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Elm Grove committee refines 2026 capital list, raises water main estimate and removes trackless plow from debt plan
Summary
Committee members agreed to raise the water main construction estimate to $940,000 (noting a $1.0 million developer cost cap), removed a proposed $275,000 trackless pathway plow from the 2026 debt list pending further study, and directed staff to work with the municipal adviser on a parameters resolution targeting July 2026.
Finance Director Brian Lahey presented a working summary of capital requests to inform an anticipated 2026 debt issuance. The draft list totaled approximately $12.8 million in budgeted debt for approved projects; Lahey noted a plan to refinance roughly $1.1 million in State Trust Fund loans that would not add new borrowing.
The committee made two specific adjustments. First, members agreed the water main construction estimate should be revised from the older $865,000 figure to $940,000 to account for inflation and current costs; the Chair reminded the committee that a $1.0 million developer agreement cost cap limits the Village's exposure and any costs above the cap would need to be advanced by the Village until TID 3 increment becomes available for reimbursement.
Second, the committee removed a $275,000 trackless pathway plow from the 2026 debt issuance list. Administrator Tom Harrigan described the plow as a durable articulating machine used by neighboring municipalities for pathway maintenance and noted a 30'year lifespan, but the committee concluded further study of alternatives and funding options was warranted and agreed the item could be funded outside of the debt issuance or revisited later.
Lahey said the municipal adviser will prepare a parameters resolution for the committee's formal approval and targets a July 2026 bond issuance; he reported the adviser currently sees tax'exempt bond rates in the 3.5'4.0% range and projected a pro forma fund balance near 30% after issuance.
The committee asked Finance to provide a finalized project list and amounts to the municipal adviser and to return with a parameters resolution for formal action.
