Finance Committee updates on Wisconsin Avenue Bridge funding and project budget shifts

In a recent meeting of the Wauwatosa Financial Affairs Committee, city officials discussed the financial implications of the Wisconsin Avenue Bridge Project, which is set to receive $2.4 million in state grant funding. However, the project has exceeded its budget by approximately $800,000, prompting the need for a financial strategy to address the shortfall.

City staff proposed reallocating funds from the Watertown Plank project, which came in nearly $6 million under budget, to cover the additional costs of the bridge project. This decision is crucial as the city must inform the Department of Transportation within three weeks about how it intends to proceed. The committee emphasized the importance of transparency in this process, allowing all alders and the public to be informed of the financial adjustments being considered.

The meeting highlighted the competitive nature of the bidding process for the bridge project, with five bids ranging from $6.9 million to $7.6 million. City officials expressed confidence in the fairness of the bids, despite the unexpected budget increase. The discussion also touched on the broader context of fluctuating market conditions affecting construction costs, which have made it increasingly challenging to predict project expenses accurately.

Additionally, the committee addressed the impact of the Watertown Plank project’s surplus on future assessments for residents. City policy dictates that assessments are based on a citywide average rather than individual project costs, ensuring fairness across the community. If the surplus remains, it could lead to a reduction in the city’s borrowing needs in November, ultimately benefiting all residents by lowering debt service costs.

As the committee prepares to move forward, the focus remains on ensuring that the Wisconsin Avenue Bridge Project is completed efficiently while maintaining fiscal responsibility and transparency for the community.