FINANCE COMMITTEE

VILLAGE OF WAUNAKEE FINANCE COMMITTEE MEETING 500 West Main Street July 20, 2020 5:00 PM Meeting Minutes CALL TO ORDER Chairperson Kristin Runge called the meeting to order at 5:02 P.M. ROLL CALL Members present: Kristin Runge, Chris Zellner, Gary Herzberg (arrived at 5:04 P.M.) and Renee Meinholz. Also present: Todd Schmidt and Erick Plumb 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 - June 15, 2020 Motion by Chris Zellner to approve the consent agenda (approval of minutes - June 15, 2020), seconded by Kristin Runge. Roll call vote: Kristin Runge – Aye Chris Zellner – Aye Motion passed. PUBLIC COMMENT None NEW BUSINESS 1 Discuss 2nd Quarter Financial Report The Finance Director presented the 2nd quarter report to the Finance Committee. In the general fund, revenues are strong compared to budget due to high investment earnings and developer rebills for village projects (Woodland Crest, Arboretum Village, Kwik Trips, and Heritage Hills). Expenditures are just under 50% of budget, as would be expected after 6 months. Conservation and development are the highest in relation to budget due to the costs for the village projects mentioned above that are rebilled to developers. Chris asked how this report would compare to last year at the same time. The Finance Director responded that results of the general fund are very similar to where they were last year through the end of June. Chris also asked about the excess of expenditures over revenues in the budget column of the report, which is approximately 915,000. The village budgeted to use approximately 560,000 of fund balance and the remaining additional expenditures are the carryovers from the 2019 budget to the 2020 budget of about 356,000 approved by the Village Board in April.  The Finance Director then went over the reports for the Senior Center and Village Center, which both show that Public Charges for Services are significantly under budget due to a reduction in programs due to COVID-19. There are some savings on the expenditure side for program that did not take place. The Finance Director went over the cash and investments summary, stating that the amount in checking is higher than normal to preserve liquidity during these uncertain times. The interest rate on our checking is 1.75% so we are still earning a significant amount on the balance. The final page of the report gives the status of the various TIDs. The Finance Director will add a brief description of each of the TIDs to the report to aid the Finance Committee in knowing which is which. Library Director Erick Plumb then gave a brief report on the library for the first 6 months of 2020. COVID-19 has changed program delivery, hours of operation, and staffing. The library expenditures are pretty much in line with what we would expect at this point in the year. Of note, utilities for the new building were overbudgeted so building expenditures are only at about 40% of the annual budget. 2 Discuss and Take Action on Proposal from IT Strategies Group, LLC for Cybersecurity Strategic Planning The Finance Director provided some background on recent cyber attacks against municipalities. Staff feels it's prudent to have an expert in the area of cyber security review our current safeguards and practices and help us with strategic planning and a help us develop a roadmap for future enhancements. This could then be used to develop future IT budgets. A brief discussion ensued. Motion by Kristin Runge to recommend the proposal from IT Strategies Group, LLC to the Village Board, seconded by Chris Zellner. Roll call vote: Kristin Runge - Aye Chris Zellner - Aye Gary Herzberg - Aye Motion passed. ADJOURN Motion by Chris Zellner to adjourn at 5:40 P.M., seconded by Gary Herzberg. Roll call vote: Kristin Runge - Aye Chris Zellner - Aye Gary Herzberg - Aye Motion passed. Respectfully Submitted, _____________________________________