Rockford Sun

Village of Rockton Budget & Finance Committee met Feb. 21.

Here are the minutes provided by the committee:

Mr. York called the regular meeting of the Budget & Finance Committee to order at 6:30 pm. Members present: Mayor Peterson, Scott Danielson and Justin York

Staff present: Dan Barber, Dan Baumgartner, Dennis Hildebrandt, Chief Hollinger, Corine Hughes and Michele Prather

Also present: Ron Montgomery & Dave Winters

Absent: Jodi May

Motion by Mr. York, second by Mr. Danielson, to waive the reading of and approve the minutes of February 7, 2023. All ayes. Motion approved 2-0.

PUBLIC COMMENT

Ron Montgomery with Montgomery Financial Services, LLC spoke to the Committee in reference to the Village investing some of their funds. Mr. Montgomery stated that interest rates have increased over the last year and that municipalities can invest their monies in bonds, etc…, but that the it would need to be invested in A or above rated bonds (A, AA or AAA). Mr. Montgomery said that you can get good rates

on short-term bonds and that today’s rates are around 4.8 or 4.9%. Mayor Peterson stated that the Village has approximately $500,000 sitting in dormant accounts, but that there may be more funds that could be invested. Mr. Montgomery provided a copy of the Public Funds Investment Act as well for everyone to look at. Mr. Hildebrandt stated that he was okay with the Village doing this as long as there is a good policy in place when it’s done.

SPECIAL WARRANT CONSIDERATIONS

None.

RECOMMENDATION OF PAYMENT

Bills were reviewed and recommended for approval in the amount of $164,125.25.

MAYOR PETERSON

Mayor Peterson went over the water usage breakdown handout with the Committee and stated that by increasing the commercial usage rate to $4.55/cubic foot from the current $2.05/cubic foot, it would bring in an additional $40,353/year.

VILLAGE TREASURER, DENNIS HILDEBRANDT

Ms. Hughes stated that there is enough money to cover the bills.

VILLAGE COLLECTOR, MICHELE PRATHER

None.

JODI MAY, CHAIRWOMAN

None.

JUSTIN YORK, TRUSTEE

None.

SCOTT DANIELSON, TRUSTEE

None.

ANY OTHER BUSINESS ALLOWED BY LAW

Ms. Hughes stated that she and Mayor Peterson went over some of her random duties that she was taking care of and those duties have been assigned to Ms. Prather and Ms. Stewart. Ms. Hughes added that Ms. Prather will be working on the budget template and inquired what changes the Committee would like to see when Ms. Prather compiles the information for them.

ADJOURN

Motion by Mr. Danielson, second by Mr. York to adjourn at 6:59 pm.

https://www.rocktonvillage.com/vertical/sites/%7B5EFC50B8-A3D6-48DC-ACA0-E05F307CFA0B%7D/uploads/2-21-23_Budget__Finance_Minutes.pdf