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Elmwood board to use maturing CD to help cover TID payouts
Summary
Clerk/Treasurer Holly Malaszuk told the board that TID closures cost more than expected and recommended not renewing a maturing CD to apply its proceeds toward TID distributions; the board approved the measure by roll call.
Clerk/Treasurer Holly Malaszuk told the Village of Elmwood board on March 10 that tax-increment district (TID) closures had cost more than anticipated and outlined the distribution amounts to affected entities. "CVTC will receive a total of $17,389," Malaszuk said; she added the County’s share would reflect a 15.5% increase to the Village totaling $108,827, the School District a 62.38% increase totaling $250,485, and that the Village’s portion would be $94,223.
Malaszuk said a certificate of deposit is set to mature next month and recommended the board not renew it, using the proceeds to reduce the immediate impact on the Village’s checking and savings accounts. "I suggest not renewing the CD and using it toward paying off the TIDs," she said.
Board Member Jason Severson moved not to renew the CD and to apply its funds to the TID payouts; Dawn Toth seconded. The motion passed by roll-call vote.
The board did not provide a line-item accounting in the meeting minutes beyond the distributions Malaszuk cited; no additional financing plan or alternative funding sources were presented at the meeting. The decision will reduce near-term pressure on operating accounts but does not, in these minutes, record any formal long-term budget adjustments or the exact dollar amount held in the maturing CD.
Next steps identified in the meeting minutes include following through with the transfer of funds when the CD matures; the board did not schedule an additional public hearing on the matter at this meeting.
