Finance, Taxes and Insurance

FINANCE COMMITTEE August 12, 2013 - Official 5:00 p.m. Members Present: Brian Lauer, Rick Albee, Gil Amborn, Cindy Gauger and Ron Kluth Also Present: Rebecca Ewald, Lori Peternell, Rick Huening, Kenny Cammilleri Lauer called the meeting to order at 5:00 p.m. Motion made by Kluth, seconded by Albee to approve the July 8, 2013 Regular Meeting Minutes. Motion carried unanimously. Motion made by Amborn, seconded by Gauger to approve the July 22, 2013 Joint Finance/Village Board Minutes. Motion carried unanimously. Rick Huening was present to discuss the emergency repair to the ladder on Engine 746. Huening stated that the ladder was diagnosed with hydraulic problems. He received an estimate repair cost from Emergency Apparatus Maintenance in the amount of $4500, less travel expenses. Motion made by Amborn, seconded by Kluth to recommend Village Board approval of the use of contingency funds for the emergency repair of the ladder truck in the amount of $4500. Motion carried unanimously. The Committee reviewed the correspondence that was distributed to employees participating in the Village’s pension plan which outlines the transition activities and timeline. The Committee reviewed the ICMA Capital Budgeting publication. The Committee discussed the benefits of setting policy on what to include in a capital along with capitalization thresholds. It was the consensus of the Committee to continue reviewing this publication to assist with creating financial policies for the Village of Waterford. It was the consensus of the Committee that it would be beneficial to start with providing staff with a recommendation to assist with the 2014 budget. Ewald stated that she and Peternell will be meeting with department heads this week to review their 2014 budget requests and will incorporate Finance’s recommendation into the budget discussions. The outcome of the parameters will be discussed and reviewed at the September Finance meeting. Motion made by Amborn, seconded by Kluth to set a capitalization threshold of $5000 and a 1-year useful life to be considered a capital asset. Motion made by Gauger, seconded by Amborn, to recommend to the Village Board approval of Village prepaid invoices in the amount of $45,797.31. 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 $173,960.57. Motion carried unanimously. Upon motion made by Amborn, seconded by Kluth, the meeting adjourned at 6:00 p.m. Motion carried unanimously. Submitted by, Lori Peternell, CMTW Village Treasurer