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Finance committee approves revised $3.408 million general obligation note and routine budget amendments
Summary
The Wisconsin Rapids Finance Committee approved a revised 2026 general obligation note totaling $3,408,000 to finance street projects, a package of budget carryforward amendments across multiple funds, and the audit of checks numbered 29148'029557; the committee noted an expected $1.3 million drop in outstanding G.O. debt and a reduction in debt-capacity utilization from 25.3% to 23.9%.
The Wisconsin Rapids Finance Committee approved financial actions that included a revised 2026 general obligation (G.O.) note, a multi-fund budget amendment and the audit of bills.
Finance Director Tim Dorsy presented updated numbers after recent concrete and asphalt bids. He said the public works construction portion rose by $131,500 (from $1,115,000 to $1,246,500) while the TIF No. 7 East Jackson Street portion decreased from $2,438,250 to $2,161,500. "So in total the G.O. note issue that is proposed is $3,408,000," Dorsy said, a reduction of $145,250 from the amount included in the approved budget. He added that the city's outstanding general obligation debt will fall by roughly $1.3 million and that debt-capacity utilization will drop from 25.3% to 23.9%.
Dorsy explained that G.O. borrowing is typically used for street-construction and capital projects (for example, the aquatic center and riverbank work), not for operations. "We don't borrow any money for operations because that's just not fiscally responsible," he said.
The committee also reviewed Budget Amendment No. 2, which carries forward unspent grant and donation balances from 2025 into 2026 across several funds: central center replacement reserves and memorial donations; housing rehabilitation (the local account will be remitted to the state as the program is consolidated into a regional pool); EMS fund carryovers and a 2026 allotment; room tax allocations to economic development and parks; and donations for urban forestry, zoo and dog-park projects. Dorsy said the Wisconsin Rapids Aquatics fund has an annual $20,000 replacement reserve budget for repairs.
After discussion, the committee approved the revised G.O. note, the budget amendment and the audit of checks numbered 29148 through 29557 by voice votes. The chair closed routine business, left the next regular meeting date to the next finance committee and adjourned the meeting at 5:42 p.m. He thanked Dean Venamman for his years of service on the committee.
