Special Council Meeting on Nov 21 to Tackle 2024 Budget Balancing Act
MARSHFIELD, WI (OnFocus) – The City of Marshfield is confronting financial hurdles as it deals with a drop in revenue linked to recalculation of Payment in Lieu of Taxes (PILOT) from Marshfield Utilities. This financial strain will take center stage at a Special Common Council Meeting on Tuesday, November 21, 2023, kicking off around 6:00 p.m. after the Marshfield Utilities Commission meeting.
The PILOT payment is calculated under State Statute, based on factors including assessed value and tax rate. Learn more about what a PILOT Payment is HERE.
City Administrator Steve Barg will present a report outlining the financial impact and propose resolutions to address the budgetary challenges. A crucial proposal on the table is Resolution No. 2023-61, which aims to set the 2024 budget and determine the amount to be raised by taxation for city purposes. The proposed 2024 adopted budget (excluding Marshfield Utilities) is $52,117,277. The resolution suggests raising $15,678,884 through taxation for City purposes, with a corresponding tax rate of $7.8564924 per One Thousand Dollars of assessed valuation.
However, a snag in the process exists as the presented resolution conflicts with the previously adopted version, leaving a blank space for the 2024 adopted budget amount. The Council must decide whether to greenlight the proposed resolution as is or make amendments. Alternatively, they may opt to set a special meeting for Tuesday, November 28th, at 5:00 p.m. to discuss changes to the 2024 budget before finalizing the required resolution.
The budget decisions ahead will impact vital services and projects in Marshfield. Residents and stakeholders are urged to stay informed and participate in the decision-making process as the City grapples with budgetary challenges, ensuring a balanced budget that meets community needs while navigating unforeseen financial hurdles. The meeting will be streamed on the City’s network here.
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Author: News Desk
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