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Board hears PFM on borrowing parameters, votes on borrowing resolution and hears budget amendment dissent
Summary
PFM Financial Advisors detailed parameters for two promissory-note resolutions setting not-to-exceed interest costs at 6%; the board approved one requiring a simple majority and later approved a three-quarters initial-resolution for $15.5 million. Supervisor Rossi opposed parts of the budget, warning reserves and operational planning were inadequate.
Kristen Hansen of PFM Financial Advisors briefed the board on two borrowing resolutions. Resolution 2024-64 (parameters for sale of up to $17,110,000 in general obligation promissory notes) would finance the first phase of a marina project and part of the 911 communications project; Hansen said the parameters include a not-to-exceed true interest cost of 6 percent, a competitive-sale approach, and a debt-service schedule that front-loads principal for assets with shorter useful lives such as 911 equipment.
Hansen explained resolution 2024-65 would act as an initial resolution for future borrowing (not-to-exceed $15,500,000, series 2025A) and therefore required a three-quarters majority at this session. She said the board can time the sale to market conditions while the resolution preserves specified price and interest parameters.
When the board took the three-quarters vote on resolution 2024-65, the clerk recorded the result as 17 yes, 0 no, 3 absent, 1 vacant.
Separately, Supervisor Trotter introduced a budget amendment (resolution 2024-67) addressing a clerical wages item that did not affect the bottom line. During discussion, Supervisor Rossi announced he would vote no and delivered a lengthy critique of the broader 2025 spending plan. Rossi said he had asked for an operational spending plan that was not provided this year, urged larger first-year allocations to reserves and debt service given a reported $17 million deficit, and cited state sales-tax allocation data showing weak growth in some counties as evidence that revenue may not keep pace with inflation. He called for deeper operational cuts and said current planning risked exhausting reserves in coming years. Rossi attributed some of his figures to Wisconsin Department of Revenue and the Wisconsin Policy Forum and asked for more robust multi-year operational planning.
The board proceeded with votes on the borrowing parameters and related items consistent with the required majorities described by Hansen.
