Finance Director Shearer advocates for strategic use of $300K carryover funds

The City of Waukesha's Board of Public Works made a significant financial decision during their recent meeting, approving the use of $300,000 from carryover funds for upcoming projects. This move aims to prevent potential complications with federal regulations regarding tax-exempt bonds.

Finance Director Joe Shearer advised the board on the importance of utilizing existing carryover funds rather than allowing them to accumulate. He highlighted the risks associated with carrying over borrowed funds, including the possibility of losing tax-exempt status if the money is not used in a timely manner. This could have serious implications for both the city and its debt holders.

The board unanimously approved the motion to allocate the funds, with all members voting in favor. The decision reflects a proactive approach to managing the city’s finances and ensuring compliance with federal guidelines.

In addition to the financial discussions, the board noted ongoing work on the Capital Improvement Plan (CIP) and announced an official notice for the installation of a resilient surface at Manaka Park. Project managers are encouraged to communicate any project-related observations to ensure smooth progress.

This meeting underscores the city’s commitment to responsible financial management and community development, setting the stage for future projects while safeguarding taxpayer interests.