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HomeMy WebLinkAboutMinutes MINUTES OF THE LONG RANGE FINANCE COMMITTEE January 7, 2015 ROOM 404 The regular meeting of the Long Range Finance Committee was held on Wednesday, January 7, 2015, in Room 404, at Oshkosh City Hall, 215 Church Avenue. The meeting was called to order by Chair Tom Pech Jr., at 5:15 p.m. Members Present: Tom Pech Jr., Bryan Schulz, Harold Buchholz, Jeff Herzig, and Jeff Thoms Members Absent: Matt Lauritch, Jason Hirschberg, Deb Allison-Aasby, and Doug Pearson Staff Present: Trena Larson - Finance Director, and Lori Burns – Administrative Assistant I.Approval of December 10, 2014 Minutes No changes/updates. Motion to approve minutes was made by Schulz, Second by Herzig. Motion passed unanimously. II.Citizen Input None. III.Policy on CIP - (5:17 – 6:30) Committee reviewed the “Draft” CIP Policy compiled by Director Larson. Committee began to work on defining the rating process, several ideas were formulated. The committee wants Director Larson to bring forward another draft, rolling her original draft into the program used by the City of Charlottesville Virginia. Committee likes the scoring and criteria process they use, it is more definitive. LRFC suggestion is to have a CIP committee. Two difference approaches were suggested. The first suggestion was to have a committee comprised of department heads which would prioritize and select the CIP projects to be completed. The second suggestion was to appoint a committee comprised of 10 – 12 people. This would include department heads, City Manager, Director Larson, and other outside sources. This CIP committee would decide on the priority of the projects, with Common Council having the final decision. Committee members also discussed the importance of maintaining an inventory list for all physical assets in the City. Director Larson stated that some departments do currently maintain their assets in a software program. Suggestion was made that the City should evaluate the existing systems to determine if one might work for the tracking of all City Assets. In addition, when City evaluates a new software package the City should also look for a program which offers the functionality to track and report on all assets. Committee members also feel it is essential to have a scoring system used in prioritization of the projects. This prioritization system will also help maintain the existing borrowing limits established by the Common Council. All assets should be assigned a qualified useful life. This will provide an objective measure for replacement and create a list for planning future capital budgets. It is also important to ensure that the useful life is used in determining the funding source for all capital assets. Capital Assets with a useful life of less than 10 years should not be borrowed for but be funded through other mechanisms or short term borrowing. Software is the critical component in tracking the City’s Capital Assets. This software must track items such as: useful life, asset value, replacement value. IV.Set February meeting date and agenda items th Meeting was set for the second Wednesday, February 11 at 5:15. V.Adjournment . Motion by Schulz, Second by Herzig. Motion passed unanimouslyMeeting adjourned at 6:45 p.m.