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FINANCE COMMITTEE Meeting Minutes August 25, 2026, Regular Meeting The meeting was called to order by Councilor Jack Sweeney at 4:30 pm on August 25, 2026, in Government Center Room 204. 1 ROLLCALL PRESENT: Jack Sweeney, Tylor Elm, Mike Herrick, and Nick Ledin (alternate). CITY STAFF PRESENT: Nick Rhinehart (Finance Director), Renee Hoff (Assistant Finance Director), Councilor Garner Moffat, Camron Vollbrecht (Fire Chief), Dan Shea (IT Director), Stephanie Becken (Broadband Manager), Justin Bernacki (Chief of staff to the mayor) and Karie Markon VIRTUAL: Sheanne Hediger (Baker Tilly) OTHERS PRESENT: Steve Olson (Superior School Board President), Christina Kintop (Superior School Board), Laura Gapske (Superior School Board Vice President), Eric Tomas (Sailboat’s Inc) and Shelly Nelson (Superior Telegram) 2 APPROVAL OF MINUTES 2.1 Finance Committee (Meeting held July 28, 2026) Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve the Finance Committee minutes July 28, 2026. Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to move 3.1 and 3.5 after 5:30. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to begin with agenda item 4.1. 3 OLD BUSINESS 3.1 Village of Superior – Fire Protection Contract Upon proper motion and second, the committee may convene in closed session under Wis. Stat. sec. 19.85(1)(e) for the purpose of deliberating strategies and setting parameters for the negotiation of the Village of Superior Fire Protection Contract Held in Committee 3.2 Cell Phone Review and Discussion IT Director Dan Shea spoke on the results of his cell phone review and other options available. A question and answer period was ensured. Motion was made by Tylor Elm, second by Mike Herrick, and carried to hold in Committee the Cell Phone Review and Discussion. 3.3 Connect Superior Broadband Financial Statements Stephanie Brecken Broadband manager spoke on the city’s current success with the broadband project and where they were with this endeavor, stating all predicted results were positive and were occurring as anticipated. A question and answer period was ensured. Chair Councilor Jack Sweeney requested a quarterly update on the project. No action was taken. 3.4 Landfill rates and DNR escrow account Finance Director Nick Rhinehart spoke on the Landfill accounts informing council of the current status, stating that the WI DNR now has released the requirements of the escrow account to cap the Landfill and that these funds now could be invested in any financial accounts the city preferred. Due to some undecided variables on the complete closure, a decision on how to re-invest the funds cannot be made to date. Motion was made by Mike Herrick, second by Tylor Elm, and carried to hold in committee Landfill rates and DNR escrow account. 3.5 Humane Society of Douglas County Contract Upon proper motion and second, the committee may convene in closed session under Wis. Stat. sec. 19.85(1)(e) for the purpose of deliberating strategies and setting parameters for the negotiation of the Village of Superior Fire Protection Contract. Held in Committee 3.6 Barker’s Island Marina Financial Statements Eric Thomas spoke on behalf of the Marina. He informed the board about the problematic issues that they had encountered, resolutions to those matters and the successful endeavors of the Marina. A question and answer period was ensued. Motion was made by Tylor Elm, second by Mike Herrick, and carried to file Barker’s Island Marina Financial Statements. 4 NEW BUSINESS 4.1 Property Tax Transparency for State-Mandated School Choice Funding Councilor Garner Moffet spoke on a need for the city to be more transparent with the taxpayer approved school tax distribution funding, and a possible resolution of adding a sentence on the tax bills. School Board President Dan Olson presented board with a request to add an extra line to taxpayer’s bills noting that an allotted amount of taxpayer funding was going to the school voucher program. A question and answer period as ensued. Motion was made by Tylor Elm, seconded by Mike Herrick, to hold in committee Property Tax Transparency for State-Mandated School Choice Funding. 4.2 2025 Reserve Analysis Held in Committee 4.3 2025 Debt Compliance Analysis Held in Committee 4.4 2025 Audited Financial Statements presented by Baker Tilly. Sheanne Hediger from Baker Tilly presented the finding result of the City’s 2025 Audit. A question and answer period was ensued. Motion was made by Taylor Elm, second by Mike Herrick, and to file 2025 Audited Financial Statements presented by Baker Tilly. 5 RECURRING BUSINESS 5.1 July 2026 Check Register 5.2 General Fund Financial Statements - 2026 Expenditures vs Budget Analysis as of August 18, 2026 5.3 American Rescue Plan Act (ARPA) Fund Budget Review 5.4 Insurance Update 5.5 Other Financial Matters Chair Councilor Jack Sweeney proposed to move agenda items 3.1, 3.5, 4.2, 4.3, 4.4, 5.1, 5.2, 5.3, 5.4, 5.5 to September’s meeting. 6. ADJOURNMENT The meeting was adjourned at 7:03 p.m. Minutes respectfully submitted by Karie Markon