Village Board

***VILLAGE BOARD MINUTES*** January 7, 2025 SAUKVILLE POLICE DEPARTMENT and VIA ZOOM 649 E. GREEN BAY AVE., SAUKVILLE, WI 53080 Village President Andy Hebein called the meeting to order at 6:45 p.m. Julie Friede gave the Statement of Public Notice. Members: Andy Hebein-present, Jim Nowlen-present, William Rudolph-absent, Jesse Duckart-absent, Pamela Duckart-present, Wendy Smith-present and Brandon Ashley-present. Others Present: Dawn Wagner, Julie Friede, Greg Johnson – Ehlers, Kayle Thorpe - Ehlers, Ian McCain – Ansay, Tom Meaux – Ansay, Angie Sikowski – Ansay and Michael Babcock – Ozaukee Press PLEDGE OF ALLEGIANCE CITIZEN COMMENTS AND QUESTIONS None. APPROVE MINUTES OF DECEMBER 3, 2024. Nowlen/Ashley made a motion to approve minutes of December 3, 2024. Motion Carried. COMMUNICATIONS REPORT FROM THE VILLAGE PRESIDENT None. REPORT FROM THE VILLAGE ADMINISTRATOR None. ORDINANCES – RESOLUTIONS –PETITIONS Thorpe provided the Sale Day Report for $2,540,000 General Obligation Promissory Notes, Series 2025A (attached) Resolution #1417 – Resolution Authorizing the Issuance and Sale of $2,575,000 General Obligation Promissory Notes, Series 2025A Smith/P. Duckart made a motion to waive the reading of Resolution #1417 – Resolution Authorizing the Issuance and Sale of $2,575,000 General Obligation Promissory Notes, Series 2025A. Motion Carried. Nowlen/Ashley made a motion to approve Resolution #1417 – Resolution Authorizing the Issuance and Sale of $2,575,000 General Obligation Promissory Notes, Series 2025A. Motion Carried. REPORTS OF VILLAGE BOARD COMMITTEES Utility Committee No Report. Public Works/Cemetery Committee P. Duckart reported on Meeting of December 17, 2024. Public Safety Committee Next Meeting Scheduled for January 28, 2025. Finance Committee Hebein reported on the Meeting of January 7, 2025. Approved Claims for November and December 2024 in the Amount of $1,082,905.75. Review and Possible Motion Regarding a Recommendation to the Village Board for the Approval of the Consent to Collateral Assignment of Development Agreement (Northern Gateway). Smith/Nowlen made a motion to Approve the Consent to Collateral Assignment of Development Agreement (Northern Gateway). Motion Carried. Review and Possible Motion Regarding a Recommendation to the Village Board for the Approval of the Consent to Collateral Assignment of MRO (Northern Gateway). Ashley/Smith made a motion to Approve the Consent to Collateral Assignment of MRO (Northern Gateway). Motion Carried. DPW-WWTF Expansion Site Evaluation (Ruekert-Mielke). Nowlen/Ashley made a motion to approve the DPW-WWTF Expansion Site Evaluation (Ruekert-Mielke). Motion Carried. REPORTS OF SPECIAL COMMITTEES Plan Commission Hebein reported on the Meeting of January 7, 2025. Approval for the Certificate of Compliance – Planning & Zoning for Love Esthetics LLC at 460 E. Green Bay Ave., submitted by Sidney Miller contingent final review/approval by the Building Inspector and a Suite is identified for the location. Approval for the Certificate of Compliance – Planning & Zoning for Nail & Hair by Bri LLC at 460 E. Green Bay Ave., submitted by Brianna M. Dallgas contingent upon final review/approval by the Building Inspector and a Suite is identified for the location. Community Development Authority/Industrial Review Committee No Report. Library Board Next Meeting Scheduled January 14, 2025. Mid-Moraine Municipal Association Next Meeting Scheduled January 8, 2025. LIQUOR LICENSE APPROVALS None. CITIZEN MATTERS AS NOTICED None. ADJOURNMENT Smith/Nowlen made a motion to adjourn. Motion carried at 7:31 p.m. Julie Friede Village Clerk January 7, 2025 SALE DAY REPORT FOR: Village of Saukville, Wisconsin $2,540,000 General Obligation Promissory Notes, Series 2025A Prepared by: Greg Johnson, Ehlers Senior Municipal Advisor N19W24400 Riverwood Drive, Suite 100 Kayla Thorpe, Waukesha, WI 53188 Associate Municipal Advisor BUILDING COMMUNITIES. IT’S WHAT WE DO.  Competitive Sale Results PURPOSE: For public purposes, including paying the cost of municipal equipment, playground equipment, street improvements, water system improvements and facility improvements RATING: Moody's Investor's Service "Aa3" NUMBER OF BIDS: 8 LOW BIDDER: BOK Financial Securities, Inc., Milwaukee, Wisconsin COMPARISON FROM LOWEST TO HIGHEST BID: (TIC as bid) LOW BID: 3.4198% HIGH BID: 3.5894% Summary of Sale Results: Principal Amount: $2,540,000 Underwriter’s Discount: $19,383 Reoffering Premium: $167,008 True Interest Cost: 3.4233% Costs of Issuance: $70,960 Yield: 3.10%-3.40% Total Net P&I $3,031,624 NOTES: The total net principal and interest is $47,191 less than the pre-sale estimate. Bond Trust Services Corporation, Roseville, Minnesota will serve as Paying Agent on the Notes. The Notes maturing March 1, 2033, and thereafter are callable March 1, 2032, or any date thereafter. CLOSING DATE: January 23, 2025 VILLAGE BOARD Adopt a resolution awarding the sale of $2,540,000 General ACTION: Obligation Promissory Notes, Series 2025A. Sale Day Report for Village of Saukville, Wisconsin 1  SUPPLEMENTARY ATTACHMENTS • Bid Tabulation • Village CIP List • Water CIP List • Sewer CIP List • Summary of Existing Debt • Sources and Uses of Funds • Updated Debt Service Schedules • Tax Impact Schedule • Water All in Coverage • G.O. Debt Capacity • Rating Report Sale Day Report for Village of Saukville, Wisconsin 2  BID TABULATION $2,575,000* General Obligation Promissory Notes, Series 2025A Village of Saukville, Wisconsin SALE: January 7, 2025 AWARD: BOK FINANCIAL SECURITIES, INC. Rating: Moody's Investor's Service "Aa3" Tax Exempt - Bank Qualified TRUE MATURITY COUPON REOFFERING INTEREST NAME OF BIDDER (March 1) RATE YIELD PRICE RATE BOK FINANCIAL SECURITIES, INC. $2,728,906.90 3.4198% Milwaukee, Wisconsin 2026 5.000% 3.100% Stifel, Nicolaus & Co 2027 5.000% 3.100% 2028 5.000% 3.150% 2029 5.000% 3.200% 2030 5.000% 3.200% 2031 5.000% 3.200% 2032 5.000% 3.200% 2033 4.000% 3.250% 2034 4.000% 3.300% 2035 4.000% 3.400% TD SECURITIES (USA) LLC 3.4291% New York, New York BAIRD 3.4751% Milwaukee, Wisconsin NORTHLAND SECURITIES, INC. 3.5447% Minneapolis, Minnesota BERNARDI SECURITIES, INC. 3.5468% Chicago, Illinois * Subsequent to bid opening the issue size was decreased to $2,540,000. Adjusted Price: $2,687,624.93 Adjusted Net Interest Cost: $491,623.68 Adjusted TIC: 3.4233%  TRUE INTEREST NAME OF BIDDER RATE RAYMOND JAMES & 3.5494% ASSOCIATES, INC. St. Petersburg, Florida HILLTOPSECURITIES 3.5567% Dallas, Texas BANKERS' BANK 3.5894% Madison, Wisconsin Bid Tabulation January 7, 2025 Village of Saukville, Wisconsin $2,575,000* General Obligation Promissory Notes, Series 2025A Page 2 Table 1 Village Capital Improvement Plan & Funding Uses Village of Saukville, WI Projects Purpose/Dept. Plan Issue Funding 2024 2025 2026 2027 2028 2029 Totals VENTRAC DPW 2023/2024 Borrowing 85,000 85,000 2005 MORBARK CHIPPER DPW 2027 G.O. Notes G.O. Debt 55,000 55,000 2018 TORO 4000-D LAWN TRACTOR DPW Capital Fund (Levy) 80,000 80,000 2017 TORO - ZERO TURN 72" DPW Capital Fund (Levy) 17,000 17,000 2006 NEW HOLLAND LOADER DPW 2027 G.O. Notes G.O. Debt 300,000 300,000 2004 CAT 257B - SKID STEER LOADER DPW 2025 G.O. Notes G.O. Debt 100,000 100,000 2001 BUCKET TRUCK DPW 2025 G.O. Notes G.O. Debt 35,000 35,000 2017 FORD F-350 4X4 DPW Capital Fund (Levy) 60,000 60,000 2017 F-350 (4X4 Flat Bed) w/PLOW & SALTER DPW Capital Fund (Levy) 60,000 60,000 2016 FORD F-350 PICK UP DPW Capital Fund (Levy) 55,000 55,000 2011 FORD 550 4x2 DUMP TRUCK DPW Capital Fund (Levy) 45,000 45,000 2016 FORD 550 4X4 DUMP TRUCK w/PLOW DPW 2025 G.O. Notes G.O. Debt 100,000 100,000 2015 MACK TANDEM DUMP TRUCK DPW 2029 G.O. Notes G.O. Debt 300,000 300,000 2011 INTERNATIONAL DUMP TRUCK DPW 2023/2024 Borrowing 140,000 140,000 2013 MACK TANDEM - DUMP TRUCK DPW 2027 G.O. Notes G.O. Debt 300,000 300,000 2011 FORD SERVICE VAN (Custodian) DPW Capital Fund (Levy) 20,000 20,000 2025 FRONT END LOADER DPW 2025 G.O. Notes G.O. Debt 300,000 300,000 2027 ADDITIONAL PICKUP TRUCK (TBD) DPW Capital Fund (Levy) 60,000 60,000 2027 ADDITIONAL LAWNMOWER (TBD) DPW Capital Fund (Levy) 20,000 20,000 DPW BUILDING DPW Impact Fees 35,500 35,500 S MAIN ST OVERLAY (Clay - Cedar Sauk) Street 2027 G.O. Notes G.O. Debt 150,000 150,000 DRIES STREET (Stoney Ridge Way to Heilman) Street 2029 G.O. Notes G.O. Debt 300,000 300,000 CLAY STREET - (Including Ulao Street) Street 2027 G.O. Notes G.O. Debt 800,000 800,000 PROGRESS DRIVE Street 2029 G.O. Notes G.O. Debt 300,000 300,000 COTTONTAIL LANE Street 2023/2024 Borrowing 88,000 88,000 HOLLYBROOK & WHITEGATE (E. OF COLONIAL) Street 2025 G.O. Notes G.O. Debt 630,000 630,000 STH 33 - PARKING LANES Street 2027 G.O. Notes G.O. Debt 60,000 60,000 TBD Street 2023/2024 Borrowing 75,000 75,000 TBD Street 2025 G.O. Notes G.O. Debt 100,000 100,000 TBD Street 2027 G.O. Notes G.O. Debt 100,000 100,000 PREVENTATIVE MAINTENANCE Street Capital Fund (Levy) 45,000 50,000 55,000 60,000 65,000 70,000 345,000 COLUMBARIUM PROJECT Cemetery 2023/2024 Borrowing 45,000 45,000 FLAGPOLE Cemetery Capital Fund (Levy) 5,300 5,300 DRIVEWAY UPGRADES Cemetery 2027 G.O. Notes G.O. Debt 50,000 50,000 RESTROOM ENHANCEMENT Grady Park Capital Fund (Levy) 5,000 5,000 REBUILD BASEBALL FIELDS (3) Grady Park Capital Fund (Levy) 10,000 10,000 20,000 PLAYGROUND EQUIPMENT -UPDATES Grady Park 2025 G.O. Notes G.O. Debt 140,000 140,000 CONCESSION - ROOF Grady Park 2027 G.O. Notes G.O. Debt 35,000 35,000 CONCESSION BUILDING - RESTROOMS Quade Park 2027 G.O. Notes G.O. Debt 275,000 275,000 CONCESSION BUILDING - RESTROOMS - DESIGN Quade Park 2027 G.O. Notes G.O. Debt 15,000 15,000 ROOF Quade Park 2025 G.O. Notes G.O. Debt 40,000 40,000 PICNIC TABLE SHELTER Friendship Park Donation 18,000 18,000 NEW PLAYGROUND EQUIP Schowalter Park Donation 31,000 31,000 2019 FORD UTILITY #419 138,000 MILES Police Capital Fund (Levy) 77,100 77,100 2020 CHEVY TAHOE #420 94,000 MILES Police Capital Fund (Levy) 79,035 79,035 2021 CHEVY TAHOE #521 60,000 MILES Police Capital Fund (Levy) 78,500 78,500 2023 FORD UTILITY #1219 3,000 MILES Police Capital Fund (Levy) 82,000 82,000 2023 CHEVY TAHOE #1123 16,000 MILES Police Capital Fund (Levy) 85,500 85,500 2024 CHEVY TAHOE #924 100 MILES Police Capital Fund (Levy) 89,000 89,000 WINDOWS Library 2027 G.O. Notes G.O. Debt 25,000 25,000 DOORS Library Grants 15,000 15,000 AUTOMATED ENTRANCE EQUIPMENT Library Grants 2,000 2,000 HVAC - MECHANICALS (Furnace) 4 Units Library 2025 G.O. Notes G.O. Debt 30,000 30,000 HVAC - MECHANICALS (AC) 4 Units Library 2025 G.O. Notes G.O. Debt 30,000 30,000 IT SYSTEM UPGRADES Library Capital Fund (Levy) 45,000 45,000 BATHROOMS (3) Library 2027 G.O. Notes G.O. Debt 80,000 80,000 FURNITURE/SPACE UPGRADES Library 2027 G.O. Notes G.O. Debt 60,000 60,000 INTERIOR SIGNAGE & SHELVING Library Library Reserves 6,000 6,000 FLOORING (Breakroom) Library Library Reserves 1,700 1,700 BASEMENT STORAGE ROOMS Library Capital Fund (Levy) 20,000 20,000 INTERIOR PAINTING Library Capital Fund (Levy) 25,000 25,000 GARAGE DOOR - REPLACEMENT Admin 2023/2024 Borrowing 17,000 17,000 WINDOW REPLACEMENT Admin 2025 G.O. Notes G.O. Debt 23,000 23,000 LED LIGHTING UPGRADE (Exterior Lights & Fixtures) Admin 2027 G.O. Notes G.O. Debt 24,000 24,000 VILLAGE HALL-FLOORING Admin Capital Fund (Levy) 8,000 8,000 INTERIOR LIGHTS & CEILING TILE UPGRADE Admin Capital Fund (Levy) 10,000 10,000 Actual CIP Costs 673,300 1,207,335 751,500 2,526,000 430,500 1,119,000 6,707,635 2024 2025 2026 2027 2028 2029 Totals Sources of Funding G.O. Debt 0 988,000 540,000 2,194,000 135,000 900,000 4,757,000 Impact Fees 35,500 0 0 0 0 0 35,500 2023/2024 Borrowing 450,000 0 0 0 0 0 450,000 Grants 17,000 0 0 0 0 0 17,000 Donation 31,000 0 18,000 0 0 0 49,000 Capital Fund (Levy) 132,100 219,335 193,500 332,000 295,500 219,000 1,391,435 Library Reserves 7,700 0 0 0 0 0 7,700 Total 673,300 1,207,335 751,500 2,526,000 430,500 1,119,000 6,707,635 Table 2 Capital Improvement Plan & Funding Uses (Water) Village of Saukville, WI Projects Plan Issue Funding 2024 2025 2026 2027 2028 2029 Totals 2015 CHEVY 4X4 Cash 25,000 25,000 2016 FORD 550 TRUCK Cash 75,000 75,000 2018 DODGE 4X4 1500 Cash 25,000 25,000 2017 DODGE 4X4 Cash 28,000 28,000 2019 KUBOTA 1211 LAWN MOWER Cash 9,500 9,500 2015 SKID STEER - BRUSH CUTTER Cash 4,500 4,500 2015 KUBOTA UTILITY CART Cash 8,000 8,000 WELL #1 PUMP REPLACEMENT/CHEMICAL TREAT Cash 60,000 60,000 WELL #4 PUMP REPLACEMENT/CHEMICAL TREAT Cash 60,000 60,000 WELL #3 PUMP REPLACEMENT/CHEMICAL TREAT Cash 60,000 60,000 WATER METER REPLACEMENT Cash 40,000 40,000 40,000 120,000 WELL #5 PUMP REPLACEMENT/CHEMICAL TREAT Cash 50,000 50,000 N MILL STREET - PIPEBURST - ETC. 2029 G.O. Notes G.O. Debt 900,000 900,000 S. MAIN - WATER MAIN RELAY & LATERAL REPLACEMENT 2027 Revenue Bonds Revenue Debt 1,450,000 1,450,000 CLAY STREET - (Including Ulao Street) 2027 Revenue Bonds Revenue Debt 450,000 450,000 HOLLYBROOK & WHITEGATE 500 BLOCK 2025 G.O. Notes G.O. Debt 577,500 577,500 STH 33 EASTSIDE WATERLOOP DESIGN AND ENGINEERING 2025 G.O. Notes G.O. Debt 400,000 400,000 STH 33 EASTSIDE WATERLOOP CONSTRUCTION 2026 Revenue Bonds Revenue Debt 2,250,000 2,250,000 WELL #5 - IRON FILTER TREATMENT PLANT 2027 Revenue Bonds Revenue Debt 2,625,000 2,625,000 Actual CIP Costs 40,000 1,059,500 2,365,000 4,168,000 585,000 960,000 9,177,500 Sources of Funding G.O. Debt 0 977,500 0 0 0 900,000 1,877,500 Revenue Debt 0 0 2,250,000 4,075,000 450,000 0 6,775,000 Cash 40,000 82,000 115,000 93,000 135,000 60,000 525,000 Total 40,000 1,059,500 2,365,000 4,168,000 585,000 960,000 9,177,500 Table 3 Capital Improvement Plan & Funding Uses (Sewer) Village of Saukville, WI Projects Plan Issue Funding 2024 2025 2026 2027 2028 2029 Totals CT 60 GENERATOR SET Cash 85,000 85,000 2015 CHEVY 4X4 Cash 25,000 25,000 2016 FORD 550 TRUCK Cash 75,000 75,000 2018 DODGE 4X4 1500 Cash 25,000 25,000 2017 DODGE 4X4 Cash 28,000 28,000 2019 KUBOTA 1211 LAWN MOWER Cash 9,500 9,500 2015 SKID STEER - BRUSH CUTTER Cash 4,500 4,500 2015 KUBOTA UTILITY CART Cash 8,000 8,000 BIOSOLIDS HANDLING PLAN/STUDY Cash 25,000 25,000 N MILL STREET - PIPEBURST - ETC. Cash 900,000 900,000 S. MAIN - SEWER MAIN RELAY & LATERAL REPAIRS 2027 G.O. Notes G.O. Debt 1,450,000 1,450,000 CLAY STREET - (Including Ulao Street) Cash 125,000 125,000 HOLLYBROOK & WHITEGATE 500 BLOCK Cash 100,000 100,000 FOREST RIDGE - S Main to Deer Pass ARPA 115,000 115,000 COLLECTIONS REPLACEMENT FUND Cash 57,000 57,000 57,000 57,000 57,000 57,000 342,000 Actual CIP Costs 172,000 224,000 82,000 1,625,000 257,000 957,000 3,317,000 Sources of Funding G.O. Debt 0 0 0 1,450,000 0 0 1,450,000 ARPA 115,000 0 0 0 0 0 115,000 Cash 57,000 224,000 82,000 175,000 257,000 957,000 1,752,000 Total 172,000 224,000 82,000 1,625,000 257,000 957,000 3,317,000 Table 4 Existing G.O. Debt Base Case Village of Saukville, WI Existing Debt Total G.O. Equalized Annual Taxes Year Debt Less: Less: Less: Less: Value Tax Rate $300,000 Year Ending Payments Water Sewer Premium Impact Fees Net Tax Levy (TID OUT) Per $1,000 Home Ending 2024 1,812,406 (406,945) (49,363) (100,100) (20,000) 1,235,999 629,064,500 $1.96 $589 2024 2025 1,659,204 (309,774) (48,238) (7,135) (52,500) 1,241,558 629,951,000 $1.97 $591 2025 2026 1,552,611 (313,153) (52,025) (52,500) 1,134,934 644,952,337 $1.76 $528 2026 2027 1,526,988 (301,150) (50,688) (52,500) 1,122,650 660,310,908 $1.70 $510 2027 2028 1,362,188 (205,525) 0 (52,500) 1,104,163 676,035,221 $1.63 $490 2028 2029 885,313 (191,425) 693,888 692,133,984 $1.00 $301 2029 2030 874,225 (192,350) 681,875 708,616,116 $0.96 $289 2030 2031 589,125 (143,375) 445,750 725,490,744 $0.61 $184 2031 2032 486,550 (144,550) 342,000 742,767,217 $0.46 $138 2032 2033 420,975 (145,575) 275,400 760,455,102 $0.36 $109 2033 2034 146,450 (146,450) 0 778,564,198 $0.00 $0 2034 2035 147,175 (147,175) 0 797,104,536 $0.00 $0 2035 2036 0 0 0 816,086,383 $0.00 $0 2036 Total 11,463,209 (2,647,446) (200,313) (107,235) (230,000) 8,278,215 Total Notes: Legend: Represents +/- 25% Change over previous year Table 5 Sources and Uses Village of Saukville, WI 2025 Village Water G.O. Notes Projects Projects Portion Portion CIP Projects Village Projects 1,529,123 1,529,123 Water Projects 977,500 977,500 Subtotal Project Costs 2,506,623 1,529,123 977,500 CIP Projects 2,506,623 1,529,123 977,500 Premium Underwriter's Premium (built into rates) (167,008) (106,918) (60,090) Premium Deppsit To Debt Service 147,625 95,090 52,535 Estimated Issuance Expenses Municipal Advisor 27,100 17,033 10,067 Bond Counsel 17,280 10,545 6,735 Disclosure Counsel 11,230 6,853 4,377 Rating Fee 14,500 8,848 5,652 Underwriter's Discount 7.63 19,383 11,828 7,555 Paying Agent 850 519 331 Subtotal Issuance Expenses 90,343 55,626 34,717 TOTAL TO BE FINANCED 2,577,583 1,572,920 1,004,662 Estimated Interest Earnings 3.00% (37,583) (22,920) (14,663) Assumed spend down (months) 6.00 Rounding - (0) 0 NET ISSUE SIZE 2,540,000 1,550,000 990,000 PRE-SALE ESTIMATE 2,575,000 1,570,000 1,005,000 DIFFERENCE (35,000) (20,000) (15,000) Table 6 Allocation of Debt Service - 2025 G.O. Notes Village of Saukville, WI Year Village Projects Portion Water Projects Portion Year Totals Ending Principal Rate Interest Premium Net Total Principal Rate Interest Premium Net Total Ending Principal (3/1) Interest Premium Net Total 2025 0 0 2025 0 0 0 0 2026 140,000 5.00% 117,077 (95,090) 161,988 100,000 5.00% 71,596 (52,535) 119,061 2026 240,000 188,674 (147,625) 281,049 2027 165,000 5.00% 63,975 228,975 80,000 5.00% 39,150 119,150 2027 245,000 103,125 0 348,125 2028 5,000 5.00% 59,725 64,725 85,000 5.00% 35,025 120,025 2028 90,000 94,750 0 184,750 2029 330,000 5.00% 51,350 381,350 90,000 5.00% 30,650 120,650 2029 420,000 82,000 0 502,000 2030 210,000 5.00% 37,850 247,850 95,000 5.00% 26,025 121,025 2030 305,000 63,875 0 368,875 2031 375,000 5.00% 23,225 398,225 100,000 5.00% 21,150 121,150 2031 475,000 44,375 0 519,375 2032 85,000 5.00% 11,725 96,725 105,000 5.00% 16,025 121,025 2032 190,000 27,750 0 217,750 2033 80,000 4.00% 8,000 88,000 110,000 4.00% 11,200 121,200 2033 190,000 19,200 0 209,200 2034 80,000 4.00% 4,800 84,800 110,000 4.00% 6,800 116,800 2034 190,000 11,600 0 201,600 2035 80,000 4.00% 1,600 81,600 115,000 4.00% 2,300 117,300 2035 195,000 3,900 0 198,900 Total 1,550,000 379,327 (95,090) 1,834,238 990,000 259,921 (52,535) 1,197,386 Total 2,540,000 639,249 (147,625) 3,031,624 Notes: PRE-SALE ESTIMATE 3,078,815 DIFFERENCE (47,191) Table 7 Financing Plan Tax Impact Village of Saukville, WI Existing Debt Proposed Debt 2025 G.O. Notes 2027 G.O. Notes 2029 G.O. Notes Abatements Debt Service Levy Taxes Net Debt Equalized 2,540,000 3,900,000 1,885,000 Total Levy Change Total Tax Annual Taxes Year Service Value Dated: 1/23/2025 Dated: 3/1/2027 Dated: 3/1/2029 Less: Less: Net Debt from Prior Rate for $300,000 Year Ending Levy (TID OUT) Total Net P&I Total P&I Total P&I Sewer Water Service Levy Year Debt Service Home Ending 5% 5% 2024 1,235,999 629,064,500 0 0 0 0 0 1,235,999 $1.96 $589 2024 2025 1,241,558 629,951,000 0 0 0 0 0 1,241,558 5,559 $1.97 $591 2025 2026 1,134,934 644,952,337 281,049 0 0 0 (119,061) 1,296,921 55,363 $2.01 $603 2026 2027 1,122,650 660,310,908 348,125 0 0 0 (119,150) 1,351,625 54,704 $2.05 $614 2027 2028 1,104,163 676,035,221 184,750 365,625 0 (185,250) (120,025) 1,349,263 (2,363) $2.00 $599 2028 2029 693,888 692,133,984 502,000 459,375 0 (188,000) (120,650) 1,346,613 (2,650) $1.95 $584 2029 2030 681,875 708,616,116 368,875 474,875 292,500 (191,750) (284,150) 1,342,225 (4,388) $1.89 $568 2030 2031 445,750 725,490,744 519,375 552,250 271,750 (195,000) (256,025) 1,338,100 (4,125) $1.84 $553 2031 2032 342,000 742,767,217 217,750 581,000 262,250 (197,750) (251,150) 954,100 (384,000) $1.28 $385 2032 2033 275,400 760,455,102 209,200 568,250 252,750 (200,000) (246,575) 859,025 (95,075) $1.13 $339 2033 2034 0 778,564,198 201,600 555,000 248,125 (201,750) (237,425) 565,550 (293,475) $0.73 $218 2034 2035 0 797,104,536 198,900 546,125 238,375 (203,000) (233,175) 547,225 (18,325) $0.69 $206 2035 2036 0 816,086,383 0 531,625 228,625 (203,750) (111,125) 445,375 (101,850) $0.55 $164 2036 2037 0 855,416,914 0 497,125 218,875 (184,500) (106,375) 425,125 (20,250) $0.50 $149 2037 2038 0 875,787,384 0 0 160,375 0 (52,875) 107,500 (317,625) $0.12 $37 2038 2039 0 896,642,945 0 0 240,875 0 (138,375) 102,500 (5,000) $0.11 $34 2039 Total 8,278,215 3,031,624 5,131,250 2,414,500 (1,950,750) (2,396,136) Total Notes: Table 8 Water Debt Coverage Metrics Village of Saukville, WI Water All In Coverage (with PILOT) Existing Year G.O. Debt 2025 G.O. Debt Total Debt Coverage Year 618,887 2023 Net Revenues 2024 406,945 0 406,945 1.52 2024 2025 309,774 0 309,774 2.00 2025 2026 313,153 119,061 432,214 1.43 2026 2027 301,150 119,150 420,300 1.47 2027 2028 205,525 120,025 325,550 1.90 2028 2029 191,425 120,650 312,075 1.98 2029 2030 192,350 121,025 313,375 1.97 2030 2031 143,375 121,150 264,525 2.34 2031 2032 144,550 121,025 265,575 2.33 2032 2033 145,575 121,200 266,775 2.32 2033 2034 146,450 116,800 263,250 2.35 2034 2035 147,175 117,300 264,475 2.34 2035 Total 2,647,446 1,197,386 3,844,832 Total Table 9 General Obligation Debt Capacity Analysis - Impact of Financing Plan Village of Saukville, WI Existing Debt Proposed Debt Projected Existing Combined Principal Year Equalized Principal Existing Year Ending Value (TID IN) Debt Limit Outstanding % of Limit 2025 G.O. Notes 2027 G.O. Notes 2029 G.O. Notes & Proposed % of Limit Residual Capacity Ending 2024 674,375,000 33,718,750 8,705,000 26% $8,705,000 26% $25,013,750 2024 2025 698,436,128 34,921,806 7,270,000 21% 2,540,000 $9,810,000 28% $25,111,806 2025 2026 723,355,736 36,167,787 5,905,000 16% 2,300,000 $8,205,000 23% $27,962,787 2026 2027 749,164,455 37,458,223 4,530,000 12% 2,055,000 3,900,000 $10,485,000 28% $26,973,223 2027 2028 775,894,007 38,794,700 3,285,000 8% 1,965,000 3,825,000 $9,075,000 23% $29,719,700 2028 2029 803,577,247 40,178,862 2,490,000 6% 1,545,000 3,550,000 1,885,000 $9,470,000 24% $30,708,862 2029 2030 832,248,202 41,612,410 1,685,000 4% 1,240,000 3,245,000 1,730,000 $7,900,000 19% $33,712,410 2030 2031 861,942,112 43,097,106 1,145,000 3% 765,000 2,845,000 1,540,000 $6,295,000 15% $36,802,106 2031 Notes:  U.S. Public Finance CREDIT OPINION Village of Saukville, WI 30 December 2024 Update to credit analysis Summary Saukville, WI (Aa3) benefits from a robust financial position and solid local economy, which are balanced against an institutional structure that provides for limited revenue-raising flexibility and resident income that trails medians. Leverage will increase given additional borrowing plans to address capital needs. Contacts Karen Liu +1.312.706.9984 Credit strengths Associate Lead Analyst karen.liu@moodys.com » Robust available reserves and liquidity Gera M. McGuire +1.214.979.6850 » Solid and growing economic base in proximity to Milwaukee Associate Managing Director gera.mcguire@moodys.com Credit challenges CLIENT SERVICES » Regional economic growth slightly trails similarly rated peers Americas 1-212-553-1653 » Limited revenue raising flexibility due to state-imposed levy limits Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 Rating outlook EMEA 44-20-7772-5454 We do not assign outlooks to local government issuers with this amount of debt. Factors that could lead to an upgrade » Strengthening of economic indicators to levels in line with Aa2 rated peers, such as resident income to near 120% » Ability to maintain long-term liabilities at around 200% of revenue and fund balance above 50% while addressing major capital needs from its long-term capital plan Factors that could lead to a downgrade » Development of structural imbalance between revenue and expenses, or material deterioration of available fund balance to levels approaching 35% of revenue » Substantial growth in long-term liabilities nearing 300% of revenue  Moody's Ratings U.S. Public Finance Key indicators Exhibit 1 Saukville (Village of) WI 2020 2021 2022 2023 Aa Medians Economy Resident income ratio (%) 93.9% 101.9% 91.3% 105.5% 114.1% Full Value ($000) $500,512 $523,835 $570,432 $635,915 $2,888,367 Population 4,448 4,294 4,274 4,268 22,430 Full value per capita ($) $112,525 $121,992 $133,465 $148,996 $125,640 Annual Growth in Real GDP -4.0% 4.3% 2.7% 1.4% 2.0% Financial Performance Revenue ($000) $8,753 $9,028 $9,756 $11,470 $52,335 Available fund balance ($000) $7,808 $9,292 $10,788 $11,816 $29,526 Net unrestricted cash ($000) $10,059 $11,878 $12,739 $15,814 $41,432 Available fund balance ratio (%) 89.2% 102.9% 110.6% 103.0% 57.1% Liquidity ratio (%) 114.9% 131.6% 130.6% 137.9% 79.6% Leverage Debt ($000) $12,417 $11,920 $11,550 $14,097 $37,305 Adjusted net pension liabilities ($000) $7,178 $9,142 $8,656 $4,420 $45,496 Adjusted net OPEB liabilities ($000) $0 $0 $0 $0 $4,376 Other long-term liabilities ($000) $312 $297 $286 $295 $1,726 Long-term liabilities ratio (%) 227.4% 236.6% 210.0% 164.0% 210.2% Fixed costs Implied debt service ($000) $1,043 $889 $836 $807 $2,477 Pension tread water contribution ($000) $105 $74 $82 $215 $1,199 OPEB contributions ($000) $0 $0 $0 $0 $179 Implied cost of other long-term liabilities ($000) $21 $22 $21 $20 $115 Fixed-costs ratio (%) 13.4% 10.9% 9.6% 9.1% 9.6% For definitions of the metrics in the table above please refer to the US Cities and Counties Methodology or see the Glossary in the Appendix below. Metrics represented as N/A indicate the data were not available at the time of publication. The medians come from our most recently published US Cities and Counties Median Report. The real GDP annual growth metric cited above is for the Milwaukee-Waukesha, WI Metropolitan Statistical Area Metropolitan Statistical Area. Sources: US Census Bureau, Saukville (Village of) WI’s financial statements and Moody’s Ratings, US Bureau of Economic Analysis Profile The Village of Saukville is situated in Ozaukee County, located about 25 miles north of Milwaukee (A3 stable). The village is governed by a seven-member board and provides municipal services to around 4,300 residents. Detailed credit considerations Saukville, WI benefits from a robust financial position. The village's business-type activities are comprised of its water and wastewater utilities, making up 35% of total revenue and nearly half of its liquidity. The village's resident income trails medians, but full value per capita is strong. Management reports that there are several residential and commercial developments underway, including a new business park and a sports complex facility. The village is currently issuing $2.6 million for infrastructure and equipment that will moderately raise leverage to nearly 190% of revenue. Significant capital spending outlined in the village's capital improvement plan (CIP) will likely increase leverage to be slightly above medians and decrease reserves from its current peak. However, fund balance will remain very healthy given an extremely high current balance. The village plans to issue $2.6 million in water revenue bonds by 2026, $3.9 million in GO notes in 2027 and continue to issue debt for several years thereafter. Favorably, amortization is rapid, providing capacity to issue debt without leverage becoming too elevated. The village is on track for a modest $400,000 general fund surplus in fiscal 2024 (year-end December 31), a slight decline in reserves in other governmental funds driven by capital and positive results in its utility enterprises. The fiscal 2025 budget includes a $200,000 decline in the general fund for capital and relatively stable operations in other funds. The village's CIP projects further modest cash reserve draws over the next five years. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com for the most updated credit rating action information and rating history. 2 30 December 2024 Village of Saukville, WI: Update to credit analysis  Moody's Ratings U.S. Public Finance While some provide employees with supplemental pension or retiree health care (OPEB) benefits, Wisconsin cities' liabilities for employee retirement benefits predominantly stem from their participation in the Wisconsin Retirement System (WRS). Pension risks for local governments that participate in WRS have generally remained low over time, in part due to a mechanism by which the retirement system shares some investment risk with retirees. Contributions by governments in aggregate to the WRS have also consistently tracked near or above our tread water indicator, helping to constrain liability growth. Economy Exhibit 2 Resident Income is expected to remain solid supported by economic developments Median household income ($) Resident income ratio (%) Aa median resident income ratio (%) 80,000 120 60,000 110 40,000 100 20,000 90 0 2017 2018 2019 2020 2021 2022 2023 Source: Moody's Ratings Financial operations Exhibit 3 Reserves are likely to remain robust in the near-term General fund($000) Other governmental funds($000) Internal service funds($000) Business-type activities($000) Available fund balance ratio (%) Aa median available fund balance ratio (%) $10,000 100% $5,000 $0 50% 2020 2021 2022 2023 Sources: Saukville (Village of) WI’s financial statements and Moody’s Ratings Liquidity 3 30 December 2024 Village of Saukville, WI: Update to credit analysis  Moody's Ratings U.S. Public Finance Exhibit 4 Liquidity is likely to remain robust following planned capital reserve draws General fund Other governmental funds Internal service funds Business-type activities Liquidity ratio (%) Aa median liquidity ratio (%) 140 $15,000 120 $10,000 100 $5,000 80 $0 60 2020 2021 2022 2023 Sources: Saukville (Village of) WI’s financial statements and Moody’s Ratings Leverage Exhibit 5 Leverage is expected to materially grow over the next several years Governmental Debt($000) Business-Type Activity Debt($000) Adjusted net pension liabilities($000) Adjusted net other post-employment liabilities($000) Other long-term liabilities($000) Long-term liabilities ratio (%) Aa median long-term liabilities ratio (%) $20,000 250% $10,000 200% $0 2020 2021 2022 2023 Sources: Saukville (Village of) WI’s financial statements and Moody’s Ratings ESG considerations Environmental Environmental risk is generally low for the local government sector. Environmental considerations are factored into the village's credit quality but are not major drivers at this time. The village currently provides water and wastewater utility services to its residents through its owned utilities. Social Social considerations such as wealth, income, and labor force, are factors in the village's credit quality and are discussed in the detailed credit considerations. Governance Management utilizes a conservative budgetary approach with multiyear capital planning. The village's largest revenue are property taxes, which are subject to a cap that limits increases to growth in net new construction. Expenditures are somewhat flexible, as collective bargaining is allowed for public safety employees but is curbed for non-public safety employees. The village has a formal fund balance policy of maintaining between 16.6% and 30% of operating expenditures as unassigned general fund reserves, which the village has exceeded. Transparency and disclosure practices are in line with peers with timely audit and budget releases. 4 30 December 2024 Village of Saukville, WI: Update to credit analysis  Moody's Ratings U.S. Public Finance Rating methodology and scorecard factors The US Cities and Counties Methodology includes a scorecard, which summarizes the rating factors generally most important to city and county credit profiles. Because the scorecard is a summary, and may not include every consideration in the credit analysis for a specific issuer, a scorecard-indicated outcome may or may not map closely to the actual rating assigned. Exhibit 6 Saukville (Village of) WI Measure Weight Score Economy Resident income ratio 105.5% 10.0% Aa Full value per capita 158,007 10.0% Aa Economic growth metric -1.2% 10.0% A Financial Performance Available fund balance ratio 103.0% 20.0% Aaa Liquidity ratio 137.9% 10.0% Aaa Institutional Framework Institutional Framework A 10.0% A Leverage Long-term liabilities ratio 164.0% 20.0% Aa Fixed-costs ratio 9.1% 10.0% Aaa Notching factors No notchings applied Scorecard-Indicated Outcome Aa2 Assigned Rating Aa3 The Economic Growth metric cited above compares the five-year CAGR of real GDP for Milwaukee-Waukesha, WI Metropolitan Statistical Area Metropolitan Statistical Area to the five- year CAGR of real GDP for the US. Sources: US Census Bureau, Saukville (Village of) WI’s financial statements and Moody’s Ratings 5 30 December 2024 Village of Saukville, WI: Update to credit analysis  Moody's Ratings U.S. Public Finance Appendix Exhibit 7 Key Indicators Glossary Definition Typical Source* Economy Resident income ratio Median Household Income (MHI) for the city or county, adjusted for MHI: US Census Bureau - American Regional Price Parity (RPP), as a % of the US MHI Community Survey 5-Year Estimates RPP: US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories; audited financial statements; continuing disclosures Population Population of the city or county US Census Bureau - American Community Survey 5-Year Estimates Full value per capita Full value / population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or Real GDP: US Bureau of Economic Analysis county minus the five-year CAGR of real GDP for the US Financial performance Revenue Sum of revenue from total governmental funds, operating and non- Audited financial statements operating revenue from total business-type activities, and non- operating revenue from internal services funds, excluding transfers and one-time revenue, e.g., bond proceeds or capital contributions Available fund balance Sum of all fund balances that are classified as unassigned, assigned or Audited financial statements committed in the total governmental funds, plus unrestricted current assets minus current liabilities from the city's or county's business- type activities and internal services funds Net unrestricted cash Sum of unrestricted cash in governmental activities, business type Audited financial statements activities and internal services fund, net of short-term debt Available fund balance ratio Available fund balance (including net current assets from business- type activities and internal services funds) / Revenue Liquidity ratio Net unrestricted cash / Revenue Leverage Debt Outstanding long-term bonds and all other forms of long-term debt Audited financial statements; official across the governmental and business-type activities, including debt statements of another entity for which it has provided a guarantee disclosed in its financial statements Adjusted net pension liabilities (ANPL) Total primary government's pension liabilities adjusted by Moody's to Audited financial statements; Moody’s standardize the discount rate used to compute the present value of Ratings accrued benefits Adjusted net OPEB liabilities (ANOL) Total primary government's net other post-employment benefit Audited financial statements; Moody’s (OPEB) liabilities adjusted by Moody's to standardize the discount Ratings rate used to compute the present value of accrued benefits Other long-term liabilities (OLTL) Miscellaneous long-term liabilities reported under the governmental Audited financial statements and business-type activities entries Long-term liabilities ratio Debt + ANPL + ANOL + OLTL / Revenue Fixed costs Implied debt service Annual cost to amortize city or county's long-term debt over 20 Audited financial statements; official years with level payments statements; Moody’s Ratings Pension tread water contribution Pension contribution necessary to prevent reported unfunded Audited financial statements; Moody’s pension liabilities from growing, year over year, in nominal dollars, if Ratings all actuarial assumptions are met OPEB contribution City or county's actual contribution in a given period Audited financial statements Implied cost of OLTL Annual cost to amortize city or county's other long-term liabilities Audited financial statements; Moody’s over 20 years with level payments Ratings Fixed-costs ratio Implied debt service + Pension tread water + OPEB contributions + Implied cost of OLTL / Revenue *Note: If typical data source is not available then alternative sources or proxy data may be considered. 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REPORT NUMBER 1433739 7 30 December 2024 Village of Saukville, WI: Update to credit analysis  Moody's Ratings U.S. Public Finance CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 8 30 December 2024 Village of Saukville, WI: Update to credit analysis