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Committee approves $600,000 reallocation to cover water utility portion of Stewart Avenue project
Summary
The finance committee approved reallocating about $600,000 of 2024 project proceeds to TID 10 to fund the water-utility portion of the Stewart Avenue project after a funding miscommunication about state loan applications.
The Wausau Finance Committee approved reallocating approximately $600,000 of 2024 project proceeds to Tax Increment District 10 to fund the water-utility portion of the Stewart Avenue (Second Avenue to Eighth Avenue) project.
City staff told the committee there was a miscommunication: the sewer portion of the project had been funded by a Clean Water Fund loan, but the water portion had not been covered by the Safe Drinking Water loan because an application had not been submitted. Staff reviewed 2024 projects, reserve balances, and investment earnings and proposed reallocating about $600,000 of available proceeds into TID 10 so the project does not require additional borrowing or levy impact.
Alder McElhinney asked why the item had been budgeted but not funded; staff said it was a misunderstanding about which portions would be covered by DNR loans. Staff confirmed project savings and investment income would cover other capital projects, and that the reallocation imposes no levy burden. Alder Albert Gisselman moved the motion; Alder McElhinney seconded. The motion passed on a voice vote.
Staff also said most 2024 loan applications have closed, with lead service line work outstanding and new applications being pursued for 2025–2026 funding. No borrowing was anticipated for this project because of the reallocation.
No further conditions were recorded.
