On the agenda: Cottagegrove meeting — Flock Camera (Jun 24)

VILLAGE OF COTTAGE GROVE
NOTICE OF PUBLIC MEETING
Budget Review Committee
Wednesday, June 24, 2026
6:30 p.m.
This meeting will take place as a hybrid meeting both virtually via Zoom and in person at Village
Hall at 221 E Cottage Grove Road. If you are utilizing Zoom, please join the meeting from your
computer, tablet or smartphone by visiting

https://us06web.zoom.us/j/87976283195?pwd=JHpcNUxSOfM0uBfMyo1aMM4mqwYVKF.1 .
You can also participate via phone by dialing 1 312 626 6799 and use Meeting 879 7628 3195 #
When asked for your Participant ID, just press #, when asked for the Passcode enter 221.You
may also choose to participate by providing public comment prior to the meeting via email to
Village Clerk Lisa Kalata [email protected] If this is a teleconference, virtual or
hybrid meeting, please review the Village of Cottage Grove’s policy.

1. Call To Order
2. Determination Of Quorum And That The Agenda Was Properly Posted
3. PUBLIC APPEARANCES-Public's Opportunity To Speak.
4. Discuss And Consider The Minutes Of The Budget Review Committee Meeting From
October 13, 2025.
Documents:
10-13-25 BUDGET REVIEW COMMITTEE MINUTES.PDF
5. Presentation Of 2025 Financial Statements
Documents:
2025 FINANCIAL STATEMENTS.PDF
2025 FINANCIAL HIGHLIGHTS.PDF
6. Presentation Of 2026 Year-To-Date Actual Status
Documents:
2026 FINANCIAL MANAGEMENT PLAN.PDF
SALE REPORT G.O. NOTES 2026A.PDF
2026 BUDGET AMENDMENT (2026-001 AND 2026-002).PDF
2026 BUDGET TO ACTUALS - MAY.PDF
2026 CAPITAL PROJECTS UPDATE.PDF
7. Presentation Of Major Service Delivery Model/Providers
Documents:

2026 BUDGET TO ACTUALS - MAY.PDF
2026 CAPITAL PROJECTS UPDATE.PDF
7. Presentation Of Major Service Delivery Model/Providers
Documents:
MAJOR SERVICE DELIVERY MODEL.PDF
8. Adjournment
Any item on the agenda is subject to final action. Notice: Persons needing special
accommodations should call 608-839-4704 at least 24 hours prior to the meeting. It is possible
that members of and possibly a quorum of members of other governmental bodies may attend the
above stated meeting to gather information; no action will be taken by any governmental body at
the above-stated meeting other than the governmental body specifically referred to above in this
notice.

VILLAGE OF COTTAGE GROVE

BUDGET REVIEW COMMITTEE
Monday, October 13, 2025

MINUTES
1. Call to order
Village President Kelm-Nelson called the Budget Review Committee to order at 5:30 pm. this was a hybrid meeting.

2. Determination of quorum and that the agenda was properly posted.
It was determined that there was a quorum of members present, and that the agenda was properly posted. Budget
Review Committee members present were Cindi Kelm-Nelson, Jim Elmore, Heidi Murphy, Brittany Ballweg and Chris
Stoa. Staff present were Village Administrator Matt Giese, Village Clerk Lisa Kalata, Assistant Administrator/ Finance
Director Cameron Sawyer, Comptroller Cassie Smith, Director of Park and Recreation Sean Brusegar, EMS Chief
Eric Lang, Fire Chief Nick Archibald and Police Chief Mark Garry.
3. PUBLIC APPEARANCES – Public’s opportunity to speak- None
4. Discuss and Consider the Minutes of The Budget Review Committee Meeting from August 19, 2025.
Motion by Murphy to approve the minutes of the Budget Review Committee meeting from August 19, 2025, seconded
by Ballweg. Motion carried with a voice vote of 5-0-0.
5. Review Proposed 2026 Budget.
a. Discuss and consider recommendation to the Village Board.
Motion by Kelm-Nelson to approve the police station capital budget, seconded by Murphy. Motion carried with a
voice vote of 4-1-0 with Stoa voting no.
Motion by Murphy to recommend to the Village Board the presented 2026 budget with adding an additional
mailer to the communications line item and funding the Bakken Park playground removal from Park Development
Fund, seconded by Elmore. Motion carried with a voice vote of 5-0-0.
6. Adjournment
Motion by Murphy to adjourn at 6:44 p.m., seconded by Ballweg. Motion carried with a voice vote of 5-0-0.
Lisa Kalata, Village Clerk
Village of Cottage Grove
Approved:
These minutes represent the general subject matter discussed in this meeting but do not reflect a verbatim
documentation of the subjects and conversations that took place.

Village of Cottage Grove
Financial Statements and
Supplementary Information
December 31, 2025

Prepared By:
Finance Department
Cameron Sawyer, CPA, Finance Director
Casandra Smith, Comptroller

Village of Cottage Grove
Table of Contents
December 31, 2025

Page
Independent Auditors' Report

i

Required Supplementary Information
Management's Discussion and Analysis

iv

Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position

1

Statement of Activities

2

Fund Financial Statements
Balance Sheet - Governmental Funds

3

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position

4

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds

5

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities

6

Statement of Net Position - Proprietary Funds

7

Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds

9

Statement of Cash Flows - Proprietary Funds

10

Statement of Fiduciary Net Position - Custodial Fund

12

Statement of Changes in Fiduciary Net Position - Custodial Fund

13

Index to Notes to Financial Statements

14

Notes to Financial Statements

15

Required Supplementary Information
Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and
Actual - General Fund

51

Schedule of Proportionate Share of the Net Pension (Asset) Liability Wisconsin Retirement System

55

Schedule of Employer Contributions - Wisconsin Retirement System

55

Notes to Required Supplementary Information

56

Supplementary Information
Combining Balance Sheet - Nonmajor Governmental Funds

57

Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds

59

Independent Auditors' Report
To the Village Board of
Village of Cottage Grove
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund and the aggregate remaining fund information of the Village of Cottage Grove,
Wisconsin (the Village), as of and for the year ended December 31, 2025, and the related notes to the
financial statements, which collectively comprise the Village's basic financial statements as listed in the table
of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities, each major fund
and the aggregate remaining fund information of the Village as of December 31, 2025 and the respective
changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance
with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS). Our responsibilities under those standards are further described in the Auditors'
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the Village and to meet our other ethical responsibilities, in accordance with the relevant
ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinions.
Emphasis of Matters
As discussed in Note 1, the Village adopted the provisions of the following GASB Statements effective
January 1, 2025:




Statement No. 87, Leases
Statement No. 103, Financial Reporting Model Improvements
Statement No. 104, Disclosure of Certain Capital Assets

Our opinions are not modified with respect to these matters.
As discussed in Note 3 to the financial statements, changes in the presentation of funds within the financial
statements had occurred and adjustments were made to the reporting periods beginning fund balance. Our
opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with accounting principles generally accepted in the United States of America; and for the design,
implementation and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error.
Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, are members of the global network of Baker Tilly
International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that
provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services
to their clients and are not licensed CPA firms.

i

In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is
not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement
when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the
override of internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based on the
financial statements.
In performing an audit in accordance with GAAS, we:


Exercise professional judgment and maintain professional skepticism throughout the audit.



Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.



Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Village's internal control. Accordingly, no such opinion is expressed.



Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.



Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the Village's ability to continue as a going concern for a reasonable
period of time.

We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings and certain internal control-related matters that
we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the required
supplementary information, as listed in the table of contents, be presented to supplement the basic financial
statements. Such information is the responsibility of management and, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational,
economic or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial statements, and
other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
ii

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Village's basic financial statements. The supplementary information as listed in the table of
contents is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly to
the underlying accounting and other records used to prepare the basic financial statements. The information
has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all
material respects, in relation to the basic financial statements as a whole.

Madison, Wisconsin
April 8, 2026

iii

MANAGEMENT'S DISCUSSION AND ANALYSIS

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Management’s Discussion and Analysis
The purpose of management’s discussion and analysis (MD&A) is to help Village residents and other
readers understand what the financial statements and notes in this financial report say about the Village’s
financial health and why it changed since last year. It contains information drawn from those other parts of
the report, accompanied by explanations informed by the finance staff’s knowledge of the Village’s
finances.
If you should have any questions, comments or need additional information, please feel free to contact
any of the staff listed below.
Finance Director
Cameron Sawyer
221 E. Cottage Grove Road
Cottage Grove, WI 53527
608-839-4704
[email protected]

Overview of the Financial Statements
The financial statements consist of the following parts:
1) Management’s Discussion and Analysis
2) Basic Financial Statements:
a) Government-Wide Financial Statements
b) Fund Financial Statements
c) Notes to the Financial Statements
3) Required Supplementary Information
4) Combining Balance Sheet - Nonmajor Governmental Funds
5) Combining Statement of Revenues, Expenditures and Changes to Fund Balances - Nonmajor
Governmental Funds
The basic financial statements include two kinds of statements that present different views of the Village.
The first two statements are government-wide financial statements that provide both long- term and shortterm information about the Village’s overall financial status. The remaining statements are fund financial
statements that focus on individual parts of the Village government and report the Village’s operations in
more detail than the government-wide statements.
The financial statements also include notes that explain some of the information in the financial
statements and provide more detailed data. The statements are followed by a section of required
supplementary information that further explains and supports the information found in the financial
statements. In addition to these required elements, a section is included with combining statements that
provides details about our nonmajor government funds. The nonmajor funds are added together and
presented in single columns in the basic financial statements.
Government-Wide Financial Statements
In this section of the financial statements you will find information about the reporting government/Village
as a whole. It also distinguishes between governmental and business-type activities - governmental for
example are financed through taxes, intergovernmental revenues or other types of revenue. In the
business-type activity a fee is usually associated with the activity.
This section does not provide the detail of the Fund Financial Statements but instead combines the
activity into an overview of the transactions that have happened over the year. It does not, however,
include Fiduciary Funds which are shown in the Fund Financial Statements section of the financial
statements.
iv

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

The Statement of Net Position gives the reader the ability to see what has impacted the Village’s assets
over the past year. This Statement also takes into account any liabilities that the Village has or may have
incurred over the year that is still outstanding at year end. It is a good indicator of the overall health of the
Village and its economy. This report usually defines the major categories within the Village Governmental Activities are basic services provided by the Village such as police, fire, public works,
parks, etc. Business-Type Activities are services provided that are or may be operated in a more
business-like manner - sewer and water utilities.
Fund Financial Statements
In this section of the financial statements individual funds are identified and reported in greater detail.
Individual funds provide for an accounting mechanism that allows the Village to keep track of revenues
and expenditures by a specific purpose or type. Each of these funds is considered a separate accounting
entity. Each has its own account structure including assets, liabilities, equity, revenue and expense
accounts.
In the most recent updates to accounting and audit practices the audit report recognizes major and
nonmajor governmental funds.
Major Governmental Funds


General Fund - Fund #100, this fund is comprised of all the day-to-day operational revenue and
expenditure accounts for the Village.



General Debt Service Fund - Fund #300, this fund is used to record and track all interest and principal
payments made on debt that the Village has incurred.



Public Infrastructure Fund - Fund #412, this fund is used to account for financing sources and
expenditures related to general capital improvements to Village buildings and infrastructure as well as
equipment purchases.



ERIM - Fund #411, this fund is used to account for financing sources and expenditures related to
general capital improvements to Village infrastructure as well as equipment purchases.



TIF District #5 - Fund #405, a fund required to record the expenses and revenues pertaining to this
District.



TIF District #9 - Fund #509, a fund required to record the expenses and revenues pertaining to this
District.

Nonmajor Governmental Funds
Special Revenue Funds


Park Development Fees - Fund #205, this fund is solely supported by fees paid by developers for
new parks either dedicated to the Village or fees in lieu of dedication to the Village.



Developer Deposits - Fund #210, this fund represents the activity for developments provided by
professional services (lawyer, engineer, planning) which are then billed back to each developer.



Library - Fund #204, this fund tracks activity related to library programming.



Tourism - Fund #207, this fund represents the activity for room tax collection and distribution of 70%
funds collected to an entity that promotes tourism per state statute. The Village has partnered with the
Cottage Grove Chamber of Commerce.
v

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)



Affordable Housing - Fund #208, this fund represents the activity related to the affordable housing
extension per state Wis. State Stat. 66.1105(6)(g). At least 75% of the increment received from a Tax
Incremental Financing District in its year of extension is restricted to benefit affordable housing. The
remaining portion, up to 25% may be used to improve the housing stock.

Capital Project Funds


Capital Projects - Fund #410, this fund is used to account for financing sources and expenditures
related to general capital improvements to Village buildings and equipment purchases.



Tax Incremental Financing District #6 - Fund #406, a fund required to record the expenses and
revenues pertaining to this District.



Tax Incremental Financing District #8 - Fund #508, a fund required to record the expenses and
revenues pertaining to this District.



Tax Incremental Financing District #10 - Fund #510, a fund required to record the expenses and
revenues pertaining to this District.

The Village maintains and adopts budgets for each of the funds listed.
Proprietary or Enterprise Funds - These funds distinguish operating revenues and expenses from
nonoperating items. Operating revenues and expenses generally result from providing services and
producing or delivering of goods. The Village proprietary funds are its Public Sewer and Public Water
Utilities. In the Village’s Financial Statements these funds are reported under Business-Type Activities Enterprise Funds.
Following the detailed financial reporting on the various funds and fund types, the Financial Statement
then provides a series of narratives and/or further explanations in the Notes to Financial Statements.
Within these notes the statement provides insight into the financial information which had been provided
earlier in the statement such as Restricted Assets. An index of these notes is provided within the
Statement.
Following the Notes to Financial Statements, Other Information is provided which is required
supplementary information. This supplementary information presents a detailed budgetary comparison
schedule for the general fund to demonstrate compliance with the budget. The combining statements
referred to earlier in connection with Nonmajor governmental funds are presented immediately following
the required supplementary information.

vi

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Financial Analysis of the Village as a Whole
A summary of the Village’s Statement of Net Position is presented below:
Condensed Statement of Net Position
Governmental Activities
2025
Current and other
assets
Capital assets

Business-Type Activities

2024

2025

$ 21,742,321 $ 21,380,036 * $ 6,651,261
48,562,235
46,177,105 *
34,298,150

$

Total

2024

2025

6,525,416
30,596,022

$ 28,393,582
82,860,385

2024

$

27,905,452 *
76,773,127 *

Total assets

70,304,556

67,557,141 *

40,949,411

37,121,438

111,253,967

104,678,579 *

Deferred outflows of
resources

1,691,119

2,009,728

413,252

476,636

2,104,371

2,486,364

Long-term liabilities
Other liabilities

30,766,572
906,075

31,036,855
1,168,100

6,484,500
643,464

6,600,853
463,551

37,251,072
1,549,539

37,637,708
1,631,651

31,672,647

32,204,955

7,127,964

7,064,404

38,800,611

39,269,359

Deferred inflows of
resources

15,086,199

13,225,234

465,533

272,432

15,551,732

13,497,666

Net investment in
capital

19,625,407

18,410,365 *

28,052,198

24,184,131

47,473,705

42,594,496 *

Restricted net position

1,978,360

2,694,307 *

564,397

458,692

2,542,757

3,152,999 *

Unrestricted net
position

3,633,062

3,032,008 *

5,152,571

5,618,415

8,989,533

8,650,423 *

$ 33,769,166

$ 30,261,238

$ 59,005,995

Total liabilities

Total net
position

$ 25,236,829 $ 24,136,680

$

54,397,918

* 2024 balances were modified as a result of GASB Statement No. 104, Disclosure of Certain Capital Assets.
The Village’s total net position - assets and deferred outflows minus liabilities and deferred inflows - was
$59,005,995, an increase of $4,608,077 or 8.5% compared with 2024. This increase was primarily due to a
$5,083,109 or 11.9% increase in net investment in capital assets. Most of this increase was the result of
$1,340,106 and $3,047,489 capital contributions in the governmental activities and business-type activities.
The following sections of MD&A analyze the finances of the governmental activities and business-type
activities separately.

vii

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Within the Financial Statement a report is provided which indicates the changes in net position based upon
the expenses, revenues and transfers made throughout the year within both the Governmental Activities and
Business-Type Activities funds. A recap of the year’s activity is provided below.
Condensed Statement of Activities
Governmental Activities
2025
Revenues
Program revenues:
Charges for services
Operating grants
and contributions
Capital grants and
contributions

$

Business-Type Activities

2024

1,908,281

$

2025

2,770,076

$

Total

2024

5,015,756

$

2025

4,768,602

$

2024

6,924,037

$

7,538,678

718,352

576,822

-

-

718,352

576,822

1,340,106

578,797

3,047,489

779,558

4,387,595

1,358,355

3,966,739

3,925,695

8,063,245

5,548,160

12,029,984

9,473,855

11,633,025

11,454,083

-

-

11,633,025

11,454,083

697,492
558,417

545,127
719,525

258,764

274,758

697,492
817,181

545,127
994,283

8,961
326,527

(2,415)
148,587

19,410
2,839

51,309
15,829

28,371
329,366

48,894
164,416

Total general
revenues

13,224,422

12,864,907

281,013

341,896

13,505,435

13,206,803

Total revenues

17,191,161

16,790,602

8,344,258

5,890,056

25,535,419

22,680,658

(1,361,537)
(4,147,708)
(2,807,235)

(1,264,346)
(4,873,686)
(2,711,589)

-

-

(1,361,537)
(4,147,708)
(2,807,235)

(1,264,346)
(4,873,686)
(2,711,589)

(34,373)

(31,116)

-

-

(34,373)

(31,116)

(1,757,581)

(1,445,459)

-

-

(1,757,581)

(1,445,459)

(5,136,191)

(4,414,297)

-

-

(5,136,191)

(4,414,297)

(1,163,639)

(1,179,385)

-

-

(1,163,639)

(1,179,385)

-

-

(1,694,995)
(2,824,083)

(1,548,872)
(2,845,039)

(1,694,995)
(2,824,083)

(1,548,872)
(2,845,039)

(16,408,264)

(15,919,878)

(4,519,078)

(4,393,911)

(20,927,342)

(20,313,789)

317,252

306,599

(317,252)

(306,599)

-

-

Change in net
position

1,100,149

1,177,323

3,507,928

1,189,546

4,608,077

2,366,869

Net Position, Beginning

24,136,680

22,959,357

30,261,238

29,071,692

54,397,918

52,031,049

Total program
revenue
General revenues:
Tax levied
Intergovernmental
revenues
Investment income
Gain on disposal of
assets (loss)
Miscellaneous

Expenses
Governmental activities:
General government
Public safety
Public works
Health and human
services
Culture, recreation
and education
Conservation and
development
Interest and fiscal
charges
Business-type activities
Water utility
Sewer utility
Total expenses
Transfers in (out)

Net Position, Ending

$

25,236,829

$

24,136,680

$

viii

33,769,166

$

30,261,238

$

59,005,995

$

54,397,918

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Governmental-Type Activities
Governmental activities showed revenues exceeding expenses in the current year, resulting in an increase in
net position. The total net position of the Village’s governmental activities was $25,236,829, an increase of
$1,100,149 or 4.6% from 2024. Various events contributed to this increase in net position; however, the two
primary factors affecting the change in net position are as follows:
(1) Capital Grants and Contributions related to developer public improvements required by HeyDay
($1,026,430) and Quarry Ridge Phase C ($313,536).
(2) Park development fee ($179,930) and fee in lieu of parkland ($293,436) from HeyDay building
permit.

Business-Type Activities
Business activities showed revenues exceeding expenses in the current year, resulting in an increase in net
position. The total net position of the Village’s business activities was $33,769,166, an increase of $3,507,928
or 11.6% from 2024. Various events contributed to this increase in net position; however, the two primary
factors affecting the change in net position are as follows:
(1) Capital Grants and Contributions related to developer public improvements required by HeyDay
($868,748), Hydrite ($64,075), Quarry Ridge Phase C ($117,516), 5th Addition to Westlawn Phase 5
($344,489), and Amazon ($939,199).
(2) Water Impact Fee ($73,410) and Sewer Impact Fee ($124,163) from HeyDay building permit.

Governmental-Type Funds
General Fund
The General Fund is the primary operating fund of the Village. Within this fund the normal day-to-day activity
is recorded. On December 31, 2025, the Village’s general fund reported total fund balance of $2,753,098.
$2,628,637 of the total fund balance represents unrestricted funds. Monies considered nonspendable within
the general fund balance totaled $124,461.
Overall
The Village’s general fund finished the year with a net fund balance increase of $138,543, or $288,543
greater than budgeted. Revenues and other financing sources were over budget by $96,088. The positive
revenue budget variance was primarily driven by building permits and investment income performance.
Expenditures and other financing uses were under budget by $192,455, resulting in an overall surplus.
The positive expense budget variance was primarily driven by Police and Fire Department.
General Government
This section of the General Fund budget relates to administration costs associated with management of
the Village such as the Village Board, administrator, clerk, treasurer and staff, elections, assessment of
property, audit, municipal court, intergovernmental payments and insurances and legal counsel. General
government expenditures were under budget by $24,158.
Public Safety
This section of the budget pertains to the Village police department and police commission, crossing
guards, fire department, emergency services, building inspections and hydrant rental. Public safety
expenditures were under budget by $181,773. Police budget performance driven by a combination of
tenured officers in 2024 being replaced by new officers in 2025 and open positions during the year during
recruitment. Fire performance was driven by lower-than-expected maintenance costs.

ix

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Public Works
This section pertains to the administration of the department, maintenance of streets and other
municipally owned infrastructure (stormwater), traffic control, street lighting, sidewalks, general
engineering, refuse collection, storm sewers, weed/nuisance control and the sanitary landfill. Public
Works expenditures were under budget by $4,582.
Health and Human Services
This section of the budget pertains to senior outreach and DEI (diversity, equity, and inclusion). At yearend, this section was over budget by $373.
Culture, Recreation and Education
This section of the budget pertains to parks, playgrounds, athletic facilities, recreation programs. At yearend, this section was over budget by $16,300. This was primarily driven by increase in recreation
programs. This had minimal impact on general fund performance due to more recreation charges for
service collected.
Conservation and Development
This section of the budget pertains to planning and other professional services related to the efficient and
effective planning of new and existing developments within the Village and implementation of the Village’s
Comprehensive Land Use Plan. In 2025, the planning and development budgets came in over budget by
$1,385.
General Debt Service Fund
The General Debt Service Fund is used to record and track all interest and principal payments made on
debt that the Village has incurred outside of debt incurred by the Utility Funds. In 2025, $4,520,713 was
paid in principal and interest payments by all funds excluding the Utility Funds. The debt service fund has
a fund balance of $638,393 as of year-end. $144,350 of the total fund balance represents premium of
debt issued which will be used for 2026 interest payments and $61,509 represents Tax Incremental
District No. 6 funds held to forgive advance due to increment not able to cover full debt service.
Public Infrastructure Fund
In 2014 the Village of Cottage Grove implemented a Capital Improvement Plan, budgeting out at least 5
years for purchases of infrastructure and facilities. Proceeds from borrowings are used to support this
fund. In 2025, the Village’s main capital expenses were for major road and trail repaving projects, Police
Station, and Huston Park replacement. The Public Infrastructure fund balance at the end of 2025 is
$197,021.
ERIM Fund (Equipment Replacement and Infrastructure Maintenance)
In 2014 the Village of Cottage Grove implemented a Capital Improvement Plan, budgeting out at least 5
years for purchases of large equipment items. Proceeds from borrowings are used to support this fund. In
2025, the Village’s main capital expenses were for annual road and trail repaving projects, vehicles, and
equipment. The ERIM fund balance at the end of 2025 is $260,092.

x

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

TIF District No. 5
In 2000, the Village of Cottage Grove recognized the need for more commercial tax base within the
Village and began planning for a Commerce Park at the intersection of CTH N and I-94. In 2003, the
infrastructure for the first of two phases was complete and land became available for potential
developers. At the end of 2025, the increment value for the district was $257,307,500 (2025 equalized
value less the 2003 base year value) and the district reports a fund balance of $227,438.
TIF District No. 9
In 2018, the Village of Cottage Grove created TIF District No. 9 as a mix-use district. The district partially
overlapped TIF District No. 6 to help facilitate development. At the end of 2025, the increment value for
the district was $55,025,900 (2025 equalized value less the 2018 base year value) and the district reports
a fund balance of $563,806. The beginning fund balance was restated as a result of GASB Statement No.
104, Disclosure of Certain Capital Assets. This eliminated the land held for resale value of $4,900,000 on
the fund level statements and increased capital assets on the government type activities.

Business-Type Funds
Water Utility
The water utility’s operating income was $579,579 in 2025. Developer contributions and operating results
lead to an increase in net position of $1,693,268. The water utility’s 2025 rate of return is 6.24%, below
the PSC authorized rate of return of 6.50%.
Sewer Utility
The sewer utility’s operating income was $105,801 in 2025. Developer contributions and operating results
lead to an increase in net position of $1,814,660. The utility does not have its own wastewater treatment
plant. The utility contracts with Madison Metropolitan Sewerage District which accounts for 53% of the
utility operating and maintenance expenditures.

xi

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Capital Asset Activity
At the end of 2025, the Village had invested a total of $82,860,385 in capital assets. This investment in
capital assets includes land, land improvements, buildings, machinery and equipment and infrastructure.
Governmental Activities major capital activities include:
 Construction in progress $896,712 increase related to progress on new Police Station.
 Construction in progress $570,608 increase related to Cottage Grove Road Multi-Use Path and
Main, Taylor, Weald Bridge intersection improvements.
 2025 annual street repaving of $779,523, including Bonnie Rd, Heather Drive, Heather Ct,
Hawthorn Court.
 Huston Park replacement $336,717.
 Contributed public improvements of $1,339,966 related to HeyDay and Quarry Ridge Phase C.
Business Activities major capital activities include:
 Construction in progress $915,656 increase related to progress on Farm Interceptor.
 System wide replacement of SCADA totaling $944,997.
 Contributed public improvements of $2,334,027 related to HeyDay, Hydrite, Quarry Ridge Phase
C, 5th Addition to Westlawn Phase 5, and Amazon.

Land and other assets not
being depreciated
Construction in progress
Building and land
improvements
Machinery and equipment
Infrastructure
Utility plant

$

Total capital
assets
Less accumulated
depreciation
Net capital assets

$

Governmental Activities

Business-Type Activities

2025

2024

2025

12,796,453* $
362,329

840,594
1,226,378

17,385,457
6,551,248
40,823,877
-

17,392,046*
5,827,447
39,669,218
-

47,306,997

44,086,036

17,385,457
6,551,248
40,823,877
47,306,997

17,392,046*
5,827,447
39,669,218
44,086,036

79,412,862

76,047,493*

49,373,969

44,902,757

128,786,831

120,950,250*

(30,850,627)

(29,870,388)

(15,075,819)

(14,306,735)

(45,926,446)

(44,177,123)

46,177,105* $

34,298,150

12,796,453
1,855,827

48,562,235

$

$

Total

2024
$

$

745,071
71,650

30,596,022

2025
$

$

13,637,047
3,082,205

82,860,385

*2024 balances were modified as a result of GASB Statement No. 104, Disclosure of Certain Capital Assets.

xii

2024
$

$

13,541,524*
433,979

76,773,127*

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Long-Term Debt Activity
Per Wisconsin State Statute, the total general obligation debt of the Village may not exceed 5% of its
equalized value of taxable property within the Village. Based on this, the available debt limit as of
December 31, 2025 was $77,299,150. The Village, as of December 31, 2025, had general obligation debt
in the amount of $31,711,520.
The 2025 Promissory Notes were issued to finance vehicle and equipment replacement, 2025 street
improvements program, Huston Park, Cottage Grove Road Multi-Use Path and Main, Taylor, Weald
Bridge intersection improvements, and Police Station architecture and design.
Balance
General Obligation Debt
General obligation - 2009 (sewer)

12/31/2024
$

Increases

397,500

$

-

$

Principal

Balance

Payment

12/31/2025

95,485

$

302,015

General obligation - 2014 refunding

1,355,000

-

655,000

700,000

General obligation - 2015 refunding

1,790,000

-

320,000

1,470,000

General obligation - 2017 bonds

3,000,000

-

595,000

2,405,000

General obligation - 2018 bonds

1,610,000

-

445,000

1,165,000

General obligation - 2019 notes

425,000

-

80,000

345,000

General obligation - 2020 bonds

1,485,000

-

80,000

1,405,000

General obligation - 2022 STFL

614,207

-

199,702

414,505

General obligation - 2022 bonds

7,310,000

-

220,000

7,090,000

General obligation - 2023 bonds

2,820,000

-

150,000

2,670,000

General obligation - 2024 notes

4,975,000

-

455,000

4,520,000

General obligation - 2024 notes

6,155,000

-

210,000

5,945,000

General obligation - 2025 notes

-

3,280,000

-

3,280,000

Total general obligation debt

$

31,936,707

$

3,280,000

$

3,505,187

$

31,711,520

The water and sewer utilities have outstanding revenue bonds totaling $3,164,748 as of
December 31, 2025. These bonds are secured by the revenues generated by the utilities.
Currently Known Facts, Decisions, or Conditions
The Village is aware of three developments that will have an impact on the Village’s finances in the future
and were therefore incorporated into next year's budget:
(1) Public Safety employee unions’ new contract
(2) Fire Department compensation model change
(3) Economic Development

xiii

Village of Cottage Grove
Management’s Discussion and Analysis
December 31, 2025
(Unaudited)

Public Safety Union Agreements
The collective bargaining agreement for police officers expired at the end of fiscal year 2025. On
November 20, 2025, the new bargaining agreement was signed covering fiscal years 2026 and 2027. The key
features of the contract are a reduction of standard annual hours from 1950 to 1938 and wage increases. The
first year of the contact sees a 7% increase in both starting wage scale and after year one the remaining
wage scale saw an increase of 4.5%. In year two of the agreement there is an across the board increase of
4.5%. The estimated impact on the 2026 budget was $142,099.
The collective bargaining agreement for Deer-Grove EMS expired at the end of fiscal year 2025. On
September 8, 2025, the new bargaining agreement was signed covering fiscal years 2026 through 2028. The
key provision in the contract relates to wage increases in year one of 10%, year two 4%, and on year three
4%. The estimated impact on the 2026 budget was $37,046.
Fire Compensation Model Change
Effective January 1, 2026 Cottage Grove Fire Department, which primarily serves the Village and Town of
Cottage Grove, and portions of Pleasants Springs implemented a pay per call model. Prior to this model only
officers, individuals performing fire inspections and Sunday duty were compensated. The estimated impact on
the 2026 budget was $38,240. The Village and Town engaged a consultant in 2026 to assist in determining
what growth and other factors would require a further modification to this compensation model and future
facilities.
Economic Development
The Village’s largest Tax Incremental Financing District, No. 5, will close in 2026. The Village board passed
the termination resolution on February 2, 2026. The district will bring approximately $257 million in increment
to the various tax rolls. The district is also anticipating closing with over 3 million dollars in surplus, which will
be distributed to the various taxing jurisdictions based on the most recent Tax Increment Worksheet.
Amazon’s distribution center, an estimated $295,000,000 facility, is nearing completion and public
improvements are underway. The facility is expected to create up to 1,400 full-time jobs. It is anticipated that
this development will become one of the Village’s top ten taxpayers.
HayDeys started construction quarter four of fiscal year 2025. An 114 townhouse unit development that will
bring approximately $40 million of assessed value by the end of construction. It is anticipated that this
development will become one of the Village’s top ten taxpayers.
Drumlin Reserve senior housing converted to tax exempt status effective January 1, 2025, which decreased
levy capacity for the Village for fiscal year 2026. In 2024, this was the 5th largest taxpayer in the Village with
assessed value of $13,374,600.

xiv

BASIC FINANCIAL STATEMENTS

Village of Cottage Grove
Statement of Net Position
December 31, 2025

Primary Government
BusinessGovernmental
Type
Activities
Activities

Assets
Cash and investments
Receivables:
Taxes
Delinquent personal property taxes
Accounts
Special assessments
Delinquent special assessments
Leases
Internal balances
Due from other governments
Prepaid items
Inventory
Other assets
Restricted assets:
Cash and investments
Capital assets:
Land
Construction in progress
Other capital assets, net of depreciation

$

Total assets
Deferred Outflows of Resources
Pension related amounts
Total deferred outflows of resources

6,728,532

$

4,329,292

Total

$

11,057,824

13,913,138
17,938
191,720
1,128
12,412
411,241
(90,212)
81,568
474,856
-

811,776
258,222
90,212
115,034
18,690
452,876

13,913,138
17,938
1,003,496
1,128
12,412
669,463
81,568
589,890
18,690
452,876

-

575,159

575,159

12,796,453
1,855,827
33,909,955

840,594
1,226,378
32,231,178

13,637,047
3,082,205
66,141,133

70,304,556

40,949,411

111,253,967

1,691,119

413,252

2,104,371

1,691,119

413,252

2,104,371

Liabilities
Accounts payable
Accrued liabilities and deposits
Noncurrent liabilities:
Due within one year
Due in more than one year
Net pension liability

444,038
462,037

563,517
79,947

1,007,555
541,984

3,980,828
26,494,955
290,789

973,987
5,454,455
56,058

4,954,815
31,949,410
346,847

Total liabilities

31,672,647

7,127,964

38,800,611

Deferred Inflows of Resources
Unearned revenue
Lease related amounts
Pension related amounts

13,841,310
411,241
833,648

258,222
207,311

13,841,310
669,463
1,040,959

15,086,199

465,533

15,551,732

19,625,407

28,052,198

47,473,705

300,984
806,263
871,113
3,633,062

214,204
350,193
5,152,571

214,204
651,177
806,263
871,113
8,989,533

Total deferred inflows of resources
Net Position
Net investment in capital assets
Restricted:
Equipment replacement
Debt service
TIF districts
Housing
Unrestricted
Total net position

$

25,236,829

See notes to financial statements

1

$

33,769,166

$

59,005,995

Village of Cottage Grove
Statement of Activities
December 31, 2025

Functions/Programs

Primary Government
Governmental activities:
General government
Public safety
Public works
Health and human services
Culture, recreation and education
Conservation and development
Interest and fiscal charges

Expenses

$

Total governmental activities
Business-type activities:
Water utility
Sewer utility
Total business-type activities
Total primary government

Charges for
Services

$

1,361,537
4,147,708
2,807,235
34,373
1,757,581
5,136,191
1,163,639

$

Program Revenues
Operating
Grants and
Contributions

29,575
435,924
431,509
987,797
23,476
-

$

15,753
88,315
614,284
-

Capital
Grants and
Contributions

Net Expenses (Revenues) and
Changes in Net Position
Primary Government
Governmental
Business-Type
Activities
Activities

$

$

1,340,106
-

(1,316,209)
(3,623,469)
(421,336)
(34,373)
(769,784)
(5,112,715)
(1,163,639)

$

-

$

Total

(1,316,209)
(3,623,469)
(421,336)
(34,373)
(769,784)
(5,112,715)
(1,163,639)

16,408,264

1,908,281

718,352

1,340,106

(12,441,525)

-

(12,441,525)

1,694,995
2,824,083

2,182,364
2,833,392

-

1,404,998
1,642,491

-

1,892,367
1,651,800

1,892,367
1,651,800

4,519,078

5,015,756

-

3,047,489

-

3,544,167

3,544,167

4,387,595

(12,441,525)

3,544,167

(8,897,358)

4,580,689
1,566,111
5,486,225

-

4,580,689
1,566,111
5,486,225

697,492
558,417
8,961
326,527

258,764
19,410
2,839

697,492
817,181
28,371
329,366

13,224,422

281,013

13,505,435

317,252

(317,252)

-

1,100,149

3,507,928

4,608,077

24,136,680

30,261,238

54,397,918

20,927,342

$

6,924,037

$

718,352

$

General Revenues
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for debt service
Property taxes, TIF increment
Intergovernmental revenues not restricted to
specific programs
Investment income
Gain on sale of capital assets
Miscellaneous
Total general revenues
Transfers
Change in net position
Net Position, Beginning
Net Position, Ending

See notes to financial statements

2

$

25,236,829

$

33,769,166

$

59,005,995

Village of Cottage Grove
Balance Sheet Governmental Funds
December 31, 2025

Assets
Cash and investments
Receivables:
Taxes
Delinquent personal property taxes
Accounts
Special assessments
Delinquent special assessments
Leases
Due from other funds
Due from other governments
Prepaid items
Advances to other funds
Total assets
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts payable
Accrued liabilities
Deposits
Due to other funds
Advances from other funds

$

General
Debt Service
Fund

Public
Infrastructure

2,783,482

$

$

5,215,772
17,938
52,253
12,412
411,241
19,299
94,111
-

576,884
1,835,371
61,509

-

Capital Project Funds
TIF District
ERIM
No. 5

$

379,026
-

289,037

$

25,369
-

227,896

TIF District
No. 9

$

4,899,610
333
-

564,770

Nonmajor
Governmental
Funds

$

1,047,794
499
-

2,286,463

Total

$

914,591
139,467
1,128
39,089
62,269
887
79,039

6,728,532
13,913,138
17,938
191,720
1,128
12,412
411,241
64,458
81,568
474,856
140,548

$

8,606,508

$

2,473,764

$

379,026

$

314,406

$

5,127,839

$

1,613,063

$

3,522,933

$

22,037,539

$

125,326
98,833
1,698
90,212
-

$

-

$

156,636
25,369
-

$

54,314
-

$

791
-

$

308
1,155
-

$

107,454
2,955
19,196
39,089
140,548

$

444,038
103,734
20,894
154,670
140,548

Total liabilities
Deferred inflows of resources:
Unearned revenue
Leases
Unavailable revenue
Total deferred inflows of resources
Fund balances (deficits):
Nonspendable
Restricted
Committed
Assigned
Unassigned (deficits)
Total fund balances (deficits)
Total liabilities, deferred inflows of
resources and fund balances

General
Fund

$

316,069

-

182,005

54,314

791

1,463

309,242

863,884

5,126,100
411,241
-

1,835,371
-

-

-

4,899,610
-

1,047,794
-

932,435
33,532

13,841,310
411,241
33,532

5,537,341

1,835,371

-

-

4,899,610

1,047,794

965,967

14,286,083

124,461
317,252
2,311,385

638,393
-

197,021
-

260,092
-

227,438
-

563,806
-

886,132
1,210,339
296,057
(144,804)

124,461
2,772,882
1,210,339
613,309
2,166,581

2,753,098

638,393

197,021

260,092

227,438

563,806

2,247,724

6,887,572

8,606,508

$

2,473,764

$

379,026

$

314,406

$

See notes to financial statements

3

5,127,839

$

1,613,063

$

3,522,933

$

22,037,539

Village of Cottage Grove
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
December 31, 2025

Total Fund Balances, Governmental Funds

$

6,887,572

Amounts reported for governmental activities in the Statement of Net Position are different because:
because:
Capital assets used in governmental funds are not financial resources and therefore not
reported in the funds.
Land
Construction in progress
Other capital assets, net of depreciation

12,796,453
1,855,827
33,909,955

Some receivables that are not currently available are reported as unavailable revenues in
the fund financial statements but are recognized as revenue when earned in the
government-wide statements.

33,532

The net pension liability does not relate to current financial resources and is not reported in
the governmental funds.

(290,789)

Deferred outflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.

1,691,119

Deferred inflows of resources related to pensions do not relate to current financial resources
and are not reported in the governmental funds.

(833,648)

Some liabilities, including long-term debt, are not due and payable in the current period and,
therefore, are not reported in the funds.
Bonds and notes payable
Compensated absences
Accrued interest
Unamortized premium on issuance of debt

(28,699,505)
(592,012)
(337,409)
(1,184,266)

Change in Net Position of Governmental Activities

$

See notes to financial statements

4

25,236,829

Village of Cottage Grove
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
December 31, 2025

General
Debt Service
Fund

General
Fund

Revenues
Taxes
Special assessments
Intergovernmental
Licenses and permits
Fines, forfeitures and penalties
Public charges for services
Investment income
Miscellaneous

Capital Project Funds
TIF District
No. 5

Public
Infrastructure

Nonmajor
Governmental
Funds

TIF District
No. 9

ERIM

Total
Governmental
Funds

4,580,689
1,024,460
261,350
103,903
740,000
319,810
74,333

1,566,111
30,303
-

39,575
-

7,104,545

1,596,414

39,575

53,045

4,699,206

1,000,436

1,319,078

15,812,299

1,104,506
3,610,233
1,198,277
34,373
932,271
113,045
-

-

1,830,359

2,114,127

4,125,226
-

115,788
-

67,536
265,198
749,380

1,104,506
3,610,233
1,198,277
34,373
999,807
4,619,257
4,693,866

-

3,209,702
1,311,011
-

27,360

72,564

-

-

-

3,209,702
1,311,011
99,924

6,992,705

4,520,713

1,857,719

2,186,691

4,125,226

115,788

1,082,114

20,880,956

111,840

(2,924,299)

(1,818,144)

(2,133,646)

573,980

884,648

236,964

(5,068,657)

5,543
317,252
(296,092)

144,350
2,445,742
-

708,700
8,596
125,000
-

1,961,300
23,790
100,042
-

(1,256,141)

(819,676)

15,324
46,092
(244,925)

2,670,000
176,736
120,909
2,934,086
(2,616,834)

Total other financing sources (uses)

26,703

2,590,092

842,296

2,085,132

(1,256,141)

(819,676)

(183,509)

3,284,897

Net change in fund balance

138,543

(334,207)

(975,848)

(48,514)

(682,161)

64,972

53,455

(1,783,760)

2,614,555

972,600

1,172,869

-

909,599

5,398,834

2,502,875

13,571,332

-

-

-

-

-

(4,900,000)

-

(4,900,000)

-

-

-

308,606

-

-

(308,606)

-

2,614,555

972,600

1,172,869

308,606

909,599

498,834

2,194,269

8,671,332

$

Total revenues
Expenditures
Current:
General government
Public safety
Public works
Health and human services
Culture, recreation and education
Conservation and development
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Issuance cost
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other Financing Sources (Uses)
Long-term debt issued
Premium on debt issuance
Sale of village property
Transfers in
Transfers out

Fund Balance, Beginning, as Previously Reported
Restatement, changes in accounting principle
Adjustment, changes from nonmajor to major fund
Fund Balance, Beginning as Restated and Adjusted
Fund Balance, Ending

$

2,753,098

$

638,393

$

$

197,021

$

$

23,859
29,186

260,092

See notes to financial statements

5

$

$

4,400,764
262,878
23,046
12,518

227,438

$

$

930,126
8,959
16,151
45,200

563,806

$

$

155,335
1,340
88,412
803,028
105,673
165,290

2,247,724

$

$

11,633,025
1,340
1,384,709
261,350
103,903
1,543,028
558,417
326,527

6,887,572

Village of Cottage Grove
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of
Governmental Funds to the Statement of Activities
December 31, 2025

Net Change in Fund Balances, Total Governmental Funds

$

(1,783,760)

Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of net
position the cost of these assets are capitalized and they are depreciated over their
estimated useful lives and reported as depreciation expense in the statement of activities.
Capital outlay is reported as an expenditure in the fund financial statements
but is capitalized in the government-wide financial statements
Some items reported as outlay are not capitalized
Depreciation is reported in the government-wide statements
Loss on disposal of assets is reported in the government-wide statements

4,693,866
(847,825)
(2,306,024)
(494,853)

Contributed capital assets are reported as revenues in the government-wide statements.

1,339,966

Receivables not currently available are reported as unavailable revenue in the fund financial
statements but are recognized as revenue when earned in the government-wide
financial statements.

29,935

Debt issued provides current financial resources to governmental funds, but issuing
debt increases long-term liabilities in the Statement of Net Position. Repayment of
debt principal is an expenditure in the governmental funds, but the repayment
reduces long-term liabilities in the statement of net position.
Debt issued
Principal repaid

(2,670,000)
3,209,702

Governmental funds report debt premiums and discounts as other financing sources (uses)
or financing sources or uses. However, in the statement of net position, these are reported
as additions to or deductions from long-term debt. These are allocated over the period the
debt is outstanding in the Statement of Activities and are reported as interest expense.
Change in premium on debt issuance

(108,809)

Some expenses in the statement of activities do not require the use of current financial
resources and, therefore, are not reported as expenditures in the governmental funds.
Compensated absences
Accrued interest on debt
Net pension liability/asset
Deferred outflows of resources related to pensions
Deferred inflows of resources related to pensions

(94,906)
179,369
(65,704)
(318,609)
337,801

Change in Net Position of Governmental Activities

$

See notes to financial statements

6

1,100,149

Village of Cottage Grove
Statement of Net Position Proprietary Funds
December 31, 2025

Business-Type Activities - Enterprise Funds
Water
Sewer
Utility
Utility
Total

Assets
Current assets:
Cash and investments
Accounts receivable
Due from other funds
Prepaid items
Inventory
Lease receivable
Restricted assets:
Redemption account

$

1,856,129
224,178
42,522
93,049
18,690
21,208

$

2,473,163
587,598
47,690
21,985
-

$

4,329,292
811,776
90,212
115,034
18,690
21,208

162,977

197,978

360,955

2,418,753

3,328,414

5,747,167

-

214,204

214,204

230,245
310,722
23,519,283
(7,291,514)

610,349
915,656
23,787,714
(7,784,305)

840,594
1,226,378
47,306,997
(15,075,819)

237,014

452,876
-

452,876
237,014

Total noncurrent assets

17,005,750

18,196,494

35,202,244

Total assets

19,424,503

21,524,908

40,949,411

203,100

210,152

413,252

203,100

210,152

413,252

Total current assets
Noncurrent assets:
Restricted assets:
Equipment replacement account
Capital assets:
Land
Construction in progress
Property and equipment
Accumulated depreciation
Other assets:
Preliminary survey and investigation
Lease receivable

Deferred Outflows of Resources
Pension related amounts
Total deferred outflows of resources

See notes to financial statements

7

Village of Cottage Grove
Statement of Net Position Proprietary Funds
December 31, 2025

Business-Type Activities - Enterprise Funds
Water
Sewer
Utility
Utility
Total

Liabilities
Current liabilities:
Accounts payable
Accrued liabilities
Accrued interest
Compensated absences
General obligation debt
Current liabilities payable from restricted assets:
Accrued interest
Current portion of revenue bonds payable

$

58,384
16,044
19,737
52,833
105,000

$

505,133
16,044
17,360
52,833
238,033

$

563,517
32,088
37,097
105,666
343,033

6,776
234,301

3,986
290,987

10,762
525,288

Total current liabilities

493,075

1,124,376

1,617,451

Noncurrent liabilities:
General obligation debt
Revenue bonds payable
Net pension liability
Unamortized debt premium
Compensated absences

850,000
2,033,989
28,029
43,886
38,412

1,818,982
605,471
28,029
25,303
38,412

2,668,982
2,639,460
56,058
69,189
76,824

Total noncurrent liabilities

2,994,316

2,516,197

5,510,513

Total liabilities

3,487,391

3,640,573

7,127,964

Deferred Inflows of Resources
Lease related amounts
Pension related amounts

258,222
104,983

102,328

258,222
207,311

363,205

102,328

465,533

13,501,560

14,550,638

28,052,198

156,201
2,119,246

214,204
193,992
3,033,325

214,204
350,193
5,152,571

$ 15,777,007

$ 17,992,159

$ 33,769,166

Total deferred inflows of resources
Net Position
Net investment in capital assets
Restricted for:
Equipment replacement
Debt service
Unrestricted net position
Total net position

See notes to financial statements

8

Village of Cottage Grove
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
December 31, 2025

Business-Type Activities - Enterprise Funds
Water
Sewer
Utility
Utility
Total

Operating Revenues
Charges for services
Miscellaneous operating income

$

Total operating revenues

2,158,864
23,500

$

2,833,392
-

$

4,992,256
23,500

2,182,364

2,833,392

5,015,756

1,095,863
506,922

2,092,354
635,237

3,188,217
1,142,159

1,602,785

2,727,591

4,330,376

579,579

105,801

685,380

(317,252)

-

(317,252)

262,327

105,801

368,128

Other Nonoperating Revenues (Expenses)
Investment income
Interest and fiscal charges
Amortization of discount/premium
Capital contributions
Gain on disposal of capital assets

107,443
(92,210)
1,005
1,404,998
9,705

151,321
(96,492)
1,834
1,642,491
9,705

258,764
(188,702)
2,839
3,047,489
19,410

Total other nonoperating
revenue (expenses)

1,430,941

1,708,859

3,139,800

Change in net position

1,693,268

1,814,660

3,507,928

14,083,739

16,177,499

30,261,238

Operating Expenses
Operation and maintenance
Depreciation
Total operating expenses
Operating income
Noncapital Subsidies
Transfers out
Operating income and
noncapital subsidies

Net Position, Beginning
Net Position, Ending

$

15,777,007

See notes to financial statements

9

$

17,992,159

$

33,769,166

Village of Cottage Grove
Statement of Cash Flows Proprietary Funds
December 31, 2025

Business-Type Activities - Enterprise Funds
Water
Sewer
Utility
Utility
Total

Cash Flows From Operating Activities
Received from customers
Paid to suppliers for goods and services
Paid to employees for services

$

Net cash flows from operating activities

2,206,002
(442,360)
(640,364)

$

2,492,518
(1,495,389)
(640,362)

$

4,698,520
(1,937,749)
(1,280,726)

1,123,278

356,767

1,480,045

Cash Flows From Noncapital Financing Activities
Paid to municipality for tax equivalent

(317,252)

-

(317,252)

Net cash flows from noncapital
financing activities

(317,252)

-

(317,252)

Cash Flows From Investing Activities
Investments sold
Investments purchased
Investment income

295,038
(646,927)
107,443

596,422
(300,323)
151,321

891,460
(947,250)
258,764

Net cash flows from investing activities

(244,446)

447,420

202,974

Cash Flows From Capital and Related
Financing Activities
Debt retired
Interest paid
Debt issued
Capital contributions received
Debt issuance costs and premiums
Acquisition and construction of capital assets

(305,125)
(79,106)
540,000
131,966
32,328
(1,207,343)

(503,910)
(98,670)
70,000
581,496
3,607
(1,036,452)

(809,035)
(177,776)
610,000
713,462
35,935
(2,243,795)

Net cash flows from capital and related
financing activities

(887,280)

(983,929)

(1,871,209)

Net change in cash and cash equivalents

(325,700)

(179,742)

(505,442)

1,585,476

2,283,918

3,869,394

Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending

$

1,259,776

See notes to financial statements

10

$

2,104,176

$

3,363,952

Village of Cottage Grove
Statement of Cash Flows Proprietary Funds
December 31, 2025

Business-Type Activities - Enterprise Funds
Water
Sewer
Utility
Utility
Total

Reconciliation of Operating Income (Loss)
to Net Cash From Operating Activities
Operating income (loss)
Noncash items included in income:
Depreciation
Depreciation charged to clearing
and other utilities
Change in assets, liabilities and deferred
inflows and outflows of resources:
Accounts receivable
Prepaid items
Inventory
Due to/from other funds
Accounts payable and accrued liabilities
Pension related deferrals and asset/liabilities
Compensated absences

$

Net cash flows from
operating activities
Reconciliation of Cash and Cash Equivalents
to the Statement of Net Assets - Proprietary
Funds
Cash and investments
Restricted assets, cash and investments
Less noncash equivalents
Cash and cash equivalents, ending
Noncash Capital and Related Financing
Activities
Developer financed additions to utility plant
Amortization of premium on debt

579,579

105,801

$

685,380

506,922

635,237

1,142,159

32,850

(32,850)

-

(14,982)
(44,549)
6,605
5,770
27,158
5,956
17,969

(319,448)
26,415
11,424
(93,736)
5,955
17,969

(334,430)
(18,134)
6,605
17,194
(66,578)
11,911
35,938

$

1,123,278

$

356,767

$

1,480,045

$

1,856,129
162,977
(759,330)

$

2,473,163
412,182
(781,169)

$

4,329,292
575,159
(1,540,499)

$

1,259,776

$

2,104,176

$

3,363,952

$
$

1,273,032
1,005

$
$

1,060,995
1,834

See notes to financial statements

11

$

Village of Cottage Grove
Statement of Fiduciary Net Position Custodial Fund
December 31, 2025

Tax
Collection
Fund

Assets
Cash and investments
Taxes receivable

$

Total assets

10,182,394
5,880,558
16,062,952

Liabilities
Due to other taxing units

16,062,952

Total liabilities

16,062,952

Net Position
Total net position

$

See notes to financial statements

12

-

Village of Cottage Grove
Statement of Changes in Fiduciary Net Position Custodial Fund
December 31, 2025

Tax
Collection
Fund

Additions
Property taxes collected for other governments

$ 10,331,586

Total additions

10,331,586

Deductions
Property taxes distributed to other governments

10,331,586

Total deductions

10,331,586

Change in net position

-

Net Position, Beginning

-

Net Position, Ending

$

See notes to financial statements

13

-

Village of Cottage Grove
Index to Notes to Financial Statements
December 31, 2025

Page
1. Summary of Significant Accounting Policies

15

Reporting Entity
Government-Wide and Fund Financial Statements
Measurement Focus, Basis of Accounting and Financial Statement Presentation
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and
Net Position or Equity
Deposits and Investments
Receivables
Inventory and Prepaid Items
Restricted Assets
Capital Assets
Leases
Deferred Outflows of Resources
Compensated Absences
Long-Term Obligations
Deferred Inflows of Resources
Equity Classifications
Basis for Existing Rates
Pension

15
15
18
19
19
20
21
21
21
22
22
22
22
22
23
24
24

2. Stewardship, Compliance and Accountability

25

Excess Expenditures Over Appropriations
Deficit Balances
Limitations on the Village's Tax Levy

25
25
25

3. Detailed Notes on All Funds

26

Deposits and Investments
Receivables
Restricted Assets
Capital Assets
Interfund Receivables/Payables, Advances and Transfers
Long-Term Obligations
Lease Disclosures
Net Position/Fund Balances
Accounting Changes
4. Other Information

26
29
29
30
34
36
39
40
42
43

Employees' Retirement System
Risk Management
Commitments and Contingencies
Tax Abatement
Joint Ventures
Significant Customers
Subsequent Event
Effect of New Accounting Standards on Current-Period Financial Statements

14

43
48
48
49
49
50
50
50

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

1. Summary of Significant Accounting Policies
The accounting policies of the Village of Cottage Grove, Wisconsin (the Village) conform to accounting
principles generally accepted in the United States of America as applicable to governmental units. The
accepted standard-setting body for establishing governmental accounting and financial reporting
principles is the Governmental Accounting Standards Board (GASB).
Reporting Entity
This report includes all of the funds of the Village. The reporting entity for the Village consists of the
primary government and its component units. Component units are legally separate organizations for
which the primary government is financially accountable or other organizations for which the nature
and significance of their relationship with the primary government are such that their exclusion would
cause the reporting entity's financial statements to be misleading. The Village has not identified any
organizations that meet this criteria.
Government-Wide and Fund Financial Statements
In June 2017, the GASB issued Statement No. 87, Leases. This Statement requires the recognition of
certain lease assets and liabilities for leases that previously were classified as operating leases and
recognized as inflows of resources or outflows of resources based on the payment provisions of the
contract. The standard establishes a single model for lease accounting based on the foundational
principle that leases are financings of the right-to-use an underlying asset. Under the Statement, a
lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor
is required to recognize a lease receivable and a deferred inflow of resources, which enhances the
relevance and consistency of information about the Village's leasing activities. This standard was
implemented as of January 1, 2025.
In May 2024, the GASB issued Statement No. 103, Financial Reporting Model Improvements. This
Statement is to improve key components of the financial reporting model to enhance its effectiveness
in providing information that is essential for decision making and assessing a government’s
accountability. These key components include the management’s discussion and analysis, unusual or
infrequent items, presentation of proprietary fund statement of revenues, expenses, and changes in
fund net position, major component unit information, and budgetary comparison information. This
standard was implemented as of January 1, 2025.
In September 2024, the GASB issued Statement No. 104, Disclosure of Certain Capital Assets. This
Statement requires certain types of capital assets to be disclosed separately in capital assets note
disclosures required by Statement 34. The statement also requires additional disclosures for capital
assets held for sale. A capital asset is a capital asset held for sale if (a) the government has decided
to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one
year of the financial statement date. Governments should consider relevant factors to evaluate the
likelihood of the capital asset being sold within the established time frame. This Statement requires
that capital assets held for sale be evaluated each reporting period. Governments should disclose (1)
the ending balance of capital assets held for sale, with separate disclosure for historical cost and
accumulated depreciation by major class of asset, and (2) the carrying amount of debt for which the
capital assets held for sale are pledged as collateral for each major class of asset. This standard was
implemented as of January 1, 2025.
Government-Wide Financial Statements
The statement of net position and statement of activities display information about the reporting
government as a whole. They include all funds of the reporting entity except for fiduciary funds.
The statements distinguish between governmental and business-type activities. Governmental
activities generally are financed through taxes, intergovernmental revenues and other
nonexchange revenues. Business-type activities are financed in whole or in part by fees charged
to external parties for goods or services.
15

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. The Village does not allocate indirect expenses to
functions in the statement of activities. Program revenues include 1) charges to customers or
applicants who purchase, use or directly benefit from goods, services or privileges provided by a
given function or segment, and 2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function or segment. Taxes and other items not
included among program revenues are reported as general revenues. Internally dedicated
resources are reported as general revenues rather than as program revenues.
Fund Financial Statements
Financial statements of the Village are organized into funds, each of which is considered to be a
separate accounting entity. Each fund is accounted for by providing a separate set of selfbalancing accounts, which constitute its assets, deferred outflows of resources, liabilities,
deferred inflows of resources, net position/fund balance, revenues and expenditures/expenses.
Funds are organized as major funds or nonmajor funds within the governmental and proprietary
statements. An emphasis is placed on major funds within the governmental and proprietary
categories. A fund is considered major if it is the primary operating fund of the Village or meets
the following criteria:
a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources,
revenues or expenditures/expenses of that individual governmental or enterprise fund are
at least 10% of the corresponding total for all funds of that category or type, and
b. The same element of the individual governmental or enterprise fund that met the 10%
test is at least 5% of the corresponding total for all governmental and enterprise funds
combined.
c.

In addition, any other governmental or enterprise fund that the Village believes is
particularly important to financial statement users may be reported as a major fund.

Separate financial statements are provided for governmental funds, proprietary funds and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. Major individual governmental funds and major individual enterprise funds are
reported as separate columns in the fund financial statements.
The Village reports the following major governmental funds:
General Fund
General Fund accounts for the Village's primary operating activities. It is used to account for and
report all financial resources except those accounted for and reported in another fund.
Debt Service Fund
General Debt Service Fund is used to account for and report financial resources that are
restricted, committed or assigned to expenditure for the payment of general long-term debt
principal, interest and related costs, other than TID or enterprise debt.
Capital Projects Funds
Public Infrastructure Fund - used to account for and report financial resources that are restricted,
committed or assigned to expenditures for capital outlays, including the acquisition or
construction of capital facilities and other capital assets.
16

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

ERIM - used to account for and report financial resources that are restricted, committed or
assigned to expenditures for capital outlays, including the acquisition of equipment and
infrastructure maintenance.
Tax Incremental District (TID) No. 5 Capital Projects Fund - used to account for and report
financial resources that are restricted, committed or assigned to expenditures outlined in the TID
project plan.
Tax Incremental District (TID) No. 9 Capital Projects Fund - used to account for and report
financial resources that are restricted, committed or assigned to expenditures outlined in the TID
project plan.
Enterprise Funds
The Village reports the following major enterprise funds:
Water Utility accounts for operations of the water system
Sewer Utility accounts for operations of the sewer system
The Village reports the following nonmajor governmental funds:
Special Revenue Funds
Special Revenue Funds are used to account for and report the proceeds of specific revenue
sources that are restricted or committed to expenditures for specified purposes (other than debt
service or capital projects).
Park Development Fees
Developer Deposits
Library

Tourism
Affordable Housing

Capital Projects Funds
Capital Projects Funds are used to account for and report financial resources that are restricted,
committed or assigned to expenditures for capital outlays, including the acquisition or
construction of capital facilities and other capital assets.
Capital Projects Fund
TIF District No. 6

TIF District No. 8
TIF District No. 10

Custodial Fund
Tax Collection Fund is used to account for and report assets controlled by the Village and the
assets are for the benefit of individuals, private organizations and/or other governmental units.

17

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Measurement Focus, Basis of Accounting and Financial Statement Presentation
Government-Wide Financial Statements
The government-wide statement of net position and statement of activities are reported using the
economic resources measurement focus and the accrual basis of accounting. Under the accrual
basis of accounting, revenues are recognized when earned and expenses are recorded when the
liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets and
liabilities resulting from exchange and exchange-like transactions are recognized when the
exchange takes place. Property taxes are recognized as revenues in the year for which they are
levied. Taxes receivable for the following year are recorded as receivables and deferred inflows.
Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider are met. Special assessments are recorded as revenue when earned.
Unbilled receivables are recorded as revenues when services are provided.
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are charges between the Village's water and
sewer utilities and various other functions of the government. Elimination of these charges would
distort the direct costs and program revenues reported for the various functions concerned.
Fund Financial Statements
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recorded when
they are both measurable and available. Available means collectible within the current period or
soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the
Village considers revenues to be available if they are collected within 60 days of the end of the
current fiscal period. Expenditures are recorded when the related fund liability is incurred, except
for unmatured interest on long-term debt, claims, judgments, compensated absences and
pension expenditures, which are recorded as a fund liability when expected to be paid with
expendable available financial resources.
Property taxes are recorded in the year levied as receivables and deferred inflows. They are
recognized as revenues in the succeeding year when services financed by the levy are being
provided.
Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled
the resources and the amounts are available. Amounts owed to the Village which are not
available are recorded as receivables and unavailable revenues. Amounts received before
eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts
received in advance of meeting time requirements are recorded as deferred inflows.
Special assessments are recorded as revenues when they become measurable and available as
current assets. Annual installments due in future years are reflected as receivables and
unavailable revenues. Delinquent special assessments being held for collection by the county are
reported as receivables and nonspendable fund balance in the general fund.
Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for
services, special assessments and interest. Other general revenues such as fines and forfeitures,
inspection fees, recreation fees and miscellaneous revenues are recognized when received in
cash or when measurable and available under the criteria described above.

18

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Proprietary and Fiduciary Funds
Proprietary and fiduciary fund financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as described previously in this note.
The proprietary funds distinguish operating revenues and expenses from noncapital subsidies,
and other nonoperating revenues and expenses. Nonoperating revenues and expenses are any
(1) contributions to permanent and term endowments; (2) finance related revenues and
expenses; (3) gain and losses from disposals of capital assets and inventory; (4) investment
income and expenses; and (5) subsidies received and provided. A subsidy represents amounts
received from or provided to another part or fund of the Village. Amounts received from another
party or fund are considered a subsidy if it is unrelated to the services provided by the proprietary
fund and keeps the fees charged at the same amount of lower if the subsidy was not received.
Amounts provided to the other party or fund are considered a subsidy if it is unrelated to the
goods or services provided by those parties and will generally result in the proprietary fund
charging higher fees in the future. All revenues and expenses not meeting the definitions of
nonoperating revenues and expenses are reported as operating revenues and expenses.
All Financial Statements
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources
and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenditures/expenses during the reporting period. Actual
results could differ from those estimates.
Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources
and Net Position or Equity
Deposits and Investments
For purposes of the statement of cash flows, the Village considers all highly liquid investments
with an initial maturity of three months or less when acquired to be cash equivalents.
Investment of Village funds is restricted by Wisconsin state statutes. Available investments are
limited to:
a. Time deposits in any credit union, bank, savings bank or trust company.
b. Bonds or securities of any county, Village, drainage district, technical college district,
village, town or school district of the state. Also, bonds issued by a local exposition
district, a local professional baseball park district, a local professional football stadium
district, a local cultural arts district, the University of Wisconsin Hospitals and Clinics
Authority or the Wisconsin Aerospace Authority.
c.

Bonds or securities issued or guaranteed by the federal government.

d. The local government investment pool.
e. Any security maturing in seven years or less and having the highest or second highest
rating category of a nationally recognized rating agency.
f.

Securities of an open-end management investment company or investment trust, subject
to various conditions and investment options.

g. Repurchase agreements with public depositories, with certain conditions.

19

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

The Village has adopted an investment policy. That policy follows the state statute for allowable
investments. As practicable, investment amounts are limited to the maximum of state and FDIC
insurance limits for each institution unless collateralized.
No policy exists for the following risks:
Credit risk
Interest rate risk
Concentration of credit risk
Investments are stated at fair value, which is the amount at which an investment could be
exchanged in a current transaction between willing parties. Fair values are based on methods
and inputs as outlined in Note 3. No investments are reported at amortized cost. Adjustments
necessary to record investments at fair value are recorded in the operating statement as
increases or decreases in investment income. Investment income on commingled investments of
municipal accounting funds is allocated based on average balances. The difference between the
bank statement balance and carrying value is due to outstanding checks and/or deposits in
transit.
The Wisconsin Local Government Investment Pool (LGIP) is part of the State Investment Fund
(SIF) and is managed by the State of Wisconsin Investment Board. The SIF is not registered with
the Securities and Exchange Commission, but operates under the statutory authority of
Wisconsin Chapter 25. The SIF reports the fair value of its underlying assets annually.
Participants in the LGIP have the right to withdraw their funds in total on one day's notice. At
December 31, 2025, the fair value of the Village's share of the LGIP's assets was substantially
equal to the amount as reported in these statements.
See Note 3. for further information.
Receivables
Property taxes are levied in December on the assessed value as of the prior January 1. In
addition to property taxes for the Village, taxes are collected for and remitted to the state and
county governments as well as the local school district and technical college district. Taxes for all
state and local governmental units billed in the current year for the succeeding year are reflected
as receivables and due to other taxing units on the accompanying statement of fiduciary net
position.
Property tax calendar - 2025 tax roll:
Lien date and levy date
Tax bills mailed
Payment in full or
First installment due
Second installment due
Tax sale - 2025 delinquent real estate taxes

December 2025
December 2025
January 31, 2026
January 31, 2026
July 31, 2026
October 2028

Delinquent real estate taxes as of July 31 are paid in full by the County, which assumes the
collection thereof. No provision for uncollectible accounts receivable has been made for the water
and sewer utilities because they have the right by law to place substantially all delinquent bills on
the tax roll and other delinquent bills are generally not significant.

20

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

During the course of operations, transactions occur between individual funds that may result in
amounts owed between funds. Short-term interfund loans are reported as due to and from other
funds. Long-term interfund loans (noncurrent portion) are reported as advances from and to other
funds. Interfund receivables and payables between funds within governmental activities are
eliminated in the statement of net position. Any residual balances outstanding between the
governmental activities and business-type activities are reported in the governmental-wide
financial statements as internal balances.
Inventory and Prepaid Items
Governmental fund inventory items are charged to expenditure accounts when purchased. Yearend inventory was not significant. Proprietary fund inventories are generally used for construction
and/or for operation and maintenance work. They are not for resale. They are valued at cost
based on weighted average and charged to construction and/or operation and maintenance
expense when used.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in both government-wide and fund financial statements. The cost of
prepaid items is recorded as expenditures/expenses when consumed rather than when
purchased.
Restricted Assets
Mandatory segregations of assets are presented as restricted assets. Such segregations are
required by bond agreements and other external parties. Current liabilities payable from these
restricted assets are so classified. The excess of restricted assets over current liabilities payable
from restricted assets will be used first for retirement of related long-term debt. The remainder, if
generated from earnings, is shown as restricted net position.
Capital Assets
Government-Wide Statements
Capital assets, which include property, plant and equipment, are reported in the governmentwide financial statements. Capital assets are defined by the government as assets with an
initial cost of more than $5,000 general capital assets and $5,000 for infrastructure assets
and an estimated useful life in excess of one year. All capital assets are valued at historical
cost or estimated historical cost if actual amounts are unavailable. Donated capital assets are
recorded at their estimated acquisition value at the date of donation.
Additions to and replacements of capital assets of business-type activities are recorded at
original cost, which includes material, labor, and overhead. The cost of renewals and
betterments relating to retirement units is added to plant accounts. The cost of property
replaced, retired or otherwise disposed of, is deducted from plant accounts and, generally,
together with removal costs less salvage, is charged to accumulated depreciation.
Depreciation of all exhaustible capital assets is recorded as an allocated expense in the
statement of activities, with accumulated depreciation reflected in the statement of net
position. Depreciation is provided over the assets' estimated useful lives using the straightline method. The range of estimated useful lives by type of asset is as follows:
Buildings
Land improvements
Machinery and equipment
Infrastructure
Utility system

25-40 Years
20-30 Years
5-20 Years
20-50 Years
4-90 Years
21

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Fund Financial Statements
In the fund financial statements, capital assets used in governmental fund operations are
accounted for as capital outlay expenditures of the governmental fund upon acquisition.
Capital assets used in proprietary fund operations are accounted for the same way as in the
government-wide statements.
Leases
The Village is a lessor because it leases capital assets to other entities. As a lessor, the Village
reports a lease receivable and corresponding deferred inflow of resources in both the fund
statements and government-wide financial statements. While the government is a lessor it is not
the principal ongoing operations for any funds involved. The Village continues to report and
depreciate the capital assets being leased as capital assets of the primary government.
Deferred Outflows of Resources
A deferred outflow of resources represents a consumption of net assets that applies to a future
period and will not be recognized as an outflow of resources (expense/expenditure) until that
future time.
Compensated Absences
Under terms of employment, employees are granted sick leave and vacations in varying amounts.
Vacation and sick leave pay is accrued in the government-wide and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only if they have
matured, for example, as a result of employee resignations and retirements, and are payable with
expendable resources.
Payments for vacation and sick leave will be made at rates in effect when the benefits are used.
Accumulated vacation and sick leave liabilities at December 31, 2025, are determined on the
basis of current salary rates and include salary related payments.
Long-Term Obligations
All long-term obligations to be repaid from governmental and business-type resources are
reported as liabilities in the government-wide statements. The long-term obligations consist
primarily of notes and bonds payable and accrued compensated absences.
Long-term obligations for governmental funds are not reported as liabilities in the fund financial
statements. The face value of debts (plus any premiums) are reported as other financing sources
and payments of principal and interest are reported as expenditures. The accounting in
proprietary funds is the same as it is in the government-wide statements.
For the government-wide statements and proprietary fund statements, bond premiums and
discounts are amortized over the life of the issue using the effective interest method. The balance
at year end is shown as an increase or decrease in the liability section of the statement of net
position.
Deferred Inflows of Resources
A deferred inflow of resources represents an acquisition of net assets that applies to a future
period and therefore will not be recognized as an inflow of resources (revenue) until that future
time.
22

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Equity Classifications
Government-Wide Statements
Equity is classified as net position and displayed in three components:
a. Net Investment in Capital Assets - Consists of capital assets including restricted
capital assets, net of accumulated depreciation/amortization and reduced by the
outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages,
notes or other borrowings that are attributable to the acquisition, construction or
improvement of those assets.
b. Restricted Net Position - Consists of net position with constraints placed on their
use either by: (1) external groups such as creditors, grantors, contributors or laws or
regulations of other governments; or (2) law through constitutional provisions or
enabling legislation.
c.

Unrestricted Net Position - All other net positions that do not meet the definitions of
restricted or net investment in capital assets.

The net position section includes an adjustment for capital assets owned by the businesstype activities column, but financed by debt of the governmental activities column. The
amount is a reduction in "net investment in capital assets," and an increase in "unrestricted"
net position, shown only in the total column. A reconciliation of this adjustment is as follows:

Net investment in capital assets
Unrestricted

Governmental
Activities

Business-Type
Activities

$

$

19,625,407
3,633,062

28,052,198
5,152,571

Adjustment
$

(203,900)
203,900

Total
$

47,473,705
8,989,533

When both restricted and unrestricted resources are available for use, it is the Village's policy
to use restricted resources first, then unrestricted resources as they are needed.
Fund Statements
Governmental fund balances are displayed as follows:
a. Nonspendable - Includes fund balance amounts that cannot be spent either because
they are not in spendable form or because legal or contractual requirements require
them to be maintained intact.
b. Restricted - Consists of fund balances with constraints placed on their use either by
1) external groups such as creditors, grantors, contributors or laws or regulations of
other governments or 2) law through constitutional provisions or enabling legislation.
c.

Committed - Includes fund balance amounts that are constrained for specific
purposes that are internally imposed by the government through formal action of the
highest level of decision making authority. Fund balance amounts are committed
through a formal action (resolution) of the Village Board. This formal action must
occur prior to the end of the reporting period, but the amount of the commitment,
which will be subject to the constraints, may be determined in the subsequent period.
Any changes to the constraints imposed require the same formal action of the Village
Board that originally created the commitment.

23

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

d. Assigned - Includes spendable fund balance amounts that are intended to be used
for specific purposes that do not meet the criteria to be classified as restricted or
committed. The Board may take official action to assign amounts. Assignments may
take place after the end of the reporting period.
e. Unassigned - Includes residual positive fund balance within the general fund which
has not been classified within the other above mentioned categories. Unassigned
fund balance may also include negative balances for any governmental fund if
expenditures exceed amounts restricted, committed or assigned for those purposes.
Proprietary fund equity is classified the same as in the government-wide statements.
The Village considers restricted amounts to be spent first when both restricted and
unrestricted fund balance is available unless there are legal documents or contracts that
prohibit doing this, such as in grant agreements requiring dollar for dollar spending.
Additionally, the Village would first use committed, then assigned and lastly unassigned
amounts of unrestricted fund balance when expenditures are made.
The Village has a formal fund balance policy. That policy is to maintain unrestricted general
fund balance between the range of 20% to 30% of the general fund annual operating budget.
The balance at year end was $2,628,637 or 35.14% and is included in assigned and
unassigned general fund balance
See Note 3. for further information.
Basis for Existing Rates
Water Utility
Current water rates were approved by the Public Service Commission of Wisconsin effective
April 1, 2024. Current rates are designed to provide a 6.50% return on rate base.
Sewer Utility
Current sewer rates were approved by the utility commission and became effective on
January 1, 2025.
Pension
The fiduciary net position of the Wisconsin Retirement System (WRS) has been determined using
the flow of economic resources measurement focus and accrual basis of accounting. This
includes for purposes of measuring the following:




Net Pension Liability (Asset),
Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions,
Pension Expense (Revenue).

Information about the fiduciary net position of the WRS and additions to/deductions from WRS'
fiduciary net position have been determined on the same basis as they are reported by the WRS.
For this purpose, benefit payments (including refunds of employee contributions) are recognized
when due and payable in accordance with the benefit terms. Investments are reported at fair
value.

24

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

2. Stewardship, Compliance and Accountability
Excess Expenditures Over Appropriations
The Village controls expenditures at the department level. Some individual objects experienced
expenditures which exceeded appropriations. The detail of those items can be found in the Village's
year-end budget to actual report.
Deficit Balances
Generally accepted accounting principles require disclosure of individual funds that have deficit
balances at year end.
As of December 31, 2025, the following individual funds held a deficit balance:
Fund

Developer Deposits
TIF District No. 6
TIF District No. 8

Amount
$

3,702
61,509
79,593

Reason

Uncollectible accounts
Project costs exceed increments collected
Project costs exceed increments collected

TIF district deficits are anticipated to be funded with future incremental taxes levied over the life of the
districts, which is 27 years for the districts created before October 1, 1995, and 23 years for districts
created thereafter through September 30, 2004. Beginning October 1, 2004, the life of new districts
varies by type of district (20-27 years) and may be extended in some cases. Other fund deficits are
anticipated to be funded with future contributions, general tax revenues or long-term borrowing.
Limitations on the Village's Tax Levy
Wisconsin law limits the Village's future tax levies. Generally the Village is limited to its prior tax levy
dollar amount (excluding TIF Districts), increased by the greater of the percentage change in the
Village's equalized value due to new construction or 0%. Changes in debt service from one year to
the next are generally exempt from this limit with certain exceptions. The Village is required to reduce
its allowable levy by the estimated amount of fee revenue it collects for certain services, if those
services were funded in 2013 by the property tax levy. Levies can be increased above the allowable
limits if the amount is approved by referendum.

25

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

3. Detailed Notes on All Funds
Deposits and Investments
The Village's deposits and investments at year end were comprised of the following:

Carrying Value
Deposits
State and local bonds

$

$ 18,317,203
1,224,858

738,878

738,878

1,023,610

1,023,610

220,414
368,193

220,414
368,193

1,050

-

$

21,815,377

$ 21,893,156

$

11,057,824
575,159

U.S. treasuries
Wisconsin LGIP
Certificates of deposit, negotiable

Petty cash

Reconciliation to financial statements:
Per statement of net position:
Unrestricted cash and investments
Restricted cash and investments
Per statement of fiduciary net position:
Custodial funds
Total cash and investments

Associated Risk

18,238,374
1,224,858

U.S. agencies, implicitly guaranteed

Total cash and investments

Bank and
Investment
Balances

Custodial credit risk
Custodial credit risk, interest rate
risk, credit risk, concentration of
credit risk, highly sensitive to
interest rate changes
Custodial credit risk, interest rate
risk, credit risk, concentration of
credit risk, highly sensitive to
interest rate changes
Custodial credit risk, interest rate
risk, highly sensitive to interest
rate changes
Credit risk
Custodial credit risk, interest rate
risk, credit risk, concentration of
credit risk, highly sensitive to
interest rate changes
None

10,182,394
$

21,815,377

Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and
savings accounts (including NOW accounts) and $250,000 for demand deposit accounts
(interest-bearing and non-interest bearing). In addition, if deposits are held in an institution outside of
the state in which the government is located, insured amounts are further limited to a total of
$250,000 for the combined amount of all deposit accounts.
Bank accounts are also insured by the State Deposit Guarantee Fund in the amount of $1,000,000.
However, due to the nature of this fund, recovery of material principal losses may not be significant to
individual municipalities. This coverage has been considered in computing custodial credit risk.
The Securities Investor Protection Corporation (SIPC), created by the Securities Investor Protection
Act of 1970, is an independent government-sponsored corporation (not an agency of the U.S.
government).
SIPC membership provides account protection up to a maximum of $500,000 per customer, of which
$100,000 may be in cash. $500,000 of the Village's investments are covered by SIPC.

26

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

The Village maintains collateral agreements with its banks. At December 31, 2025, the banks had
pledged various government securities in the amount of $16,614,868 to secure the Village's deposits.
The Village categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical
assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant
unobservable inputs.
The valuation methods for recurring fair value measurements are as follows:


Quoted market prices

Investment Type
State and local bonds
U.S. agencies, implicitly
guaranteed
U.S. treasuries
Certificates of deposit, negotiable

Total

December 31, 2025
Level 2
Level 3

Level 1
$

-

$

$

-

1,224,858

$

738,878
1,023,610
368,193
$

3,355,539

Total
-

$

$

-

1,224,858
738,878
1,023,610
368,193

$

3,355,539

Custodial Credit Risk
Deposits
Custodial credit risk is the risk that in the event of a financial institution failure, the
Village's deposits may not be returned to the Village.
As of December 31, 2025, $395,985 of the Village's total bank balances were exposed to
custodial credit risk.
Investments
For an investment, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the Village will not be able to recover the value of its investments or
collateral securities that are in the possession of an outside party.
As of December 31, 2025, $3,355,539 of the Village's total investments were exposed to
custodial credit risk.

27

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations.
As of December 31, 2025, the Village's investments were rated as follows:
Investment Type

Moody's Investors Services

Standard & Poor's

Aaa, Aa2, not rated
Aa1
not rated

AAA, AA+, not rated
AA+
not rated

State and local bonds
U.S. agencies, implicitly guaranteed
Certificates of deposit, negotiable

The Village also held investments in the following external pool which is not rated.
Local Government Investment Pool (LGIP)
Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of a government's
investment in a single issuer.
At December 31, 2025, the Village's investment portfolio was concentrated as follows:
Investment Type

Issuer

Percentage of Portfolio

State and local bonds
State and local bonds
State and local bonds
U.S. agencies, implicitly guaranteed
Certificates of deposit, negotiable

Fishers Ind Economic Dev Rev
Iowa Fin Auth Rev Taxable Bond
Los Angeles CA Go Bond
Federal Home Loan Banks
Eagle Bancorp

12.80%
7.14%
6.15%
20.66%
5.49%

Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of
an investment.
As of December 31, 2025, the Village's investments were as follows:

Investment Type

Fair Value

State and local bonds
U.S. agencies, implicitly
guaranteed
U.S. treasuries
Certificates of deposit,
negotiable

$

Total

$

1,224,858

Maturity (in Years)
1-5

Less Than 1
$

-

$

1,224,858

More Than 5
$

-

738,878
1,023,610

738,878
766,755

256,855

-

368,193

368,193

-

-

3,355,539

$

28

1,873,826

$

1,481,713

$

-

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Investments Highly Sensitive to Market Changes
The Village held securities of $0 with maturities exceeding ten years.
See Note 1 for further information on deposit and investment policies.
Receivables
Receivables as of year end for the government's individual major funds and nonmajor, internal
service and fiduciary funds in the aggregate, including the applicable allowances for uncollectible
accounts, are as follows:
General

Amounts not expected to be collected
within one year

$

439,575

Nonmajor Funds

$

1,128

Total

$

440,703

Governmental funds report unavailable or unearned revenue in connection with receivables for
revenues that are not considered to be available to liquidate liabilities of the current period. Property
taxes levied for the subsequent year are not earned and cannot be used to liquidate liabilities of the
current period. Governmental funds also defer revenue recognition in connection with resources that
have been received, but not yet earned. At the end of the current fiscal year, the various components
of unavailable revenue and unearned revenue reported in the governmental funds were as follows:
Unearned

Property taxes receivable for subsequent year
Tax guarantee
Lease related amounts
Special assessments not yet due
Grants receivable
Total unearned/unavailable revenue for
governmental funds

Unavailable

$

13,822,197
19,113
411,241
-

$

2,397
31,135

$

14,252,551

$

33,532

Restricted Assets
The following represent the balances of the restricted assets:
Long-Term Debt Accounts
Redemption - Used to segregate resources accumulated for debt service payments over the
next twelve months.

29

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Equipment Replacement Account
The sewer utility established an equipment replacement account to be used for significant
mechanical equipment replacement as required by the Wisconsin Department of Natural
Resources.
Following is a list of restricted assets at December 31, 2025.
Liabilities
Payable From
Restricted
Assets

Restricted
Assets
Bond redemption account
Equipment replacement account
Total

Restricted Net
Position

$

360,955
214,204

$

10,762
-

$

350,193
214,204

$

575,159

$

10,762

$

564,397

Capital Assets
Capital asset activity for the year ended December 31, 2025 was as follows:
Beginning
Balance

Additions

Deletions

Ending Balance

Governmental Activities
Capital assets not being
depreciated/amortized:
Land*
Construction in progress
Total capital assets not
being depreciated/
amortized

$

12,796,453
362,329

$

2,656,297

$

1,162,799

$

12,796,453
1,855,827

13,158,782

2,656,297

1,162,799

14,652,280

Capital assets being
depreciated/amortized:
Buildings and improvements*
Machinery and equipment
Streets
Storm sewers
Street signals
Sidewalks
Terrace trees
Trails

17,392,046
5,827,447
22,619,239
10,731,100
291,292
4,284,775
623,987
1,118,825

403,631
1,144,963
1,502,318
632,760
8,837
-

410,220
421,162
354,235
6,851
4,183
623,987
-

17,385,457
6,551,248
23,767,322
11,357,009
291,292
4,289,429
1,118,825

Total capital assets being
depreciated/ amortized

62,888,711

3,692,509

1,820,638

64,760,582

Total capital assets

76,047,493

6,348,806

2,983,437

79,412,862

30

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Beginning
Balance
Less accumulated
depreciation/amortization for:
Buildings and improvements
Machinery and equipment
Streets
Storm sewers
Street signals
Sidewalks
Terrace trees
Trails

$

Total accumulated
depreciation/
amortization

(3,869,336)
(2,253,266)
(11,822,157)
(7,168,756)
(201,014)
(3,456,760)
(611,582)
(487,517)

Additions

$

(29,870,388)

(558,700)
(532,941)
(701,539)
(334,451)
(8,739)
(85,742)
(83,912)

Deletions

$

(2,306,024)

32,612
316,322
354,235
6,851
4,183
611,582
-

Ending Balance

$

1,325,785

(4,395,424)
(2,469,885)
(12,169,461)
(7,496,356)
(209,753)
(3,538,319)
(571,429)

(30,850,627)

Total capital assets being
depreciated, net of
depreciation/
amortization

$

33,018,323

$

1,386,485

$

494,853

$

33,909,955

Capital assets, net of
depreciation/
amortization

$

46,177,105

$

4,042,782

$

1,657,652

$

48,562,235

*Beginning balances were modified as a result of GASB Statement No. 104, Disclosure of Certain Capital
Assets.
Depreciation/amortization expense was charged to functions as follows:
Governmental Activities
General government
Public safety
Public works
Culture, recreation and education
Conservation and development
Total governmental activities depreciation/amortization
expense

31

$

84,382
247,449
1,354,688
484,794
134,711

$

2,306,024

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Business-Type Activities
Beginning
Balance

Additions

Deletions

Ending Balance

Water
Capital assets not being
depreciated:
Land and land rights
Construction in progress

$

230,245
35,825

$

1,076,028

$

801,131

$

230,245
310,722

Total capital assets not being
depreciated/amortized

266,070

1,076,028

801,131

540,967

Capital assets being depreciated:
Buildings and improvements
Equipment and machinery
Infrastructure

1,364,442
969,424
19,159,394

927,906
1,312,366

196,531
17,718

1,364,442
1,700,799
20,454,042

Total capital assets being
depreciated/amortized

21,493,260

2,240,272

214,249

23,519,283

Total capital assets

21,759,330

3,316,300

1,015,380

24,060,250

Less accumulated depreciation
for:
Water plant

(6,965,991)

(539,772)

214,249

(7,291,514)

Total accumulated
depreciation/amortization

(6,965,991)

(539,772)

214,249

(7,291,514)

Net capital assets being
depreciated /amortized

14,527,269

1,700,500

-

16,227,769

Net water capital assets

$

14,793,339

$

32

2,776,528

$

801,131

$

16,768,736

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Beginning
Balance
Sewer
Capital assets not being
depreciated:
Land and land rights
Construction in progress

$

Total capital assets not
being depreciated/
amortized

514,826
35,825

Additions

$

95,523
1,023,696

Deletions

$

Ending Balance

143,865

$

610,349
915,656

550,651

1,119,219

143,865

1,526,005

Capital assets being depreciated:
Buildings and improvements
Equipment and machinery
Infrastructure

3,475,136
4,824,878
14,292,762

223,675
498,459
631,630

10,483
148,343
-

3,688,328
5,174,994
14,924,392

Total capital assets being
depreciated/amortized

22,592,776

1,353,764

158,826

23,787,714

Total capital assets

23,143,427

2,472,983

302,691

25,313,719

Less accumulated depreciation for:
Sewer plant

(7,340,744)

(602,387)

158,826

(7,784,305)

Total accumulated
depreciation/
amortization

(7,340,744)

(602,387)

158,826

(7,784,305)

15,252,032

751,377

-

16,003,409

Net capital assets being
depreciated /amortized
Net sewer capital assets
Business-type capital assets, net of
accumulated depreciation

$

15,802,683

$

1,870,596

$

143,865

$

17,529,414

$

30,596,022

$

4,647,124

$

944,996

$

34,298,150

$

506,922
635,237

$

1,142,159

Depreciation expense was charged to functions as follows:
Business-Type Activities
Water
Sewer
Total business-type activities depreciation expense

Depreciation expense may be different from business-type activity accumulated depreciation
additions because of joint metering, salvage, cost of removal, internal allocations or costs associated
with the disposal of assets.

33

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Interfund Receivables/Payables, Advances and Transfers
Interfund Receivables/Payables
The following is a schedule of interfund receivables and payables including any overdrafts on
pooled cash and investment accounts:
Receivable Fund
Water Utility
Sewer Utility
Affordable Housing
ERIM

Payable Fund
General Fund
General Fund
Developer Deposits
Public Infrastructure

Amount Not Due
Within One Year

Amount
$

42,522
47,690
39,089
25,369

$

Subtotal, fund financial statements

154,670

Less fund eliminations

(64,458)

Total, government-wide
statement of net position
Governmental activity
Business-type activity

Business-type activity
Governmental activity

Total internal balances, government-wide statement of net position

$

90,212

$

90,212

$

90,212

-

$

-

The principal purpose of these interfunds is to record temporary timing differences for the
payment of cash between funds. All remaining balances resulted from the time lag between the
dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2)
transactions are recorded in the accounting system and (3) payments between funds are made.
Advances
The General Debt Service Fund and Affordable Housing Fund is advancing funds to TIF District
Nos. 6 and 8. The amount advanced represents the deficiency of revenues over expenditures. No
repayment schedule has been established. No interest is being charged.
Receivable Fund

General Debt Service Fund
Affordable Housing

Payable Fund

TIF District No. 6
TIF District No. 8

Amount Not Due
Within One Year

Amount

$

Subtotal, fund financial
statements

61,509
79,039

$

140,548

Less fund eliminations

(140,548)

Total, government-wide
statement of net
position

$

34

-

61,509
79,039

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Transfers
The following is a schedule of interfund transfers:
Fund Transferred To

General Fund
General Debt Service Fund
General Debt Service Fund
General Debt Service Fund
General Debt Service Fund
Public Infrastructure
Library

Fund Transferred From

Water Utility
TIF District No. 5
TIF District No. 6
TIF District No. 9
General Fund
Park Development
General Fund

Amount
$

317,252
1,256,141
119,925
819,676
250,000
125,000
46,092

Subtotal, fund
financial
statements

2,934,086

Less fund eliminations

(2,616,834)

Total, governmentwide statement of
activities

$

Principal Purpose

Utility tax equivalent
TIF debt payment
TIF debt payment
TIF debt payment
Future debt abatement
Reimburse eligible costs
Operating subsidy

317,252

Generally, transfers are used to: (1) move revenues from the fund that collects them to the fund
that the budget requires to expend them; (2) move receipts restricted to debt service from the
funds collecting the receipts to the debt service fund; and (3) use unassigned revenues collected
in the general fund to finance various programs accounted for in other funds in accordance with
budgetary authorizations.

35

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Long-Term Obligations
Long-term obligations activity for the year ended December 31, 2025 was as follows:
Beginning
Balance

Governmental Activities
Bonds and notes payable:
General obligation debt
General obligation debt
from direct borrowings
and direct placements
Add/(subtract) deferred
amounts for premiums

$

28,200,000

Increases

$

Decreases

2,670,000

$

2,930,000

$

Ending
Balance

Amounts Due
Within One
Year

27,940,000

$

3,365,000

1,039,207

-

279,702

759,505

286,694

1,075,457

176,736

67,927

1,184,266

-

30,314,664

2,846,736

3,277,629

29,883,771

3,651,694

Other liabilities:
Compensated absences

497,106

368,186

273,280

592,012

329,134

Total other liabilities

497,106

368,186

273,280

592,012

329,134

Total bonds and notes
payable

Total governmental
activities long-term
liabilities
Business-Type Activities
Bonds and notes payable:
General obligation debt
General obligation debt
from direct borrowings
and direct placements
Revenue bonds
Add/(subtract) deferred
amounts for premiums

$

30,811,770

$

3,214,922

$

3,550,909

$

30,475,783

$

3,980,828

$

2,300,000

$

610,000

$

200,000

$

2,710,000

$

245,000

Subtotal
Other liabilities:
Compensated absences
Total business-type
activities long-term
liabilities

$

397,500
3,678,298

-

95,485
513,550

302,015
3,164,748

98,033
525,288

36,093

35,935

2,839

69,189

-

6,411,891

645,935

811,874

6,245,952

868,321

146,552

124,530

88,592

182,490

105,666

6,558,443

$

770,465

$

900,466

$

6,428,442

$

973,987

In addition to the liabilities above, information on the net pension liability (asset) are provided in
Note 4.
In accordance with Wisconsin Statutes, total general obligation indebtedness of the Village may not
exceed 5% of the equalized value of taxable property within the Village's jurisdiction. The debt limit as
of December 31, 2025 was $77,299,150. Total general obligation debt outstanding at year-end was
$31,711,520.

36

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

General Obligation Debt
All general obligation notes and bonds payable are backed by the full faith and credit of the
Village. Notes and bonds in the governmental funds will be retired by future property tax levies or
tax increments accumulated by the debt service fund. Business-type activities debt is payable by
revenues from user fees of those funds or, if the revenues are not sufficient, by future tax levies.

Governmental Activities
General obligation debt:
Refunding bonds
Refunding bonds
Corporate bonds
Bank notes*
Corporate bonds
Corporate bonds
State trust fund loan*
Corporate bonds
Taxable promissory notes
Promissory notes
Promissory notes

Date of Issue

Final
Maturity

06/12/2014
04/07/2015
04/12/2017
07/22/2019
06/18/2020
08/04/2022
03/26/2022
06/22/2023
03/21/2024
05/20/2024
05/22/2025

04/01/2026
04/01/2031
04/01/2037
04/01/2029
04/01/2040
04/01/2042
03/15/2027
04/01/2043
04/01/2032
04/01/2043
04/01/2035

Interest
Rates

Original
Indebtedness

2.00-2.25%
2.00-3.00
3.00-3.75
2.79
2.00
3.00-4.00
2.50
4.00-5.00
4.65-5.00
4.00-5.00
4.00-5.00

$

6,420,000
3,475,000
5,405,000
785,000
1,820,000
7,735,000
1,000,000
2,905,000
4,975,000
6,025,000
2,670,000

Total governmental
activities, general
obligation debt

Business-Type Activities
General obligation debt:
Promissory notes*
Corporate bonds
Corporate bonds
Corporate bonds
Promissory notes
Promissory notes

Date of Issue

Final
Maturity

02/25/2009
04/12/2017
06/20/2018
06/22/2023
05/20/2024
05/22/2025

05/01/2028
04/01/2037
04/01/2038
04/01/2028
04/01/2034
04/01/2035

Total business-type
activities, general
obligation debt


The debt noted is directly placed with a third party.

37

Interest
Rates

Original
Indebtedness

2.67%
3.00-3.75
3.00-3.75
5.00
5.00
4.00-5.00

$

1,561,932
1,095,000
1,425,000
110,000
130,000
610,000

Balance
12/31/25

$

700,000
1,470,000
1,650,000
345,000
1,405,000
7,090,000
414,505
2,600,000
4,520,000
5,835,000
2,670,000

$

28,699,505
Balance
12/31/25

$

302,015
755,000
1,165,000
70,000
110,000
610,000

$

3,012,015

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Debt service requirements to maturity are as follows:
Governmental Activities
General Obligation Debt
Principal
Interest

Years ending December 31:
2026
2027
2028
2029
2030
2031-2035
2036-2040
2041-2043
Total

Business-Type Activities
General Obligation Debt
Principal
Interest

$

3,365,000
1,765,000
2,295,000
2,280,000
2,265,000
8,395,000
5,250,000
2,325,000

$

1,114,853
968,506
881,318
780,318
679,768
2,183,518
956,156
130,200

$

245,000
225,000
250,000
230,000
240,000
1,085,000
435,000
-

$

106,067
86,482
77,357
68,256
59,557
176,795
20,472
-

$

27,940,000

$

7,694,637

$

2,710,000

$

594,986

Governmental Activities
Business-Type Activities
General Obligation Debt From Direct General Obligation Debt From Direct
Borrowings and Direct Placements Borrowings and Direct Placements
Principal
Interest
Principal
Interest

Years ending December 31:
2026
2027
2028
2029
Total

$

286,694
294,811
88,000
90,000

$

18,845
11,397
3,739
1,256

$

98,033
100,648
103,334
-

$

6,750
4,099
1,378
-

$

759,505

$

35,237

$

302,015

$

12,227

Revenue Debt
Business-type activities revenue bonds are payable only from revenues derived from the
operation of the water and sewer utilities.
The water utility has pledged future customer revenues, net of specified operating expenses, to
repay revenue bonds issued in 2013, 2015 and 2016. Proceeds from the bonds provided
financing for the improvements to the water utility system. The bonds are payable solely from
customer revenues and are payable through 2036. Annual principal and interest payments on the
bonds are expected to require 17.15% of net revenues. The total principal and interest remaining
to be paid on the bonds is $2,457,694. Principal and interest paid for the current year and total
customer net revenues were $272,868 and $1,302,410, respectively.
The sewer utility has pledged future customer revenues, net of specified operating expenses, to
repay revenue bonds issued in 2009. Proceeds from the bonds provided financing for the
improvements to the sewer utility system. The bonds are payable solely from customer revenues
and are payable through 2028. Annual principal and interest payments on the bonds are
expected to require 27.84% of net revenues. The total principal and interest remaining to be paid
on the bonds is $932,755. Principal and interest paid for the current year and total customer net
revenues were $311,124 and $1,116,855, respectively.

38

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Date of Issue

Final
Maturity

Interest
Rates

Original
Indebtedness

Water Utility
Revenue bonds
Revenue bonds
Revenue bonds

06/12/2013
12/23/2015
12/28/2016

05/01/2033
05/01/2035
05/01/2036

1.93%
1.79
1.54

$

Sewer Utility
Revenue bonds

02/25/2009

05/01/2028

2.67

2,840,252
730,296
1,072,280

Balance
12/31/25

$

4,636,221

Total business-type
activities revenue debt

1,232,394
394,356
641,540

896,458

$

3,164,748

Debt service requirements to maturity are as follows:
Business-Type Activities
Revenue Debt
Principal
Interest

Years ending December 31:
2026
2027
2028
2029
2030
2031-2035
2036-2038

525,288
537,303
549,605
247,293
251,784
990,595
62,880

Total

$

58,564
46,405
33,959
25,417
20,885
39,987
484

3,164,748

$

225,701

Other Debt Information
Estimated payments of compensated absences are not included in the debt service requirement
schedules. Compensated absences attributable to governmental activities will be liquidated
primarily by the general fund.
Lease Disclosures
Lessor - Lease Receivables
Governmental Activities

Lessee Receivables Description

Cell tower land easement

Date of
Inception

Final Maturity

7/1/2014

6/1/2053

The Village recognized $1,323 of lease revenue during the year.
The Village recognized $12,519 of interest revenue during the year.

39

Interest
Rate
2.00 %

Receivable
Balance
December 31,
2025
$

411,241

$

411,241

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Business-Type Activities

Lessee Receivables Description

Cell Tower Lease
Cell Tower Lease

Date of
Inception

Final Maturity

5/1/2024
9/1/2025

4/30/2026
8/30/2035

Interest
Rate
3.58 %

Receivable
Balance
December 31,
2025
$

3.58

2,410
255,812

$

258,222

The Water Utility recognized $11,776 of lease revenue during the year.
The Water Utility recognized $4,224 of interest revenue during the year.
Net Position/Fund Balances
Net position reported on the government wide statement of net position at December 31, 2025
includes the following:
Governmental Activities
Net investment in capital assets:
Land
Construction in progress
Other capital assets, net of accumulated depreciation
Less long-term debt outstanding
Plus unspent debt proceeds
Plus noncapital debt proceeds
Less premium on capital-related long-term debt

$

Total net investment in capital assets

12,796,453
1,855,827
33,909,955
(28,699,505)
457,113
489,830
(1,184,266)
19,625,407

Restricted:
Debt service
TIF districts
Housing

300,984
806,263
871,113

Total restricted

1,978,360

Unrestricted

3,633,062

Total governmental activities net position

40

$

25,236,829

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Governmental fund balances reported on the fund financial statements at December 31, 2025,
include the following:

Fund Balances
Nonspendable:
Prepaid items
Delinquent special
assessments
Delinquent personal
property taxes

General Fund

General Debt
Service

Public
Infrastructure

$

$

$

94,111

-

ERIM
Fund

-

$

-

TIF District
No. 5

TIF District
No. 9

Nonmajor
Funds

$

$

$

-

-

Total

-

$

94,111

12,412

-

-

-

-

-

-

12,412

17,938

-

-

-

-

-

-

17,938

Subtotal

124,461

-

-

-

-

-

124,461

Restricted for:
Capital projects
Debt service
Housing
TIF districts

-

638,393
-

197,021
-

260,092
-

227,438

563,806

871,113
15,019

457,113
638,393
871,113
806,263

Subtotal

-

638,393

197,021

260,092

227,438

563,806

886,132

2,772,882

-

-

-

-

-

-

1,192,796
11,176
6,367

1,192,796
11,176
6,367

-

-

-

-

-

-

1,210,339

1,210,339

317,252
-

-

-

-

-

-

296,057

317,252
296,057

Subtotal

317,252

-

-

-

-

-

296,057

613,309

Unassigned (Deficit)

2,311,385

-

-

-

-

-

(144,804)

2,166,581

563,806

$ 2,247,724

Committed to:
Park development
Library
Tourism
Subtotal
Assigned to:
Payment in lieu of
taxes
Capital projects

Total fund
balances

$

2,753,098

$

638,393

$

197,021

$

41

260,092

$

227,438

$

$

6,887,572

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Business-Type Activities
Net investment in capital assets:
Land
Construction in progress
Other capital assets, net of accumulated depreciation
Less long-term debt outstanding
Less unamortized loss on refunding

$

840,594
1,226,378
32,231,178
(6,176,763)
(69,189)

Total net investment in capital assets

28,052,198

Restricted:
Equipment replacement
Debt service

214,204
350,193

Total restricted

564,397

Unrestricted

5,152,571

Total business-type activities net position

$

33,769,166

Accounting Changes
Changes in Accounting Principle (See Restatement Below)
During fiscal year 2025, the Village changed accounting principles as a result of implementation
of GASB Statement No. 104, Disclosure of Certain Capital Assets. This resulted in land held for
resale being reclassified from TIF District No. 9 asset to a government-wide capital asset.
Changes Within the Financial Reporting Entity
During fiscal year 2025, changes within the financial reporting entity resulted in adjustments to
beginning fund balance related to ERIM fund classification change from a nonmajor governmental
fund to major governmental fund.
Fund Balance
12/31/2024
As Previously
Reported

Governmental Funds
Major Funds:
General Fund
General Debt Service Fund
Public Infrastructure
ERIM
TIF District No. 5
TIF District No. 9
Nonmajor Funds
Total Governmental Funds

Change Within
the Financial
Reporting Entity

Change in
Accounting
Principle

Fund Balance
12/31/2024 As
Adjusted and
Restated

$

2,614,555
972,600
1,172,869
909,599
5,398,834
2,502,875

$

- $
- $
308,606
(4,900,000)
(308,606)
-

2,614,555
972,600
1,172,869
308,606
909,599
498,834
2,194,269

$

13,571,332

$

- $ (4,900,000) $

8,671,332

42

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

4. Other Information
Employees' Retirement System
Plan Description
The WRS is a cost-sharing multiple-employer defined benefit pension plan. WRS benefits and
other plan provisions are established by Chapter 40 of the Wisconsin Statutes. Benefit terms may
only be modified by the legislature. The retirement system is administered by the Wisconsin
Department of Employee Trust Funds (ETF). The system provides coverage to all eligible State of
Wisconsin, local government and other public employees. All employees, initially employed by a
participating WRS employer on or after July 1, 2011, expected to work at least 1,200 hours a year
(880 hours for teachers and school district educational support employees) and expected to be
employed for at least one year from employee's date of hire are eligible to participate in the WRS.
ETF issues a standalone Annual Comprehensive Financial Report (ACFR), which can be found at
https://etf.wi.gov/about-etf/reports-and-studies/financial-reports-and-statements.
Additionally, ETF issued a standalone Wisconsin Retirement System Financial Report, which can
also be found using the link above.
Vesting
For employees beginning participation on or after January 1, 1990 and no longer actively
employed on or after April 24, 1998, creditable service in each of five years is required for
eligibility for a retirement annuity. Participants employed prior to 1990 and on or after April 24,
1998 and prior to July 1, 2011, are immediately vested. Participants who initially became WRS
eligible on or after July 1, 2011, must have five years of creditable service to be vested.
Benefits Provided
Employees who retire at or after age 65 (54 for protective occupation employees, 62 for elected
officials and executive service retirement participants, if hired on or before 12/31/2016) are
entitled to retirement benefit based on a formula factor, their average earnings and creditable
service.
Final average earnings is the average of the participant's three highest annual earnings period.
Creditable service includes current service and prior service for which a participant received
earnings and made contributions as required. Creditable service also includes creditable military
service. The retirement benefit will be calculated as a money purchase benefit based on the
employee's contributions plus matching employer's contributions, with interest, if that benefit is
higher than the formula benefit.
Vested participants may retire at age 55 (50 for protective occupations) and receive an actuarially
reduced benefit. Participants terminating covered employment prior to eligibility for an annuity
may either receive employee required contributions plus interest as a separation benefit or leave
contributions on deposit and defer application until eligible to receive a retirement benefit.
The WRS also provides death and disability benefits for employees.

43

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Postretirement Adjustments
The Employee Trust Funds Board may periodically adjust annuity payments from the retirement
system based on annual investment performance in accordance with s. 40.27, Wis. Stat. An
increase (or decrease) in annuity payments may result when investment gains (losses), together
with other actuarial experience factors, create a surplus (shortfall) in the reserves, as determined
by the system's consulting actuary. Annuity increases are not based on cost of living or other
similar factors. For Core annuities, decreases may be applied only to previously granted
increases. By law, Core annuities cannot be reduced to an amount below the original, guaranteed
amount (the floor) set at retirement. The Core and Variable annuity adjustments granted during
recent years are as follows:
Year

Core Fund Adjustment

Variable Fund Adjustment

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

2.9%
0.5
2.0
2.4
0.0
1.7
5.1
7.4
1.6
3.6

2.0%
(5.0)
4.0
17.0
(10.0)
21.0
13.0
15.0
(21.0)
15.0

Contributions
Required contributions are determined by an annual actuarial valuation in accordance with
Chapter 40 of the Wisconsin Statutes. The employee-required contribution is one-half of the
actuarially determined contribution rate for General category employees, including Teachers,
Executives and Elected Officials. Starting on January 1, 2016, the Executives and Elected
Officials category was merged into the General Employee category. Required contributions for
protective employees are the same rate as general employees. Employers are required to
contribute the remainder of the actuarially determined contribution rate. The employer may not
pay the employee required contribution unless provided for by an existing collective bargaining
agreement.
During the reporting period, the WRS recognized $357,433 in contributions from the Village.
Contribution rates as of December 31, 2025 are:
Employee Category

General (Executives & Elected Officials)
Protective with Social Security
Protective without Social Security

44

Employee

Employer

6.90%
6.90
6.90

6.90%
14.30
19.10

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Pension Liability, Pension Expense, Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
At December 31, 2025, the Village reported a liability of $346,847 for its proportionate share of
the net pension liability/(asset). The net pension liability was measured as of December 31, 2024
and the total pension liability used to calculate the net pension liability was determined by an
actuarial valuation as of December 31, 2023 rolled forward to December 31, 2024. No material
changes in assumptions or benefit terms occurred between the actuarial valuation date and the
measurement date. The Village's proportion of the net pension liability was based on the Village's
share of contributions to the pension plan relative to the contributions of all participating
employers. At December 31, 2024, the Village's proportion was .02110847%, which was an
increase of .00311719% from its proportion measured as of December 31, 2023.
For the year ended December 31, 2025, the Village recognized pension expense (revenue) of
$415,851.
At December 31, 2025, the Village reported deferred outflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources

Differences between projected and actual experience
Changes in assumption
Net differences between projected and actual earnings on
pension plan investments
Changes in proportion and differences between employer
contributions and proportionate share of contributions
Employer contributions subsequent to the measurement date
Total

$

$

1,077,150
102,916

Deferred
Inflows of
Resources
$

1,012,183
-

527,052

-

397,253

28,776
-

2,104,371

$

1,040,959

$397,253 reported as deferred outflows related to pension resulting from the WRS Employer's
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended December 31, 2026. Other amounts reported as deferred
outflows of resources and deferred inflows of resources related to pension will be recognized in
pension expense as follows:
Deferred
Outflows of
Resources and
Deferred Inflows
of Resources
(Net)

Years ending December 31:
2026
2027
2028
2029

$

45

197,346
710,566
(183,715)
(58,038)

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Actuarial Assumptions
The total pension liability in the actuarial valuation was determined using the following actuarial
assumptions, applied to all periods included in the measurement:
Actuarial Valuation Date:
Measurement Date of Net Pension Liability (Asset):
Experience Study:
Actuarial Cost Method:
Asset Valuation Method:
Long-Term Expected Rate of Return:
Discount Rate:
Salary Increases:
Wage Inflation
Seniority/Merit
Mortality:
Postretirement Adjustments*:


December 31, 2023
December 31, 2024
January 1, 2021 - December 31, 2023
Published November 19, 2024
Entry Age Normal
Fair Value
6.8%
6.8%
3.0%
0.1%-5.7%
2020 WRS Experience Mortality Table
1.7%

No postretirement adjustment is guaranteed. Actual adjustments are based on recognized
investment return, actuarial experience and other factors. 1.7% is the assumed annual
adjustment based on the investment return assumption and the postretirement discount rate.
Includes the impacts of known Market Recognition Account deferred gains/loss on the liability
for dividend payments.

Actuarial assumptions are based upon an experience study conducted in 2024 that covered a
three-year period from January 1, 2021 to December 31, 2023. Based on this experience study,
actuarial assumptions used to measure the Total Pension Liability changed from prior year,
including seniority (merit) and separation rates. The Total Pension Liability for December 31,
2024 is based upon a roll-forward of the liability calculated from the December 31, 2023 actuarial
valuation.

46

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Long-Term Expected Return on Plan Assets
The long term expected rate of return on pension plan investments was determined using a
building block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return
by weighting the expected future real rates of return by the target asset allocation percentage and
by adding expected inflation. The target allocation and best estimates of geometric real rates of
return for each major asset class are summarized in the following table:
Asset Allocation Targets and Expected Returns* as of December 31, 2024
Long-Term
Long-Term
Expected Nominal
Expected Real Rate
Rate of Return %
of Return %**
Core Fund Asset Class
Asset Allocation %

Public Equity

38

7.0

4.3

Public Fixed Income

27

6.1

3.4

Inflation Sensitive

19

4.8

2.1

Real Estate

8

6.5

3.8

Private Equity/Debt

20

9.5

6.7

Leverage***

(12)

3.7

1.1

Total Core Fund***

100

7.5

4.8

U.S. Equities

70

6.5

3.8

International Equities

30

7.4

4.7

Total Variable Fund

100

6.9

4.2

Variable Fund Asset

*

Asset Allocations are managed within established ranges; target percentages may differ from
actual monthly allocations

**

New England Pension Consultants Long Term US CPI (Inflation) Forecast: 2.6%

*** The investment policy used for the Core Fund involves reducing equity exposure by leveraging
lower-volatility assets, such as fixed income securities. Currently, an asset allocation target of
12% policy leverage is used subject to an allowable range of up to 20%.

47

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Single Discount Rate
A single discount rate of 6.8% was used to measure the total pension liability, for the current and
prior year. This single discount rate was based on the expected rate of return on pension plan
investments of 6.8% and a municipal bond rate of 4.08%. (Source: "20-Bond GO Index" is the
Bond Buyer Index, general obligation, 20 years to maturity, mixed quality as of December 31,
2024. In describing this index, the Bond Buyer notes that the bonds' average quality is roughly
equivalent to Moody's Investors Service's Aa2 rating and Standard and Poor's Corp.'s AA.)
Because of the unique structure of WRS, the 6.8% expected rate of return implies that a dividend
of approximately 1.7% will always be paid. For purposes of the single discount rate, it was
assumed that the dividend would always be paid. The projection of cash flows used to determine
this single discount rate assumed that plan member contributions will be made at the current
contribution rate and that employer contributions will be made at rates equal to the difference
between actuarially determined contribution rates and the member rate. Based on these
assumptions, the pension plan's fiduciary net position was projected to be available to make all
projected future benefit payments (including expected dividends) of current plan members.
Therefore, the municipal bond rate of return on pension plan investments was applied to all
periods of projected benefit payments to determine the total pension liability.
Sensitivity of the Village's Proportionate Share of the Net Pension Liability (Asset)
to Changes in the Discount Rate
The following presents the Village's proportionate share of the net pension liability (asset)
calculated using the discount rate of 6.80%, as well as what the Village's proportionate share
of the net pension asset would be if it were calculated using a discount rate that is
1-percentage-point lower (5.80%) or 1 percentage-point higher (7.80%) than the current rate:

Village's proportionate share of the net
pension liability (asset)

1% Decrease to
Discount Rate
(5.80%)

Current
Discount Rate
(6.80%)

1% Increase to
Discount Rate
(7.80%)

$

$

$

3,253,878

346,847

(1,718,515)

Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in separately
issued financial statements available at https://etf.wi.gov/about-etf/reports-and-studies/financialreportsand-statements.
Risk Management
The Village is exposed to various risks of loss related to torts; theft of, damage to or destruction of
assets; errors and omissions; workers compensation; and health care of its employees. All of these
risks are covered through the purchase of commercial insurance, with minimal deductibles. Settled
claims have not exceeded the commercial coverage in any of the past three years. There were no
significant reductions in coverage compared to the prior year.
Commitments and Contingencies
Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting
Standards Board pronouncements are met. The liability and expenditure for claims and judgments
are only reported in governmental funds if it has matured. Claims and judgments are recorded in the
government-wide statements and proprietary funds as expenses when the related liabilities are
incurred.
48

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

From time to time, the Village is party to various pending claims and legal proceedings. Although the
outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the
Village attorney that the likelihood is remote that any such claims or proceedings will have a material
adverse effect on the Village's financial position or results of operations.
The Village has received federal and state grants for specific purposes that are subject to review and
audit by the grantor agencies. Such audits could lead to requests for reimbursements to the grantor
agency for expenditures disallowed under terms of the grants. Management believes such
disallowances, if any, would be immaterial.
The Village has encumbrances of $13,392,508 outstanding at year end that are expected to be
honored upon performance by the vendors utilizing resources in the Public Infrastructure fund and
$541,105 in the Sewer Utility fund.
Tax Abatement
Tax abatements are a reduction in tax revenues that results from an agreement between one or more
governments and an individual or entity in which (a) one or more governments promise to forgo tax
revenues to which they are otherwise entitled and (b) the individual or entity promises to take a
specific action after the agreement has been entered into that contributes to economic development
or otherwise benefits the governments or the citizens of those governments.
The Village is disclosing all of its abatement agreements in the aggregate.
The Village has entered into agreements with several developers in Tax Incremental Financing
District No. 5 that commit the Village to making payments to the developer if certain conditions are
met. The obligations do not constitute a charge upon any funds of the Village. In the event that future
tax increments are not sufficient to pay off the obligations, the obligations terminate with no further
liability to the Village. Since the amount of future payments is contingent on the collection of future
TIF increments, the obligations are not reported as liabilities in the accompanying financial
statements. The Village made payments totaling $4,089,392 during the current year in relation to nine
of these agreements.
Joint Ventures
The Village of Cottage Grove and the Town of Cottage Grove jointly operate the emergency
government, emergency building maintenance and fire protection districts. The Village of Cottage
Grove, Town of Cottage Grove, Village of Deerfield and Town of Deerfield jointly operate the local
emergency medical service.
The governing body is made up of citizens from each community. Local representatives are
appointed by the Village board. The governing body has authority to adopt its own budget and control
the financial affairs of the districts. The Village is obligated by the joint venture agreement to remit an
amount annually to the districts. The Village made a payment to the districts of $731,611 in 2025.
Financial information of the districts as of December 31, 2025 is available directly from the district's
office.
The Village accounts for its share of the operation of all joint ventures in the general fund. The Village
has an equity interest in the EMS district; however, the equity interest is not material and,
consequently, is not reported in these financial statements.
The Village does not have an equity interest in the other joint ventures.

49

Village of Cottage Grove
Notes to Financial Statements
December 31, 2025

Significant Customers
Sewer Utility
The sewer utility has one significant customer who is responsible for 17.78% of operating
revenues in 2025.
Subsequent Event
On April 16, 2026, the Village will issue $19,220,000 in General Obligation Promissory Notes to
finance construction of a police station, water infrastructure, annual vehicle, roads, and infrastructure.
The notes mature on April 1, 2046 and have interest rates ranging from 4.00% to 5.00%
Effect of New Accounting Standards on Current-Period Financial Statements
The Governmental Accounting Standards Board (GASB) has approved the following:


Statement No. 105, Subsequent Events

When they become effective, application of these standards may restate portions of these financial
statements.

50

REQUIRED SUPPLEMENTARY INFORMATION

Village of Cottage Grove
Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund
December 31, 2025

Revenues
Taxes:
General property taxes

$

Total
Intergovernmental revenues:
Federal aid, police
State aid, state shared revenues
State aid, supplemental aid
State aid, expenditure restraint
State aid, state shared revenues, utility aid
State aid, exempt computer aid
State aid, personal property aid
State aid, police
State aid, digital records
State aid, miscellaneous
State aid, transportation
State aid, recycling grant
Total
Licenses and permits:
Liquor and malt bev license
Operator's license
Cigarette license
Publication fees
Dog license
Amusement permits
Special event permit
Building permits
Conditional use permits
Sign permit
Zoning permits & fees
Erosion control fees
Land disturbance permit
Total
Fines, forfeitures and penalties:
Fines, forfeitures, Village share
Court penalties and costs
Parking violations
Total

Budgeted Amounts
Original
Final

Variance with
Original Budget
- Over (Under)
Final Budget

4,580,689

$

$

4,580,689

-

$

Actual

Variance with
Final Budget
- Over (Under)
Actual Amounts

4,580,689

$

-

4,580,689

4,580,689

-

4,580,689

-

47,056
231,452
93,298
217
2,637
48,956
15,000
15,753
542,802
9,750

47,056
231,452
93,298
217
2,637
48,956
15,000
15,753
542,802
9,750

-

6,278
47,056
231,452
93,298
219
2,637
48,956
26,797
15,753
542,329
9,685

6,278
2
11,797
(473)
(65)

1,006,921

1,006,921

-

1,024,460

17,539

8,300
4,000
700
500
1,500
1,000
175,000
750
1,000
3,750
5,000
10,000

8,300
4,000
700
500
1,500
1,000
200,000
750
1,000
3,750
15,000
10,000

25,000
10,000
-

8,337
5,540
700
688
1,850
1,320
1,275
215,934
1,080
1,150
2,785
16,301
4,390

37
1,540
188
350
320
1,275
15,934
330
150
(965)
1,301
(5,610)

211,500

246,500

35,000

261,350

14,850

50,000
36,000
21,000

50,000
36,000
21,000

-

51,395
31,998
20,510

1,395
(4,002)
(490)

107,000

107,000

-

103,903

(3,097)

See notes to required supplementary information

51

Village of Cottage Grove
Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund
December 31, 2025

Budgeted Amounts
Original
Final
Public charges for services:
Other earnings general government
Special events
Tax & title search fees
Public works misc charges
Recycling fee from tax roll
Garbage fee from tax roll
Special garbage coll charge
Park rental fees
Parks, concession revenue
Recreation, ticket sales
Recreation, diamond use charge
Recreation, coach pitch/tball
Recreation, baseball/softball
Recreation, basketball
Enrichment programs, youth
Enrichment programs, adult
Recreation, flag football
Recreation, golf
Recreation, tennis
Recreation, volleyball
Recreation, teener/legion baseball
Recreation, senior programming
Recreation, start smart
Music in the grove sponsorship
Cable franchise fees
School resource officer

$

Total
Investment income:
Interest on investments
Total
Miscellaneous:
Misc. recreation donations
Patronage dividend
Tower rental income
Miscellaneous income
Total
Other financing sources:
Sale of capital assets
Transfer in, tax equivalent
Total
Total revenues and other sources

500
6,500
5,000
133,860
280,140
3,000
10,000
2,000
2,000
5,000
24,000
13,000
50,000
8,000
13,900
2,000
4,000
7,000
6,000
2,400
7,000
12,500
110,000

$

500
6,500
5,000
133,860
280,140
3,000
10,000
2,000
2,000
5,000
24,000
13,000
50,000
8,000
13,900
2,000
4,000
7,000
6,000
2,400
7,000
12,500
110,000

Variance with
Original Budget
- Over (Under)
Final Budget

$

-

Actual

$

755
1,425
5,455
7,232
135,606
283,429
5,242
11,206
633
366
2,000
4,790
11,310
11,250
67,382
24,391
10,855
1,600
4,508
5,958
5,830
5,725
7,483
2,300
7,182
116,087

Variance with
Final Budget
- Over (Under)
Actual Amounts

$

255
1,425
(1,045)
2,232
1,746
3,289
2,242
1,206
(1,367)
366
(210)
(12,690)
(1,750)
17,382
16,391
(3,045)
(400)
508
(1,042)
(170)
3,325
483
2,300
(5,318)
6,087

707,800

707,800

-

740,000

32,200

160,000

274,000

114,000

319,810

45,810

160,000

274,000

114,000

319,810

45,810

22,000
15,000
13,842
35,000

22,000
13,842
57,500

(15,000)
22,500

4,355
13,842
56,136

(17,645)
(1,364)

85,842

93,342

7,500

74,333

(19,009)

315,000

315,000

-

5,543
317,252

5,543
2,252

315,000

315,000

-

322,795

7,795

7,174,752

7,331,252

156,500

7,427,340

96,088

See notes to required supplementary information

52

Village of Cottage Grove
Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund
December 31, 2025

Budgeted Amounts
Original
Final
Expenditures
General government:
Village board
Municipal court
Digital media communications
Administration
Clerk
Elections
Finance and professional services
Municipal buildings operation
Flynn hall
Total
Public safety:
Police
Police commission
Crossing guards
Fire
Emergency services building
Emergency government
Inspections
Emergency medical services
Total
Public works:
Public works administration
Street maintenance and operations
Stormwater sewer
Beautification
Refuse recycling, landfill
Total
Health and human services:
Senior outreach
Diversity, equity, and inclusion
Total
Culture, recreation and education:
Parks and playgrounds
Recreation programs
Parks maintenance
Forestry
Total
Conservation and development:
Planning
Economic development
Total

$

42,896
87,232
20,765
214,278
189,299
16,262
443,182
77,000
2,500

$

42,896
130,832
20,765
137,314
189,299
16,262
511,796
77,000
2,500

Variance with
Original Budget
- Over (Under)
Final Budget

$

43,600
(76,964)
68,614
-

Actual

$

38,001
133,528
18,622
138,901
194,593
15,470
477,709
84,857
2,825

Variance with
Final Budget
- Over (Under)
Actual Amounts

$

4,895
(2,696)
2,143
(1,587)
(5,294)
792
34,087
(7,857)
(325)

1,093,414

1,128,664

35,250

1,104,506

24,158

2,796,263
2,700
33,247
105,976
25,000
23,250
151,250
633,070

2,796,263
2,700
33,247
105,976
25,000
23,250
172,500
633,070

21,250
-

2,625,119
32,352
80,048
22,391
22,071
195,139
633,113

171,144
2,700
895
25,928
2,609
1,179
(22,639)
(43)

3,770,756

3,792,006

21,250

3,610,233

181,773

425,259
294,100
35,500
5,000
443,000

425,259
294,100
35,500
5,000
443,000

-

412,403
304,595
28,467
5,000
447,812

12,856
(10,495)
7,033
(4,812)

1,202,859

1,202,859

-

1,198,277

4,582

30,000
4,000

30,000
4,000

-

30,000
4,373

(373)

34,000

34,000

-

34,373

(373)

259,044
380,799
170,829
105,299

259,044
380,799
170,829
105,299

-

261,098
405,243
161,363
104,567

(2,054)
(24,444)
9,466
732

915,971

915,971

-

932,271

(16,300)

55,830
55,830

55,830
55,830

-

57,174
55,871

(1,344)
(41)

111,660

111,660

-

113,045

(1,385)

See notes to required supplementary information

53

Village of Cottage Grove
Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund
December 31, 2025

Budgeted Amounts
Original
Final
Other financing uses:
Transfer out, debt service
Transfer out, library

$

Total

46,092

$

250,000
46,092

Variance with
Original Budget
- Over (Under)
Final Budget

$

250,000
-

Actual

$

250,000
46,092

Variance with
Final Budget
- Over (Under)
Actual Amounts

$

-

46,092

296,092

250,000

296,092

-

Total expenditures and other uses

7,174,752

7,481,252

306,500

7,288,797

192,455

Excess (deficiency) of revenues
and other sources over (under)
expenditures and other uses

-

(150,000)

(150,000)

138,543

288,543

2,614,555

2,614,555

-

2,614,555

-

Fund Balance, Beginning
Fund Balance, Ending

$

2,614,555

$

2,464,555

$

(150,000)

See notes to required supplementary information

54

$

2,753,098

$

288,543

Village of Cottage Grove
Schedule of Proportionate Share of the Net Pension Liability (Asset) Wisconsin Retirement System
Year Ended December 31, 2025

Proportion
Proportionate
of the Net
Share of the
Fiscal
Pension
Net Pension
Year Ending Liability/(Asset) Liability/(Asset)
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
12/31/17
12/31/16

0.02110847 %
0.01799128 %
0.01629875 %
0.01525385 %
0.01482096 %
0.01397436 %
0.01336792 %
0.01242634 %
0.01195499 %
0.01154323 %

$

Covered
Payroll

346,847 $
267,495
863,459
(1,229,488)
(925,293)
(450,597)
475,588
(368,952)
98,538
187,575

Proportionate
Share of the Net
Pension Liability/
(Asset) as a
Percentage of
Covered Payroll

Plan Fiduciary
Net Position as a
Percentage of the
Total Pension
Liability

9.66 %
9.26 %
36.21 %
59.79 %
44.89 %
24.50 %
27.27 %
22.68 %
6.31 %
13.40 %

98.79 %
98.85 %
95.72 %
106.02 %
105.26 %
102.96 %
96.45 %
102.93 %
99.12 %
98.20 %

Covered
Payroll

Contributions
as a Percentage
of Covered
Payroll

3,592,098
2,889,775
2,384,578
2,056,334
2,061,369
1,839,442
1,744,017
1,627,014
1,561,314
1,399,689

Schedule of Employer Contributions - Wisconsin Retirement System
For the Year Ended December 31, 2025

Fiscal
Year Ending
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
12/31/17
12/31/16

Contractually
Required
Contributions

Contributions in
Relation to the
Contractually
Contribution
Required
Deficiency
Contributions
(Excess)

$

$

397,253
357,428
272,731
207,071
179,735
171,238
150,262
137,259
135,672
120,207

397,253
357,428
272,731
207,071
179,735
171,238
150,262
137,259
135,672
120,207

$

-

$

3,871,962
3,592,098
2,891,775
2,384,579
2,056,335
2,061,370
1,839,442
1,674,747
1,614,853
1,561,314

See notes to the required supplementary information

55

10.26 %
9.95 %
9.43 %
8.68 %
8.74 %
8.31 %
8.17 %
8.20 %
8.40 %
7.70 %

Village of Cottage Grove
Notes to Required Supplementary Information
Year Ended December 31, 2025

Budgetary Information
Budgetary information is derived from the annual operating budget and is presented using the same basis
of accounting for each fund as described in Note 1.
The budgeted amounts presented are as presented in the original budget and amendments were adopted
during the year. The Village may authorize transfers of budgeted amounts within departments. Transfers
between departments and changes to the overall budget must be approved by a two-thirds board action.
Appropriations lapse at year-end unless specifically carried over. There were no carryovers to the
following year. Budgets are adopted at the functional level of expenditure in the general fund and total
expenditure level for other funds.
Wisconsin Retirement System
The amounts determined for each fiscal year were determined as of the calendar year-end that occurred
within the fiscal year.
Changes in benefit terms. There were no changes of benefit terms for any participating employer in the
Wisconsin Retirement System.
Changes in assumptions. Based on a three-year experience study conducted in 2021 covering
January 1, 2018 through December 31, 2020, the ETF Board adopted assumption changes that were
used to measure the total pension liability beginning with the year-end December 31, 2021, including the
following:






Lowering the long-term expected rate of return from 7.0% to 6.8%
Lowering the discount rate from 7.0% to 6.8%
Lowering the price inflation rate from 2.5% to 2.4%
Lowering the postretirement adjustments from 1.9% to 1.7%
Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin
2018 Mortality Table to the 2020 WRS Experience Mortality Table

Based on a three-year experience study conducted in 2018 covering January 1, 2015 through
December 31, 2017, the ETF Board adopted assumption changes that were used to measure the total
pension liability beginning with the year-ended December 31, 2018, including the following:







Lowering the long-term expected rate of return from 7.2% to 7.0%
Lowering the discount rate from 7.2% to 7.0%
Lowering the wage inflation rate from 3.2% to 3.0%
Lowering the price inflation rate from 2.7% to 2.5%
Lowering the postretirement adjustments from 2.1% to 1.9%
Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin
2012 Mortality Table to the Wisconsin 2018 Mortality Table

56

SUPPLEMENTARY INFORMATION

Village of Cottage Grove
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2025

Special Revenue Funds
Park
Development
Fees

Assets
Cash and investments
Receivables:
Taxes
Accounts
Special assessments
Due from other funds
Due from other governments
Prepaid items
Advance to other funds
Total assets
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts payable
Accrued liabilities
Deposits
Due to other funds
Advances from other funds

$

$

Affordable
Library

-

-

$

71,704
-

Housing

Tourism

13,207

$

-

5,467

$

43,528
-

752,985
39,089
79,039

$

1,193,652

$

71,704

$

13,207

$

48,995

$

871,113

$

856
-

$

17,121
19,196
39,089
-

$

1,077
954
-

$

42,628
-

$

-

Total liabilities
Deferred inflows of resources:
Unearned revenue
Unavailable revenue
Total deferred inflows of resources
Fund balances (deficit):
Restricted
Committed
Assigned
Unassigned (deficit)
Total fund balances (deficit)
Total liabilities, deferred
inflows of resources
and fund balances

1,193,652

Developer
Deposits

$

856

75,406

2,031

42,628

-

-

-

-

-

-

-

-

-

-

-

1,192,796
-

(3,702)

11,176
-

6,367
-

871,113
-

1,192,796

(3,702)

11,176

6,367

871,113

1,193,652

$

71,704

57

$

13,207

$

48,995

$

871,113

Capital Projects Funds

Capital
Projects

$

305,477

TIF District
No. 6

$

1,269
5,122
1,128
62,269
-

TIF District
No. 8

-

$

60,073
-

Total
Nonmajor
Funds

TIF District
No. 10

-

$

96,262
19,113
388
-

15,675

$

756,987
499
-

2,286,463
914,591
139,467
1,128
39,089
62,269
887
79,039

$

375,265

$

60,073

$

115,763

$

773,161

$

45,676
-

$

61,509

$

96
846
79,039

$

1,155
-

107,454
2,955
19,196
39,089
140,548

$

$

3,522,933

45,676

61,509

79,981

1,155

309,242

33,532

60,073
-

115,375
-

756,987
-

932,435
33,532

33,532

60,073

115,375

756,987

965,967

296,057
-

(61,509)

(79,593)

15,019
-

886,132
1,210,339
296,057
(144,804)

296,057

(61,509)

(79,593)

15,019

2,247,724

375,265

$

60,073

$

115,763

$

773,161

58

$

3,522,933

Village of Cottage Grove
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
December 31, 2025

Special Revenue Funds
Park
Development
Fees

Revenues
Taxes
Special assessments
Intergovernmental
Public charges for services
Investment income
Miscellaneous revenues

$

Total revenues

611,178
39,521
6,423

Developer
Deposits

$

Affordable
Library

817

$

3,050

Housing

Tourism

$

170,305
-

$

41,061
-

657,122

817

3,050

170,305

41,061

Expenditures
Current:
Culture, recreation and education
Conservation and development
Capital outlay

28,171
59,989

-

39,365
-

173,156
-

-

Total expenditures

88,160

-

39,365

173,156

-

Excess (deficiency) of revenues
over expenditures

568,962

817

(36,315)

(2,851)

41,061

(125,000)

-

46,092
-

-

-

Total other financing sources (uses)

(125,000)

-

46,092

-

-

Net change in fund balance

443,962

817

9,777

(2,851)

41,061

Fund Balance (Deficit), Beginning

748,834

(4,519)

1,399

9,218

830,052

Adjustment - Changes From Nonmajor to Major Fund
Fund Balance (Deficit), Beginning as Adjusted

748,834

(4,519)

1,399

9,218

830,052

Other Financing Sources (Uses)
Sale of village property
Transfer in
Transfer out

Fund Balance (Deficit), Ending

$

1,192,796

59

$

(3,702)

$

11,176

$

6,367

$

871,113

Capital
Projects

$

$

1,340
86,375
21,545
25,091
155,000

Capital Projects Funds
Previous Year
Nonmajor
TIF District
TIF District
ERIM
No. 6
No. 8

$

-

$

56,553
2,013
-

$

Total
Nonmajor
Funds

TIF District
No. 10

28,188
-

$

70,594
24
-

$

155,335
1,340
88,412
803,028
105,673
165,290

289,351

-

58,566

28,188

70,618

1,319,078

689,391

-

150
-

41,663
-

50,229
-

67,536
265,198
749,380

689,391

-

150

41,663

50,229

1,082,114

(400,040)

-

58,416

(13,475)

20,389

236,964

15,324
-

-

(119,925)

-

-

15,324
46,092
(244,925)

15,324

-

(119,925)

-

-

(183,509)

(384,716)

-

(61,509)

(13,475)

20,389

53,455

680,773

308,606

-

(66,118)

(5,370)

2,502,875

680,773

(308,606)
-

-

(66,118)

(5,370)

(308,606)
2,194,269

296,057

$

-

$

(61,509)

$

(79,593)

$

60

15,019

$

2,247,724

Village of Cottage Grove
Financial highlights
December 31, 2025
Client service team
Amanda Blomberg, Managing Director
Ryan Shavlik, Manager

© 2025 Baker Tilly US, LLP

Village of Cottage Grove

General fund results
2024

General fund - fund balance by category

2025

$2,614,555
$2,753,098

Total

$2,107,051
$2,311,385

Unassigned
$306,599
$317,252

Assigned
Committed
Restricted

$200,905
$124,461

Nonspendable
$-

$500,000

$1,000,000

Summarized income statement
Revenues and other financing sources
Expenditures and other financing uses
Net change in fund balance

$
$

$1,500,000

Actual
7,427,340
7,288,797
138,543

$2,000,000

$2,500,000

Final budget
$
7,331,252 $
7,481,252
$
(150,000) $

$3,000,000

Variance
96,088
192,455
288,543

Fund balance category definitions
Nonspendable - amounts cannot be spent either because they are not in spendable form or because
legal or contractual requirements require them to be maintained in tact.
Restricted - amounts that can be spent only for the specific purposes stipulated by an external source.
Committed - amounts constrained for specific purposes that are internally imposed through formal
action of the governing body.
Assigned - spendable amounts that are intended to be used for specific purposes that are not
considered restricted or committed.
Unassigned - residual amounts that have not been classified within other categories above.

© 2025 Baker Tilly US, LLP
Source: current and prior year financial statement information and other benchmark information as noted.

Page 1

Village of Cottage Grove

General fund - fund balance trends
Fund balance policy:
20-30% of current year budgeted expenditures

General Fund Actual

Policy minimum

Policy maximum

Reference - Median

Unrestricted general fund - fund balance
as a percentage of expenditures

40%

37.9%

37.6%

37.8%

37.2%

37.4%
35.1%

35%

33.0%

30%
29.4%

28.4%

25%

20%

15%

10%

2021

2022

2023

2024

2025

Other reference values

GFOA recommends a minimum of no less than 2 months (16.7%) of general fund expenditures.
Median reference value generated from 2021- 2024 Baker Tilly municipal client data for population
of under 10,000.

© 2025 Baker Tilly US, LLP
Source: current and prior year financial statement information and other benchmark information as noted.

Page 2

Village of Cottage Grove

General obligation debt

Debt management policy:

The Village follows Wisconsin Statutes whereas the total general obligation indebtedness of the
Village may not exceed 5 percent of the equalized value of the taxable property within the
Village's jurisdiction.
41%

Actual percentage of debt limit at 12/31/25:
Total G.O. debt outstanding

G.O. debt limit

General obligation debt capacity
$90,000,000
$77,299,150

$80,000,000
$70,000,000

$62,099,070

$60,000,000
$50,000,000

$42,131,435

$45,322,850

$50,321,890

$40,000,000
$30,000,000
$20,000,000
$10,000,000
$-

$17,444,325

$23,228,091

$23,541,488

2022

2023

2021

$31,936,707

$31,711,520

2024

2025

Total debt outstanding by type at 12/31/2025
Village
Utility
Total

General obligation
28,699,505
3,012,015
$
31,711,520
$

Revenue debt
3,164,748
$
3,164,748
$

$
$

Total
28,699,505
6,176,763
34,876,268

Comparative metrics available online through the Wisconsin Policy Forum.

https://wispolicyforum.org/research/municipal-datatool-examining-and-comparing-wisconsin-citiesand-villages/
Select "Debt" -- options for custom comparisons or comparisons by county

© 2025 Baker Tilly US, LLP
Source: current and prior year financial statement information and other benchmark information as noted.

Page 3

Village of Cottage Grove

Governmental funds - debt service
Village of Cottage Grove

Debt service to non-capital expenditures

30.00%

27.9%
25.1%

25.00%

20.00%

Reference - Median

19.8%

20.1%

20.1%
16.6%

16.7%

15.00%

14.1%

14.3%

10.00%

5.00%

0.00%

2021

2022

Current and prior year data
Principal
Interest
Total
Non-capital expenditures

2023

2024

$

2025
3,209,702
1,311,011
4,520,713

$

2024
2,446,777
681,207
3,127,984

$

16,187,090

$

15,539,534

$

$

2025

Other reference values

Median reference value generated from 2021 - 2024 Baker Tilly municipal client data for population
of under 10,000.

© 2025 Baker Tilly US, LLP
Source: current and prior year financial statement information and other benchmark information as noted.

Page 4

Village of Cottage Grove

Water Utility Results

Current Year
6.24%
6.50%

Actual Rate of Return
Authorized Rate of Return

Prior Year
5.74%
6.50%

Operating results
$2,500,000
2,032,368
$2,000,000
$1,500,000

1,390,040

$1,000,000
$500,000
$-

1,437,618

$1,150,611

$941,584

2021

2022

Operating revenues

2,182,364

1,578,572

$1,362,638

2023

$1,483,827

2024

$1,602,785

2025

Operating expenses

Unrestricted Reserves
Year end balance
Months on hand

2021
$ 1,599,085
13.80

2022
$ 1,139,647
9.51

2023
$ 1,166,374
8.87

2024
$ 1,832,029
10.82

2025
$ 1,856,129
10.21

Investment in Capital
Equity, 81%

Debt, 19%

© 2025 Baker Tilly US, LLP
Source: current and prior year financial statement information and other benchmark information as noted.

Page 5

Village of Cottage Grove

Sewer Utility Results

Operating results
$3,000,000
$2,500,000

2,516,282
2,180,740

$2,000,000
$1,500,000

2,714,966

2,833,392

$2,738,635

$2,727,591

2024

2025

$2,289,105

$2,044,045

$1,855,173

2,736,234

$1,000,000
$500,000
$-

2021

2022

Operating revenues

2023

Operating expenses

Unrestricted Reserves
Year end balance
Months on hand

$

2021
2,044,468
11.25

$

2022
2,384,269
11.37

$

2023
2,834,181
12.53

$

2024
3,048,896
13.37

$

2025
2,473,163
10.47

Investment in Capital
Equity, 83%

© 2025 Baker Tilly US, LLP
Source: current and prior year financial statement information and other benchmark information as noted.

Debt, 17%

Page 6

Village of Cottage Grove, WI
2026 Financial Management Plan
Village Board
September 2, 2025

2

2025 S&P Report

•

•

•

3

Fund Balance Trends
General Fund Balance with Unassigned & assigned as % of total
expenditures
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000

500,000
2019

2020

2021

2022

2023

2024

39.55%

38.98%

38.09%

30.08%

35.17%

30.95%

Non-Spendable

Assigned

Unassigned

4

Levy Limits “At-a-Glance”
• Current limit (​Sec. 66.0602, Wis. Stats.):

✓ Subject to numerous adjustments that may reduce or increase allowable
levy

5

Current Levy Limit Parameters

6

Equalized Value (TID OUT)

7

General Fund Revenue Projections

Shared revenue reporting requirements going forward: certify to DOR that the political subdivision is maintaining a
level of law enforcement and fire and emergency medical services that is at least equivalent to the previous year.
Aid is reduced by 15%, in the following year, if a political subdivision does not satisfy the requirement.

8

General Fund Expenditure Projections

9

10

Summary of Existing G.O. Debt

11

Village CIP 2026-2031

12

Police Station Project
• Total Police Station Estimated Cost: $16,276,861
• Debt and operating levy effective starting in 2027.

13

Water CIP 2025-2031

14

Sewer CIP (2025-2031)

15

Proposed 2026-2030 G.O. Financing Summary

Includes water and sewer utility projects

16

17

G.O. Debt Capacity Projection

18

FMP Tax Levy & Rate Impact

19

Average Home Value
Average home value for 2026 is assessed value
of $315,000 divided by estimated assessment
ratio.
2027-2031 are estimates.

20

Levy Limit Projection

21

22

TID Overview
TID #5
TID #6
TID #8

TID #9
TID #10

$257,307,500 incremental value.
Closing in 2026.

$3,154,800 incremental value.
Partially supports debt. Will remain open until 2031.

$5,055,300 incremental value. Final year increment collection 2039.
Existing PAYGO incentives in place.
$55,025,900 incremental value. Final year increment collection 2039.
Supporting debt service for land acquisition.
$39,753,900 incremental value. Final year increment collection
2039.
23

Existing PAYGO incentives in place.

Summary

•
•

•
24

March 24, 2026

SALE DAY REPORT FOR:

Village of Cottage Grove, Wisconsin
$19,220,000 General Obligation Promissory Notes,
Series 2026A

Prepared by:
Ehlers
N19W24400 Riverwood Drive,
Suite 100
Waukesha, WI 53188

Greg Johnson,
Senior Municipal Advisor
Harry Allen,
Senior Municipal Advisor

BUILDING COMMUNITIES. IT’S WHAT WE DO.

Competitive Sale Results
PURPOSE:

For public purposes, including paying the cost of street and trail
improvements, water and sewer improvements, park improvements,
police station projects and acquiring vehicles and equipment for
various departments.

RATING:

S&P Global Ratings "AA" / Stable

NUMBER OF BIDS:

5

LOW BIDDER:

Baird, Milwaukee, Wisconsin

COMPARISON FROM LOWEST TO HIGHEST BID:
(TIC as bid)

LOW BID:

4.0299%

HIGH BID:

4.2088%

Summary of Sale Results:
Principal Amount:
Underwriter’s Discount:
Reoffering Premium:
True Interest Cost:
Costs of Issuance:
Yield:
Total Net P&I
NOTES:

$19,220,000
$222,068
$926,625
4.0434%
$164,122
2.590%-4.375%
$28,635,442

Total net principal and interest is $537,838 less than the
revised pre-sale estimate.
Bond Trust Services Corporation, Minneapolis, Minnesota
will serve as Paying Agent on the Notes.
The Notes maturing April 1, 2036 and thereafter are callable
April 1, 2035 or any date thereafter.

CLOSING DATE:

April 16, 2026

DESIGNATED
OFFICIAL ACTION:

Award the sale of $19,220,000 General Obligation
Promissory Notes, Series 2026A.

Sale Day Report for Village of Cottage Grove, Wisconsin

1

SUPPLEMENTARY ATTACHMENTS











Bid Tabulation
Existing Debt Summary
Project List
Sources and Uses of Funds
Updated Debt Service Schedules
Tax Impact Schedule
G.O. Debt Capacity
Water Utility Coverage
Sewer Utility Coverage
Rating Report

Sale Day Report for Village of Cottage Grove, Wisconsin

2

BID TABULATION
$19,535,000* General Obligation Promissory Notes, Series 2026A
Village of Cottage Grove, Wisconsin
SALE: March 24, 2026
AWARD: BAIRD
Rating: S&P Global Ratings "AA" / Stable
Tax Exempt - Non-Bank Qualified

NAME OF INSTITUTION
BAIRD
Milwaukee, Wisconsin
C.L. King & Associates
Edward Jones
Colliers Securities LLC
Crews & Associates, Inc.
Davenport & Co. L.L.C.
SouthState Securities
Isaak Bond Investments, Inc
Northland Securities, Inc.
Bernardi Securities, Inc.
Carty, Harding & Hearn, Inc.
CADZ Securities Inc
Midland Securities
BOK Financial Securities, Inc.
Celadon Financial Group, LLC
FMS Bonds Inc.
First Kentucky Securities Corp.
Alliance Global Partners
Multi Bank Securities Inc.
First Southern LLC
Dinosaur Financial Group
First Bankers' Banc Securities, Inc
Mountainside Securities LLC
StoneX Financial Inc.
Blaylock Van, LLC
Falcon Square Capital
Caldwell Sutter Capital, Inc.
ZIONS BANK, division of ZB, N.A.
Institutional Bond Network LLC
UMB Bank,N.A.

MATURITY
(April 1)

COUPON
RATE

REOFFERING
YIELD

PRICE

TRUE
INTEREST
RATE

$20,294,993.95
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
4.000%
4.000%
4.000%
4.125%
4.125%
4.250%
4.250%
4.375%

2.590%
2.620%
2.700%
2.780%
2.900%
3.000%
3.100%
3.210%
3.330%
3.440%
3.540%
3.670%
4.000%
4.070%
4.140%
4.200%
4.240%
4.300%
4.340%
4.375%

*

Subsequent to bid opening the issue size was decreased to $19,220,000.
Adjusted Price: $19,924,556.02
Adjusted Net Interest Cost: $9,415,441.64

Adjusted TIC: 4.0434%

4.0299%

NAME OF INSTITUTION

TRUE
INTEREST
RATE

TD FINANCIAL PRODUCTS LLC
New York, New York

4.1403%

JEFFERIES LLC
New York, New York

4.2055%

FIDELITY CAPITAL MARKETS
Boston, Massachusetts

4.2081%

HILLTOPSECURITIES
Dallas, Texas

4.2088%

Bid Tabulation
Village of Cottage Grove, Wisconsin
$19,535,000* General Obligation Promissory Notes, Series 2026A

March 24, 2026
Page 2

Table 1
Existing G.O. Debt
Village of Cottage Grove, WI
Existing Debt
Year
Ending

Total G.O.
Debt
Payments

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
Total

5,532,422
3,455,943
3,700,125
3,449,829
3,244,324
2,905,699
2,873,287
2,058,547
2,119,491
1,883,294
1,527,844
1,487,166
1,322,422
1,181,650
1,142,550
1,004,400
972,100
469,200
0
40,330,291

Notes:

Fiscal Agent
Charges Contingency

Less:
TID #5

Less:
TID #6

Less:
TID #9

Less:
Sewer

Less:
Water

(764,518)
(761,143)
(761,393)
(765,018)
(762,018)
(762,393)
(762,321)

(298,716)
(291,654)
(301,744)
(187,056)
(187,231)
(167,706)
(158,478)
(154,134)
(154,616)
(145,075)
(145,556)
(140,897)
(106,772)
0

Less:
Less:
Premum Debt Fund

Less:
ERIM

Less:
Less:
TID #5 Surplus Interest income Net Tax Levy

3,400

66,774 (1,586,839) (116,775)
(291,182) (118,550)
(120,175)
(116,725)
0

(126,308) (220,671)
(124,575)
(130,325)
(111,200)
(112,325)
(93,700)
(95,263)
(101,425)
(102,488)
(88,913)
(31,688)
(30,563)
0

(350,000) (100,000)

(200,000)

(3,400)

3,400

66,774 (1,878,021) (472,225) (5,338,801) (2,439,635) (1,148,770) (220,671)

(350,000) (100,000)

(200,000)

(3,400)

1,835,370
1,868,839
2,386,489
2,269,831
2,182,750
1,881,900
1,857,225
1,802,988
1,862,388
1,649,306
1,350,600
1,315,706
1,215,650
1,181,650
1,142,550
1,004,400
972,100
469,200
0
28,248,941

Equalized Value
(TID OUT)
1,185,685,600
1,525,171,414
1,648,015,841
1,748,338,392
1,854,768,053
1,967,676,593
2,087,458,412
2,214,531,919
2,349,340,994
2,492,356,538
2,644,078,117
2,805,035,709
2,975,791,555
3,156,942,119
3,349,120,179
3,552,997,030
3,769,284,833
3,998,739,102
4,242,161,341

Tax Rate
Per $1,000
$1.55
$1.23
$1.45
$1.30
$1.18
$0.96
$0.89
$0.81
$0.79
$0.66
$0.51
$0.47
$0.41
$0.37
$0.34
$0.28
$0.26
$0.12
$0.00

Annual Taxes
$100,000
of Value
$154.79
$122.53
$144.81
$129.83
$117.68
$95.64
$88.97
$81.42
$79.27
$66.17
$51.08
$46.91
$40.85
$37.43
$34.11
$28.27
$25.79
$11.73
$0.00

Legend:
Represents +/- 25% Change over previous year

Year
Ending
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
Total

Table 2
Capital Improvement Plan & Funding Uses
Projects
Police Station (Police)
2027 - Engineering: Ollie Street Reconstruction (Public Works)
2027 - Engineering: Ollie Street Reconstruction (Water)
2027 - Engineering: Ollie Street Reconstruction (Sewer)
2027 - Engineering: CTH N/Main Street Reconstruction (Public Works)
2027 - Engineering: CTH N/Main Street Reconstruction (Water)
2027 - Engineering: CTH N/Main Street Reconstruction (Sewer)
2026 - BB/Buss Bike Path & Damascus Bike Path Impr (Public Works)
2026 - Annual Roads, Street, and Trail Maintenance (Public Works)
2026 - Gaston Water Main Loop (Water)
2026 - Well No. 2 Improvements (Water)1
2026 - Annual Vehicles and Equipment (General)
2026 - Annual Vehicles and Equipment (Fire)
2026 - Annual Vehicles and Equipment (Police)
2026 - Annual Vehicles and Equipment (Public Works)
2026 - Annual Vehicles and Equipment (Parks, Recreation, Forestry)
CIP Costs

Debt Obligations
Fund 412, Levy
Fund 411, Levy
Fund 600, Water
Fund 601, Sewer
Total
Notes:
1. Additional project costs for Well #2 will be included in 2027 financing.

Fund, Repayment
Fund 412, Levy
Fund 412, Levy
Fund 600, Water
Fund 601, Sewer
Fund 412, Levy
Fund 600, Water
Fund 601, Sewer
Fund 412, Levy
Fund 411, Levy
Fund 600, Water
Fund 600, Water
Fund 411, Levy
Fund 411, Levy
Fund 411, Levy
Fund 411, Levy
Fund 411, Levy

2026
Totals
14,581,861 14,581,861
80,000
80,000
110,000
110,000
100,000
100,000
115,000
115,000
115,000
115,000
95,000
95,000
400,000
400,000
750,150
750,150
1,075,000 1,075,000
1,025,000 1,025,000
62,850
62,850
15,825
15,825
280,000
280,000
250,600
250,600
197,500
197,500
19,253,786 19,253,786

15,176,861 15,176,861
1,556,925
1,556,925
2,325,000
2,325,000
195,000
195,000
19,253,786 19,253,786

Table 3
Sources and Uses
Village of Cottage Grove, WI
2026
G.O. Notes

Fund 412,
Fund 411,
Levy Portion Levy Portion

Fund 600,
Water
Portion

Fund 601,
Sewer
Portion

CIP Projects
Project Costs
Subtotal Project Costs

19,255,878 15,178,953
19,255,878 15,178,953

1,556,925
1,556,925

2,325,000
2,325,000

195,000
195,000

CIP Projects

19,255,878

15,178,953

1,556,925

2,325,000

195,000

Premium
Underwriter's Premium (built into rates)
Premium Deposit To Debt Service
Net Premium

(926,625)
704,556
(222,068)

(646,399)
471,356
(175,044)

(160,994)
143,027
(17,967)

(101,270)
74,464
(26,805)

(17,962)
15,709
(2,253)

Issuance Expenses
Municipal Advisor
Bond Counsel
Disclosure Counsel
Rating Fee
Underwriter's Discount
Paying Agent
Subtotal Issuance Expenses

72,500
39,900
25,935
24,937
222,068
850
386,190

56,477
31,451
20,443
19,656
175,044
670
303,741

6,835
3,228
2,098
2,018
17,967
69
32,214

8,092
4,816
3,131
3,010
26,805
103
45,956

1,096
405
263
253
2,253
9
4,279

19,420,000

15,307,651

1,571,173

2,344,151

197,026

(200,000)

(157,651)

(16,173)

(24,151)

(2,026)

0

0

0

(0)

15,150,000

1,555,000

2,320,000

195,000

11.55

TOTAL TO BE FINANCED
Estimated Interest Earnings
.
Rounding
NET ISSUE SIZE

Notes:
1) Investment income based on spend down on file.

19,220,000

Table 4
Allocation of Debt Service - 2026 G.O. Notes
Village of Cottage Grove, WI
Year
Ending

Principal

Fund 412, Levy Portion
Rate
Interest
Premium

Net Total

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

475,000
50,000
335,000
360,000
590,000
625,000
655,000
620,000
715,000
760,000
870,000
880,000
895,000
930,000
965,000
1,015,000
1,055,000
1,100,000
1,145,000
1,110,000

5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
4.00%
4.00%
4.00%
4.13%
4.13%
4.25%
4.25%
4.38%

0
994,683
712,713
988,088
995,713
1,201,963
1,206,588
1,204,588
1,137,713
1,199,338
1,207,463
1,276,713
1,242,963
1,218,063
1,216,563
1,213,663
1,223,428
1,220,734
1,220,600
1,217,894
1,134,281

Total

15,150,000

Notes:
1) Final True Interest Cost of 4.04%

991,039
662,713
653,088
635,713
611,963
581,588
549,588
517,713
484,338
447,463
406,713
362,963
323,063
286,563
248,663
208,428
165,734
120,600
72,894
24,281

(471,356)

8,355,102

(471,356)

23,033,746

Principal

Fund 411, Levy Portion
Interest
Premium

Net Total
0
0
145,608
219,000
221,250
223,000
219,375
220,375
220,875
220,875
220,375

0
100,000
150,000
160,000
170,000
175,000
185,000
195,000
205,000
215,000

113,385
75,250
69,000
61,250
53,000
44,375
35,375
25,875
15,875
5,375

(113,385)
(29,642)

1,555,000

498,760

(143,027) 1,910,733

Principal

95,000
75,000
80,000
80,000
85,000
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
145,000
150,000
155,000
160,000
170,000

Fund 600, Water Portion
Interest
Premium

152,345
99,469
95,594
91,594
87,469
83,094
78,469
73,594
68,469
63,094
57,469
51,594
46,094
40,994
35,694
30,003
23,919
17,531
10,838
3,719

(74,464)

2,320,000 1,211,042

(74,464)

Net Total
0
172,881
174,469
175,594
171,594
172,469
173,094
173,469
173,594
173,469
173,094
172,469
171,594
171,094
170,994
170,694
175,003
173,919
172,531
170,838
173,719
3,456,577

Principal

Fund 601, Sewer Portion
Interest Premium
Net Total

25,000
15,000
15,000
15,000
20,000
20,000
20,000
20,000
20,000
25,000

13,594
8,125
7,375
6,625
5,750
4,750
3,750
2,750
1,750
625

(13,594)
(2,115)

195,000

55,094

(15,709)

Year
Ending

Principal (4/1)

Totals
Interest
Premium

Net Total

0
25,000
21,010
22,375
21,625
25,750
24,750
23,750
22,750
21,750
25,625

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

0
595,000
240,000
580,000
615,000
865,000
910,000
955,000
935,000
1,045,000
1,110,000
985,000
1,000,000
1,020,000
1,060,000
1,100,000
1,160,000
1,205,000
1,255,000
1,305,000
1,280,000

0
1,270,363
845,556
825,056
795,181
758,181
713,806
667,181
619,931
570,431
516,556
464,181
414,556
369,156
327,556
284,356
238,431
189,653
138,131
83,731
28,000

0
(672,799)
(31,757)

0
1,192,564
1,053,800
1,405,056
1,410,181
1,623,181
1,623,806
1,622,181
1,554,931
1,615,431
1,626,556
1,449,181
1,414,556
1,389,156
1,387,556
1,384,356
1,398,431
1,394,653
1,393,131
1,388,731
1,308,000

234,385

Total

19,220,000

10,119,998

(704,556)

28,635,442

PRE-SALE ESTIMATE WITH DOWNSIZING
DIFFERENCE

29,173,280
(537,838)

Table 5
Financing Plan Tax Impact
Village of Cottage Grove, WI
Existing Debt

Year
Ending

Net Debt
Service
Levy

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
Total

1,835,370
1,868,839
2,386,489
2,269,831
2,182,750
1,881,900
1,857,225
1,802,988
1,862,388
1,649,306
1,350,600
1,315,706
1,215,650
1,181,650
1,142,550
1,004,400
972,100
469,200
0
0
0
28,248,941

Notes:

2026 G.O. Notes
19,220,000
Equalized Value Dated: 4/16/2026
(TID OUT)
Total Net P&I
1,185,685,600
1,525,171,414
1,648,015,841
1,748,338,392
1,854,768,053
1,967,676,593
2,087,458,412
2,214,531,919
2,349,340,994
2,492,356,538
2,644,078,117
2,805,035,709
2,975,791,555
3,156,942,119
3,349,120,179
3,552,997,030
3,769,284,833
3,998,739,102
4,242,161,341
4,500,401,849
4,774,362,683

Abatements
Less:
Water

0
1,192,564
(172,881)
1,053,800
(174,469)
1,405,056
(175,594)
1,410,181
(171,594)
1,623,181
(172,469)
1,623,806
(173,094)
1,622,181
(173,469)
1,554,931
(173,594)
1,615,431
(173,469)
1,626,556
(173,094)
1,449,181
(172,469)
1,414,556
(171,594)
1,389,156
(171,094)
1,387,556
(170,994)
1,384,356
(170,694)
1,398,431
(175,003)
1,394,653
(173,919)
1,393,131
(172,531)
1,388,731
(170,838)
1,308,000
(173,719)
28,635,442 (3,456,577)

Less:
Sewer

(25,000)
(21,010)
(22,375)
(21,625)
(25,750)
(24,750)
(23,750)
(22,750)
(21,750)
(25,625)
0
0
0
0
0
0
0
0
0
0
(234,385)

Proposed Debt
Debt Service Levy
Total
Levy Change
Net Debt
from Prior
Service Levy
Year
1,835,370
2,863,523
3,244,809
3,476,918
3,399,713
3,306,863
3,283,188
3,227,950
3,220,975
3,069,519
2,778,438
2,592,419
2,458,613
2,399,713
2,359,113
2,218,063
2,195,528
1,689,934
1,220,600
1,217,894
1,134,281
53,193,420

1,028,153
381,287
232,109
(77,206)
(92,850)
(23,675)
(55,238)
(6,975)
(151,456)
(291,081)
(186,019)
(133,806)
(58,900)
(40,600)
(141,050)
(22,534)
(505,594)
(469,334)
(2,706)
(83,613)

Total Tax
Rate for
Debt Service
$1.55
$1.88
$1.97
$1.99
$1.83
$1.68
$1.57
$1.46
$1.37
$1.23
$1.05
$0.92
$0.83
$0.76
$0.70
$0.62
$0.58
$0.42
$0.29
$0.27
$0.24

Taxes
Annual Taxes Annual Taxes
$100,000
2026 Note
of Value
Only
$155
$188
$197
$199
$183
$168
$157
$146
$137
$123
$105
$92
$83
$76
$70
$62
$58
$42
$29
$27
$24
2,322

$65
$52
$69
$66
$72
$68
$64
$58
$57
$54
$46
$42
$39
$36
$34
$32
$31
$29
$27
$24
965

Year
Ending
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
Total

Table 6
General Obligation Debt Capacity Analysis - Impact of Financing Plan
Village of Cottage Grove, WI
Existing Debt
Year
Ending

Projected
Equalized
Value (TID IN)1

Debt Limit

2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

1,545,983,000
1,920,306,989
2,117,311,884
2,283,885,106
2,452,776,261
2,634,156,758
2,828,950,172
3,038,148,376
3,262,816,591
3,504,098,808
3,763,223,619
4,041,510,465
4,340,376,362
4,661,343,111
5,006,045,049
5,376,237,371
5,773,805,067
6,200,772,520
6,659,313,815
7,151,763,807
7,680,630,013
8,248,605,377

77,299,150
96,015,349
105,865,594
114,194,255
122,638,813
131,707,838
141,447,509
151,907,419
163,140,830
175,204,940
188,161,181
202,075,523
217,018,818
233,067,156
250,302,252
268,811,869
288,690,253
310,038,626
332,965,691
357,588,190
384,031,501
412,430,269

Existing
Principal
Outstanding

% of Limit

31,711,521
27,716,794
25,331,334
22,595,000
19,995,000
17,490,000
15,220,000
12,885,000
11,285,000
9,560,000
8,010,000
6,765,000
5,515,000
4,385,000
3,355,000
2,325,000
1,395,000
460,000

41.02%
28.87%
23.93%
19.79%
16.30%
13.28%
10.76%
8.48%
6.92%
5.46%
4.26%
3.35%
2.54%
1.88%
1.34%
0.86%
0.48%
0.15%

Proposed Debt
Combined Principal
Existing
2026 G.O. Notes
& Proposed
% of Limit

19,220,000
18,625,000
18,385,000
17,805,000
17,190,000
16,325,000
15,415,000
14,460,000
13,525,000
12,480,000
11,370,000
10,385,000
9,385,000
8,365,000
7,305,000
6,205,000
5,045,000
3,840,000
2,585,000
1,280,000
0

$31,711,521
$46,936,794
$43,956,334
$40,980,000
$37,800,000
$34,680,000
$31,545,000
$28,300,000
$25,745,000
$23,085,000
$20,490,000
$18,135,000
$15,900,000
$13,770,000
$11,720,000
$9,630,000
$7,600,000
$5,505,000
$3,840,000
$2,585,000
$1,280,000
$0

41.02%
48.88%
41.52%
35.89%
30.82%
26.33%
22.30%
18.63%
15.78%
13.18%
10.89%
8.97%
7.33%
5.91%
4.68%
3.58%
2.63%
1.78%
1.15%
0.72%
0.33%
0.00%

Residual Capacity

Year
Ending

$45,587,629
$49,078,556
$61,909,260
$73,214,255
$84,838,813
$97,027,838
$109,902,509
$123,607,419
$137,395,830
$152,119,940
$167,671,181
$183,940,523
$201,118,818
$219,297,156
$238,582,252
$259,181,869
$281,090,253
$304,533,626
$329,125,691
$355,003,190
$382,751,501
$412,430,269

2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

Table 7
Water Utility Debt Coverage
Village of Cottage Grove, WI
Revenue Debt Coverage

Year

Existing Debt

Total

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046

272,829
272,790
272,750
272,710
272,669
272,627
272,584
272,541
106,420
106,406
63,364

272,829
272,790
272,750
272,710
272,669
272,627
272,584
272,541
106,420
106,406
63,364

Total

2,457,689

2,457,689

All in Debt Coverage

Debt Coverage
Existing Revenue
$850,335
2025 Net Revenues
3.12
3.12
3.12
3.12
3.12
3.12
3.12
3.12
7.99
7.99
13.42

Notes:
1. All in coverage net revneues reduced by the amount of the PILOT.

Existing G.O.

Proposed G.O.

Total

272,829
272,790
272,750
272,710
272,669
272,627
272,584
272,541
106,420
106,406
63,364

126,308
124,575
130,325
111,200
112,325
93,700
95,263
101,425
102,488
88,913
31,688
30,563

0
172,881
174,469
175,594
171,594
172,469
173,094
173,469
173,594
173,469
173,094
172,469
171,594
171,094
170,994
170,694
175,003
173,919
172,531
170,838
173,719

399,136
570,245
577,544
559,503
556,587
538,796
540,940
547,435
382,501
368,788
268,145
203,031
171,594
171,094
170,994
170,694
175,003
173,919
172,531
170,838
173,719

2,457,689

1,148,770

3,456,577

7,063,036

Debt Coverage
Year
543,736
2025 Net Revenues
1.36
0.95
0.94
0.97
0.98
1.01
1.01
0.99
1.42
1.47
2.03
2.68
3.17
3.18
3.18
3.19
3.11
3.13
3.15
3.18
3.13

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
Total

Table 8
Sewer Utility Debt Coverage
Village of Cottage Grove, WI
All in Debt Coverage

Year

Existing G.O.

Proposed G.O.

Total

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038

298,716
291,654
301,744
187,056
187,231
167,706
158,478
154,134
154,616
145,075
145,556
140,897
106,772

0
25,000
21,010
22,375
21,625
25,750
24,750
23,750
22,750
21,750
25,625

298,716
316,654
322,754
209,431
208,856
193,456
183,228
177,884
177,366
166,825
171,181
140,897
106,772

Total

2,439,635

234,385

2,674,021

Notes:

Debt Coverage
Year
893,306
2025 Net Revenues
2.99
2.82
2.77
4.27
4.28
4.62
4.88
5.02
5.04
5.35
5.22
6.34
8.37

2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
Total

Research Update:

Cottage Grove, WI Series 2026A GO Promissory
Notes Assigned 'AA' Rating; Outlook Stable
March 6, 2026

Overview

Primary Contact

• S&P Global Ratings assigned its 'AA' rating to the village of Cottage Grove, Wis.' roughly $19.535
million series 2026A general obligation (GO) promissory notes.

Chicago

• The outlook is stable.

Tyler Livesey
1-609-426-7533
tyler.livesey
@spglobal.com

Rationale

Secondary Contact

Security

Chicago

Cottage Grove's unlimited-tax GO pledge secures the series 2026A bonds.

andrew.truckenmiller

Andrew J Truckenmiller
+ 1 (312) 233 7032
@spglobal.com

The village will use the proceeds from the series 2026A bonds to finance various projects,
including park, water, and sewer infrastructure improvements, police station projects, and
vehicle and equipment purchases.

Credit highlights
The rating reflects the village's strong reserve position and solid performance, backed by a
straightforward, tax-supported budget that has been well-managed historically. Consistent
positive operating results have increased available reserves to over $2 million, based on audited
fiscal 2024 results, which management expects to sustain. However, the rating is constrained by
the village's debt profile, characterized by elevated annual liability costs and a high net direct
debt per capita, which is expected to rise with planned additional debt issuances.
Cottage Grove, just five miles east of Madison, enjoys stability from its proximity to the state
capital and the University of Wisconsin, which provide reliable employment for commuting
residents. The largely residential property tax base is bolstered by ongoing development.
Notably, a $295 million Amazon distribution facility is under construction, spanning 3 million
square feet and expected to create up to 1,400 full-time jobs. Management anticipates a 68%
increase in equalized value by 2030, alongside significant population growth over the next 20
years.

www.spglobal.com/ratingsdirect

March 6, 2026

1

Cottage Grove, WI Series 2026A GO Promissory Notes Assigned 'AA' Rating; Outlook Stable

For the fiscal year ended Dec. 31, 2024, general fund results exceeded budget expectations,
yielding an audited surplus of $430,000 due to higher investment returns and increased stateshared revenue and permit revenue. The fiscal 2025 budget projects breakeven results, and
management expects an unaudited surplus of $144,000. Notably, the village's leading tax
increment district (TID) is expected to close in fiscal 2026, adding over $200 million in
incremental value to the tax rolls.
However, the village's debt levels are high relative to its budget, representing a primary credit
weakness that may limit budget capacity. Debt and liability costs for the village are likely to
increase to an excess of 28%-30%, by our estimates, supporting our view of a very high cost of
debt service going forward.
The rating further reflects our opinion of the following:
• Cottage Grove is small but rapidly expanding with a mix of commercial and residential
development. Although the village's income is above national averages, it is materially lower
than that of higher-rated peers; however, due to its access to Madison and high property
values, we view the economy as stable.
• The general fund benefits from historically stable and predictable revenue, mostly property
taxes. Reserves are increasing and surpassed $2.4 million based on fiscal 2024 results, but
they are nominally lower than those of higher-rated peers.
• A financial management framework that includes sophisticated, proactive policies and
practices, encompassing comprehensive budget assumptions and ongoing monitoring; robust
long-term capital and financial planning; and clearly defined policies governing investments,
debt, and reserves that management routinely monitors.
• The village’s debt and liability profile is weaker than those of peers, particularly the debt
burden, which is anticipated to continue to worsen based on additional debt plans over the
next five years.
• For more information on our institutional framework assessment for Wisconsin municipalities,
see: "Institutional Framework Assessment: Wisconsin Local Governments," Sept. 10, 2024.

Environmental, social, and governance
We view Cottage Grove's environmental, social, and governance risks as neutral.

Outlook
The stable outlook reflects S&P Global Ratings' opinion of Cottage Grove's stable finances and
expanding tax base that we think will likely benefit the village over time.

Downside scenario
We could lower the rating if the village does not maintain structural balance most years, causing
available reserves to deteriorate substantially, or if the debt burden becomes highly elevated.

Upside scenario
We could raise the rating if income metrics align with those of higher-rated peers, coupled with
the maintenance of materially higher general fund reserves.

www.spglobal.com/ratingsdirect

March 6, 2026

2

Cottage Grove, WI Series 2026A GO Promissory Notes Assigned 'AA' Rating; Outlook Stable

Cottage Grove, Wisconsin‑‑credit summary
Institutional framework (IF)

2

Individual credit profile (ICP)

1.91

Economy

1.0

Financial performance

2

Reserves and liquidity

1

Management

1.30

Debt and liabilities

4.25

Cottage Grove, Wisconsin‑‑key credit metrics
Most recent

2024

2023

2022

127

‑‑

127

128

Economy
Real GCP per capita % of U.S.
County PCPI % of U.S.

111

‑‑

111

111

Market value ($000s)

1,358,209

1,358,209

1,241,981

1,006,438

181,944

181,944

170,321

128,981

Top 10 taxpayers % of taxable value

17.6

17.6

‑‑

‑‑

County unemployment rate (%)

2.3

2.3

2.2

2.1

Local median household EBI % of U.S.

142

142

131

138

Market value per capita ($)

Local per capita EBI % of U.S.
Local population

114

114

108

112

7,465

7,465

7,292

7,803

Financial performance
Operating fund revenues ($000s)

‑‑

8,152

5,520

4,946

Operating fund expenditures ($000s)

‑‑

7,798

5,673

5,698

Net transfers and other adjustments ($000s)

‑‑

76

296

408

Operating result ($000s)

‑‑

430

143

(344)

Operating result % of revenues

‑‑

5.3

2.6

(7.0)

Operating result three‑year average %

‑‑

0.3

(0.6)

0.8

Available reserves % of operating revenues

‑‑

29.6

36.1

34.7

Available reserves ($000s)

‑‑

2,414

1,995

1,714

‑‑

19.2

24.5

27.3

Net direct debt per capita ($)

6,343

4,278

3,228

2,977

Net direct debt ($000s)

Reserves and liquidity

Debt and liabilities
Debt service cost % of revenues

47,350

31,937

23,542

23,228

Direct debt 10‑year amortization (%)

57

71

67

‑‑

Pension and OPEB cost % of revenues

‑‑

2.0

2.0

2.0

NPLs per capita ($)

‑‑

40

37

111

Combined NPLs ($000s)

‑‑

296

267

863

Financial data may reflect analytical adjustments and are sourced from issuer audit reports or other annual disclosures. Economic data is
generally sourced from S&P Global Market Intelligence, the Bureau of Labor Statistics, Claritas, and issuer audits and other disclosures.
Local population is sourced from Claritas. Claritas estimates are point in time and not meant to show year‑over‑year trends. GCP‑‑Gross
county product. PCPI‑‑Per capita personal income. EBI‑‑Effective buying income. OPEB‑‑Other postemployment benefits. NPLs‑‑Net
pension liabilities.

www.spglobal.com/ratingsdirect

March 6, 2026

3

Cottage Grove, WI Series 2026A GO Promissory Notes Assigned 'AA' Rating; Outlook Stable

Ratings List
New Issue Ratings
US$19.535 mil GO prom nts ser 2026A due 04/01/2046
Long Term Rating

AA/Stable

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in
our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at
https://disclosure.spglobal.com/ratings/en/regulatory/ratings-criteria for further information. A description of each of S&P Global Ratings' rating categories is
contained in "S&P Global Ratings Definitions" at https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/504352. Complete ratings
information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings referenced herein can be found on S&P Global Ratings' public website at
www.spglobal.com/ratings.

www.spglobal.com/ratingsdirect

March 6, 2026

4

Cottage Grove, WI Series 2026A GO Promissory Notes Assigned 'AA' Rating; Outlook Stable

Copyright © 2026 by Standard & Poor's Financial Services LLC. All rights reserved.
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof
(Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the
prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or
unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do
not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or
otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The
Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT
THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In
no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages,
costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in
connection with any use of the Content even if advised of the possibility of such damages.

Some of the Content may have been created with the assistance of an artificial intelligence (AI) tool. Published Content created or processed using AI is
composed, reviewed, edited, and approved by S&P personnel.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not
statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any
securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following
publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its
management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment
advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and
undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of
reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit
rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory
purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty
whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been
suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities.
As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures
to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right
to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge),
and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors.
Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.
STANDARD & POOR’S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor’s Financial Services LLC.

www.spglobal.com/ratingsdirect

March 6, 2026

5

Staff Memo
Meeting Date:

February 16, 2026

Memo Date:

February 10, 2026

To:

Village Board

From:

Cameron Sawyer, Assistant Administrator/Finance Director

Subject:

2026 Budget Amendment (2026-001)

Proposed Amendment:
Stormwater project to be finalized in 2026 (decrease budgeted rev/exp 2025/increase budgeted rev/exp 2026)
2026 Street Project cost incurred in 2025 (increase budgeted expense 2025/decrease budgeted expense 2026)
2026 Budgeted Vehicles purchased in 2025 (increase budgeted expense 2025/decrease budgeted expense 2026)
2026 Police Station Project cost reduced by 2024 and 2025 expenditures. ($255,950 & $896,712)
2025 Engineering Project cost to incur in 2026 (increase budgeted exp 2025/decrease budgeted exp 2026)
2026 Engineering Project cost to incur in 2026 (decrease budgeted exp 2025/increase budgeted exp 2026)
2025 Tail and Intersection Project costs to incur in 2026(decrease budgeted exp 2025/increase budgeted exp 2026)
2026 TID 9 lease revenue and associated costs not known during 2026 budget
Account
410-57300-840
410-43520-000
411-57300-000
411-57300-026
411-57500-026
412-57200-024
412-57300-025
412-57300-026
412-57300-125
412-57300-225
205-57500-000

Description
Stormwater Planning
State Aid - Stormwater
Annual Road,Sidewalk,Chipseal
2026 Equipment Purchases
2026 Equipment Purchases
Police Station
2025 - Engineering
2026 - Engineering
E Taylor/Weald Bridge/Main St.
Bike Path Extension Southing G
Shady Grove Park

Budget
1,051,000
250,600
197,500
16,276,861
-

Recommendation:
Approve the budget amendment as presented.

The Village of Cottage Grove, WI

Amendment
40,461
51,365
1,031,378
199,720
138,277
15,124,199
12,172
78,550
36,838
49,784
524,628

Change
40,461
51,365
(19,622)
(50,880)
(59,223)
(1,152,662)
12,172
78,550
36,838
49,784
524,628

Staff Memo
Meeting Date:

April 6, 2026

Memo Date:

March 31, 2026

To:

Village Board

From:

Cameron Sawyer, Assistant Administrator/Finance Director

Subject:

2026 Budget Amendment (2026-002)

Proposed Amendment:
Results of 2026A debt issuance
Street Project bid adjustment for removal of Johnson Health Tech trail replacement
BB/Buss Bike Path & Damascus project due to favorable bid results
Fire and EMS Op & facility study shared with the Town
Reduce insurance reimbursement for amount received in 2025

Account
300-48900-000
411-49120-000
411-48900-000
411-58200-000
412-49120-000
412-48900-000
412-58200-000
411-48110-000
412-48110-000
411-57300-000
412-57300-126
410-57100-261
411-48400-000

Description
Premium on debt issuance
Proceeds from long term debt
Premium on debt issuance
Debt issuance costs
Proceeds from long term debt
Premium on debt issuance
Debt issuance costs
Interest on investments
Interest on investments
Annual Road,Sidewalk,Chipseal
BB/Buss Bike Path & Damascus
Fire and EMS Op & Fac Study
Insurance Reimbursement

Budget
1,726,065
14,883,056
1,031,378
400,000
40,000
47,000

Recommendation:
Approve the budget amendment as presented.

The Village of Cottage Grove, WI

Amendment
614,383
1,555,000
17,967
32,214
15,150,000
175,044
303,741
16,173
157,651
979,378
347,000
17,500
24,348

Change
614,383
(171,065)
17,967
32,214
266,944
175,044
303,741
16,173
157,651
(52,000)
(53,000)
(22,500)
(22,652)

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD

BUDGET

% OF

ACTUAL

YTD ACTUAL

AMOUNT

VARIANCE

4,677,155.00

4,677,155.00

4,677,155.00

157,500.00

157,500.00

315,000.00

6,539.61

6,539.61

.00

4,841,194.61

4,841,194.61

4,992,155.00

(

BUDGET

TAXES
100-41110-000

GENERAL PROPERTY TAXES

100-41310-000

TAXES FROM MUNICIPAL UTILITY

100-41800-000

INTEREST AND PENALTIES
TOTAL TAXES

(

.00

100.00

157,500.00)

50.00

6,539.61

.00

150,960.39)

96.98

INTERGOVERNMENTAL AID
100-43410-000

STATE SHARED REVENUES

.00

.00

48,655.00

(

48,655.00)

.00

100-43411-000

SHARED REVENUE - SUPPLEMENTAL

.00

.00

239,322.00

(

239,322.00)

.00

100-43412-000

SHARED REVENUES - UTILITY AID

.00

.00

211.00

(

211.00)

.00

100-43413-000

SHARED REVENUES - ERP

.00

.00

88,873.00

(

88,873.00)

.00

100-43510-000

STATE AID EXEMPT COMPUTER AID

.00

.00

2,637.00

(

2,637.00)

.00

100-43515-000

PERSONAL PROPERTY AID

12,134.58

12,134.58

12,135.00

(

.42)

100.00

100-43515-012

PERSONAL PROPERTY AID - ACT 12

36,820.88

36,820.88

36,821.00

(

.12)

100.00

100-43520-000

STATE AID/GRANTS - POLICE

.00

.00

15,000.00

(

15,000.00)

.00

100-43521-000

STATE AID - DIGITAL RECORDS

.00

.00

15,753.00

(

15,753.00)

.00

100-43530-000

STATE AID - TRANSPORTATION

311,839.02

311,839.02

623,678.00

(

311,838.98)

50.00

100-43540-000

STATE AID - RECYCLING GRANT

.00

.00

9,750.00

(

9,750.00)

.00

360,794.48

360,794.48

1,092,835.00

(

732,040.52)

33.01

TOTAL INTERGOVERNMENTAL AID

LICENSES AND PERMITS
100-44110-000

LIQUOR & MALT BEV LICENSE

100-44111-000

OPERATOR'S LICENSE

.00

.00

8,100.00

(

8,100.00)

.00

1,440.00

1,440.00

5,000.00

(

3,560.00)

28.80

100-44120-000
100-44150-000

CIGARETTE LICENSE

.00

.00

700.00

(

700.00)

.00

PUBLICATION FEES

.00

.00

500.00

(

500.00)

100-44210-000

DOG LICENSE

.00

403.00

403.00

1,500.00

(

1,097.00)

26.87

100-44250-000

OTHER PERMITS/FEES

100-44250-001

SPECIAL EVENT PERMIT

1,510.00

1,510.00

1,000.00

510.00

151.00

1,200.00

1,200.00

750.00

450.00

100-44300-000

BUILDING PERMITS

160.00

64,381.73

64,381.73

90,000.00

(

25,618.27)

100-44340-000

CONDITIONAL USE PERMITS

71.54

.00

.00

750.00

(

750.00)

100-44375-000

SIGN PERMIT

.00

275.00

275.00

1,000.00

(

725.00)

27.50

100-44400-000
100-44410-000

ZONING PERMITS & FEES

14,970.00

14,970.00

3,750.00

11,220.00

399.20

EROSION CONTROL FEES

2,303.00

2,303.00

7,000.00

(

4,697.00)

100-44420-000

32.90

LAND DISTRUBANCE FEE

1,960.00

1,960.00

5,000.00

(

3,040.00)

39.20

TOTAL LICENSES AND PERMITS

88,442.73

88,442.73

125,050.00

(

36,607.27)

70.73

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD

BUDGET

ACTUAL

YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

FINES AND FORFEITURES
100-45100-000

FINES/FORFEITURES - VILLAGE SH

21,534.66

21,534.66

55,500.00

(

33,965.34)

38.80

100-45110-000

COURT PENALTIES AND COSTS

9,715.41

9,715.41

35,500.00

(

25,784.59)

27.37

100-45130-000

PARKING VIOLATIONS

12,250.00

12,250.00

19,000.00

(

6,750.00)

64.47

TOTAL FINES AND FORFEITURES

43,500.07

43,500.07

110,000.00

(

66,499.93)

39.55

PUBLIC CHARGES FOR SERVICE
100-46112-000

OTHER EARNINGS GENERAL GOVERNM

100-46122-000

TAX & TITLE SEARCH FEES

100-46320-000

PUBLIC WORKS - MISC REVENUE

345.00

100-46400-000

RECYCLING FEE FROM TAX ROLL

143,053.00

100-46410-000

GARBAGE FEE FROM TAX ROLL

299,581.00

299,581.00

295,317.00

100-46420-000

SPECIAL GARBAGE COLL CHARGE

2,933.60

2,933.60

3,600.00

(

666.40)

81.49

100-46700-100

RECREATION; COACH PITCH/T-BALL

4,875.00

4,875.00

5,000.00

(

125.00)

97.50

100-46700-341

RECREATION - BASEBALL/SOFTBALL

8,272.00

8,272.00

15,300.00

(

7,028.00)

54.07

100-46700-342

RECREATION - BASKETBALL

1,211.00

1,211.00

13,000.00

(

11,789.00)

9.32

100-46700-344

ENRICHMENT PROGRAMS - YOUTH

46,559.00

46,559.00

58,000.00

(

11,441.00)

80.27

100-46700-345

ENRICHMENT PROGRAMS - ADULT

9,844.00

9,844.00

15,000.00

(

5,156.00)

65.63

100-46700-346

RECREATION - FLAG FOOTBALL

3,075.00

3,075.00

10,000.00

(

6,925.00)

30.75

100-46700-347

RECREATION - GOLF

840.00

840.00

1,800.00

(

960.00)

46.67

100-46700-348

RECREATION - TENNIS

2,855.00

2,855.00

4,000.00

(

1,145.00)

71.38

100-46700-349

RECREATION - VOLLEYBALL

1,215.00

1,215.00

7,000.00

(

5,785.00)

17.36

100-46700-350

REC - TEENER/LEGION BASEBALL

3,825.00

3,825.00

6,000.00

(

2,175.00)

63.75

100-46700-351

RECREATION- SENIOR PROGRAMMING

810.00

810.00

3,200.00

(

2,390.00)

25.31

100-46700-352

RECREATION - START SMART

6,650.00

6,650.00

8,000.00

(

1,350.00)

83.13

100-46700-353

COMMUNITY NIGHT OUT

100-46700-354

MUSIC IN THE GROVE SPONSORSHIP

100-46700-720

BARK PARK DONATIONS

100-46710-000

PARK RENTAL FEES

100-46715-000

PARKS - CONCESSION REVENUE

.00

.00

500.00

(

500.00)

.00

100-46718-000

REC - DIAMOND USE CHARGE

260.00

260.00

1,200.00

(

940.00)

21.67

100-46730-000

MISC RECREATION DONATIONS

1,600.00

1,600.00

5,000.00

(

3,400.00)

32.00

544,907.38

544,907.38

615,532.00

(

70,624.62)

88.53

TOTAL PUBLIC CHARGES FOR SERVICE

FOR ADMINISTRATION USE ONLY

148.78

148.78

750.00

(

601.22)

19.84

2,590.00

2,590.00

6,000.00

(

3,410.00)

43.17

345.00

2,500.00

(

2,155.00)

13.80

143,053.00

140,865.00

2,188.00

101.55

4,264.00

101.44

.00

.00

2,000.00

(

2,000.00)

.00

750.00

750.00

1,000.00

(

250.00)

75.00

.00

.00

500.00

(

500.00)

.00

3,615.00

3,615.00

10,000.00

(

6,385.00)

36.15

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD

BUDGET

ACTUAL

YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

MISCELLANEOUS REVENUE
100-48110-000

INTEREST ON INVESTMENTS

100-48130-000

PATRONAGE DIVIDEND

100-48230-000

TOWER RENTAL INCOME

100-48310-000

SALE OF VILLAGE PROPERTY

100-48400-000

INSURANCE RECOVERIES

100-48450-000

SCHOOL RESOURCE OFFICER

100-48460-000

MISCELLANEOUS INCOME

100-48510-000

DONATIONS FROM INDIVID/ORGANIZ

167,309.39

167,309.39

200,000.00

689.00

689.00

684.00

14,257.60

14,257.60

695.00

695.00

15,510.78

(

32,690.61)

83.65

5.00

100.73

14,257.00

.60

100.00

.00

695.00

.00

15,510.78

.00

15,510.78

.00

.00

.00

135,000.00

(

135,000.00)

.00

9,386.57

9,386.57

25,000.00

(

15,613.43)

37.55

670.00

670.00

.00

670.00

.00

208,518.34

208,518.34

374,941.00

(

166,422.66)

55.61

TRANSFER IN - TID 5

.00

.00

200,000.00

(

200,000.00)

.00

TOTAL OTHER FINANCING SOURCES

.00

.00

200,000.00

(

200,000.00)

.00

TOTAL GENERAL FUND

6,087,357.61

6,087,357.61

7,510,513.00

( 1,423,155.39)

81.05

TOTAL FUND REVENUE

6,087,357.61

6,087,357.61

7,510,513.00

( 1,423,155.39)

81.05

TOTAL MISCELLANEOUS REVENUE

OTHER FINANCING SOURCES
100-49000-405

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 3

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

VILLAGE BOARD
100-51100-110

SALARIES

100-51100-140

CITIZEN PER DIEM

7,354.60

7,354.60

26,843.00

19,488.40

.00

.00

5,000.00

5,000.00

100-51100-151

FICA

100-51100-340

27.40
.00

563.15

563.15

2,053.00

1,489.85

27.43

OPERATING SUPPLIES AND EXPENSE

8,635.54

8,635.54

9,500.00

864.46

90.90

TOTAL VILLAGE BOARD

16,553.29

16,553.29

43,396.00

26,842.71

38.14

11,184.27

11,184.27

28,226.00

17,041.73

39.62

19.29

19.29

.00

1,050.00

1,050.00

MUNICIPAL COURT
100-51200-115

WAGES

100-51200-116

OVERTIME

100-51200-125

JUDGE STIPEND

100-51200-151

FICA

875.65

100-51200-152

RETIREMENT

873.01

100-51200-153

DENTAL INSURANCE

100-51200-154

HEALTH INSURANCE

100-51200-155

LIFE INSURANCE

100-51200-340

(

19.29)

.00

3,000.00

1,950.00

35.00

875.65

2,389.00

1,513.35

36.65

873.01

2,032.00

1,158.99

42.96

285.70

285.70

696.00

410.30

41.05

5,324.81

5,324.81

10,650.00

5,325.19

50.00

18.94

18.94

30.00

11.06

63.13

OPERATING SUPPLIES AND EXPENSE

36,190.85

36,190.85

67,500.00

31,309.15

53.62

TOTAL MUNICIPAL COURT

55,822.52

55,822.52

114,523.00

58,700.48

48.74

1,020.00

1,020.00

5,000.00

3,980.00

20.40

78.01

78.01

383.00

304.99

20.37

DIGITAL MEDIA COMMUNICATIONS
100-51250-115

WAGES

100-51250-151

FICA

100-51250-340

OPERATING SUPPLIES AND EXPENSE

17,125.44

17,125.44

22,125.00

4,999.56

77.40

TOTAL DIGITAL MEDIA COMMUNICATIONS

18,223.45

18,223.45

27,508.00

9,284.55

66.25

ADMINISTRATION
100-51410-110

SALARIES

39,017.98

39,017.98

106,096.00

67,078.02

36.78

100-51410-151

FICA

3,044.19

3,044.19

8,116.00

5,071.81

37.51

100-51410-152

RETIREMENT

3,038.43

3,038.43

7,639.00

4,600.57

39.78

100-51410-153

DENTAL INSURANCE

471.41

471.41

1,218.00

746.59

38.70

100-51410-154

HEALTH INSURANCE

3,260.36

3,260.36

7,825.00

4,564.64

41.67

100-51410-155

LIFE INSURANCE

74.54

74.54

210.00

135.46

35.50

100-51410-332

MILEAGE

154.56

154.56

1,000.00

845.44

15.46

100-51410-340

OPERATING SUPPLIES AND EXPENSE

5,686.19

5,686.19

11,000.00

5,313.81

51.69

TOTAL ADMINISTRATION

54,747.66

54,747.66

143,104.00

88,356.34

38.26

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 4

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

CLERK
100-51420-110

SALARIES

37,563.78

37,563.78

90,920.00

53,356.22

41.32

100-51420-115

WAGES

20,233.90

20,233.90

51,064.00

30,830.10

39.62

100-51420-151

FICA

4,408.51

4,408.51

10,862.00

6,453.49

40.59

100-51420-152

RETIREMENT

4,463.31

4,463.31

10,223.00

5,759.69

43.66

100-51420-153

DENTAL INSURANCE

768.39

768.39

1,872.00

1,103.61

41.05

100-51420-154

HEALTH INSURANCE

5,999.75

5,999.75

12,666.00

6,666.25

47.37

100-51420-155

LIFE INSURANCE

321.20

321.20

780.00

458.80

41.18

100-51420-210

PROFESSIONAL SERVICES

735.00

735.00

6,000.00

5,265.00

12.25

100-51420-332

MILEAGE

49.84

49.84

500.00

450.16

9.97

100-51420-340

OPERATING SUPPLIES AND EXPENSE

3,705.32

3,705.32

18,945.00

15,239.68

19.56

TOTAL CLERK

78,249.00

78,249.00

203,832.00

125,583.00

38.39

6,917.00

6,917.00

22,532.00

15,615.00

30.70

527.29

527.29

1,724.00

1,196.71

30.59

CLERK - ELECTIONS
100-51440-115

WAGES

100-51440-151

FICA

100-51440-340

OPERATING SUPPLIES AND EXPENSE

7,058.34

7,058.34

15,893.00

8,834.66

44.41

TOTAL CLERK - ELECTIONS

14,502.63

14,502.63

40,149.00

25,646.37

36.12

FINANCE & PROFESSIONAL SERVICE
100-51520-110

SALARIES

31,162.46

31,162.46

83,620.00

52,457.54

37.27

100-51520-115

WAGES

15,457.82

15,457.82

38,827.00

23,369.18

39.81

100-51520-151

FICA

3,686.57

3,686.57

9,367.00

5,680.43

39.36

100-51520-152

RETIREMENT

3,621.14

3,621.14

8,816.00

5,194.86

41.07

100-51520-153

DENTAL INSURANCE

892.81

892.81

2,245.00

1,352.19

39.77

100-51520-154

HEALTH INSURANCE

6,173.63

6,173.63

14,018.00

7,844.37

44.04

100-51520-155

LIFE INSURANCE

114.73

114.73

314.00

199.27

36.54

100-51520-210

PROFESSIONAL SERVICES

101,136.79

101,136.79

205,000.00

103,863.21

49.34

100-51520-332

MILEAGE

164.30

164.30

750.00

585.70

21.91

100-51520-340

OPERATING SUPPLIES AND EXPENSE

2,234.08

2,234.08

12,650.00

10,415.92

17.66

100-51520-500

TAXES DUE OTHERS - ANNEXATION

50.33

50.33

3,000.00

2,949.67

1.68

100-51520-510

PROPERTY/LIABILITY INSURANCE

67,213.91

67,213.91

60,400.00

6,813.91)

111.28

100-51520-511

WORKERS COMPENSATION INSURANCE

35,383.34

35,383.34

40,800.00

5,416.66

86.72

100-51520-900

CONTINGENT FUND

725.00

725.00

39,000.00

38,275.00

1.86

268,016.91

268,016.91

518,807.00

250,790.09

51.66

OPERATING SUPPLIES AND EXPENSE

31,759.22

31,759.22

80,000.00

48,240.78

39.70

TOTAL MUNICIPAL BUILDINGS OPERATION

31,759.22

31,759.22

80,000.00

48,240.78

39.70

TOTAL FINANCE & PROFESSIONAL SERVICE

(

MUNICIPAL BUILDINGS OPERATION
100-51600-340

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 5

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

FLYNN HALL
100-51610-720

CONTRIBUTION

1,658.69

1,658.69

2,500.00

841.31

66.35

TOTAL FLYNN HALL

1,658.69

1,658.69

2,500.00

841.31

66.35

POLICE DEPARTMENT
100-52100-110

SALARIES

105,953.98

105,953.98

259,486.00

153,532.02

40.83

100-52100-115

WAGES

575,805.05

575,805.05

1,580,633.00

1,004,827.95

36.43

100-52100-116

OVERTIME WAGES

20,614.76

20,614.76

75,162.00

54,547.24

27.43

100-52100-151

FICA

53,285.00

53,285.00

146,519.00

93,234.00

36.37

100-52100-152

RETIREMENT

108,602.82

108,602.82

276,515.00

167,912.18

39.28

100-52100-153

DENTAL INSURANCE

9,589.15

9,589.15

28,524.00

18,934.85

33.62

100-52100-154

HEALTH INSURANCE

156,531.73

156,531.73

331,103.00

174,571.27

47.28

100-52100-155

LIFE INSURANCE

2,047.96

2,047.96

5,420.00

3,372.04

37.79

100-52100-210

PROFESSIONAL SERVICES

1,275.00

1,275.00

3,000.00

1,725.00

42.50

100-52100-340

OPERATING SUPPLIES AND EXPENSE

64,224.25

64,224.25

230,000.00

165,775.75

27.92

100-52100-600

K9 EXPENSES

420.95

420.95

2,000.00

1,579.05

21.05

1,098,350.65

1,098,350.65

2,938,362.00

1,840,011.35

37.38

TOTAL POLICE DEPARTMENT

POLICE COMMISSION
100-52110-110

SALARIES

.00

.00

1,000.00

1,000.00

.00

100-52110-210

PROFESSIONAL SERVICES

.00

.00

1,500.00

1,500.00

.00

100-52110-340

OPERATING SUPPLIES AND EXPENSE

.00

.00

200.00

200.00

.00

TOTAL POLICE COMMISSION

.00

.00

2,700.00

2,700.00

.00

CLERK - CROSSING GUARDS
100-52150-115

WAGES

14,565.00

14,565.00

30,420.00

15,855.00

47.88

100-52150-151

FICA

1,114.34

1,114.34

2,327.00

1,212.66

47.89

100-52150-340

OPERATING SUPPLIES AND EXPENSE

15.50

15.50

750.00

734.50

2.07

TOTAL CLERK - CROSSING GUARDS

15,694.84

15,694.84

33,497.00

17,802.16

46.85

OPERATING SUPPLIES AND EXPENSE

53,876.09

53,876.09

159,131.00

105,254.91

33.86

TOTAL FIRE DEPARTMENT

53,876.09

53,876.09

159,131.00

105,254.91

33.86

FIRE DEPARTMENT
100-52200-340

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 6

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

EMERGENCY SERVICES BUILDING
100-52210-340

OPERATING SUPPLIES AND EXPENSE

12,389.16

12,389.16

28,000.00

15,610.84

44.25

TOTAL EMERGENCY SERVICES BUILDING

12,389.16

12,389.16

28,000.00

15,610.84

44.25

10,414.35

10,414.35

2,000.00

8,414.35)

520.72

.00

.00

23,000.00

23,000.00

.00

10,414.35

10,414.35

25,000.00

14,585.65

41.66

44,274.69

44,274.69

75,000.00

30,725.31

59.03

.00

.00

2,500.00

2,500.00

.00

44,274.69

44,274.69

77,500.00

33,225.31

57.13

DEER-GROVE EMS CONTRACT

670,116.08

670,116.08

670,116.00

(

.08)

100.00

TOTAL EMERGENCY MEDICAL SERVICES

670,116.08

670,116.08

670,116.00

(

.08)

100.00

EMERGENCY GOVERNMENT
100-52300-340

OPERATING SUPPLIES AND EXPENSE

100-52300-350

DANE COM
TOTAL EMERGENCY GOVERNMENT

(

INSPECTIONS
100-52400-210

PROFESSIONAL SERVICES-BUILDING

100-52400-350

WEIGHTS AND MEASURES
TOTAL INSPECTIONS

EMERGENCY MEDICAL SERVICES
100-52500-210

PUBLIC WORKS ADMINISTRATION
100-53100-110

SALARIES

27,428.26

27,428.26

69,220.00

41,791.74

39.62

100-53100-115

WAGES

83,391.85

83,391.85

202,286.00

118,894.15

41.22

100-53100-116

OVERTIME WAGES

2,094.06

2,094.06

10,496.00

8,401.94

19.95

100-53100-151

FICA

8,506.37

8,506.37

21,573.00

13,066.63

39.43

100-53100-152

RETIREMENT

8,813.09

8,813.09

20,304.00

11,490.91

43.41

100-53100-153

DENTAL INSURANCE

2,736.92

2,736.92

5,742.00

3,005.08

47.66

100-53100-154

HEALTH INSURANCE

35,601.33

35,601.33

65,027.00

29,425.67

54.75

100-53100-155

LIFE INSURANCE

292.12

292.12

985.00

692.88

29.66

100-53100-332

MILEAGE

100-53100-340

OPERATING SUPPLIES AND EXPENSE
TOTAL PUBLIC WORKS ADMINISTRATION

FOR ADMINISTRATION USE ONLY

716.59

716.59

500.00

216.59)

143.32

5,373.85

5,373.85

21,500.00

16,126.15

24.99

174,954.44

174,954.44

417,633.00

242,678.56

41.89

41 % OF THE FISCAL YEAR HAS ELAPSED

(

06/17/2026

01:39PM

PAGE: 7

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

STREET MAINTENANCE & OPERATION
100-53300-210

PROFESSIONAL SERVICES

12,507.65

12,507.65

29,450.00

16,942.35

42.47

100-53300-340

OPERATING SUPPLIES AND EXPENSE

36,306.69

36,306.69

76,500.00

40,193.31

47.46

100-53300-350

STREET LIGHTS

44,845.87

44,845.87

123,000.00

78,154.13

36.46

100-53300-370

ROADWAY SUPPLIES

16,337.45

16,337.45

49,500.00

33,162.55

33.00

100-53300-385

VEHICLE FUEL

13,770.35

13,770.35

28,000.00

14,229.65

49.18

100-53300-850

SUSTAINABILITY

825.00

825.00

500.00

325.00)

165.00

124,593.01

124,593.01

306,950.00

182,356.99

40.59

TOTAL STREET MAINTENANCE & OPERATIO

(

STORMWATER SEWER
100-53440-210

PROFESSIONAL SERVICES

158.67

158.67

6,500.00

6,341.33

2.44

100-53440-340

OPERATING SUPPLIES AND EXPENSE

873.66

873.66

6,000.00

5,126.34

14.56

100-53440-820

DNR STORM WATER MANAGEMENT

18,274.00

18,274.00

22,000.00

3,726.00

83.06

TOTAL STORMWATER SEWER

19,306.33

19,306.33

34,500.00

15,193.67

55.96

PROFESSIONAL SERVICES

.00

.00

6,500.00

6,500.00

.00

TOTAL BEAUTIFICATION

.00

.00

6,500.00

6,500.00

.00

42.44

BEAUTIFICATION
100-53500-000

REFUSE, RECYCLING, LANDFILL
100-53620-295

GARBAGE CONTRACT

125,326.85

125,326.85

295,317.00

169,990.15

100-53620-296

RECYCLE CONTRACT

63,259.11

63,259.11

140,865.00

77,605.89

44.91

100-53620-298

LANDFILL CONTRACT

4,352.59

4,352.59

21,000.00

16,647.41

20.73

100-53620-340

OPERATING SUPPLIES AND EXPENSE

3,897.52

3,897.52

11,500.00

7,602.48

33.89

TOTAL REFUSE, RECYCLING, LANDFILL

196,836.07

196,836.07

468,682.00

271,845.93

42.00

SENIOR OUTREACH

32,000.00

32,000.00

32,000.00

.00

100.00

TOTAL SOCIAL SERVICES

32,000.00

32,000.00

32,000.00

.00

100.00

DIVERSITY, EQUITY, INCLUSION

4,821.51

4,821.51

4,600.00

(

221.51)

104.82

TOTAL DIVERSITY, EQUITY, INCLUSION

4,821.51

4,821.51

4,600.00

(

221.51)

104.82

SOCIAL SERVICES
100-54500-720

DIVERSITY, EQUITY, INCLUSION
100-54800-720

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 8

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

PARKS AND PLAYGROUNDS
100-55200-110

SALARIES

18,166.63

18,166.63

45,847.00

27,680.37

39.62

100-55200-115

WAGES

30,699.85

30,699.85

73,663.00

42,963.15

41.68

100-55200-116

OVERTIME

1,400.86

1,400.86

5,180.00

3,779.14

27.04

100-55200-151

FICA

3,614.05

3,614.05

9,539.00

5,924.95

37.89

100-55200-152

RETIREMENT

3,889.44

3,889.44

8,978.00

5,088.56

43.32

100-55200-153

DENTAL INSURANCE

1,071.40

1,071.40

2,610.00

1,538.60

41.05

100-55200-154

HEALTH INSURANCE

19,967.95

19,967.95

39,936.00

19,968.05

50.00

100-55200-155

LIFE INSURANCE

241.00

241.00

613.00

372.00

39.31

100-55200-210

PROFESSIONAL SERVICES

100-55200-332

MILEAGE

100-55200-340
100-55200-360

.00

.00

4,000.00

4,000.00

.00

203.70

203.70

500.00

296.30

40.74

OPERATING SUPPLIES AND EXPENSE

13,545.57

13,545.57

36,000.00

22,454.43

37.63

TURF SERVICES

5,835.00

5,835.00

15,000.00

9,165.00

38.90

100-55200-710

BAKEN PARK SPLASH PAD

8,382.62

8,382.62

32,000.00

23,617.38

26.20

100-55200-720

BARK PARK

.00

.00

2,000.00

2,000.00

.00

107,018.07

107,018.07

275,866.00

168,847.93

38.79

TOTAL PARKS AND PLAYGROUNDS

RECREATION PROGRAMS
100-55310-100

COACH PITCH T-BALL

.00

.00

1,100.00

1,100.00

.00

100-55310-110

SALARIES

49,974.82

49,974.82

126,119.00

76,144.18

39.63

100-55310-115

WAGES

21,701.28

21,701.28

54,392.00

32,690.72

39.90

100-55310-151

FICA

5,624.52

5,624.52

13,809.00

8,184.48

40.73

100-55310-152

RETIREMENT

5,550.55

5,550.55

12,997.00

7,446.45

42.71

100-55310-153

DENTAL INSURANCE

1,317.60

1,317.60

3,210.00

1,892.40

41.05

100-55310-154

HEALTH INSURANCE

25,384.31

25,384.31

50,769.00

25,384.69

50.00

100-55310-155

LIFE INSURANCE

268.20

268.20

688.00

419.80

38.98

100-55310-332

MILEAGE

247.80

247.80

250.00

2.20

99.12

100-55310-340

OPERATING SUPPLIES AND EXPENSE

15,073.66

15,073.66

27,700.00

12,626.34

54.42

100-55310-341

BASEBALL & SOFTBALL

3,810.67

3,810.67

14,000.00

10,189.33

27.22

100-55310-342

BASKETBALL

4,219.65

4,219.65

8,000.00

3,780.35

52.75

100-55310-344

YOUTH ENRICHMENT

6,552.00

6,552.00

52,000.00

45,448.00

12.60

100-55310-345

ADULT ENRICHMENT

3,987.50

3,987.50

9,000.00

5,012.50

44.31

100-55310-346

FOOTBALL

.00

.00

11,000.00

11,000.00

.00

100-55310-347

GOLF

.00

.00

1,500.00

1,500.00

.00

100-55310-348

TENNIS

.00

.00

2,200.00

2,200.00

.00

100-55310-349

VOLLEYBALL

2,674.08

2,674.08

4,200.00

1,525.92

63.67

100-55310-350

TEENER/LEGION BASEBALL PROGRAM

324.00

324.00

4,000.00

3,676.00

8.10

100-55310-351

SENIOR PROGRAM ACTIVITIES

748.00

748.00

2,700.00

1,952.00

27.70

100-55310-352

START SMART

1,255.18

1,255.18

4,000.00

2,744.82

31.38

100-55310-353

COMMUNITY NIGHT OUT

.00

.00

2,300.00

2,300.00

.00

100-55310-354

MUSIC IN THE GROVE

.00

.00

5,000.00

5,000.00

.00

148,713.82

148,713.82

410,934.00

262,220.18

36.19

TOTAL RECREATION PROGRAMS

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 9

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

PARKS MAINTENANCE
100-55400-115

WAGES

21,767.21

21,767.21

55,458.00

100-55400-116

OVERTIME WAGES

986.30

986.30

.00

100-55400-117

PART TIME WAGES

14,205.00

14,205.00

100-55400-151

FICA

2,772.96

100-55400-152

RETIREMENT

1,768.14

100-55400-153

DENTAL INSURANCE

100-55400-154

HEALTH INSURANCE

100-55400-155

LIFE INSURANCE
TOTAL PARKS MAINTENANCE

33,690.79
(

39.25

986.30)

.00

86,000.00

71,795.00

16.52

2,772.96

10,822.00

8,049.04

25.62

1,768.14

3,993.00

2,224.86

44.28

246.25

246.25

600.00

353.75

41.04

5,416.38

5,416.38

10,833.00

5,416.62

50.00

337.00

337.00

825.00

488.00

40.85

47,499.24

47,499.24

168,531.00

121,031.76

28.18

35,063.36

39.25

FORESTRY
100-55500-115

WAGES

22,653.64

22,653.64

57,717.00

100-55500-116

OVERTIME WAGES

1,353.34

1,353.34

.00

100-55500-151

FICA

1,730.29

1,730.29

100-55500-152

RETIREMENT

1,864.87

100-55500-153

DENTAL INSURANCE

571.40

100-55500-154

HEALTH INSURANCE

100-55500-155

LIFE INSURANCE

100-55500-210
100-55500-340

(

1,353.34)

.00

4,415.00

2,684.71

39.19

1,864.87

4,156.00

2,291.13

44.87

571.40

1,392.00

820.60

41.05

10,649.53

10,649.53

21,299.00

10,649.47

50.00

136.24

136.24

340.00

203.76

40.07

PROFESSIONAL SERVICES

4,108.67

4,108.67

9,000.00

4,891.33

45.65

OPERATING SUPPLIES AND EXPENSE

3,196.26

3,196.26

11,800.00

8,603.74

27.09

TOTAL FORESTRY

46,264.24

46,264.24

110,119.00

63,854.76

42.01

PLANNING
100-56300-110

SALARIES

15,995.53

15,995.53

39,989.00

23,993.47

40.00

100-56300-151

FICA

1,179.63

1,179.63

3,059.00

1,879.37

38.56

100-56300-152

RETIREMENT

1,238.09

1,238.09

2,879.00

1,640.91

43.00

100-56300-153

DENTAL INSURANCE

233.90

233.90

570.00

336.10

41.04

100-56300-154

HEALTH INSURANCE

4,359.66

4,359.66

8,719.00

4,359.34

50.00

100-56300-155

LIFE INSURANCE

56.00

56.00

139.00

83.00

40.29

100-56300-340

OPERATING SUPPLIES AND EXPENSE

1,913.34

1,913.34

4,250.00

2,336.66

45.02

TOTAL PLANNING

24,976.15

24,976.15

59,605.00

34,628.85

41.90

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 10

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
GENERAL FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

ECONOMIC DEVELOPMENT
100-56700-110

SALARIES

15,995.43

15,995.43

39,989.00

23,993.57

40.00

100-56700-151

FICA

1,179.62

1,179.62

3,059.00

1,879.38

38.56

100-56700-152

RETIREMENT

1,238.08

1,238.08

2,879.00

1,640.92

43.00

100-56700-153

DENTAL INSURANCE

233.90

233.90

570.00

336.10

41.04

100-56700-154

HEALTH INSURANCE

4,359.69

4,359.69

8,719.00

4,359.31

50.00

100-56700-155

LIFE INSURANCE

56.00

56.00

139.00

83.00

40.29

100-56700-340

OPERATING SUPPLIES AND EXPENSE

2,319.95

2,319.95

4,250.00

1,930.05

54.59

TOTAL ECONOMIC DEVELOPMENT

25,382.67

25,382.67

59,605.00

34,222.33

42.58

TRANSFER OUT - LIBRARY

46,863.00

46,863.00

46,863.00

.00

100.00

TOTAL OTHER FINANCING USES

46,863.00

46,863.00

46,863.00

.00

100.00

TOTAL GENERAL FUND

3,443,877.78

3,443,877.78

7,510,513.00

4,066,635.22

45.85

TOTAL EXPENDITURES

3,443,877.78

3,443,877.78

7,510,513.00

4,066,635.22

45.85

NET REVENUES OVER EXPENDITURES

2,643,479.83

2,643,479.83

.00

( 5,489,790.61)

.00

OTHER FINANCING USES
100-59201-207

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:39PM

PAGE: 11

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
DEBT SERVICE FUND
PERIOD

BUDGET

% OF

ACTUAL

YTD ACTUAL

AMOUNT

VARIANCE

BUDGET

GENERAL PROPERTY TAXES

1,835,371.00

1,835,371.00

1,835,371.00

.00

100.00

TOTAL TAXES

1,835,371.00

1,835,371.00

1,835,371.00

.00

100.00

TAXES
300-41110-000

MISCELLANEOUS REVENUE
300-48110-000

INTEREST ON INVESTMENTS

20,578.10

20,578.10

3,400.00

17,178.10

605.24

300-48900-000

PREMIUM ON DEBT ISSUANCE

614,383.01

614,383.01

614,383.00

.01

100.00

TOTAL MISCELLANEOUS REVENUE

634,961.11

634,961.11

617,783.00

17,178.11

102.78

OTHER FINANCING SOURCES
300-49000-000

USE OF PRIOR YEAR DEBT PREMIUM

.00

.00

189,845.00

(

189,845.00)

.00

300-49000-001

USE OF DEBT SERVICE RESERVES

.00

.00

350,000.00

(

350,000.00)

.00

300-49000-411

TRANSFER IN FROM ERIM

100,000.00

100,000.00

100,000.00

.00

100.00

300-49405-000

TRANSFER FROM TID 5

1,586,839.00

1,586,839.00

1,786,839.00

(

200,000.00)

88.81

300-49406-000

TRANSFER FROM TID 6

116,775.00

116,775.00

116,775.00

.00

100.00

300-49509-000

TRANSFER FROM TID 9

764,517.00

764,517.00

764,517.00

.00

100.00

TOTAL OTHER FINANCING SOURCES

2,568,131.00

2,568,131.00

3,307,976.00

(

739,845.00)

77.63

TOTAL DEBT SERVICE FUND

5,038,463.11

5,038,463.11

5,761,130.00

(

722,666.89)

87.46

TOTAL FUND REVENUE

5,038,463.11

5,038,463.11

5,761,130.00

(

722,666.89)

87.46

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:41PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
DEBT SERVICE FUND
BUDGET

% OF

ACTUAL

PERIOD
YTD ACTUAL

AMOUNT

BUDGET

PRINCIPAL PAYMENTS

3,651,694.21

3,651,694.21

3,936,506.00

284,811.79

92.76

TOTAL PRINCIPAL

3,651,694.21

3,651,694.21

3,936,506.00

284,811.79

92.76

627,581.64

627,581.64

1,140,068.00

512,486.36

55.05

2,800.00

2,800.00

3,400.00

600.00

82.35

630,381.64

630,381.64

1,143,468.00

513,086.36

55.13

TOTAL DEBT SERVICE FUND

4,282,075.85

4,282,075.85

5,079,974.00

797,898.15

84.29

TOTAL EXPENDITURES

4,282,075.85

4,282,075.85

5,079,974.00

797,898.15

84.29

756,387.26

756,387.26

681,156.00

( 1,520,565.04)

111.04

PRINCIPAL
300-58100-610

INTEREST AND FISCAL CHARGES
300-58200-622

DEBT SERVICE-INTEREST ON NOTES

300-58200-691

FISCAL AGENT CHARGES
TOTAL INTEREST AND FISCAL CHARGES

NET REVENUES OVER EXPENDITURES

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:42PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
CAPITAL PROJECTS FUND
PERIOD

BUDGET

ACTUAL

YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

INTERGOVERNMENTAL AID
410-43520-000

STATE AID - STORMWATER

.00

.00

51,365.00

(

51,365.00)

.00

410-43550-000

STATE FIRE DUES

.00

.00

55,500.00

(

55,500.00)

.00

410-43620-000

DNR TRAILHEAD GRANT

.00

.00

30,000.00

(

30,000.00)

.00

TOTAL INTERGOVERNMENTAL AID

.00

.00

136,865.00

(

136,865.00)

.00

(

9,967.73)

33.55

.00

100.00

MISCELLANEOUS REVENUE
410-48110-000

INTEREST ON INVESTMENTS

5,032.27

5,032.27

15,000.00

410-48112-000

INTEREST ON SPEC ASSMNTS

141.00

141.00

141.00

410-48190-000

CABLE FRANCHISE FEES

6,608.19

6,608.19

25,000.00

18,391.81)

26.43

410-48310-000

SALE OF PROPERTY

12,949.50

12,949.50

5,000.00

7,949.50

258.99

410-48510-000

DONATIONS FROM INDIVIDUALS/ORG

9,150.00

9,150.00

5,000.00

4,150.00

183.00

TOTAL MISCELLANEOUS REVENUE

33,880.96

33,880.96

50,141.00

(

16,260.04)

67.57

TOTAL CAPITAL PROJECTS FUND

33,880.96

33,880.96

187,006.00

(

153,125.04)

18.12

TOTAL FUND REVENUE

33,880.96

33,880.96

187,006.00

(

153,125.04)

18.12

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

06/17/2026

01:42PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
CAPITAL PROJECTS FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

GENERAL GOVERNMENT
410-57100-225

VILLAGE TECH UPGRADES

749.00

749.00

5,000.00

4,251.00

410-57100-226

COMPREHENSIVE PLAN UPDATE

.00

.00

100,000.00

100,000.00

14.98
.00

410-57100-261

FIRE AND EMS OP & FAC STUDY

5,955.69

5,955.69

17,500.00

11,544.31

34.03

410-57100-270

COMMUNICATIONS

3,199.02

3,199.02

7,000.00

3,800.98

45.70

410-57100-820

VILLAGE BUILDING MAINTENANCE

4,159.79

4,159.79

35,000.00

30,840.21

11.89

TOTAL GENERAL GOVERNMENT

14,063.50

14,063.50

164,500.00

150,436.50

8.55

FIRE DUES/MISC CAPITAL EXPENSE

14,043.17

14,043.17

55,500.00

41,456.83

25.30

TOTAL FIRE AND EMS

14,043.17

14,043.17

55,500.00

41,456.83

25.30

FIRE AND EMS
410-57220-860

PUBLIC WORKS
410-57300-830

STREET LIGHTS - DNR TRAILHEAD

410-57300-840

STORMWATER PLANNING

.00

.00

49,000.00

49,000.00

.00

20,486.53

20,486.53

40,461.00

19,974.47

50.63

410-57300-850

MPO PLANNING GRANT

.00

.00

30,000.00

30,000.00

.00

410-57300-851

STORMWATER UTILITY FEASIBILITY

40,379.33

40,379.33

100,000.00

59,620.67

40.38

TOTAL PUBLIC WORKS

60,865.86

60,865.86

219,461.00

158,595.14

27.73

CULTURE,RECREATION,&EDUCATION
410-57500-100

ADA COMPLIANCE PROJECTS

.00

.00

10,000.00

10,000.00

.00

410-57500-101

PLAYGROUND MAINTENANCE - CHIPS

.00

.00

10,000.00

10,000.00

.00

TOTAL CULTURE,RECREATION,&EDUCATIO

.00

.00

20,000.00

20,000.00

.00

MISCELLANEOUS CONSULTING

.00

.00

25,000.00

25,000.00

.00

TOTAL MISCELLANEOUS

.00

.00

25,000.00

25,000.00

.00

TOTAL CAPITAL PROJECTS FUND

88,972.53

88,972.53

484,461.00

395,488.47

18.37

TOTAL EXPENDITURES

88,972.53

88,972.53

484,461.00

395,488.47

18.37

MISCELLANEOUS
410-57800-820

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:42PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
{SEGTITLE[F FUND]}
PERIOD
ACTUAL
NET REVENUES OVER EXPENDITURES

FOR ADMINISTRATION USE ONLY

(

55,091.57)

YTD ACTUAL
(

55,091.57)

41 % OF THE FISCAL YEAR HAS ELAPSED

(

BUDGET

% OF

AMOUNT

BUDGET

297,455.00)

(

548,613.51)

06/17/2026

(

18.52)

01:42PM

PAGE: 3

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
ERIM FUND
PERIOD

BUDGET

ACTUAL

YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

MISCELLANEOUS REVENUE
411-48110-000

INTEREST ON INVESTMENTS

6,419.13

6,419.13

16,173.00

411-48310-000

SALE OF PROPERTY

3,750.00

3,750.00

.00

(

3,750.00

.00

411-48400-000

INSURANCE REIMBURSEMENT

32,450.77

32,450.77

24,348.00

8,102.77

133.28

411-48900-000

PREMIUM ON DEBT ISSUANCE

17,966.52

17,966.52

17,967.00

.48)

100.00

TOTAL MISCELLANEOUS REVENUE

60,586.42

60,586.42

58,488.00

2,098.42

103.59

1,555,000.00

1,555,000.00

1,555,000.00

.00

100.00

.00

.00

217,210.00

(

217,210.00)

.00

TOTAL OTHER FINANCING SOURCES

1,555,000.00

1,555,000.00

1,772,210.00

(

217,210.00)

87.74

TOTAL ERIM FUND

1,615,586.42

1,615,586.42

1,830,698.00

(

215,111.58)

88.25

TOTAL FUND REVENUE

1,615,586.42

1,615,586.42

1,830,698.00

(

215,111.58)

88.25

(

9,753.87)

39.69

OTHER FINANCING SOURCES
411-49120-000

PROCEEDS FROM LONG TERM DEBT

411-49999-000

FUNDS CARRIED OVER FROM PY

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:43PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
ERIM FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

GENERAL GOVERNMENT
411-57100-026

2026 EQUIPMENT PURCHASES

1,198.00

1,198.00

62,850.00

61,652.00

1.91

TOTAL GENERAL GOVERNMENT

1,198.00

1,198.00

62,850.00

61,652.00

1.91

PUBLIC SAFETY
411-57200-003

FIRE EQUIPMENT PURCHASES

16,372.62

16,372.62

15,825.00

547.62)

103.46

411-57200-026

2026 EQUIPMENT PURCHASES

185,905.90

185,905.90

280,000.00

(

94,094.10

66.39

TOTAL PUBLIC SAFETY

202,278.52

202,278.52

295,825.00

93,546.48

68.38

PUBLIC WORKS
411-57300-000

ANNUAL ROAD,SIDEWALK,CHIPSEAL

173,578.99

173,578.99

979,378.00

805,799.01

17.72

411-57300-026

2026 EQUIPMENT PURCHASES

137,546.68

137,546.68

199,720.00

62,173.32

68.87

TOTAL PUBLIC WORKS

311,125.67

311,125.67

1,179,098.00

867,972.33

26.39

2026 EQUIPMENT PURCHASES

93,551.23

93,551.23

138,277.00

44,725.77

67.65

TOTAL CULTURE,RECREATION,&EDUCATIO

93,551.23

93,551.23

138,277.00

44,725.77

67.65

DEBT ISSUANCE COSTS

32,214.18

32,214.18

32,214.00

(

.18)

100.00

TOTAL INTEREST AND FISCAL CHARGES

32,214.18

32,214.18

32,214.00

(

.18)

100.00

TRANSFER OUT - DEBT SERVICE

100,000.00

100,000.00

100,000.00

.00

100.00

TOTAL DEPARTMENT 000

100,000.00

100,000.00

100,000.00

.00

100.00

TOTAL ERIM FUND

740,367.60

740,367.60

1,808,264.00

1,067,896.40

40.94

TOTAL EXPENDITURES

740,367.60

740,367.60

1,808,264.00

1,067,896.40

40.94

CULTURE,RECREATION,&EDUCATION
411-57500-026

INTEREST AND FISCAL CHARGES
411-58200-000

DEPARTMENT 000
411-59000-300

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:43PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
{SEGTITLE[F FUND]}
PERIOD
ACTUAL
NET REVENUES OVER EXPENDITURES

FOR ADMINISTRATION USE ONLY

875,218.82

YTD ACTUAL
875,218.82

41 % OF THE FISCAL YEAR HAS ELAPSED

BUDGET

% OF

AMOUNT

BUDGET

22,434.00

( 1,283,007.98)

06/17/2026

3,901.31

01:43PM

PAGE: 3

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
PUBLIC INFRASTRUCTURE FUND
PERIOD

BUDGET

ACTUAL

YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

MISCELLANEOUS REVENUE
412-48110-000

INTEREST ON INVESTMENTS

52,801.39

52,801.39

157,651.00

(

104,849.61)

33.49

412-48900-000

PREMIUM ON DEBT ISSUANCE

175,043.57

175,043.57

175,044.00

(

.43)

100.00

TOTAL MISCELLANEOUS REVENUE

227,844.96

227,844.96

332,695.00

(

104,850.04)

68.48

(

OTHER FINANCING SOURCES
412-49000-405

TRANSFER IN - TID 5

.00

.00

600,000.00

600,000.00)

.00

412-49120-000

PROCEEDS FROM LONG TERM DEBT

15,150,000.00

15,150,000.00

15,150,000.00

.00

100.00

412-49200-000

CARRY FORWARD FOR POLICE STATI

.00

.00

1,388,805.00

( 1,388,805.00)

.00

TOTAL OTHER FINANCING SOURCES

15,150,000.00

15,150,000.00

17,138,805.00

( 1,988,805.00)

88.40

TOTAL PUBLIC INFRASTRUCTURE FUND

15,377,844.96

15,377,844.96

17,471,500.00

( 2,093,655.04)

88.02

TOTAL FUND REVENUE

15,377,844.96

15,377,844.96

17,471,500.00

( 2,093,655.04)

88.02

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:44PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
PUBLIC INFRASTRUCTURE FUND
BUDGET

% OF

ACTUAL

PERIOD
YTD ACTUAL

AMOUNT

BUDGET

POLICE STATION

1,746,887.02

1,746,887.02

15,124,199.00

13,377,311.98

11.55

TOTAL PUBLIC SAFETY

1,746,887.02

1,746,887.02

15,124,199.00

13,377,311.98

11.55

PUBLIC SAFETY
412-57200-024

PUBLIC WORKS
412-57300-025

2025 - ENGINEERING

2,959.82

2,959.82

12,172.00

9,212.18

24.32

412-57300-026

2026 - ENGINEERING

32,754.55

32,754.55

78,550.00

45,795.45

41.70

412-57300-027

2027 - ENGINEERING

.00

.00

195,000.00

195,000.00

.00

412-57300-125

E TAYLOR/WEALD BRIDGE/MAIN ST.

.00

.00

36,838.00

36,838.00

.00

412-57300-126

BB/BUSS BIKE PATH & DAMASCUS

.00

.00

347,000.00

347,000.00

.00

412-57300-225

BIKE PATH EXTENSION SOUTHING G

.00

.00

49,784.00

49,784.00

.00

35,714.37

35,714.37

719,344.00

683,629.63

4.96

DEBT ISSUANCE COSTS

303,741.24

303,741.24

303,741.00

(

.24)

100.00

TOTAL INTEREST AND FISCAL CHARGES

303,741.24

303,741.24

303,741.00

(

.24)

100.00

TOTAL PUBLIC INFRASTRUCTURE FUND

2,086,342.63

2,086,342.63

16,147,284.00

14,060,941.37

12.92

TOTAL EXPENDITURES

2,086,342.63

2,086,342.63

16,147,284.00

14,060,941.37

12.92

NET REVENUES OVER EXPENDITURES

13,291,502.33

13,291,502.33

1,324,216.00

(16,154,596.41)

1,003.73

TOTAL PUBLIC WORKS

INTEREST AND FISCAL CHARGES
412-58200-000

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:44PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
LIBRARY FUND
PERIOD
ACTUAL

BUDGET
YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

INTERGOVERNMENTAL AID
204-43000-000

LIBRARY GRANTS

1,250.00

1,250.00

.00

1,250.00

.00

TOTAL INTERGOVERNMENTAL AID

1,250.00

1,250.00

.00

1,250.00

.00

DONATIONS

5,740.00

5,740.00

.00

5,740.00

.00

TOTAL MISCELLANEOUS REVENUE

5,740.00

5,740.00

.00

5,740.00

.00

TRANSFER IN - GENERAL FUND

46,863.00

46,863.00

46,863.00

.00

100.00

TOTAL OTHER FINANCING SOURCES

46,863.00

46,863.00

46,863.00

.00

100.00

TOTAL LIBRARY FUND

53,853.00

53,853.00

46,863.00

6,990.00

114.92

TOTAL FUND REVENUE

53,853.00

53,853.00

46,863.00

6,990.00

114.92

MISCELLANEOUS REVENUE
204-48000-000

OTHER FINANCING SOURCES
204-49100-000

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:48PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
LIBRARY FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

LIBRARY - OPERATIONAL COSTS
204-55100-115

WAGES

204-55100-151

FICA

11,200.86

11,200.86

28,796.00

17,595.14

38.90

856.65

856.65

2,203.00

1,346.35

204-55100-340

38.89

OPERATING SUPPLIES AND EXPENSE

9,534.54

9,534.54

15,864.00

6,329.46

60.10

TOTAL LIBRARY - OPERATIONAL COSTS

21,592.05

21,592.05

46,863.00

25,270.95

46.07

TOTAL LIBRARY FUND

21,592.05

21,592.05

46,863.00

25,270.95

46.07

TOTAL EXPENDITURES

21,592.05

21,592.05

46,863.00

25,270.95

46.07

NET REVENUES OVER EXPENDITURES

32,260.95

32,260.95

.00

18,280.95)

.00

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

06/17/2026

01:48PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
PARK DEVELOPMENT FEES FUND
PERIOD
ACTUAL

BUDGET
YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

PUBLIC CHARGES FOR SERVICE
205-46000-000

PARK DEVELOPMENT FEES

27,768.00

27,768.00

85,000.00

(

57,232.00)

32.67

205-46810-000

FEES IN LIEU OF PARKLAND

17,178.00

17,178.00

60,000.00

(

42,822.00)

28.63

TOTAL PUBLIC CHARGES FOR SERVICE

44,946.00

44,946.00

145,000.00

(

100,054.00)

31.00

MISCELLANEOUS REVENUE
205-48110-000

INTEREST ON INVESTMENTS

22,631.24

22,631.24

20,000.00

2,631.24

113.16

205-48510-100

DONATIONS

1,000.00

1,000.00

17,000.00

(

16,000.00)

5.88

TOTAL MISCELLANEOUS REVENUE

23,631.24

23,631.24

37,000.00

(

13,368.76)

63.87

TOTAL PARK DEVELOPMENT FEES FUND

68,577.24

68,577.24

182,000.00

(

113,422.76)

37.68

TOTAL FUND REVENUE

68,577.24

68,577.24

182,000.00

(

113,422.76)

37.68

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:57PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
PARK DEVELOPMENT FEES FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

PARK IMPROVEMENTS OPERATING
205-55000-210

PROFESSIONAL SERVICES

1,145.08

1,145.08

27,500.00

26,354.92

4.16

205-55000-340

MISC - OPERATING AND SUPPLIES

2,152.56

2,152.56

7,500.00

5,347.44

28.70

TOTAL PARK IMPROVEMENTS OPERATING

3,297.64

3,297.64

35,000.00

31,702.36

9.42

PARK IMPROVEMENTS
205-57500-000

SHADY GROVE PHASE 1

12,500.38

12,500.38

524,628.00

512,127.62

2.38

205-57500-001

BASEBALL DONATION EXPENSE

.00

.00

15,000.00

15,000.00

.00

205-57500-002

SOCCER DONATION EXPENSE

.00

.00

2,000.00

2,000.00

.00

TOTAL PARK IMPROVEMENTS

12,500.38

12,500.38

541,628.00

529,127.62

2.31

TOTAL PARK DEVELOPMENT FEES FUND

15,798.02

15,798.02

576,628.00

560,829.98

2.74

TOTAL EXPENDITURES

15,798.02

15,798.02

576,628.00

560,829.98

2.74

NET REVENUES OVER EXPENDITURES

52,779.22

52,779.22

674,252.74)

13.37

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

394,628.00)

(

06/17/2026

01:57PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TOURISM
PERIOD
ACTUAL

BUDGET
YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

TAXES
207-41125-000

MUNICIPAL ROOM TAX

634.37

634.37

140,000.00

(

139,365.63)

.45

TOTAL TAXES

634.37

634.37

140,000.00

(

139,365.63)

.45

TOTAL TOURISM

634.37

634.37

140,000.00

(

139,365.63)

.45

TOTAL FUND REVENUE

634.37

634.37

140,000.00

(

139,365.63)

.45

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

02:02PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TOURISM
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

ECONOMIC DEVELOPMENT
207-56700-220

POST DEVELOPMENT GRANT

576.30)

36,000.00

36,576.30

207-56700-230

TOURISM 70% SHARE

(

444.06

444.06

98,000.00

97,555.94

.45

207-56700-340

UNRESTRICTED FUNDS

5,824.00

5,824.00

7,000.00

1,176.00

83.20

TOTAL ECONOMIC DEVELOPMENT

5,691.76

5,691.76

141,000.00

135,308.24

4.04

TOTAL TOURISM

5,691.76

5,691.76

141,000.00

135,308.24

4.04

TOTAL EXPENDITURES

5,691.76

5,691.76

141,000.00

135,308.24

4.04

NET REVENUES OVER EXPENDITURES

FOR ADMINISTRATION USE ONLY

(

576.30)

5,057.39)

(

(

5,057.39)

41 % OF THE FISCAL YEAR HAS ELAPSED

(

1,000.00)

(

274,673.87)

06/17/2026

(

(

1.60)

505.74)

02:02PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
AFFORDABLE HOUSING FUND
PERIOD
ACTUAL

BUDGET
YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

MISCELLANEOUS REVENUE
208-48110-000

INTEREST ON INVESTMENTS

12,389.18

12,389.18

25,000.00

(

12,610.82)

49.56

TOTAL MISCELLANEOUS REVENUE

12,389.18

12,389.18

25,000.00

(

12,610.82)

49.56

TOTAL AFFORDABLE HOUSING FUND

12,389.18

12,389.18

25,000.00

(

12,610.82)

49.56

TOTAL FUND REVENUE

12,389.18

12,389.18

25,000.00

(

12,610.82)

49.56

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:49PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
{SEGTITLE[F FUND]}
PERIOD
ACTUAL
NET REVENUES OVER EXPENDITURES

FOR ADMINISTRATION USE ONLY

12,389.18

YTD ACTUAL
12,389.18

41 % OF THE FISCAL YEAR HAS ELAPSED

BUDGET

% OF

AMOUNT

BUDGET

25,000.00

(

12,610.82)

06/17/2026

49.56

01:49PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #5 FUND
PERIOD

BUDGET

% OF

ACTUAL

YTD ACTUAL

AMOUNT

VARIANCE

BUDGET

TAX INCREMENT

4,899,610.00

4,899,610.00

4,899,609.00

1.00

100.00

TOTAL TAX INCREMENT

4,899,610.00

4,899,610.00

4,899,609.00

1.00

100.00

TAX INCREMENT
405-41120-000

INTERGOVERNMENTAL AID
405-43510-000

EXEMPT COMPUTER AID

.00

.00

39,789.00

39,789.00)

.00

405-43515-000

PERSONAL PROPERTY AID

45,548.26

45,548.26

45,548.00

(

.26

100.00

405-43515-012

PERSONAL PROPERTY AID - ACT 12

177,541.29

177,541.29

177,541.00

.29

100.00

TOTAL INTERGOVERNMENTAL AID

223,089.55

223,089.55

262,878.00

39,788.45)

84.86

COMMERCE PARK MAINTENANCE

11,373.85

11,373.85

9,250.00

2,123.85

122.96

TOTAL PUBLIC CHARGES FOR SERVICE

11,373.85

11,373.85

9,250.00

2,123.85

122.96

INTEREST ON INVESTMENT

.00

.00

25,000.00

(

25,000.00)

.00

TOTAL MISCELLANEOUS REVENUE

.00

.00

25,000.00

(

25,000.00)

.00

TOTAL TID #5 FUND

5,134,073.40

5,134,073.40

5,196,737.00

(

62,663.60)

98.79

TOTAL FUND REVENUE

5,134,073.40

5,134,073.40

5,196,737.00

(

62,663.60)

98.79

(

PUBLIC CHARGES FOR SERVICE
405-46112-000

MISCELLANEOUS REVENUE
405-48110-000

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:50PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #5 FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

ADMINISTRATION, INTERNAL
405-51410-110

SALARIES

17,126.02

17,126.02

25,270.00

8,143.98

67.77

405-51410-151

FICA

1,278.74

1,278.74

1,933.00

654.26

66.15

405-51410-152

RETIREMENT

1,281.54

1,281.54

1,819.00

537.46

70.45

405-51410-153

DENTAL INSURANCE

164.30

164.30

261.00

96.70

62.95

405-51410-154

HEALTH INSURANCE

2,884.27

2,884.27

3,994.00

1,109.73

72.22

405-51410-155

LIFE INSURANCE

29.97

29.97

46.00

405-51410-340

ADMIN & GEN - OPER EXP

85.00

85.00

.00

22,849.84

22,849.84

33,323.00

DEVELOPER INCENTIVES

390,959.70

390,959.70

355,000.00

TOTAL DEVELOPER INCENTIVES

390,959.70

390,959.70

355,000.00

15,650.00

15,650.00

.00

.00

15,650.00

15,650.00

TOTAL ADMINISTRATION, INTERNAL

16.03

65.15

85.00)

.00

10,473.16

68.57

(

35,959.70)

110.13

(

35,959.70)

110.13

25,000.00

9,350.00

62.60

2,434,264.00

2,434,264.00

.00

2,459,264.00

2,443,614.00

.64

.00

(

DEVELOPER INCENTIVES
405-56100-000

PROFESSIONAL SERVICES
405-56701-210

PLAN, LEGAL, AND ADMIN

405-56701-220

PAYMENTS TO OTHER TAX JURISDIC
TOTAL PROFESSIONAL SERVICES

OTHER FINANCING USES
405-59300-100

TRANSFER OUT - GENERAL FUND

.00

.00

200,000.00

200,000.00

405-59300-300

TRANSFER OUT - DEBT SERVICE

.00

.00

200,000.00

200,000.00

.00

405-59300-412

TRANSFER OUT - PUBLIC INFRASTR

.00

.00

600,000.00

600,000.00

.00

405-59300-900

TRANSFER OUT - DEBT SERVICE

1,586,839.00

1,586,839.00

1,586,839.00

.00

100.00

TOTAL OTHER FINANCING USES

1,586,839.00

1,586,839.00

2,586,839.00

1,000,000.00

61.34

TOTAL TID #5 FUND

2,016,298.54

2,016,298.54

5,434,426.00

3,418,127.46

37.10

TOTAL EXPENDITURES

2,016,298.54

2,016,298.54

5,434,426.00

3,418,127.46

37.10

NET REVENUES OVER EXPENDITURES

3,117,774.86

3,117,774.86

237,689.00)

( 3,480,791.06)

1,311.70

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

06/17/2026

01:50PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #6 FUND
PERIOD

BUDGET

ACTUAL

YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

TAX INCREMENT
406-41120-000

TAX INCREMENT

60,073.00

60,073.00

60,073.00

.00

100.00

TOTAL TAX INCREMENT

60,073.00

60,073.00

60,073.00

.00

100.00

INTERGOVERNMENTAL AID
406-43510-000

EXEMPT COMPUTER AID

.00

.00

649.00

(

649.00)

.00

406-43515-000

PERSONAL PROPERTY AID

1,363.60

1,363.60

1,364.00

(

.40)

99.97

TOTAL INTERGOVERNMENTAL AID

1,363.60

1,363.60

2,013.00

(

649.40)

67.74

TOTAL TID #6 FUND

61,436.60

61,436.60

62,086.00

(

649.40)

98.95

TOTAL FUND REVENUE

61,436.60

61,436.60

62,086.00

(

649.40)

98.95

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:58PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #6 FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

PROFESSIONAL SERVICES
406-56701-210

PLAN, LEGAL, AND ADMIN

150.00

150.00

150.00

.00

100.00

TOTAL PROFESSIONAL SERVICES

150.00

150.00

150.00

.00

100.00

TRANSFER TO DEBT SERVICE

116,775.00

116,775.00

116,775.00

.00

100.00

TOTAL OTHER FINANCING USES

116,775.00

116,775.00

116,775.00

.00

100.00

TOTAL TID #6 FUND

116,925.00

116,925.00

116,925.00

.00

100.00

TOTAL EXPENDITURES

116,925.00

116,925.00

116,925.00

.00

100.00

OTHER FINANCING USES
406-59300-900

NET REVENUES OVER EXPENDITURES

FOR ADMINISTRATION USE ONLY

(

55,488.40)

(

55,488.40)

41 % OF THE FISCAL YEAR HAS ELAPSED

(

54,839.00)

(

649.40)

06/17/2026

(

101.18)

01:58PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #8 FUND
PERIOD
ACTUAL

BUDGET
YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

TAX INCREMENT
508-41120-000

TAX INCREMENT

96,262.00

96,262.00

96,262.00

.00

100.00

TOTAL TAX INCREMENT

96,262.00

96,262.00

96,262.00

.00

100.00

MISCELLANEOUS - DEV GUARANTEE

19,112.66

19,112.66

.00

19,112.66

.00

TOTAL SOURCE 48

19,112.66

19,112.66

.00

19,112.66

.00

TOTAL TID #8 FUND

115,374.66

115,374.66

96,262.00

19,112.66

119.85

TOTAL FUND REVENUE

115,374.66

115,374.66

96,262.00

19,112.66

119.85

SOURCE 48
508-48900-001

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

01:59PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #8 FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

ADMINISTRATION, INTERNAL
508-51410-110

SALARIES

10,732.31

10,732.31

27,018.00

16,285.69

39.72

508-51410-151

FICA

797.59

797.59

2,067.00

1,269.41

38.59

508-51410-152

RETIREMENT

827.55

827.55

1,945.00

1,117.45

42.55

508-51410-153

DENTAL INSURANCE

124.95

124.95

305.00

180.05

40.97

508-51410-154

HEALTH INSURANCE

2,329.56

2,329.56

4,659.00

2,329.44

50.00

508-51410-155

LIFE INSURANCE

26.00

26.00

66.00

40.00

39.39

508-51410-340

OPERATING SUPPLIES AND EXPENSE

32.50

32.50

10,000.00

9,967.50

.33

14,870.46

14,870.46

46,060.00

31,189.54

32.28

DEVELOPER INCENTIVES

58,208.92

58,208.92

72,000.00

13,791.08

80.85

TOTAL DEPARTMENT 100

58,208.92

58,208.92

72,000.00

13,791.08

80.85

PLAN, LEGAL, AND ADMIN

150.00

150.00

20,000.00

19,850.00

.75

TOTAL PROFESSIONAL SERVICES

150.00

150.00

20,000.00

19,850.00

.75

TOTAL TID #8 FUND

73,229.38

73,229.38

138,060.00

64,830.62

53.04

TOTAL EXPENDITURES

73,229.38

73,229.38

138,060.00

64,830.62

53.04

NET REVENUES OVER EXPENDITURES

42,145.28

42,145.28

45,717.96)

100.83

TOTAL ADMINISTRATION, INTERNAL

DEPARTMENT 100
508-56100-000

PROFESSIONAL SERVICES
508-56701-210

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

41,798.00)

(

06/17/2026

01:59PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #9 FUND
PERIOD

BUDGET

% OF

ACTUAL

YTD ACTUAL

AMOUNT

VARIANCE

BUDGET

TAX INCREMENT

1,047,794.00

1,047,794.00

1,047,795.00

(

1.00)

100.00

TOTAL TAXES

1,047,794.00

1,047,794.00

1,047,795.00

(

1.00)

100.00

PERSONAL PROPERTY AID - ACT 12

8,959.31

8,959.31

8,959.00

.31

100.00

TOTAL SOURCE 43

8,959.31

8,959.31

8,959.00

.31

100.00

TAXES
509-41120-000

SOURCE 43
509-43515-012

MISCELLANEOUS REVENUE
509-48110-000

INTEREST ON INVESTMENTS

.00

.00

5,000.00

(

5,000.00)

.00

509-48200-000

LEASE REVENUE

56,869.22

56,869.22

115,440.00

(

58,570.78)

49.26

TOTAL MISCELLANEOUS REVENUE

56,869.22

56,869.22

120,440.00

(

63,570.78)

47.22

TOTAL TID #9 FUND

1,113,622.53

1,113,622.53

1,177,194.00

(

63,571.47)

94.60

TOTAL FUND REVENUE

1,113,622.53

1,113,622.53

1,177,194.00

(

63,571.47)

94.60

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

02:00PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID #9 FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

ADMINISTRATION, INTERNAL
509-51410-110

SALARIES

14,686.54

14,686.54

36,893.00

22,206.46

39.81

509-51410-151

FICA

1,092.46

1,092.46

2,822.00

1,729.54

38.71

509-51410-152

RETIREMENT

1,132.07

1,132.07

2,656.00

1,523.93

42.62

509-51410-153

DENTAL INSURANCE

160.69

160.69

392.00

231.31

40.99

509-51410-154

HEALTH INSURANCE

2,995.19

2,995.19

5,990.00

2,994.81

50.00

509-51410-155

LIFE INSURANCE

34.33

34.33

87.00

52.67

39.46

509-51410-340

OPERATING SUPPLIES AND EXPENSE

37,015.20

37,015.20

35,775.00

1,240.20)

103.47

TOTAL ADMINISTRATION, INTERNAL

57,116.48

57,116.48

84,615.00

27,498.52

67.50

PLAN, LEGAL, AND ADMIN

1,206.00

1,206.00

20,000.00

18,794.00

6.03

TOTAL PROFESSIONAL SERVICES

1,206.00

1,206.00

20,000.00

18,794.00

6.03

TIF 9 LAND PURCHASE

5,000.00

5,000.00

.00

(

5,000.00)

.00

TOTAL DEPARTMENT 320

5,000.00

5,000.00

.00

(

5,000.00)

.00

TRANSFER OUT - DEBT SERVICE

764,517.00

764,517.00

764,517.00

.00

100.00

TOTAL DEPARTMENT 300

764,517.00

764,517.00

764,517.00

.00

100.00

TOTAL TID #9 FUND

827,839.48

827,839.48

869,132.00

41,292.52

95.25

TOTAL EXPENDITURES

827,839.48

827,839.48

869,132.00

41,292.52

95.25

NET REVENUES OVER EXPENDITURES

285,783.05

285,783.05

308,062.00

104,863.99)

92.77

(

PROFESSIONAL SERVICES
509-56701-210

DEPARTMENT 320
509-57320-820

509-59300-900

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

06/17/2026

02:00PM

PAGE: 2

VILLAGE OF COTTAGE GROVE
REVENUES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID#10 FUND
PERIOD
ACTUAL

BUDGET
YTD ACTUAL

% OF

AMOUNT

VARIANCE

BUDGET

TAXES
510-41120-000

TAX INCREMENT

756,987.00

756,987.00

756,988.00

(

1.00)

100.00

TOTAL TAXES

756,987.00

756,987.00

756,988.00

(

1.00)

100.00

PERSONAL PROPERTY AID - ACT 12

23.76

23.76

24.00

(

.24)

99.00

TOTAL SOURCE 43

23.76

23.76

24.00

(

.24)

99.00

INTEREST ON INVESTMENTS

5,153.73

5,153.73

.00

5,153.73

.00

TOTAL SOURCE 48

5,153.73

5,153.73

.00

5,153.73

.00

TOTAL TID#10 FUND

762,164.49

762,164.49

757,012.00

5,152.49

100.68

TOTAL FUND REVENUE

762,164.49

762,164.49

757,012.00

5,152.49

100.68

SOURCE 43
510-43515-012

SOURCE 48
510-48110-000

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

06/17/2026

02:02PM

PAGE: 1

VILLAGE OF COTTAGE GROVE
EXPENDITURES W ITH COMPARISON TO BUDGET
FOR THE 5 MONTHS ENDING MAY 31, 2026
TID#10 FUND
PERIOD
ACTUAL

YTD ACTUAL

BUDGET

% OF

AMOUNT

BUDGET

ADMINISTRATION, INTERNAL
510-51410-110

SALARIES

14,686.54

14,686.54

36,893.00

22,206.46

39.81

510-51410-151

FICA

1,092.46

1,092.46

2,822.00

1,729.54

38.71

510-51410-152

RETIREMENT

1,132.07

1,132.07

2,656.00

1,523.93

42.62

510-51410-153

DENTAL INSURANCE

160.69

160.69

392.00

231.31

40.99

510-51410-154

HEALTH INSURANCE

2,995.19

2,995.19

5,990.00

2,994.81

50.00

510-51410-155

LIFE INSURANCE

34.33

34.33

87.00

52.67

39.46

510-51410-340

OPERATING SUPPLIES AND EXPENSE

45.00

45.00

10,000.00

9,955.00

.45

20,146.28

20,146.28

58,840.00

38,693.72

34.24

DEVELOPER INCENTIVES

.00

.00

610,000.00

610,000.00

.00

TOTAL DEPARTMENT 100

.00

.00

610,000.00

610,000.00

.00

PLAN, LEGAL, AND ADMIN

150.00

150.00

20,000.00

19,850.00

.75

TOTAL PROFESSIONAL SERVICES

150.00

150.00

20,000.00

19,850.00

.75

TOTAL TID#10 FUND

20,296.28

20,296.28

688,840.00

668,543.72

2.95

TOTAL EXPENDITURES

20,296.28

20,296.28

688,840.00

668,543.72

2.95

NET REVENUES OVER EXPENDITURES

741,868.21

741,868.21

68,172.00

663,391.23)

1,088.23

TOTAL ADMINISTRATION, INTERNAL

DEPARTMENT 100
510-56100-000

PROFESSIONAL SERVICES
510-56701-210

FOR ADMINISTRATION USE ONLY

41 % OF THE FISCAL YEAR HAS ELAPSED

(

06/17/2026

02:02PM

PAGE: 2

Vehicles and Equipment Summary
2026 Budget to Actual

IT Equipment
Election Equipment

Original
Budget
17,250
45,600

Current
Budget
17,250
45,600

411-57100-026

62,850

62,850

2-Squads and upfitting
Firearms
Tornado Siren
2-Flock Cameras
Body Armor
Handheld Radios
Body Camera
Emergency Entry Tools (for squads)

Original
Budget
160,000
30,000
50,000
22,500
4,500
5,000
2,000
6,000

Current
Budget
160,000
30,000
50,000
22,500
4,500
5,000
2,000
6,000

411-57200-026

280,000

280,000

Thermal Imaging Cameras (3)
Thermal imaging camera attachable to SCBA's (6)

Original
Budget
15,825.00
-

Current
Budget
15,825.00
-

YTD
12,388.47 Complete, no remaining costs
3,984.15 No further costs expected. Fire Commission Approved. Reduced operating cost for overage.

411-57200-003

15,825.00

15,825.00

16,372.62

3/4 Ton Truck
Chevrolet Silverado 3500 with dumpbox and Salter**
Barricades - Replacement
Barricades - Trailer
Forklift & Pallet Racking - New
Asphalt Hot Box
Asphalt Roller & Trailer

Original
Budget
83,000
110,000
40,000
15,000
30,000
50,000
30,000

Current
Budget
83,000
37,314
40,000
15,000
30,000
50,000
30,000

YTD
77,362.10
33,814.87
23,150.50
44,852.28
18,250.00
197,429.75

General Government

Police

Fire

Public Works and Utility

YTD
1,198.00
Delayed due to county.
1,198.00

YTD
125,560.15 Only minor costs remain. Substantially complete
28,143.88 Only minor costs remain. Substantially complete
35,045.89 Only minor costs remain. Substantially complete
8,825.00
2,682.33
859.95
201,117.20

358,000

285,314

411-57300-026
600-37300
601-37300

250,600
53,700
53,700

199,720
42,797
42,797

Chevrolet Silverado**
Toro Mower Replacement
Toro Workman Replacement
Bakken Parking Lot Improvements

Original
Budget
65,000
30,000
40,000
62,500

Current
Budget
5,777
30,000
40,000
62,500

YTD
320.00
30,621.45
36,144.26
27,934.42

411-57500-026

197,500

138,277

95,020.13

Parks, Recreation, & Forestry

Only minor costs remain
No further costs expected
Ordering in the upcoming months
Ordering in the upcoming months
Ordering the racking system in the upcoming months
Complete, no remaining costs
Complete, no remaining costs

Complete, no remaining costs
Complete, no remaining costs
Complete, no remaining costs
Sealcoating, Crack Sealing and Stripping left. ($14,067)

** Purchased vehicle in December 2025
Major Projects

Project

Total cost

2026

2026 Budget to Actual

Budget

to date

Budget

Shady Grove Park (1)
Police Station (2)

2026 Streets (3)
BB/Buss Bike Path & Damascus (4)
Well #2 (5)
Gaston Water Looping (6)
Ollie and CTH N Reconstruction Engineering
1)
2)
3)
4)
5)
6)

575,000
16,276,861
1,051,000

2,899,549
582,336

524,628
15,124,199
1,009,756

447,000
2,265,000
1,300,000
615,000

54,205
324,960
813,373
-

425,550
2,025,459
1,228,819
615,000

62,873

YTD

12,500.38 Substantially complete. Waiting on pay requests (498k)
1,746,887.02 Estimated completion 2027
562,714.07
32,754.55
85,418.48 Estimated completion 2027
742,191.98
Work started in June.

$50,372.25 work completed in 2025.
$1,152,661.67 work completed in 2024 and 2025.
$19,622 work completed in 2025.
$21,450 work completed in 2025
$239,541 work completed in 2025
$71,181 work completed in 2025
Farm Interceptor completed in April 2026. Total cost $1,461,705.06. Project funded completely through developer contributions and impact fees.
Original project estimate was $1,905,180.

Staff Memo
Meeting Date: June 24, 2026
Memo Date:

June 17, 2026

To:

Budget Review Committee

From:

Cameron Sawyer, Assistant Administrator/Finance Director

Subject:

Overview of major service delivery model/providers

Overview:
Each year, the Village Board requires our service providers to present to the Board and respond to any
questions or concerns regarding their performance. These presentations are typically scheduled
between August and September, allowing sufficient time for the Board and staff to evaluate
performance and, if necessary, explore alternative service options.
Administration also periodically evaluates the feasibility of transitioning these services to in-house
Village staff. In many cases, maintaining contracted services provides greater flexibility to scale capacity
up or down in response to development activity or Board-directed initiatives, helping ensure that service
levels remain aligned with expectations.
The following list outlines the services, provider, and brief description of fee structure:
Assessor – Associated Appraisal Consultants
Fee structure: Fixed annual maintenance fees billed monthly. Existing contract through 2029.
Building Inspector – General Engineering
Fee structure: Provider is paid a portion of each permit issued. The Village has no financial obligation if
no permits are issued.
Attorney – Stafford Rosenbaum (General/Municipal Court), Axley (Labor/Municipal Court/Special
Matters)
Fee structure: No retainer required for either law firm. Billed monthly at time and effort.
Garbage and Recycling Collection – Pellitteri
Fee structure: Billed monthly at a fixed rate established in contract per collection unit. Additional fees
can be incurred in relation to fuel and/or landfill prices. Existing contract through 2034.
Information Technology – Johnson Block
Fee structure: Billed monthly by number of managed users. Provider passes through direct cost of
software licensing.
Engineering – Strand Associates
Fee structure: Billed monthly for time and effort.

The Village of Cottage Grove, WI

Staff Memo
Senior Services – Colonial Club
Fee structure: Annual contribution in January for entire year established during budget.
Municipal Advisor – Ehlers
Fee structure: Project based (e.g. updates to the Financial Management Plan and debt issuance)
Insurance – Cities and Villages Mutual Insurance Company
Fee structure: Annual premium established by provider based on information provided by Village.
Independent Audit Firm - Baker Tilly
Fee structure: Billed monthly for time and effort. Service cannot be brought in house.

The Village of Cottage Grove, WI