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HomeMy WebLinkAboutMinutes MINUTES OF THE LONG RANGE FINANCE COMMITTEE April 22, 2015 ROOM 404 The regular meeting of the Long Range Finance Committee was held on Wednesday, April 22, 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 Thoms, Matt Lauritch, and Doug Pearson, Members Absent: Jeff Herzig, Jason Hirschberg, and Deb Allison-Aasby Staff Present: Trena Larson - Finance Director Citizen Present: None I.Approval of March 25, 2015 Minutes No changes/updates. Motion to approve minutes was made by Thoms, Second by Buchholz. Motion passed unanimously. II.Citizen Input None. III.Policy on CIP - (5:17 – 6:45) Committee reviewed the “Draft” CIP Policy edits compiled by Director Larson. Chair Pech discussed the implementation of members’ prior suggestions. In the last meeting the committee had wanted to include useful life guidelines in the updated draft. The draft provided today does include this suggestion. The items which were included in the useful table are more defined than the City’s existing depreciation standards. It is important to note that the useful life guidelines are being provided as a recommendation only. Larson feels the new ERP software will provide easier tracking and recording of inventory and capital assets. Buchholz was thanked for input on linking the CIP Policy with Strategic plan. The updated draft includes an improved scoring system that utilizes a table that is metric driven for ranking. Director Larson worked with Brian Chapman to come up with the updates contained in the new draft. Buchholz recommends combing both scores. Lauritch questions if a higher weight should be given to public health and safety compared to service level. Thoms brought up GASB 34 requirements/depreciation, and asked if this in compliance. Larson explained how depreciation is used in the Auditor’s Financial Statements. Discussion on the five-year plan with Chair Pech – 2015 capital improvement is approved, 2016 is not approved. The current CIP document includes: the age of water system, age of road system. Useful may not also be applied as the City needs to be able to adjust for emergency improvements needed and must be able to reprioritize capital items between the years. Thoms –The CIP policy needs to provide flexibility and subjectivity. Chair Pech expresses Council desire for policy to promote codification of the CIP process. Shultz expresses that this proposed policy will require a fair amount of work to implement. Motion was made to forward th onto Common Council with proposed edits for May 12. Motion by Pearson, second by Buchholz, all in favor. th Committee would like May 6 meeting to include a presentation on Levy Limits. Suggestion made to invite the Council to attend. Thoms would also like the committee to review priority goals. IV.Set May meeting date and agenda items th Meeting was set for the first Wednesday, May 6 at 5:15. V.Adjournment . Motion by Buchholz, Second by Lauritch. Motion passed unanimouslyMeeting adjourned at 6:45 p.m.