Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Elm Grove committee agrees to include refinancing and key projects in 2026 borrowing plan
Summary
The Finance & Licensing Committee agreed to include refinancing of State Trust Fund loans and several capital projects — a water-main upgrade and a proposed fire tender — in the 2026 debt issuance, opting to delay bond receipt to mid‑October to capture roughly $110,000 in refinancing savings.
President Jim Koleski convened the Village of Elm Grove Finance & Licensing Committee on June 23, 2026, where Finance Director Brian Lahey presented the capital requests and timing options for the 2026 debt issuance. Lahey said the water-main construction budget was increased to $940,000 and, combined with engineering, reaches the $1,000,000 threshold for the project.
Lahey outlined two borrowing tracks: an accelerated schedule with an August parameters resolution and an August bond sale that would forgo refinancing existing State Trust Fund loans (forfeiting about $110,000 in projected savings), and a second track that delays borrowing about one month, receives proceeds in mid‑October, and repays State Trust Fund loans in early January 2027. The committee expressed a clear preference for the second track to preserve the ~$110,000 in savings and asked staff to structure the parameters resolution accordingly.
The committee also reached consensus to add a 3,500‑gallon Kenworth T880 fire tender (placeholder cost $700,000) to the current borrowing package because of a one‑year lead time for delivery; Fire Chief Brian Naylor confirmed the current 1985 tender has aged out and emphasized the village’s ongoing need for mobile water supply given limited municipal water infrastructure. The committee directed Chief Naylor to follow up on warranty terms and whether any pre‑emission‑change chassis might be available, and directed staff to consult the municipal adviser, Ehlers, on how flexible the parameters resolution can be if interest‑rate conditions change.
No formal resolution was adopted at the June meeting; Finance Director Lahey said the parameters resolution would be presented at the July meeting reflecting the committee’s chosen approach and that bond counsel drafts the parameters language tied to project uses.
