Finance Committee

finance_committee_minutes_05-10-16.pdf (23 KB)

FINANCE COMMITTEE MINUTES

Room 213, West Square Building, Baraboo WI                                                              Tuesday, May 10, 2016

Members present:                Tommy Lee Bychinski, Joe Fish, Marty Krueger, Eric Peterson and Kristin White Eagle

Others present:             Kerry Beghin, Amanda Blomberg, Cindy Bodendein, Renae Fry, Liz Geoghegan, Tom Kriegl, and Brad Viegut

The meeting was called to order by Bychinski at 8:30 AM.  Certification of open meeting compliance was given. 

Election of Chairperson, Vice-Chairperson and Secretary.

Motion by Krueger to nominate Bychinski as Finance Committee Chair, second by Fish.  Motion by Krueger to close nominations and unanimously cast ballot for Bychinski as Chair, second by Fish.  Motion carried. 
Motion by Fish to nominate Krueger as Finance Committee Vice-Chair, second by Peterson.  Motion by Fish to close nominations and cast a unanimous ballot for Krueger as Vice Chair, second by Peterson.  Motion carried. 
Motion by Fish to nominate White Eagle as Secretary, second by Peterson.  Motion by Fish to close nomination and cast a unanimous ballot for White Eagle as secretary, second by Peterson.  Motion carried. 

Committee consensus to keep the meeting time 8:30 AM on the second Tuesday of the month.

Motion by Krueger, second by White Eagle to adopt the agenda.  Motion carried.  Motion by Krueger, second by Fish to adopt the minutes of previous meetings on April 12 and 19, 2016.  Motion carried.

Public Comment:  None

Communications:  None

Preliminary update from auditors on 2015 audit results.

Blomberg communicated audit field work is mostly completed.  Additional time this year has been spent on GASB 68, a new pension standard and the transition of home care program to the Health Care Center (HCC).  She noted there are no concerns to convey to the Finance Committee.  She expects reports to look similar to last year and does not anticipate any additional deficiencies.  The comprehensive annual financial report (CAFR) is due the end of June with new pension footnotes.  Blomberg gave a background on Baker Tilly and their role as the audit firm and processes and expectations of an audit. 

Consider resolution Eliminating an Environmental Health Technician and Creating a Sanitarian Position Outside the 2016 Budget Process.

Bodendein reviewed the change in state inspection requirements and federal standards making it necessary for the higher level position.  She commented on the possibility of transitioning out of the current consortium.  The position is funded through licensure fees.  Motion by Krueger, second by Peterson to Eliminate an Environmental Health Technician and Creating a Sanitarian Position Outside the 2016 Budget Process.  Motion carried.

Discussion of debt refunding opportunity and possible resolution Authorizing the Issuance and Establishing Parameters for the Sale of General Obligation Refunding Bonds.

Viegut reviewed the refunding options and committee considerations.  Viegut updated the committee on the current historically low interest rates.  He reviewed the outstanding debt and callable bonds.  Multiple refunding scenarios and their differences were reviewed.  Viegut discussed the Moody’s bond rating and effects of applying fund balance.  Viegut reviewed market access and the issuance of refunding bonds by using a parameter resolution for awarding bonds, enabling market access and locking interest rates.  This resolution sets narrow parameters and enables County officials to implement the refunding timely.  The Committee discussed the importance of the Moody’s rating, the historically low rates, the County’s other possible future use of fund balance and maintaining flexibility.  Viegut will attend May County Board meeting to go through scenarios with recommended parameter resolution.  Motion by Krueger, second by Fish to Authorize the Issuance and Establishing Parameters for the Sale of General Obligation Refunding Bonds up to $7,400,000 non-callable with no fund balance applied.  Motion carried.

Presentation of quarterly accounts receivable reports as of March 31, 2016

Reports were reviewed.  Committee requested Human Services attend a meeting to help them better understand their funding sources, billing and collections.

Discussion and possible resolution Authorizing Adjustments to the 2015 Budget.

Beghin reviewed the resolutions for departments exceeding expenditure budget but offsetting revenues or fund balances exist and department exceeding overall budgets.  Motion by Peterson, second by Fish Authorizing Adjustments to the 2015 Budget.  Motion carried.

Consider adoption of Debt Post-Issuance Compliance Policy.

Beghin commented that as preparing for refunding of debt, the bond underwriter noted it is good practice to define responsibility for post issuance compliance for debt.  She reviewed the policy draft processes and noted it includes processes the County already has in place; this puts the process into a written policy. Motion by Krueger, second by Peterson to adopt the Debt Post-Issuance Compliance Policy.  Motion carried.

Discussion of 2017 budget; process review, timeline, and priorities; and general fund balance.

Beghin noted the prior Finance Committee adopted the policies and timeline.  Departments are discussing programs and priorities with their oversight committees in preparation for the 2017 budget.  She noted the public input piece is still being considered.  Fry commented a possible approach to consider is to look at 2015 mid-term strategic review and report on these priorities and their status, then ask if there are new priorities/projects that should be considered for the new budget.  The Committee discussed the difficulty getting the broad based public engagement and obtaining a representation of the county population at community forums. 

Presentation of County financial reports.

Beghin reviewed the County financial reports. 

Treasurer’s Department Update. 

Geoghegan reviewed departmental programs (mission, vision, goals and performance measures) for 2017.  She highlighted departmental activities and noted delinquency rate for tax collection continues to improve.  Motion by Peterson, second by White Eagle, to accept the report to accept the Treasurer’s monthly report and approve payment of Treasurer’s Department invoices in the amount of $160,901.76.  Motion carried.   

Accounting Department Update.  Beghin reviewed departmental programs (mission, vision, goals and performance measures) for 2017.  She highlighted departmental activities.  Motion by Peterson, second by Fish to accept the monthly report and approve payment of Accounting Department invoices in the amount of $3,678.00 and County invoices in the amount of $4,211,861,63.  Motion carried.

Public Comment:  None

Next regular Finance Committee meeting will be Tuesday, June 14, 2016, 8:30 AM.

Motion by Peterson, second by White Eagle to adjourn the meeting.  Motion carried.

Respectfully submitted,  

Kristin White Eagle

Finance Committee Secretary