Finance, Taxes and Insurance

FINANCE COMMITTEE September 14, 2015 – Official 5:00 p.m. Members Present: Gil Amborn, Brian Lauer, Ron Kluth, Tom Roanhouse and Jim Schneider Also Present: Rebecca Ewald, Lori Peternell, Stephanie Charapata, Lauer called the meeting to order at 5:00 p.m. Motion made by Schneider, seconded by Amborn to approve the August 10, 2015 Regular Meeting Minutes. Motion carried. Peternell stated that she is in the process of seeking input from the Clerk’s network on examples of roles and responsibilities of the Finance Committee from other communities. This information will be provided to the Finance Committee in October for discussion and further direction. Discussion was held on the method of payment for additional police expenses. Ewald stated that the Village’s operational fiscal procedures require, “Any increase in expenditures, decrease in revenues, or a combination of the two that would result in a budget imbalance during the current fiscal year will be reported to the Finance Committee for consideration and recommendation to the Village Board, of budget revisions or use of fund balance reserves to support ongoing operations.” The 2016 Town of Waterford Police Services contract states “the Village will be billed following expenditures for additional expenses” noted in the exhibit and appendix of the contract. This requires payment for some expenses in advance of the 2016 fiscal year, one of which is hiring expenses of each officer. Hiring expenses were provided for 6 officers. The first invoice received is for one officer hired in the amount of $1,575.52 which is $214 under the estimated costs per officer of $1,789.60. The Village agreed to fund the hiring costs for six officers, a total of $10,738. Staff is seeking direction from the Board as to how they desire to pay for all additional expenses associated with contract that will be billed in 2015. Total expenses are estimated at $23,500 in 2015. Staff is recommending the utilization of general fund balance, as there are no accounts within the police budget that can accommodate for these expenditures in 2015. Motion made by Amborn, seconded by Schneider to recommend Village Board approval of utilizing general fund balance to pay for the additional expenses of $23,500 per the Town of Waterford police contract. Motion carried. Motion made by Schneider, seconded by Kluth, to recommend to the Village Board approval of Village prepaid invoices in the amount of $64,439.67. Motion carried. Motion made by Roanhouse, seconded by Schneider to recommend to the Village Board approval of Village unpaid invoices in the amount of $179,399.36. Motion carried. Amborn requested that the Committee be provided with the detail of budgeted to actual revenues and expenditures for capital expenditures to date at the October meeting. Upon motion made by Schneider, seconded by Roanhouse, the meeting adjourned at 5:35 p.m. Motion carried. Submitted by, Lori Peternell, CMTW Village Treasurer