HomeMy WebLinkAbout2. Meeting Minutes 07-01-2020 Oshkosh
MINUTES OF THE LONG RANGE FINANCE COMMITTEE
July 1, 2020
Room 404
The Long Range Finance Committee meeting was held on Wednesday, July 1, 2020, in Room 404, at
Oshkosh City Hall, 215 Church Avenue.
The meeting was called to order by Matt Lauritch at 5:16 p.m.
Members Present: Adam BellCorelli, Karen Bowen, Vicky Fitzgerald, Michael Ford,Allison
Knautz, Matt Lauritch, and via WebEx Jane Hamilton and Koby Schellenger
Members Absent: Matt Mugerauer
Staff Present: Russ Van Gompel—Director of Finance
Paula Luther—Administrative Assistant- Finance
I. Citizen Input
None
II. Approval of November 13, 2019 Minutes
Motion to approve by Ford, seconded by Fitzgerald. Approved 8-0.
III. Update Committee Members-Approval of the Revisions to the Revolving Loan Fund
Manual and Capital Catalyst Fund Manual at the April 14,2020 Council Meeting(5:17—
5:26)
Director Van Gompel updated the committee members on the adoption of the above manuals
by Council at their April 14, 2020 meeting.
IV. Staff Update (5:26—5:48)
A. Director Van Gompel went over the following handouts:
1. Banking RFP Responses —every 3-5 years we look at our banking services
and 8 proposals came back this time. The lowest proposal was from
Associated Bank and the City of Oshkosh currently banks with Associated
Bank and we look forward to continuing that relationship.
Finance Department
City Hall,215 Church Avenue P.O.Box 1 130 Oshkosh, WI 54903-1 130 920.236.5005 http://www.ci.oshkosh.wi.us
2. General Fund Dashboards —These reports were generated with our new
Forecast5 budget planning software product. It is a cloud based product
that we have invested in and will be published to the website for citizens
to see. This is in an effort to be more transparent with the public, so that
the public can view the data and the trends. Dashboards should be
viewable on the website in the next 2-3 months and will be announced via
Oshkosh Media. There are about 5 communities in Wisconsin that are
currently using this software.
3. Manager Recommended Capital Improvement Plan—explained the new
CIP reports from Plan-It.
B. Director Van Gompel explained Aqua Hawk which is a product for utility customers to
view their real-time consumption. The City will be rolling this out very soon within the
next quarter.
C. Director Van Gompel gave an update on the Special Assessment Review Committee.
That committee came up with a set of recommendations that will be fairly difficult to
defend from a legal standpoint. Council has not made a decision on which
recommendation they will move forward with, yet.
V. Review Prioritized Topics List(5:48 —6:17)
• Bowen suggested we make a list of rolling reviews meaning to assign each item a
time of year for review
• Committee agreed that 410 on the list, "Evaluating the benefits of completing 2 year
budgeting for City Operations", should be put on hold
• Fitzgerald suggested the committee take a look at and evaluate the General Fund
Balance Policy and that the GFOA has some great best practices to get the committee
started on Fund Balance Policies
• Chair Lauritch mentioned again that the list is not all inclusive and encouraged
committee members to bring new topics to the discussion
Motion by Fitzgerald, seconded by Ford to review and discuss 42 (Evaluate General Fund
Policy) and 43 (Creation of a Fund Balance Policy for Other Funds, Health, Worker's
Compensation, Others) on the prioritized list. Motion passed unanimously.
VL Set next meeting date and agenda items
A. Meeting set for August 5, 2020 at 5:15 p.m.
B. Next Agenda
1. Evaluate General Fund Policy
2. Create Fund Balance Policy for Other Funds, Health, Worker's Comp
VI1. Adjournment
Motion by Ford, seconded by Bowen. Motion passed unanimously. Meeting adjournment at
6:22 p.m.
Finance Department
City Hall,215 Church Avenue P.O.Box 1 130 Oshkosh, WI 54903-1 130 920.236.5005 http://www.ci.oshkosh.wi.us