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HomeMy WebLinkAboutMeeting Minutes 12-02-2020 Oshkosh MINUTES OF THE LONG RANGE FINANCE COMMITTEE December 2, 2020 Via WebEx The Long Range Finance Committee meeting was held on Wednesday, December 2, 2020, via WebEx. The meeting was called to order by Matt Lauritch at 5:16 p.m. Members Present: Karen Bowen, Michael Ford,Allison Knautz, Matt Lauritch, Matt Mugerauer, Austin Phillips, and Koby Schellenger Members Absent: Adam BellCorelli and Vicky Fitzgerald Staff Present: Russ Van Gompel—Director of Finance Paula Luther—Administrative Assistant- Finance I. Citizen Input None II. Approval of October 7, 2020 Minutes Motion to approve by Lauritch, seconded by Bowen. Approved 5-0-2 (2 Present). III. Continue Discussing the Investment Policy(5:19—5:36) • Director Van Gompel went over the changes that were recommended at the last meeting. • Since the last meeting, Council Member Poeschl contacted Director Van Gompel following a Sustainability Advisory Board meeting. SAB would like to present a Resolution to Council about divesting from fossil fuels and instead invest in clean technology,renewable energies, sustainable companies and projects, and sustainable communities. • Director Van Gompel listed all the types of investments the City has;that most of them are municipal driven; and that the City doesn t normally invest in equities. • Mr. Ford said that it looks to be unrealistic. 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 • Director Van Gompel said we need to stick with the policy of focusing on safety and liquidity as opposed to social. • After more committee discussion, and at this time, the committee decided not to hold up the recommendation to council due to the amount of resources that a project like this would entail to make sure we would be in compliance. • Mr. Mugerauer motioned to recommend to send the Investment Policy, as is, to Council, seconded by Lauritch. Approved 7-0. IV. Start Discussing a Budget Development Policy(5:36—5:41) • Director Van Gompel introduced an example of a Budget Development Policy from another Community. • Ms. Bowen said it's pretty standard. • Mr. Ford suggests Procedure 43 in the Policy be a little more clear. • Director Van Gompel said he will bring it to other City Staff to see if they have any other suggestions, too. • Mr. Lauritch said to bring it back to the next meeting with revisions and to discuss recommendations at that time. V. Continue Discussing Interest Rate on Special Assessments (5:41 —5:54) • Director Van Gompel reminded the committee that the last time the Special Assessment Interest Rate was reviewed was back in 2009. Since October's meeting, Director Van Gompel took a look at other communities and reported the current rates of the other communities to the committee. • Mr. Mugerauer said we need to make sure we aren't profiting and to make sure it is more of a cost recovery. • Director Van Gompel said the committee can recommend to Council that the interest rate be adjusted on an annual basis to stay current with the current market as opposed to going 11 years out before it is adjusted. • Mr. Mugerauer said the planning process can take 2 years before the project is started, so we need to make sure we are protecting ourselves as to what year the debt is being incurred and that we are not giving a lower interest rate than what we are paying that particular year. Consistency is crucial. • Committee will look the materials over and come to the next meeting to continue discussing. VI. Set next meeting date and agenda items A. Meeting set for January 6, 2021 at 5:15 p.m. B. Next Agenda 1. Continue Discussing a Budget Development Policy 2. Continue Discussing the Interest Rate on Special Assessments 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 3. Review the Policy List VII. Adjournment Motion by Bowen, seconded by Mugerauer. Motion passed unanimously. Meeting adjournment at 5:57 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