Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Commission designates 2026 depositories, approves first pilot payment and hears financial report
Summary
Waukesha Water Utility commissioners approved designating Waukesha State Bank, JPMorgan Chase and the state LGIP as 2026 depositories, approved payments including a $774,000.50 pilot payment, and heard a financial update citing higher-than-expected consumption and a $2.1 million WIFIA reimbursement.
The Waukesha Water Utility Commission on Jan. 15 voted to designate Waukesha State Bank (including Waukesha Investments), JPMorgan Chase Bank and the State of Wisconsin Local Government Investment Pool (LGIP) as official depositories for 2026. The motion passed unanimously.
Staff explained the roles of each institution: Waukesha State Bank serves as the utility’s everyday servicing bank, JPMorgan Chase holds electronic deposits that are swept monthly, and LGIP is used for low-risk investments tied to debt and tax funds. "Waukesha State Bank is currently our everyday bank," a finance staff member explained during the recommendation.
The commission also approved payments from the general and improvement funds, including check #51873 — a pilot payment to the city treasurer for $774,000.50. Staff said the utility makes three pilot payments each year; together the three payments will exceed $2.1 million for the city. The vouchers were approved unanimously.
In the financial report staff said the utility ended the year about 2.5% above projected consumption. Commercial customers were about 28,000,000 gallons over budget in 2025, a variance staff attributed in part to a cooling-tower failure at a property that has since been repaired. Cash on hand rose from approximately $48.1 million to $50.0 million, driven in part by a $2.1 million reimbursement from WIFIA tied to the operations center project; staff said reimbursements are submitted as project costs are incurred.
Staff also briefed commissioners on project status: most transmission and distribution projects for 2025 are complete; Arrowhead Trail remains pending while staff pursue an easement and potential eminent-domain steps, and a remaining phase of Highway 59 work will continue in 2026. Auditors are scheduled to be on site in March and staff requested an extension from the Public Service Commission to respond to rate-case questions because of year-end staffing and training constraints.
The commission took no further action on the financial report and adjourned after routine business.
Votes at a glance: - Action 5(a): Approve payments (includes pilot payment check #51873 for $774,000.50) — approved unanimously. - Action 5(b): Designate depositories (Waukesha State Bank, JPMorgan Chase, LGIP) for 2026 — approved unanimously. - Action 5(c): Approve $37,930.22 change order for operations center (see separate article) — approved unanimously.
