HomeMy WebLinkAboutFinance 10-31-07 n•
NOTICE OF COMMITTEE MEETING AND AGENDA
ST. CROIX County
FINANCE COMMITTEE
DATE AND TIME: Wednesday October 31, 2007 — 8:30 A.M.
LOCATION: Room 1281, St. Croix County Government Center,
1101 Carmichael Road Hudson, Wisconsin
CALL TO ORDER
ROLL CALL
ADOPTION OF AGENDA
DATE OF NEXT MEETING: November 8, 2007
APPROVAL OF MINUTES OF PREVIOUS MEETINGS:
OLD AND NEW BUSINESS:
1. Review of State Budget and Proposed 2008 County Budget
ADJOURN
(Items may be taken in different order)
* *Additions /Changes /Corrections
Items for County Board approval must be submitted to the County Clerk's office by Wednesday morning
preceding a County Board meeting.
3:16 PM 10/29/2007
OFFICIAL - approved 1118107
MINUTES OF THE ST. CROIX COUNTY FINANCE COMMITTEE
Special Meeting October 31, 2007
Meeting called to order by Chair Krueger at 8:33 p.m. Present: Daryl Standafer, Esther Wentz,
Tom Caflisch, Buck Malick and Stan Krueger. Staff present: Administrative Coordinator Chuck
Whiting, Finance Director Michelle Pietrick and County Clerk Cindy Campbell. Others present:
Tim Ramberg.
Motion by Standafer, 2 nd by Wentz to adopt the agenda. Carried unanimously. Krueger stated
the next scheduled meeting is November 8, 2007.
1. Review of State Budget and Proposed 2008 County Budget. Whiting stated Governor
Doyle's final action on the budget last Friday produced a 3.86% levy limit increase. He added
the 3.86% has no bearing on anything other than we can increase the levy for 2008. Whiting
stated this amounts to another $198,000 the county can levy if it chooses to. Pietrick explained
there is a two -year levy limit and next year it will be held to 2% or new construction. Discussion
regarding basing a budget on a 2.475% new construction limit vs. a 3.86% increase. Pietrick
provided a summary sheet showing an increase in the levy and a reduction in the general fund
surplus. Caflisch suggested borrowing more and levying less to stay within with what the
Finance Committee set. Malick recommends a budget that levies as much as the law allows us to
levy, which in this case is an additional $198,000 and reduce the borrowing. Pietrick stated the
borrowing amount of $667,000 will decrease by $198,175 to approximately $469,000. The
increase in the general fund surplus for operations will increase $198,175 — up to $1,079,558.
Discussion regarding borrowing and possibly putting out RFPs to local financial institutions.
Motion by Malick, 2 nd by Standafer to move forward the resolution adopting 2008 budget and
approving other expenditures to the County Board with the Finance Committee's endorsement.
Caflisch expressed concerns regarding increasing the levy and future tax increases. Malick
explained levy, borrowing and mill rate and noted the increase in 2008 may not be the same in
2009. Standafer indicated it is better to levy the maximum than to borrow more. Pietrick
explained the debt service issued in 2008 is paid in 2009, outside the levy limit. Caflisch stated
he is firmly against levy limits.
Motion carried unanimously.
Meeting adjourned at 9:14 a.m.
Esther Wentz, Secretary
Cindy Campbell, Recording Secretary