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FINANCE COMMITTEE Meeting Minutes May 26, 2026, Regular Meeting The meeting was called to order by Councilor Jack Sweeney at 4:30 pm on May 26, 2026, in Government Center Room 204. 1 . ROLLCALL PRESENT: Jack Sweeney, Tylor Elm, Mike Herrick, Nick Ledin. CITY STAFF PRESENT: Nick Rhinehart (Finance Director), Renee Hoff (Assistant Finance Director), Dan Shea (IT Director), Stephanie Becken (Broadband Manager), Councilor Garner Moffat, Councilor Joe Radtke. VIRTUAL: OTHERS PRESENT: Shelley Nelson (Superior Telegram) 2. APPROVAL OF MINUTES 2.1 Finance Committee (Meeting held April 30, 2026) Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve the Finance Committee minutes April 30, 2026. 2.2 Finance Committee (Meeting held May 12, 2026) Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve the Finance Committee minutes May 12, 2026. 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 Finance Director Rhinehart reported that the contract was sent to the Village of Superior for review. Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to hold in committee. 4. NEW BUSINESS 4.1 Election of Chair and Vice-Chair Motion was made by Tylor Elm, seconded by Mike Herrick, and carried to approve Jack Sweeney as chair of the Finance Committee. Motion was made by Mike Herrick, seconded by Jack Sweeney, and carried to approve Tylor Elm as vice-chair of the Finance Committee. 4.2 Connect Superior Broadband Financial Statement Discussion led by Broadband Manager Stephanie Becken regarding revenue received. Interest revenue allocated to fund by cash on hand. Individual drops are under the capitalization threshold and thus expensed the year of installation. Customers as of December 31, 2025 approximately 123. As of May 26, 2026, there are 135 lit and 15 in progress. The projection is to have 300 by the end of 2026. To date, there have been only two cancellations. Chair Sweeney requested a quarterly update. Approximately 800 passings the first year and 1,200 with current passing; which will be 20% of city households. There are three bandwidth choices with 70% of 1G. The other choices are 300mb and 650mb. Marketing is promoted by the City but mainly by the three ISPs. The City of Superior was awarded $80,000 from the Federal government BEAD (Broadband Equity, Access, and Deployment) grant. The State of Wisconsin also has a grant program that will be explored. 4.3 Cell Phone Review & Discussion IT Director Dan Shea was invited to discuss City cell phone expense. Plans are handled at department level. A review of consolidated billing will be investigated and revisited in July. 4.4 Investment Summary 1 st Quarter 2026 Added investment income per quarter to report. Holding at high-mid 4%. Cash is at $2.8 million. Money market account is at 4% for ARPA expenses. By City policy, we have a seven year ladder. Motion 5. RECURRING BUSINESS 5.1 April 2026 Check Register – 2026 Expenditures Motion was made by Tylor Elm, seconded by Mike Herrick, carried to approve and file the April 2026 Check Register – 2026 Expenditures. 5.2 General Fund Financial Statement – 2025 Expenditure and 2026 Expenditures vs Budget Analysis as of May 20, 2026 Finance Director Nick Rhinehart spoke on the budget, reporting a $500,000 surplus for 2025. A question and answer period was ensued. Motion was made by Mike Herruck, seconded by Nick Ledin, and carried to approve and file the General Fund Financial Statement – 2025 Expenditures vs Budget Analysis as of May 20, 2026. 5.3 American Rescue Plan Act (ARPA) Fund Budget Review Finance Director Nick Rhinehart spoke on the Budget. When all expenditures are paid, the closing reports can be filed, and a single audit report will be prepared. A question and answer period was ensued. Motion was made by Mike Herrick, seconded by Tylor Elm, and carried to approve to file the American Rescue Plan Act (ARPA) Fund Budget Review. 5.4 Insurance Update Finance Director Nick Rhinehart spoke on possible changes with the vehicle coverage. This is partly due to an increase in police chases and damages that occur during these pursuits that have multiplied in the lower parts of Wisconsin. Vehicle inventory was updated and annual reconciliations. A question and answer period was ensured. Motion was made by Tylor Elm, seconded by Mike Herrick, carried to approve to file the Insurance Update. 5.5 Other Financial Matters Enterprise Resource Planning (ERP) Software Update Finance Director Nick Rhinehart notified council that some of the larger processes have been completed with Oracle. Now they are incorporating those procedures into our new computer program and testing out sample programs. We are now building integrations. Motion was made by Tylor Elm, seconded by Mike Herrick and carried to approve to File the Enterprise Resource Planning (ERP) Software Update. 6. ADJOURNMENT The meeting was adjourned at 6:10 p.m. Minutes respectfully submitted by Renée Hoff