FINANCE COMMITTEE

VILLAGE OF WAUNAKEE FINANCE COMMITTEE MEETING 500 West Main Street August 15, 2022 5:00 PM Meeting Minutes CALL TO ORDER Chairman Joe Zitzelsberger called the meeting to order at 5:00 P.M. ROLL CALL Members present: Joe Zitzelsberger, Jim Elvekrog, Sara Whitley, Al Dassow, Paul Carderella, Renee Meinholz, Todd Schmidt. Chris Zellner arrived at 5:08 P.M. Absent: Gary Herzberg Also present: Tim Herlitzka, Nila Frye 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 6, 2022 Motion by Al Dassow to approve the consent agenda (approval of minutes - June 6, 2022), seconded by Jim Elvekrog. Motion Pass. For: 5 - Joe Z, Paul C, Al D, Sara W, Jim E. Against: 0. Absent: 2. PUBLIC COMMENT None NEW BUSINESS 1 Discuss and Take Action on Audit Proposal Bid The Finance Director reviewed the RFP process with the committee and process followed by the reviewers (Renee, Tim, Joe). The following is a summary of the average points for each of the firms: Baker Tilly - 91.2 points Johnson Block - 88.7 points Kerber Rose - 88.5 points CliftonLarsonAllen - 82.5 points Wipfli - 79.0 points The proposal reviewers are recommending Baker Tilly over the other firms to the committee. Discussion ensued over the points assigned to each firm. Tim, Renee, and Joe all provided insight into how they reviewed the proposals and some of the reasoning behind their point assignments. Discussion also ensued regarding whether the reviewers felt the value-added services justified the fees. Both Tim and Renee discussed why they felt the value-added services would benefit the  Village and the Utility and would support the fees charged. Motion by Chris Zellner to recommend to the Village Board that the proposal of Baker Tilly be approved for the audit years 2022-2024, seconded by Sara Whitley. Motion Pass. For: 5 - Joe Z, Paul C, Sara W, Chris Z, Jim E. Against: 1 - Al Dassow. Absent: 1. 2 Discuss 2nd Quarter Financial Report The Finance Director presented the 2nd quarter report to the Finance Committee. Some of the larger variances were discussed. Al asked whether the sick leave conversion liability should be shown in the Senior Center and Village Center funds for those employees. The Finance Director responded that under governmental fund accounting, this liability does not show on the "Balance Sheet" but as assigned fund balance. The Finance Director will investigate if the current method of showing all employees as assigned fund balance in the General Fund is appropriate. In regards to the cash and investments, Al asked whether all Village funds were protected by FDIC insurance or other means. The Finance Director responded that all Village funds are covered by FDIC insurance, SIPC insurance, FHLB letters of credit, or appropriate collateral. In other words, all Village deposits are protected and the Village does not have exposure in the event of a bank failure. No action was taken. ADJOURN Motion by Al Dassow to adjourn at 5:50 P.M., seconded by Jim Elvekrog. Motion Pass. For: 6 - Joe Z, Paul C, Al D, Sara W, Jim E. Against: 0. Absent: 1. Respectfully Submitted, _____________________________________