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Finance committee: 2027 budget likely to be consumed by wages and benefits, staff warns
Summary
City comptroller told the Stevens Point Finance Committee that a 3.13% COLA and a 27‑pay‑period year, together with rising health‑insurance costs, will leave little discretionary funding in the 2027 operating budget.
The Stevens Point Finance Committee received a preliminary update on the 2027 operating budget on Aug. 10, with the comptroller saying that most revenues will be absorbed by wages and benefits.
Comptroller/Treasurer Corey told the committee “Right now, that number is at 3.13%” for the state cost‑of‑living adjustment and warned that 2027 will include a 27th pay period. He explained the combined effect: “We provide that COLA of the 3.13% … it gets them close to where they were, but it doesn't quite make them whole in terms of what they would receive in their paycheck.”
The presentation highlighted other pressures: the city’s share of the tax levy is driven by net new construction estimated at 1.59% for 2027, which Corey said “still doesn't meet inflation” and will not close the gap with wage and insurance increases. The comptroller noted the city’s health‑insurance plan had a 95% loss ratio in 2025 but is running at about 114% year‑to‑date in 2026, and administrators provided a projection that could imply up to a 23% increase in premiums for 2027.
Committee members and staff stressed public outreach during the fall budget process and noted that the official state aid numbers will arrive in September and October to refine revenue projections. The comptroller emphasized that roughly 81% of the city’s operating budget is salaries and benefits, increasing the risk that little will remain for other priorities.
The committee will continue budget work at upcoming meetings, with a special operating budget presentation planned for Oct. 26 and formal action with council in November.
