Minutes 4-27-11 SP
PROCEEDINGS OF THE CITY COUNCIL
CITY OF JANESVILLE, WISCONSIN APPROVED: May 23, 2011
SPECIAL MEETING
April 27, 2011
VOL. 62
NO. 3
A special meeting of the City Council of the City of Janesville held in the Municipal Building on
April 27, 2011. The meeting was called to order by Council President Brunner at 5:30 PM.
Present: Council President Brunner, Councilmembers Dongarra-Adams, Liebert, McDonald,
Rashkin, and Steeber. Absent: Councilmember Voskuil.
Review of Financial Policies on Debt Issuance and Fund Balance
City Manager Levitt stated that the City of Janesville is in a strong financial position. We are
fiscally conservative in our fund balance and debt policies in comparison to our peer cities.
Assistant City Manager Winzenz reviewed the City’s existing and proposed debt policy
statement and compared it to our peer cities. He suggested that the debt limit be at 2.5% of our
legal limit (5%) and to keep our debt service at 15% of the General Fund operating budget. If
the Council wishes to exceed these limits then a super majority vote of the Council would be
required. The Council asked various questions.
Comptroller Lynch reviewed the City’s Fund Balance 5 year history and the new terminology for
Fund Balance per GASB Statement 54. Councilmember Steeber left the meeting at 7:00 PM.
Council discussed the appropriate percentage range of unrestricted General Fund balance to
the General Fund Operating expenditures.
Assistant City Manager Winzenz reviewed the macro projection for the 2012 General Fund
budget. The City has a $1.3 million shortfall in revenue and an expenditure increase of $1.3
million for an overall deficit of $2.8 million.
Council President Brunner requested that the Administration draft a letter for the Council review
detailing the impact of the loss of State Shared revenues on the City of Janesville. The City lost
23% in State Aid in comparison to a 12% average of our peer Cities. The distribution of State
Aid cuts was not equitable between municipalities.
Matters not on the Agenda
There were none.
Councilmember Rashkin moved to adjourn, seconded by Councilmember McDonald and passed
unanimously.
There being no further business, Council adjourned at 7:43 PM. These minutes are not official
until approved by City Council.
Jean Ann Wulf
City Clerk-Treasurer