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Record of Proceedings

Altoona Finance Committee Meeting Summary - September 10, 2026

Meeting Portal — Thursday, September 10, 2026
BodyAltoona, Wisconsin
SessionMeeting Portal
DateThursday, September 10, 2026
StatusFILED
Video Record
0:00 / 35:21

Original source
Transcript — VerbatimClick a timed line to jump · ⧉ to share it

Speaker numbers apply only to this recording.

Speaker 1

0:00

Take the chair.

0:01

I've got 501.

Speaker 2

0:02

No.

Unassigned speaker

0:08

Now

Speaker 3

0:08

we'll call it.

Speaker 2

0:09

I do go to work.

0:12

Okay, we're good.

Speaker 3

0:14

Thank

Unassigned speaker

0:14

you.

Unassigned speaker

0:16

Go

Speaker 2

0:16

ahead

Speaker 3

0:17

and uh call the finance committee meeting to order for Thursday, September 10th.

0:21

Roll call.

Speaker 2

0:24

Um Member Matt Beerin.

0:27

Here.

0:28

Member Tim Lima.

0:30

Here.

0:30

Member Mark Willard.

Speaker 1

0:32

Here.

Speaker 2

0:32

Member Susie Zilmer.

0:34

We also have present Finance Director Tina Nelson, Councilmember Bruce Thielen.

0:40

Dan Carlson with Clifton Larson Allen auditor.

0:44

And City Cindy Bauer City Clerk.

0:46

We have a quorum.

Speaker 3

0:50

Discuss consider approval of the minutes for the July 10th, 2025 finance committee meeting.

0:55

Get the check.

Speaker 4

0:59

Will or will second.

Speaker 3

1:00

We have a motion and a second.

1:01

All in favor say aye.

Speaker 4

1:02

Aye.

1:03

Aye.

1:04

Any opposed?

Speaker 3

1:05

Motion carries.

Unassigned speaker

1:07

All

Speaker 3

1:07

right.

1:08

Discuss consider recommendations to council regarding the approval of the comprehensive annual finance report for 2025 to be discussed at the September 10th Council meeting.

Speaker 5

1:19

So everyone, this is Dan Carlson.

1:22

He's the lead auditor for us.

1:25

Hi

Speaker 4

1:25

Dan.

Speaker 5

1:26

Instead of going page by page, he will come, he's got a summary here.

1:29

And the summary was actually also mailed with the all the report.

1:36

But he'll go over that, and then if you have any questions, we'll answer your questions.

Speaker 1

1:40

I did have a question.

1:41

Did that include a management letter?

1:43

Or did I miss that?

Speaker 5

1:44

Did it include what?

Speaker 1

1:45

A management letter, you know, that cover letter that kind of summarizes everything.

Speaker 2

1:50

No, that's what you just had signed, right?

Speaker 5

1:54

Because I included everything.

Unassigned speaker

2:00

But um there's two other letters you'll get with the final audits machine.

Unassigned speaker

2:06

Now kind of over something here.

Unassigned speaker

2:08

But it's like a controller anymore.

Speaker 1

2:11

That that was what I was curious about.

Speaker 5

2:13

And I that should have been attached.

Speaker 2

2:15

Yeah, there's

Speaker 1

2:16

a some

Speaker 2

2:17

things that was combined.

2:18

I mean, it was not it was this week that we just sent out either Tuesday or something.

2:23

Yeah.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability█████████████████████████████████████████████62%
Procedural████████████16%
Technology and Innovation███████9%
Water And Wastewater Management████6%
Affordable Housing███4%
Engineering And Infrastructure██3%
Summary of Proceedings

Altoona Finance Committee Meeting Summary - September 10, 2026

The Altoona Finance Committee met on Thursday, September 10, 2026, at 4:00 PM in the City Hall Council Chambers. The primary agenda item was the review and discussion of the Comprehensive Annual Financial Report (CAFR) for fiscal year 2025, presented by lead auditor Dan Carlson of CliftonLarsonAllen (CLA). The committee unanimously voted to recommend approval of the CAFR to the full Common Council. Committee members present included Matt Beerin, Tim Lima, Mark Willard, and Susie Zilmer. Also present were Finance Director Tina Nelson, Councilmember Bruce Thielen, Auditor Dan Carlson, and City Clerk Cindy Bauer.

Consent Calendar

  • The committee unanimously approved the minutes of the July 10, 2025 Finance Committee meeting.

2025 Comprehensive Annual Financial Report (CAFR)

  • Audit Opinion: Dan Carlson reported that the city received an unmodified audit opinion, the highest level, confirming the financial statements were materially correctly stated.
  • Management Letter: Three standard observations were noted in the management letter: the firm assists in preparing the financial statements, routine audit adjustments are made, and there is a lack of segregation of duties typical of a small office. Finance Director Tina Nelson detailed mitigating controls, including a new AP process system, batch check processing, and positive pay bank security. Nelson stated that additional staffing could provide a further buffer as the city grows.
  • General Fund Performance: The general fund showed a net loss of $370,000, which is very close to the break-even target. The unassigned fund balance is $5.2 million, representing 61% of expenditures, a ratio well above the typical 30-40% range seen in other municipalities.
  • Special Revenue Funds: The Affordable Housing Fund saw a significant increase, receiving a $6.2 million transfer from the closed TID 3.
  • Debt Service Fund: Approximately $5.8 to $5.9 million in principal and interest was paid out. Of this, $4.5 million was transferred from TID funds, reducing the burden on property tax revenue.
  • Capital Projects Funds: TID 3 closed, and TID 4 reported a negative fund balance of $794,000 due to costs for Wells 8 and 9. This balance is expected to be recovered through future tax revenue. The Hillcrest Safe Room project costs not covered by grants will be paid by Hillcrest.
  • Utilities (Water & Sewer): Both utilities showed strong financial positions. Cash increased in both due to debt proceeds. A specific liability was formally recorded for the amount owed to the City of Eau Claire for sewer services.
  • Debt Limit Analysis: The city's total outstanding general obligation debt is $18.9 million, which is 27% of its approximately $70 million debt limit. No borrowing is planned for 2026.

Key Outcomes

  • The committee unanimously approved a motion to recommend acceptance of the 2025 Comprehensive Annual Financial Report to the Common Council.
  • The meeting was adjourned at 5:37 PM.

Meeting Transcript

Take the chair. I've got 501. No. Now we'll call it. I do go to work. Okay, we're good. Thank you. Go ahead and uh call the finance committee meeting to order for Thursday, September 10th. Roll call. Um Member Matt Beerin. Here. Member Tim Lima. Here. Member Mark Willard. Here. Member Susie Zilmer. We also have present Finance Director Tina Nelson, Councilmember Bruce Thielen. Dan Carlson with Clifton Larson Allen auditor. And City Cindy Bauer City Clerk. We have a quorum. Discuss consider approval of the minutes for the July 10th, 2025 finance committee meeting. Get the check. Will or will second. We have a motion and a second. All in favor say aye. Aye. Aye. Any opposed? Motion carries. All right. Discuss consider recommendations to council regarding the approval of the comprehensive annual finance report for 2025 to be discussed at the September 10th Council meeting. So everyone, this is Dan Carlson. He's the lead auditor for us. Hi Dan. Instead of going page by page, he will come, he's got a summary here. And the summary was actually also mailed with the all the report. But he'll go over that, and then if you have any questions, we'll answer your questions. I did have a question. Did that include a management letter? Or did I miss that? Did it include what? A management letter, you know, that cover letter that kind of summarizes everything. No, that's what you just had signed, right? Because I included everything.

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