Board OKs borrowing $1.7M for street work, vehicles

By 
DAN BENSON

Ozaukee Press staff

The Saukville Village Board last week approved the sale of $1.72 million in bonds to finance street improvements, vehicle purchases and other capital projects.

The funds will be used to purchase a tractor, dump truck and sewer vacuum truck for the Department of Public Works and a grass fire truck and command vehicle for the fire department and new roof and floors for the fire station.

They also will finance an overlay of South Main Street from East Clay Street to Cedar Sauk Road, improvements to Stoney Ridge Road and other street projects.

The additional borrowing will mean the tax rate for debt service will be $2.16 per $1,000 of home value in 2023. That means the owner of a house valued at $300,000 would pay $648 in village property taxes for village debt.

The tax rate for debt service will steadily decline until it’s eliminated in 2038, according to documents submitted to trustees.

The tax rate includes existing debt, the borrowing approved last week and potential borrowing in 2025 and 2027 that’s not yet been approved by the Village Board, Village Administrator Dawn Wagner said.

Even with the new debt, the village is far short of using its full borrowing capacity.

In 2023, the village would be allowed under state guidelines to borrow up to $29.3 million but will owe just $10.22 million, or 35% of its borrowing capacity, according to figures supplied to trustees.

 

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Wisconsin’s largest paid circulation community weekly newspaper. Serving Port Washington, Saukville, Grafton, Fredonia, Belgium, as well as Ozaukee County government. Locally owned and printed in Port Washington, Wisconsin.

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