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1 Committee-Of-The-Whole - August 04, 2026 City of Oconomowoc Committee-Of-The-Whole Meeting Minutes August 4, 2026 - 7:00 PM Aldermen Present: April Welch, Charles Schellpeper, Lou Kowieski, Erik Jungwirth, Zachary Frankowski, Jennifer Aultman Kloth, Kevin Ellis, Karen Spiegelberg Also Present: Matt Rosek, Stan Riffle, Mark Frye, Gina Kozlik, Eric Boettcher, Robert Duffy, Kevin Kaari, Jason Gallo, Jason Herzog, James Pfister, Jen Puccini, Tim Reel, Steve Hatton Mayor Rosek called the Committee-Of-The-Whole Meeting to order and appropriate meeting notice was confirmed at 7:05 PM. Roll Call Committee Business a. Closed Session – Conference Room 3 Motion to go into closed session per Wis. States §19.85(1)(a), Wis. Stats., the purpose of the meeting is to confer with legal counsel who is rendering written advice concerning strategy to be adopted with respect to litigation in which it is or is likely to become involved in as authorized under §19.85(1)(g), Stats. Specifically, to be discussed is pending litigation concerning the excessive assessment lawsuit between Fleet Farm and the City made by Ellis and seconded by Aultman Kloth. Convened into closed session at 7:05 PM. Motion to reconvene into open session made by Aultman Kloth and seconded by Jungwirth at 7:14 PM. The motion passed unanimously and the meeting reconvened into open session, no action taken on the closed session item. b. Consider/recommend Amendments to Reserve Policy Finance Director Hatton explained the history of the financial policies on reserves and Moody’s credit rating criteria. Steve presented some of the detailed information from his PowerPoint, explaining they are seeking to increase the reserves from 25% to 35% to align with the Aaa rating. Hatton said other changes address how they would implement the policy and how they would use or replenish reserves. Hatton explained the credit ratings and how they are attained through actions of the body and policies. Hatton further explained the lower rate environment and refunding opportunities and savings along with Moody’s credit rating elements. Ellis had questions about the math of the unassigned fund balance and Hatton provided detail. Kowieski asked if it becomes flexible spending dollars and Hatton explained it can be used for cashflow needs if they run lean during collection times. The Mayor added they are just formalizing the policy and they anticipate additional surplus. Discussion was had on spending down debt and positives of increasing that rating and locking future Council in with no guarantees they will get the credit rating. The Mayor supported getting to the Aaa for additional savings per year in financing savings that will go right to general fund. Kowieski asked about Utility debt funding and Hatton provided explanation of options of funding Utility. Hatton explained also options for clean water loans or revenue based loan programs at reduced rates. Aultman Kloth was in favor of the lower rates and stated that if they don’t get the credit rating a future Council could change the policy back. Hatton reinforced that they are already 2 Committee-Of-The-Whole - August 04, 2026 holding reserves at the higher percentage, they just don’t have it written in the policy. Ellis expressed concern about having debt if they have the funds available to do it. Motion to move the item on to Council for review of the Amendments to Reserve Policy made by Spiegelberg and seconded by Aultman Kloth. Motion carried 8-0-0. Adjourn Motion to adjourn made by Ellis and seconded by Aultman Kloth. Motion carried 8-0-0. The meeting adjourned at 7:50 PM. Minutes taken by Gina Kozlik, City Clerk