FINANCE COMMITTEE

VILLAGE OF WAUNAKEE FINANCE COMMITTEE MEETING 500 West Main Street July 21, 2025 4:30 PM Meeting Minutes CALL TO ORDER Chairman Chris Zellner called the meeting to order at 4:30 P.M. ROLL CALL Members present: Chris Zellner, Kristin Runge, Jack Heinemann, Al Dassow, Sara Whitley, Paul Cardarella, Tom Wilson, Renee Meinholz, Todd Schmidt Also present: Justin Hoagland MINUTES Motion by Kristin to approve May 19, 2025 minutes, seconded by Al. Motion Pass: 7-0 PUBLIC COMMENT None PRESENTATIONS 1 Baker Tilly Audit Report Presentation Justin Hoagland of Baker Tilly (BT) was in attendance to discuss the 12/31/24 draft audit reports and answer any questions. He went through the Reporting and Insights from 2024 report, which notes any findings that BT had. Justin then highlighted the auditors' opinion, which was an unmodified or "clean" opinion, which is the highest assurance that they can give on an audit. Justin moved on to the financial highlights document. He went through several common benchmarks to assess financial health. A few questions were asked by committee members and discussion ensued. Motion by Kristin to accept the draft audit reports, seconded by Paul. Motion Pass: 7-0 BUSINESS ITEMS 1 Discuss and Take Action on Capital Asset Policy The Finance Director gave an overview of the proposed changes to the Capital Asset Policy, which primarily include incorporating the new $10,000 capitalization threshold approved by the Village Board near the end of 2024 and adding a "Bulk Purchases" section. A brief discussion ensued. Motion by Jack to recommend to the Village Board to approve the revised Capital Asset Policy, effective retroactively back to January 1, 2025, seconded by Al. Motion pass: 7-0 2 Discuss and Take Action on Purchasing Policy The Finance Director gave an overview of the updated Purchasing Policy. A brief discussion ensued. Motion by Tom to recommend to the Village Board to approve the revised Purchasing Policy, seconded by Jack. Motion pass: 7-0 3 Discuss Potential Changes to Budget Policies Finance Director gave some background on the history of our fund balance policy and how it has played out over recent years. The Finance Committee had a robust discussion of the Village's fund balance policy and the proposed changes outlined by the Finance Director to work toward a more realistic budget instead of a strictly conservative approach. Different approaches were discussed regarding how we might strategically use the surplus fund balance in excess of the high end of our policy. The overarching takeaway was to make sure the Village maintains transparency with its use of fund balance and considers both current and future taxpayers when making decisions. 4 Discuss and Take Action on Preliminary 2026 Budget Process and Calendar The Finance Director went over the draft 2026 budget calendar. She asked the committee their thoughts on having a joint meeting again with the Village Board for the October 20th meeting. General feedback was that the process worked fine last year. Motion by Chris to approve the budget calendar as presented, seconded by Tom. Motion Pass. 7-0 ADJOURN Motion by Kristin to adjourn at 5:54 P.M., seconded by Tom. Motion pass. 7-0 Respectfully Submitted, _____________________________________ Renee Meinholz, Finance Director