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HomeMy WebLinkAboutMinutes i Y /g/0/�// Ad MEMO/ii Oshkosh MINUTES OF THE LONG RANGE FINANCE COMMITTEE June 5, 2019 Room 404 The Long Range Finance Committee meeting was held on Wednesday, June 5, 2019, in Room 404, at Oshkosh City Hall, 215 Church Avenue. The meeting was called to order by Matt Mugerauer at 5:18p.m. Members Present: Vicky Fitzgerald, Patrick Hackett, Matt Lauritch, John Lemberger, and Matt Mugerauer Members Absent: Karen Bowen, Michael Ford, Jeff Herzig, and Jake Krause Staff Present: Trena Larson—Director of Finance Mark Rohloff—City Manager James Rabe—Director of Public Works Paula Luther—Administrative Assistant-Finance Citizens Present: None I. Citizen Input None IL Election of Chairperson A. Chairperson: Lauritch nominated Herzig for Chairperson. There were no other nominations. Nominations closed and by a unanimous vote of 5-0, Jeff Herzig was elected as the Chairperson of the Long Range Finance Committee. B. Vice-Chair: Lauritch volunteers himself for Vice Chair. There were no other nominations. Nominations closed and by a unanimous vote of 5-0, Matt Lauritch was elected as the Vice Chair of the Long Range Finance Committee. III. Approval of February 6, 2019 Minutes Motion to approve by Lauritch, seconded by Mugerauer. Approved 5-0. Finance Director,T'rena Larson City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,wI 54903-1130 http://www.ci.oshkosh.wi.us IV. Discussion—Addition of Alternate(s) to committee • Director Larson explained Mayor Palmeri would like input and feedback in adding alternate members to all the City of Oshkosh committees to give more people the opportunity to serve. • Committee is in agreement that alternates would be a welcome addition to the LRFC. V. Debt Management Policy • Director Larson explained the Debt Management Policy review was brought to LRFC from the Council and this is the starting point. • In 2014 the 5 year goal was to reduce the City's debt capacity to under 70%. We met this goal. Do we want to establish a new percentage for GO Borrowing with a new time frame? • We need to figure out where we want to go from here. The challenge is that our debt burden is higher than comparable communities. • Do we use cash or levy to offset some of the debt? • Should fund balance be used in lieu of debt? • Can we increase borrowing as Equalized Value increases? • After a lengthy discussion, the committee is in agreement to think it over and come back next month with suggestions. VI. DAU update—progress report • This was distributed to the Council last week. Council asked questions and we need to respond to them with the answers at the next Council meeting. VII. Set March meeting date and agenda items A. Next meeting date: We will poll the other committee members who are absent since the majority of the committee members cannot commit to the first Wednesday in July. B. Next Agenda 1. Update on GO EDC Revolving Loan Fund and Capital Catalyst Fund— Jason White 2. Discuss Debt Management Policy 3. DAU update - progress report VIIL Adjournment Motion by Fitzgerald, seconded by Mugerauer. Motion passed unanimously. Meeting adjournment at 7:O1p.m.