Finance, Taxes and Insurance

FINANCE COMMITTEE January 12, 2015 - Official 5:00 p.m. Members Present: Brian, Lauer, Gil Amborn, Cindy Gauger, Ron Kluth and Tom Roanhouse Also Present: Rebecca Ewald, Lori Peternell Lauer called the meeting to order at 5:02 p.m. Motion made by Amborn, seconded by Gauger to approve the December 8, 2014 Regular Meeting Minutes. Motion carried unanimously. Discussion was held regarding the Professional Audit Services RFP and timeline. Staff has reviewed and made minor updates to the audit RFP that was utilized in 2010. One item that was included in the updated RFP was to provide costs for a utility rate study in preparation for the utilities infrastructure improvements that will occur with the reconstruction of STH83-20. Similar to the process that was done in 2010, staff will be requesting assistance from members of the Finance Committee to evaluate the proposals and participate in interviewing finalists if deemed necessary. Further discussion was held regarding the RFP timeline per the following: Week of January 26, 2015 Send out request for proposal February 18, 2015 Deadline for receipt of proposals by the Village Week of March 16, 2015 Interview finalists (if necessary) April 13, 2015 Village Board award contract with Auditing Firm May 1, 2015 Commencement of contract Brian Lauer, Cindy Gauger and Ron Kluth are available to interview finalists if necessary. Motion made by Amborn, seconded by Kluth to recommend Village Board approval to proceed with the Professional Audit Services RFP and timeline. 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 $25,063.91. Motion carried unanimously. Motion made by Kluth, seconded by Gauger to recommend to the Village Board approval of Village tax refunds in the amount of $55,348.02. 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 $4,027,950.72. Motion carried unanimously. Peternell provided an update on the 2015 Expenditure Restraint Payment (ERP). In October of 2014 the Village was notified that they did not qualify for an ERP payment of approximately $57,000 in 2015 based on how the 2014 general fund expenditure increase was reported to the DOR. In 2014 the not to exceed allowable expenditure restraint increase was 1.9%. The number was reported at 1.9%. It should have been reported at 1.89% or below to meet the program requirements. The DOR provided an opportunity for the Village to correct the error and resubmit for a reconsideration of the 2015 payment. Staff was notified this week that the DOR has approved the Village’s resubmission and will qualify for an EPR payment of $60,389.04 in 2015. Upon motion made by Kluth, seconded by Amborn, the meeting adjourned at 5:40 p.m. Motion carried unanimously. Submitted by, Lori Peternell, CMTW Village Treasurer