2016 Audit Report at Neillsville City Council Meeting
Thursday, March 30th, 2017 -- 9:05 AM
-The Neillsville City Council heard the 2016 Audit report for the city from CliftonLarsonAllen.Some brief highlights mentioned by the auditor include the city’s healthy unrestricted fund balance. She also talked about a couple of the city’s TIF districts. TIF 2 currently has a deficit. However, the TIF was labeled as distressed back in 2016 and its life span was extended. It will continue until 2032, but based on the numbers, the TIF will make its money back within 8 years. TIF 3 is sitting near the breakeven point right now. Its normal life lasts until 2026 and the city is expected to recoup their funds within 8 years.
The city’s water and sewer plants had a mixed report. The rate of return had dropped to 2% for 2016 and 2.4% for the sewer and water plants respectively. This is compared to 4.7% and 7% for 2015. Part of this is because both plants saw higher consumption and a fluctuation in expenses and revenues for 2016.
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