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HomeMy WebLinkAboutMeeting Minutes 10-07-2020 Oshkosh MINUTES OF THE LONG RANGE FINANCE COMMITTEE October 7, 2020 Room 404 The Long Range Finance Committee meeting was held on Wednesday, October 7, 2020, in Room 404, at Oshkosh City Hall, 215 Church Avenue. The meeting was called to order by Matt Lauritch at 5:15 p.m. Members Present: Michael Ford (in person) and via WebEx: Adam BellCorelli, Karen Bowen, Matt Lauritch, Koby Schellenger, and Vicky Fitzgerald Members Absent: Allison Knautz, Matt Mugerauer Staff Present: Russ Van Gompel—Director of Finance Paula Luther—Administrative Assistant- Finance I. Citizen Input None II. Approval of August 5, 2020 Minutes Motion to approve by BellCorelli, seconded by Lauritch. Approved 6-0. III. Discuss Additional Fund Balance Policy's (5:17—5:29) • Director Van Gompel explained the "Fund Balance for Levy Supported Funds" handout • Mr. Lauritch suggested an annual review; everyone agreed to review each October IV. Discuss Investment Policy(5:29—5:48) • Director Van Gompel explained the two handouts. The first was the current Investment Policy as of 05-04-2016 and the other was a revised draft with his suggestions to update the policy. • In regard to the "Interest Rate Risk", Ms. Fitzgerald said make sure to go out the whole 5 years and then ladder it. Director Van Gompel said going out 7 years gives more flexibility, but the tolerance for risk is a little bit higher. 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 • After more discussion regarding suggested updates to the policy, Ms. Fitzgerald offered to email all committee members the County's policy and Director Van Gompel will continue to tweak the policy and then bring it back for further discussion. • Director Van Gompel is also going to start presenting a monthly report on the investment program and investment activity to the City Council as the policy states. V. Discuss Potential Policy Handbook (5:48—5:53) • Director Van Gompel referenced the example from another community. • Committee would like to take a look at a Budget Development Policy first. VI. Discuss Interest Policy on Special Assessments (5:53 —6:09) • Director Van Gompel went over Res 09-222 Set Interest Rate for Special Assessment Payment Plans. • Council has heard from some residents that 6% might be a little high in today's world; Director Van Gompel suggested looking at 4% or 5% instead. • Director Van Gompel suggested the Committee take a look at it and do some research. • Mr. Ford suggested Director Van Gompel do some more looking at other communities. • Mr. BellCorelli suggested reviewing this policy on a scheduled basis as well. VII. Set next meeting date and agenda items A. Meeting set for December 2, 2020 at 5:15 p.m. B. Next Agenda 1. Budget Development Policy 2. Continue Discussing Interest Rate on Special Assessments 3. Review Updates to Investment Policy VIII. Adjournment Motion by Lauritch, seconded by Bowen. Motion passed unanimously. Meeting adjournment at 6:13 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