Finance, Taxes and Insurance

FINANCE COMMITTEE September 9, 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, Kenny Cammilleri, Stephanie Charapata, Melanie Marzahl Lauer called the meeting to order at 5:00 p.m. Motion made by Albee, seconded by Kluth to approve the August 12, 2013 Regular Meeting Minutes. Motion carried unanimously. Discussion was held regarding the Department head 2014 budget meetings using the Committee’s recommendation to set a capitalization threshold of $5000 and a 1-year useful life to be considered a capital asset. Discussion was held regarding how the Fire & Rescue Departments budget for items such as pagers and turnout gear. Peternell stated that the cost of one pager or outfitting one member with turnout gear is below the $5000 threshold but the total purchase will exceed $5000 because these items are typically purchased in multiple quantities. Peternell further stated that it has been included in the small equipment capital budget as a way for the department to save for when these expenditures occur. Lauer suggested that the accounts be considered reserve funds instead of capital funds in these instances. It was the consensus of the Committee to have staff research how other communities define capital items and continue the discussion with the Finance Committee. The Committee reviewed the ICMA Capital Budgeting publication. The Committee discussed the benefits of setting policy on what to include in 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 recommendations 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. Melanie Marzahl was present to discuss goals and objectives relative to the creation of a new Village website. Discussion was held regarding what items they would like to see available on our website. The Committee provided the following suggestions: a. All Village personnel and officials have a Village email address with the same domain name. b. Budget information. c. Meeting minutes. Motion made by Kluth, seconded by Gauger, to recommend to the Village Board approval of Village prepaid invoices in the amount of $45,458.90. Motion carried unanimously. Motion made by Kluth, seconded by Amborn to recommend to the Village Board approval of Village unpaid invoices in the amount of $137,578.75. Motion carried unanimously. Upon motion made by Gauger, seconded by Kluth, the meeting adjourned at 5:30 p.m. Motion carried unanimously. Submitted by, Lori Peternell, CMTW Village Treasurer