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Mayville treasurer reports nearly $14 million in cash; council discusses defaulted loans and solar options
Summary
The city treasurer presented a first-quarter snapshot showing just under $14 million in cash (much of it restricted) and a general fund balance of about $3.8 million; council discussed restricted funds, defaulted revolving loans from COVID-era assistance and a possible solar buyback with the school district to reduce utility costs.
At a council meeting Monday the controller/treasurer presented the city’s first-quarter financial snapshot, reporting total cash balances just under $14,000,000 as of March and a general fund balance of roughly $3,800,000.
The treasurer said much of the city’s cash is restricted for utilities, TIF districts, capital projects and debt service and that the city is evaluating consolidation and money‑market strategies to increase interest earnings.…
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