The calendar year shall be the fiscal year.
[Amended 7-2-2009 by Ord. No. 2009-07]
A. The amount of the tax to be levied or certified, the amounts of the
various appropriations, and the purposes thereof shall not be changed
by the Common Council after approval of the budget except by a two-thirds
vote of the entire membership of the Council pursuant to § 65.90(5),
Wis. Stats. Notice of such transfer shall be given by publication
within 10 days thereafter in the official City newspaper.
B. The heads of each municipal department shall be granted the authority
to transfer unspent and unobligated appropriations within departmental
budgets in the current budget year, in accordance with the City of
Waterloo Budgetary Policies and Procedures document. The policies
and procedures document shall be approved by the Council, maintained
by the Clerk/Treasurer and amended from time to time as needed.
No money shall be drawn from the treasury of the City nor shall any obligation for the expenditure of money be incurred, except in pursuance of the annual appropriation in the adopted budget or when changed as authorized by §
53-5 of this chapter. At the close of each fiscal year, any unencumbered balance of an appropriation shall revert to the general fund and shall be subject to reappropriation, but appropriations may be made by the Council, to be paid out of the income of the current year, in furtherance of improvements or other objects or works which will not be completed within such year, and any such appropriation shall continue in force until the purpose for which it was made shall have been accomplished or abandoned.
No equipment or supplies shall be purchased
by any City official unless previously budgeted. Equipment and supplies
which cost over $500 shall also be approved by the appropriate committee
and the Council; however, emergency purchases not to exceed $500 may
be approved by the department head and the Mayor or the appropriate
committee chairperson.
[Amended by Ord. No. 89-7; 3-15-2007 by Ord. No. 2007-06]
A. Real estate taxes. Pursuant to § 74.11(2),
Wis. Stats., real property taxes for the previous year shall be paid
in full on or before January 31 or may be paid in semiannual payments,
provided that the first semiannual payment is made on or before January
31.
B. Personal property taxes; special assessments. There
shall be no installment payments allowed on personal property taxes
or special assessments placed on the tax roll, the same being due
and payable to the Clerk-Treasurer on or before January 31 of each
year.
[Added 6-2-2005 by Ord. No. 2005-1]
A. Purpose and intent. Recognizing the significant fiscal
impacts that can result from municipal borrowings, the City of Waterloo
desires to provide greater input by the electors in the borrowing
process. The intent of this section is not to supersede or replace
any provisions of Ch. 67, Wis. Stats., as amended from time to time;
but to supplement provisions thereof to allow for greater participation
by the electors. Accordingly, this section shall be construed and
enforced to achieve this end, and in that regard the following rules
of the construction shall apply:
(1) Whenever the provisions of Ch. 67, Wis. Stats., or
any other statute apply to a borrowing by the City of Waterloo and
such provisions require that a referendum on a contemplated borrowing
be submitted to the electors for authorization, this section shall
have no application whatsoever. In such event, the provisions of Wisconsin
Statutes shall control.
(2) This section shall apply in all other circumstances
to municipal obligations of the City of Waterloo as defined in § 67.01(6),
Wis. Stats., where the obligations constitute a general liability
of the City of Waterloo.
B. Procedure. The City of Waterloo may borrow money and issue municipal obligations in accordance with the provisions of Ch. 67, Wis. Stats., as amended, except that if the conditions of Subsection
C below are applicable, then in such event the City shall, prior to the issuance of a municipal obligation, adopt a resolution that states the purpose for and maximum amount of the contemplated borrowing. This resolution shall be known as an "initial resolution." The initial resolution shall be submitted to the electors for approval in the manner provided in § 67.05(5), Wis. Stats. Failure of the referendum shall prohibit the City from issuing the contemplated municipal obligations.
C. Conditions for holding the referendum.
(1) In order for a referendum to be held pursuant to Subsection
B above, the following conditions precedent must exist:
(a)
If the municipal obligation in question is authorized,
it will result in the City exceeding the sum of 75% of the aggregate
amount of authorized indebtedness the City may incur pursuant to § 67.03(1),
Wis. Stats.
(b)
The municipal obligation in question relates
to a "project" as defined in § 67.04(1)(ar), Wis. Stats.
(c)
The municipal obligation in question exceeds
the sum of $2,000,000.
(d)
The City of Waterloo is not in the midst of
a bona fide emergency, act of war or natural disaster.
(2) Unless the foregoing conditions precedent are satisfied, Subsection
B shall have no application to the issuance of municipal obligations.
D. The conditions for holding a referendum shall be reviewed
on a biennial basis.
[Added 3-15-2007 by Ord. No. 2007-07]
A. Objective. A formally adopted policy will help eliminate
ambiguity regarding maintaining appropriate fund balances.
B. Definition. The general fund is the general operating
fund of the City of Waterloo. It is used to account for all financial
resources except those required to be accounted for in other funds.
Undesignated/Unreserved general fund balance is the portion of the
general fund not assigned to a defined purpose.
C. Policy. To preserve working capital and to adequately
prepare for unforeseen events, which will require ready access to
funds, the City of Waterloo requires that the undesignated fund balance
shall be between 25% and 33% of the general fund budget. Amounts exceeding
33% shall be transferred to a contingency fund. Any expenditure from
a contingency fund must be for one-time, nonrecurring costs and requires
Council action.
[Amended 10-4-2007 by Ord. No. 2007-19]
D. Procedure. The City of Waterloo Clerk-Treasurer or
designee shall annually review the levels of undesignated fund balance
to ensure that appropriate levels are maintained and issue a report
to the Council.
E. Formula.
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Current Year Undesignated Fund Balance
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=
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% of Fund Balance
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Current Year General Fund Budget
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[Added 3-15-2007 by Ord. No. 2007-08]
A. Objective: issue debt and manage our portfolio to
ensure that the City of Waterloo maintains a sound debt position.
B. Policy. The City of Waterloo may issue bonds and notes
for purposes of financing its capital improvements program or to refund
existing debt. The capital improvements program includes projects
to acquire, plan, design, construct, improve and equip all or any
part of its facilities or systems, promote economic development or
to secure quality of life issues.
C. The City of Waterloo will strive to maintain a balanced
relationship for financing its capital improvements through annual
tax levy for street reconstruction and equipment purchases.
(1) General guidelines:
(a)
The City of Waterloo shall assess the fiscal
impact of the debt prior to issuance.
(b)
Total general obligation debt for the City of
Waterloo should not exceed 3.75% of TID-Out equalized valuation.
(c)
Total annual debt service payments on tax-supported
debt, excluding tax increment finance debt, of the City of Waterloo
will not exceed 15% of total general government operating revenue.
(2) Refunding:
(a)
Periodic reviews of outstanding debt by City
of Waterloo staff will be undertaken to determine refunding opportunities.
Refunding will be considered by the Finance, Insurance and Personnel
Committee if and when there is a net economic benefit of the refunding.
(b)
Advance refundings for economic savings will
be undertaken when net present value savings (defined as the present
value of future annual debt service savings net of issuance cost)
of at least 2% of the refunded debt can be achieved. Current refundings
that produce net present value savings of less than 2% savings may
be considered when there is a compelling public policy or long-range
financing policy objective.
(3) Needs Assessment and Fund Alternatives:
(a)
Identifying useful life of project. Capital
projects and equipment financed through the issuance of debt shall
be financed for a period not to exceed their expected useful lives.
(b)
Review of financing alternatives.
[1]
The City of Waterloo will consider using non-general
obligation debt to finance activities that are funded from sources
other than general property taxes.
[2]
The City of Waterloo will seek grants to finance
capital improvements, implement impact fees, and negotiate developer
contributions whenever possible to ensure that new development pays
its fair share of the increased costs created by the new development.
[3]
Under no circumstances shall the City of Waterloo
install public improvements for development without fully securing
its financial interests.
[Added 3-15-2007 by Ord. No. 2007-09]
A. Objective: to establish a uniform policy governing
the investment of operating funds of the City of Waterloo.
B. Policy. It is the policy of the City of Waterloo to
invest public funds in a manner that will provide the highest investment
return with the maximum security while meeting the daily cash flow
demands of the City.
C. Scope. This investment policy applies to all financial
assets of the City of Waterloo.
D. Investment objectives. The primary objectives, in
priority order, of the City of Waterloo investment activities shall
be:
(1) Safety. Safety of principal is the foremost objective
of the investment program. Investments of the City of Waterloo shall
be undertaken in a manner that seeks to ensure the preservation of
capital in the overall portfolio. To attain this objective, diversification
is required in order that potential losses on individual securities
do not exceed the income generated from the remainder of the portfolio.
(2) Liquidity. The City of Waterloo investment portfolio
will remain sufficiently liquid to enable the City of Waterloo to
meet all operating requirements that might be reasonably anticipated.
(3) Return on investments. The City of Waterloo investment
portfolio shall be designed with the objective of attaining a rate
of return throughout budgetary and economic cycles, commensurate with
the City of Waterloo investment risk constraints and the cash flow
characteristics of the portfolio.
E. Delegation of authority. The Clerk/Treasurer shall
establish written procedures for the operation of the investment program
consistent with this investment policy.
(1) Procedures. Procedures should include reference to
safekeeping, PSA repurchase agreements, wire transfer agreements,
banking service contracts, and collateral/depository agreements. Such
procedures shall include explicit delegation of authority to persons
responsible for investment transactions.
(2) Investment Committee. No person may engage in an investment
transaction except as provided under the terms of this policy and
the procedures established by the City of Waterloo Manager's Investment
Committee. The Committee consists of the City of Waterloo Clerk-Treasurer,
Utilities Superintendent and City of Waterloo Deputy Clerk-Treasurer.
The Clerk-Treasurer shall be responsible for all transactions undertaken
and shall establish a system of controls to regulate the investment
activities.
F. Authorized and suitable investments. The investment
of City of Waterloo funds shall be in accordance with §§ 34.01
and 66.0603, Wis. Stats.
(1) Certificates of deposit. City of Waterloo funds may
be invested in time deposits in any credit union, bank, savings bank,
trust company, or savings and loan association which is authorized
to transact business in the State of Wisconsin if the time deposits
mature in not more than three years. Preference may be given, within
reason, to area financial institutions. Investment amounts are limited
to the maximum of state and FDIC insurance limits for each institution
unless collateralized or approved by the Council .
(2) Government bonds and securities. City of Waterloo
funds may be invested in United States government bonds or securities
which are direct obligations of or guaranteed as to principal and
interest by the federal government; and bonds or securities which
are obligations of an agency, commission, board or other instrumentality
of the federal government, where principal and interest are guaranteed
by the federal government. The securities must be purchased through
finance institutions authorized to conduct business in the State of
Wisconsin and placed in safekeeping in a segregated account in the
City of Waterloo's name as any designated public depository or approved
financial institution.
(3) Local Government Investment Pool (LGIP).
(a)
City of Waterloo funds may be invested in the
Wisconsin Local Government Investment Pool at the discretion of the
Clerk-Treasurer. Investment limitations shall not apply.
(b)
Any local government, as defined under § 25.50(1)(d),
Wis. Stats., may invest surplus funds in the Local Government Investment
Pool (LGIP) fund. Cemetery perpetual care funds or endowment funds,
including gifts where the principal is to be kept intact, may also
be invested under Ch. 881, Wis. Stats.
(4) Repurchase agreements. City of Waterloo funds may
be invested in repurchase agreements, in financial institutions authorized
to conduct business in the State of Wisconsin. Repurchase agreements
can only be made in securities which are direct obligations of or
guaranteed as to principal and interest by the federal government;
and securities which are obligations of an agency, commission, board,
or other instrumentality of the federal government, where principal
and interest are guaranteed by the federal government.
(5) Wisconsin Investment Trust. City of Waterloo funds
may be invested in the Wisconsin Investment Trust. Investment limitations
shall not apply.
(6) Savings deposit. City of Waterloo funds may be invested
in interest bearing savings, demand deposit, and Money Market accounts.
(7) Securities. In accordance with 1987 Wisconsin Act
399, City of Waterloo funds may be invested in securities if the security
has a rating which is the highest or second highest rating category
assigned by Moody's Investors Service, Standard & Poor's Corporation
or other similar nationally recognized rating agency.
G. Collateralization. Collateralization will be required
on two types of investments. They are certificates of deposit and
repurchase and reverse agreements. In order to anticipate market changes
and provide a level of security for all funds, the collateralization
level will be a 101% percent of market value of principal and accrued
interest. Collateral will always be held by an independent third party
with whom the City of Waterloo has a current custodial agreement.
A clearly marked evidence of ownership (safekeeping receipt) must
be supplied to the City of Waterloo and retained. The right of collateral
substitution is granted.
H. Safekeeping and custody. All security transactions,
including collateral for repurchase agreement entered into by the
City of Waterloo, shall be conducted on a delivery-versus-payment
(DVP) basis. Securities will be held by a third-party custodian designated
by the Clerk-Treasurer and evidenced by safekeeping receipts.
I. Diversification. The City of Waterloo will diversify
its investments by security type and institution as follows:
(1) Short-term funds. Funds which are required for daily
operating needs and which are available for short periods of time
are handled through a service contract with a local bank. This contract
specifies that in exchange for services provided, the bank receives
a non-interest-bearing compensation daily cash balance to pay for
the services. All amounts in excess of the compensating balance are
invested daily in a repurchase agreement which earns interest. Funds
necessary for approximately two weeks of operations are kept on deposit
in this program.
(2) Long-term funds.
(a)
Funds that are available for 30 days or longer
are placed in U.S. government obligations, certificates of deposit
with local financial institutions or the state-maintained Local Government
Investment Pool. The maximum limits on the amount of funds which can
be placed in any one type of investment are:
[1]
Local Government Investment Pool: 80%.
[2]
Obligations of federal government: 80%.
[3]
Certificates of deposit: 60%.
(b)
No more than 75% of the City of Waterloo's total
investment portfolio will be invested in a single security type or
with a single financial institution.
[Added 4-5-2007 by Ord. No. 2007-10]
A. Objective: create an organized process for financial
planning of the City's capital needs; create a financial management
tool that will balance City priorities with affordability; present
a means for reporting the City's multi-year plans for capital project
spending to the public.
B. Policy. The City will make all capital improvements
in accordance with an adopted capital improvement program. The City
will develop a five-year plan for capital improvements and update
it annually.
C. Procedure. The City of Waterloo Finance, Insurance
and Personnel Committee or its designee shall, prior to each annual
budget process, submit a capital improvement plan consisting of a
project description, estimated costs and probable funding sources
to the Council for its consideration. The Council shall act on the
recommendations in a timely manner.
[Added 12-6-2018 by Ord.
No. 2018-08]
A. Authority. This §
53-15 is adopted pursuant to the authority granted by Wis. Stats. § 341.35, as from time to time amended or renumbered.
B. Purpose. The purpose of this section is to provide the City of Waterloo
a source of revenue in addition to other revenue sources currently
being utilized to maintain public streets and highways.
C. Definitions. In this section, a "motor vehicle" means an automobile
or motor truck registered under Wis. Stats. § 341.25(1)(c)
at a gross weight of not more than 8,000 pounds.
D. Imposition of motor vehicle registration fee.
(1) Pursuant to § 341.35, Wis. Stats., an annual flat City
registration fee as set forth herein in the amount of $15 is hereby
imposed upon all motor vehicles in the State of Wisconsin that are
customarily kept in the City.
(2) This fee shall be paid by the registration applicant at the time
that a motor vehicle is first registered and at each time of registration
renewal.
(3) The City registration fee shall be paid as provided in Wis. Stats.
§ 341.35(5).
(4) The City registration fee shall be in addition to state registration
fees.
E. Administrative costs. Wisconsin Department of Transportation (WisDOT)
shall retain a portion of the moneys collected equal to the actual
administrative costs related to the collection of these fees (currently
$0.17 per motor vehicle). The method for computing the administrative
costs will be reviewed annually by the WisDOT, as provided in Wis.
Stats. § 341.35.
F. Exemptions.
(1) The following motor vehicles are exempt from the annual Waterloo
vehicle registration fee:
(a)
All vehicles exempted by Wis. Stats. Ch. 341 from payment of
a state vehicle registration fee.
(b)
All vehicles registered by the state under Wis. Stats. § 341.26
for a fee of $5.
G. Deposit of fee revenues; administration.
(1) All moneys under this application statute and this section remitted
to the City by the WisDOT or other applicable agency shall be deposited
into the City's capital fund.
(2) The City Clerk/Treasurer shall be responsible for the administration
of this section and funds.
H. Annual municipal legislative review.
(1) The City Council on, or about, September 1st each year shall consider
an annual renewal resolution establishing the status of the fee for
the upcoming calendar year.