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HomeMy WebLinkAboutMinutes MINUTES OF THE LONG RANGE FINANCE COMMITTEE October 14, 2015 ROOM 404 The Long Range Finance Committee meeting was held on Wednesday, October 14, 2015, in Room 404, at Oshkosh City Hall, 215 Church Avenue. The meeting was called to order by Harold Buchholz at 5:20 p.m. Members Present: Harold Buchholz, Jeff Thoms, Deb Allison-Aasby, Jeff Herzig, Jason Hirschberg, and Karen Bowen Members Absent: Doug Pearson, Tom Pech Jr., Matt Lauritch Staff Present: Trena Larson - Finance Director, Lori Burns – Administrative Assistant New member, Karen Bowen gave a brief introduction of her history on committees and her employment. I.Approval of June 3, 2015 Minutes Motion to approve by Thoms, Second by Herzig. Approved 6 – 0. II.Citizen Input None. III.Discussion Common Council / Staff Budget Workshops - (5:24 – 6:10) Director Larson shared summaries of the first three budget workshops held with the Common Council. Workshop three was an overview of CIP and the Cities debt management strategy. The City should reach the 70% debt capacity in about five years considering current trending. Staff and Council will be having the fourth workshop which will be during the day on October 20, the purpose will be to review operation budgets and CIP with the department heads. Workshop five will be on October 21 to continue with budget and CIP review. Larson shared the executive summary from the 2016 preliminary budget, which was released on th the 12 of October. This year all departments maintained their base budgets. There was a large savings with the new Group Health Trust health insurance plan. There will be a savings of approximately 1.2 million by going to the new plan and the City will eliminate their self- funded health plan. The Health Insurance plan options will need to be evaluated annually to come into compliance with the 2018 Cadillac Tax. The budget showed a two percent across the board increase in salaries (non-represented employees). The pay for performance system was discussed. Larson explained the PFP is has been budgeted for in 2016. Member Thoms questioned the debt service amount of $19,565,700. Of these payments for 2016, $14,462,708 is principal and, $5,102,992 is interest. Thoms questioned whether we are paying off more each year than we are taking on. Director Larson stated she would pull the information for a five year trend. IV.Investment Policy – (6:15 – 6:50) Director Larson shared several handouts for the committee to review to begin forming questions for Ehler’s. The handouts shared consisted of; the current policy from December 27, 1994, Resolution #94-478, state statutes 66.0603 Investments, Ehlers Investment Partners “sample” investment policy for the City of Oshkosh, GFOA Best Practice on creating an investment policy, and GFOA sample investment policy. Committee discussed several options on how to proceed and decided to have each member review and formulate questions. Director Larson will ask Ehler’s to be present at the December meeting to answer questions and assist in the formulation of an updated policy. Committee requested review of draft policy by City Attorney. V.Set November meeting date and agenda items Meeting was set for the second Wednesday, November 11th at 5:15. Agenda items,  nd Revisit Investment Policy and questions for Ehler’s on December 2.  Review topics list VI.Adjournment . Motion by Hirschberg, Second by Thoms. Motion passed unanimouslyMeeting adjourned at 6:50 p.m.