On the agenda: Plymouth meeting — surveillance camera (Aug 24)

CITY OF PLYMOUTH, WISCONSIN
MONDAY, AUGUST 24, 2026 COMMON COUNCIL MEETING
7:00 PM COUNCIL CHAMBERS, ROOM 302
128 SMITH ST. PLYMOUTH, WI 53073
AGENDA
1.

Call to order and roll call:

2.

Pledge of Allegiance.

3.

Approval of the Consent Agenda (Alderpersons may request removal of item(s), or
part thereof without debate or vote):
A. Approve minutes of the meeting held Tuesday, August 11, 2026
B. Approve City and Utility Reports:
I.
Electric, Water and Sewer Sales Report – July 2026
II.
Utility Related Write Offs for August 2026 - $2,383.24
C. Minutes acknowledged for filing – Police and Fire Commission: July 7 – Public
Works and Utilities Committee: August 11 – Committee of the Whole: August
11
D. Approve Temporary “Class B” Wine and Class “B” Beer License for
Generations – Wedding, to be held at 1500 Douglas Dr. on August 29 from 4
PM – Midnight.

4.

Audience Comments: Citizens comments must be recognized by the mayor or
presiding officer and are limited to three minutes per person from those signed in on
the registration sheet located at the back of the Council Chambers prior to the start of
the meeting.

5.

Items removed from Consent Agenda:

6.

New Business:
A. Discussion and Possible Action on Adoption of 2027-2029 City of
Plymouth Strategic Plan – Tim Blakeslee, City Administrator / Utilities
Manager
B. Discussion and Possible Action on Agreement in Lieu of Raze Order for
the Brickbauer Building at 901 Reed St.– Jack Johnston, Assistant City
Administrator / Community Development Director
C. Presentation and Acceptance of the 2025 Audit – Chris Russo, Finance
Director

7.

Resolution:
A. No. 20 Resolution of Common Council Exercising Referendum Option –
Tim Blakeslee, City Administrator / Utilities Manager

8.

Entertain a Motion to go into Closed Session for the following:
Pursuant to Wis. Stat. 19.85 (1) (b) considering dismissal, demotion, licensing or
discipline of any public employee or person licensed by a board or commission or the
investigation of charges against such person, or considering the grant or denial of tenure
for a university faculty member, and the taking of formal action on any such matter;
provided that the faculty member of other public employee or person licensed is given
actual notice of any evidentiary hearing which may be held prior to final action being
taken and of any meeting at which final action may be taken. The notice shall contain a
statement that the person has the right to demand that the evidentiary hearing or meeting

be held in open session regarding an alcohol license denial
9.

Entertain a motion to go into Open Session

10.

Discussion and Possible Action on Closed Session Items

11.

Adjourn to 7:00 PM on Tuesday, September 8, 2026

It is likely a quorum of members of other governmental bodies of the municipality may be in attendance at 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.
Please note that, upon reasonable notice, efforts will be made to accommodate the needs of disabled individuals through appropriate aids
and services. For additional information or to request this service, please contact the City of Plymouth Clerk’s Office, located at Plymouth
City Hall at 128 Smith St., Plymouth, WI or call (920) 893-1271.

CITY OF PLYMOUTH, WISCONSIN
TUESDAY, AUGUST 11, 2026 COMMON COUNCIL MEETING
7:00 PM COUNCIL CHAMBERS, ROOM 302
128 SMITH ST. PLYMOUTH, WI 53073
UNOFFICIAL MINUTES
1.

Call to order and roll call: Mayor Pohlman called the meeting to order at 7:00 PM. On
the call of the roll, the following were present: Angie Matzdorf, Diane Gilson, Mike
Penkwitz, Dana Haucke, Kevin Sande, Dave Herrmann, and John Binder. Also Present:
City Administrator/Utilities Manager Tim Blakeslee and Assistant City
Administrator/Community Development Director Jack Johnston. Fire Chief Jim Klug,
Police Chief Ken Ruggles, Assistant Police Chief Matt Starker.

2.

Pledge of Allegiance.

3.

Approval of the Consent Agenda (Alderpersons may request removal of item(s), or
part thereof without debate or vote): Motion was made by Gilson/Sande to approve the
consent agenda. Upon the call of the roll, all voted aye. Motion carried.
A. Approve minutes of the meeting held Tuesday, July 28, 2026
B. Approve City and Utility Reports:
I.
List of City & Utility Vouchers dated 07/01/2026 – 07/31/2026
C. Minutes acknowledged for filing – Library Board: July 6
D. Building Report for July 2026 – 40 Permits at $443,508

4.

Audience Comments: Citizens comments must be recognized by the mayor or
presiding officer and are limited to three minutes per person from those signed in on
the registration sheet located at the back of the Council Chambers prior to the start of
the meeting.: None

5.

Items removed from Consent Agenda: None

6.

New Business:
A. Announce Appointment of Bill Barbieur to Board of Review to fill a
Vacancy until 2029 – Mayor Pohlman – Motion was made by
Binder/Penkwitz to appoint Bill Barbieur to Board of Review to fill a Vacancy
until 2029. Upon the call of the roll, all voted aye. Motion carried.
B. Discussion and Possible Action of Sartori Development Agreement – Tim
Blakeslee, City Administrator/Utilities Manager – Motion was made by
Penkwitz/Herrmann to approve the Development Agreement from Sartori.
Upon the call of the roll, Matzdorf, Gilson, Penkwitz, Haucke, Herrmann, and
Binder voted aye. Sande voted nay. Motion carried 6-1.

7.

Entertain a Motion to go into Closed Session for the following:
Pursuant to Wis. Stat. 19.85 (1)(g) conferring with legal counsel for the governmental
body who is rendering oral or written advice concerning strategy to be adopted by
the body with respect to litigation in which it is or is likely to become involved
regarding – 12 S Milwaukee St. and 24 Thayer St. Motion was made by

Haucke/Herrmann to go into Closed Session at 7:15 PM. Upon the call of the roll, all
voted aye. Motion carried.
8.

Entertain a motion to go into Open Session: Motion was made by Binder/Haucke to go
into open session at 7:41 PM. Upon the call of the roll, all voted aye. Motion carried.

9.

Discussion and Possible Action on Closed Session Items: None.

10.

Adjourn to 7:00 PM on Monday, August 24, 2026: Motion was made by
Herrmann/Sande to adjourn the meeting. Upon call of the roll, all voted aye. Motion
carried. Meeting adjourned at 7:41 PM.

Plymouth Utilities
JULY 2026
SALES & REVENUE

July 2026 Electric Sales
YTD Electric Sales (kwH)

Month Electric Sales (kwH)
20,000,000

120,000,000

3.9%

15,000,000

80,000,000
60,000,000

10,000,000
5,000,000
(0)

3.3%

100,000,000

-1.6%

40,000,000

-4.7%
10. Residential

-1.8%

12. Commercial
Jul-26

Jul-25

13. Industrial
% Var

14. Other

1.1%
-3.1%

20,000,000
(0)

10. Residential

-8.0%

12. Commercial

July YTD 2026

13. Industrial

July YTD 2025

% Var

14. Other

July 2026 Electric Revenue
Month Electric Revenue

$2,000,000

4.8%

$1,800,000

$8,000,000
$7,000,000

$1,400,000
$1,200,000
$800,000

12.2%

$9,000,000

$1,600,000

$1,000,000

YTD Electric Revenue

$10,000,000

$6,000,000
$5,000,000

2.7%

12.4%

$4,000,000

$600,000

$3,000,000

$400,000

0.0%

$200,000

$2,000,000

2.2%

$0

10. Residential

12. Commercial
Jul-26

Jul-25

13. Industrial
% Var

14. Other

8.7%

$1,000,000

4.8%

$0

10. Residential

12. Commercial

July YTD 2026

13. Industrial
July YTD 2025

14. Other
% Var

July 2026 Water Revenue
$90,000
$80,000

Month Water Revenue

$600,000

1.9%
5.0%

$60,000

1.6%

$50,000
$30,000

$0

1.5%

$400,000

4.0%

$300,000

$40,000

$10,000

0.5%

$500,000

$70,000

$20,000

YTD Water Revenue

$200,000

-4.7%
14.5%

$100,000

48.0%

20. Residential 21. Multifamily 22. Commercial 23. Industrial
Jul-26

Jul-25

% Var

24. Other

25. Fire Protect

$0

0.9%
6.1%

0.0%

20. Residential 21. Multifamily 22. Commercial 23. Industrial
July YTD 2026

July YTD 2025

24. Other
% Var

25. Fire Protect

July 2026 Sewer Revenue
Month Sewer Revenue

$140,000

$100,000

$600,000

1.6%

0.4%

$500,000

$80,000

$400,000

$60,000
$40,000

73.2%

5.1%

$20,000
$0

2.7%

$700,000

8.0%

$120,000

YTD Sewer Revenue

$800,000

$300,000

-3.4%

3.6%

$200,000
$100,000

30. Residential

32. Commercial
Jul-26

33. Industrial
Jul-25

% Var

34. Other

$0

30. Residential

32. Commercial

July YTD 2026

33. Industrial

July YTD 2025

% Var

34. Other

2026 Utility Revenue

Electric
$15,598,375
83%

Water
$1,456,977
8%

Sewer
$1,700,340
9%

PLYMOUTH UTILITIES

Page: 1

Transaction Register - Writeoffs for Council- CJR

Aug 10, 2026 7:59AM

Dates: 07/04/2026 - 08/08/2026
Report Criteria:
Selected types: Write Off

Name

Customer
Number

Type

Reference
Number

Description

Check
Number

Amount

Msg

Service

Write Off
07/08/2026
MARTIN, JONATHAN

3.88.48765.11 Write

1 Write-off- In house

2.00-

Total 07/08/2026:

M

Multiple

2.00-

07/17/2026
GOSSE, WAYNE

2.88.25215.02 Write

1 IN-HOUSE WRITE-OFF - DECEASED

164.23-

M

Multiple

HANSEN, JORDAN

14.88.26131.35 Write

2 IN-HOUSE WRITE-OFF - SDC

61.90-

M

Multiple

NIETO, NICOLE

13.87.13096.21 Write

3 IN-HOUSE WRITE-OFF - SDC

801.42-

M

Multiple

SCHMITT, SPENCER

17.88.22220.29 Write

4 IN-HOUSE WRITE-OFF - SDC

363.64-

M

Multiple

THUECKS, SAMANTHA

15.87.30737.21 Write

5 IN-HOUSE WRITE-OFF - SDC

416.55-

M

Multiple

VICKER, JOSEPH

17.88.00835.20 Write

6 IN-HOUSE WRITE-OFF BANKRUPTCY

503.15-

M

Multiple

WOLLITZ, CINDY

12.88.18073.12 Write

7 IN-HOUSE WRITE-OFF - SDC

68.45-

M

Multiple

Total 07/17/2026:

2,379.34-

07/31/2026
HAWTHORNE WOODS

16.88.31109.15 Write

1 WRITE-OFF, IN-HOUSE

.08-

M

Multiple

HAWTHORNE WOODS

16.88.34258.22 Write

2 WRITE-OFF, IN-HOUSE

.11-

M

Multiple

HAWTHORNE WOODS

16.88.34702.37 Write

3 WRITE-OFF, IN-HOUSE

.15-

M

Multiple

HAWTHORNE WOODS

16.88.35105.24 Write

4 WRITE-OFF, IN-HOUSE

.24-

M

Multiple

M

Multiple

Total 07/31/2026:

.58-

08/03/2026
KW PROPERTIES

17.88.26823.23 Write

1

1.32-

Total 08/03/2026:

1.32-

Total Write Off:

2,383.24-

Grand Totals:

2,383.24-

Msg: M= Manually Allocated

F= Final Bill

1

City of Plymouth
Police and Fire Commission Meeting
Tuesday, July 7, 2026 @ 8:30 A.M.
Room 210
Plymouth City Hall, 128 Smith Street, Plymouth, WI 53073
Members Present: President Mark Melcher, Vice President James Flanagan, Secretary
Tim Lemkuil, Gary Rooker, Police Chief Ken Ruggles, Deputy Police Chief Matt
Starker, Fire Chief James Klug, Assistan Fire Chief Jason McCoy.
Call to Order:
President Mark Melcher, called the meeting to order at 8:30 A.M. in Room 210 @ City
Hall, located at 128 Smith Street, Plymouth, Wisconsin.
Person’s desire to be heard before the Commission:
None.
Consideration and approval of minutes:
A motion made by Gary Rooker and second by James Flanagan to approve the Police and
Fire Commission meeting minutes of June 2, 2026. Motion carried.
Reports from Chief of Police.
Chief Ruggles reported that both Safety Night at McDonalds and the Cheese Capital Fest
had great attendance. The only issues observed were that Safety Night may need a new
location due to the attendance and that Cheese Fest had issues with the Friday Night car
show and people wanting to park in the East Municipal Lot.
Members were informed of upcoming events that the Police Department would be
involved in:
Culvers Night: August 11th
August Family Night: August 22nd
Sheboygan County Fair: Sept. 3rd thru 7th
PD Canine Golf outing September 21st.
Recent significant calls included; a battery that started outside one of the downtown
taverns, a deceased person in a hoarder type environment and a dog attacking another
dog.
Mueller and Associates will be conducting the public information portion of the hiring
process for the additional officers.

The cities Strategic Plan is in the process of being updated.
The budget process for the 2027 has begun.
Deputy Chief Starker reported on the training that the State of Wisconsin of requires
24hrs per training year, which runs July 1, thru June 30, which is a total of 384 rquired
hours for the department and that the department completed 1650 hrs. Several officers
completed over 100 hrs and some over 200.
Reports from Fire Chief.
Chief Klug reported that the Fire Department had 4 major incidents that they were
dispatched to in the last month; 2 accidents and 2 MABAS calls to assist other
departments.
On June 17th the library had one of there community programs meet at the firedepartment
for a tour and presentation.
One of the Captains had resigned from his position as his family is moving from the area
but is remaining on the department as an EMS member.
Orange Cross Ambulance utilized the fire department quarters for 3 days to house their
crews as there were issues with the station in Plymouth.
Entertain a motion to go into closed session – Police Department Disciplinary Action
A motion was made to go into closed session by Tim Lemkuil and seconded by Jim
Flanagan.
Entertain a motion to go into open session:
A motion was made to go into open session by Tim Lemkuil and seconded by Jim
Flanagan.
No action was taken on closed session information.
Adjourn:
President, Mark Melcher asked for a motion to adjourn.
Motion for adjournment at 9:10 A.M.by Tim Lemkuil and second by Gary Rooker.
Motion carried.
Submitted on the 12th of July, 2026
Tim Lemkuil--- Secretary

PUBLIC WORKS & UTILITIES COMMITTEE OF
THE PLYMOUTH COMMON COUNCIL
CITY OF PLYMOUTH, WISCONSIN
TUESDAY, AUGUST 11, 2026 @ 6:00 PM
Plymouth City Hall
Council Chambers
Plymouth, WI 53073
UNOFFICIAL MINUTES
1.

Call to Order & Roll Call: Acting Chairperson Mayor Pohlman called the meeting
to order at 6:00 PM. Upon the call of the roll, the following members were present:
Mayor Don Pohlman, John Binder, Dana Haucke, and Kevin Sande (Dave
Herrmann arrived at 6:09 PM). Others present were City Administrator/Utilities
Manager Tim Blakeslee and Assistant City Administrator/Community Development
Director Jack Johnston, Fire Chief Jim Klug, Police Chief Ken Ruggles, Assistant
Police Chief Matt Starker.

2.

Approval of February 10, 2026 Meeting Minutes: Motion was made by
Binder/Haucke to approve the minutes from February 10, 2026. Upon the call of the
roll, all voted aye. Motion carried.

3.

Election of Committee Chair: Binder nominated Sande as chairperson. Sande
confirmed he would accept the position if elected. No other nominations were made.
Motion was made for a unanimous ballot by Hauke/Binder. Motion carried.

4.

Outage Management Presentation: Nick Whipple, the Assistant Electric
Operations Manager, presented the Outage Management presentation for the
Committee of the Whole.

5.

Adjournment: Motion was made by Pohlman/Binder to adjourn the meeting. A
unanimous aye vote was cast. Motion carried.

CITY OF PLYMOUTH, WISCONSIN

TUESDAY, AUGUST 11, 2026 COMMITTEE OF THE WHOLE MEETING,
IMMEDIATELY AFTER PUBLIC WORKS AND UTILITIES
COUNCIL CHAMBERS, ROOM 302
CITY HALL, 128 SMITH STREET
UNOFFICIAL MINUTES
1.

Call to Order and Roll Call: Mayor Pohlman called the meeting to order at 6:12. On the
call of the roll, the following were present: Angie Matzdorf, Diane Gilson, Mike Penkwitz,
Dave Hermann, Dana Haucke, and Kevin Sande. Also present: City Administrator/Utilities
Manager Tim Blakeslee and Assistant City Administrator/Community Development
Director Jack Johnston, Fire Chief Jim Klug, Police Chief Ken Ruggles, Assistant Police
Chief Matt Starker.

2.

Approve the Minutes from July 14, 2026: Motion was made by Sande/Gilson to approve
the minutes from July 2026. Upon the call of the roll, all voted aye.

3.

Police Department Referendum Preview: City Administrator/Utilities Manager Tim
Blakeslee introduced the preview, while Kayla Thorpe from Ehlers presented. Staff noted
that the resolution for putting a referendum on the November ballot would be held at the
next Council meeting on August 24, 2026.

4.

Cemetery Ordinance: Assistant City Administrator/Community Development Director
Jack Johnston presented information regarding columbaria and cemetery fees to the
Committee of the Whole. The Committee requested staff to work on an ordinance update
to present to the Council at a future meeting.

5.

Adjourn: Motion was made by Hermann/Penkwitz to adjourn the meeting. A unanimous
aye vote was cast. Motion carried. Meeting adjourned at 6:37 PM.

City of Plymouth

128 Smith St. - P.O. Box 107
Plymouth, WI 53073-0107

DATE:

August 20, 2026

TO:

Mayor and Common Council

FROM:

Tim Blakeslee, City Administrator/Utilities Manager

RE:

Adoption of 2027-2029 City of Plymouth Strategic Plan

Telephone:
Facsimile:
Web Site:

(920) 893-3745
(920) 893-0183
plymouthgov.com

Background: The Common Council adopted the City of Plymouth’s first strategic plan for 20232026. The plan has served as a guide for City priorities, projects, and decision-making, with many
of the identified action items either completed or currently underway. With the existing plan
scheduled to conclude at the end of 2026, the 2026 budget included funding to complete an
update and establish the City’s strategic direction for the next several years.
In January, the Common Council approved a Professional Services Agreement with EverStrive
Solutions to facilitate the strategic planning update. Over the past five months, EverStrive worked
with elected officials, staff, community stakeholders, and residents through a process that
included:
• Project kickoff and review of existing City plans and operations
• Individual interviews with the Mayor, Common Council members, and City Administrator
• Staff interviews and focus groups
• Two community stakeholder focus groups
• A community survey that received 333 responses
• A strategic planning workshop with the Common Council and senior staff
• A staff implementation workshop to develop specific action steps
The feedback gathered through the process identified several consistent themes, including
maintaining Plymouth’s quality of life and small-town character, managing growth and
infrastructure needs, maintaining long-term financial sustainability, improving communication and
transparency, modernizing City operations, and recruiting and retaining a strong municipal
workforce.
2027-2029 Strategic Plan: Lauren Palmer with EverStrive will present the plan in more detail at
the meeting. The updated plan continues the four strategic goal areas originally established by
the Common Council in 2023:
1. Efficient Operations
The City will maintain and improve its infrastructure, facilities, systems, and processes while
using technology and innovation to provide quality services in a fiscally responsible manner.
Major initiatives include long-term capital planning, water and wastewater system planning,
asset management, implementation of the Outage Management System, use of artificial
intelligence and automation tools, and standardization of software across City departments.

2. Financial Sustainability
The City will continue to focus on responsible stewardship of public resources and maintaining a
structurally sound budget. Action items include developing tools to evaluate housing and utility
affordability, continuing consistent spending practices, improving long-term financial forecasting,
conducting quarterly financial reviews, and continuing to evaluate the City’s use of TIF and
housing incentive strategies.
3. Quality of Life
The City will continue efforts to maintain Plymouth as a safe, welcoming, and vibrant
community. The plan includes initiatives related to public safety and emergency preparedness,
communication and resident engagement, recreation, pedestrian and bicycle connectivity,
downtown parking, youth programming, economic vitality, and continued support of the
Plymouth Public Library renovation project.
4. Workforce Recruitment & Retention
The City will focus on building and maintaining a strong municipal workforce through
partnerships with local schools, internships and apprenticeships, succession planning,
employee development, competitive compensation and benefits, employee recognition, and
improved internal communication.
Other Plan Notes: The plan also updates the City’s vision, mission, and core values. The five
core values identified in the plan are Integrity, Safety, Belonging, Stewardship, and Joy.
Each strategic goal includes a success statement, objectives, specific action items, and Key
Performance Indicators (KPIs) that will be used to measure progress. Staff will finalize 2026
baseline information and establish 2029 targets for the identified performance measures.
Progress on the strategic plan will be reported to the Common Council on a regular basis and
incorporated into departmental work plans, the annual budget process, and the City
Administrator/Utilities Manager’s Work Plan.
The intent of the strategic plan is to serve as a practical roadmap for the organization over the
next three years while maintaining flexibility to respond to changing community needs and
emerging priorities.
Recommendation: Staff recommends adoption of the 2027-2029 City of Plymouth Strategic
Plan.
Attachment: 2027-2029 Strategic Plan

2027-2029

CITY OF PLYMOUTH, WISCONSIN

OVERVIEW
A strategic plan is a roadmap. It defines what an organization is working toward, the priorities
that will guide its decisions, and the specific steps it will take to get there. For the City of
Plymouth, this plan sets the direction for municipal government over the next three years,
translating community values and Council priorities into clear, actionable goals.

The strategic plan is the City’s roadmap
for the next three years.
This plan is built on Plymouth's vision, mission, and core values, the foundation for all
of the City's work and decision-making. Plymouth's vision is to be a beautiful, safe
community where people feel welcome, one that celebrates growth while remaining a place
where neighbors know and care for one another. The City's mission is to deliver reliable
municipal services that protect what residents value most: safe neighborhoods, community
connections, and economic opportunity for current and future generations. Five core values
carry out that mission: integrity, safety, belonging, stewardship, and joy.
The plan is organized around four strategic goals that were established in 2023 and remain
relevant for the City’s progress:

1.

Efficient Operations

2.

Financial Sustainability

3.

Quality of Life

4.

Workforce Recruitment & Retention

The plan includes four elements for each strategic goal:





Success Statement – the long-term impact Plymouth aims to achieve.
Objectives – the specific results needed to reach that success.
Actions – the concrete steps the City will take over the next three years.
Key Performance Indicators – the measures used to track progress and keep
the plan accountable.

These four goals and their supporting objectives, actions, and metrics make up Plymouth's
strategic direction. Appendix A summarizes how this plan was developed, including the
interviews, focus groups, and community survey that informed it.

2

STRATEGIC FOUNDATION
During the strategic planning process, the Common Council reviewed and affirmed its foundational
vision, mission, and core values. While the existing framework remains relevant, the process
provided an opportunity to clarify language and ensure these statements continue to reflect the
organization's commitment to the community. The vision, mission, and values serve as the
foundation for all of the City of Plymouth’s work, decisions, and daily practice across the
organization.
VISION
Plymouth is a beautiful, safe community where people feel welcome. Plymouth celebrates growth
yet remains the kind of place where neighbors know each other and feel cared for.
MISSION
Our mission is to deliver reliable municipal services that protect what Plymouth residents value
most: safe neighborhoods, community connections, and economic opportunities for residents and
future generations to thrive.
CORE VALUES
Integrity: We do what we say. We treat others with respect, hold ourselves accountable, and bring
honesty and transparency to everything we do.
Safety: We protect the wellbeing of our community through sound policy, well-maintained
infrastructure, and safe spaces for people of all ages and abilities.
Belonging: We work on behalf of everyone. We welcome new faces and show up for our neighbors
like family.
Stewardship: We pursue smarter ways of serving our community, embracing new ideas and growing
talent from within.
Joy: We take pride in our work and enjoy doing it together.

Plymouth is a beautiful, safe community
where people feel welcome…neighbors
know each other and feel cared for.

3

STRATEGIC GOALS
Strategic goals are the foundational focus areas that guide an organization's direction, decisionmaking, and resource allocation. The goals were established by the Common Council in the 20232026 Strategic Plan and were reviewed and updated in this planning process.
Each goal is organized around four elements:
Success Statements are forward-looking declarations of the long-term impact the City of
Plymouth aspires to achieve.
Objectives define the specific results needed for that success statement to be realized.
Actions identify the enhanced and emerging initiatives that will be the strategic focus over the
three-year life of this plan.
Key Performance Indicators provide the performance measures used to track progress and
keep the plan accountable. Preliminary performance measures are listed on page 8 and will be
refined by staff for future reporting.

1. Efficient Operations
Success Statement
The City is committed to maintaining the systems, facilities, and infrastructure that make it
a top choice for families and businesses. Success looks like city operations that are fiscally
responsible, and well-maintained infrastructure that leverages innovation to deliver quality
services.
Objective 1.1. The City will maintain and improve core infrastructure and public facilities.
Actions
1.1.1. Make capital planning a routine practice, using 5-, 10-, and 15-year outlooks, and
complete scheduled facility upgrades every year.
1.1.2. Review options for updating the system that monitors and controls water and sewer
operations (SCADA).
1.1.3. Expand the use of digital tools for tracking and managing City equipment and assets to
all departments.
1.1.4. Study recent traffic crash data to identify roads and intersections that need safety
improvements.
1.1.5. Create opportunities for Common Council members to tour facilities to learn more about
operational needs.
Objective 1.2. The City will improve how City systems and processes operate.
Actions
1.2.1. Study the sanitary sewer system to find where rain and groundwater are leaking in and
adding to treatment costs (known as an I&I study).
1.2.2. Study the water system’s infrastructure and capacity to meet future projected growth
demands.

4

1.2.3. Evaluate converting large sewer customers to automated meters that send readings
remotely, cutting down on manual meter checks (known as AMI).
1.2.4. Continue the wastewater treatment plant study and carry out the upgrades it
recommends.
1.2.5. Finalize implementation of the Outage Management System (OMS) to respond to utility
outages faster.
1.2.6. Explore artificial intelligence (AI) and automation tools that could make City operations
more efficient.
1.2.7. Identify and standardize software used across City departments.

2. Financial Sustainability
Success Statement
The City is committed to responsible stewardship of public resources by making spending
decisions with long-term fiscal health in mind. Success looks like a structurally sound
budget with a strategic use of debt financing.
Objective 2.1. The City will manage its finances with discipline and a long-term view.
Actions
2.1.1. Establish standard planning tools to measure housing and utility affordability and
compare Plymouth to peer communities.
2.1.2. Continue implementation of consistent stable spending practices across departments.
2.1.3. Work with financial consultants to improve long-term budget forecasting.
2.1.4. Conduct quarterly financial reviews of actual and projected spending to annual budget.
2.1.5. Continue evaluating the City's use of Tax Increment Financing (TIF) and housing incentive
strategies (tools that use future tax revenue growth in a designated area to help fund
current improvements).

3. Quality of Life
Success Statement
Plymouth is a place where residents feel happy, healthy, and safe, and where that reputation
draws others in. Success looks like thriving local businesses, strong partnerships with areas
schools, and a community that is rich with volunteerism, civic pride, and a strong sense of
belonging.
Objective 3.1. The City will prioritize the safety and wellbeing of residents.
Actions
3.1.1. Complete a downtown parking study to seek solutions to balance parking needs with
pedestrian safety.
3.1.2. Increase public education and awareness of fraud and scams.
3.1.3. Complete a multi-departmental review and update the city’s emergency response plans
for disaster preparedness.
3.1.4. Work with community partners to expand Crisis Intervention Training (CIT) for staff.

5

3.1.5. Explore establishing an ad hoc resident committee to advise the city on bicycle,
pedestrian, and other environmental sustainability improvements.
Objective 3.2. The City will foster open communications that keep residents informed and their
voices heard.
Actions
3.2.1. Launch a digital map that gives residents visual awareness of projects moving through
the development review and construction process.
3.2.2. Make information easy to find and understand, in a variety of formats, before the Council
acts.
3.2.3. Standardize response protocols and timelines for calls, complaints, and inquiries
submitted to the city’s tracking system.
3.2.4. Create more opportunities for residents to engage directly with City officials, such as
neighborhood ice cream socials or Coffee with the Council sessions.
3.2.5. Explore the feasibility and cost of a print newsletter, potentially as a utility bill insert or a
separate mailing.
Objective 3.3. The City will invest in recreational and leisure infrastructure and attract
entertainment and retail options that give residents more reasons to shop and play in Plymouth.
Actions
3.3.1. Reevaluate the long-term purpose and viability of the youth center, and consider
expanding youth programming to other locations, such as libraries.
3.3.2. Conduct a needs assessment focused on youth perspectives, and develop programming
that responds to what young people say they want.
3.3.3. Evaluate cooperative lease programs for renting equipment and spaces in public parks.
3.3.4. Identify underused spaces in the City that could support new retail and recreation
options and work with the Chamber of Commerce to recruit compatible businesses.
3.3.5. Evaluate options for a better bicycle- and pedestrian-friendly connection between
downtown and east Plymouth.
3.3.6. Continue to support the Plymouth Public Library’s renovation project including capital
campaign matching funds and coordination with Library leadership.

4. Workforce Recruitment & Retention
Success Statement
Plymouth is committed to building and sustaining a workforce that reflects the quality of the
community it serves. Success looks like competitive wages that keep talent in Plymouth,
strong partnerships with area schools that build a pipeline of future municipal employees,
and a stable team that grows from within. Plymouth is known as a city of choice among
municipal workers.
Objective 4.1. The City will invest in homegrown talent by building relationships with local schools
and creating structured pathways that connect young residents to municipal careers before they
leave Plymouth.

6

Actions
4.1.1. Continue building youth engagement and awareness of municipal career paths through
school and community partnerships.
4.1.2. Establish and expand City internship opportunities with the City for students.
4.1.3. Develop apprenticeship programs in partnership with City utilities.
4.1.4. Strengthen partnerships with area school districts to align career and workforce
programs with the staffing needs of the City and its utilities.
4.1.5. Modernize recruitment by using video, social media, and other emerging outreach tools
to reach potential employees.
Objective 4.2. The City will strengthen organizational continuity by proactively identifying and
developing internal talent and offering compensation and growth opportunities that retain skilled
employees.
Actions
4.2.1. Conduct a succession planning audit to identify critical roles at risk of vacancy due to
retirement or turnover.
4.2.2. Document institutional knowledge held by long-tenured staff including standard
operating procedures, guides, how-to manuals, and standard file storage protocols.
4.2.3. Develop individual growth and advancement pathways for high-potential employees
across departments.
4.2.4. Benchmark compensation and benefits against comparable municipalities and private
employers and recommend adjustments to remain competitive in the regional labor
market.
Objective 4.3. The City will foster a workplace culture of pride, accountability, and continuous
growth, where employees feel valued, empowered to contribute, and equipped to adapt to changing
needs.
Actions
4.3.1.
4.3.2.
4.3.3.
4.3.4.

Conduct regular employee pulse surveys and stay interviews.
Implement structured employee recognition programs.
Strengthen performance feedback and development, such as 360 evaluations.
Research peer organization best practices and consider updates to personnel policies to
enhance workforce flexibility.
4.3.5. Implement strategies to improve internal communications such as employee lunch-andlearns or a periodic staff newsletter.

Defining success for each strategic goal.

7

KEY PERFORMANCE INDICATORS
EFFICIENT OPERATIONS

BASELINE

2029 TARGET

BASELINE

2029 TARGET

BASELINE

2029 TARGET

BASELINE

2029 TARGET

Percentage of utility customers (by number or volume) converted to
automated meters
Average time between reported electricity outage and repair
Annual traffic fatalities
Percentage of employees who report that AI tools saved them time or
improved job satisfaction (employee surveys)
Percentage of employees or departments using asset management
software

FINANCIAL SUSTAINABILITY
Affordability ratio: Local tax burden (City property taxes + utility costs for
median household) compared to median household income
Credit rating
Fund Balance: Unrestricted General Fund balance as a percent of
annual operating expenditures
Debt Ratio: Total outstanding debt compared to the City’s operating
revenue

QUALITY OF LIFE
Percentage of staff trained in CIT
Citizen satisfaction survey rating for feeling informed about City
decisions
Citizen satisfaction survey rating for quality of life in Plymouth
Attendance at public community events featuring local officials
Revenue generated or activity generated from cooperative lease
programs

WORKFORCE RECRUITMENT & RETENTION
Number of youth employees or volunteers
Number of formal internships or apprenticeships
Average number of applicants per position posted
Average number of days from vacancy to hire
Percentage of employees with approved individual development plans

8

Appendix A: Strategic Planning Process
The City of Plymouth engaged EverStrive Solutions to lead a five-month process to update the strategic plan. The
process was designed to build shared understanding across the organization and community, engage a wide range of
voices, and produce a plan that is both visionary and actionable.
PHASE 1: PROJECT KICKOFF
EverStrive Solutions met with the city administrator to confirm goals, deliverables, and expectations. This initial
meeting affirmed the project approach, established key milestones, and gathered direction about desired outcomes.
PHASE 2: INSIGHT GATHERING
To build a shared understanding of how Plymouth operates today, EverStrive Solutions conducted a two-part
environmental assessment encompassing document review and internal interviews.
1. Document Review. EverStrive completed a thorough review of existing priorities and operations to fully
understand the City's current environment. This included the 2023–2026 Strategic Plan, budgets,
departmental reports and the organizational chart.
2. Internal Interviews. Following the document review, EverStrive conducted a series of one-on-one interviews
and focus groups to gain a deeper understanding of organizational strengths, challenges, and previous
strategies. This included individual virtual interviews with the city administrator, mayor, and each member of
the Common Council, as well as three focus groups with City staff: one with leaders and managers across
the organization, and two with frontline and program-level staff.
PHASE 3: COMMUNITY ENGAGEMENT
Community engagement is a critical component of any strategic planning process. It ensures the final plan reflects
the values, needs, and priorities of the people who call Plymouth home. EverStrive Solutions led two complementary
engagement efforts to gather broad input while making meaningful use of City staff time and resources.
1. Digital Community Survey. EverStrive designed and hosted an accessible online survey to gather input from
residents and stakeholders across the community. The City's communications team promoted the survey
through existing channels including the City website, social media, and newsletters. While not statistically
representative of the community at large, the survey provided valuable insights that informed the strategic
planning discussion.
2. Stakeholder Focus Groups. EverStrive planned and facilitated two one-hour virtual focus groups with up to
eight participants each. Participants included business and industry representatives, nonprofit leaders,
neighborhood representatives, faith-based organizations, and residents representing diverse perspectives
from across the community. The City identified participants, and EverStrive managed invitations and
facilitation.
Appendix A-1 includes a summary of the insight gathering process including internal interviews, focus groups, and
survey results.

Common Council Planning Workshop

9

PHASE 4: PLAN DEVELOPMENT
This phase brought together the insights gathered from leadership, staff, and the community to shape the foundation
of Plymouth's Strategic Plan. EverStrive Solutions planned and facilitated a strategic planning workshop with the
Common Council and senior City staff. The workshop focused on goal development, building on the framework from
the existing Strategic Plan. The result was a shared vision for the City and the identification of key objectives to support
each goal over the next three to five years. Following the workshop, EverStrive developed an initial draft of the strategic
plan for internal review by project leadership.
PHASE 5: IMPLEMENTATION PLANNING AND ADOPTION
Once Plymouth's strategic priorities were established, the focus shifted to turning vision into action. EverStrive
Solutions facilitated an implementation workshop for City staff to develop action steps and identify measurable
outcomes for each goal area.

Appendix A-1: Insight Gathering and Stakeholder Survey
EverStrive Solutions gathered input from elected officials, staff, community stakeholders, and residents to
understand Plymouth's strengths, challenges, priorities, and opportunities for the future. This appendix summarizes
the feedback, key themes, and the engagement process that shaped the completed strategic plan update.

Insight Gathering Phase
To build a shared understanding of how Plymouth operates today, EverStrive Solutions conducted internal interviews
with the City Administrator, Mayor, and each member of Common Council, in addition to three focus groups with
staff.

Interviews with Members of the Governing Body
EverStrive conducted one-on-one interviews with members of the governing body to gather input ahead of the
priority-setting workshop with Common Council. The conversations identified shared priorities and concerns about
future goals and community needs. Common themes included:


Community pride and quality of life – strong pride in the community and a shared interest in maintaining its
character, safety, and quality of life.



Growth and development – housing, economic development, infrastructure capacity, and public safety
were top priorities, with attention to long-term fiscal sustainability.



Governance and decision-making – value placed on transparency, clear roles, and productive discussion
that balances a variety of perspectives.



Long-term planning – importance of thoughtful planning around infrastructure, affordability, and
sustainability.



Areas of differing perspective – views varied on the pace and type of growth, use of development incentives,
and how to prioritize sustainability, affordability, and infrastructure investment.

Staff Interviews and Focus Groups
EverStrive gathered staff perspective through interviews with City leadership and key operational staff, along with
focus groups with department directors and program staff across the organization. Common themes included:


Organizational strengths and collaboration – staff are motivated, service-oriented, and proactive, with
strong cross-department coordination and constructive relationships with residents.



Growth and infrastructure pressures – continued growth is raising questions about development pace,
housing activity, infrastructure capacity, and future utility investment, with staffing and resources not always
keeping pace.

10



Public safety and service capacity – emergency response capacity and related funding decisions are
priorities for council discussion.



Workforce retention and culture – recruiting and retaining staff, particularly in technical roles, remains
difficult amid private-sector competition, compounded by turnover, retirements, and generational shifts,
with experiences varying across departments.



Communication and strategic alignment – desire for a plan that elected officials and staff see themselves
reflected in, along with clearer, more consistent communication about decisions and strategy.



Technology, systems, and modernization – aging facilities, vehicles, and paper-based processes create
challenges; opportunities exist to modernize technology, training, and succession planning to prepare for
continued growth.



Limited capacity for strategic implementation – day-to-day operational demands make it difficult to
consistently advance long-term plan priorities.

Staff take pride in serving Plymouth well day-to-day, but keeping up with growth, service demands, and operations
strains capacity to focus on strategic initiatives. Staff want the plan to be a practical, visible guide for decisions, not a
document that competes with the daily workload.

Community Engagement Phase
Community engagement efforts were designed to ensure the final strategic plan reflects the values and priorities of
the people who call Plymouth home. EverStrive conducted two, one-hour stakeholder focus groups and designed and
hosted a digital community survey to gather broad input from residents and stakeholders.

Community Focus Groups
EverStrive conducted focus groups in May with a cross-section of engaged community members, civic and business
representatives, and residents. Across the two sessions, several key themes emerged:


Strong community identity and pride – described as close-knit, engaged, supportive, and familyoriented, with a high value placed on community character.



Balancing growth with small-town character – growth is expected but should be intentional, wellplanned, and aligned with the community's identity and quality of life.



Housing diversity and affordability – both sessions cited a need for more housing options for families,
workers, seniors, and residents at different income levels.



Downtown vitality and economic development – opportunities to strengthen downtown activity,
support local businesses, and attract visitors.



Infrastructure, mobility, and public safety – recurring priorities as the community continues to grow.



Recreation and quality of life – interest in expanded recreation, entertainment, and family-oriented
amenities.



Fiscally responsible planning – support for data-informed, long-term planning that balances growth,
service demands, and affordability.



Collaboration and visible progress – strong cross-sector collaboration, with interest in both long-term
investments and near-term visible wins.

Community Survey
EverStrive worked with the City to design and distribute an online community survey, open May 1–15. The survey took
about 10 minutes to complete, included 10 questions, and drew more than 330 responses through the City's
newsletter and social media channels.

11



Respondent profile – most respondents (81%) identified as residents, followed by property owners and
people who work in Plymouth.



Top current strengths – small-town character, safety, friendly community, local events, parks and trails,
downtown, and convenience.



Future vision – most respondents want Plymouth to retain its small-town feel while allowing for careful,
controlled growth.



Strategic plan priorities – Quality of life ranked highest among the plan's current goals, followed by
financial sustainability, efficient operations, and workforce development. Residents prioritized what they
experience directly over the internal operations that support it.



Five-year priorities – family recreation options (133 responses), street maintenance and safety (125),
and public parks and walking trails (105) led the list.



Growth management – preserving character (253 responses), keeping infrastructure paced with growth
(132), and protecting open space (114) topped priorities.



Housing development – views were mixed on whether the City is doing enough to encourage housing
development and a variety of housing options: 41% yes, 34% not sure, 24% no.



Economic development – downtown/commercial revitalization was the top choice (201 responses),
followed by tourism and recreation (183) and attracting new industries.

Open-ended responses reinforced these themes:


Preserve small-town character – seen as central to Plymouth's identity and worth protecting as the
community grows.



Manage growth carefully – openness to growth alongside concern about overdevelopment and impacts
on character, roads, and infrastructure.



Address housing affordability and choice – concern that new housing may not be affordable, with
mixed views on preferred type and scale.



Invest in infrastructure and public facilities – road maintenance, sidewalks, parks, and trails
frequently cited as needing continued attention.



Expand recreation and youth opportunities – interest in more family-oriented activities, youth
programming, and gathering spaces.



Maintain safety and quality of life – safety, low crime, and emergency services tied directly to
Plymouth's quality of life.



Support fiscal responsibility and transparency – concerns about taxes and spending, and a desire for
clear communication about City decisions.



Strengthen downtown and economic vitality – support for revitalization, filling vacant storefronts, and
attracting appropriate business and tourism activity.



Protect natural areas and sustainability – interest in preserving green space, trees, and
environmentally responsible growth practices.

The complete survey summary report with questions is attached for reference.

12

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2027-2029

STRATEGIC
PLANUPDATE
COMMON COUNCIL PRESENTATION
August 25, 2026
Strategic Plan Presentation

Prepared by

WHAT WE'LLCOVER
1

The Process

2

What We Heard

3

The Strategic Plan

4

What’s Next?

How this plan came together over five months

Themes from leadership, staff, and the community

Four goals that will guide Plymouth through 2029

“The strategic plan is
the City’s roadmap for
the next three years.”

How to implement and track progress

CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

2

STRATEGICPLANNING PROCESS
1

2

3

4

KICKOFF

INSIGHT
GATHERING

COMMUNITY
ENGAGEMENT

5

PLAN
IMPLEMENTATION
DEVELOPMENT
PLANNING

Common Council Planning Workshop

5
Months, start to
finish

CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

5

333

2

Focus Groups
5

Survey Responses

On Site Workshops

4

WHAT WE HEARD

LEADERSHIP & STAFF PERSPECTIVES
FROM THE COMMON COUNCIL

FROM CITY STAFF

▪ Community pride and quality of life

▪ Motivated, service-oriented staff with strong
cross-department collaboration

▪ Growth — housing, economic development,
infrastructure capacity, public safety
▪ Strong value on transparency and clear
governance
▪ Importance of long-term, fiscally sound
planning

▪ Growth is straining infrastructure and staff
capacity
▪ Workforce retention is difficult amid privatesector competition
▪ Processes, facilities and equipment need
modernization

Staff take pride in serving Plymouth well day-to-day, but keeping up with growth, service demands,
and operations strains capacity to focus on strategic initiatives.
CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

5

WHAT WE HEARD

VOICES FROMTHECOMMUNITY
333

2

81%

Survey responses

Community Focus
Groups

Respondents who
are residents

SURVEY RESPONDENT PRIORITY RANKING OF GOALS
1. Enhanced Quality of Life
2. Financial Sustainability
3. Efficient City Operations
4. City Workforce Development
253 respondents named “preserving Plymouth’s character and small-town
feel” as their top growth-management priority — the single largest response.

CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

TOP THREE FUTUREPRIORITIES
Law enforcement &
public safety

93

103

Housing options /
affordability

105

Public parks &
walking trails

125

Street maintenance
& safety

133

Family recreation
options

6

F O U N D ATIO N

VISION, MISSION& COREVALUES
VISION
Plymouth is a beautiful, safe community where people feel welcome. Plymouth celebrates
growth yet remains the kind of place where neighbors know each other and feel cared for.

MISSION
Deliver reliable municipal services that protect what Plymouth residents value most: safe
neighborhoods, community connections, and economic opportunities for current and future
generations.

FIVE CORE VALUES
Integrity

CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

Safety

Belonging

Stewardship

Joy
7

PLANFRAMEWORK: AROADMAP FOR THENEXT THREEYEARS
Strategic Goals
Established in 2023

1. Efficient Operations
2. Financial Sustainability
3. Quality of Life
4. Workforce Retention &
Recruitment

Four Elements for Each Goal
 Success Statement – the longterm impact Plymouth aims to
achieve.
 Objectives – the specific results
needed to reach that success.
 Actions – the concrete steps the
City will take over the next three
years.
 Key Performance Indicators – the
measures used to track progress
and keep the plan accountable.

1

GOAL 1

EFFICIENT OPERATIONS

Success looks like city operations that are fiscally responsible, and well-maintained
infrastructure that leverages innovation to deliver quality services.

OBJECTIVE 1.1

OBJECTIVE 1.2

▪ Make capital planning routine — 5-, 10-, and 15year outlooks, annual facility upgrades

▪ Study water and wastewater systems for growth
demands

▪ Review options for updating the water/sewer
SCADA control system

▪ Convert large sewer customers to automated
meters (AMI)

▪ Expand digital tools for tracking City equipment
and assets

▪ Finalize the Outage Management System;
explore AI & automation tools

▪ Study traffic crash data to identify safety
improvements

▪ Standardize software and leverage AI

Infrastructure & Public Facilities

CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

City Systems & Processes

9

2

GOAL 2

FINANCIALSUSTAINABILITY

Success looks like a structurally sound budget, with spending decisions made in the interest of
the City’s long-term fiscal health and a strategic use of debt financing.

OBJECTIVE 2.1
Manage Finances with Discipline & a Long-Term View
▪ Establish standard tools to measure housing and utility affordability, benchmarked against peer
communities
▪ Continue implementation of consistent stable spending practices across departments
▪ Work with financial consultants to improve long-term budget forecasting
▪ Conduct quarterly financial reviews of actual vs. projected spending
▪ Continue evaluating the City's use of TIF and housing incentive strategies

CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

10

3

GOAL 3

QUALITY OFLIFE

Success looks like thriving local businesses, strong school partnerships, and a community rich
with volunteerism, civic pride, and belonging.

OBJECTIVE 3.1

OBJECTIVE 3.2

OBJECTIVE 3.3

▪ Downtown parking study

▪ Digital map showing
development & construction
projects

▪ Reevaluate the youth center
and programming needs

Safety & Wellbeing

▪ Public education on fraud and
scam awareness
▪ Disaster preparedness
▪ Expand Crisis Intervention
Training (CIT) for staff
▪ Sustainability committee
CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

Open Communication

▪ Standardize responses for
resident inquiries
▪ Create more direct
engagement
▪ Explore feasibility of a print
newsletter

Recreation & Vitality

▪ Identify underused space for
retail & recreation
▪ Improve the bike/pedestrian
connections
▪ Continue supporting the
Library's renovation project
11

4

GOAL 4

WORKFORCERECRUITMENT & RETENTION

Plymouth is committed to building a workforce that reflects the community it serves —
competitive wages, strong school partnerships, and a stable team that grows from within.

OBJECTIVE 4.1

OBJECTIVE 4.2

OBJECTIVE 4.3

▪ Build youth awareness of
municipal career paths

▪ Succession planning audit

▪ Employee pulse surveys and
stay interviews

Homegrown Talent

▪ Expand City internships &
apprenticeships
▪ Strengthen partnerships with
area schools
▪ Modernize recruitment with
video and social media
CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

Organizational Continuity

▪ Document institutional
knowledge
▪ Develop growth pathways for
employees
▪ Benchmark compensation &
benefits against peer
municipalities

Workplace Culture

▪ Employee recognition
programs
▪ Strengthen performance
feedback and best practices
▪ Improve internal
communication
12

KEY PERFORMANCE INDICATORS

WHAT’S NEXT? TRACKINGPROGRESS
EFFICIENT OPERATIONS

FINANCIAL SUSTAINABILITY

▪ Average time between reported outage and repair

▪ Credit rating

▪ Annual traffic fatalities

▪ Unrestricted fund balance as % of expenditures

▪ % of employees who report AI tools saved them time

▪ Debt ratio

QUALITY OF LIFE

WORKFORCE

▪ Citizen satisfaction: feeling informed

▪ Number of formal internships / apprenticeships

▪ Citizen satisfaction: quality of life

▪ Average days from vacancy to hire

▪ Attendance at public community events

▪ % of employees with approved development plans

▪ % of utility customers converted to automated meters

▪ % of staff trained in Crisis Intervention (CIT)

▪ Affordability ratio

▪ Number of youth employees or volunteers

These are preliminary measures. Staff will finalize 2026 baselines and 2029 targets for each
metric and report progress to the Council on a regular cadence.
CITY OF PLYMOUTH · STRATEGIC PLAN 2027–2029

13

THANK YOU
Questions & Discussion

City of Plymouth Strategic Plan 2027–2029 · Prepared by EverStrive Solutions

City of Plymouth

128 Smith St. - P.O. Box 107
Plymouth, WI 53073-0107

Telephone:
Facsimile:
Web Site:

(920) 893-3745
(920) 893-0183
plymouthgov.com

DATE:

August 15, 2026

TO:

Common Council & Mayor

FROM:

Jack Johnston, Assistant City Administrator/Community Development Director

RE:

Discussion and Possible Action on Agreement in Lieu of Raze Order for the
Brickbauer Building at 901 Reed Street

Background:
At the regular Common Council meeting on July 14, 2026, the Council rescinded a raze order for
the former Brickbauer Hospital building located at 901 Reed Street after the owners provided a
Stabilization, Security and Disposition Plan to the City in an effort to showcase their intention to
address the immediate building security needs, interior condition of the property, as well as enact
a plan to market the property to find a suitable end user.
Current Request:
In lieu of the raze order, the owner’s counsel have prepared an agreement that memorializes their
plan, and outlines specific deadlines for 60, 90, and ongoing plans to address concerns with the
building.
Staff worked with City Attorney Fieber and Del Ponte to review the proposed agreement. In short,
the agreement still gives the City permission to inspect the property throughout the duration of
these operations, as well as conduct an inspection at the end of the 90 days to confirm the
deficiencies have been addressed and the owners are making the improvements they outlined in
the Plan.
It should also be noted that the agreement would expire one year after execution. There is
language is this agreement that would allow the City to re-issue a raze order after the 90 days
should the property become old, dilapidated, or out of repair and consequently dangerous, unsafe,
unsanitary, or otherwise unfit for human habitation.
Staff Recommendation:
Staff views this agreement as a sign of good faith from the property owners that they are taking
real strides to improve the property and find a permanent solution to it, while also giving the
owners time to find that solution.
Staff is comfortable with the agreement and recommends the Council approve it as presented.
Copies Mailed/Emailed To:
I.
Troy Mayne: [email protected]

Attachments:
I.
Agreement in Lieu of Raze Order
II.
July 9th Letter and Stabilization, Security and Disposition Plan

AGREEMENT
This Agreement between the City of Plymouth, Wisconsin (“the City”) and NSH 916 East
Clifford Street LLC (“Property Owner”) (collectively “the Parties”), provides as follows:
WHEREAS, Property Owner is the owner of real property located at 901 Reed Street, tax
parcel 59271-821561 (“the Property”); and
WHEREAS, the Property improvements include multiple structures including the building
located at the corner of Reed Street and Selma Street commonly known as the “Brickbauer Building”;
and
WHEREAS, the City served an Order to Raze Property relating to the condition of the
Brickbauer Building that was subsequently rescinded by the City;
WHEREAS, the Parties wish to enter this Agreement to forego the additional expense of the
Raze Order process, and the Parties acknowledge the Agreement is a compromise and settlement of
disputed claims regarding the condition of the Brickbauer Building.
NOW, THEREFORE, based on the above recitations and other matters, it is hereby agreed
between the parties as follows:
1.

2.

Property Owner has submitted to City a Security, Stabilization and Marketing
Plan (“Plan”), with the understanding that the Plan will be updated and modified
from time to time as cleanup, repair and investigation of the Brickbauer Building
proceeds.
As of the date of this Agreement, the Property Owner has completed the
following steps of the Plan:
•
Engaged contractors to conduct onsite work to secure and board any
damaged or accessible areas of the Brickbauer Building with work beginning the
week of July 6.
•
Secured all exterior entry points to Brickbauer Building – COMPLETED
•
Secured all rooftop entry points of Brickbauer Building – COMPLETED
•
Contracted for and performed exterior landscaping work – COMPLETED
•
Contracted for painting of boarded entries of Brickbauer Building –
COMPLETED

3.
Per the Plan, by September 12, 2026, Property Owner shall perform the following
(“60-Day Items”) with regard to the Brickbauer Building:
•
Complete a comprehensive inspection of the exterior of the Brickbauer
Building.

•
Complete a comprehensive inspection of the interior of the Brickbauer
Building.
•
Dispose of loose, damaged interior fixtures and obtain broom swept
condition.
•
Evaluate surveillance camera alternatives to assist law enforcement.
•
Install additional "No Trespassing" signage around the property.
•
Coordinate a meeting with local law enforcement regarding unauthorized
access.
•
Establish routine inspections of the property to identify and promptly
address any new security breaches.
•
Remove exterior debris.
•
Mow and trim vegetation.
•
Remove brush and overgrowth surrounding the building.
•
Secure areas exposed to the elements.
•
Secure roof openings to reduce material water intrusion, where
practicable.
4.
Per the Plan, by October 12, 2026, Property Owner shall perform the following (“90Day Items”) with regard to the Brickbauer Building:
•
Perform stabilization efforts to the extent reasonably practicable.
•
Evaluate land division and zoning changes that may improve marketability
of Brickbauer Building as a separate unit.
•
Continue routine inspections.
5.
Upon conclusion of the 90-Day Period, the Property Owner shall perform the
following (“Ongoing Items”) with regard to the Brickbauer Building:
•
Promptly address any newly identified exterior conditions that create
additional public safety concerns.
•
Continue maintenance of the exterior grounds to improve the appearance of
the Property and discourage trespassing.
•
Perform inspections of the property to identify and promptly address any new
security breaches.
•
Repair or reinforce damaged boarding and security measures as needed.
6.
Until the 60-Day Items and 90-Day Items have been completed, the City, upon
providing at least two weeks’ notice to Property Owner via email to [email protected] shall be
entitled to inspect the Brickbauer Building during normal business hours to confirm the progress of
the repairs.
7.
Upon completing the 60-Day Items and 90-Day Items, Property Owner shall permit
the City to complete a final inspection of the Brickbauer Building. If the City believes Property Owner
has not completed the 60-Day Items or 90-Day Items, then the City shall notify Property Owner in
writing via email to [email protected] and [email protected] as to what specific steps it
believes need to be taken to complete the Items, and the City shall provide Property Owner sixty (60)

days to correct any alleged deficiencies before proceeding per paragraph 9. If Property Owner
thereafter corrects the alleged deficiencies within the sixty days, the City shall take no further action
other than to continue to monitor the condition of the Brickbauer Building to determine whether it
has fallen into disrepair in the future. Upon request by Property Owner, the City shall also meet and
confer with Property Owner at the Property to discuss any alleged deficiencies before taking any
further action that the City may be permitted to take under this Agreement.
8.
Except as provided in Paragraph 9, nothing in this Agreement shall preclude the City
from serving a Raze Order against Property Owner if the Property shall become old, dilapidated, or
out of repair and consequently dangerous, unsafe, unsanitary, or otherwise unfit for human habitation
following completion of the 60-Day and 90-Day Items.
9.
If Property Owner fails to timely complete the 60-Day Items and 90-Day Items, the
City shall be permitted to provide Property Owner notice of such failure in the same manner provided
in Paragraph 7, identifying what specific steps it believes Property Owner needs to take to cure the
default, and providing sixty (60) days to cure the default. Upon request by Property Owner, the City
shall also meet and confer with Property Owner at the Property to discuss any alleged default.
Only after providing such notice and an opportunity to cure may the City be entitled to serve
a new Raze Order based on the conditions of the Property that gave rise to the Raze Order served
prior to this Agreement, which will permit the City to order or raze the Property.
10.
It is agreed this Agreement supersedes all prior agreements, oral or written, and other
documents and constitutes the entire agreement and release between the parties. It may not be
amended or modified except by an instrument executed by both parties.
11.
This Agreement shall be binding on the Property Owner and is not intended to bind
future owners or assignees of the Property.
12.
This Agreement contains the entire agreement between the Parties and supersedes
all previous writings or oral negotiations, commitments and understandings.
13.

This Agreement shall not be modified except in writing signed by all Parties.

14.
This document is being executed and delivered within the State of Wisconsin and
shall be governed, interpreted, construed and enforced according to the laws of the State of
Wisconsin. Any dispute concerning this document or the matters governed hereby shall have
exclusive jurisdiction and venue in the circuit courts for Sheboygan County, Wisconsin.
15.
This Agreement may be executed in any number of counterparts, each of which
together shall be deemed an original, but all of which together shall constitute one and the same
instrument. A signature may be electronic or original and may be delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file. Such a signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

16.
The representations and warranties made in this document shall survive its
execution and delivery.
17.
Both Parties hereby warrant, represent and acknowledge that the Agreement has
been freely executed, that both Parties have had an opportunity to review the Agreement with such
persons and advisors, including legal professionals, as each party may desire. The Parties further
acknowledge that any Party was induced to enter into the Agreement by any promises, guarantees
or representations not included in the Agreement.
18.
This Agreement shall become effective upon the execution by all of the
undersigned.
19.

This Agreement shall terminate one year after the effective date.

CITY OF PLYMOUTH
______________________________
By:
Its:
Dated: ________________________
Approved by Council on: ________________
NSH 916 EAST CLIFFORD STREET LLC
______________________________
By:
Its:
Dated: ________________________

25 W. Main Street
Suite 800
Madison, WI 53703-4298

P: 608.255.8891
F: 608.252.9243
dewittllp.com
[email protected]
608.252.9327

July 9, 2026

VIA EMAIL: [email protected]
Attorney Kelly Del Ponte
Hopp Neumann Humke LLP
2124 Kohler Memorial Drive #310
Sheboygan, WI 53081
RE:

City of Plymouth Order to Raze
901Reed Street, Plymouth (“Property”)

Attorney Del Ponte:
Our office represents North Shore Healthcare LLC (“North Shore”) and its affiliated entity NSH
916 East Clifford Street LLC, the owner of the Property (“Landowner”). On June 16, 2026, the
City of Plymouth (“City”) served Landowner’s registered agent with an Order to Raze the Property
(the “Order”).
I contacted you to determine whether informal resolution of the City’s concerns would be possible
in lieu of the Section 66.0413 (“Raze Statute”) statutory process set in motion when the City served
the Order. During subsequent discussions, you indicated that the Common Council of the City may
be willing to address alternatives in closed session at its meeting on July 14 if a request was made
by July 9 so that the matter could be placed on the agenda on July 10. This letter is a formal request
to have this matter placed on the July 14 Common Council agenda.
While I initially understood that the Landowner could participate in the closed session, you later
clarified that this was not the case. Nonetheless, Landowner requests the opportunity to state its
case, either in advance of, or at the meeting in open or closed session. The Raze Statute includes
unique procedural burdens and Landowner would like to make sure that legal counsel are in
agreement as to the proper method of “pausing” the Order if the Common Council is inclined to
work informally with the Landowner. Landowner’s specific request is that the Council will
authorize an appropriate abeyance of the raze order process to allow the Landowner to perform the
Stabilization, Security and Disposition Plan (“Plan”) as attached in this letter.
Landowner is diligently working to address the City’s concerns and reserves the right to submit
additional information prior to July 14 Common Council meeting.

Attorney Kelly Del Ponte
July 9, 2026
Page 2

1.

Recent Property History

There are two buildings located on Tax Parcel 59271821561, an older brick former hospital
building located on the corner of Reed and Selma (“Brickbauer”) and a newer former medical
clinic building (“Clinic”). Landowner acquired the lot and both buildings from a financially
distressed organization at the same time that it acquired nursing home and assisted living facilities
on the parcel to the south (Tax Parcel 59271821562). The facilities to the south are presently
operated by related North Shore companies. Landowner understands that at one time, Aurora
Health was a tenant of Brickbauer and Clinic and vacated both before North Shore took title. North
Shore’s acquisition plans did not include long-term ownership of Brickbauer or Clinic and a real
estate broker has been engaged to seek a buyer or tenant for each. The different ages and potential
uses of each building present a marketing challenge, as does the fact that they share a single legal
lot. Futhermore, interconnection issues for utilities and building services between the building on
each of the Tax Parcels have complicated the disposition.
2.

City Involvement

The City sent a letter dated March 2, 2026, requesting an inspection of Brickbauer. North Shore
requested details about the City’s concerns and cooperated with the inspection request. Some
details of break-ins and maintenance shortcomings were provided to North Shore by local police,
but the City did not express concerns about the condition of the Property directly to Landowner
before the March inspection request.
Until receiving the Order on June 16, North Shore was not contacted about the inspection results
and was not aware that the City’s concerns rose to this level. The Order approach appears excessive
given that both buildings have economic value and potential for adaptive reuse despite their age,
vacancies, and marketing challenges.
3.

Immediate Response

As outlined in the Plan, upon receiving the Order Landowner has promptly taken measures to
secure the Property, reduce the risk of break-ins and other unauthorized activity, and address the
unsightly exterior condition of Brickbauer and its grounds.
4.

Legal Position

If required, Landowner intends to defend the Order by seeking a restraining order from the circuit
court as provided in the Raze Statute. Among other defenses, Landowner disagrees that noted
interior conditions noted in the Order are appropriate grounds for the relief requested in the Order.
Nonetheless, Landowner desires to resolve the City’s concerns on a cooperative basis before
significant legal expenses are incurred by all parties.

Attorney Kelly Del Ponte
July 9, 2026
Page 3

Landowner is confident that its legal position is meritorious and will also seek costs as allowed in
the Raze Statute if the case proceeds.
5.

Request

North Shore respectfully requests that the City Council rescind or otherwise defer enforcement of
the Order, in a manner to be mutually agreed by legal counsel for City and Landowner, and instead
work with the Landowner in accordance with the Plan.
We believe this approach directly addresses the City's public safety concerns while preserving the
opportunity for redevelopment of a long-standing property within the Plymouth community. North
Shore is committed to working collaboratively with the City to ensure the property is maintained
responsibly and that progress continues toward an appropriate long-term resolution.
North Shore appreciates the Council's consideration of this proposal and welcome the opportunity
to discuss any aspect of the Plan.
Respectfully submitted,
DeWitt LLP

Troy A. Mayne
TAM:sf
cc:

North Shore Healthcare

Stabilization, Security and Disposition Plan (“Plan”)
Brickbauer Building – 901 Reed Street, Plymouth

Status Date:

July 9, 2026

North Shore and Landowner appreciate the City's concerns regarding the current condition of
Brickbauer. Identifying a tenant or buyer to invest in the adaptive reuse of this former hospital
building has proven to be a challenge. However, North Shore recognizes the importance of
protecting public safety while also preserving the opportunity for future redevelopment of this
historic property.
We respectfully request that the Common Council rescind the Order while North Shore implements
the following Plan.
1.

Owner Responsibility

North Shore acknowledges that the exterior condition of Brickbauer and surrounding site have
suffered from neglect and are taking corrective steps. In light of information provided by the City
about the break-ins and community perception of the vacant building, North Shore has already
completed security and building access “hardening” measures to address these legitimate safety
concerns.
However, North Shore believes that it shares the same long-term Property goals as the City and
would like to work collaboratively on a solution.
2.

Immediate Security Plan

As of the date of this letter, North Shore has already taken the following steps:
•

Engaged contractors to conduct onsite work to secure and board any damaged or accessible
areas with work beginning the week of July 6.

•

Secured all exterior entry points.

•

Secured all rooftop entry points.

•

Contracted for exterior landscaping work to be conducted the week of July 13.

•

Contracted for painting of boarded entries to be conducted the week of July 13.

3.

60-day Security and Maintenance Plan

Within sixty (60) days of Council approval of appropriate rescission or deferral of the Order
procedural process, North Shore will:
•

Complete a comprehensive inspection of the exterior of the building.

•

Complete a comprehensive inspection of the interior of the building.

•

Confirm completion of exterior landscaping work.

•

Confirm completion of painting of boarded entries.

•

Dispose of loose, damaged interior fixtures and obtain broom swept condition.

•

Repair or reinforce damaged boarding and security measures as needed.

•

Evaluate security camera alternatives to assist law enforcement.

•

Install additional "No Trespassing" signage around the property.

•

Coordinate with local law enforcement regarding unauthorized access.

•

Establish routine inspections of the property to identify and promptly address any new
security breaches.

•

Remove exterior debris.

•

Mow and trim vegetation.

•

Remove brush and overgrowth surrounding the building.

•

Continue maintenance of the exterior grounds to improve the appearance of the Property
and discourage trespassing.

4.

Building Stabilization

Recognizing the age and condition of the building, within sixty (60) days of Common Council
rescinding the Order, North Shore will evaluate and complete practical stabilization measures
intended to prevent further deterioration where reasonably feasible, including:
•

Secure areas exposed to the elements.

•

Address roof openings where practical to reduce additional water intrusion.

•

Monitor the condition of the structure during routine property inspections.

•

Promptly address any newly identified exterior conditions that create additional public
safety concerns.

5.

Long-Term Property Strategy

North Shore recognizes that Brickbauer requires a long-term solution that balances public safety,
responsible stewardship, and the future of the property. Unfortunately, the Property presents
marketing and development challenges due to the site layout, legal lot status and interconnected
utility services.
Over the coming months, North Shore will evaluate the most appropriate long-term course of
action for the property. This evaluation will include consideration of potential redevelopment
opportunities, disposition alternatives, and other options that best serve both the community and
the property's future. Specifically, North Shore intends to consult with the City on the feasibility
of a land division of Brickbauer from Clinic to accelerate and enhance the sales prospects of each.
As this evaluation progresses, North Shore will continue working collaboratively with the City
and will provide updates regarding the status of these efforts.

6.

Communication with the City

North Shore is committed to maintaining open communication with the City of Plymouth
throughout this process.
Accordingly, North Shore Health proposes to:
•

Notify the City of significant developments related to marketing or disposition of the
Property.

•

Meet with City representatives as reasonably requested to discuss progress and address
concerns.

7.

Proposed Timeline

Within 60 Days
•

Remove exterior debris and damaged interior fixtures.

•

Complete landscaping and grounds maintenance.

Within 90 Days
•

Complete identified reasonably practical stabilization efforts.

•

Continue active property marketing.

•

Continue routine inspections.

Ongoing
•

Maintain building security.

•

Maintain grounds.

•

Continue marketing and evaluating redevelopment opportunities.

•

Provide periodic updates to the City.

City of Plymouth

128 Smith St. - P.O. Box 107
Plymouth, WI 53073-0107

DATE:

August 24, 2026

TO:

Mayor and Common Council

FROM:

Christopher Russo, Finance Director

RE:

Presentation of 2025 Financial Audit

Telephone:
Facsimile:
Web Site:

(920) 893-3745
(920) 893-0183
plymouthgov.com

BACKGROUND:
The City and Utility continue to be in solid financial shape as of the year ended 12/31/25. Baker
Tilly will present the results of the 2025 Audit at the August 24, 2025 Common Council meeting.
Financial highlights as noted in the financial audit reports:
• The City’s overall financial position, as reflected in total net position, increased $4.587
million (all funds).
o The net position of governmental activities increased by $625,980. Net position of
governmental activities increased primarily due to interest income and payment of
long-term debt.
o The net position of business-type activities increased $3.961 million primarily due
to Utility income.
• The general fund decreased by $193,694. This is due to an additional interfund transfer of
$605,824 to the capital fund per the fund balance policy. Removing this transfer, the
general fund increased by $412,130 helped by increased interest income and increased
variable revenue sources.
• The City retired $1.440 million of general obligation debt. The City issued $6.9 million of
general obligation debt.
• A larger portion of 2025 capital project costs were carried forward and are projected to be
completed in future years. Because of this, along with the additional interfund transfer from
the general fund, the capital improvements fund has $3.791 million assigned for future
capital improvements of the City.
As in previous years, the auditors noted a deficiency in the City’s internal controls due to a lack
of segregation of duties. Although this comment is not uncommon for a municipality the size of
Plymouth, we take it very seriously and staff continues to look for ways to improve procedures to
mitigate the risks associated with a lack of segregation of duties.
Recommendation:
Accept the 2025 audit reports and related financial statements.
Attachments:
• 2025 Audit Documents

City of Plymouth
Financial highlights
August 24, 2026

Client service team
Justin Hoagland, CPA, Principal
Aaron Galvan, CPA, Manager

© 2025 Baker Tilly US, LLP

City of Plymouth
General fund results
2024

General fund - fund balance by category

2025

$4,051,598
$3,857,904

Total
$3,182,046
$2,887,033

Unassigned
$651,560
$618,099

Assigned
Committed

$$-

Restricted

$$$217,992
$352,772

Nonspendable
0

500,000

1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000

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

$
$

Actual
Final budget
8,688,325 $
8,265,383
8,882,019
8,265,383
(193,694) $
-

$
$

Variance
422,942
(616,636)
(193,694)

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

City of Plymouth
General fund - fund balance trends
Fund balance policy:
20-25% of the general fund annual operating budget.

General Fund Actual

Policy minimum

Policy maximum

Reference - Median

Unrestricted general fund - fund balance
as a percentage of expenditures

55%
50%

48.3%

45%

41.8%

42.4%

40.4%

40%

37.8%

37.6%

37.2%

37.4%

35%
30%

29.8%

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 range
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

City of Plymouth
General obligation debt
Debt management policy:
The City does not currently have a debt management policy.
16%

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

G.O. debt limit

General obligation debt capacity
$70,000,000

$63,076,465
$55,582,770

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

$45,525,730

$58,085,525

$47,989,710

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

$15,580,000
$12,325,000

$8,815,000

2022

2023

$2021

$10,200,000
$4,710,000
2024

2025

Total debt outstanding by type at 12/31/2025
City $
Utility
Total $

General obligation
5,945,000
4,255,000
10,200,000

Prom Notes
95,000
$
95,000
$

Total
$
$

5,945,000
4,350,000
10,295,000

Comparative metrics available online through the Wisconsin Policy Forum.
https://wispolicyforum.org/research/municipal-datatool-examining-and-comparing-wisconsin-cities-and-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

City of Plymouth
Governmental funds - debt service
City of Plymouth

Reference - Median

Debt service to non-capital expenditures
25.00%

20.6%

19.4%

20.00%

17.9%
16.6%

18.7%

16.7%

15.00%

14.1%

14.3%

10.00%

6.7%
5.00%

0.00%

2021

2022

2023

2024

2025

Current and prior year data
2025
$

$

610,000
133,797
743,797

$

2024
1,650,000
108,192
1,758,192

$

11,038,106

$

9,077,006

Principal
Interest
Total

$

Non-capital expenditures

Other reference values
Median reference value generated from 2021 - 2024 Baker Tilly municipal client data for population range
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

Reporting and insights
from 2025 audit:
City of Plymouth
December 31, 2025

Executive summary
August 20, 2026
To the Common Council
City of Plymouth
900 County Road PP
P.O. Box 277
Plymouth, WI 53073-0277
We have completed our audit of the financial statements of the City of Plymouth (the City) for the year
ended December 31, 2025, and have issued our report thereon dated August 20, 2026. This letter
presents communications required by our professional standards.
Your audit should provide you with confidence in your financial statements. The audit was performed
based on information obtained from meetings with management, data from your systems, knowledge of
your City's operating environment and our risk assessment procedures. We strive to provide you clear,
concise communication throughout the audit process and of the final results of our audit.
Additionally, we have included information on key risk areas the City should be aware of in your strategic
planning. We are available to discuss these risks as they relate to your organization's financial stability
and future planning.
If you have questions at any point, please connect with us:
•
•

Aaron Worthman, Principal: [email protected] or +1 (512) 975 7281
Justin Hoagland, Principal: [email protected] or +1 (608) 240 2497

Sincerely,
Baker Tilly US, LLP

Aaron Worthman, CPA, Principal

Justin Hoagland, CPA, Principal

THIS COMMUNICATION IS INTENDED SOLELY FOR THE INFORMATION AND USE OF THOSE CHARGED WITH GOVERNANCE, AND, IF APPROPRIATE,
MANAGEMENT, AND IS NOT INTENDED TO BE AND SHOULD NOT BE USED BY ANYONE OTHER THAN THESE SPECIFIED PARTIES.
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.

Responsibilities
Our responsibilities
As your independent auditor, our responsibilities include:
•

Planning and performing the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. Reasonable assurance is a high level of assurance.

•

Assessing the risks of material misstatement of the financial statements, whether due to fraud or
error. Included in that assessment is a consideration of the City's internal control over financial
reporting.

•

Performing appropriate procedures based upon our risk assessment.

•

Evaluating the appropriateness of the accounting policies used and the reasonableness of significant
accounting estimates made by management.

•

Forming and expressing an opinion based on our audit about whether the financial statements
prepared by management, with the oversight of the Common Council:

•

•

Are free from material misstatement

•

Present fairly, in all material respects and in accordance with accounting principles generally
accepted in the United States of America

Our audit does not relieve management or the Common Council of their responsibilities.

We are also required to communicate significant matters related to our audit that are relevant to the
responsibilities of the Common Council, including:
•

Internal control matters

•

Qualitative aspects of the City's accounting practice including policies, accounting estimates and
financial statement disclosures

•

Significant unusual transactions

•

Significant difficulties encountered

•

Disagreements with management

•

Circumstances that affect the form and content of the auditors' report

•

Audit consultations outside the engagement team

•

Corrected and uncorrected misstatements

•

Other audit findings or issues

© 2025 Baker Tilly US, LLP

Page | 3

Audit status
Significant changes to the audit plan
There were no significant changes made to either our planned audit strategy or to the significant risks and
other areas of emphasis identified during the performance of our risk assessment procedures.

© 2025 Baker Tilly US, LLP

Page | 4

Audit approach and results
Planned scope and timing
Audit focus
Based on our understanding of the City and environment in which you operate, we focused our audit on
the following key areas:
•

Key transaction cycles

•

Areas with significant estimates

•

Areas of complexity and additional compliance requirements including TIF Districts

Our areas of audit focus were informed by, among other things, our assessment of materiality. Materiality
in the context of our audit was determined based on specific qualitative and quantitative factors combined
with our expectations about the City's current year results.

Key areas of focus and significant findings
Significant risks of material misstatement
A significant risk is an identified and assessed risk of material misstatement that, in the auditor's
professional judgment, requires special audit consideration. Within our audit, we focused on the following
areas below.
Significant risk areas

Testing approach

Conclusion

Management override of
controls

Incorporate unpredictability into
audit procedures, emphasize
professional skepticism and
utilize audit team with industry
expertise

Procedures identified provided
sufficient evidence for our audit
opinion

Improper revenue recognition
due to fraud

Confirmation or validation of
certain revenues supplemented
with detailed predictive analytics
based on non-financial data and
substantive testing of related
receivables

Procedures identified provided
sufficient evidence for our audit
opinion

Segregation of duties

Incorporate unpredictability into
audit procedures, emphasize
professional skepticism and
utilize audit team with industry
expertise

Procedures identified provided
sufficient evidence for our audit
opinion

© 2025 Baker Tilly US, LLP

Page | 5

Other areas of emphasis
We also focused on other areas that did not meet the definition of a significant risk, but were determined
to require specific awareness and a unique audit response.
Other areas of emphasis
Cash and investments

Revenues and receivables

General disbursements

Payroll

Pension liabilities and assets

Long-term debt

Capital assets including
infrastructure

Net position and fund balance
calculations

Financial reporting and required
disclosures

Internal control matters
We considered the City's internal control over financial reporting as a basis for designing our audit
procedures for the purpose of expressing an opinion on the financial statements. We are not expressing
an opinion on the effectiveness of the City's internal control.
Our consideration of internal control was for the limited purpose described in the preceding paragraph
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies and, therefore, material weaknesses or significant deficiencies may exist that were
not identified.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis.
A material weakness is a deficiency or combination of deficiencies in internal control such that there is a
reasonable possibility that a material misstatement of the entity's financial statements will not be
prevented, or detected and corrected, on a timely basis. We identified the following deficiencies as
material weaknesses:
•

Inadequate segregation of duties
A properly designed system of internal control includes adequate staffing as well as policies and
procedures to properly segregate duties. This includes systems that are designed to limit the access
or control of any one individual to your government's assets or accounting records, and to achieve a
higher likelihood that errors or irregularities in your accounting processes would be discovered by
your staff in a timely manner.
At this time, due to staffing and financial limitations, the proper internal controls are not in place to
achieve adequate segregation of duties. As a result, errors, irregularities or fraud could occur as part
of the financial reporting process that may not be discovered by someone in your organization.
Therefore, we are reporting a material weakness related to the internal control environment.

© 2025 Baker Tilly US, LLP

Page | 6

•

Missing key controls
There are certain controls that are not currently in place related to significant transaction cycles. As a
result, there is a risk that erroneous or unauthorized transactions or misstatements could occur
without the knowledge of management or the governing body. Our recommendations for
strengthening controls are listed below.
Controls over utility billing
•

Persons involved in the cash receipting process should be independent of other billing duties.

Controls journal entries
•

Adjusting journal entries and supporting documentation should be reviewed and approved by
an appropriate person who is not the original preparer.

Since the controls listed above or other compensating controls are not currently in place, errors or
irregularities could occur as part of the accounting processes that might not be discovered by
management or the governing body. Therefore, the absence of these controls is considered to be a
material weakness.
We recommend that a designated employee review the segregation of duties, risks, and these potential
controls and determine whether additional controls should be implemented. This determination should
take into consideration a cost / benefit analysis.
•

Financial statement close process
Properly designed systems of internal control provide your organization with the ability to process and
record accurate monthly and year-end transactions and annual financial reports.
Our audit includes a review and evaluation of the internal controls relating to financial reporting.
Common attributes of a properly designed system of internal control for financial reporting are as
follows:
•

There is adequate staffing to prepare financial reports throughout the year and at year-end.

•

Material misstatements are identified and corrected during the normal course of duties.

•

Complete and accurate financial statements, including footnotes, are prepared.

•

Financial reports are independently reviewed for completeness and accuracy.

Our evaluation of the internal controls over financial reporting has identified control deficiencies that are
considered to be a material weakness surrounding the preparation of financial statements and footnotes,
and an independent review of financial reports.
Management has not prepared financial statements that are in conformity with generally accepted
accounting principles.

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Required communications
Qualitative aspect of accounting practices
•

Accounting policies: Management is responsible for the selection and use of appropriate accounting
policies. In accordance with the terms of our engagement letter, we have advised management about
the appropriateness of accounting policies and their application. The significant accounting policies
used by the City are described in Note 1 to the financial statements. No new accounting policies were
adopted, and the application of existing accounting policies was not changed during 2025. We noted
no transactions entered into by the City during the year for which accounting policies are controversial
or for which there is a lack of authoritative guidance or consensus or diversity in practice.

•

Accounting estimates: Accounting estimates, including fair value estimates, are an integral part of the
financial statements prepared by management and are based on management's knowledge and
experience about past and current events and assumptions about future events. Certain accounting
estimates are particularly sensitive because of their significance to the financial statements, the
degree of subjectivity involved in their development and because of the possibility that future events
affecting them may differ significantly from those expected. The following estimates are of most
significance to the financial statements:
Management's process to
determine

Baker Tilly's conclusions
regarding reasonableness

Accrued compensated
absences

Evaluation of hours earned and
accumulated in accordance
with employment policies and
average wage per hour rates

Reasonable in relation to the
financial statements as a whole

Net pension liability and
related deferrals

Evaluation of information
provided by the Wisconsin
Retirement System

Reasonable in relation to the
financial statements as a whole

Self-insurance claims

Historical claims analysis and
report provided by a 3rd party
administrator

Reasonable in relation to the
financial statements as a whole

Depreciation

Evaluate estimated useful life
of the asset and original
acquisition value

Reasonable in relation to the
financial statements as a whole

Estimate

There have been no significant changes made by management to either the processes used to
develop the particularly sensitive accounting estimates, or to the significant assumptions used to
develop the estimates, noted above.
•

Financial statement disclosures: The disclosures in the financial statements are neutral, consistent
and clear.

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Significant unusual transactions
There have been no significant transactions that are outside the normal course of business for the City or
that otherwise appear to be unusual due to their timing, size or nature.

Significant difficulties encountered during the audit
We encountered no significant difficulties in dealing with management and completing our audit.

Disagreements with management
Professional standards define a disagreement with management as a matter, whether or not resolved to
our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to
the financial statements or the auditors' report. We are pleased to report that no such disagreements
arose during the course of our audit.

Audit report
There have been no departures from the auditors' standard report.

Audit consultations outside the engagement team
We encountered no difficult or contentious matters for which we consulted outside of the engagement
team.

Uncorrected misstatements and corrected misstatements
Professional standards require us to accumulate misstatements identified during the audit, other than
those that are clearly trivial and to communicate accumulated misstatements to management.
Management is in agreement with the misstatements we have identified, and they have been corrected in
the financial statements. In our judgment, none of the misstatements that management has corrected,
either individually or in the aggregate, indicate matters that could have had a significant effect on the
City’s financial reporting process.

Other audit findings or issues
We encountered no other audit findings or issues that require communication at this time.
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the City's auditors. However, these
discussions occurred in the normal course of our professional relationship and our responses were not a
condition to our retention.

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Other information in documents containing audited basic financial statements
Official statements (or other equivalent document which we may not read unless engaged separately)
The City's audited financial statements are "general purpose" financial statements. General purpose
financial statements consist of the basic financial statements that can be used by a broad group of people
for a broad range of activities. Once we have issued our audit report, we have no further obligation to
update our report for events occurring subsequent to the date of our report. The City can use the audited
financial statements in other client prepare documents, such as official statements related to the issuance
of debt, without our acknowledgement. Unless we have been engaged to perform services in connection
with any subsequent transaction requiring the inclusion of our audit report, as well as to issue an auditor's
acknowledgment letter, we have neither read the document nor performed subsequent event procedures
in order to determine whether or not our report remains appropriate.

Management's consultations with other accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters. Management informed us that, and to our knowledge, there were no consultations with other
accountants regarding auditing or accounting matters.

Written communications between management and Baker Tilly
The attachments include copies of other material written communications, including a copy of the
management representation letter.

Compliance with laws and regulations
We did not identify any non-compliance with laws and regulations during our audit.

Fraud
We did not identify any known or suspected fraud during our audit.

Going concern
Pursuant to professional standards, we are required to communicate to you, when applicable, certain
matters relating to our evaluation of the City's ability to continue as a going concern for a reasonable
period of time but no less than 12 months from the date of the financial statements, including the effects
on the financial statements and the adequacy of the related disclosures, and the effects on the auditor's
report. No such matters or conditions have come to our attention during our engagement.

Independence
We are not aware of any relationships between Baker Tilly and the City that, in our professional judgment,
may reasonably be thought to bear on our independence.

Related parties
We did not have any significant findings or issues arise during the audit in connection with the City's
related parties.

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Other matters
We applied certain limited procedures to the required supplementary information (RSI) that supplements
the basic financial statements. Our procedures consisted of inquiries of management regarding 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 did not audit the RSI and do not express an opinion or provide
any assurance on the RSI.
We were engaged to report on the supplementary information which accompanies the financial
statements but is not RSI. With respect to the supplementary information, we made certain inquiries of
management and evaluated the form, content, and methods of preparing the information to determine
that the information complies with accounting principles generally accepted in the United States of
America, the method of preparing it has not changed from the prior period, and the information is
appropriate and complete in relation to our audit of the financial statements. We compared and reconciled
the supplementary information to the underlying accounting records used to prepare the financial
statements or to the financial statements themselves.

Nonattest services
The following nonattest services were provided by Baker Tilly:
•

Financial statement preparation

In addition, we prepared GASB No. 34 conversion entries which are summarized in the "Reconciliation of
the Balance Sheet of Governmental Funds to the Statement of Net Position" and the "Reconciliation of
the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the
Statement of Activities" in the financial statements.
None of these nonattest services constitute an audit under generally accepted auditing standards,
including Government Auditing Standards.

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Common Council Resources
Our business is to know every aspect of yours and to maintain a constant lookout for what's next. We
invite you to learn about some of the trending challenges and opportunities for public sector organizations
like yours and how Baker Tilly can help.
To explore more trending topics and regulatory updates, visit our resource page at
https://www.bakertilly.com/insights/audit-committee-resource-page.
Capital project oversight
Public sector capital projects face increasing pressure from cost escalation, supply
chain disruption, regulatory complexity and heightened scrutiny around transparency
and accountability. Strong planning, governance and controls are critical across the
full project life cycle, from feasibility and funding strategy through execution and
closeout.
Independent oversight helps chart a clear course from planning to delivery. Our
teams work alongside leadership to strengthen governance, establish financial and
contractual controls, align funding with project goals, and monitor performance
throughout execution, helping projects stay on schedule, within budget, and aligned
with community priorities.
Succession planning
An aging workforce, rising retirement rates, and competition for specialized talent
make succession planning a fiscal and operational a priority for public sector
organizations.
By identifying critical roles, assessing workforce risk, building internal talent
pipelines, and integrating succession planning with broader workforce strategies,
Baker Tilly helps organizations preserve institutional knowledge and maintain
continuity, today, and into the future.
Economic development
Successful economic development depends on disciplined planning, sound financial
analysis and coordinated execution. Public sector leaders must balance incentives,
infrastructure investment, funding opportunities and stakeholder priorities while
maintaining fiscal responsibility.
Baker Tilly’s supports local governments with strategic and financial planning,
incentive structuring and negotiation, tax increment financing administration, project
financing, grant strategy, and economic and fiscal impact analysis. This integrated
approach helps leaders move from vision to action, strengthening communities and
advancing sustainable, long-term growth.

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Management representation letter

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Client service team
Aaron Worthman, CPA
Principal

4807 Innovate Ln
Madison, WI 53718
United States
T +1 (512) 975 7281 | Madison
[email protected]

Justin Hoagland, CPA
Principal

4807 Innovate Ln
Madison, WI 53718
United States
T +1 (608) 240 2497 | Madison
[email protected]

Stephanie Silva, CPA
Manager

901 S MoPac Expressway
Bldg. IV Ste. 100
Austin, TX 78746
United States
T +1 (737) 209 4270 | Austin
[email protected]

Aaron Galvan, CPA
Manager

4807 Innovate Ln
Madison, WI 53718
United States
T +1 (608) 240 2684 | Madison
[email protected]

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Accounting changes relevant to the City of
Plymouth
Future accounting standards update
GASB
Statement
Number

Description

103

Financial Reporting Model Improvements

12/31/26

104

Disclosure of Certain Capital Assets

12/31/26

105

Subsequent events

12/31/27

Potentially
impacts you

Effective date

Further information on upcoming GASB pronouncements.

Changes to the financial reporting model
GASB Statement 103, Financial Reporting Model Improvements, builds on Statement 34 by providing key
targeted improvements to the financial reporting model. Its requirements are designed to:
•

Enhance the effectiveness of governmental financial reports in providing information essential for
decision making and assessing a government's accountability, and

•

Address certain application issues.

The targeted improvements contained in Statement 103 establish or modify existing accounting and
financial reporting requirements related to:
•

Management's discussion and analysis - While the overall requirements do not substantially
change management's discussion and analysis, the modifications are meant to improve the
analysis included in this section and provide details about the items that should be discussed as
currently known facts, decisions, or conditions expected to have a significant financial effect in the
subsequent period.

•

Unusual or infrequent items (previously known as extraordinary and special items) - The new
Statement simplifies GASB literature by eliminating the separate presentation of extraordinary
and special items. Under the requirement of Statement 103, applicable items will either be
identified as unusual or infrequent, or both.

•

Presentation of the proprietary fund statement of revenues, expenses, and changes in fund net
position - The changes are designed to improve consistency around the classification of items in
these statements by better defining what should be included in operating revenues and expenses
and nonoperating revenues and expenses including, for example, the addition of subsidies
received or provided as a new category of nonoperating revenues and expenses.

•

Major component unit information, and Budgetary comparison information - Statement 103 is
designed to improve the consistency of the reporting of major component unit information and
budgetary comparison information by specifying required placement of that information.

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Revisions to disclosures for certain capital assets
Governments are required to provide information on capital assets in the footnotes to the financial
statements as outlined in GASB Statement No. 34. Recent standards have impacted the accounting and
reporting for capital assets and as a result GASB issued Statement No. 104, Disclosure of Certain Capital
Assets to provide enhanced disclosures for certain capital assets, including
(a) Lease assets reported under Statement No. 87, intangible right-to-use assets reported under
Statement No. 94 and subscription assets reported under Statement No. 96 should all be
disclosed separately, and by major class of underlying asset. In addition, if there are any other
intangible assets reported they should also be disclosed separately.
(b) Capital assets that are held for sale should have the ending balance with separate disclosure for
historical cost and related accumulated depreciation as well as any outstanding debt for which the
asset is pledged as collateral disclosed by major class of asset. Assets held for sale are defined
as those for which the government has decided to pursue the sale, and it is probable that the sale
will be finalized within one year of the financial statement date.
While these changes are focused on footnote disclosures it is important to plan ahead to ensure the
required information is available for implementation.

Updated guidance for the financial reporting of subsequent events
GASB Statement No. 105, Subsequent Events, which supersedes GASB Statement No. 56, is intended
to enhance consistency in the application of requirements for subsequent events.
The Statement defines subsequent events as transactions or other events that occur after year end but
before the date the financial statements are available to be issued. The date the financial statements are
available to be issued is the date at which (a) the financial statements are complete in a form and format
that complies with generally accepted accounting principles (GAAP) and (b) approvals necessary for
issuance have been obtained, or typically the opinion date. The definition of subsequent events in this
Statement modifies the subsequent events time frame throughout the GASB literature.
The Statement also clarifies:
•

The different types of subsequent events (recognized and nonrecognized events)

•

When note disclosures are required

•

The information that should be included in those note disclosures

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Two-way audit communications
As part of our audit of your financial statements, we are providing communications to you throughout the
audit process. Auditing requirements provide for two-way communication and are important in assisting
the auditor and you with more information relevant to the audit.
As this past audit is concluded, we use what we have learned to begin the planning process for next
year's audit. It is important that you understand the following points about the scope and timing of our
next audit:
a. We address the significant risks of material misstatement, whether due to fraud or error, through
our detailed audit procedures.
b. We will obtain an understanding of the five components of internal control sufficient to assess the
risk of material misstatement of the financial statements whether due to error or fraud, and to
design the nature, timing and extent of further audit procedures. We will obtain a sufficient
understanding by performing risk assessment procedures to evaluate the design of controls
relevant to an audit of financial statements and to determine whether they have been
implemented. We will use such knowledge to:
•

c.

Identify types of potential misstatements.

•

Consider factors that affect the risks of material misstatement.

•

Design tests of controls, when applicable, and substantive procedures.

We will not express an opinion on the effectiveness of internal control over financial reporting or
compliance with laws, regulations and provisions of contracts or grant programs.

d. The concept of materiality recognizes that some matters, either individually or in the aggregate,
are important for fair presentation of financial statements in conformity with generally accepted
accounting principles while other matters are not important. In performing the audit, we are
concerned with matters that, either individually or in the aggregate, could be material to the
financial statements. Our responsibility is to plan and perform the audit to obtain reasonable
assurance that material misstatements, whether caused by errors or fraud, are detected.
Our audit will be performed in accordance with auditing standards generally accepted in the United States
of America.
We are very interested in your views regarding certain matters. Those matters are listed here:
a. We typically will communicate with your top level of management unless you tell us otherwise.
b. We understand that the governing board has the responsibility to oversee the strategic direction
of your organization, as well as the overall accountability of the entity. Management has the
responsibility for achieving the objectives of the entity.
c.

We need to know your views about your organization's objectives and strategies, and the related
business risks that may result in material misstatements.

d. We anticipate that the City will receive an unmodified opinion on its financial statements.
e. Which matters do you consider warrant particular attention during the audit, and are there any
areas where you request additional procedures to be undertaken?
f.

Have you had any significant communications with regulators or grantor agencies?

g. Are there other matters that you believe are relevant to the audit of the financial statements?

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Also, is there anything that we need to know about the attitudes, awareness and actions of the governing
body concerning:
a. The entity's internal control and its importance in the entity, including how those charged with
governance oversee the effectiveness of internal control?
b. The detection or the possibility of fraud?
We also need to know if you have taken actions in response to developments in financial reporting, laws,
accounting standards, governance practices, or other related matters, or in response to previous
communications with us.
With regard to the timing of our audit, here is some general information. We perform preliminary financial
audit work during the months of October-December, and sometimes early in January. Our final financial
fieldwork is scheduled during the spring to best coincide with your readiness and report deadlines. After
fieldwork, we wrap up our financial audit procedures at our office and issue drafts of our report for your
review. Final copies of our report and other communications are issued after approval by your staff. This
is typically 6-12 weeks after final fieldwork, but may vary depending on a number of factors.
Keep in mind that while this communication may assist us with planning the scope and timing of the audit,
it does not change the auditor's sole responsibility to determine the overall audit strategy and the audit
plan, including the nature, timing and extent of procedures necessary to obtain sufficient appropriate audit
evidence.
We realize that you may have questions on what this all means, or wish to provide other feedback. We
welcome the opportunity to hear from you.

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City of Plymouth
Financial Statements and
Supplementary Information
December 31, 2025

City of Plymouth
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

3

Fund Financial Statements
Balance Sheet - Governmental Funds

4

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

6

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

7

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

9

Statement of Net Position - Proprietary Fund

10

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

12

Statement of Cash Flows - Proprietary Fund

13

Statement of Fiduciary Net Position - Custodial Fund

15

Statement of Changes in Fiduciary Net Position - Custodial Fund

16

Index to Notes to Financial Statements

17

Notes to Financial Statements

18

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

51

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

52

Schedule of Employer Contributions - Wisconsin Retirement System

52

Notes to Required Supplementary Information

53

City of Plymouth
Table of Contents
December 31, 2025

Page
Supplementary Information
Combining Balance Sheet - Nonmajor Governmental Funds

54

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

56

Combining Statement of Net Position - Internal Service Funds

58

Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal
Service Funds

59

Combining Statement of Cash Flows - Internal Service Funds

60

Independent Auditors' Report
To the City Council of
City of Plymouth
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 City of Plymouth, Wisconsin
(the City), as of and for the year ended December 31, 2025, and the related notes to the financial statements,
which collectively comprise the City'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 City 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 City 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.
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.
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 City'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.

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

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 City'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 City'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 City'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
August 20, 2026

iii

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

This discussion and analysis of the City of Plymouth's (the City) financial information provides an overall
review of financial activities for the year. The analysis generally focuses on City financial performance as
a whole. A comparison to prior year data is also presented for additional analysis. This discussion and
analysis should be read in conjunction with the City's financial statements, which immediately follow this
section.

Financial Highlights


The City's overall financial position, as reflected in total net position, increased $4,587,400. Net
position of governmental activities increased $625,980 and net position of business-type activities
increased $3,961,420.



In the governmental funds, total fund balances increased $4,328,819 including an decrease of
$193,694 in the general fund.



The City issued $6,900,000 of general obligation debt.



The capital improvements fund has $3,791,430 assigned for future capital improvements of the City.
Expenditures of the capital improvements fund will continue to be funded with current tax levy.

Overview of the Financial Statements
The City’s basic financial statements are comprised of 1) government-wide financial statements, 2) fund
financial statements and 3) notes to the basic financial statements. In addition, other information
supplementary to the basic financial statements is provided.
Government-Wide Financial Statements


The government-wide financial statements are the statement of net position and statement of
activities. These statements are designed to provide readers with a broad overview of the City's
finances in a manner similar to private-sector business. Both statements distinguish functions that are
supported principally by property taxes and intergovernmental revenues, called governmental
activities, from functions that are intended to recover all or a significant portion of costs through user
fees and charges called business-type activities.



The statement of net position presents information on all of the City's assets, deferred outflow of
resources, liabilities and deferred inflows of resources, with the difference reported as net position.
Over time, increases or decreases in net position may serve as a useful indicator of whether the
financial position of the City is improving or deteriorating.



The statement of activities presents information showing how the City's net position changed during
the year. This statement reports the cost of government functions and how those functions were
financed for the year.



The government-wide financial statements are shown on pages 1 to 3 of this report.

Fund Financial Statements


The City also produces fund financial statements. A fund is a grouping of related accounts that is
used to maintain control over resources that have been segregated for specific activities or
objectives. The City, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance related legal requirements. Fund statements generally report
operations in more detail than the government-wide statements and provide information that may be
useful in evaluating the City's near-term financing requirements.
iv

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)



There are two fund financial statements, the balance sheet and the statement of revenues,
expenditures and changes in fund balances. Generally, fund statements focus on near-term inflows
and outflows of spendable resources and their impact on fund balances.



Because the focus of fund financial statements is narrower than that of the government-wide financial
statements it is useful to make comparisons between the information presented. By doing so, readers
may better understand the long-term impact of the government’s near-term financial decisions. A
reconciliation to facilitate this comparison is provided on separate statements.



The City has three kinds of funds: governmental, proprietary and fiduciary. Governmental funds
include the City's nine funds (general, debt service, committed, revolving loan, USDA revolving loan,
garbage and recycling, housing grant, and the water and sewer lateral. In the current year, the City
has six capital project funds, including five TIF Districts. The City's proprietary funds consist of
enterprise funds (the Plymouth Utilities) and internal service funds (health care and risk
management). The City's only fiduciary fund is the custodial tax collection fund.



Financial information is presented separately on both the balance sheet and the statement of
revenues, expenditures and changes in fund balances for the general, tax increment housing, debt
service, TIF District #4 and capital improvements funds as these funds are considered to be major
funds. Data for the remaining funds are combined into a single, aggregate column. Data for each of
the individual nonmajor funds is provided separately as supplementary information. The
governmental fund financial statements are shown on pages 4 to 9 of this report.



The proprietary fund statements for the enterprise funds and internal service funds are prepared on
the same basis of accounting and measurement focus as the government-wide financial statements.
In addition, the City provides a statement of cash flows for the proprietary funds. The internal service
funds have been allocated between the governmental activities and business-type activities in the
government-wide financial statements. The proprietary fund financial statements are shown on
pages 10 to 14 of this report.



The City serves as the trustee, or fiduciary, for assets that belong to other governments including
State, County, School District and Vocational School tax collections. The City is responsible for
ensuring that the assets reported in this fund are used only for their intended purposes and by those
to whom the assets belong. The City excludes the activities from the government-wide financial
statements because it cannot use these assets to finance its operations. The fiduciary fund financial
statements are presented on pages 15 and 16.



The City adopts an annual appropriated budget for the general fund. A budgetary comparison
schedule has been provided to demonstrate budget compliance. The budgetary comparison schedule
is on page 51.

Notes to the Basic Financial Statements
The notes to the basic financial statements provide additional information that is essential to the full
understanding of the data provided in the government-wide and fund financial statements. The notes to
the financial statements can be found on pages 17 to 50 of this report.

v

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Major Features of the Government-Wide and Fund Financial Statements
The major features of the City's financial statements, including the portion of the activities reported and
the type of information contained, is shown in the following table.
Fund Financial Statements
Government-Wide
Statements

Governmental
Funds

Proprietary
Funds

Fiduciary
Funds

Scope

Entire City (except The activities of the City
fiduciary funds)
that are not proprietary
or fiduciary, such as
public safety, public
works and culture,
recreation and
education

Proprietary funds consist Instances in which the
of enterprise funds (the
City administers
Plymouth Utilities) and
resources on behalf of
internal service funds
someone else, such as
(health care and risk
State, County and
management)
School tax collections

Required
financial
statements

Statement of
net position

Statement of net position Statement of fiduciary
net position
Statement of revenues,
expenses and changes Statement of changes in
in net position
fiduciary net position

Statement of
activities

Balance sheet
Statement of revenues,
expenditures and
changes in fund
balances

Statement of cash flows

Basis of
Accrual accounting Modified accrual
accounting
and economic
accounting and current
and
resources focus
financial resources
measurement
focus
focus

Accrual accounting and
economic resources
focus

Accrual accounting and
economic resources
focus

Type of asset
and liability
information

All assets and
liabilities, both
financial and
capital, shortterm and longterm

Generally assets
All assets and liabilities,
expected to be used up
both financial and
and liabilities that come
capital; short-term and
long-term
due during the year or
soon thereafter; no
capital assets or longterm liabilities included

All assets and liabilities,
both financial and
capital; short-term and
long-term; the City's
funds do not currently
contain any capital
assets, although they
can

Type of inflow
and outflow
information

All revenues and Revenues for which cash All revenues and
expenses during
is received during or
expenses during the
the year,
soon after the end of the year, regardless of
regardless of
year; expenditures when when cash is received
when cash is
goods or services have
or paid
received or paid
been received and the
related liability is due
and payable

All additions or
deductions during the
year, regardless of
when cash is received
or paid

vi

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Financial Analysis
The City as a Whole
Net Position. Table 1, below, provides a summary of the City's net position for the year ended
December 31, 2025 compared to 2024.
Table 1
City of Plymouth Condensed Statement of Net Position
December 31, 2025 and 2024
.
Governmental Activities
2025
Current and Other Assets
Capital Assets
Total assets

Business-Type Activities

2024

2025

$ 25,890,308 $ 22,237,612 $
21,895,730
22,116,435

2024

Totals
2025

2024

40,085,171 $ 40,765,477 $ 65,975,479 $
78,692,299
73,470,403
100,808,734

63,003,089
95,366,133

48,006,743

44,133,342

118,777,470

114,235,880

166,784,213

158,369,222

of resources

1,899,838

2,641,716

1,247,667

1,634,433

3,147,505

4,276,149

Long-Term Liabilities
Other Liabilities

6,753,938
1,617,192

2,844,451
793,374

11,599,165
2,382,442

10,988,711
2,462,411

18,353,103
3,999,634

13,833,162
3,255,785

Total liabilities

8,371,130

3,637,825

13,981,607

13,451,122

22,352,737

17,088,947

of resources

7,559,644

9,787,406

650,599

987,680

8,210,243

10,775,086

Net Position
Net investment in capital assets
Restricted
Unrestricted

17,861,398
5,742,048
10,372,361

19,518,947
3,948,256
9,882,624

74,189,236
31,203,695

70,848,975
30,582,536

92,050,634
5,742,048
41,576,056

90,367,922
3,948,256
40,465,160

Total deferred outflows

Total deferred inflows

Total net position

$ 33,975,807 $ 33,349,827 $ 105,392,931 $ 101,431,511 $ 139,368,738 $

vii

134,781,338

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Change in Net Position. Table 2 shows the change in net position for the years ended December 31,
2025 and 2024.
Table 2
City of Plymouth Change in Net Position
Years ended December 31, 2025 and 2024
Governmental Activities

Business-Type Activities

Totals

2025

2024

2025

2024

2025

2024

1,419,063 $
773,309
-

1,208,085 $
661,276
-

30,998,399 $
221,135

30,090,969 $
47,580

32,417,462 $
773,309
221,135

31,299,054
661,276
47,580

7,750,455
311,207
1,843,922
823,283
178,346

7,919,604
295,894
2,148,023
797,041
209,121

2,011,223
89,849

2,007,804
4,088

7,750,455
311,207
1,843,922
2,834,506
268,195

7,919,604
295,894
2,148,023
2,804,845
213,209

Total revenues

13,099,585

13,239,044

33,320,606

32,150,441

46,420,191

45,389,485

Expenses
General government
Public safety
Public works
Health and human services
Culture, education and recreation
Conservation and development
Interest and fiscal charges
Plymouth Utilities

3,927,913
3,413,037
2,940,776
202,348
2,077,597
320,312
209,721
-

1,078,455
3,134,668
3,302,211
207,438
1,688,862
345,161
70,945
-

28,741,087

27,013,140

3,927,913
3,413,037
2,940,776
202,348
2,077,597
320,312
209,721
28,741,087

1,078,455
3,134,668
3,302,211
207,438
1,688,862
345,161
70,945
27,013,140

Total expenses

13,091,704

9,827,740

28,741,087

27,013,140

41,832,791

36,840,880

7,881

3,411,304

4,579,519

5,137,301

4,587,400

8,548,605

618,099

651,560

(618,099)

(651,560)

-

-

625,980

4,062,864

3,961,420

4,485,741

4,587,400

8,548,605

33,349,827

29,286,963

101,431,511

96,945,770

134,781,338

126,232,733

33,975,807 $

33,349,827 $

105,392,931 $

101,431,511 $

139,368,738 $

134,781,338

Revenues
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions

$

General revenues:
Property taxes
Other taxes
Intergovernmental
Investment income
Other

Change in net position
before transfers
Transfers
Change in net position
Net Position, January 1
Net Position, December 31

$



Program revenues totaled $2,192,372 for governmental activities and $31,219,534 for business-type
activities. In total, program revenues increased by $1,403,996 compared to 2024, due to an increase
in the utility charges for services.



General revenues totaled $10,907,213 for governmental activities and $2,101,072 for business-type
activities. In total, general revenues decreased $373,290 compared to 2024, due mainly to a
decrease in tax revenue.

viii

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Governmental Activities
Net Cost of Governmental Activities. Table 3 reports the cost of seven major City activities for the
years ended December 31, 2025 and 2024. The table also shows each activity’s net cost (total cost less
fees generated by the activities and grants and contributions provided for specific programs). The net cost
shows the financial burden that was placed on the City's taxpayers by each of these functions.
Table 3
Net Cost of Governmental Activities
Years ended December 31, 2025 and 2024

General government
Public safety
Public works
Health and human services
Culture, education and recreation
Conservation and development
Interest and fiscal charges
Total

Total Cost of Services

Net Cost of Services

2025

2024

2025

2024

$

3,927,913 $
3,413,037
2,940,776
202,348
2,077,597
320,312
209,721

1,078,455 $
3,134,668
3,302,211
207,438
1,688,862
345,161
70,945

3,375,632 $
2,900,759
2,304,382
202,348
1,586,628
319,862
209,721

720,905
2,724,094
2,698,407
207,438
1,218,975
317,615
70,945

$

13,091,704 $

9,827,740 $

10,899,332 $

7,958,379



The total cost of all governmental activities for the year was $13,091,704, an increase of $3,263,964
compared to 2024.



Individuals, other governments and others who directly participated in or benefited from a program
paid $1,419,063 of the costs.



Governmental and other operating grants and contributions accounted for $773,309 of the costs.



The net cost of governmental activities were financed with general revenues and transfers, which
consists of property taxes, other taxes, intergovernmental revenues, donations, investment income
(loss), miscellaneous items and a transfer from the business-type activities.

ix

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)



Property taxes and intergovernmental revenues and account for the greatest portion of revenues for
the City as illustrated below.

Revenue by Source - Governmental Activities
Intergovernmental
revenues
13%

Charges for services
10%

Property taxes
57%

Other taxes
2%

Other general revenues
and transfers
12%



Operating grants and
contributions
6%

Expenses and program revenues by major function are illustrated below.

Expenses and Program Revenues - Governmental Activities
Expenses

$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-

Program Revenues

General
government

Public safety

Public works

Health and
human services

x

Culture,
education, and
recreation

Conservation and Interest and fiscal
development
charges

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Business-Type Activities
Revenues for the City's business-type activities (Plymouth Utilities) are comprised of charges for services,
capital grants and contributions and investment income. (See Table 2)


The Utilities revenues exceeded expenses by $3,961,420, a decrease of $524,321 compared to
2024.



Charges for services, which are amounts paid by individuals and others for electric, water and
sewage service, totaled $30,998,399 for 2025, an increase of $907,430 compared to 2024. A
major portion of this increase related to the increase in cost of power, with a minor portion related
to an increase electric utility rates.



Capital grants and contributions from customers and developers totaled $221,135, an increase of
$173,556, compared to 2024.

Governmental Funds
The City completed the year with a total governmental fund balance of $15,984,809, which was
$4,328,819 more than last year's ending fund balance of $11,655,990.


The general fund had a decrease in fund balance of $193,694. This includes an additional
transfer of $605,824.32 to the Capital fund per the fund balance policy.



The tax increment housing fund (new fund in 2025) had an increase in fund balance of
$2,612,365



The debt service fund had an increase in fund balance of $171,290.



The TIF District #4 fund had a decrease in fund balance of $2,905,200, due to closing out the TIF.



The capital improvements fund had an increase in fund balance of $2,160,934, due to debt
issuances an additional transfer of $605,824.32 from the General fund per the fund balance
policy.

General Fund Budgetary Highlights
Consistent with current state statutes and regulations the Common Council adopts a general fund budget.
Generally, the budget is not significantly modified during the year. The general fund had an unfavorable
budget variance of $193,694 for the year. The general fund budgetary comparison schedule is shown on
page 51 of this report.

Capital Asset and Debt Administration
Capital Assets
As of December 31, 2025, the City had invested over $208 million in a broad range of capital assets,
including land, land improvements, buildings, infrastructure, utility transmission and distribution
systems and machinery and equipment. (See Table 4) Additional information about capital assets
can be found in Note 4. Accumulated depreciation on these assets totaled $51,425,458 for
governmental activities and $56,124,370 for business-type activities.


Major capital asset additions for the year include public works, equipment/vehicles, and
utility system improvements.
xi

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Table 4
Capital Assets
December 31, 2025 and 2024
Governmental Activities
2025
Land
Land improvements
Buildings
Infrastructure
Utility plant
Machinery and equipment
Construction in progress

Accumulated depreciation
Total

$

Business-Type Activities

2024

2025

Totals

2024

2025

2024

1,651,719 $ 1,931,402 $ 1,499,338 $ 1,499,338 $
3,151,057 $
3,430,740
3,475,412
3,463,364
3,475,412
3,463,364
8,534,453
8,192,303
8,534,453
8,192,303
51,638,658
50,867,033
51,638,658
50,867,033
122,775,432
120,528,555
122,775,432
120,528,555
7,788,879
7,105,697
7,788,879
7,105,697
225,366
10,541,899
5,166,720
10,994,671
5,392,086
452,772
73,541,893

71,785,165

134,816,669

127,194,613

208,358,562

198,979,778

(51,425,458)

(49,889,435)

(56,124,370)

(53,724,210)

(107,549,828)

(103,613,645)

$ 22,116,435 $ 21,895,730 $ 78,692,299 $ 73,470,403 $ 100,808,734 $ 95,366,133

Long-Term Obligations
At year end, the City had $10,295,000 in general obligation debt and promissory notes outstanding an increase of $5,460,000 from last year. Additional information about the City's long-term
obligations is presented in Note 4 to the financial statements.
Table 5
City of Plymouth's Outstanding Debt
General Obligation, Revenue Bonds, and Promissory Notes
Governmental Activities
2025

Totals

Business-type Activities

2024

2025

2024

2025

2024

General obligation debt
Promissory notes

$ 5,945,000 $ 2,295,000 $ 4,255,000 $ 2,415,000 $ 10,200,000 $ 4,710,000
95,000
125,000
95,000
125,000
-

Total

$ 5,945,000 $ 2,295,000 $ 4,350,000 $ 2,540,000 $ 10,295,000 $ 4,835,000

xii

City of Plymouth
Management's Discussion and Analysis
Year ended December 31, 2025
(Unaudited)

Factors Bearing on the City's Future
Currently known circumstances that will impact the City's financial status in the future are:


The federal government passed the American Rescue Plan Act on March 11, 2022 to respond to
the COVID-19 public health emergency and its negative economic impacts. Amounts were
appropriated for fiscal year 2022 to units of local government to mitigate the fiscal effects
stemming from the public health emergency. The City's estimated award is $900,000, which will
be used to combat the negative effects of the public health emergency in the local economy. The
City received 50% of the funds in 2021, with the remaining received during 2022. The funds are
to cover costs obligated by December 31, 2024. As of December 31, 2025, all of these funds
have been spent.

Contacting the City's Financial Management
This financial report is designed to provide our citizens, taxpayers, customers and creditors with a general
overview of the City's finances and to demonstrate the City's accountability for the money it receives. If
you have questions about this report or need additional financial information, contact the City
Administrator/Utilities Manager or Finance Director, City of Plymouth, P.O. Box 107, Plymouth, Wisconsin
53073.

xiii

City of Plymouth
Statement of Net Position
December 31, 2025

BusinessType
Activities

Total

19,350,499

$ 23,823,160

$ 43,173,659

6,661,325
28,349
3,998
27,271
32,965
1,572,047
44,276
(1,908,379)
77,957
-

2,305,074
181,951
1,908,379
4,264
1,678,012
1,199,951
8,984,380

6,661,325
28,349
3,998
2,332,345
214,916
1,572,047
44,276
82,221
1,678,012
1,199,951
8,984,380

1,651,719
452,772
20,011,944

1,499,338
10,541,899
66,651,062

3,151,057
10,994,671
86,663,006

48,006,743

118,777,470

166,784,213

1,899,838
-

1,240,845
6,822

3,140,683
6,822

1,899,838

1,247,667

3,147,505

1,137,773
392,941
16,412
65,111
4,955
-

2,041,667
120,498
107,864
112,413

3,179,440
513,439
16,412
172,975
4,955
112,413

656,876
5,746,753
350,309

355,000
11,065,409
178,756

1,011,876
16,812,162
529,065

8,371,130

13,981,607

22,352,737

894,179
6,665,465

650,599
-

1,544,778
6,665,465

7,559,644

650,599

8,210,243

Governmental
Activities
Assets and Deferred Outflows of
Resources
Assets
Cash and investments
Receivables:
Taxes
Delinquent personal property taxes
Delinquent special assessments
Accounts
Accrued interest
Loans
Due from other governmental units
Internal balances
Prepayments
Inventory
Replacement account
Investment in American Transmission Company
Capital assets:
Land
Construction in progress
Capital assets, net of depreciation

$

Total assets
Deferred Outflows of Resources
Deferred outflows related to pension
Unamortized loss on advance refunding
Total deferred outflows of resources
Liabilities, Deferred inflows of Resources
and Net Position
Liabilities
Accounts payable
Accrued liabilities
Due to other governmental units
Deposits
Unearned revenues
Other current liabilities
Noncurrent liabilities:
Due within one year
Due in more than one year
Net pension liability
Total liabilities
Deferred Inflows of Resources
Deferred inflows related to pension
Property tax levied for next period
Total deferred inflows of resources

See notes to financial statements

1

City of Plymouth
Statement of Net Position
December 31, 2025

BusinessType
Activities

Total

17,861,398

$ 74,189,236

$ 92,050,634

2,025,938
50,789
1,052,956
2,612,365
10,372,361

31,203,695

2,025,938
50,789
1,052,956
2,612,365
41,576,056

33,975,807

$105,392,931

$139,368,738

Governmental
Activities
Net Position
Net investment in capital assets
Restricted for:
TIF activities
Debt service
Loan programs
Affordable housing
Unrestricted

$

$

Total net position

See notes to financial statements

2

City of Plymouth
Statement of Activities Year Ended December 31, 2025

Expenses

Functions/Programs
Governmental activities:
General government
$
Public safety
Public works
Health and human services
Culture, education and recreation
Conservation and development
Interest and fiscal charges
Total governmental activities
Business-type activities:
Electric
Water
Sewage
Total business-type
activities
Total

$

3,927,913
3,413,037
2,940,776
202,348
2,077,597
320,312
209,721

Net (Expenses) Revenues and Changes in
Net Position

Program Revenues
Operating
Capital
Charges for
Grants and
Grants and
Services
Contributions Contributions
$

552,281
187,743
446,490
232,099
450
-

$

324,535
189,904
258,870
-

$

-

Governmental
Activities
$

Business-Type
Activities

(3,375,632) $
(2,900,759)
(2,304,382)
(202,348)
(1,586,628)
(319,862)
(209,721)

-

Total
$

(3,375,632)
(2,900,759)
(2,304,382)
(202,348)
(1,586,628)
(319,862)
(209,721)

13,091,704

1,419,063

773,309

-

(10,899,332)

-

(10,899,332)

24,802,642
1,703,028
2,235,417

25,561,441
2,529,464
2,907,494

-

221,135
-

-

979,934
826,436
672,077

979,934
826,436
672,077

28,741,087

30,998,399

-

221,135

-

2,478,447

2,478,447

221,135

(10,899,332)

2,478,447

(8,420,885)

4,741,936
3,008,519
311,207
1,843,922
75,816
823,283
102,530

2,011,223
89,849

4,741,936
3,008,519
311,207
1,843,922
75,816
2,834,506
192,379

10,907,213

2,101,072

13,008,285

618,099

(618,099)

-

625,980

3,961,420

4,587,400

33,349,827

101,431,511

134,781,338

41,832,791

$

32,417,462

$

773,309

$

General Revenues
Taxes:
Property taxes, levied for general purposes
Property taxes, levied for TIF districts
Other taxes
Intergovernmental revenues not restricted to specific programs
Donations
Investment income
Miscellaneous
Total general revenues
Transfers
Change in net position
Net Position, Beginning
$

Net Position, Ending
See notes to financial statements

3

33,975,807

$

105,392,931

$

139,368,738

City of Plymouth
Balance Sheet Governmental Funds
December 31, 2025

Tax
Increment
Housing
Fund

General

Debt Service

TIF District #4

Assets
Cash and investments
Receivables:
Taxes
Delinquent personal property taxes
Delinquent special assessments
Accounts
Accrued interest
Loans
Due from other governments
Due from other funds
Prepayments
Advances to other funds
Total assets

$

3,330,770

$

2,612,365

5,643,480
28,349
14,047
21,697
41,380
618,099
76,204
248,219

$

-

175,695

$

-

-

$ 10,022,245

$

2,612,365

$

175,695

$

-

$

$

-

$

-

$

-

Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities
Accounts payable
Accrued liabilities
Deposits
Due to other governments
Unearned revenues
Due to other funds
Advances from other funds

97,743
268,036
55,632
16,412
4,955
73,943

Total liabilities

516,721

-

-

-

Deferred Inflows of Resources
Unearned revenues

5,647,620

-

-

-

Total deferred inflows of
resources

5,647,620

-

-

-

352,772
618,099
2,887,033

2,612,365
-

175,695
-

-

3,857,904

2,612,365

175,695

-

Fund Balances
Nonspendable
Restricted
Committed
Assigned
Unassigned (deficit)
Total fund balances

Total liabilities, deferred inflows
of resources and fund balances $ 10,022,245

$

2,612,365

See notes to financial statements

4

$

175,695

$

-

Capital
Improvements

$

4,532,008

$

-

Nonmajor
Governmental
Funds

Total

5,024,976

15,675,814

$

1,017,845
3,998
2,497
4,397
1,572,047
2,896
615,000

6,661,325
28,349
3,998
16,544
26,094
1,572,047
44,276
618,099
76,204
863,219

$

4,532,008

$

8,243,656

$

25,585,969

$

740,578
-

$

56,031
9,479
9,000
1,603,886

$

894,352
268,036
65,111
16,412
4,955
9,000
1,677,829

$

740,578

1,678,396

2,935,695

-

1,017,845

6,665,465

-

1,017,845

6,665,465

3,791,430
-

3,998
3,078,894
3,709,790
(1,245,267)

356,770
5,866,954
3,709,790
4,409,529
1,641,766

3,791,430

5,547,415

15,984,809

4,532,008

$

8,243,656

$

25,585,969

See notes to financial statements

5

City of Plymouth
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position
December 31, 2025

Total Fund Balances, Governmental Funds

$

15,984,809

Amounts reported for governmental activities in the Statement of Net Position are different
because:
Capital assets used in governmental funds are not financial resources and, therefore, are
not reported in the funds. See Note 2.

22,116,435

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

(350,309)

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

1,899,838

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

(894,179)

Internal service funds are reported in the statement of net position as governmental
activities.

1,747,748

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 debt

(5,945,000)
(178,496)
(124,906)
(280,133)
$

Net Position of Governmental Activities

See notes to financial statements

6

33,975,807

City of Plymouth
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
Year Ended December 31, 2025

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

$

4,881,382
1,953,627
262,023
133,759
295,832
163,613
364,690
15,300

Tax
Increment
Housing
Fund

Debt Service

$

$

75,889
-

TIF District #4
-

$

2,536,476
157,202
65,601
-

8,070,226

75,889

-

2,759,279

1,046,453
2,931,686
1,190,526
202,583
1,371,986
90,859
-

-

-

2,421,183
150
-

-

-

370,000
12,600

-

Total expenditures

6,834,093

-

382,600

2,421,333

Excess (deficiency) of revenues
over expenditures

1,236,133

75,889

(382,600)

337,946

(2,047,926)
618,099
-

2,536,476
-

383,200
170,690

(3,243,146)
-

Total other financing sources

(1,429,827)

2,536,476

553,890

(3,243,146)

Net change in fund balances

(193,694)

2,612,365

171,290

(2,905,200)

4,051,598

-

4,405

2,905,200

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
Interest and fiscal charges

Other Financing Sources
Debt issued
Transfers out
Sale of property
Transfers in
Premium on debt issued

Fund Balances, Beginning
Fund Balances, Ending

$

3,857,904

$

2,612,365

See notes to financial statements

7

$

175,695

$

-

Nonmajor
Governmental
Funds

Capital
Improvements
$

$

143,652
9,817
34,725
-

$

643,804
199,137
446,108
156,601
98,601

Total
$

8,061,662
2,453,618
262,023
133,759
741,940
173,430
697,506
113,901

188,194

1,544,251

12,637,839

23,717
2,401,398

204,784
82,581
512,228
10,698
204,875
-

3,672,420
3,037,984
1,702,754
202,583
1,382,684
295,884
2,401,398

43,655

240,000
77,542

610,000
133,797

2,468,770

1,332,708

13,439,504

(2,280,576)

211,543

(801,665)

2,105,000
15,028
2,321,482
-

2,155,000
49,914
66,667

4,260,000
(5,291,072)
15,028
5,909,171
237,357

4,441,510

2,271,581

5,130,484

2,160,934

2,483,124

4,328,819

1,630,496

3,064,291

11,655,990

3,791,430

$

5,547,415

$

15,984,809

See notes to financial statements

8

City of Plymouth
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Year Ended December 31, 2025

Net Change in Fund Balances, Total Governmental Funds

$

4,328,819

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 is 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 operating expenditures in the fund financial statements but are
capitalized in the government-wide statements
Depreciation is reported in the government-wide financial statements
Net book value of assets retired

56,794
(1,790,100)
(447,387)

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

(4,260,000)
610,000

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.
Premium on debt issued
Amortization of premium

(237,357)
39,007

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
Deferred outflows of resources related to pensions
Deferred inflows of resources related to pensions

(17,268)
(114,931)
(43,870)
(741,878)
660,577

Internal service funds are used by management to charge insurance costs to individual
funds. The change in net position of the internal service fund reported with governmental
activities

182,176

2,401,398

$

Change in Net Position of Governmental Activities

See notes to financial statements

9

625,980

City of Plymouth
Statement of Net Position Proprietary Fund
December 31, 2025

Plymouth
Utilities
Assets
Current assets:
Cash and investments
Interest receivable
Customer accounts receivable
Other accounts receivable
Inventory
Prepayments
Due from municipality
Current portion of advance to TIF

$

23,823,160
181,951
2,162,045
143,029
1,678,012
4,264
9,000
30,000

Governmental
Activities Internal
Service Funds

$

3,674,685
6,871
1,901
8,826
1,753
-

28,031,461

3,694,036

65,650,476
27,614,029
31,010,265
10,541,899
(56,124,370)

-

1,199,951
73,943
710,667
8,984,380

-

Total noncurrent assets

89,661,240

-

Total assets

117,692,701

3,694,036

6,822
1,240,845

-

1,247,667

-

Total current assets
Noncurrent assets:
Capital assets:
Electric plant
Water plant
Sewage plant
Construction work in progress
Less accumulated depreciation
Other assets:
Replacement account
Advance to municipality
Advance to TIF's
Investment in American Transmission Company

Deferred Outflows of Resources
Unamortized loss on advanced refunding
Deferred outflows related to pension
Total deferred outflows of resources

See notes to financial statements

10

City of Plymouth
Statement of Net Position Proprietary Fund
December 31, 2025

Plymouth
Utilities
Liabilities
Current liabilities:
Accounts payable
Due to municipality
Customer deposits
Accrued interest
Accrued vacation leave
Other current liabilities
Commitment to community
Current portion of general obligation bonds payable
Current portion of promissory notes

$

2,041,667
618,099
107,864
34,139
86,359
55,603
56,810
325,000
30,000

Governmental
Activities Internal
Service Funds

$

243,420
-

3,355,541

243,420

Noncurrent liabilities:
Long-term debt:
General obligation bonds payable
Accrued sick leave
Promissory notes
Unamortized premium on debt
Customer advances for construction
Net pension liability

3,930,000
130,040
65,000
159,885
6,780,484
178,756

-

Total noncurrent liabilities

11,244,165

-

Total liabilities

14,599,706

243,420

650,599

-

650,599

-

Net Position
Net investment in capital assets
Unrestricted

74,189,236
29,500,827

3,450,616

Total net position

103,690,063

Total current liabilities

Deferred Inflows of Resources
Deferred inflows related to pension
Total deferred inflows of resources

Adjustments to reflect the consolidation of internal service funds activities
related to enterprise funds.

1,702,868
$ 105,392,931

Net position business-type activities

See notes to financial statements

11

$

3,450,616

City of Plymouth
Statement of Revenues, Expenses and Changes in Net Position Proprietary Fund
Year Ended December 31, 2025

Plymouth
Utilities
Operating Revenues
Electric
Water
Sewage
City and Utility contributions
Other

$

25,561,441
2,529,464
2,907,494
-

Governmental
Activities Internal
Service Funds
$

1,268,061
320,941

Total operating revenues

30,998,399

1,589,002

Operating Expenses
Electric
Water
Sewage
Health care costs, City employees
Health care costs, Utility employees
Risk management insurance and expense

24,711,473
1,703,028
2,235,417
-

691,388
428,715
383,932

Total operating expenses

28,649,918

1,504,035

Operating income

2,348,481

84,967

2,011,223
89,849
(5,328)
(75,436)
18,118
(2,341)
(54,750)

125,777
-

Total nonoperating revenues (expenses)

1,981,335

125,777

Income before contributions and transfers

4,329,816

210,744

221,135
(618,099)

-

Total contributions and transfers

(396,964)

-

Change in net position

3,932,852

210,744

Net Position, Beginning

99,757,211

3,239,872

Net Position, Ending

103,690,063

Nonoperating Revenues (Expenses)
Interest on investments
Merchandising & jobbing
Legislative expenses
Interest expense and debt issuance costs
Amortization of premium
Amortization of loss on advance refunding
Issuance costs

Contributions and Transfers
Capital contributions
Transfers out

Adjustment to reflect the consolidation of internal service funds activities
related to enterprise funds
Change in net position of business-type activities

See notes to financial statements

12

28,568
$

3,961,420

$

3,450,616

City of Plymouth
Statement of Cash Flows Proprietary Fund
Year Ended December 31, 2025

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

$

Governmental
Activities Internal
Service Funds

30,845,146 $
153,523
(22,371,115)
(1,782,747)

1,604,634
(1,396,633)
-

6,844,807

208,001

28,966,176
1,557,582
(16,461,349)
(720,772)

127,142
-

Net cash flows from investing activities

13,341,637

127,142

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

(651,560)

-

(651,560)

-

2,640,000
(830,000)
(51,099)
87,411
75,000
(8,790,562)
(54,750)
221,135
(1,265,058)

-

Net cash flows from capital and related financing activities

(7,967,923)

-

Net change in cash and cash equivalents

11,566,961

335,143

4,794,906

1,789,907

Net cash flows from operating activities
Cash Flows From Investing Activities
Investments sold and matured
Investment income
Investments purchased
Investment in American Transmission Company

Net cash flows from noncapital financing activities
Cash Flows From Capital and Related Financing Activities
Debt issued
Debt retired
Interest paid
Premium on debt issuance
Received from TIF
Acquisition and construction of capital assets
Debt issuance costs
Capital contributions received
Advance (refund) for construction

Cash and Cash Equivalents, Beginning
$

Cash and Cash Equivalents, Ending

See notes to financial statements

13

16,361,867

$

2,125,050

City of Plymouth
Statement of Cash Flows Proprietary Fund
Year Ended December 31, 2025

Plymouth
Utilities
Reconciliation of Operating Income to Net Cash Flows From
Operating Activities
Operating income
Nonoperating revenue
Adjustments to reconcile operating income to net cash flows
from operating activities:
Depreciation
Depreciation charged to other funds
Changes in assets, liabilities, and deferred inflows and outflows:
Customer accounts receivable
Other accounts receivable
Inventory
Prepayments
Accounts payable
Customer deposits
Accrued vacation and sick leave
Other current liabilities
Commitment to community
Pension related amounts
Net cash flows from operating activities
Reconciliation of Cash and Cash Equivalents to the Statement
of Net Position, Proprietary Funds
Cash and investments
Replacement account

$

See notes to financial statements

14

84,967
-

3,334,624
19,026

-

(46,150)
(55,829)
1,009,757
(3,896)
76,937
(7,300)
2,673
101
25,027
56,834

15,632
(1,753)
109,155
-

6,844,807

$

208,001

$

23,823,160
1,199,951

$

3,674,685
-

Less noncash equivalents

Noncash Capital and Related Financing Activities
Dividends reinvested in American Transmission Company
Change in fair value of investments

$

$

Total cash and investments

Cash and cash equivalents

2,348,481
84,522

Governmental
Activities Internal
Service Funds

25,023,111

3,674,685

(8,661,244)

(1,549,635)

$

16,361,867

$

2,125,050

$
$

205,645
291,647

$
$

-

City of Plymouth
Statement of Fiduciary Net Position Custodial Fund
December 31, 2025

Tax Collection
Fund
Assets
Cash and investments
Taxes receivable

$

7,879,890
3,380,321

Total assets

11,260,211

Liabilities
Due to other governments

11,260,211

Total liabilities

11,260,211

Net Position
$

Total net position

See notes to financial statements

15

-

City of Plymouth
Statement of Changes in Fiduciary Net Position Custodial Fund
Year Ended December 31, 2025

Tax Collection
Fund
Additions
Property taxes collected for other governments

$

7,174,317
7,174,317

Total additions
Deductions
Property taxes distributed to other governments

7,174,317
7,174,317

Total deductions
Change in fiduciary net position

-

Net Position, Beginning
$

Net Position, Ending

See notes to financial statements

16

-

City of Plymouth
Index to Notes to Financial Statements
December 31, 2025

Page
1. Summary of Significant Accounting Policies

2.

3.

4.

5.

18

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
Inventories and Prepaid Items
Restricted Assets
Capital Assets
Other Assets
Deferred Outflows of Resources
Compensated Absences
Long-Term Obligations
Replacement Account
Customer Advances for Construction
Deferred Inflows of Resources
Equity Classifications
Pension
Basis for Existing Rates

18
19
21

Reconciliation of Government-Wide and Fund Financial Statements

28

Explanation of Certain Differences Between the Governmental Fund Balance Sheet and
the Statement of Net Position

28

Stewardship, Compliance and Accountability

28

Budgetary Information
Excess Expenditures and Other Financing Uses Over Budget
Deficit Balances
Limitations on the City's Tax Levy

28
28
29
29

Detailed Notes on All Funds

29

Deposits and Investments
Receivables
Capital Assets
Interfund Receivables/Payables, Advances and Transfers
Long-Term Obligations
Net Position/Fund Balances

29
32
33
36
38
40

Other Information

42

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

42
47
49
49
49
50
50

17

22
22
23
24
24
24
25
25
25
25
25
26
26
26
27
27

City of Plymouth
Notes to Financial Statements
December 31, 2025

1. Summary of Significant Accounting Policies
The accounting policies of the City of Plymouth, Wisconsin (the City) 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 City. The reporting entity for the City 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 primary government is financially
accountable if (1) it appoints a voting majority of the organization's governing body and it is able to
impose its will on that organization, (2) it appoints a voting majority of the organization's governing body
and there is a potential for the organization to provide specific financial benefits to, or impose specific
financial burdens on, the primary government, (3) the organization is fiscally dependent on and there is
a potential for the organization to provide specific financial benefits to, or impose specific financial
burdens on, the primary government. Certain legally separate, tax exempt organizations should also be
reported as a component unit if all of the following criteria are met: (1) the economic resources
received or held by the separate organization are entirely or almost entirely for the direct benefit of the
primary government, its component units or its constituents; (2) the primary government or its
component units, is entitled to, or has the ability to access, a majority of the economic resources
received or held by the separate organization; and (3) the economic resources received or held by an
individual organization that the primary government, or its component units, is entitled to, or has the
ability to otherwise access, are significant to the primary government.
Component units are reported using one of three methods, discrete presentation, blended or fiduciary.
Generally, component units should be discretely presented in a separate column in the financial
statements. A component unit should be reported as part of the primary government using the blending
method if it meets any one of the following criteria: (1) the primary government and the component unit
have substantively the same governing body and a financial benefit or burden relationship exists,
(2) the primary government and the component unit have substantively the same governing body and
management of the primary government has operational responsibility for the component unit, (3) the
component unit serves or benefits, exclusively or almost exclusively, the primary government rather
than its citizens or (4) the total debt of the component unit will be paid entirely or almost entirely from
resources of the primary government.
Component Unit Not Presented
Plymouth Redevelopment Authority (RDA)
The RDA was created under the provisions of Wisconsin State Statute 66.1333 and is a legally
separate organization. The board of the RDA is appointed by the mayor. Wisconsin Statutes
provide for circumstances whereby the City can impose its will on the RDA, and also create a
potential financial benefit to or burden on the City. The RDA's financial statements are not
included in these financial statements as the activity of the RDA was deemed to be immaterial
to the City.

18

City of Plymouth
Notes to Financial Statements
December 31, 2025

Government-Wide and Fund Financial Statements
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. 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.
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 City 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 City 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
self-balancing 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 City 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 City believes is particularly
important to financial statement users may be reported as a major fund.
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate
columns in the fund financial statements.
The City reports the following major governmental funds:
General Fund
General Fund accounts for the City's primary operating activities. It is used to account for and
report all financial resources except those accounted for and reported in another fund.

19

City of Plymouth
Notes to Financial Statements
December 31, 2025

Special Revenue Fund
Tax Increment Housing Special Revenue Fund is used to account for the receipts and
expenditures of funds that are restricted for supporting affordable housing activities per state
statutes..
Debt Service Fund
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
Capital Improvements Fund is 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.
Tax Incremental Financing (TIF) No. 4 Capital Projects Fund is 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 City reports the following major enterprise fund:
Plymouth Utilities Fund accounts for operations of the electric, water and sewage systems.
The City 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).
Committed
USDA Revolving Loan
Housing Grant

Revolving Loan
Garbage and Recycling
Water and Sewer Lateral

Capital Projects Funds
Capital Projects Funds are used to account for and report financial resources that are
restricted, committed or assigned to expenditure for capital outlays, including the acquisition or
construction of capital facilities and other capital assets.
TIF District #5
TIF District #7

TIF District #6
TIF District #8

In addition, the City reports the following fund types:
Internal Service Funds
Internal Service Funds are used to account for and report the financing of goods or services
provided by one department or agency to other departments or agencies of the City, or to other
governmental units, on a cost-reimbursement basis.
Health Care
Risk Management
20

City of Plymouth
Notes to Financial Statements
December 31, 2025

Custodial Fund
Custodial Funds are used to account for and report assets controlled by the City and the
assets are for the benefit of individuals, private organizations and/or other governmental units.
Tax Collection Fund
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 Plymouth 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 City
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 City is entitled to
the resources and the amounts are available. Amounts owed to the City 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.
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.
21

City of Plymouth
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 nonoperating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund's principal ongoing operations. The principal
operating revenues of the utilities are charges to customers for sales and services. Special
assessments are recorded as receivables and contribution revenue when levied. Operating
expenses for proprietary funds include the cost of sales and services, administrative expenses and
depreciation on capital assets. All revenues and expenses not meeting this definition are reported
as nonoperating 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 City considers all highly liquid investments with an
initial maturity of three months or less when acquired to be cash equivalents.
Investment of City 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, city, 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.
The City has adopted an investment policy. That policy follows the state statute for allowable
investments.

22

City of Plymouth
Notes to Financial Statements
December 31, 2025

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 4. 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 City's share of the LGIP's assets was substantially equal to the amount as reported
in these statements.
See Note 4 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 City, taxes are collected for and remitted to the county government 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,
electric and sewage 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.
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.
In the governmental fund financial statements, advances to other funds are offset equally by a
nonspendable fund balance account which indicates that they do not constitute expendable
available financial resources and, therefore, are not available for appropriation or by a restricted
fund balance account, if the funds will ultimately be restricted when the advance is repaid.
The City has received federal grant funds for housing rehabilitation loan programs to various
businesses and individuals. The City records a loan receivable when the loan has been made and
funds have been disbursed. The amount recorded as housing rehabilitation loans receivable has
not been reduced by an allowance for uncollectible accounts.
23

City of Plymouth
Notes to Financial Statements
December 31, 2025

It is the City's policy to record revenue when the initial loan is made from the federal grant funds.
The net amount of the loan receivable balance is included in restricted fund balance. Interest
received from loan repayments is recognized as revenue when received in cash. Any unspent loan
repayments at year end are presented as restricted fund balance in the fund financial statements.
Inventories and Prepaid Items
Governmental fund inventories, if material, are recorded at cost based on the average cost method
using the purchases method of accounting. 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 Financial 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.
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 straight-line method.
The range of estimated useful lives by type of asset is as follows:
Buildings
Land Improvements
Machinery and equipment
Infrastructure
Electric plant
Water plant
Sewage plant

45-50
20-50
5-20
10-100
7-50
4-77
15-100

Years
Years
Years
Years
Years
Years
Years

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.

24

City of Plymouth
Notes to Financial Statements
December 31, 2025

Other Assets
Investment in American Transmission Company (ATC)
The electric utility is a member of the ATC, which was formed by approximately 25 utilities to
plan, construct, maintain, monitor and own electric transmission facilities in Wisconsin. The
utility owns less than 1/2 of 1% of the ATC.
The investment in the ATC can only be redeemed by the ATC or another existing member.
The investment earns dividends quarterly, some of which are paid in cash and some of which
are required to be reinvested. From time to time, the utility has the option to contribute
additional funds to maintain their proportionate share of ownership. The investment is valued
at net asset value per share which is equal to the original cost, plus additional contributions
and reinvested dividends and approximates fair value.
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 vacation in varying amounts.
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 straight-line method. The balance at
year end is shown as an increase or decrease in the liability section of the statement of net
position.
Replacement Account
This account represents internally designated funds for capital replacements of the wastewater
treatment plant.

25

City of Plymouth
Notes to Financial Statements
December 31, 2025

Customer Advances for Construction
The balance represent fees collected for future capital improvements. The fees may be
refundable based in rules file with the PSCW or statutory requirements.
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.
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 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."

When both restricted and unrestricted resources are available for use, it is the City'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 City Council. 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 City Council
that originally created the commitment.

26

City of Plymouth
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 Council 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 City considers restricted amounts to be spent first when both restricted and unrestricted
fund balance is available unless there are legal documents / contracts that prohibit doing this,
such as in grant agreements requiring dollar for dollar spending. Additionally, the City would
first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance
when expenditures are made.
In the General Fund, it is the policy of the City to maintain a minimum unassigned fund balance
that will maintain working capital to meet the cash flow needs of the City and thus reducing the
need for short-term borrowing, serve as a safeguard for unanticipated expenditures and show
fiscal responsibility. Per the City’s fund balance policy, the unassigned fund balance in the
General Fund shall be maintained at a level of 20% to 25% of the budgeted general fund
appropriations and any excess shall be allocated according to Council policy. The balance at
year-end was $2,887,033, or 35%, and is included in unassigned General fund balance.
See Note 4 for further information.
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;
and
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.
Basis for Existing Rates
Current electric rates were approved by the Public Service Commission of Wisconsin on
October 15, 2025 and were placed into effect on November 1, 2025.
Current water rates were approved by the Public Service Commission of Wisconsin on
February 15, 2023 and placed into effect on April 1, 2023.
Current sewage rates were approved by the common council effective April 1, 2023.

27

City of Plymouth
Notes to Financial Statements
December 31, 2025

2. Reconciliation of Government-Wide and Fund Financial Statements
Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the
Statement of Net Position
The governmental fund balance sheet includes a reconciliation between fund balance, total
governmental funds and net position, governmental activities as reported in the government-wide
statement of net position. The details of this reconciliation include the following items.
Capital assets used in governmental funds are not financial resources and, therefore, are not reported
in the funds.
Land
Buildings
Machinery and equipment
Infrastructure
Land improvements
Construction in progress
Less accumulated depreciation
Combined adjustment for capital assets

$

1,651,719
8,534,453
7,788,879
51,638,658
3,475,412
452,772
(51,425,458)

$

22,116,435

3. Stewardship, Compliance and Accountability
Budgetary Information
A budget has been adopted for all funds with the exception of the Tax Increment Housing Fund.
Wisconsin Statute 65.90 requires that an annual budget be adopted for all funds.
Excess Expenditures and Other Financing Uses Over Budget
The following funds had significant expenditures and other financing uses over budget:

Funds
General Fund
Committed
Housing Grant
TIF District #4
TIF District #6
TIF District #7
TIF District #8
Risk Management

Budgeted
Expenditures
and Other
Financing
Uses

Actual
Expenditures
and Other
Financing
Uses

Excess
Expenditures
and Other
Financing
Uses Over
Budget

$

$

$

8,265,383
181,700
5,200
100,626
311,375

8,882,019
231,059
12,335
5,664,479
100,627
12,116
229,596
383,932

616,636
49,359
7,135
5,664,479
1
12,116
229,596
72,557

The City controls expenditures at the department level. Some individual departments experienced
expenditures which exceeded appropriations. The detail of those items can be found in the City's yearend budget to actual report.

28

City of Plymouth
Notes to Financial Statements
December 31, 2025

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:
Amount

Fund
TIF District #5
TIF District #6
TIF District #7

$

Reason

476,541
705,410
63,316

Excess expenditures over revenues
Excess expenditures over revenues
Excess expenditures over revenues

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.
Limitations on the City's Tax Levy
Wisconsin law limits the City's future tax levies. Generally the City is limited to its prior tax levy dollar
amount (excluding TIF Districts), increased by the greater of the percentage change in the City's
equalized value due to net new construction or zero percent. Changes in debt service from one year to
the next are generally exempt from this limit with certain exceptions. The City 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.
4. Detailed Notes on All Funds
Deposits and Investments
The City maintains a cash and investment pool that is available for use by all funds. Each fund type's
portion of this pool is displayed on the statement of net position and balance sheet as cash and
investments.
The City's deposits and investments at year end were comprised of the following:
Carrying
Value

Statement
Balances

$ 21,226,095

$ 21,172,586

Certificates of deposits (negotiable)
LGIP

6,119,416
121

6,119,416
121

U.S. treasuries

8,222,053

8,222,053

U.S. agency securities, implicitly
guaranteed

3,973,875

3,973,875

State and local bonds

12,711,940

12,711,940

$ 52,253,500

$ 52,199,991

Checking and money market

Total deposits and investments

29

Associated Risks
Custodial credit
Credit, custodial credit,
concentration of credit
and interest rate
Credit
Custodial credit and
interest rate
Credit, custodial credit,
concentration of credit
and interest rate
Credit, custodial credit,
concentration of credit
and interest rate

City of Plymouth
Notes to Financial Statements
December 31, 2025

Reconciliation to financial statements
Per statement of net position:
Unrestricted cash and investments
Replacement account
Per statement of fiduciary net position,
custodial funds:
Tax Collection Fund
Total deposits and investments

$ 43,173,659
1,199,951
7,879,890
$ 52,253,500

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 City maintains collateral agreements with its banks. At December 31, 2025, the banks had
pledged various government securities in the amount of $15,466,850 to secure the City's deposits.
The City 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:


U.S. Agency Securities - uses a market based approach which considers yield, price of
comparable securities, coupon rate, maturity, credit quality and dealer-provided prices.



U.S. Treasuries - uses a market based approach which considers yield, price of
comparable securities, coupon rate, maturity, credit quality and dealer-provided prices.



State and Local Bonds - uses a market based approach which considers yield, price of
comparable securities, coupon rate, maturity, credit quality and dealer-provided prices.



Certificate of Deposits (negotiable) - uses a market based approach which considers
yield, price of comparable securities, coupon rate, maturity, credit quality and dealerprovided prices.
Investment Type

December 31, 2025
Level 2
Level 3

Level 1

U.S. agency securities,
implicitly guaranteed
State and local bonds
U.S. treasuries
Certificates of deposits
(negotiable)

$

Total

$

-

30

$

3,973,875

-

12,711,940
8,222,053
6,119,416

-

$ 31,027,284

$

$

Total
-

$

3,973,875

-

12,711,940
8,222,053
6,119,416

-

$ 31,027,284

City of Plymouth
Notes to Financial Statements
December 31, 2025

The investment in ATC is measured at the net asset value (NAV) per share of ownership. As of
December 31, 2025, the fair value of the investment was $8,984,380. ATC was formed by
approximately 25 utilities to plan, construct, maintain, monitor and own electric transmission facilities in
Wisconsin. The utility elected to receive an investment in ATC at its inception rather than directly sell
its transmission facilities. The utility owns less than 1/2 of 1% of ATC. The utility has no unfunded
commitment at year-end. The investment in ATC can only be redeemed by ATC or another existing
member.
Custodial Credit Risk
Deposits
Custodial credit risk is the risk that in the event of a financial institution failure, the City's
deposits may not be returned to the City.
The City does not have any deposits 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 City will not be able to recover the value of its investments or collateral
securities that are in the possession of an outside party.
The City does not have any investments exposed to custodial credit risk.
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 City's investments were rated as follows:
Standard
& Poors

Investment Type
U.S. agency securities, implicitly guaranteed
State and local bonds
Certificates of deposits (negotiable)

AA+ to AA
A- to AAA
NR

The City also held investments in the following external pool which is not rated:
LGIP - external pool
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 City's investment portfolio was concentrated as follows:
Issuer

Investment Type
U.S. agency securities, implicitly
guaranteed

Federal Home Loan Bank

31

Percentage
of Portfolio
8.68 %

City of Plymouth
Notes to Financial Statements
December 31, 2025

Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will adversely affect the value of an
investment.
As of December 31, 2025, the City's investments were as follows:
Maturity (in Years)
Investment Type
U.S. agency securities, implicitly
guaranteed
State and local bonds
U.S. treasuries
Certificate of deposits (negotiable)
Total

$

Fair Value

Less Than 1

3,973,875
12,711,940
8,222,053
6,119,416

$

$ 31,027,284

3,047,335
2,814,952
6,841,405
1,837,391

$ 14,541,083

Greater
Than 5

1-5
$

926,540
9,896,988
872,483
4,282,025

$

508,165
-

$ 15,978,036

$

508,165

See Note 1 for further information on deposit and investment policies.
Receivables
All receivables, except $1,095,394 in nonmajor funds are expected to be collected within one year.
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
Gift certificates
Total unearned/unavailable revenue for governmental funds
Unearned revenue included in liabilities
Unearned revenue included in deferred inflows
Total unearned revenue for governmental funds

32

$

6,666,465
4,955

$

6,671,420

$

4,955
6,666,465

$

6,671,420

City of Plymouth
Notes to Financial Statements
December 31, 2025

Capital Assets
Capital asset activity for the year ended December 31, 2025, was as follows:
Beginning
Balance
Governmental Activities
Capital assets not being depreciated:
Land
Construction in progress

$

Total capital assets not being
depreciated

1,931,402
225,366

Additions

$

116,190
227,406

Ending
Balance

Deletions

$

395,873
-

$

1,651,719
452,772

2,156,768

343,596

395,873

2,104,491

3,463,364
8,192,303
50,867,033
7,105,697

12,048
342,150
771,625
988,773

305,591

3,475,412
8,534,453
51,638,658
7,788,879

Total capital assets being depreciated

69,628,397

2,114,596

305,591

71,437,402

Total capital assets

71,785,165

2,458,192

701,464

73,541,893

Less accumulated depreciation for:
Land improvements
Buildings
Infrastructure
Machinery and equipment

(2,158,660)
(4,363,995)
(38,662,635)
(4,704,145)

(99,678)
(205,928)
(1,007,672)
(476,822)

254,077

(2,258,338)
(4,569,923)
(39,670,307)
(4,926,890)

Total accumulated depreciation

(49,889,435)

(1,790,100)

254,077

(51,425,458)

Net capital assets being depreciated

19,738,962

324,496

51,514

20,011,944

Capital assets being depreciated:
Land improvements
Buildings
Infrastructure
Machinery and equipment

Total governmental activities capital
assets, net as reported in the
statement of net position

$

21,895,730

$

668,092

$

447,387

$

126,278
234,696
1,371,032
58,094

$

1,790,100

Depreciation expense was charged to functions as follows:
Governmental Activities
General government
Public safety
Public works
Culture, education and recreation
Total governmental activities depreciation expense

33

$

22,116,435

City of Plymouth
Notes to Financial Statements
December 31, 2025

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

$

Total capital assets not being
depreciated

192,453
751,484

Additions

$

Ending
Balance

Deletions

-

$

751,484

$

192,453
-

943,937

-

751,484

192,453

14,116,786
3,257,438
10,886,566
1,162,072

331,660
1,324,358
-

52,367
208,701
-

14,116,786
3,536,731
12,002,223
1,162,072

Total capital assets being depreciated

29,422,862

1,656,018

261,068

30,817,812

Total capital assets

30,366,799

1,656,018

1,012,552

31,010,265

Less accumulated depreciation for:
Collection system
Collection system pumping
Treatment and disposal
General

(2,683,628)
(1,865,658)
(9,942,747)
(681,984)

(142,563)
(112,228)
(347,095)
(79,850)

69,823
275,679
-

(2,756,368)
(1,977,886)
(10,014,163)
(761,834)

Total accumulated depreciation

(15,174,017)

(681,736)

345,502

(15,510,251)

Net capital assets being depreciated

14,248,845

974,282

(84,434)

15,307,561

Capital assets being depreciated:
Collection system
Collection system pumping
Treatment and disposal
General

Net sewer capital assets

$

15,192,782

$

Beginning
Balance
Water
Capital assets not being depreciated:
Land and land rights

$

Total capital assets not being
depreciated

221,228

974,282

$

Additions

$

667,050

$

Ending
Balance

Deletions

-

$

15,500,014

-

$

221,228

221,228

-

-

221,228

567,881
1,672,194
749,265
22,151,226
1,708,304

85,738
969
526,351
43,983

13,538
82,426
17,146

567,881
1,744,394
750,234
22,595,151
1,735,141

Total capital assets being depreciated

26,848,870

657,041

113,110

27,392,801

Total capital assets

27,070,098

657,041

113,110

27,614,029

Less accumulated depreciation for:
Source of supply
Pumping
Water treatment
Transmission and distribution
General

(322,720)
(676,574)
(436,838)
(4,987,175)
(1,037,360)

(16,469)
(64,324)
(44,985)
(404,401)
(33,714)

18,050
51
109,509
17,146

(339,189)
(722,848)
(481,772)
(5,282,067)
(1,053,928)

Total accumulated depreciation

(7,460,667)

(563,893)

144,756

(7,879,804)

Net capital assets being depreciated

19,388,203

93,148

(31,646)

19,512,997

(31,646) $

19,734,225

Capital assets being depreciated:
Source of supply
Pumping
Water treatment
Transmission and distribution
General

Net water capital assets

$

19,609,431

34

$

93,148

$

City of Plymouth
Notes to Financial Statements
December 31, 2025

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

$

Total capital assets not being
depreciated

1,085,657
4,415,236

Additions

$

6,451,090

Ending
Balance

Deletions

$

324,427

$

1,085,657
10,541,899

5,500,893

6,451,090

324,427

11,627,556

55,866,045
8,390,778

573,275
182,489

370,768
77,000

56,068,552
8,496,267

Total capital assets being depreciated

64,256,823

755,764

447,768

64,564,819

Total capital assets

69,757,716

7,206,854

772,195

76,192,375

(26,036,607)
(5,052,919)

(1,902,081)
(254,712)

435,004
77,000

(27,503,684)
(5,230,631)

Total accumulated depreciation

(31,089,526)

(2,156,793)

512,004

(32,734,315)

Net capital assets being depreciated

33,167,297

(1,401,029)

(64,236)

31,830,504

Capital assets being depreciated:
Distribution
General

Less accumulated for:
Distribution
General

Net electric capital assets

$

38,668,190

$

5,050,061

$

260,191

$

43,458,060

Business-type activities capital assets,
net as reported in the statement of net
position

$

73,470,403

$

6,117,491

$

895,595

$

78,692,299

$

731,281
529,115
2,074,228

Depreciation expense was charged to functions as follows:
Business-Type Activities
Sewer
Water
Electric

Total business-type activities, net as reported in the statement
$
of net position expense

3,334,624

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.

35

City of Plymouth
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:
Payable Fund

Receivable Fund
General Fund
Plymouth Utilities

Plymouth Utilities
Water and Sewer Lateral

Amount
$

Total, fund financial statements

618,099
9,000
627,099

Add interfund receivables created with internal service fund eliminations
Less government-wide eliminations
Add interfund advances
Total internal balances, government-wide statement of net position

1,702,868
(1,236,198)
814,610
$

1,908,379

All amounts are due within one year.
This interfund relates to the payment in lieu of taxes (PILOT) due from the Utilities to the General
Fund on an annual basis.
Advances
The Plymouth Utilities is advancing funds to TIF District #6. The amount advanced is determined
by the deficiency of revenues over expenditures and other financing sources On December 7,
2010, the common council adopted a resolution to create TIF District #6 and established
boundaries. Financing for the initial capital improvements has been secured by the municipality
through issuance of $6.9 million combined utility revenue bonds, dated July 6, 2011, and these
amounts are currently being shown as an advance. The 2011 revenue bonds have been refunded
with the 2020 general obligation bonds.A repayment schedule has been established for these
advances and no interest is being charged. The final payment to the General Fund for the balance
of the advance is in 2025. The Utilities portion of this advance is in the amount of $745,666,
however a repayment schedule as only been created for $317,426 of this balance as follows:
$30,000 for each year of 2026-2028, $25,000 in 2029, $30,000 in 2030 and $167,426 in 2031. If
the cash flow of TIF District #6 improves, the repayment schedule will be adjusted to return as
much as possible to the Utilities. Currently, $428,240 is not covered by the repayment schedule.
On September 24, 2024, the common council adopted the resolution to create TIF District #7 and
establish boundaries. The deficit cash in TIF District #7 are currently shown as an advance from
the General Fund. No repayment schedule has been established and no interest being charged.
On June 5, 2025, the common council adopted the resolution to create TIF District #8 and
establish boundaries. The deficit cash in TIF District #8 are currently shown as an advance from
the General Fund. No repayment schedule has been established and no interest is being charged.
The Utilities are advancing funds to the General Fund. The amount advanced relates to the initial
costs of setting up the Stormwater fund. In 2025, the Stormwater fund will be separated from the
General Fund and this advance will be subsequently paid by the public user fee charges collected.
No repayment schedule has been established and no interest is being charged.

36

City of Plymouth
Notes to Financial Statements
December 31, 2025

On January 19, 2023, the common council adopted a resolution for the Revolving Loan fund to
advance $750,000 to TIF District #5 to finance the construction of E Clifford Street. This is a
zero-interest loan payable through 2028 and the repayment schedule is as follows:
TIF 5
Principal

Years
2026
2027
2028
Total

$

155,000
155,000
305,000

$

615,000

The following is a schedule of interfund advances:

Receivable Fund
General Fund
General Fund
Plymouth Utilities
Plymouth Utilities
Revolving Loan

Payable Fund

Amount Not
Due Within
One Year

Amount

TIF District #8
TIF District #7
General Fund
TIF District #6
TIF District #5

$

Total, fund financial statements

184,903
63,316
73,943
740,667
615,000

$

184,903
63,316
73,943
710,667
460,000

1,677,829
(863,219)

Less fund eliminations
Total, interfund advances, government-wide statement
of net position

$

814,610

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

Fund Transferred From

Amount

General Fund
Debt Service
Capital Improvements
Garbage and Recycling

Plymouth Utilities
General Fund
General Fund
General Fund

$

Tax Increment Housing

TIF District #4

2,536,476

Capital Improvements

TIF District #4

706,670

Total, fund financial statements

618,099
383,200
1,614,812
49,914

5,909,171
(5,291,072)

Less fund eliminations
Total transfers, government-wide statement of
activities

37

$

618,099

Principal Purpose
PILOT
Tax levy distribution
Tax levy distribution
Tax levy distribution
Establish affordable housing
fund
Refund of increment in
excess of project costs

City of Plymouth
Notes to Financial Statements
December 31, 2025

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 unrestricted revenues collected in
the general fund to finance various programs accounted for in other funds in accordance with
budgetary authorizations.
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
Premium on long-term debt

$

2,295,000
81,783

Increases

$

4,260,000
237,357

Ending
Balance

Decreases

$

610,000
39,007

$

5,945,000
280,133

Amounts Due
Within One
Year

$

605,000
-

2,376,783

4,497,357

649,007

6,225,133

605,000

Other liabilities:
Compensated absences*

161,229

17,267

-

178,496

51,876

Total other liabilities

161,229

17,267

-

178,496

51,876

Total bonds and notes payable

Total governmental activities longterm liabilities
Business-Type Activities
Bonds and notes payable:
General obligation debt
Promissory notes
Premium on long-term debt

$

2,538,012

$

4,514,624

$

649,007

$

6,403,629

$

656,876

$

2,415,000
125,000
90,592

$

2,640,000
87,411

$

800,000
30,000
18,118

$

4,255,000
95,000
159,885

$

325,000
30,000
-

Total bonds and notes payable

2,630,592

2,727,411

848,118

4,509,885

355,000

Other liabilities:
Customer advances for construction
Compensated absences*

8,045,542
143,312

268,948
33,379

1,534,006
46,651

6,780,484
130,040

-

Total other liabilities

8,188,854

302,327

1,580,657

6,910,524

-

Total business-type activities longterm liabilities

$

10,819,446

$

3,029,738

$

2,428,775

$

11,420,409

$

355,000

*The change in the compensated absences liability is presented as a net change.
In accordance with Wisconsin Statutes, total general obligation indebtedness of the City may not
exceed 5% of the equalized value of taxable property within the City's jurisdiction. The debt limit as of
December 31, 2025, was $63,076,465. Total general obligation debt outstanding at year end was
$10,200,000.

38

City of Plymouth
Notes to Financial Statements
December 31, 2025

General Obligation Debt
All general obligation debt payable is backed by the full faith and credit of the City. Debt 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
2016 G.O. Refunding
Bonds
2019 G.O. Promissory
Note
2020 G.O. Refunding
Bond
2025 G.O. Promissory
Note

Date of
Issue

Final
Maturity

Interest
Rates

Original
Indebtedness

Balance
December 31,
2025

05/18/16

04/01/27

2.00%

$

$

12/05/19

05/01/29

2.00-3.00

1,540,000

660,000

02/27/20

05/01/31

2.00-3.00

1,000,000

580,000

08/13/25

05/01/45

4.00-5.00

4,260,000

4,260,000

5,485,000

$

Total governmental activities, general obligation debt

General obligation
refunding bonds
Utility improvement
projects
Electric improvement
projects

5,945,000

Original
Indebtedness

Balance
December 31,
2025

$

$

Business-Type Activities
General Obligation Debt

445,000

Date of
Issue

Final
Maturity

Interest
Rates

02/27/20

05/01/31

2.00-3.00%

08/13/25

05/01/45

4.00-5.00

775,000

775,000

08/13/25

05/01/45

4.00-5.00

1,865,000

1,865,000

2,785,000

1,615,000

$

Total business-type activities, general obligation debt

4,255,000

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

Years
2026
2027
2028
2029
2030
2031-2035
2036-2040
2041-2045
Total

$

605,000
660,000
640,000
635,000
390,000
1,580,000
650,000
785,000

$ 5,945,000

39

$

268,078
206,200
184,475
160,700
140,700
466,925
232,000
85,294

$ 1,744,372

Business-Type Activities
General Obligation Debt
Principal
Interest
$

325,000
365,000
375,000
385,000
380,000
860,000
715,000
850,000

$ 4,255,000

$

173,963
136,619
124,894
114,219
103,419
394,894
252,169
90,446

$ 1,390,623

City of Plymouth
Notes to Financial Statements
December 31, 2025

Other Long-Term Debt
Other Long-Term Debt at December 31, 2025 consists of the following:
Business-Type Activities
Other Long-Term Debt
Renewable energy project,
direct

Date of
Issue

Final
Maturity

Interest
Rates

Original
Indebtedness

Balance
December 31,
2025

02/07/19

03/28/29

0.00%

$

$

95,000

$

95,000

300,000

Total business-type activities other long-term debt
Debt service requirements to maturity are as follows:

Business-Type Activities
Other Long-Term Debt
Principal
Interest

Years
2026
2027
2028
2029
Total

$

30,000
30,000
30,000
5,000

$

-

$

95,000

$

-

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 capital related debt proceeds
Less unamortized debt premium
Total net investment in capital assets

40

$

1,651,719
452,772
20,011,944
(5,945,000)
1,970,096
(280,133)

$

17,861,398

City of Plymouth
Notes to Financial Statements
December 31, 2025

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

Debt Service

Capital
Improvements

$

$

Tax
Increment
Housing

Nonmajor
Funds

Total

Fund Balances
Nonspendable:
Inventories and
prepaid items
Delinquent
specials/personal
property taxes
Advances

$

76,204

-

-

$

-

$

-

$

76,204

28,349
248,219

-

-

-

3,998
-

32,347
248,219

352,772

-

-

-

3,998

356,770

Restricted for:
Debt service
TIF activities
Affordable Housing
Loans

-

175,695
-

-

2,612,365
-

2,025,938
1,052,956

175,695
2,025,938
2,612,365
1,052,956

Subtotal

-

175,695

-

2,612,365

3,078,894

5,866,954

-

-

-

-

82,163
3,117,962
228,790
55,000
19,945

82,163
3,117,962
228,790
55,000
19,945

-

-

-

-

19,914
20,000
2,177
109,576
37,984
15,366
913

19,914
20,000
2,177
109,576
37,984
15,366
913

-

-

-

-

3,709,790

3,709,790

618,099
-

-

3,791,430

-

-

618,099
3,791,430

Subtotal

618,099

-

3,791,430

-

-

4,409,529

Unassigned (Deficit)

2,887,033

-

-

-

(1,245,267)

1,641,766

5,547,415

$ 15,984,809

Subtotal

Committed to:
Garbage and
recycling
Loans
Room tax
Sick leave
Mural maintenance
Parks and
playgrounds
Streets
Veterans memorial
Fire
Police
Library
Grant purposes
Subtotal
Assigned to:
PILOT
Capital projects

Total fund
balances

$

3,857,904

$

175,695

$

41

3,791,430

$

2,612,365

$

City of Plymouth
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 debt premium
Plus unamortized loss on refunding
Total net investment in capital assets

$

1,499,338
10,541,899
66,651,062
(4,350,000)
(159,885)
6,822

$

74,189,236

5. 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 a retirement benefit based on a formula factor, their final 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.

42

City of Plymouth
Notes to Financial Statements
December 31, 2025

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.
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

2.9

2.0

2016

0.5

(5.0)

2017

2.0

4.0

2018

2.4

17.0

2019

0.0

(10.0)

2020

1.7

21.0

2021

5.1

13.0

2022

7.4

15.0

2023

1.6

(21.0)

2024

3.6

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 $474,853 in contributions from the City.
Contribution rates for the plan year reported as of December 31, 2025 are:
Employee

Employer

General (Executives & Elected Officials)

6.90 %

6.90 %

Protective with Social Security

6.90

14.30

Protective without Social Security

6.90

19.10

Employee Category

43

City of Plymouth
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 City reported a liability of $529,065 for its proportionate share of the net
pension liability. 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 City's proportion of the net pension liability was based on the City's share of contributions
to the pension plan relative to the contributions of all participating employers. At December 31,
2024, the City's proportion was 0.03219793%, which was an increase of 0.00020286% from its
proportion measured as of December 31, 2023.
For the year ended December 31, 2025, the City recognized pension expense of $656,858.
At December 31, 2025, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Differences between projected and actual experience

$

1,643,037

Deferred
Inflows of
Resources
$

1,543,939

Changes in assumptions

156,983

-

Net differences between projected and actual earnings on pension
plan investments

803,942

-

5,687

839

531,034

-

Changes in proportion and differences between employer
contributions and proportionate share of contributions
Employer contributions subsequent to the measurement date
$

Total

3,140,683

$

1,544,778

$531,034 reported as deferred outflows of resources 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

$

320,841

2027

1,099,102

2028

(270,676)

2029

(84,395)

2030

(1)
44

City of Plymouth
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:

December 31, 2023

Measurement Date of Net Pension Liability (Asset):

December 31, 2024

Experience Study:

January 1, 2021 - December 31, 2023
Published November 19, 2024

Actuarial Cost Method:

Entry Age Normal

Asset Valuation Method:

Fair Value

Long-Term Expected Rate of Return:

6.8%

Discount Rate:

6.8%

Salary Increases:
Wage Inflation

3.0%

Seniority/Merit

0.1% - 5.7%

Mortality:

2020 WRS Experience Mortality Table

Postretirement Adjustments*:

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 impact of known Market Recognition Account deferred gains/losses 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.

45

City of Plymouth
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
Expected Real
Asset
Nominal Rate Rate of Return
Allocation %
of Return %
%**
Core Fund Asset Class
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 U.S. 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%.

46

City of Plymouth
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 discount rate is 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 investment 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 City's Proportionate Share of the Net Pension Liability (Asset) to Changes in
the Discount Rate
The following presents the City's proportionate share of the net pension liability (asset) calculated
using the discount rate of 6.80%, as well as what the City's proportionate share of the net pension
liability (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:

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

1% Decrease
to Discount
Rate (5.8%)

Current
Discount Rate
(6.8%)

1% Increase to
Discount Rate
(7.8%)

$

$

$

4,963,323

529,065

(2,621,347)

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/financial-reportsand-statements.
At December 31, 2025, the City reported a payable to the pension plan which represents
contractually required contributions outstanding as of the end of the year.
Risk Management
The City 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. These risks are
covered through the City's participation in CVMIC programs, commercial insurance and the City's
partially self-funded health care program. Settled claims have not exceeded coverage in any of the last
three years. There were no significant reductions in coverage compared to the prior year.
Beginning January 1, 2013, the City switched to an insurance internal service fund method of
accounting for its health care and risk management programs. The purpose of an internal service fund
is "to account for the financing of goods or services provided by one department or agency to other
departments or agencies of the governmental unit, or to other governmental units, on a
cost-reimbursements basis." In this case, health care and risk management costs are being
centralized and provided as a benefit to all City departments.
47

City of Plymouth
Notes to Financial Statements
December 31, 2025

Public Entity Risk Pool
Wisconsin Municipal Insurance Commission (WMIC)
Cities and Villages Mutual Insurance Company (CVMIC)
The WMIC is an intergovernmental cooperation commission created by contract under Section
66.30 of the Wisconsin Statutes. It was created in August, 1987 for the purpose of facilitating
the organization, establishment and capitalization of the CVMIC, and has numerous cities and
villages as members.
The CVMIC is a municipal mutual insurance company established on September 14, 1987
under Section 611.23 of the Wisconsin Statutes. The CVMIC provides liability insurance
coverage to the cities and villages which make up the membership of the WMIC.
The CVMIC is self-insured up to a maximum of $2,000,000 of each insurance risk. Losses
paid by CVMIC plus administrative expenses will be recovered through premiums to the
participating pool of municipalities. The City's share of such losses is approximately 1%.
Management of each organization consists of a board of directors or officers comprised of
representatives elected by each of three classes of participants based on population. The City
does not exercise any control over the activities of the agencies beyond the election of the
officers and board.
Financial statements of WMIC and CVMIC can be obtained directly from CVMIC's offices.
The City pays an annual premium to CVMIC for its general liability insurance, which provides
coverage up to $5,000,000 per occurrence, less the City's retained liability. The City's retained
liability is limited to $25,000 per occurrence and an annual aggregate limit of $100,000.
Changes in the fund's claims loss liability follow:
Beginning
Balance

Year
2025

$

Incurred
Claims
-

$

18,787

Claims Paid/
Settled
$

-

Ending
Balance
$

18,787

Health Care Program
Effective January 1, 2013, the City and Utilities transferred $815,824 and $667,500,
respectively to establish the new health care internal service fund. The purpose of this fund is
to pay medical and prescription drug claims of all City employees and their dependents and to
minimize the total costs of annual insurance coverage.
For the current plan year, the City utilized Prairie States Enterprises as the third-party
administrator for processing claims and uses Health Payment Systems (as a supplementary
option) for pre-processing the claims for further discounts. In addition to maintaining a reserve
fund, the City carries stop-loss coverage with ASG / Companion Life, which covers claims in
excess of $75,000 per individual up to an aggregate of $1,357,976. Changes in fund's claims
loss liability follows:
Beginning
Balance

Year
2025

$

128,215

48

Incurred
Claims
$

1,215,191

Claims Paid/
Settled
$

1,120,103

Ending
Balance
$

223,303

City of Plymouth
Notes to Financial Statements
December 31, 2025

In 2011, the City joined the Center for Health & Wellness. The consortium provides nurse
practitioner, physical therapist, chiropractic care, primary medical doctor care and limited
wellness services to its members at a reduced cost. The public-private partnership contracts
with Prevea Health to staff the Center. Costs related to the Center for Health & Wellness are
part of the health care internal service fund.
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.
Long-Term Contracts, WPPI Energy
The electric utility is one of 51 WPPI Energy member municipalities located throughout the States
of Wisconsin, Michigan and Iowa. On December 1, 1989, each initial WPPI Energy member
commenced purchasing electric service from WPPI Energy under a long-term Power Supply
Contract for Participating Members (long-term contract). Under the long-term contract, WPPI
Energy is obligated to provide and sell, and each member is obligated to take and pay for, the
electric power and energy required for the operation of each member's electric utility.
The long-term contract requires all WPPI Energy members to pay for power and energy
requirements supplied or made available by WPPI Energy at rates sufficient to cover WPPI
Energy's revenue requirement including power supply costs, administrative expenses and debt
service. WPPI Energy's subsequent year's operating budget and rates are approved annually by its
Board of Directors, consisting of representatives from each member. The members have agreed
to charge rates to retail customers sufficient to meet their WPPI Energy obligations. The long-term
contract provides that all payments to WPPI Energy constitute operating expenses of the utility
payable from any operating and maintenance fund established for that system.
Fifty members, representing approximately 99.8% of WPPI Energy's existing load, have long-term
contracts through December 31, 2055. The remaining member has a long-term contract through
December 31, 2037.
WPPI Energy's outstanding debt service obligation to be paid by its members through their
wholesale power charges through the remainder of the long-term contract was $221 million as of
December 31, 2025.
Subsequent Event
On July 2, 2026, the City issued $11,565,000 of General Obligation Promissory Notes. The proceeds of
the notes will be used to finance capital improvement projects.
Tax Abatement
In 2024, the City issued a municipal revenue obligation as part of a developer agreement. The amount
of the obligation was $6,300,000 and is payable to the developer solely from tax increments collected
from a special portion of the development in TID No. 7. Payments are scheduled through the year 2045
(the life of the TID). The obligation does not constitute a charge upon any funds of the City. In the event
that future tax increments are not sufficient to pay off the obligation, the obligation terminates with no
further liability to the City. Since the amount of future payments is contingent on the collection of future
TIF increments, the obligation is not reported as a liability in the accompanying financial statements.
The balance of the commitment outstanding at year end was $6,300,000.

49

City of Plymouth
Notes to Financial Statements
December 31, 2025

Economic Dependency
Electric Utility
The utility has one significant customer who was responsible for 15% of operating revenues in
2025.
Sewerage Utility
The utility has one significant customer who was responsible for 25% of operating revenues in
2025.
Water Utility
The utility has one significant customer who was responsible for 10% of operating revenues in
2025.
Effect of New Accounting Standards on Current-Period Financial Statements
The Governmental Accounting Standards Board (GASB) has approved the following:


Statement No. 103, Financial Reporting Model Improvements



Statement No. 104, Disclosure of Certain Capital Assets



Statement No. 105, Subsequent Events

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

50

REQUIRED SUPPLEMENTARY INFORMATION

City of Plymouth
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual General Fund
Year Ended December 31, 2025

Original and
Final Budget
Revenues
Taxes
Intergovernmental
Licenses and permits
Fines, forfeitures and penalties
Public charges for services
Intergovernmental charges for services
Investment income
Miscellaneous revenues

$

4,874,083
1,939,338
197,290
86,800
256,700
136,500
75,372
6,300

Actual
$

4,881,382
1,953,627
262,023
133,759
295,832
163,613
364,690
15,300

Variance With
Final Budget
$

7,299
14,289
64,733
46,959
39,132
27,113
289,318
9,000

7,572,383

8,070,226

497,843

Expenditures
Current:
General government
Public safety
Public works
Health and human services
Culture, recreation and education
Conservation and development

1,137,428
2,798,797
1,596,119
143,035
1,121,492
27,010

1,046,453
2,931,686
1,190,526
202,583
1,371,986
90,859

90,975
(132,889)
405,593
(59,548)
(250,494)
(63,849)

Total expenditures

6,823,881

6,834,093

(10,212)

748,502

1,236,133

487,631

(1,441,502)
3,000
690,000

(2,047,926)
618,099

(606,424)
(3,000)
(71,901)

(748,502)

(1,429,827)

(681,325)

-

(193,694)

(193,694)

4,051,598

4,051,598

-

Total revenues

Excess of revenues over expenditures
Other Financing Sources (Uses)
Transfers out
Sale of property
Transfers in
Total other financing sources (uses)
Net change in fund balance
Fund Balance, Beginning
$

Fund Balance, Ending

4,051,598

$

See notes to the required supplementary information

51

3,857,904

$

(193,694)

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

City's
Proportion
of the Net
Pension
Asset

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

City's
Proportionate
Share of the
Net Pension
Liability (Asset)

0.03219793 % $
0.03199507 %
0.03204068 %
0.03233349 %
0.03231786 %
0.03206321 %
0.03133121 %
0.03095614 %
0.03045086 %
0.03095444 %

City's
Covered
Payroll

529,065 $
475,704
1,697,415
(2,606,138)
(2,017,648)
(1,033,864)
1,114,666
(919,124)
250,988
503,004

City's
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

9.97%
9.43 %
36.36 %
57.09 %
44.50 %
23.16 %
26.56 %
22.38 %
6.42 %
12.87 %

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

5,307,860
5,043,905
4,668,582
4,565,017
4,534,351
4,463,535
4,196,530
4,106,942
3,910,997
3,908,249

Schedule of Employer Contributions
Wisconsin Retirement System
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

Contributions in
Relation to the
Contractually
Contractually
Required
Required
Contributions Contributions

Contribution
Deficiency
(Excess)

$

$

531,034
474,855
429,532
372,489
370,638
368,668
340,756
326,606
322,928
288,509

$

531,034
474,855
429,532
372,489
370,638
368,668
340,756
326,606
322,928
288,509

-

$

See notes to the required supplementary information

52

5,822,219
5,307,861
5,043,906
4,668,582
4,565,017
4,534,352
4,463,536
4,196,530
4,106,943
3,910,997

9.12 %
8.95 %
8.52 %
7.98 %
8.12 %
8.13 %
7.63 %
7.78 %
7.86 %
7.38 %

City of Plymouth
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 no amendments were adopted
during the year. The City may authorize transfers of budgeted amounts within departments. Transfers between
departments and changes to the overall budget must be approved by a two-thirds action.
Appropriations lapse at year end unless specifically carried over. There were no carryovers to the following
year. Budgets are adopted at the department level of expenditure.
Wisconsin Retirement System
The amounts determined for each fiscal year were determined as of the calendar year-end and 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

53

SUPPLEMENTARY INFORMATION

City of Plymouth
Combining Balance Sheet Nonmajor Governmental Funds
December 31, 2025

Special Revenue Funds
USDA
Revolving
Loan

Revolving
Loan

Committed

Garbage and
Recycling

Housing
Grant

Assets
Cash and investments
Receivables:
Taxes
Accrued interest
Delinquent special
assessments
Loans
Accounts
Due from other governments
Advances to other funds

$

534,180

$

1,092,860

$

412,279

$

117,765

$

247,072

Total assets

$

536,677

$

2,590,761

$

412,279

$

599,123

$

640,677

$

17,533
9,479
-

$

-

$

-

$

38,498
-

$

-

-

3,520

-

478,462
-

-

2,497
-

879,381
615,000

-

2,896
-

393,605
-

Liabilities, Deferred Inflows
of Resources and Fund
Balances
Liabilities
Accounts payable
Due to other funds
Deposits
Advances from other funds
Total liabilities

27,012

-

-

38,498

-

Deferred Inflows of
Resources
Unearned revenues

-

-

-

478,462

-

-

-

-

478,462

-

509,665
-

2,590,761
-

412,279
-

82,163
-

640,677
-

509,665

2,590,761

412,279

82,163

640,677

Total deferred inflows
of resources
Fund Balances
Nonspendable
Restricted
Committed
Unassigned (deficit)
Total fund balances
(deficit)
Total liabilities,
deferred inflows of
resources and fund
balances

$

536,677

$

2,590,761

54

$

412,279

$

599,123

$

640,677

Special
Revenue
Funds

Capital Projects Funds

Water and
Sewer Lateral

$

236,263

TIF District
#5

$

138,459

TIF District
#6

$

35,257

TIF District
#7

$

-

TIF District
#8

$

2,210,841

Total
Nonmajor
Governmental
Funds

$

5,024,976

39,255
877

362,810
-

104,871
-

32,447
-

-

1,017,845
4,397

3,998
299,061
-

-

-

-

-

3,998
1,572,047
2,497
2,896
615,000

$

579,454

$

501,269

$

140,128

$

32,447

$

2,210,841

$

8,243,656

$

9,000
-

$

615,000

$

740,667

$

63,316

$

184,903

$

56,031
9,000
9,479
1,603,886

$

9,000

615,000

740,667

63,316

184,903

1,678,396

39,255

362,810

104,871

32,447

-

1,017,845

39,255

362,810

104,871

32,447

-

1,017,845

3,998
527,201
-

(476,541)

(705,410)

(63,316)

2,025,938
-

3,998
3,078,894
3,709,790
(1,245,267)

531,199

(476,541)

(705,410)

(63,316)

2,025,938

5,547,415

579,454

$

501,269

$

140,128

$

32,447

55

$

2,210,841

$

8,243,656

City of Plymouth
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
Year Ended December 31, 2025

Special Revenue Funds

Committed
Revenues
Taxes
Intergovernmental
Public charges for services
Investment income
Miscellaneous revenues

$

171,761
96,276
66,004

USDA
Revolving
Loan

Revolving
Loan
$

72,987
-

$

Garbage and
Recycling

14,288
-

$

22,165
446,108
-

Housing
Grant
$

7,947
-

334,041

72,987

14,288

468,273

7,947

82,581
-

4,324
-

-

512,228

-

10,698

-

-

-

-

137,780

-

-

-

12,335

-

-

-

-

-

Total expenditures

231,059

4,324

-

512,228

12,335

Excess (deficiency) of
revenues over
expenditures

102,982

68,663

14,288

(43,955)

(4,388)

Other Financing Sources
Debt issued
Premium on debt issued
Transfers in

-

-

-

49,914

-

Total other financing
sources

-

-

-

49,914

-

Net change in fund
balances

102,982

68,663

14,288

5,959

(4,388)

Fund Balances (Deficit),
Beginning

406,683

2,522,098

397,991

76,204

645,065

Total revenues
Expenditures
Current:
General government
Public safety
Public works
Culture, recreation and
education
Conservation and
development
Debt service:
Principal
Interest and fiscal charges

Fund Balances (Deficit),
Ending

$

509,665

$

2,590,761

56

$

412,279

$

82,163

$

640,677

Special
Revenue
Funds

Capital Projects Funds

Water and
Sewer Lateral
$

$

14,312
-

TIF District
#5
$

360,968
71,203
10,161
-

TIF District
#6
$

111,075
9,493
3,039
32,597

TIF District
#7
$

-

TIF District
#8
$

33,867
-

Total
Nonmajor
Governmental
Funds
$

643,804
199,137
446,108
156,601
98,601

14,312

442,332

156,204

-

33,867

1,544,251

-

4,216
-

224
-

12,116
-

183,904
-

204,784
82,581
512,228

-

-

-

-

-

10,698

2,882

50,150

728

-

1,000

204,875

-

155,000
18,175

85,000
14,675

-

44,692

240,000
77,542

2,882

227,541

100,627

12,116

229,596

1,332,708

11,430

214,791

55,577

(12,116)

(195,729)

211,543

-

-

-

-

2,155,000
66,667
-

2,155,000
66,667
49,914

-

-

-

-

2,221,667

2,271,581

11,430

214,791

55,577

(12,116)

2,025,938

2,483,124

519,769

(691,332)

(760,987)

(51,200)

-

3,064,291

(476,541) $

(705,410) $

(63,316) $

531,199

$

57

2,025,938

$

5,547,415

City of Plymouth
Combining Statement of Net Position Internal Service Funds
December 31, 2025

Assets
Current assets:
Cash and investments
Receivables:
Accrued interest
Accounts
Prepaid items

Health Care

Risk
Management

$

$

3,172,583

502,102

Total

$

3,674,685

6,694
8,826
1,753

177
1,901
-

6,871
10,727
1,753

Total assets

3,189,856

504,180

3,694,036

Liabilities
Current liabilities:
Accounts payable

223,303

20,117

243,420

Total liabilities

223,303

20,117

243,420

2,966,553

484,063

3,450,616

Net Position
Unrestricted
$

Total net position

58

2,966,553

$

484,063

$

3,450,616

City of Plymouth
Combining Statement of Revenues, Expenditures and Changes in Fund Net Position Internal Service Funds
Year Ended December 31, 2025

Operating Revenues
City and Utility contributions
Other

Health Care

Risk
Management

$

$

956,687
173,054

311,374
147,887

Total
$

1,268,061
320,941

1,129,741

459,261

1,589,002

691,388
428,715
-

383,932

691,388
428,715
383,932

1,120,103

383,932

1,504,035

Operating income

9,638

75,329

84,967

Nonoperating Revenues
Investment income

114,237

11,540

125,777

Total nonoperating revenues

114,237

11,540

125,777

Change in net position

123,875

86,869

210,744

2,842,678

397,194

3,239,872

Total operating revenues
Operating Expenses
Health care costs, City employees
Health care costs, Utility employees
Risk management insurance and expenses
Total operating expenses

Net Position, Beginning
$

Net Position, Ending

59

2,966,553

$

484,063

$

3,450,616

City of Plymouth
Combining Statement of Cash Flows
Internal Service Funds
Year Ended December 31, 2025

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

$

Risk
Management

1,128,432 $
(1,026,768)

Total

476,202 $ 1,604,634
(369,865)
(1,396,633)

101,664

106,337

208,001

115,567

11,575

127,142

Net cash flows from investing activities

115,567

11,575

127,142

Net change in cash and cash equivalents

217,231

117,912

335,143

1,445,678

344,229

1,789,907

Net cash flows from operating activities
Cash Flows From Investing Activities
Investment income

Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending
Reconciliation of Operating Income to Net Cash Flows
From Operating Activities
Operating income
Changes in assets and liabilities:
Accounts receivable
Accounts payable
Prepaids
Net cash flows from operating activities
Reconciliation of Cash and Cash Equivalents to the
Statement of Net Position
Cash and investments, statement of net position
Less noncash equivalents
Cash and cash equivalents
Noncash Capital and Related Financing Activities
None

60

$

1,662,909

$

462,141

$

2,125,050

$

9,638

$

75,329

$

84,967

(1,309)
95,088
(1,753)

16,941
14,067
$

$

101,664

$

3,172,583 $
(1,509,674)

502,102 $
(39,961)

3,674,685
(1,549,635)

$

1,662,909

462,141

2,125,050

$

106,337

15,632
109,155
(1,753)
$

$

208,001

Plymouth Utilities
Report to the Common Council
August 24, 2026

Presented By:
Baker Tilly US, LLP
4807 Innovate Lane
P.O. Box 7398
Madison, WI 53707-7398
512 975 7281
Aaron Worthman, CPA, Principal

Note: Actual data was derived from current and prior years
audited financial statements

Plymouth Utilities
Comparison of Electric kWh's (000) Sold
2021 - 2025

200,000
180,000
160,000
140,000
120,000

2021

100,000
80,000

2022

60,000

2023

40,000

2024

20,000

2025

Residential

Residential
Small Commercial and Industrial
Industrial
Public Authority and Other
Total

Small Commercial and
Industrial

Industrial

Public Authority and
Other

2021

2022

2023

2024

2025

63,745
22,750
179,396
425

63,025
21,804
179,298
398

61,487
21,156
177,581
375

61,636
23,114
174,321
367

64,061
22,168
170,762
366

266,316

264,525

260,599

259,438

257,357

What it means….
Electric kWh's sold have seen a decrease since 2021 mainly due to decreases in industrial usage from year to year.

Prepared by Baker Tilly US, LLP

Page 2

Plymouth Utilities
Comparison of Water Gallons (000) Sold
2021 - 2025

200,000
180,000
160,000

2021

140,000

2022

120,000

2023

100,000

2024

80,000

2025

60,000
40,000
20,000
Residential

Residential
Multifamily Residential
Commercial
Industrial
Public Authority
Total

Multifamily Residential

Commercial

Industrial

Public Authority

2021

2022

2023

2024

2025

125,689
20,794
28,641
177,160
7,765

122,456
19,833
27,360
170,143
6,972

124,112
19,373
33,743
171,603
6,755

121,692
19,851
38,990
183,402
6,897

122,386
20,133
46,324
176,335
7,718

360,049

346,764

355,586

370,832

372,896

What it means….
The trend in water utilities is to see decreasing usage due to water conservation efforts. Recently, there was a upward spike in
commerical due to a significant increase in demand while industrial usage reverted back to its previous sales levels.

Prepared by Baker Tilly US, LLP

Page 3

Plymouth Utilities
Comparison of Sewer Gallons (000) Billed
2021 - 2025

250,000
200,000

2021
2022

150,000

2023
100,000

2024
2025

50,000
Residential

Commercial

Industrial

Public Authority

2021

2022

2023

2024

2025

Residential
Commercial
Industrial
Public Authority

129,202
48,547
120,313
10,452

126,857
45,690
156,873
10,022

123,239
45,827
166,366
16,089

121,163
51,035
194,853
17,972

121,780
55,378
178,936
24,341

Total

308,514

339,442

351,521

385,023

380,435

What it means….
Wastewater treatment saw a significant increase in industrial sales in 2024 which signficantly reduced in 2025.

Prepared by Baker Tilly US, LLP

Page 4

Plymouth Utilities
Electric Rate of Return
2021 - 2025

2007 - 2010$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
2021

2022
Authorized

2021
Net Investment Rate Base

$

Authorized Return

30,971,905

2023
Actual

2024

2022
$

5.30%

2025

2023

31,176,290

$

31,299,927

5.30%

2024
$

5.30%

32,929,526

2025
$

5.30%

32,647,824
4.90%

Authorized Operating Return

$

1,641,511

$

1,652,343

$

1,658,896

$

1,745,265

$

1,599,743

Actual Operating Income - Regulatory Basis

$

850,278

$

957,960

$

782,599

$

1,027,974

$

796,310

Actual Return
Difference

2.75%
$

(791,233)

3.07%
$

(694,383)

2.50%
$

(876,297)

3.12%
$

(717,291)

2.44%
$

(803,433)

What it means...
Rate of return is a key indicator of financial results in any regulated utility like your electric utility. Any growth in plant requires that rates cover the cost of
providing service or the utility will weaken financially in the long run. Current rates were approved by the PSCW on October 15, 2025 and placed into effect
on November 1, 2025. The electric utility's new authorized rate of return is 4.90%.
It is important to point out that the operating income reported here will not match what is reported in the financial statements due to PSCW ratemaking
rules.

Prepared by Baker Tilly US, LLP

Page 5

Plymouth Utilities
Water Rate of Return
2021- 2025

2007 - 2010

$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
2021

2022

2023
Actual

Authorized

2021
Net Investment Rate Base

$

Authorized Return

16,854,951

2024

2022
$

6.00%

2025

2023

16,879,130

$ 16,811,256

6.00%

6.00%

2024
$

16,770,439

2025
$

6.00%

16,818,925
6.00%

Authorized Operating Return

$

1,011,297

$

1,012,748

$

1,008,675

$

1,006,226

$

1,009,136

Actual Operating Income - Regulatory Basis

$

687,799

$

636,070

$

694,519

$

649,539

$

640,611

Actual Return
Difference

4.08%
$

(323,498)

3.77%
$

(376,678)

4.13%
$

(314,156)

3.87%
$

(356,687)

3.81%
$

(368,525)

What it means...
Rate of return is a key indicator of financial results in any regulated utility like your water utility. Any growth in plant requires that rates cover the cost of
providing service or the utility will weaken financially in the long run. Current rates were approved by the PSCW on February 15, 2023 and placed into
effect on April 1, 2023.
It is important to point out that the operating income reported here will not match what is reported in the financial statements due to PSCW ratemaking
rules.

Prepared by Baker Tilly US, LLP

Page 6

Plymouth Utilities
Unrestricted Funds on Hand
2021 - 2025

$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$2021

2022
Actual

2023

2024

2025

Minimum Recommended (3 - 6 months)

2021

2022

2023

2024

2025

Funding Benchmark
Estimated Monthly Revenues

$ 2,465,414

$ 2,669,811

$ 2,561,992

$ 2,507,581

$ 2,583,200

Actual Unrestricted Funds on Hand

$ 16,282,044

$ 24,239,267

$ 25,555,657

$ 24,469,379

$ 23,823,160

6.60

9.08

9.97

9.76

9.22

Months billings on Hand

What it means….
A utility should maintain funds to cover its operations in a normal business operation cycle (i.e. quarterly, monthly) plus a
contingency. In addition, utilities should have available an amount equal to one year's routine capital improvements. These funding
levels facilitate budgeting since there will be less concern for business cycle fluctuations.
This shows that the utility has historically had ample cash reserves for operations. Please note, $6,780,500 of unrestricted cash was
advanced for the substation project.

Prepared by Baker Tilly US, LLP

Page 7

Prepared by Baker Tilly US, LLP

Page 8

Plymouth Utilities
Utility Net Position vs. Net Plant
2021 - 2025

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

Investment in Capital Assets

$ 59,850,810

$ 60,899,394

$ 64,147,415

$ 70,848,975

$ 74,189,236

Net Property, Plant, and Equipment

$ 69,092,307

$ 68,097,376

$ 69,269,620

$ 73,470,403

$ 78,692,299

87%

89%

93%

96%

94%

Percent of Net Plant Not Funded by Debt

What it means….
Obtaining financing for capital improvements is normally a necessity for capital intensive utilities. Management should keep their
related debt to a manageable level as this allows you to be less aggressive seeking rate relief and provides more options to address
unanticipated expenses. Normal utility target is 50% or more equity and 50% or less debt.

Prepared by Baker Tilly US, LLP

Page 9

Plymouth Utilities
An Enterprise Fund of the City of Plymouth, Wisconsin
Financial Statements and
Supplementary Information
December 31, 2025 and 2024

Plymouth Utilities
An Enterprise Fund of the City of Plymouth, Wisconsin
Table of Contents
December 31, 2025 and 2024

Page
Independent Auditors' Report

1

Required Supplementary Information
Management's Discussion and Analysis (Unaudited)

4

Financial Statements
Statements of Net Position

11

Statements of Revenues, Expenses and Changes in Net Position

13

Statements of Cash Flows

15

Notes to Financial Statements

17

Required Supplementary Information
Schedule of Proportionate Share of Net Pension Liability (Asset) - Wisconsin Retirement
System

46

Schedule of Employer Contributions - Pension - Wisconsin Retirement System

46

Notes to Required Supplementary Information - Wisconsin Retirement System

47

Supplementary Information
Electric Utility Plant

48

Water Utility Plant

49

Sewage Utility Plant

50

Electric Utility Operating Revenues and Expenses

51

Water Utility Operating Revenues and Expenses

53

Sewage Utility Operating Revenues and Expenses

55

Independent Auditors' Report
To the Common Council of
City of Plymouth
Opinion
We have audited the financial statements of the Plymouth Utilities (Utility), an enterprise fund of the City
of Plymouth, WI, as of and for the years ended December 31, 2025 and 2024, and the related notes to
the 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 financial position for the Utility as of December 31, 2025 and 2024, and the changes in financial
position and cash flows for the years then ended in accordance with accounting principles generally accepted
in the United States of America.
Basis for Opinion
We conducted our audits 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 Utility and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Emphasis of Matter
As discussed in Note 1, the financial statements of the Utility are intended to present the financial position,
the changes in the financial position, and cash flows of only the Utility. They do not purport to, and do not,
present fairly the financial position of the City of Plymouth, WI, as of December 31, 2025, and 2024, and the
changes in financial position, or cash flows for the years then ended in accordance with accounting
principles generally accepted in the United States of America. Our opinion is 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.

1

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 opinion. 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 Utility'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.

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 financial
statements. Such information is the responsibility of management and, although not a part of the financial
statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the 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 financial statements, and
other knowledge we obtained during our audit of the 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.

2

Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. 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 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 financial statements. The information has been subjected to the auditing procedures applied in the audit
of the financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial statements
or to the 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 financial statements as a whole.

Madison, Wisconsin
August 20, 2026

3

MANAGEMENT'S DISCUSSION AND ANALYSIS

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

The management of the Plymouth Utilities (Utility) offers all persons interested in the financial position of
the Utility an objective, easy to read overview and analysis of the Utility's financial performance during the
years ending December 31, 2025 and 2024. You are invited to read this narrative in conjunction with the
Utility's financial statements.

Financial Highlights


The electric utility’s operating revenues in 2025, generated mostly by user fees, increased by
$1,021,500 or 4% mostly due to an increase in cost of power along with an increase in electric
rates (effective November 1, 2026).



The electric utility’s operation and maintenance expenses in 2025, increased by $1,421,800 or
7% mostly due to an increase in purchased power.



The water utility’s operating revenues in 2025, generated mostly by user fees, increased by
$7,900 or 0.3% due to an increase in water usage.



The water utility’s operation and maintenance expenses in 2025, increased by $42,500 or
4% due mostly to an increase in repair costs, water main breaks, and labor and salaries.



The sewage utility’s operating revenues, generated mostly by treatment charges, decreased by
$121,900 or 4% during fiscal year 2025 due to lower usage and strength charges to industrial
customers.



The sewage utility’s operation and maintenance expenses in 2025, increased by $69,000 or
5% due mostly to an increase in fuel and chemical costs, and labor and salaries.

Overview of the Financial Statements
The Utility is a self-supporting entity and a separate enterprise fund of the City of Plymouth. The Utility
provides electric, water and sewage services to properties within the City of Plymouth and portions of the
Towns of Plymouth, Sheboygan Falls, Herman, Mitchell, Greenbush, Lyndon, Rhine, Scott, Osceola and
Forest.
The Utility is managed by the Plymouth Common Council (Common Council) and the electric and water
utilities operate under service rules and rates that are established by the Public Service Commission of
Wisconsin (PSCW). The sewage utility operates under rules and rates established by the Common
Council. The accounting records are maintained in accordance with the Uniform System of Accounts
prescribed by the PSCW and in accordance with the Governmental Accounting Standards Board.
This annual report consists of two parts: Management's Discussion and Analysis and the financial
statements, as well as the independent auditors' report.
An analysis of the Utility's financial position begins with a review of the Statements of Net Position and the
Statements of Revenues, Expenses and Changes in Net Position. These two statements report the
Utility's net position and changes therein. The Utility's net position - 'the difference between assets,
deferred outflows of resources, liabilities and deferred inflows of resources' is key to measuring the
financial health of the Utility. Over time, increases or decreases in the net position value are an indicator
of whether the financial position is improving or deteriorating. However, it should be noted that the
financial position may also be affected by other non-financial factors, including economic conditions,
customer growth, climate conditions and new regulations.

4

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

Utility Financial Analysis
The Statements of Net Position include all of the Utility's assets, deferred outflows of resources, liabilities
and deferred inflows of resources and provide information about the nature and amount of investments in
resources and the obligations to creditors. This statement provides the basis for evaluating the capital
structure and assessing the liquidity and financial flexibility of the Utility.
A summary of the Utility’s Statements of Net Position is presented below in Table 1.
Table 1
Condensed Statements of Net Position
2025

Current and other assets
Capital assets

$

39,000,402
78,692,299

2024
$

39,742,737
73,470,403

2025-2024
Change

2023
$

40,696,013
69,269,620

$

(742,335)
5,221,896

Total assets

117,692,701

113,213,140

109,965,633

4,479,561

Deferred outflows of resources

1,247,667

1,634,433

2,389,104

(386,766)

Current and other liabilities
Long-term debt outstanding

10,249,706
4,350,000

11,562,682
2,540,000

10,655,171
5,025,000

(1,312,976)
1,810,000

Total liabilities

14,599,706

14,102,682

15,680,171

497,024

Deferred inflows of resources

650,599

987,680

1,347,964

(337,081)

Net investment in capital assets
Unrestricted

74,189,236
29,500,827

70,848,975
28,908,236

64,147,415
31,179,187

3,340,261
592,591

Total net position

$ 103,690,063

$

99,757,211

$

95,326,602

$

3,932,852

Net investment in capital assets increased by $3.3 million over 2024 due to an increase in capital assets
during 2025.

5

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

The specific nature or source of these changes becomes more evident in the Statements of Revenues,
Expenses and Changes in Net Position as shown in Table 2.
The Statements of Revenues, Expenses and Changes in Net Position provide an indication of the Utility's
financial health.
Table 2
Condensed Statements of Revenues,
Expenses and Changes in Net Position
2025

Operating revenues
Nonoperating revenues
Total revenues

$

30,998,399
2,119,190

2024
$

30,090,969
2,030,010

2025-2024
Change

2023
$

30,743,905
1,999,838

$

907,430
89,180

33,117,589

32,120,979

32,743,743

996,610

3,334,624
25,315,294
137,855

3,218,179
23,781,966
86,245

3,355,421
24,990,528
146,575

116,445
1,533,328
51,610

Total expenses

28,787,773

27,086,390

28,492,524

1,701,383

Income before capital
contributions and
transfers

4,329,816

5,034,589

4,251,219

(704,773)

221,135
(618,099)

47,580
(651,560)

522,366
(640,516)

173,555
33,461

3,932,852

4,430,609

4,133,069

(497,757)

99,757,211

95,326,602

91,193,533

4,430,609

Depreciation expense
Other operating expenses
Nonoperating expenses

Capital contributions
Transfers
Changes in net position
Net Position, Beginning
Total Net Position, Ending

$ 103,690,063

$

99,757,211

$

95,326,602

$

3,932,852

The Utility's operating revenues increased by $907,400. Total other operating expenses increased
$1,533,300. Capital contributions increased by $173,600 due to higher amount of capital contributions
related to electric utility projects in 2025.

6

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

Sales of electricity increased $1,082,700 or 4%, in 2025. The most recent rate adjustment was approved
October 15, 2025, effective November 1, 2025.
Sales of water increased by $8,600 or 0.3%, in 2025. The most recent rate adjustment was approved
February 15, 2023, effective April 1, 2023.

7

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

Sewage billings decreased $121,300 or 4%, in 2025. The most recent rate adjustment was effective
April 1, 2023.
The Statements of Cash Flows report the cash provided and used by operating activities, as well as other
cash sources such as investment income and cash payments for repayment of capital additions.
Table 3
Condensed Statements of Cash Flows
2025

Cash flows from:
Operating activities
Noncapital financing activities
Capital and related financing
activities
Investing activities

$

Net change in cash and
cash equivalents
Cash and Cash Equivalents,
Beginning
Cash and Cash Equivalents,
Ending

$

6,790,057
(651,560)

2024

$

4,470,675
(640,516)

2025-2024
Change

2023

$

5,568,575
(686,650)

$

2,319,382
(11,044)

(7,913,173)
13,341,637

(6,466,953)
2,927,793

(5,040,218)
(6,231,316)

(1,446,220)
10,413,844

11,566,961

290,999

(6,389,609)

11,275,962

4,794,906

4,503,907

10,893,516

290,999

16,361,867

$

8

4,794,906

$

4,503,907

$

11,566,961

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

Table 4
Capital Assets - Electric Utility
2025

Capital assets:
Distribution
General

$

Total capital assets
Less accumulated depreciation
Construction in progress
Net capital assets

$

56,245,034
9,405,442

2024

$

56,042,527
9,299,953

2025-2024
Change

2023

$

53,659,846
9,187,742

$

202,507
105,489

65,650,476

65,342,480

62,847,588

307,996

(32,734,315)
10,541,899

(31,089,526)
4,415,236

(29,275,409)
1,312,243

(1,644,789)
6,126,663

43,458,060

$

38,668,190

$

34,884,422

$

4,789,870

The electric utility’s net capital assets increased $4,789,900 in 2025, primarily due to an increase in
construction in progress additions.
Table 5
Capital Assets - Water Utility
2025

Capital assets:
Source of supply
Pumping
Water treatment
Transmission and distribution
General

$

Total capital assets
Less accumulated depreciation
Net capital assets

$

789,109
1,744,394
750,234
22,595,151
1,735,141

2024

$

789,109
1,672,194
749,265
22,151,226
1,708,304

2025-2024
Change

2023

$

789,109
1,672,194
749,265
21,876,315
1,664,241

$

72,200
969
443,925
26,837

27,614,029

27,070,098

26,751,124

543,931

(7,879,804)

(7,460,667)

(6,967,686)

(419,137)

19,734,225

$

19,609,431

$

19,783,438

$

124,794

During 2025, the water utility’s net capital assets increased by $124,800 due to more capital asset activity
offset by annual depreciation.

9

Plymouth Utilities
Management's Discussion and Analysis
December 31, 2025 and 2024
(Unaudited)

Table 6
Capital Assets - Sewage Utility
2025

Capital assets:
Collecting system
Collecting system pumping
Treatment and disposal
General

$

Total capital assets
Less accumulated depreciation
Construction in progress
Net capital assets

$

14,396,079
3,361,340
12,090,774
1,162,072

2024

$

14,116,786
3,361,340
10,975,117
1,162,072

2025-2024
Change

2023

$

13,825,296
3,361,340
10,871,090
1,103,562

$

279,293
1,115,657
-

31,010,265

29,615,315

29,161,288

1,394,950

(15,510,251)
-

(15,174,017)
751,484

(14,664,646)
105,118

(336,234)
(751,484)

15,500,014

$

15,192,782

$

14,601,760

$

307,232

During 2025, the sewage utility’s capital assets increase by $307,200 due to an increase in treatment and
disposal additions, offset by a decrease in construction in progress.
Please refer to the notes to the financial statements for further detail of the Utility's capital assets.

Long-Term Debt
The Utility also had total general obligation debt outstanding of $4,255,000 as of December 31, 2025. The
general obligation debt was used for utility construction projects in 2012-2015 and in 2020 was used to
refund outstanding revenue debt originally issued for utility construction projects. In 2025, the general
obligation debt was used for both utility and electric improvement projects.
In addition, the Utility had a promissory note outstanding of $95,000, as of December 31, 2025. The
promissory note was used for system improvements.
A table of separate bond issues is included in this audit report in Note 5.

Currently Known Fasts/Economic Conditions
The City of Plymouth is located on the southeastern part of the State of Wisconsin. The Utility has been in
operation for over 100 years, providing electric, water and sewage service to the citizens of the city and
electric service to portions of several surrounding towns. The Utility is currently providing electric service
to 8,685 customers, water service to 3,754 customers and sewage service to 3,839 customers.

Contacting Utility Management
This financial report is designed to provide our customers, investors and creditors with a general overview
of the Utility's finances. If you have questions about this report or need additional financial information,
contact the Utilities Manager or Finance Director, Plymouth Utilities, 900 County Road PP, P.O. Box 277,
Plymouth, WI 53073-0277.
General information relating to the Plymouth Utilities can be found at the Utility website
www.plymouthutilities.com.

10

Plymouth Utilities
Statements of Net Position
December 31, 2025 and 2024

2025

2024

Assets and Deferred Outflows of Resources
Current Assets
Cash and investments
Interest receivable
Customer accounts receivable
Other accounts receivable
Due from Municipality
Materials and supplies
Prepayments
Current portion of advance to TIF

$

23,823,160
181,951
2,162,045
143,029
9,000
1,678,012
4,264
30,000

$

24,469,379
225,602
2,115,895
87,200
9,000
2,687,769
368
75,000

28,031,461

29,670,213

73,943
1,199,951
710,667
8,984,380

73,943
1,199,951
740,667
8,057,963

65,650,476
27,614,029
31,010,265

65,342,480
27,070,098
29,615,315

124,274,770

122,027,893

(32,734,315)
(7,879,804)
(15,510,251)

(31,089,526)
(7,460,667)
(15,174,017)

(56,124,370)

(53,724,210)

10,541,899
-

4,415,236
751,484

Total construction work in progress

10,541,899

5,166,720

Total noncurrent assets

89,661,240

83,542,927

Total assets

117,692,701

113,213,140

6,822
1,240,845

9,164
1,625,269

1,247,667

1,634,433

Total current assets
Noncurrent Assets
Other assets:
Advance to stormwater utility
Replacement account
Advance to TIF
Investment in American Transmission Company
Capital assets:
Plant in service:
Electric
Water
Sewage
Total plant in service
Accumulated depreciation/amortization:
Electric
Water
Sewage
Total accumulated depreciation/amortization
Construction work in progress:
Electric
Sewage

Deferred Outflows of Resources
Unamortized loss on advance refunding
Deferred outflows related to pension
Total deferred outflows of resources

See notes to the financial statements

11

Plymouth Utilities
Statements of Net Position
December 31, 2025 and 2024

2025

2024

Liabilities, Deferred Inflows of Resources and Net Position
Current Liabilities
Accounts payable
Due to Municipality
Customer deposits
Accrued interest
Accrued vacation leave
Other current liabilities
Commitment to community
Current portion of general obligation debt
Current portion of promissory notes

$

2,041,667
618,099
107,864
34,139
86,359
55,603
56,810
325,000
30,000

$

2,179,746
651,560
115,164
9,802
70,414
55,502
31,783
800,000
30,000

Total current liabilities

3,355,541

3,943,971

Noncurrent Liabilities
General obligation debt
Accrued sick leave
Promissory notes
Unamortized premium on debt
Customer advances for construction
Net pension liability

3,930,000
130,040
65,000
159,885
6,780,484
178,756

1,615,000
143,312
95,000
90,592
8,045,542
169,265

Total noncurrent liabilities

11,244,165

10,158,711

Total liabilities

14,599,706

14,102,682

Deferred Inflows of Resources
Deferred inflows related to pension

650,599

987,680

Net Position
Net investment in capital assets
Unrestricted

74,189,236
29,500,827

70,848,975
28,908,236

$ 103,690,063

Total net position

See notes to the financial statements

12

$

99,757,211

Plymouth Utilities
Statements of Revenues, Expenses and Changes in Net Position
Years Ended December 31, 2025 and 2024

2025
Operating Revenues
Electric:
Sales of electricity
Other

$

25,508,813
52,628

2024

$

24,426,148
113,813

25,561,441

24,539,961

2,500,534
28,930

2,491,913
29,687

2,529,464

2,521,600

2,889,375
18,119

3,010,718
18,690

Total sewer

2,907,494

3,029,408

Total operating revenues

30,998,399

30,090,969

Operating Expenses
Electric:
Operation and maintenance
Depreciation

22,637,245
2,074,228

21,215,491
2,063,028

Total electric

24,711,473

23,278,519

1,173,913
529,115

1,131,373
526,732

1,703,028

1,658,105

Sewage:
Operation and maintenance
Depreciation

1,504,136
731,281

1,435,102
628,419

Total sewage

2,235,417

2,063,521

Total operating expenses

28,649,918

27,000,145

849,968
826,436
672,077

1,261,442
863,495
965,887

2,348,481

3,090,824

Total electric
Water:
Sales of water
Other
Total water
Sewage:
Treatment charges
Other

Water:
Operation and maintenance
Depreciation
Total water

Operating Income
Electric
Water
Sewage
Total operating income

See notes to the financial statements

13

Plymouth Utilities
Statements of Revenues, Expenses and Changes in Net Position
Years Ended December 31, 2025 and 2024

2025

2024

2,011,223 $
89,849
(5,328)
(75,436)
18,118
(2,341)
(54,750)

2,007,804
4,088
(5,304)
(78,600)
18,118
(2,341)
-

Total nonoperating revenues

1,981,335

1,943,765

Income before contributions and transfers

4,329,816

5,034,589

221,135
(618,099)

47,580
(651,560)

3,932,852

4,430,609

99,757,211

95,326,602

Nonoperating Revenues (Expenses)
Investment income
Income from merchandising and jobbing
Legislative expenses
Interest expense
Amortization of premium on debt
Amortization of loss on advance refunding
Issuance costs

$

Capital Contributions
Transfers, Tax Equivalent
Change in net position
Net Position, Beginning

$ 103,690,063

Net Position, Ending

See notes to the financial statements

14

$

99,757,211

Plymouth Utilities
Statements of Cash Flows
Years Ended December 31, 2025 and 2024

2025
Cash Flows From Operating Activities
Received from customers
Received from Municipality for services
Paid to suppliers for goods and services
Paid to employees for operating payroll

$

2024

30,845,146 $
153,523
(22,371,115)
(1,782,747)

29,870,005
151,709
(23,894,912)
(1,656,127)

Net cash flows from operating activities

6,844,807

4,470,675

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

(651,560)

(640,516)

(8,790,562)
(1,265,058)
221,135
75,000
87,411
(830,000)
(51,099)
2,640,000
(54,750)

(6,962,219)
1,274,647
47,580
1,750,000
(2,485,000)
(91,961)
-

(7,967,923)

(6,466,953)

(16,461,349)
28,966,176
(720,772)
1,557,582

(40,123,372)
41,628,243
(230,280)
1,653,202

Net cash flows from investing activities

13,341,637

2,927,793

Net change in cash and cash equivalents

11,566,961

290,999

4,794,906

4,503,907

Cash Flows From Capital and Related Financing Activities
Acquisition and construction of capital assets
Advance (refund) for construction
Capital contributions received
Received from TIF
Premium from debt issue
Debt retired
Interest paid
Proceeds from debt issue
Debt issuance costs
Net cash flows from capital and related financing activities
Cash Flows From Investing Activities
Investments purchased
Investments sold and matured
Investment in American Transmission Company
Investment income

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

$

16,361,867

$

4,794,906

Noncash Capital and Related Financing Activities
Dividends reinvested in American Transmission Company
Change in fair value of investments

$
$

205,645
291,647

$
$

202,273
127,594

See notes to the financial statements

15

Plymouth Utilities
Statements of Cash Flows
Years Ended December 31, 2025 and 2024

2025
Reconciliation of Operating Income to Net Cash Flows From
Operating Activities
Operating income
Nonoperating revenue (expense)
Noncash items in operating income:
Depreciation
Depreciation charged to clearing and other utilities
Changes in assets, deferred outflows, liabilities and deferred inflows:
Customer accounts receivable
Other accounts receivable
Materials and supplies
Prepayments
Accounts payable
Customer deposits
Accrued vacation and sick leave
Other current liabilities
Commitment to community
Pension related deferrals and liabilities
Receivable from municipality
Net cash flows from operating activities
Reconciliation of Cash and Cash Equivalents to Statements of Net
Position Accounts
Cash and investments
Replacement account

$

3,334,624
19,026

3,218,179
6,067

(46,150)
(55,829)
1,009,757
(3,896)
76,937
(7,300)
2,673
101
25,027
56,834
-

(117,368)
60,595
(1,359,965)
24
(379,343)
2,871
26,270
6,094
(5,137)
(68,220)
(9,000)
$

4,470,675

$

23,823,160
1,199,951

$

24,469,379
1,199,951

$

16

3,090,824
(1,216)

6,844,807

Less noncash equivalents

See notes to the financial statements

$

$

Total cash and investments

Cash and cash equivalents

2,348,481
84,522

2024

25,023,111

25,669,330

(8,661,244)

(20,874,424)

16,361,867

$

4,794,906

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

1. Summary of Significant Accounting Policies
The financial statements of Plymouth Utilities (the Utility) have been prepared in conformity with
accounting principles generally accepted in the United States of America as applied to enterprise funds of
governmental units. The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and financial reporting principles.
The significant accounting principles and policies utilized by the Utility are described below.
Reporting Entity
The Utility is a separate enterprise fund of the City of Plymouth (Municipality). The Utility is managed
by a common council. The Utility provides electric, water, sewage and service to properties within the
Municipality. It also provides electric service to portions of the Towns of Plymouth, Sheboygan Falls,
Herman, Mitchell, Greenbush, Lyndon, Rhine, Scott, Osceola and Forest.
The electric and water utilities operate under service rules and rates established by the Public Service
Commission of Wisconsin (PSCW). The sewage utility operates under rules and rates established by
the common council.
Measurement Focus, Basis of Accounting and Financial Statement Presentation
The Utility is presented as an enterprise fund of the Municipality. Enterprise funds are used to
account for operations that are financed and operated in a manner similar to private business or
where the governing body has decided that the determination of revenues earned, costs incurred and
net income is necessary for management accountability.
The financial statements 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.
In December 2023, the GASB issued Statement No. 102, Certain Risk Disclosures. This Statement
requires that a government assess whether a concentration or constraint makes the primary
government reporting unit or other reporting units that report a liability for revenue debt vulnerable to
the risk of a substantial impact. Additionally, this Statement requires a government to assess whether
an event or events associated with a concentration or constraint that could cause the substantial
impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12
months of the date the financial statements are issued. This standard was implemented January 1,
2025. There are no financial impacts to the current or prior year financial statements due to the
implementation of this standard.
Preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets, deferred outflows, liabilities and deferred inflows and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates.

17

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net
Position
Deposits and Investments
For purposes of the statement of cash flows, cash and cash equivalents have original maturities
of three months or less from the date of acquisition.
Investment of utility funds is restricted by state statutes. Investments are limited to:


Time deposits in any credit union, bank, savings bank or trust company.



Bonds or securities of any county, city, drainage district, technical college district, village,
town or school district of the state. Also, bonds issued by a local exposition district, local
professional baseball park district, local professional football stadium district, local
cultural arts district, the University of Wisconsin Hospitals and Clinics Authority or the
Wisconsin Aerospace Authority.



Bonds or securities issued or guaranteed by the federal government.



The local government investment pool.



Any security maturing in seven years or less and having the highest or second highest
rating category of a nationally recognized rating agency.



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



Repurchase agreements with public depositories, with certain conditions.

The Utility has adopted an investment policy. That policy contains the following guidelines for
allowable investments.
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 2. 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. Fair values may have changed significantly after
year-end.
Receivables/Payables
Transactions between the Utility and other funds of the Municipality that are representative of
lending/borrowing arrangements outstanding at year end are referred to as advances to/from
other funds. All other outstanding balances between the Utility and other funds of the Municipality
are reported as due to/from other funds.
The Utility has the right under Wisconsin statutes to place delinquent bills on the tax roll for
collection. None of the local or town taxing entities except for Sheboygan Falls, Lyndon, Osceola,
Herman, Forest and Scott have enacted measures which would allow the Utility to exercise this
right. Thus, on a monthly basis, the common council reviews and acts on the status of the
delinquent accounts. As such, no allowance for uncollectible customer accounts is considered
necessary.

18

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Materials and Supplies
Materials and supplies are generally used for construction, operation and maintenance work, not
for resale. They are valued at the lower of cost or market utilizing the average cost method and
charged to construction or expense when used.
Investment in American Transmission Company (ATC)
The electric utility is a member of ATC. ATC was formed by approximately 25 utilities to plan,
construct, maintain, monitor and own electric transmission facilities in Wisconsin. The Utility owns
less than 1/2 of 1% of ATC.
The investment earns dividends quarterly, some of which is paid in cash and some of which is
required to be reinvested. From time to time, the Utility has the option to contribute additional
funds to maintain their proportionate share of ownership. The investment is valued at net asset
value per share which is equal to the original cost plus additional contributions and reinvested
dividends and approximates fair value.
Replacement Account
This account represents internally restricted funds for capital replacement of the wastewater
treatment plant.
Advance to Stormwater Utility
This account is used to accumulate monies advanced to the Stormwater Utility which was formed
in 2019.
Advance to TIF District
On September 11, 2001, the common council adopted a resolution to create TIF District No. 4
and established boundaries. Financing for the initial capital improvements, which includes Utility
construction, has been secured by the Municipality through issuance of $5.2 million bond
anticipation notes, dated December 15, 2001. During 2001-2019, the Utility financed construction
of electric, water and sewage facilities, which are eligible TIF plan projects. An advance to TIF
has been recorded as noted below. The repayment schedule of the advance matches the
repayment of the outstanding debt. The current portion of the advance represents the current
portion of the related bonds. TIF District No. 4 was paid off in 2024, ahead of the repayment
schedule along with the payoff of the related bonds.
On January 29, 2008, the common council adopted a resolution to create TIF District No. 5 and
established boundaries. Financing for the initial capital improvements for water mains has been
secured by the Municipality through issuance of $3.9 million taxable combined Utility revenue
bonds, dated July 14, 2010. The 2010 revenue bonds have been refunded with the 2013 general
obligation bonds issued by the Utility. During 2008-2012, the Utility financed construction of water
utility facilities which are eligible TIF plan projects. An advance to TIF has been recorded as
noted below. The repayment schedule of the advance matches the repayment of the outstanding
debt. The current portion of the advance represents the current portion of the related bonds. TIF
District No. 5 was paid off in 2025.

19

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

On December 7, 2010, the common council adopted a resolution to create TIF District No. 6 and
established boundaries. Financing for the initial capital improvements has been secured by the
Municipality through issuance of $6.9 million combined Utility revenue bonds, dated July 6, 2011.
The 2011 revenue bonds have been refunded with the 2020 general obligation bonds issued by
the TIF. An advance to TIF has been recorded as noted below. TIF 6 is a small district and is not
forecasted to be able to repay all of the original advance from the Utility of $745,667. The current
forecast shows TIF 6 able to pay $317,426. The repayment schedule of the advance is a
principal-only repayment schedule with the intention that if the cash flow of TIF 6 improves, the
schedule will be adjusted to return as much as possible to the city. The current portion of the
advance represents the current portion due to the Utility based on the repayment schedule.
2025

TIF District No. 5
TIF District No. 6
Total

2024

$

740,667

$

70,000
745,667

$

740,667

$

815,667

Capital Assets
Capital assets are generally defined by the Utility as assets with an initial, individual cost of more
than $5,000 and an estimated useful life in excess of one year.
Capital assets of the Utility are recorded at cost or the estimated acquisition value at the time of
contribution to the Utility. Major outlays for Utility plant are capitalized as projects are constructed.
Capital assets in service are depreciated or amortized using the straight-line method over the
following useful lives:
Years
Electric Plant:
Transmission
Distribution
General

32-44
15-50
7-30

Water Plant:
Source of supply
Pumping
Water treatment
Transmission and distribution
General

34
23-31
17
17-77
4-20

Sewage Plant:
Collecting system
Collecting system pumping
Treatment and disposal
General

100
20-40
15-40
15-20

20

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Pensions
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;
and
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.
Postemployment Benefits Other Than Pensions (OPEB)
In June 2015, the GASB issued Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other than Pensions. This statement establishes standards of
accounting and financial reporting for OPEB expense and related OPEB liabilities. The City and
Utility of Plymouth have determined their OPEB liability, deferred outflows of resources and
deferred inflows of resources are not material to the financial statements and therefore have
elected to not record their OPEB in accordance with Statement No. 75. All OPEB expenses are
expensed as benefits are paid.
Deferred Outflows of Resources
A deferred outflow of resources represents a consumption of net position that applies to a future
period and will not be recognized as an outflow of resources (expense) until that future time.
Accrued Vacation and Sick Leave
Under terms of employment, employees are granted sick leave and vacations in varying amounts.
Vacation and sick leave pay is accrued when earned in the financial statements. The liability is
liquidated from general operating revenues of the Utility.
Customer Advances for Construction
The balance represents fees collected for future capital improvements. The fees may be
refundable based on rules filed with the PSCW or statutory requirements.
Commitment to Community
The electric utility charges fees to all customers as required by the 1999 Energy Reliability Act
and 2006 Act 141. Revenues generated from the fees are used to fund energy conservation and
low-income energy assistance (Commitment to Community) programs. The Utility is acting as an
agent administering the program so net collections and expenditures/remittances associated with
the program are recorded as a current liability on the statements of net position.
Customer Deposits
This account represents amounts deposited with the Utility by customers as security for payment
of customer receivables.

21

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Promissory Notes and Note Receivable
WPPI Energy has established a non-interest-bearing loan program pursuant to which money may
be loaned to members or member utilities of WPPI to support eligible renewable energy projects
and eligible energy efficiency projects. The Utility received a $300,000 loan to fund an AMI
infrastructure implementation with payments due monthly until March 28, 2029.
Long-Term Obligations
Long-term debt and other obligations are reported as Utility liabilities. Bond premiums and
discounts, are amortized over the life of the bonds using the effective interest method. Gains or
losses on prior refundings are amortized over the remaining life of the old debt or the life of the
new debt, whichever is shorter. The balance at year-end for premiums and discounts is shown as
an increase or decrease in the liability section of the statement of net position. The balance at
year end for the loss on refunding is shown as a deferred outflow in the statement of net position.
Deferred Inflows of Resources
A deferred inflow of resources represents an acquisition of net position that applies to a future
period and therefore will not be recognized as an inflow of resources (revenue) until that future
time.
Revenues and Expenses
The Utility distinguishes operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with the Utility's principal ongoing operations. The principal operating revenues of the
Utility are charges to customers for sales and services. Operating expenses for enterprise funds
include the cost of sales and services, administrative expenses and depreciation on capital assets. All
revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
Charges for Services
Billings are rendered and recorded monthly based on metered usage. The Utility does not accrue
revenues beyond billing dates.
Current electric rates were approved by the PSCW on October 15, 2025 and placed into effect on
November 1, 2025.
Current water rates were approved by the PSCW on February 15, 2023 and placed into effect on
April 1, 2023.
Current sewage rates were approved by the common council effective April 1, 2023.
Capital Contributions
Cash and capital assets are contributed to the Utility from customers, the Municipality or external
parties. The value of property contributed to the Utility is reported as revenue on the statements
of revenues, expenses and changes in net position.
Transfers
Transfers include the payment in lieu of taxes to the Municipality.

22

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Effect of New Accounting Standards on Current Period Financial Statements
The Governmental Accounting Standards Board (GASB) has approved the following:


Statement No. 103, Financial Reporting Model Improvements



Statement No. 104, Disclosure of Certain Capital Assets



Statement No. 105, Subsequent Events

When they become effective, application of these standards may restate portions of these financial
statements.
Comparative Data
Certain amounts presented in the prior year data may have been reclassified in order to be consistent
with the current year's presentation.
2. Deposits and Investments
Carrying Value as December 31,
2025
2024

Checking and money market

$

4,790,575

$

4,793,907

Certificate of deposits
(negotiable)
LGIP
U.S. treasuries

3,198,615
121
3,243,355

2,583,198
116
5,241,150

U.S. agency securities,
implicitly guaranteed

2,352,685

5,154,702

State and local bonds
Petty cash

11,436,760
1,000

7,895,257
1,000

Total

$

25,023,111

$

Risks
Custodial credit
Credit, custodial credit,
concentration of credit and interest
rate
Credit
Custodial credit and interest rate
Credit, custodial credit,
concentration of credit and interest
rate
Credit, custodial credit,
concentration of credit and interest
rate
N/A

25,669,330

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 (SDGF) in the amount of
$1,000,000.
The Utility may also maintain separate cash and investment accounts at the same financial institutions
utilized by the Municipality. Federal depository insurance and the SDGF apply to all municipal accounts,
and accordingly, the amount of insured funds is not determinable for the Utility alone. Therefore,
coverage for the Utility may be reduced. Investment income on commingled investments of the entire
Municipality is allocated based on average investment balances.
In addition, the Utility and other funds of the city have collateral or depository insurance agreements in the
amount of $15,466,850 and $13,921,293 at December 31, 2025 and 2024, respectively.
23

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

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 and 2024, the fair value of the LGIP's
assets were substantially equal to the Utility's share.
The Utility 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 methods fair value measurements are as follows:


U.S Agency Securities - uses a market based approach which considers yield, price of
comparable securities, coupon rate, maturity, credit quality and dealer-provided prices.



State and Local Bonds - uses a market based approach which considers yield, price of
comparable securities, coupon rate, maturity, credit quality and dealer-provided prices.



U.S Treasuries - uses a market based approach when considers yield, price of comparable
securities, coupon rate, maturity, credit quality and dealer-provided prices.



Certificate of deposits (negotiable) - uses a market based approach which considers yield,
price of comparable securities, coupon rate, maturity, credit quality and dealer-provided prices.
December 31, 2025
Level 2
Level 3

Level 1

U.S. agency securities,
implicitly guaranteed
Certificate of deposits
(negotiable)
State and local bonds
U.S. treasuries
Total

$

-

$

$

-

Total

$

$

20,231,415

-

$

$

-

-

$

-

5,154,702

$

2,583,198
7,895,257
5,241,150
$

20,874,307

$

20,231,415

Total

-

$

$

2,352,685
3,198,615
11,436,760
3,243,355

December 31, 2024
Level 2
Level 3

$

$

3,198,615
11,436,760
3,243,355

Level 1

U.S. agency securities,
implicitly guaranteed
Certificate of deposits
(negotiable)
State and local bonds
U.S. treasuries

2,352,685

Total

-

5,154,702
2,583,198
7,895,257
5,241,150

$

20,874,307

The investment in ATC is measured at the net asset value (NAV) per share of ownership. As of
December 31, 2025 and 2024 the fair value of the investment was $8,984,380 and $8,057,963,
respectively. The Utility has no unfunded commitment at year-end. The investment in ATC can only be
redeemed by ATC or another existing member.

24

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Custodial Credit Risk
Deposits
Custodial credit risk is the risk that in the event of a financial institution failure, the Utility's
deposits may not be returned to the Utility.
The Utility maintains certain deposits in the same institutions as the Municipality. The following is
a summary of the Utility's total deposit balances at these institutions.
Bank Balance

Bank First National
Ehlers
American Deposit
Management

$

Total

$

2025
Carrying Value

1,822,285
1,303,678

$

1,665,612
4,791,575

1,821,285
1,303,678

2024
Bank Balance
$

1,665,612
$

4,790,575

3,181,689
13,800

Carry Value
$

1,599,418
$

4,794,907

3,180,689
13,800
1,599,418

$

4,793,907

As of December 31, 2025 and 2024, the Utility does not have any bank balances exposed to
custodial credit risk.
The Utility's investment policy addresses this risk by requiring full collateralization of all demand
deposit accounts.
Investments
For an investment, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the Utility will not be able to recover the value of its investments or collateral
securities that are in the possession of an outside party.
The Utility does not have any investments exposed to custodial credit risk.
The Utility's investment policy addresses this risk by stating that securities will be held by an
independent third party custodian in the Utility's name.
Credit Risk
Credit risk is the risk an issuer or other counterparty to an investment will not fulfill its obligations.
As of December 31, 2025, the Utility's investments were rated as follows:
Standard &
Poors

Investment Type

U.S. agencies, implicitly guaranteed
State and local bonds
Certificate of deposits (negotiable)

AA, AA+
AA, AA+, AAA, NR
NR

25

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

As of December 31, 2024, the Utility's investments were rated as follows:
Standard &
Poors

Investment Type

U.S. agencies, implicitly guaranteed
State and local bonds
Certificate of deposits (negotiable)

AA+, NR
A-, AA, AA+, AAA, NR
NR

The Utility held investments in the Local Government Investment Pool which is an external pool that
is not rated.
The Utility's investment policy addresses this risk by limiting investments to the types of securities
approved in the investment policy, and by pre-qualifying financial institutions, brokers/ dealers,
intermediaries and advisors which the Utility does business with. Additionally, the Utility diversifies the
investment portfolio in an effort to minimize the impact of potential losses from any one type of
security or individual issuer.
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 and 2024, the Utility's investment portfolio was concentrated as follows:
Percentage of Portfolio
2025
2024

Investment Type

Issuer

U.S. agency securities,
implicitly guaranteed

Federal Home Loan Bank

6.61 %

18.26 %

The Utility's investment policy addresses this risk by limiting investments to the types of securities
approved in the investment policy, and by pre-qualifying financial institutions, brokers/ dealers,
intermediaries and advisors which the Utility does business with. Additionally, the Utility diversifies the
investment portfolio in an effort to minimize the impact of potential losses from any one type of
security or individual issuer.
Interest Rate Risk
Interest rate risk is the risk changes in interest rates will adversely affect the fair value of an
investment.
As of December 31, 2025, the Utility's investments were as follows:
Fair Value

U.S. agency securities,
implicitly guaranteed
State and local bonds
U.S. treasuries
Certificate of deposits
(negotiable)
Total

$

2,352,685
11,436,760
3,243,355

Maturity (in Years)
Less Than 1
1-5

$

3,198,615
$

20,231,415

1,548,919
2,814,952
2,052,239

$

733,797
$

26

7,149,907

803,766
8,621,808
682,951

6-10

$

2,464,818
$

12,573,343

508,165
-

$

508,165

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

As of December 31, 2024, the Utility's investments were as follows:
Maturity (in Years)
Less Than 1
1-5

Fair Value

U.S. agency securities,
implicitly guaranteed
State and local bonds
U.S. treasuries
Certificate of deposits
(negotiable)

$

5,154,702
7,895,257
5,241,150

$

2,583,198

Total

$

20,874,307

1,876,248
590,065
4,446,500

$

1,863,411
$

6-10

2,330,505
7,037,985
305,355

$

947,949
267,207
489,295

719,787

8,776,224

$

10,393,632

$

1,704,451

The Utility's investment policy addresses this risk by adopting weighted average maturity limitations
and not directly investing in securities maturing more than five years from the date of purchase.
3. Interfund Receivables/Payables and Transfers
The following is a schedule of interfund balances for the years ended December 31, 2025 and 2024:

Due To
Municipality
Utility

Due From
Utility
Municipality

Amount
$

618,099
9,000

2025
Principal Purpose
Tax equivalent
Sewer connections

Amount
$

651,650
9,000

2024
Principal Purpose
Tax equivalent
Sewer connections

The following is a schedule of transfer balances for the years ended December 31, 2025 and 2024:
Due To
Municipality

Due From
Utility

Amount
$

618,099

2025
Principal Purpose
Tax equivalent

27

Amount
$

651,560

2024
Principal Purpose
Tax equivalent

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

4. Changes in Capital Assets
Electric Utility
A summary of changes in electric capital assets for 2025 follows:
Balance
1/1/25

Capital assets, not being
depreciation:
Land and land right

$

Capital assets being
depreciated:
Distribution
General

1,085,657

Increases

$

Balance
12/31/25

Decreases

-

$

-

$

1,085,657

55,866,045
8,390,778

573,275
182,489

370,768
77,000

56,068,552
8,496,267

Total capital assets
being depreciated

64,256,823

755,764

447,768

64,564,819

Total capital assets

65,342,480

755,764

447,768

65,650,476

Less accumulated depreciation:
Distribution
General

(26,036,607)
(5,052,919)

(1,902,081)
(254,712)

435,004
77,000

(27,503,684)
(5,230,631)

Total accumulated
depreciation

(31,089,526)

(2,156,793)

512,004

(32,734,315)

4,415,236

6,451,090

324,427

10,541,899

Construction in progress
Net capital assets

$

38,668,190

$

28

43,458,060

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

A summary of changes in electric capital assets for 2024 follows:
Balance
1/1/24

Capital assets, not being
depreciation:
Land and land right

$

Capital assets being
depreciated:
Distribution
General

1,085,657

Increases

$

Balance
12/31/24

Decreases

-

$

-

$

1,085,657

53,483,364
8,278,567

2,506,959
151,419

124,278
39,208

55,866,045
8,390,778

Total capital assets
being depreciated

61,761,931

2,658,378

163,486

64,256,823

Total capital assets

62,847,588

2,658,378

163,486

65,342,480

Less accumulated depreciation:
Distribution
General

(24,454,625)
(4,820,784)

(1,810,201)
(265,903)

228,219
33,768

(26,036,607)
(5,052,919)

Total accumulated
depreciation

(29,275,409)

(2,076,104)

261,987

(31,089,526)

1,312,243

3,461,901

358,908

4,415,236

Construction in progress
Net capital assets

$

34,884,422

$

29

38,668,190

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Water Utility
A summary of changes in water capital assets for 2025 follows:
Balance
1/1/25

Capital assets, not being
depreciation:
Land and land right

$

Capital assets being
depreciated:
Source of supply
Pumping
Water treatment
Transmission and
distribution
General

221,228

Increases

$

Balance
12/31/25

Decreases

-

$

-

$

221,228

567,881
1,672,194
749,265

85,738
969

13,538
-

567,881
1,744,394
750,234

22,151,226
1,708,304

526,351
43,983

82,426
17,146

22,595,151
1,735,141

Total capital assets
being depreciated

26,848,870

657,041

113,110

27,392,801

Total capital assets

27,070,098

657,041

113,110

27,614,029

Less accumulated depreciation:
Source of supply
Pumping
Water treatment
Transmission and distribution
General

(322,720)
(676,574)
(436,838)
(4,987,175)
(1,037,360)

(16,469)
(64,324)
(44,985)
(404,401)
(33,714)

18,050
51
109,509
17,146

(339,189)
(722,848)
(481,772)
(5,282,067)
(1,053,928)

Total accumulated
depreciation

(7,460,667)

(563,893)

144,756

(7,879,804)

Net capital assets

$

19,609,431

$

30

19,734,225

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

A summary of changes in water capital assets for 2024 follows:
Balance
1/1/24

Capital assets, not being
depreciation:
Land and land right

$

Capital assets being
depreciated:
Source of supply
Pumping
Water treatment
Transmission and
distribution
General

221,228

Increases

$

Balance
12/31/24

Decreases

-

$

-

$

221,228

567,881
1,672,194
749,265

-

-

567,881
1,672,194
749,265

21,876,315
1,664,241

330,219
44,063

55,308
-

22,151,226
1,708,304

Total capital assets
being depreciated

26,529,896

374,282

55,308

26,848,870

Total capital assets

26,751,124

374,282

55,308

27,070,098

Less accumulated depreciation:
Source of supply
Pumping
Water treatment
Transmission and distribution
General

(306,251)
(613,838)
(391,882)
(4,661,084)
(994,631)

(16,469)
(62,736)
(44,956)
(397,475)
(42,729)

71,384
-

(322,720)
(676,574)
(436,838)
(4,987,175)
(1,037,360)

Total accumulated
depreciation

(6,967,686)

(564,365)

71,384

(7,460,667)

Net capital assets

$

19,783,438

$

31

19,609,431

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Sewage Utility
A summary of changes in sewage capital assets for 2025 follows:
Balance
1/1/25

Capital assets, not being
depreciation:
Land and land right

$

Capital assets being
depreciated:
Collecting system
Collecting system pumping
Treatment and disposal
General

192,453

Increases

$

Balance
12/31/25

Decreases

-

$

-

$

192,453

14,116,786
3,257,438
10,886,566
1,162,072

331,660
1,324,358
-

52,367
208,701
-

14,116,786
3,536,731
12,002,223
1,162,072

Total capital assets
being depreciated

29,422,862

1,656,018

261,068

30,817,812

Total capital assets

29,615,315

1,656,018

261,068

31,010,265

Less accumulated depreciation:
Collecting system
Collecting system pumping
Treatment and disposal
General

(2,683,628)
(1,865,658)
(9,942,747)
(681,984)

(142,563)
(112,228)
(347,095)
(79,850)

69,823
275,679
-

(2,756,368)
(1,977,886)
(10,014,163)
(761,834)

Total accumulated
depreciation

(15,174,017)

(681,736)

345,502

(15,510,251)

751,484

-

751,484

-

Construction in progress
Net capital assets

$

15,192,782

$

32

15,500,014

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

A summary of changes in sewage capital assets for 2024 follows:
Balance
1/1/24

Capital assets, not being
depreciation:
Land and land right

$

Capital assets being
depreciated:
Collecting system
Collecting system pumping
Treatment and disposal
General

Increases

192,453

$

Balance
12/31/24

Decreases

-

$

-

$

192,453

13,825,296
3,257,438
10,782,539
1,103,562

350,901
104,027
58,510

59,411
-

14,116,786
3,257,438
10,886,566
1,162,072

Total capital assets
being depreciated

28,968,835

513,438

59,411

29,422,862

Total capital assets

29,161,288

513,438

59,411

29,615,315

Less accumulated depreciation:
Collecting system
Collecting system pumping
Treatment and disposal
General

(2,618,325)
(1,753,430)
(9,671,285)
(621,606)

(139,709)
(112,228)
(271,462)
(60,378)

74,406
-

(2,683,628)
(1,865,658)
(9,942,747)
(681,984)

Total accumulated
depreciation

(14,664,646)

(583,777)

74,406

(15,174,017)

105,118

751,484

105,118

751,484

Construction in progress
Net capital assets

$

14,601,760

$

15,192,782

5. Long-Term Obligations
General Obligation Debt
The following general obligation bonds have been issued:

Date

Purpose

09/19/13
06/03/15

Utility construction projects
Utility construction projects
Refinanced revenue bonds
for utility construction
Utility improvement
projects
Electric improvement
projects

02/27/20
08/13/25
08/13/25

Interest
Rate

05/01/25
05/01/25

2.00-3.00%
0.50-2.38

05/01/31

2.00-3.00

2,785,000

1,615,000

05/01/45

4.00-5.00

775,000

775,000

05/01/45

4.00-5.00

1,865,000

1,865,000

33

Original
Amount

Outstanding
Amount
12/31/25

Final
Maturity

$

3,200,000
7,615,000

$

-

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

General obligation bonds debt service requirements to maturity follows:
Years Ending
December 31:

Principal

Interest

Total

2026
2027
2028
2029
2030
2031-2035
2036-2040
2041-2045

$

325,000
365,000
375,000
385,000
380,000
860,000
715,000
850,000

$

173,963
136,619
124,894
114219
103,419
394,894
252,169
90,446

$

498,963
501,619
499,894
499,219
483,419
1,254,894
967,169
940,446

Total

$

4,255,000

$

1,390,623

$

5,645,623

Other Long-Term Debt
Other long-term debt issued by the Utility is as follows:

Date

Purpose

Final
Maturity

02/07/19

Renewable energy project

03/28/29

Interest
Rate

Outstanding
Amount
12/31/25

Original
Amount

0.00%

$

300,000

$

95,000*

* The debt noted is considered a direct borrowing or direct placement.
During February 2019, WPPI agreed to make a loan to the Utility to support eligible renewable energy
projects and eligible energy efficiency projects. The loan does not accrue interest unless there are
delinquent monthly payments or in the event of a default and is payable through March 2029.
Other long-term debt service requirements to maturity follows:
Direct Placement
Principal
Interest

Years Ending
December 31:
2026
2027
2028
2029
Total

Total

$

30,000
30,000
30,000
5,000

$

-

$

30,000
30,000
30,000
5,000

$

95,000

$

-

$

95,000

34

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Long-Term Obligations Summary
Long-term obligation activity for the year ended December 31, 2025 is as follows:
1/1/25
Balance

General obligation debt
Accrued sick leave
Customer advances for
construction
Net pension liability
Promissory notes
Unamortized premium on debt
Total

$

2,415,000
143,312

Additions
$

8,045,542
169,265
125,000
90,592
$

10,988,711

2,640,000
33,379

$

268,948
9,491
87,411
$

3,039,229

12/31/25
Balance

Reductions
800,000
46,651

$

1,534,006
30,000
18,118
$

2,428,775

4,255,000
130,040

Due Within
One Year
$

325,000
-

6,780,484
178,756
95,000
159,885
$

11,599,165

30,000
$

355,000

Long-term obligation activity for the year ended December 31, 2024 is as follows:
1/1/24
Balance

General obligation debt
Accrued sick leave
Customer advances for
construction
Net pension liability
Promissory notes
Unamortized premium on debt
Total

$

4,870,000
120,095

Additions
$

6,770,895
629,531
155,000
108,710
$

12,654,231

32,994

$

1,367,341
$

1,400,335

12/31/24
Balance

Reductions
2,455,000
9,777

$

92,694
460,266
30,000
18,118
$

3,065,855

2,415,000
143,312

Due Within
One Year
$

800,000
-

8,045,542
169,265
125,000
90,592
$

10,988,711

30,000
$

830,000

6. Net Position
GASB No. 34 requires the classification of net position into three components - net investment in capital
assets, restricted and unrestricted. These classifications are defined as follows:
Net Investment in Capital Assets - This component of net position consists of capital assets,
including restricted capital assets, net of accumulated depreciation and reduced by the outstanding
balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition,
construction or improvement of those assets. If there are significant unspent related debt proceeds at
year-end, the portion of the debt attributable to the unspent proceeds are not included in the
calculation of net investment in capital assets. Rather, that portion of the debt is included in the same
net position component as the unspent proceeds.
Restricted - This component of net position consists of constraints placed on net position use
through external constraints imposed by creditors (such as through debt covenants), grantors,
contributors or laws or regulations of other governments or constraints imposed by law through
constitutional provisions or enabling legislation.
Unrestricted Net Position - This component of net position consists of net positions that do not meet
the definition of "restricted" or "net investment in capital assets."

35

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

When both restricted and unrestricted resources are available for use, it is the Utility's policy to use
restricted resources first, then unrestricted resources as they are needed.
The following calculation supports the Utility's subtotal:

Plant in service
Accumulated depreciation/amortization
Construction work in progress

2025

2024

$ 124,274,770
(56,124,370)
10,541,899

$ 122,027,893
(53,724,210)
5,166,720

78,692,299

73,470,403

355,000
3,995,000
(6,822)
159,885

830,000
1,710,000
(9,164)
90,592

4,503,063

2,621,428

Subtotal
Less capital related debt:
Current portion of capital related long-term debt
Long-term portion of capital related long-term debt
Unamortized loss on advance refunding
Unamortized premium on debt
Subtotal
Total

$

74,189,236

$

70,848,975

7. Employees Retirement System
General Information About the Pension Plan
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
http: //etf.wi.gov/about-etf/reports-and-studies/financial-reports-and-statements.
Additionally, ETF issued a standalone Wisconsin Retirement System Financial Report, which can
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.

36

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Benefits Provided
Employees who retire at or after age 65 (54 for protective occupation employees, 62 for elected
officials and State executive participants, if hired on or before December 31, 2016) are entitled to
a retirement benefit based on a formula factor, their final average earnings and creditable service.
Final average earnings is the average of the participant's three highest 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 occupation employees) 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.
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:
Years

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 and
Executives and Elected Officials. Starting 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.
37

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

The WRS recognized $160,440 and $152,835 in contributions from the Utility during the current
and prior reporting periods, respectively.
Contribution rates for the plan year reported as of December 31, 2025 and December 31, 2024
are:
2025

General (including Executives
and Elected Officials)
Protective with Social Security
Protective without Social
Security

2024

Employee

Employer

Employee

Employer

6.95 %
6.95

6.95 %
14.95

6.90 %
6.90

6.90 %
14.30

6.95

18.95

6.90

19.10

Pension Liabilities, Pension Expense (Revenue), Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
At December 31, 2025, the Utility reported a liability (asset) of $178,756 for its proportionate share of
the net pension liability (asset). The net pension liability (asset) was measured as of December 31,
2024, and the total pension liability used to calculate the net pension liability (asset) 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 Utility's proportion of the net pension liability (asset) was based on the
Utility's share of contributions to the pension plan relative to the contributions of all participating
employers. At December 31, 2024, the City of Plymouth's proportion was 0.03219793%, which was
an increase of 0.00020286% from its proportion measured as of December 31, 2023.
At December 31, 2024, the Utility reported a liability (asset) of $169,265 for its proportionate share of
the net pension liability (asset). The net pension liability (asset) was measured as of December 31,
2023, and the total pension liability used to calculate the net pension liability (asset) was determined
by an actuarial valuation as of December 31, 2022 rolled forward to December 31, 2023. No material
changes in assumptions or benefit terms occurred between the actuarial valuation date and the
measurement date. The Utility's proportion of the net pension liability (asset) was based on the
Utility's share of contributions to the pension plan relative to the contributions of all participating
employers. At December 31, 2023, the City of Plymouth's proportion was 0.03199507%, which was a
decrease of -0.00004561% from its proportion measured as of December 31, 2022.
For the years ended December 31, 2025 and 2024, the Utility recognized pension expense (revenue)
of $217,274 and $84,615, respectively.

38

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

At December 31, 2025, the Utility reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Plymouth Utilities
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources

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

$

$

643,630
63,099

$

650,236
-

356,452

-

2,120
175,544

363
-

1,240,845

$

650,599

At December 31, 2024, the Utility reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Plymouth Utilities
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources

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

$

$

736,545
80,115

$

986,929
-

644,931

-

3,238
160,440

751
-

1,625,269

$

987,680

Deferred outflows related to pension resulting from the WRS Employer's contributions subsequent to
the measurement date reported in the tables above will be recognized as a reduction of the net
pension liability (asset) in the subsequent year. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to pension will be recognized in pension expense
as follows:
Plymouth
Utilities

Years Ending
December 31:
2026
2027
2028
2029
2030
Thereafter

$

124,948
428,033
(105,412)
(32,867)
-

Total

$

414,702

39

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Actuarial Assumptions
The total pension liability in the actuarial valuation used in the current and prior year 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: *

2025

2024

December 31, 2023
December 31, 2024

December 31, 2022
December 31, 2023

January 1, 2021 December 31, 2023,
Published November 19,
2024
Entry Age Normal
Fair Value
6.8%

January 1, 2018 December 31, 2020,
Published November 19,
2021
Entry Age Normal
Fair Value
6.8%

6.8%

6.8%

3.0%
0.1%-5.7%
2020 WRS Experience
Mortality Table
1.7%

3.0%
0.1%-5.6%
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. The percentages listed above are the assumed annual
adjustment based on the investment return assumption and the postretirement discount rate. Includes the
impact of known Market Recognition Account deferred gains/losses on the liability for dividend payments.

40

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

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 as of December 31, 2025 are summarized in the following table:
Asset Allocation Targets and Expected Returns1 as of the Measurement Date
December 31, 2025
Long-Term
Long-Term
Expected
Expected Real
Nominal Rate Rate of Return
Asset
of Return %
%2
Allocation %
Core Fund Asset Class
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

Leverage3

(12)

3.7

1.1

Total Core Fund3

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

1
2
3

Asset Allocations are managed within established ranges; target percentages may differ from actual
monthly allocations.
New England Pension Consultants' Long-Term U.S. 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%.

41

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

The target allocation and best estimates of arithmetic real rates of return for each major asset
class as of December 31, 2024 are summarized in the following table:
Asset Allocation Targets and Expected Returns1 as of the Measurement Date
December 31, 2024
Long-Term
Long-Term
Expected
Expected Real
Nominal Rate Rate of Return
Asset
of Return %
%2
Allocation %
Core Fund Asset Class
Public Equity

40 %

7.3 %

4.5 %

Public Fixed Income

27

5.8

3.0

Inflation Sensitive

19

4.4

1.7

Real Estate

8

5.8

3.0

Private Equity/Debt

18

9.6

6.7

Leverage3

(12)

3.7

1.0

Total Core Fund3

100

7.4

4.6

U.S. Equities

70

6.8

4.0

International Equities

30

7.6

4.8

Total Variable Fund

100

7.3

4.5

Variable Fund Asset

1
2
3

Asset Allocations are managed within established ranges; target percentages may differ from actual
monthly allocations.
New England Pension Consultants' Long-Term U.S. CPI (Inflation) Forecast: 2.7%.
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%.

42

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

Single Discount Rate
A single discount rate of 6.80% was used to measure the total pension liability as of
December 31, 2025 and December 31, 2024. As of December 31, 2025, this discount rate was
based on the expected rate of return on pension plan investments of 6.80% and a long term 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 Services' Aa2
rating and Standard and Poor's Corp.'s AA.) As of December 31, 2024, the discount rate was
based on the expected rate of return on pension plan investments of 6.80% and a long term bond
rate of 3.77%. (Source: Fixed-income municipal bonds with 20 years to maturity that include only
federally tax-exempt municipal bonds as reported in Fidelity Index's "20-year Municipal GO AA
Index" as of December 31, 2023. In describing this index, Fidelity notes that the Municipal Curves
are constructed using option-adjusted analytics of a diverse population of over 10,000 tax-exempt
securities.) Because of the unique structure of WRS, the 6.80% 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 long-term expected 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 Utility's Proportionate Share of the Net Pension Liability (Asset) to Changes
in the Discount Rate
The following presents the Utility's proportionate share of the net pension liability (asset)
calculated using the current discount rate, as well as what the Utility's proportionate share of the
net pension liability (asset) would be if it were calculated using a discount rate that is
1-percentage-point lower or 1-percentage-point higher than the current rate.
The sensitivity analysis as of December 31, 2025 follows:

Utility's proportionate share of the net
position liability (asset)

1% Decrease to
Discount Rate
(5.80%)

Current
Discount Rate
(6.80%)

1% Increase to
Discount Rate
(7.80%)

$

$

$

1,677,107

178,756

(885,753)

The sensitivity analysis as of December 31, 2024 follows:

Utility's proportionate share of the net
position liability (asset)

1% Decrease to
Discount Rate
(5.80%)

Current
Discount Rate
(6.80%)

1% Increase to
Discount Rate
(7.80%)

$

$

$

1,635,938

169,265

(857,044)

Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in separately
issued financial statements available at
http://etf.wi.gov/about-etf/reports-and-studies/financial-reports-and-statements.

43

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

8. Commitments and Contingencies
WPPI Energy offers a program under which the Utility may provide capital to customers in order to
(1) advance customer energy efficiency projects (standards projects) or (2) encourage energy efficient
equipment selection by prospective large customers as part of an economic development package
(development projects). Under this program, WPPI Energy provides funds to the Utility which in turn
provides those funds to a retail customer. Shared Savings loans range from $2,500 to $50,000 for
individual standard projects and from $10,000 to $500,000 for development projects. The customer
repays the Utility through its retail utility bill, and the Utility repays WPPI Energy through its wholesale
power bill. WPPI Energy and the Utility shares the risk of a customer repayment default based on agreed
upon limits.
Long-Term Contracts - WPPI Energy
The electric utility is one of 51 WPPI Energy members located throughout the states of Wisconsin,
Michigan and Iowa. On December 1, 1989, each initial WPPI Energy member commenced
purchasing electric service from WPPI Energy under a long-term Power Supply Contract for
Participating Members (long-term contract). Under the long-term contract, WPPI Energy is obligated
to provide and sell, and each member is obligated to take and pay for, the electric power and energy
required for the operation of each member's electric utility.
The long-term contract requires all WPPI Energy members to pay for power and energy requirements
supplied or made available by WPPI Energy at rates sufficient to cover WPPI Energy's revenue
requirement including power supply costs, administrative expenses and debt service. WPPI Energy's
subsequent year's operating budget and rates are approved annually by its Board of Directors,
consisting of representatives from each member. The members have agreed to charge rates to retail
customers sufficient to meet their WPPI Energy obligations. The long-term contract provides that all
payments to WPPI Energy constitute operating expenses of the Utility payable from any operating
and maintenance fund established for that system.
Fifty members, representing approximately 99.8% of WPPI Energy's existing load, have long-term
contracts through December 31, 2055. The remaining member has a long-term contract through
December 31, 2037.
WPPI Energy's outstanding debt service obligation to be paid by its members through their wholesale
power charges through the remainder of the long-term contract was $221 million as of December 31,
2025.
Claims and Judgments
From time to time, the Utility 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
Utility's legal counsel that the likelihood is remote that any such claims or proceedings will have a
material adverse effect on the Utility's financial position or results of operations.

44

Plymouth Utilities
Notes to Financial Statements
December 31, 2025 and 2024

9. Significant Customers
Electric Utility
The Utility has one significant customer who was responsible for 15% of operating revenues in 2025
and 2024.
Water Utility
The Utility has one significant customer who was responsible for 10% and 9% of operating revenues
in 2025 and 2024, respectively.
Sewage Utility
The Utility has one significant customer who was responsible for 25% and 26% of operating revenues
in 2025 and 2024, respectively.
10. Subsequent Events
The Utility evaluated subsequent events through August 20, 2026, the date that the financial statements
were available to be issued, for events requiring recording or disclosure in the financial statements.
On July 2, 2026, the City issued $11,565,000 of General Obligation Promissory Notes. Of this issuance,
$1,470,000 relate to the Water Utility and $985,000 relate to the Sewer Utility. The proceeds of the notes
will be used to finance capital improvement projects. The debt is payable over 20 years and bears a net
interest rate of 4.30%.

45

REQUIRED SUPPLEMENTARY INFORMATION

Plymouth Utilities
Schedule of Proportionate Share of the Net Pension Liability (Asset) - Wisconsin Retirement System
Year Ended December 31, 2025
(Unaudited)

The required supplementary information presented below represents the proportionate information for the
enterprise fund included in this report.

City's Proportion
of the Net
Pension
Fiscal
Year Ending 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

0.03219793 %
0.03199507
0.03204068
0.03233349
0.03231786
0.03206321
0.03133121
0.03095614
0.03045086
0.03095444

Proportionate
Share of the
Net Pension
Liability (Asset)
$

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

Covered
Payroll

178,756 $
169,265
629,531
(952,205)
(740,542)
(399,576)
435,370
(351,807)
97,112
197,313

2,325,217
2,247,574
2,125,354
2,067,481
2,065,847
2,010,656
1,903,985
1,817,723
1,691,370
1,705,074

7.69 %
3.36
29.62
(46.06)
(35.85)
(19.87)
22.87
(19.35)
5.74
11.57

Plan Fiduciary
Net Position
as a Percentage
of the Total Pension
Liability (Asset)
98.79 %
98.85
95.72
106.02
105.26
102.96
96.45
102.93
99.12
98.20

Schedule of Employer Contributions - Wisconsin Retirement System
Year Ended December 31, 2025
(Unaudited)

Contractually
Required
Contributions

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

$

175,544
160,440
152,835
138,148
135,420
135,313
131,698
127,567
123,605
111,630

Contributions in
Relation to the
Contractually
Required
Contributions

Contribution
Deficiency
(Excess)

$

$

175,544
160,440
152,835
138,148
135,420
135,313
131,698
127,567
123,605
111,630

-

Covered
Payroll
$

2,525,813
2,325,217
2,247,574
2,125,354
2,067,481
2,065,847
2,010,656
1,903,985
1,817,723
1,691,370

See notes to required supplementary information

46

Contributions
as a Percentage
of Covered
Payroll
6.95 %
6.90
6.80
6.50
6.75
6.75
6.55
6.70
6.80
6.60

Plymouth Utilities
Notes to Required Supplementary Information - Wisconsin Retirement System
Year Ended December 31, 2025
(Unaudited)

Changes of benefit terms . There were no changes of benefit terms for any participating employer in WRS.
Changes of assumptions .
2016-2018
Long-term expected rate of return
Discount rate
Salary increases
Inflation
Seniority/Merit
Mortality
Postretirement adjustments

2022-2025

2019-2021

7.2%
7.2%

7.0%
7.0%

6.8%
6.8%

3.2%
0.2%-5.6%
Wisconsin 2012 Mortality Table
2.10%

3.0%
0.1%-5.6%
Wisconsin 2018 Mortality Table
1.90%

3.0%
0.1%-5.7%
2020 WRS Experience Mortality Table
1.70%

47

SUPPLEMENTARY INFORMATION

Plymouth Utilities
Electric Utility Plant
Year Ended December 31, 2025

Balance
1/1/25
Distribution
Land and land rights
Station equipment
Poles, towers and fixtures
Overhead conductors and devices
Underground conduit
Underground conductors and
devices
Line transformers
Services
Meters
Installation on customers' premises
Street lighting and signal systems
Total distribution
General
Land and land rights
Structures and improvements
Office furniture and equipment
Computer equipment
Transportation equipment
Stores equipment
Tools, shop and garage equipment
Laboratory equipment
Power-operated equipment
Communication equipment
Total general
Total electric utility plant

$

176,482
6,683,422
8,751,087
7,965,229
43,637

Additions
$

418,008
159,970
-

Retirements Adjustments
$

114,901
91,745
-

$

Balance
12/31/25

- $
176,482
6,683,422
(294,525)
8,759,669
(827,766)
7,205,688
43,637

17,765,945
7,634,741
3,239,477
1,781,585
145,897
1,855,025

754,261
161,993
60,417
92,775
13,565
35,380

138,544
14,380
1,223
94
9,881

(803)
-

18,380,859
7,796,734
3,285,514
1,873,137
159,368
1,880,524

56,042,527

1,696,369

370,768

(1,123,094)

56,245,034

909,175
4,655,856
154,412
600,372
1,781,870
36,716
140,642
46,144
222,753
752,013

111,967
70,522
-

77,000
-

-

909,175
4,690,823
154,412
670,894
1,781,870
36,716
140,642
46,144
222,753
752,013

9,299,953

182,489

77,000

-

9,405,442

$ 65,342,480

$ 1,878,858

48

$

447,768

$ (1,123,094) $ 65,650,476

Plymouth Utilities
Water Utility Plant
Year Ended December 31, 2025

Balance
1/1/25
Source of Supply
Land and land rights
Wells and springs

$

221,228
567,881

Additions
$

Balance
12/31/25

Retirements
-

$

-

$

221,228
567,881

Total source of supply

789,109

-

-

789,109

Pumping
Structures and improvements
Other power production equipment
Electric pumping equipment

903,292
51,897
717,005

85,738

13,538

903,292
51,897
789,205

Total pumping

1,672,194

85,738

13,538

1,744,394

Water Treatment
Water treatment equipment

749,265

969

-

750,234

1,184,577
15,963,509
1,607,100
1,483,901
1,912,139

342,768
109,196
11,761
62,626

54,121
17,242
1,175
9,888

1,184,577
16,252,156
1,699,054
1,494,487
1,964,877

22,151,226

526,351

82,426

22,595,151

874,898
176,482
110,595
32,442
20,775
27,225
372,128
93,759

43,983
-

17,146
-

874,898
176,482
137,432
32,442
20,775
27,225
372,128
93,759

1,708,304

43,983

17,146

1,735,141

Transmission and Distribution
Distribution reservoirs and standpipes
Transmission and distribution mains
Services
Meters
Hydrants
Total transmission and distribution
General
Structures and improvements
Computer equipment
Transportation equipment
Tools, shop and garage equipment
Laboratory equipment
Power-operated equipment
Communication equipment
SCADA equipment
Total general
Total water utility plant

$

27,070,098

49

$

657,041

$

113,110

$

27,614,029

Plymouth Utilities
Sewage Utility Plant
Year Ended December 31, 2025

Balance
1/1/25
Collecting System
Collecting mains
Interceptor mains
Force mains

$

11,764,193
2,279,149
73,444

Additions
$

Balance
12/31/25

Retirements

331,660
-

$

52,367
-

$

12,043,486
2,279,149
73,444

14,116,786

331,660

52,367

14,396,079

103,902
384,003
1,446,881
1,361,177
65,377

-

-

103,902
384,003
1,446,881
1,361,177
65,377

3,361,340

-

-

3,361,340

88,551
1,030,006
973,012
626,754
3,355,847
1,082,632
286,681
1,050,093

67,947
-

10,400
-

88,551
1,030,006
973,012
626,754
3,413,394
1,082,632
286,681
1,050,093

1,917,815
456,893
88,895
11,211
6,727

1,239,843
16,568
-

195,765
2,536
-

2,961,893
470,925
88,895
11,211
6,727

10,975,117

1,324,358

208,701

12,090,774

General
Structures and improvements
Office furniture and equipment
Computer equipment
Transportation equipment
Communication equipment
Other general equipment

289,663
4,601
23,183
103,377
493,204
248,044

-

-

289,663
4,601
23,183
103,377
493,204
248,044

Total general

1,162,072

-

-

1,162,072

Total collecting system
Collecting System Pumping
Land and land rights
Structures and improvements
Receiving wells
Electric pumping equipment
Other power pumping equipment
Total collecting system pumping
Treatment and Disposal
Land and land rights
Structures and improvements
Preliminary treatment equipment
Primary treatment equipment
Secondary treatment equipment
Advanced treatment equipment
Chlorination equipment
Pump Station equipment
Sludge treatment and disposal
equipment
Plant site piping
Flow metering and monitoring equipment
Outfall sewer pipes
Other treatment and disposal equipment
Total treatment and disposal

Total sewage utility plant

$

29,615,315

50

$

1,656,018

$

261,068

$

31,010,265

Plymouth Utilities
Electric Utility Operating Revenues and Expenses
Years Ended December 31, 2025 and 2024

2025
Operating Revenues
Sales of electricity:
Residential
Rural
Small commercial and industrial
Large commercial and industrial
Public street and highway lighting
Other sales to public authorities
Interdepartmental

$

4,100,732
3,690,896
2,368,666
14,910,439
153,523
51,659
232,898

2024

$

3,833,252
3,440,397
2,359,124
14,363,069
151,709
48,648
229,949

25,508,813

24,426,148

29,249
3,905
802
18,672

22,765
10,412
65,045
15,591

25,561,441

24,539,961

20,399,935

19,097,458

115,265
71,395
98,633
94,666
53,179

131,916
68,495
83,904
97,038
50,987

67,457
235,979
91,759
1,056
14,578
803

28,174
264,531
77,925
14,912
15,553
2,651

844,770

836,086

Customer accounts:
Meter reading
Customer records and collection

53,211
104,717

49,358
87,150

Total customer accounts

157,928

136,508

Total sales of electricity
Other operating revenues:
Forfeited discounts
Miscellaneous service revenues
Rent from electric property
Other
Total operating revenues
Operating Expenses
Operation and maintenance:
Other power supply:
Purchased power
Distribution:
Operation supervision and engineering
Overhead line
Underground line
Meter
Miscellaneous
Maintenance:
Station equipment
Overhead lines
Underground lines
Line transformers
Street lighting and signal system
Miscellaneous
Total distribution

51

Plymouth Utilities
Electric Utility Operating Revenues and Expenses
Years Ended December 31, 2025 and 2024

2025
Administrative and general:
Salaries
Office supplies
Outside services employed
Property insurance
Injuries and damages
Employee pensions and benefits
Miscellaneous
Maintenance

$

Total administrative and general
Taxes
Total operation and maintenance
Depreciation
Total operating expenses
$

Operating income

52

246,863
12,194
41,750
12,625
42,727
400,917
18,271
50,475

2024
$

199,958
13,574
40,987
12,825
39,698
357,203
19,562
48,209

825,822

732,016

408,790

413,423

22,637,245

21,215,491

2,074,228

2,063,028

24,711,473

23,278,519

849,968

$

1,261,442

Plymouth Utilities
Water Utility Operating Revenues and Expenses
Years Ended December 31, 2025 and 2024

2025
Operating Revenues
Sales of water:
Unmetered
Metered:
Residential
Multifamily residential
Commercial
Industrial
Public authorities
Interdepartmental

$

11,387

2024

$

6,942

920,794
101,021
213,227
566,663
32,588
4,772

916,184
99,946
191,498
595,522
31,379
2,876

1,839,065

1,837,405

53,359
596,723

52,681
594,885

Total sales of water

2,500,534

2,491,913

Other operating revenues:
Forfeited discounts
Miscellaneous service revenue
Other

3,706
200
25,024

2,694
325
26,668

Total operating revenues

2,529,464

2,521,600

23,102

25,903

43,591

51,815

66,693

77,718

84,946

78,511

12,625

13,035

97,571

91,546

6,318
80,453
50,726

5,896
81,787
42,718

137,497

130,401

Total metered sales
Private fire protection
Public fire protection

Operating Expenses
Operation and maintenance:
Source of supply:
Operation supervision and engineering
Maintenance:
Wells and springs
Total source of supply
Pumping:
Fuel or purchased power for pumping
Maintenance:
Structures and improvements
Total pumping
Water treatment:
Operation supervision and engineering
Chemicals
Operation labor
Total water treatment

53

Plymouth Utilities
Water Utility Operating Revenues and Expenses
Years Ended December 31, 2025 and 2024

2025
Transmission and distribution:
Operation supervision and engineering
Storage facilities
Transmission and distribution lines
Meters
Customer installations
Maintenance:
Mains
Services
Meters
Hydrants
Miscellaneous

$

6,318
8,208
75,867
27,636
8,330

2024
$

5,896
7,732
61,200
29,421
13,257

161,905
90,743
65
13,334
30,349

223,401
50,334
8,684
19,936
28,608

422,755

448,469

Customer accounts:
Supervision
Meter reading
Accounting and collecting labor

17,124
11,518
52,970

14,071
12,173
47,879

Total customer accounts

81,612

74,123

Administrative and general:
Salaries
Office supplies
Outside services employed
Property insurance
Injuries and damages
Employee pensions and benefits
Regulatory commission
Miscellaneous
Maintenance

100,123
6,233
24,772
7,795
21,838
154,692
1,574
2,393
10,722

70,705
6,946
13,070
7,901
20,744
144,623
1,420
2,010
8,168

330,142

275,587

37,643

33,529

1,173,913

1,131,373

529,115

526,732

1,703,028

1,658,105

Total transmission and distribution

Total administrative and general
Taxes
Total operation and maintenance
Depreciation
Total operating expenses
$

Operating income

54

826,436

$

863,495

Plymouth Utilities
Sewage Utility Operating Revenues and Expenses
Years Ended December 31, 2025 and 2024

2025
Operating Revenues
Wastewater revenues:
Residential
Commercial
Industrial
Public authorities
Other
Interdepartmental sales

$

1,010,190
339,470
1,246,166
141,210
151,599
740

2024

$

1,007,180
315,312
1,342,310
106,488
238,652
776

2,889,375

3,010,718

3,260
14,859

2,067
16,623

2,907,494

3,029,408

318,190
142,707
119,691
936

282,462
147,333
140,965
1,733

581,524

572,493

67,324
29,321
120,705
52,062
42,225

117,246
39,732
111,660
24,679
39,802

Total maintenance

311,637

333,119

Customer accounts:
Accounting and collecting
Meter reading

73,904
5,248

67,174
6,312

Total customer accounts

79,152

73,486

Administrative and general:
Salaries
Office supplies
Outside services employed
Insurance
Employees pensions and benefits
Miscellaneous

162,157
8,672
17,263
21,805
178,085
64,384

123,950
9,665
16,666
22,023
148,938
56,252

452,366

377,494

79,457

78,510

1,504,136

1,435,102

731,281

628,419

2,235,417

2,063,521

Total sewage revenues
Other operating revenues:
Forfeited discounts
Miscellaneous
Total operating revenues
Operating Expenses
Operation and maintenance:
Operation:
Supervision and labor
Power and fuel for pumping
Phosphorous removal chemicals
Other operating supplies
Total operation
Maintenance:
Collection system
Pumping equipment
Treatment and disposal plant equipment
General plant structures and equipment
Miscellaneous

Total administrative and general
Taxes
Total operation and maintenance
Depreciation
Total operating expenses
$

Operating income
55

672,077

$

965,887

City of Plymouth

128 Smith St. - P.O. Box 107
Plymouth, WI 53073-0107

Telephone:
Facsimile:
Web Site:

(920) 893-3745
(920) 893-0183
plymouthgov.com

DATE:

August 20, 2026

TO:

Mayor and Common Council+

FROM:

Tim Blakeslee, City Administrator/Utilities Manager

RE:

Consideration of Resolution (No. 20) of Common Council Exercising Referendum
Option

Background: The City of Plymouth has been evaluating public safety needs and potential funding
options since earlier this year, including completion of a Public Safety Staffing Options
Assessment in March and a community survey in April. The survey demonstrated that residents
place a high priority on public safety services and indicated support for a referendum to fund
additional police officers.
As discussions have continued regarding Police Department staffing and a potential referendum,
the City has also taken seriously feedback regarding affordability and the impact on property
taxpayers. To balance the community’s preference for enhanced public safety services with the
goal of limiting the tax impact, the proposal has been reduced from five additional police officers,
related equipment, and wage adjustments at a potential referendum amount of $1.1 million, with
an estimated annual impact of approximately $253 on the average homeowner, to three additional
police officers, related equipment, and wage adjustments at a referendum amount of $600,000.
The revised proposal is estimated to have an annual impact of approximately $137, or $11.41 per
month, on an average residential property.
Prior Discussion: At the May 26, 2026 Committee of the Whole meeting, Chief Ruggles
presented additional information regarding Police Department staffing needs and statistics
supporting the request for additional officers. Ehlers also presented information regarding the
estimated cost and potential property tax impact of a referendum. At the June 10, 2026 Committee
of the Whole meeting, the general direction to staff was to:
1. Proceed with consideration of adding Police Department staffing through a potential
referendum.
2. Proceed with development of a referendum at $600,000.
3. Continue working with Mueller Communications to develop educational materials and
support public education regarding a potential referendum.
At the Committee of the Whole meeting on August 11, 2026 the Common Council directed staff
to proceed with the resolution as presented and place it on the next Common Council agenda.
Revaluation: The City of Plymouth is currently undergoing a citywide revaluation process that is
expected to be completed near the end of August. Preliminary information from the City’s
assessor indicates that the average residential property value following revaluation will be
approximately $300,000, compared to approximately $215,000 prior to the revaluation.

While assessed property values will increase as a result of the revaluation, the corresponding tax
rate will decrease. Based on the preliminary average residential value of $300,000, the estimated
impact of the proposed $600,000 referendum would be approximately $137 per year, or
approximately $11.41 per month, for an average-valued home. A more detailed breakdown is
included in the chart below.
The estimated impact is based on preliminary assessment information and may change slightly
once the revaluation and final tax base are completed. The actual impact on an individual property
will vary based on its assessed value.

Next Steps: Attachment 1 includes Resolution No. 20 in the format required by the Wisconsin
Department of Revenue (DOR). The proposed referendum would authorize an ongoing increase
of $600,000 to the City’s annual levy beginning in 2027. The proposed ballot language is as
follows:
“Under state law, the increase in the levy of the City of Plymouth for the tax to be imposed for the
next fiscal year, 2027, is limited to 2.046%, which results in a levy of $5,769,712. Shall the City of
Plymouth be allowed to exceed this limit and increase the levy for the next fiscal year, 2027, for
the purpose of funding 3 additional police officers and related equipment and wage adjustments
in the Police Department, by a total of 10.399%, which results in a levy of $6,369,712 and on an
ongoing basis, include the increase of $600,000 for each fiscal year going forward?”

The DOR has reviewed the proposed language and indicated that it is acceptable as presented.
If approved, the required referendum materials must be submitted to Sheboygan County by
August 25.
Community Education: If the City proceeds with the referendum, staff will continue working with
Mueller Communications on public education materials and informational sessions. Currently
scheduled opportunities include:
•
•
•
•

September 22 at 6:00 p.m. – Public presentation in the Council Chambers. The
presentation will be recorded and posted online.
October 8 at 11:00 a.m. – Public presentation in the EOC Room.
October 29 at 8:00 a.m. – Public presentation at Generations.
Staff will also provide presentations to local community organizations during September
and October

Recommendation: Approve Resolution No. 20 as presented.
Attachments: Resolution No. 20

CITY OF PLYMOUTH RESOLUTION _______
RESOLUTION OF COMMON COUNCIL EXERCISING REFERENDUM OPTION
City of Plymouth, Sheboygan County
Whereas, the State of Wisconsin has imposed limits on town, village, city and county property tax
levies under Wis. Stat. sec. 66.0602; and
Whereas, Wis. Stat. sec. 66.0602 limits the increase in 2026 (to be collected in 2027) to the local
property tax levy to no more than the greater of (a) 0% of last year's actual levy or (b) a percentage equal
to the percentage change in equalized value due to new construction less improvements removed; which
for the City of Plymouth is estimated to be 2.046%; and
Whereas, the Common Council of the City of Plymouth, Sheboygan County believes it is in the
City’s best interest to exceed the state levy limit as described above by a greater percentage than 2.046%
for the purpose of funding 3 additional police officers and related equipment and wage adjustments
in the Police Department; and
Whereas, the City of Plymouth actual levy in 2025 (collected in 2026) was $5,645,556; and state
law would limit the increase to $124,155 ($96,906 increase from net new construction plus a $56,188
increase in the debt service adjustment from the prior year, and a decrease of $28,939 for covered service
adjustment) for a total allowable 2026 (collected in 2027) city tax levy of $5,769,712.
Now, therefore the Common Council of the City of Plymouth, Sheboygan County does hereby
resolve and order as follows:
1. The Common Council supports an increase in the City tax levy for 2026 (to be collected in
2027) that will exceed the amount allowed by the state levy limit by 10.399 percent ($600,000÷
$5,769,712), which would increase the City levy by $600,000 for a total City tax levy (after
adjustments) of $6,369,712. The requested increase would apply on an ongoing basis.
2. The Common Council directs that the question of increasing the allowable City tax levy for
2026 (to be collected in 2027) by 10.399 percent over 2026 allowable levy be put to referendum
at an election on November 3, 2026.
3. The question shall be submitted to the electors as follows: “Under state law, the increase in the
levy of the City of Plymouth for the tax to be imposed for the next fiscal year, 2027, is limited
to 2.046%, which results in a levy of $5,769,712. Shall the City of Plymouth be allowed to
exceed this limit and increase the levy for the next fiscal year, 2027, for the purpose of funding
three additional police officers and related equipment and wage adjustments in the
Police Department, by a total of 10.399%, which results in a levy of $6,369,712 and on an
ongoing basis, include the increase of $600,000 for each fiscal year going forward?”
Adopted this 24th day of August 2026.

Signature of Mayor:

_____________________________

Attested by City Clerk: _____________________________