Menasha administration committee accepts final TID 4 audit and moves $105,005 to Strong Neighborhoods Menasha Fund

The Menasha Administration Committee on May 5 accepted the final audited financial statements for Tax Incremental District (TID) 4 and approved transferring the district's final increment of $105,005.15 to the Strong Neighborhoods Menasha Fund, Director Sassman said.

Director Sassman told the committee TID 4 was created in 1997 to support downtown redevelopment — including work on Curtis Reed Plaza, Riverview Plaza and Nicolay Bank — and was closed by resolution on April 21, 2025. He said the district closed with a positive fund balance of $116,081 and that roughly $5.3 million in valuation will return to the tax roll for the 2026 roll (2027 budget year).

"Now that the audit is complete, we will do a transfer to the Strong Neighborhoods Menasha program, and that transfer of that increment is $105,005.15," Director Sassman said. He added the city portion of the ending fund balance will be placed in the debt service fund and the remainder of the balance will be distributed to other taxing entities.

Alderman Rand pressed whether the firm that prepared the financial statements also performed the audit. "They're checking their own homework," Alderman Rand said. Director Sassman acknowledged the arrangement and said auditors are required to note it as a material weakness: "The word sounds very harsh, but it's the required language because they prepare the financial statements for the city."

A motion by Alderman Eisenach to accept and place the TID 4 audit on file was seconded and passed on a recorded roll-call vote of 7-0. Clerk Snyder recorded the roll call: Aldermen Hale, Lewis, Marshall, Grady, School, Rand and Eisenach voted yes; Alderman Perkins was absent.

The committee's approval completes the final administrative steps on TID 4 described in the audit. The committee adjourned following the vote.