FINANCE COMMITTEE

VILLAGE OF WAUNAKEE FINANCE COMMITTEE MEETING 500 West Main Street December 7, 2020 5:00 PM Meeting Minutes CALL TO ORDER Chairperson Kristin Runge called the meeting to order at 5:00 P.M. ROLL CALL Members present: Kristin Runge, Chris Zellner, Gary Herzberg, and Renee Meinholz Also present: Todd Schmidt 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 - October 19, 2020 Motion by Gary Herzberg to approve the consent agenda, seconded by Chris Zellner. Motion Pass. For: 3 - Kristin Runge, Chris Zellner, Gary Herzberg, Against: 0. PUBLIC COMMENT None NEW BUSINESS 1 Discuss Financial Implications of Closing TID 2 Early for Affordable Housing Project The Finance Director presented a summary of the impacts on General fund unassigned fund balance over the next 5 years under 3 scenarios: if TID 2 remains open until the end of its maximum life and continues increment sharing with TID 5, if the Village were to close TID 2 by April 15, 2021 (early) and exercise the option to use an additional year of increment for affordable housing, and if the Village were to close TID 2 by April 15, 2022 (early) and exercise the option to use an additional year of increment for affordable housing. Under the first scenario, projected unassigned fund balance ranges from 22-26% over the next 5 years. Under the second scenario, projected unassigned fund balance ranges from 20-25% over the next 5 years. Under the third scenario, projected unassigned fund balance ranges from 22- 26% over the next 5 years. Under all 3 scenarios, it is expected that TID 5 will be able to fully repay its advance from the General Fund. Scenario 2, however, gets us down to the bottom of our unassigned fund balance range (between 20-25%) and could be problematic, given the uncertainly of the budget picture over the next couple of years. No action required. 2 Discuss 2021 Finance Committee meeting schedule The Finance Director presented a tentative meeting schedule for the Finance Committee for 2021. A brief discussion ensued, and the consensus was that the tentative meeting schedule was  acceptable. No action needed. ADJOURN Motion by Gary Herzberg to adjourn at 5:20 P.M., seconded by Chris Zellner. Motion Pass. For: 3 - Kristin Runge, Chris Zellner, Gary Herzberg, Against: 0. Respectfully Submitted, _____________________________________