Fort Atkinson reports $703,619 debt-service savings after $6.9M refunding sale at 3.65%
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Summary
City manager Hausman told council the city closed a $6.9 million refunding sale on Jan. 21 at a 3.65% interest rate, yielding $703,619 in lifetime debt savings; the manager also updated the council on audits, property tax collections and staff recognitions.
City manager Hausman reported to the Fort Atkinson City Council on Feb. 3 that the city completed a $6.9 million sale of refunding notes on Jan. 21 at an interest rate of 3.65 percent. "The sale went through on January 21 with an interest rate of 3.65%," Hausman said, and staff estimated the lower rate will save $703,619 over the life of the debt.
Why it matters: Lower interest on refunding notes reduces long-term debt service for taxpayers and can affect future budget decisions.
Other items: Hausman said the city's auditors were conducting 2025 field work and that, as of Jan. 31, the city had collected just over $20,032,000 in property tax payments, approximately 70% of the total. He also noted that records clerk Mindy Fry was recognized by the Jefferson County Chiefs and Sheriff Association as support person of the year for her role helping police upgrade processes and manage open-records work.
What happens next: The audit field work will continue and staff will present final audit results in coming months; no council action was required on the report.