DATE: December 18, 2007
Members present: Tommy Lee Bychinski, William F. Wenzel, Marty Krueger, Joan Fordham
Members Absent: Tom Kriegl
Others present: Carol Herwig, Kathy Schauf, Brad Viegut
The meeting was called to order and certification of Open Meeting compliance was given at 5:31 p.m.
The agenda was approved on a motion by Fordham, second by Wenzel, and a unanimous vote of the Committee.
Motion by Wenzel, second by Fordham, approve the payment of the county bills in the amount of $194,301.35. Motion carried.
Brad Viegut explained the borrowing plan for the $15,000,000 needed for the building of the new health care center. Actual expenses for the borrowing have come in more favorably than originally expected. Therefore, 2008 budget more than covers the expected costs for that year. For this $5 million phase of the borrowing, forecasted principal and interest repayments were $6,391,865 and actuals came in almost $200,000 less. Some of the principal payments were accelerated to 2008 since there was a savings in interest expense. The next step will be to look at a $10 million bonding in March 2008. Moody's confirmed Sauk County's rating at Aa3.
Motion by Krueger, second by Fordham, forward the borrowing plan presented by Baird to the full County Board for approval. Motion carried.
Motion by Wenzel, second by Krueger to adjourn the meeting. Motion carried.
Respectfully submitted,
William F. Wenzel
Finance Committee Secretary