City Treasurer Lisa Johnson provided a positive picture of Hillsboro’s finances when she gave the City Council her year-end financial report for 2015 Feb. 15 during its regular monthly meeting.
She said that as of Dec. 31, the city is at 24 percent of its general obligation debt.
That general obligation debt stands at $737,637.75–a decrease of over $200,000 from the $935,854.48 total one year ago.
In accordance with Wisconsin statutes, a municipality’s total general obligation debt may not exceed five percent of the equalized value of taxable property within its jurisdiction.
According to Johnson, the total general obligation debt leaves a capacity of $2,325,577.35 through obligation. She added that standard practice entails municipalities not to exceed 50 percent of its general borrowing capacity.
Hillsboro’s total debt, which consists of the general obligation debt, the enterprise fund debt which covers water and sewer, and Community Development Authority Lease Revenue Bond debt, increased over $97,000 during the past year, to $3,337,179.99 from $3,239,449.59 one year ago.
Johnson said that on Aug. 11, the city paid in full a water sewer bond dated Sept. 1, 1995, which eliminates $26,932.49 in quarterly payments.
The city purchased two new certificates of deposit (CDs)–one for a treatment fund, the other for a collections systems fund–totaling $39,504. Hillsboro now holds 58 CDs.
In addition, the city opened two new checking accounts–one for $379,308.05 in grant dollars for last summer’s Mechanic/Harrison project and a line of credit for that project totaling $545,390.97. The city now has 10 checking accounts.
Balances in Hillsboro’s savings account totaled $1,548,975.81 as of Dec. 31–an increase of over $161,000 from the balance of $1,387,609.10 one year ago.
Johnson added that an audit of Hillsboro’s finances is set for March 21. In previous years, the audit had been conducted in January, but was rescheduled for early spring so Johnson could focus on completing the year-end financial report.
In other business, City Clerk Sheila Schraufnagel administered the oath of office to Hillsboro’s newest police officer, Bill Zirk. After the ceremony, Zirk shook hands with Council members and Mayor Greg Kubarski.
The Council approved a bid of $11,991.50 for a hinged open-box bed which will replace the bed on the city’s new Ford F350 pickup truck so it can be used as a light-duty dump truck.
It also approved a professional service agreement with MSA Professional Services for a Clean Water Fund (CWF) fiscal sustainability plan and a compliance operations manual for the city’s sewer system.
In addition, the Council approved a purchase of vacant land from former Council member Mike Clark, who resigned his position as Second Ward alderman over a year ago after moving out of the ward.
City Administrator Adam Sonntag said the move has been “six months in the making,” and that both he and the city attorney have reviewed the offer to purchase.
Sonntag estimated the attorney took 20 minutes to review the document.
Before adjourning, the Council took no action on an operator’s license because the applicant has not yet submitted proper paperwork. The Council will consider the application at its next meeting March 21.
This month’s meeting was held at the Hillsboro Public Library on High Ave., as the City Hall conference room was being prepared for voting in the Feb. 16 primary election.