Finance Committee Meeting
Wednesday, September 14, 2011; 6:30 PM
Chairman Koncel called the meeting to order at 6:37 pm. Committee members present were Chairman Debra Koncel, Karen Dunlap; Wayne Rau was absent. Also present were Village President Dan Krause, Clerk-Treasurer Val Heins, Jim Jantsch, Larry Soyk, CPA; Rita Motte, Deputy Clerk Kathy Cook, Kevin O’Brian of the TP.
Discuss and possible actions on year to date expenditures/Budget status update/ budget cuts with Larry Soyk, Village accountant.
Discussion was held on current budget status. Larry Soyk will work with current Quick Books accounts and current Budget figures and meet with the committee at a future date.
Discuss and possible action on Quick Books upgrade and financial reports needed for monthly/Quarterly review.
Discussion was held on upgrades for Quick Books, estimate of $350.00 for upgrade to Quick Book s 11. Larry Soyk, Village CPA is confident current Quick Books 2009 will be able to generate the appropriate reports for monthly and quarterly review to the Village Board.
Discuss and possible action on CIP plan upcoming expenditures and projected TIF Funds. Discuss and possible action Interim financing for the WWTF Project until Rural Development Loan and Grant is revised.
Discussion was held on the cost of the CIP plan, projected TIF funds, Grant funds, and current Village Loan. Discussion was also held on interim financing. President Krause will speak with Larry Gotham regarding interim financing with Rural Development Loan and also check with local banks for financing information and meet with the committee at a future date.
Discuss and possible action on Village funds for the Front Street Project.
The committee discussed the Village money market and Future Expenditures funds; these will be reviewed and discussed at future committee meeting.
Discuss and possible action on refinancing the village loan coming due in October.
Discussion was held on current Village loan. Discussed refinance of current loan and acquire line of credit. Pres. Dan Krause will contact local banks and meet with the committee at a future date.
Discuss and possible action on Park Dam reconstruction payouts and loan to the Dorchester Park Board.
Discussion was held on Park Dam Reconstruction payouts and Loan to Park Board; further discussion is needed at a future committee meeting date.
Discuss and possible action on the Library addition payout process.
Jim Jantsch stated the Library approved the procedure of bringing an invoice and a check made payable to the village to the Village Clerk-Treasurer. The check will be deposited into Village funds and the Village will pay the invoice promptly.
Discuss and possible action on UBPro utility Billing software, office equipment upgrades, software purchases and upgrades.
Discussion was held on UBPro utility Billing software. Within 90 days E-billing will be an upgrade available on the software and will have $100 yearly fee for that service. The software offers 90 day money back guarantee. Larry Soyk is working with current budget and year to date expenditures; further discussion is needed after looking into budget at future committee or Board meeting.
Discuss and possible action on 2012 preliminary Budget.
Discussion was held on 2012 preliminary Budget; committee to review CIP plan, expenditures and discuss at future meeting.
Discuss and possible action on final cost of Retirement party for Judy Robida.
President Krause wanted clarification on voucher costs which need approval; committee stated over $500 for unique items. No approval needed for reimbursements as Village Board approved of Retirement Party and costs.
A motion to adjourn was made by Dunlap, seconded by Chairman Koncel. Adjourned 7:45 pm.
Val Heins, Village Clerk-Treasurer