Town of Wascott, Douglas County, WI ANNU

Town of Wascott, Douglas County, WI ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2022 (Audited) The Annual Town Meeting of the electors of the Town of Wascott, Douglas County, WI, will be held in the Town Hall at 16362 S Town Hall Road, on Saturday, April 22, 2023 @ 10:00 a.m. The Order of Business will be posted. REVENUES Original Budget Final Budget Actual Amounts Town Taxes $ 738,986 $ 738,986 $ 738,986 Personal Property Taxes/Other 8,800 8,800 45,755 Intergovernmental 683,397 683,397 737,892 Licenses & Permits 6,550 6,550 8,270 Public Charges for Services 900 900 3,236 Interest Income 315 315 7,241 Donations 15,000 15,000 26,640 Miscellaneous 2,500 2,500 30,452 Proceeds from loan 140,000 140,000 119,300 Restricted Funds/Transfers 384,000 635,865 - Total Revenues $1,980,448 $2,232,313 $1,717,772 EXPENDITURES General Government 264,868 276,868 247,503 Public Safety 172,381 192,381 184,851 Highways & Streets 820,972 971,837 950,586 Health & Human Services 5,800 5,800 5,705 Culture, Recreation & Ed 7,900 14,900 13,942 Conservation & Development 2,100 2,100 2,100 Miscellaneous - - (1,448) Capital Outlay 619,000 681,000 645,889 Debt Service 87,427 87,427 84,278 Total Expenditures $1,980,448 $2,232,313 $2,133,406 Excess (Deficiency) of Revenues over Expenditures - - ($ 415,634) Net Change in Cash Fund Balance - - ($ 415,634) CASH FUND BALANCES-BEGINNING $ 861,313 $ 861,313 $ 861,313 CASH FUND BALANCES-ENDING $ 861,313 $ 861,313 $ 445,679 Respectfully submitted, Jeannette Atkinson Clerk/Treasurer Town of Wascott, Douglas County, WI ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2022 (Audited) Long-Term Debt Obligations Long-term obligations activity as of December 31, 2022, is as follows: Balance Additions Reductions Balance Due Within 2021 2022 One Year-Principal LOANS Board of Commissioners of Public Lands Fire Pumper Truck 52,023 - 16,749 35,274 17,334 Ambulance-1 37,821 - 9,007 28,814 9,300 Fire Truck Tender 184,616 28,187 156,429 29,174 Ambulance-2 - 119,300 - 119,300 Direct Borrowings & Placements Capital Lease - CAT Financial 19,721 - 19,721 - - TOTALS: $ 294,181 $119,300 $73,664 $339,817 $55,808 The loans with the Board of Commissioners of Public Lands are secured by public safety equipment. The interest rates range from 3.25% to 4.50%. The maturity dates of the loans range from March 15, 2024 thru March 15, 2032. The annual debt service requirements to maturity for long-term debt outstanding are as follows for the years ending December 31: Loans-Board of Commissioners of Public Lands Year Principal Interest 2023 55,808 7,646 2024 67,133 12,983 2025 52,881 8,665 2026 44,589 6,721 2027 46,272 5,039 2028 13,361 3,300 2029 13,972 2,690 2030 14,600 2,061 2031 15,258 1,404 2032 15,943 719 Total $ 339,817 $ 51,228 Legal Debt Limit The Wisconsin State Statutes Chapter 67.03 provides that the amount of indebtedness of the Town of Wascott not exceed 5% of the equalized valuation of the taxable property in the Town of Wascott. At December 31, 2022, the Town’s debt limit amounted to $22,041,920 and long-term indebtedness subject to the limitation totaled $339,817. (April 14, 2023) WNAXLP 212625