Loading...
HomeMy WebLinkAboutMinutes MINUTES OF THE LONG RANGE FINANCE COMMITTEE April 10, 2013 ROOM 404 The regular meeting of the Long Range Finance Committee was held on Wednesday, April 10, 2013, in Room 404, at Oshkosh City Hall, 215 Church Avenue. The meeting was called to order by Chair Harold Buchholz, at 5:20 p.m. Members Present: Harold Buchholz, Doug Pearson, Jeff Herzig, Deb Allison-Aasby, Bryan Schulz, Matt Lauritch, and Tom Pech Jr. Members Absent: Jeffrey Thoms and Jason Hirschberg Staff Present: Peggy Steeno-Finance Director and Lori Burns–Administrative Assistant Guests: Allen Davis, Community Development Director I.APPROVAL OF MARCH 6, 2013 MINUTES No changes/updates. Motion to approve minutes was made by Pech, Second by Pearson. Motion passed unanimously. II.CITIZEN INPUT None III.INFORMATION SHARING / HOUSEKEEPING ITEMS– (~5:20 – 5:25) A.Summary of 2012 Meetings – Staff provided an annual overview of all items contemplated by the Committee in 2012. In addition, all actions and recommendations to Council are included. This is just an FYI for Committee members that will be done on an annual basis. B.Follow-Up on Economic Development recommendation to Council regarding TIF #8 – Staff provided a written copy of the final recommendation that went to Council. Council passed this item at their March 26, 2013 meeting. The neighborhood initiative program was discussed briefly, as this is where the last year of TIF #8 increment is being allocated to, and it was noted that there are other contributors to this effort…Lowes, Oshkosh Area Community Foundation, and JJ Keller. C.May Meeting – With the current meeting being held late (three weeks between the meeting date and the next regularly scheduled meeting date), and deadlines that staff currently has for May (2012 Audit and 2012 DOR State Report), the Committee decided to cancel the May meeting. D.New Committee Officers and Reappointment of Members – In June, with the appointment/reappointment of members, the Committee will also be voting on a new Chair and Vice Chair. The Chair and Vice Chair are annual appointments, however, current Chair Buchholz has been acting as Chair since the inception of the Committee in 2010. As such, Chair Buchholz will be stepping down after his current term. Also, members Thoms, Pearson, and Buchholz are up for reappointment by the Mayor in May. IV. ECONOMIC DEVELOPMENT INITIATIVES (~5:25 – 6:45) A.Use of Funds Due to TIF District Close Outs –The Committee continued its discussion on the TIF Closure draft policy that was started at a previous meeting. There was a lot of discussion on the options that the remainder funds could be used for. The Committee ultimately decided that, because TIF is an economic development tool, the remainder funds from a TIF closure should also be used for economic development. In addition to this recommendation, the Committee also decided to recommend to the Council that the City buy-in to the regional revolving loan fund. A portion of the required $500,000 buy-in can be covered by the remainder funds from the close out of TIF #6 in 2013. And, the Committee recommends that the amount that is not covered by that, be temporarily funded by the General Fund, Fund Balance. This would only be a temporary loan only as there is another TIF, #8, closing in 2014, and the temporary loan can be paid back to the General Fund at that time. B.Follow-Ups / Next Steps - Staff will draft a recommendation memo and update the closure policy to present to Council. Motion to approve (1) the draft TIF closure policy with the remainder funds going solely towards economic development, and (2) the buy-in to the regional revolving loan fund with the buy-in amount of approximately $325,000 coming from the City’s portion of the remainder funds from TIF #6 and the additional amount of approximately $175,000 coming from the City’s General Fund, Fund Balance as a temporary loan was made by Pech, and Second by Pearson. Motion passed unanimously. V.DISCUSS PRIORITIES / TOPICS FOR FUTURE MEETINGS The June meeting agenda will include: (1) follow-up Council’s action in relation to the TIF Closure Policy, (2) election of a new Chair and Vice Chair, and (3) the reintroduction of the equipment replacement fund and debt. Staff will also outline the 2014 Budget Process for the Committee. VI.ADJOURNMENT Motion by Schulz, Second by Pech to adjourn. Motion passed unanimously. Meeting adjourned at 6:50 p.m.