February 18, 2020 - Finance Committee

Council of the Whole
Finance Committee
February 18, 2020
6:00 P.M. 
Chuck Hawk, Mayor
Tom Hilliard, Council Member                    Andrew Hess, Council Member                 
Brett Long, Council Member                       Mike Schwab, Council Member                 
Kris King, Clerk-Treasurer                             Michael Miller, Village Administrator      
Chairman Mike Schwab presented a quick review of each department’s finances and health of each fund.  He showed the balance of each fund at 02/04/2020 and reviewed the sources of revenue for each fund.  He suggested an Electric Debt Fund be created to address the new substation loan payments.  The Water Debt Fund Ordinance needs to be amended to start setting aside money for future payments after the Jefferson Sewer Project is complete.  A schedule needs to be set up for the repayment of the General Fund Advance for the Fire Station Addition.  An amendment needs to be made to transfer more money into the Recreation Fund to support community activities.
Chairman Schwab went on to discuss the Police and Fire budgets.  He discussed how fortunate the departments, council, and the village are that the residents saw the wisdom in providing additional income tax dollars to operate, maintain, and update the village safety forces’ operations.  He stated how important it was to spend these funds wisely and that they have a limited life span.  He discussed the importance of being proactive, not reactive and the importance of proper budgeting.
Chairman Schwab reminded the Employee Compensation Committee that 2020 is the last year of the Employee Wage Ordinance and to begin reviewing wages and the available funds in each department.
Meeting adjourned at 6:30 pm.
Respectfully submitted,
Kris King, Clerk-Treasurer