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Platteville council approves 2024–25 carryovers and closes TIF No. 5
Summary
The Platteville Common Council on April 8 approved budget carryovers totaling $689,748 and adopted Resolution 25-01 to terminate Tax Increment Financing District No. 5, actions council staff said will increase the city’s levy limit capacity and require a final audit by Oct. 31.
The Platteville Common Council voted April 8 to approve carryovers of $670,803 from the Capital Improvement Program and $18,945 from the general fund into the 2025 budget and adopted Resolution 25-01 terminating Tax Increment Financing (TIF) District No. 5.
City staff presented the carryover requests as funds for projects that began in 2024 but will be completed in 2025. A council member moved to approve the carryovers “per the attached schedules,” the motion was seconded and the council approved the recommendation. The approved carryover totals are $670,803 (CIP) and $18,945 (general fund), for a combined $689,748.
On the TIF decision, City staff member Nicola summarized TIF No. 5’s history: created in 2005 and amended in 2013 to share increment revenue with nearby TIF No. 7. Nicola said the district now meets closure criteria and staff recommended terminating TIF 5. She told council that because of revenue sharing there are no excess TIF funds to distribute to taxing jurisdictions, and that the termination resolution uses language provided by the Department of Revenue. Nicola said a final audit will be completed by Oct. 31.
The staff presentation noted the TIF’s value rose from a base of about $29,500 to roughly $60,861,600 as of Dec. 31, and that closing the TIF will increase the city’s levy limit capacity by an estimated 3.15 percent and free capacity under Wisconsin’s 12% rule for TIF value. Nicola also explained that if a TIF closes with a deficit, the city alone would cover the deficit rather than sharing it with other jurisdictions.
Both the carryover motion and the TIF termination motion were moved, seconded and the presiding official announced the motions carried. The council recorded affirmative votes and the motions passed.
What happens next: staff said the TIF closure will be followed by a final audit before Oct. 31 and that the assessed value from the former TIF will be reflected in the regular tax base affecting the city, the school district, Grant County and the technical college.
Authorities referenced in the meeting include state statutes governing TIFs and Department of Revenue termination language; the transcript and staff memo did not cite a specific statute number.
Ending: The council completed these votes as part of its regular meeting and moved on to information items, including consultant selection for planning services and a discussion about pool funding and design.
