Cadott Village Board; Village hears recommendations to improve finances
Nick Goeman (left) and Kim Shult, Baker Tilly, gave an overview of the financial statement and audit for 2021, during a regular Cadott Village Board meeting May 16. They also shared recommendations for the village, going forward. Photo by Julia Wolf
By Julia Wolf
The Cadott Village Board heard how the village finances are doing and got some recommendations for improvements, moving forward, during a regular meeting May 16.
Kim Shult and Nick Goeman, Baker Tilly, were on hand to discuss the financial statement and audit for 2021.
Goeman started by giving a brief overview of the state of the general fund. He noted the total fund balance in the general fund decreased by about $38,000 in 2021, compared to 2020.
In comparing the available fund balance to the general fund expenditures, Goeman noted the village is below the two-month recommended minimum for general fund expenditures on hand.
He also says the village is at 58 percent of its debt limit, which is 5 percent of the equalized value in the village.
“Just in general, you want to stay at or below 70 percent of the debt limit,” said Goeman. “So, the village is below that and tracking the right direction.”
Then, the floor was turned over to Shult, who went over the utility results, starting with the electric utility. She says the results look pretty good, with the rates looking adequate.
Anson Albarado, board president, asked what it would look like to approach the Public Service Commission (PSC) about increasing the electrical rates, as the village is looking to switch its voltage in the future and it will be a major project.
“You can only apply so early,” said Shult, adding the village should set a project timeline first, then file the application.
In the water utility, Shult did recommend a 3 percent simplified rate increase, every year, until they do a full rate study, because of the low rate of return.
“With this negative rate return, that you’ve had now for several years, you really could do a full increase at this point, if you wanted to,” said Shult.
She says that would help space out increases, if there are any large, upcoming projects.
She says there is a way to put the cost of some or all of the hydrant rental on customer water bills, which would provide some relief to the general fund, if that is something the board would like to consider.
“Of course, the customer bills would go up,” said Shult. “So, that’s the trade off.”
For the sewer utility, Shult shared some good news. The cash balance increased by $57,000.
“I think that’s a really nice turnaround,” said Shult.
Shult also shared information on the TIF districts, as of the end of 2021. She suggested, since TIF No. 4 has a cash deficit and the general fund is helping cash flow that, the board could do a resolution to approve interest on that. Another option the board could look into, is changing which fund the TIF is borrowing from.
Board members also heard an update on the electric vehicle (EV) charging station at River Country Plaza. Clerk Sandy Buetow reported she talked to the PSC and figured out how the revenue will be listed. She says she is going to keep it in a separate account, to make it easier on herself and the auditors.
Russ Falkenberg, board member, says the installation is nearing completion, with hopes of it being up and going by Memorial Day.
A transient permit for Jessica Ryba for a farmers market, was also approved during the meeting. The subject was brought up again because the farmers market will no longer be associated with the Cadott Community Association (CCA), but will be its own thing.
“Do you have insurance?” asked Buetow. Ryba says she has quotes, but has not chosen which insurance she will use yet. She reported that, so far, she has 12 confirmed vendors, with a variety of products available for purchase, planning to come to the market in Riverview Park this summer.
In committee reports, board member Terry Licht says the Street Committee met to discuss plans for County Hwy. X, when the county works on a section of the road in 2024.
“We were looking at possibly, possibly putting curb and gutter up Hwy. X,” said Licht.
The curb and gutter would be about onehalf of a mile along the south side of the road, to help control some of the wash and mess in that area.
Albarado also reported that the Yellow Street and water loop projects do not fit the Community Development Block Grant (CDBG) requirements, because it doesn’t serve the whole village, so it was left out of the application.
