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HomeMy WebLinkAboutMinutes MINUTES OF THE LONG RANGE FINANCE COMMITTEE January 9, 2013 ROOM 404 The regular meeting of the Long Range Finance Committee was held on Wednesday, January 9, 2013, in Room 404, at Oshkosh City Hall, 215 Church Avenue. The meeting was called to order by Chair Harold Buchholz, at 5:15 p.m. Members Present: Harold Buchholz, Bryan Schulz, Doug Pearson, Matt Lauritch, Jeffrey Thoms, and Jeff Herzig. Members Absent: Deb Allison-Aasby, Jason Hirschberg, and Tom Pech Jr. Staff Present: Peggy Steeno-Finance Director and Lori Burns–Administrative Assistant Guests: Allen Davis, Community Development Director, Kelly Nieforth, Economic Development Specialist, and Gary Gray, a resident of the City of Oshkosh I.APPROVAL OF DECEMBER 5, 2012 MINUTES Discussion change: A change was made by Chair Buhholz to add a detailed listing to item V. of the five items the Mayor and Council have expressed that they may want the Committee to take on in the upcoming year. The items are: (1) debt, (2) additional details on the ‘City of Oshkosh Comparable Spending Report’ that compared the City of Oshkosh spending to that of other WI Communities, (3) a Capital Equipment Fund, (4) find ways to grow the City’s tax base, and (5) what to do with funds after TIF’s close (one-time closure funds). Motion to approve minutes with the above noted changes was made by Pearson, Second by Herzig, Motion passed unanimously. II.CITIZEN INPUT None. III.ECONOMIC DEVELOPMENT INITIATIVES – Community Development Director, Allen Davis, and Kelly Nieforth, Economic Development Specialist (~5:15 – 6:25) A. Revolving Loan Fund Program / Funding Needs B.Use of Funds Due to TIF District Close Outs Davis and Nieforth provided a recap of the information they presented at the November meeting for the members unable to attend in November. Discussion followed on the details of the regional economic development fund, including the major players, the timing, the structure of the organization that would manage the fund, and the amount and use of those funds in the future. It is thought that the buy-in for the regional fund would have to be at some point in 2013. The discussion then turned to how the buy-in of $500,000 could/would be funded, and Davis discussed the TIF closeout policy that he will be working on and will be bringing back to the Committee for further discussion. Committee members provided some thoughts on what should be done with funds from TIF closeouts. Pearson expressed that money left from a TIF closeout should be used on economic development and strongly believes that the City should buy in to the regional fund. In addition, Thoms expressed that the more tools you have in your toolbox as far as economic development goes, the more successful you will be in that area, and whatever is done should be sustainable (funding maintained). Since there are so many unknowns at this point, the Committee will wait for additional information (at following meetings) to discuss this in further detail. The Committee was interested in more information including defining ‘economic development’ and outlining what the policy discussion will be. Davis did say that the Council would be meeting with the consultant that completed the economic development study on 1/15, and that the 20 to 30 stakeholders would be meeting towards the end of Janaury. It is expected that the upcoming meetings will provide more detail and some sort of direction on economic development in general, in Oshkosh. This topic will continue at future meetings. IV.INFORMATION SHARING / HOUSEKEEPING ITEMS (~6:25 – 6:45) Prager Study Follow-up Staff outlined the upcoming meetings on this topic and will provide the link to the meeting online so that members can watch the meeting at their convenience. Further discussion on this item will occur at future meetings. V.DISCUSS PRIORITIES / TOPICS FOR FUTURE MEETINGS There will be additional discussion on the regional revolving loan fund program and the TIF closure policy, as it relates to the Committee, at the next couple of meetings. VI.ADJOURNMENT Motion by Herzig, Second by Schulz to adjourn. Motion passed unanimously. Meeting adjourned at 6:45 p.m.