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Wauwatosa panel approves 2024 reestimates tied to litigation and Boston Store; authorizes $17.44M borrowing
Summary
The Financial Affairs Committee approved three 2024 budget reestimates — $40,000 for fire equipment repairs, $200,000 for property tax litigation, and $200,000 for Boston Store holding costs charged to TIF 10 — and authorized $17,440,000 in general obligation borrowing plus a $665,000 State Trust Fund loan to finance capital projects.
The Wauwatosa City Financial Affairs Committee on Tuesday approved revisions to the 2024 budget and authorized city borrowing to finance capital needs.
Finance director Mr. Riggini told the committee the council should approve three reestimates before the full 2025 budget adoption: a $40,000 increase for fire equipment repairs to cover higher repair costs, a $200,000 increase to manage property tax litigation expenses (noting expert witness and discovery costs), and a $200,000 allocation to cover holding costs for the Boston Store property. Riggini said investment earnings are expected to offset much of the net fiscal impact.
Riggini said litigation costs…
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