DATE: August 10, 2004
Members Present: W. Wenzel, A. Dippel, T. Bychinski, J. Fordham, T. Kriegl
Others Present: K. Beghin, J. Crowley, K. Schauf, G. Wiegand, L. Haugen
Dippel called the meeting to order at 8:30 a.m. and compliance with the open meeting law was verified. Motion by Bychinski, second by Fordham to approve the agenda. Motion carried. Motion by Fordham, second by Bychinski to approve the minutes from the prior meetings. Motion carried.
Communications:
Handouts for the coming joint committee meeting with Personnel were distributed.
Debt service schedule was reprinted and distributed.
A report of the Sheriff's overtime for 2004 compared to budgeted figures.
Business Items:
Discussion on County contingency funds and fund balances.
Policy regarding fund balances was reviewed, as well as information on the county's current fund balance. The county's fund balance minimum by policy is approximately 10% of total expenditure budgets of the included funds. Current fund balance is high due to inflated figures from the recognition of property taxes. Moody's recommends a minimum fund balance of one to two months, or five to ten percent. Using fund balance to reduce the tax levy in one year, or using fund balance to pay for operational expenses is a poor business practice. Fund balance is used for capital improvement projects on a case by case basis. These are singular expenses that are not anticipated to reoccur. There is consensus that the county's current fund balances reflect prudent fiscal procedures that enhance the county's credit rating and financial soundness.
Update on acceptance of credit card payments.
Research on formats and software solutions for collected payments county wide via credit card is ongoing. Implementation will begin for when solutions are identified. Credit card collections via the web site offer interactive solutions that enhance performance.
Update on Circus Parade costs.
Estimated costs of $17,121.85 have been computed, plus another $10,000 direct payment to the Museum. Additional Highway costs will increase estimate by about $3,000. Sales tax figures and impacts are not readily available.
Treasurer's Update J. Crowley updated the Committee on activities within the department. The Local Government Investment Pool interest rate was over 1%. Motion by Wenzel, second by Kriegl, to approve the payment of the Treasurer's invoices in the amount of $1,548.51.
Accounting UpdateK. Beghin updated the Committee on activities within the department. Budgets were due last Friday, and compilation of numbers is ongoing. August 15th is when equalized values are available. The notice on shared revenue is available is in September. Sales tax has been tracking at about 6% higher than 2003. Motion by Bychinski, second by Kriegl, to approve the payment of Accounting's invoices in the amount of $50,190.27. Motion carried unanimously. Motion by Bychinski, second by Wenzel, to approve the payment of the County invoices in the amount of $2,545,988.09. Motion carried unanimously.
T. Kriel distributed information regarding the construction of the jail and the opening of pod/unit A. This will be placed on the agenda for the next Finance meeting. J. Fordham updated the committee on the outcomes from the Law Enforcement Committee meeting on Friday.
Next meetings are August 13 at 8:30 jointly with Personnel and August 17, 2004 at 5:50 p.m. for the approval of bills. Next regular Finance Committee meeting is on September 14, 2004, at 8:00 a.m. Motion by Bychinski, second by Wenzel to adjourn. Motion carried.
Respectfully Submitted: Joan Fordham