials Authorized to Declare Official Intent Under Reimbursement Bond Regulations. Motion carried unanimously. Motion made by Gauger, seconded by Kluth to recommend Village Board approval of Resolution # 724 – Amending fee schedule Fee for Sidewalk Seating and Decorative Display Permit, Ray Seidel Community Building rental fee and cleaning bond and Animal Control-Impound Fee and Rabies Vaccine Fee. Motion carried unanimously. Lauer presented the Committee with recommendations of funds to be included in the new ING platform for the Village’s pension plan. Lauer stated that he focused on total return and consistent returns with a 4 or 5 rating when selecting funds. The Village’s pension plan allows for a maximum of 45 funds; recommendations on funds to include in the plan were ones that are in the top 20-40% in their respective categories. Amborn requested investigating the percentage of fund allocations in the current plan to compare against new platform and bring back to the February 11, 2013 meeting for action. Motion made by Kluth, seconded by Albee to recommend to the Village Board approval of Village unpaid invoices in the amount of $296,404.76. 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 $12,545.66. Motion carried unanimously. Motion made by Albee, seconded by Amborn to recommend to the Village Board approval of Village tax refunds in the amount of $7,329.64. Motion carried unanimously Motion made by Gauger, seconded by Kluth, to recommend to the Village Board approval of Village prepaid invoices in the amount of $71,882.39. Motion carried unanimously. Motion made by Amborn, seconded by Albee to recommend to the Village Board approval of Village tax settlements in the amount of $4,016,801.20. Motion carried unanimously. Upon motion made by Amborn, seconded by Albee, the meeting adjourned at 5:15 p.m. Submitted by, Lori Peternell, Village Treasurer