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MINUTES OF THE LONG RANGE FINANCE COMMITTEE
June 1, 2011
ROOM 406
The regular meeting of the Long Range Finance Committee was held on Wednesday, June 1,
2011, in Room 406, at Oshkosh City Hall, 215 Church Avenue.
The meeting was called to order by Chair Harold Buchholz, at 5:00 p.m.
Members Present: Harold Buchholz, Jeffrey Thoms, Bryan Schulz, Jeff Herzig, and
Tom Pech Jr.
Members Absent: Don Simons, Doug Pearson, Jason Hirschberg, Deb Allison-Aasby
Staff Present: Peggy Steeno-Finance Director, and Lori Burns–Administrative Assistant
I.APPROVAL OF MAY 4, 2011 MINUTES
No discussion/changes.
Motion by Thoms, Second by Schulz, to approve the Committee Meeting Minutes of May
4, 2011. Motion passed unanimously.
Chair Buchholz entertained a motion to have this meeting conclude at 6:30 instead of
7:00 due to the number of members absent. Motion passed unanimously.
II.INTRODUCTION OF NEW MEMBERS / COUNCIL APPOINTMENTS
Chair Buchholz introduced new member, Council Member Tom Pech Jr.
Tom gave a brief history of his work experience and education.
III.FUND BALANCE POLICY (~5:05 – 6:20)
Review of the Draft of Fund Balance Policy.
A discussion ensued regarding the two options; Target / Goal Balance, Committee
decided to remove option two, stating a range, and staying with the minimum Fund
Balance of 16%. The definitions needed a better definition of what the Fund Balance
actually is, “The Unassigned Fund Balance in the Audit”, would be added. The
Objective was reworded and a line added; The Goal of the City is to have a Balanced
Annual Budget, (define balanced.). Funding / Replenishment wording was changed and
the second paragraph eliminated. Monitoring was changed to two different paragraphs.
Consensus of all committee members was taken and agreed by all for Steeno to make all
the changes discussed; send a new draft to the members to review. And have this
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completed for presentation to Council for the July 12 meeting. Committee suggested a
cover memo needed to be added when presenting this to Council.
IV.INFORMATION SHARING/HOUSEKEEPING ITEMS (~6:20-6:35)
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Moved to the July 6 meeting.
1.Discuss Budget Survey – Q & A
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2.1 Quarter 2011 Financial Overview
3.Update on Impact of State Budget Bills
4.City Budget Process
5.Investment Policy
6.Other Fund Policies
V.FUTURE TOPIC SUGGESTIONS / ONGOING TOPICS LIST
The Committee hopes to wrap up the Proposed Fund Balance Policy and send their
recommendation to the Council no later than July.
VI.MOTION FOR ADJOURNMENT
Motion by Pech, Second by Herzig, to adjourn. Motion passed unanimously.
Meeting adjourned at 6:35 p.m.