Fitchburg, WI Committee of the Whole 6-24-26

The Fitchburg, WI Committee of the Whole meeting held on June 24, 2026, focused extensively on the city's financial management plan and tax increment financing (TIF) districts. The financial management plan presentation detailed the city's multi-year forecast of levy-supported funds, including operating budgets, capital improvement plans (CIP), and debt service. Key points included compliance with financial policies such as maintaining fund balances, debt limits, and days cash on hand for enterprise funds. The city projects a steady tax base growth of approximately 7.68% annually, with an average levy increase of 5.78% from 2027 to 2036, and discussed strategies to manage levy limits and budget gaps. The CIP includes about $98.8 million in projects planned to be funded with debt over the next decade, with the city maintaining ample borrowing capacity under its financial guidelines. The meeting also provided an in-depth overview of TIF districts, including the new residential tax increment district (RTID) type established by recent state legislation. This new RTID is designed to support owner-occupied single-family and duplex workforce housing with specific lot and building size restrictions and prohibits municipal borrowing for infrastructure costs, favoring pay-as-you-go financing. The discussion highlighted the implications of recent legislative changes on TIF district levy limit adjustments, affordable housing extensions, and eligibility criteria for project costs and incentives. No specific contract awards or vendor selections were discussed, but the meeting emphasized fiscal planning and policy considerations affecting future capital projects and economic development initiatives.