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Tuesday, February 25, 2025

City of Red Bud Finance Committee met Dec. 16

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Rodney Nevois, Council Member - Ward III | City of Red Bud

Rodney Nevois, Council Member - Ward III | City of Red Bud

City of Red Bud Finance Committee met Dec. 16.

Here are the minutes provided by the committee:

Committee Members Present: Rodney Nevois, Ben Schwartzkopf, Bill Hanebutt, Alan Piel

Committee Members Absent: Mike Rheinecker

Council Members Present: Curt Guebert, Jeremy DeMond, Kyle Donjon

Council Members Absent: None

Others Present: Mayor Susan Harbaugh, Attorney Rebecca Cooper, City Superintendent Josh Eckart, Code Adm./City Engineer Jeff Mueller, Police Chief John Brittingham, Administrative Officer Jill Landgraf

Others Absent: City Clerk Joanne Cowell

Pledge of Allegiance

Committee Chairman Nevois called the meeting to order at 6:02 P.M.

Old Business

I. FY’24 Surplus Funds

Recommendation made by Committee Chairman Nevois, seconded by Committee Member Schwartzkopf, to approve the allocation of the FY’24 surplus funds, as presented (Streets - $121,500, Police - $108,500, Fire Dept. - $42,000, City Hall, Code & Planning - $311,982, Park - $144,040, Economic Development - $50,000, Total $778,022.) Carried

New Business

I. Approval of Prior Month’s Meeting Minutes – November 18, 2024

Recommendation made by Committee Chairman Nevois, seconded by Committee Member Piel, to approve the minutes from the November 18, 2024, meeting. Carried

II. CD Information

A. Maturing CDs

There are two MFT CDs which will mature on December 20, 2024.

FUND

AMOUNT

TERM

BUENA VISTA

DIETERICH BANK

NORTH COUNTY SAVINGS

Motor Fuel Tax

$500,000.00

3 MO

4.65%

4.60%

4.32%

Motor Fuel Tax

$500,000.00

3 MO

4.65%

4.60%

4.32%

Motor Fuel Tax

$500,000.00

6 MO

4.55%

4.50%

4.32%

Motor Fuel Tax

$500,000.00

6 MO

4.55%

4.50%

4.32%

Motor Fuel Tax

$500,000.00

12 MO

4.45%

4.20%

4.06%

Motor Fuel Tax

$500,000.00

12 MO

4.45%

4.20%

4.06%

Recommendation made by Committee Chairman Nevois, seconded by Committee Member Hanebutt to authorize approval to reinvest two Motor Fuel Tax CDs for $500,000 each at Buena Vista National Bank for a term of one year at 4.45% rate of interest. Carried

III. Financial Dashboard

Chairman Nevois reviewed the financial summary. The budget is at 58% of the year, the revenue is at 77% of the budget, while expenses are at 23% of the budget.

IV. Health Insurance Renewal

Liz Cowell said that Aetna, who is the employee health insurance current carrier, did not offer a renewal because of the group size and they were no longer offering to municipalities. The only offer came from United Health Care. Bill Schmaltz, Einstein Insurance Group, said that other insurance companies declined offers, due to ongoing health issues of group members. Mr. Schmaltz said he has been amazed over the years at the excellent rates that Aetna has been giving to the city, based on the claims. The monthly rate will increase $14,000+ per month to $42,415.68. The city HRA has a cash balance of around $250,000, which is the savings to the city since the HRA was established around 2007. The policy will be effective January 1, 2025.

Recommendation made by Committee Chairman Nevois, seconded by Committee Member Hanebutt, to authorize approval to accept the proposal from United Health Care for the EA7W Open Access HSA employee health insurance, in the amount of $42,415.68 a month (for current census), effective January 1, 2025. Carried

V. Culligan Water Commercial Agreement

Administrative Officer Landgraf said the Culligan water contract is up for renewal as of December and the price will increase to $60/month for a five-year contract. Without a contract the cost is $75/month.

Recommendation made by Committee Chairman Hanebutt, seconded by Committee Member Piel, to authorize approval to accept the proposal from Culligan for city hall water delivery at $60/month for five years. Carried

VI. Kristen Rahn Loan Update

Kristen Rahn remotely joined the meeting. She had Doug Sachtleben appraise the two homes which she owns in Red Bud. The appraisals and outstanding loans were emailed to the city. The appraisers on the restaurant building will not complete a “as is” appraisal. There was no action taken to give everyone time to review the information sent in the email.

VII. Public Comments/Anything for the Good of the City

None

The meeting was adjourned at 6:35 P.M.

https://www.cityofredbud.org/uploads/3/8/4/1/38410823/finance_121624.pdf

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