Finance, Taxes and Insurance

FINANCE COMMITTEE October 14, 2013 - Official 5:00 p.m. Members Present: Brian Lauer, Rick Albee, Gil Amborn, Cindy Gauger and Ron Kluth Also Present: Lori Peternell, Kenny Cammilleri, Stephanie Charapata Lauer called the meeting to order at 5:00 p.m. Motion made by Gauger, seconded by Albee to approve the September 9, 2013 Regular Meeting Minutes. Motion carried unanimously. Motion made by Albee, seconded by Kluth to approve the September 9, 2013 Joint Finance and Village Board Meeting Minutes. Motion carried unanimously. Motion made by Kluth, seconded by Gauger to approve the September 23, 2013 Joint Finance and Village Board Meeting Minutes. Motion carried unanimously The Committee reviewed the draft Capital Improvement Program provided by Gil Amborn. Amborn stated that he drafted the policy based on recommendations from the Capital Budgeting publication. Discussion was held regarding establishing a separate replacement fund policy to accommodate for expenses related to replacement of items such as tires for plows and fire trucks as these expenses may have a large impact on an operating budget. It was the consensus of the Committee that the CIP policy as presented will be included in the Village of Waterford Financial Policies and Procedures. Further discussion was held regarding forms that Department Heads will be required to complete for future and current capital items. It was the consensus of the Committee to review the forms and the draft replacement fund policy by January 2014 so that both policies can be presented to the Board for approval. Discussion was held regarding the allocation of funds for emergency repair to Engine 745. The water pump was leaking on Engine 745, which needed to be repaired as soon as possible. Engine 745 is the main engine and could work very hard at any fire, it was crucial to have the repair taken care of immediately. The repairs were needed to prevent a failure in the Engine with could have resulted in a lack of water to extinguish a fire, or cause more damage to the motor. The cost of the repair was $3358.47; this expense was unforeseen and the Finance Committee and Board are being requested to provide direction as to where the funds for the repair may be allocated from. Motion made by Amborn, seconded by Albee to recommend Village Board approving use of contingency funds for the repair. Motion carried unanimously. The Committee reviewed the hardship request provided by 3 Rivers Billing from a patient with an outstanding rescue bill. The patient is requesting a reduction or forgiveness of the rescue bill in the amount of $200. Peternell stated that the Village’s collection policy does not include a provision for hardship requests; therefore, requests need to be reviewed and acted on by the Finance Committee. After discussion, it was the consensus of the Committee to not grant the hardship request. Motion made by Amborn, seconded by Kluth to deny the hardship request and follow the collection process as stated in the Village’s collection policy. Motion carried unanimously. Motion made by Gauger, seconded by Albee, to recommend to the Village Board approval of Village prepaid invoices in the amount of $215,699.72. Motion carried unanimously. Motion made by Amborn, seconded by Kluth to recommend to the Village Board approval of Village unpaid invoices in the amount of $356,095.28. Motion carried unanimously. Upon motion made by Kluth, seconded by Gauger, the meeting adjourned at 5:35 p.m. Motion carried unanimously. Submitted by, Lori Peternell, CMTW Village Treasurer