FINANCE COMMITTEE

VILLAGE OF WAUNAKEE FINANCE COMMITTEE MEETING 500 West Main Street September 4, 2018 5:00 PM Meeting Minutes CALL TO ORDER Village President Zellner called the meeting to order at 5:13 P.M. ROLL CALL Members present: Chris Zellner, Sam Ballweg, and Renee Meinholz. Sue Springman arrived at 5:15 P.M. Also present: Todd Schmidt, Sue McDade, Bill Frederick, Julee Helt, Erick Plumb, Mary Heimbecker, Nila Frye, Sam Kaufmann CONSENT AGENDA Items under the consent agenda may be acted upon by one motion. If, in the judgment of any Board Member, a consent agenda item needs discussion, the item may be moved to later on the agenda for discussion and/or action. 1 Consider approval of minutes - August 20, 2018 Motion by Sam Ballweg to approve the consent agenda (approval of minutes - August 20, 2018), seconded by Chris Zellner. Motion Pass. For: 3 - Sam Ballweg, Chris Zellner, Sue Springman, Against: 0. PUBLIC COMMENT None NEW BUSINESS TABLED 1 Review Capital Budget Submittals Motion by Chris Zellner to remove Item #1 Review Capital Budget Submittals from the table, seconded by Sam Ballweg. Motion Pass. For: 3 - Sam Ballweg, Chris Zellner, Sue Springman, Against: 0. The Finance Director presented the 5-year Capital Improvement Project Schedule as submitted by the department heads. This included a list of the projects that currently have a funding source and a list of those projects that do not. Discussion ensued regarding a proposal that the  Administrator and Finance Director plan to bring forward in the 2019 budget. The idea is to contract with a financial advisor to assist in creating a Financial Management Plan that would look out up to 10 years and help the village develop a strategy to deal with our capital needs and alternatives for funding them. The committee was generally supportive of the idea but requested further details as part of the 2019 budget. No action was taken. 2 Discuss Contract for Auditing Services Motion by Chris Zellner to remove Item #2 Discuss Contract for Auditing Services from the table, seconded by Sam Ballweg. Motion Pass. For: 3 - Sam Ballweg, Chris Zellner, Sue Springman, Against: 0. Earlier in the year, the finance committee discussed pursuing a negotiated fee with Schenck, rather than doing an RFP this year, since we did an RFP for banking services. The Finance Director shared the quote that Schenck provided for the 12/31/18 audit. They have proposed a 2.7% increase, which equates to $500 for the Village audit and $400 for the Utility audit. Tim Herlitzka with Waunakee Utilities confirmed that he is ok with the increase for the Utility audit. Discussion ensued, and the committee agreed that this fee increase seems reasonable. They directed the Finance Director to obtain an engagement letter that can be brought forward to the Village Board for approval. The Village will plan to do an RFP process for audit services in 2019. ADJOURN Motion by Sam Ballweg to adjourn., seconded by Chris Zellner. Motion Pass. For: 3 - Sam Ballweg, Chris Zellner, Sue Springman, Against: 0. Respectfully Submitted, _____________________________________