Finance, Taxes and Insurance

FINANCE COMMITTEE August 10, 2015 – Official 5:00 p.m. Members Present: Gil Amborn, Jim Schneider and Ron Kluth Excused: Brian Lauer and Tom Roanhouse Also Present: Rebecca Ewald, Lori Peternell, Stephanie Charapata, Tichigan Fireworks Committee Member Linda Keckhaver Peternell called the meeting to order at 5:00 p.m. Motion made by Kluth, seconded by Schneider to nominate Gil Amborn as chair of the meeting. Motion carried. Linda Keckhaver from Tichigan Fireworks Committee was present to discuss their $500 funding request for 2016. Motion made by Schneider, seconded by Kluth to recommend Village Board approval of $500 to be included in the proposed 2016 budget. Motion carried. Peternell stated that final approval of request will occur when the budget is passed in November. Motion made by Schneider, seconded by Kluth to approve the July 13, 2015 Regular Meeting Minutes. Motion carried. The Committee reviewed Absolutely Waterford’s May and June financial statements. After lengthy discussion, it was the consensus of the Committee that these will be reviewed on a quarterly basis as update only. Peternell discussed the preliminary 2015 equalized values, Tax Increment District (TID) values and net new construction values that were released by the Department of Revenue that will be used for the 2015 taxes. The assessor is required to submit the Municipal Assessment Report in May of each year. Because we are in the process of a revaluation, estimated values are used. Any changes based on actual values will be adjusted next year. Equalized values provide the value of all the taxable property of the municipality which is used in calculating the mill rate. Included in your packet is additional information provided by the DOR regarding equalized values. TID values provide the current value and annual increment amount. The increment is defined as the amount of taxes generated on the increase in value in the TID. The municipality retains the full amount of the increment to pay for the project costs within the TID. Net new construction values are used to determine how much a municipality can increase their levy. The Village net new construction amount for 2015 was 0.57% which equates to an allowable levy increase of $15,350. Ewald updated the Committee on the Fox River Water Trail technical assistance grant application. Rebecca Ewald and Barb Messick met with Angie Tornes of the National Park Service (NPS), Tom Slawski of SEWRPC and Fox River Partnership, Karen Miller of Kane County Illinois and Fox River Ecosystem Partnership (FREP), and Greg Farnham of the Rock River Trail Initiative to discuss the process of developing a Fox River Water Trail and seeking national designation. The designation would be one of 19 in the U.S. and only the second to cross state lines, the Rock River Water Trail being the first. The trail could spur economic development and bring tourism dollars to communities along the river. The Fox River trail will include Waukesha, Racine and Kenosha counties and five counties in Illinois. The group applied for a technical assistance grant from the NPS’ Rivers, Trails, and Conservation Assistance Program with letters of support from Waukesha County, City of Waukesha, Racine County Executive, Racine County Director of Public Works, RCEDC, Fox River Commission, and Real Racine CVB, Fox River Partnership, and FREP. The grant is not monetary, but provides technical assistance for trail development and river conservation. Notice of approval or denial is expected in late October. Motion made by Schneider, seconded by Kluth, to recommend to the Village Board approval of Village prepaid invoices in the amount of $161,463.53. Motion carried. Motion made by Schneider, seconded by Kluth to recommend to the Village Board approval of Village unpaid invoices in the amount of $233,652.40 contingent upon Associated Appraisal meeting contract requirements. Staff will provide an informational email to the Committee members that details the percentage of work completed and the percentage of payment made. Motion carried. The Committee reviewed the 2nd quarter financial statements. Amborn requested that the Committee be provided with the detail of the capital expenditures to date at the September meeting. Upon motion made by Schneider, seconded by Kluth, the meeting adjourned at 6:27 p.m. Motion carried. Submitted by, Lori Peternell, CMTW Village Treasurer