Twin Lakes ahead of schedule on building reserve

tl-logoLike a homeowner dutifully paying extra on their mortgage every month, the Twin Lakes Village Board learned this week the village’s financial discipline is paying off.

A presentation from the village’s auditor David Maccoux of Schenck S.C. at Monday’s Village Board meeting included showing the village is ahead of schedule on its goal for building its financial reserve.

From a media release from the village on the topic:

At Monday night’s Regular Board Meeting, the Village of Twin Lakes’ auditors presented their findings of the 20 15 financial audit. David Maccoux of Schenck S.C. reported the Unassigned Fund Balance of the Village had reached $834,623 , or 18.6% of the Village’s operating budget. The Village of Twin Lakes reported a negative Unassigned Fund Balance from 2007 to 2011 and at its lowest was at -$172,000. After joining the Village in 2012, Administrator Jennifer Frederick asked the Board to amend their Fund Balance Policy to create an achievable goal focused on building reserves. “This has been a group effort. From the Village Board to each and every employee, a common
message has been shared prioritizing the Village’s financial position. Each department has worked hard to cut costs and evaluate spending on a monthly basis, Their efforts have allowed us to meet our goal four years early,” explains Frederick. In 2012 the Village amended the Fund Balance Policy, setting a goal of 10% reserves by 2020. After taking just three years to achieve the goal, which Frederick attributes to a reimbursement from an outstanding DNR grant, changes to employee benefits, refinancing Village debt, and reprioritizing capital equipment purchasing and methods, the Village Board amended the policy to establish a new goal of 15% by 2020. Maccoux stated Monday night that for a community the size of Twin Lakes, 20% reserves is considered ideal. The Village Board expressed a desire to continue working to meet the 20% recommended threshold. Frederick stated the Village is now in the position to receive it’s first-ever credit rating, that will optimize interest rates for future borrowings and officially designate the Village in good financial standing. Frederick informed the Board they would work for a credit rating at the next bond issuance, of which there are no current plans to borrow funds.


Comments are closed.

  • Follow us on

  • Archives