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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. "At the bottom of the total of all funds, which shows the city has just under 14,000,000 in cash at the March, much of that is restricted such as utilities, [TIF] district, capital projects, and debt services," the treasurer said.
Council members discussed several designated funds that merit attention: a recycling grant fund the treasurer suggested could be consolidated, and a FEMA fund allocation that is accounted for separately. The treasurer also flagged two defaulted revolving customer loans that originated during the COVID period; he said the city’s attorney has been consulted and could pursue court action to obtain judgments on at least one account while the other may begin making some payments.
The mayor and other members also raised potential energy savings opportunities after the treasurer reported recent utility costs: the transcript records discussion of a conversation with a solar company and school administrators about buyback arrangements that could reduce the city’s electric bills, which the treasurer noted have totaled about $70,000 over recent years.
What happens next: Staff will continue quarterly reporting, evaluate money‑market and sweep options with financial advisers, and work with the city attorney on collection options for defaulted loans; possible solar proposals will be explored with the school system and vendors.
