Milltown accepts 2025 financial report, hears details on liabilities and loan schedules

Clerk Cheryl Kloehn presented the Town of Milltown’s financial and budget report through March 31, 2026 at the Annual Meeting on April 21, 2026 and noted the town switched its operating account from Frandsen Bank to Sterling Bank in late 2025.

Kloehn told attendees that taxes collected for the period were approximately $1.2 million and that total revenue for the reported period was $1,589,701.59, while total expenses were $1,829,494.20. She said an audit for 2025 is underway and that a final profit-and-loss statement will be presented when the audit is complete.

Resident J. Gary Lilyquist summarized the town’s debt exposure as roughly $1.2 million with an outlay of about $225,325.80 tied to recent capital purchases. The clerk clarified remaining liability payments: two payments of $16,227.74 remain on the mower, seven payments of $33,409.94 remain on the truck, and building payments continue through April 2032. The clerk also said loan payments are currently scheduled twice a year, in April and October.

Board member Jon Eckel asked the clerk to investigate whether switching to monthly or quarterly loan payments would save interest compared with the town’s semiannual schedule. Eckel moved to accept the financial report, the budget report and current liabilities; Keith Zygowicz seconded and the motion passed by voice vote.

The town will present a final audited P&L for 2025 when the audit is complete; no formal changes to tax rates or the adopted budget were made at the meeting.