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Shorewood seeks consultant for long-term rate study and financial plan; estimated cost $12,000
Summary
Finance Director Schmuck proposed hiring a financial advisory firm to produce a long-term financial management plan and utility rate study (last performed in 2013); the consultant would deliver a written report and the working Excel models and staff will bring an engagement letter to the next Council meeting.
Finance Director Schmuck recommended the city hire a financial advisory firm to develop a long-term financial management plan for Shorewood’s governmental and enterprise funds and to perform an updated utility rate study.
Schmuck said the last utility rate study was in 2013 and that consultants could provide both a written report and the Excel working documents used to build the analysis, allowing staff to manipulate scenarios in future years. She estimated the work at about $12,000 and proposed spreading the expense across city funds and using the product in the 2026 budget process.
Councilmember DiGruttolo and Councilmember Sanschagrin expressed support, with DiGruttolo noting the value of data-driven decisions. Schmuck said she will work with a consultant to draft an engagement letter for consideration at the next regular Council meeting.
Next step: staff to return with an engagement letter and proposed consultant scope and fee for Council approval.
