Marshfield Common Council Hears Financial Management Plan

Monday, January 20th, 2025 -- 10:00 AM

At the Marshfield Common Council meeting last week, Kayla Thorpe of Ehlers presented a financial management plan.

 Thorpe provided objectives at the meeting including:

• Capital and general fund projects

• Projection of upcoming tax rates

• The impact on levy limits

• The City's fund balance

• Update with Tax Incremental Finance Districts (TIF)

The City's general obligation debt is approximately $58,798,333, but taxpayers don't all pay this amount. Annually, the City levy is approximately $4.8 million for debt.

The breakdown for a property owner is $2.36 per $1000 of equalized value towards the City's obligation debt. The projection to keep services the same will increase by approximately 1.5 to 2 million annually due to inflation of approximately 5%.

This doesn't include anything new, and property tax is kept flat. According to projections from Ehlers' presentation, this will possibly cause a levy gap in 2026 and beyond.

The general fund is subject to levy limits, but general obligation debt is not. Ongoing considerations were shared:

• Look for new revenue-generating services.

• Look at a possible decrease in services.

• Capital project prioritization plan.

• Review debt levels.

• Review the public safety needs of the community.

• Overworking current staff in some departments, causing fatigue and mistakes without enough staff to do the work.

• Continue to promote economic development to increase net new construction.

• Survey the public on current and future services.

The City's current Moody's credit rating is Aa3, which is healthy within Moody's standards.

Feel free to contact us with questions and/or comments.