2025 Village of Plover Financial Statements for Village Board Regular Meeting Packet (PDF)

VILLAGE OF PLOVER, WISCONSIN FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2025 VILLAGE OF PLOVER, WISCONSIN TABLE OF CONTENTS YEAR ENDED DECEMBER 31, 2025 INDEPENDENT AUDITORS’ REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS 5 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS STATEMENT OF NET POSITION 15 STATEMENT OF ACTIVITIES 16 FUND FINANCIAL STATEMENTS BALANCE SHEET – GOVERNMENTAL FUNDS 17 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS 19 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL – GENERAL FUND 21 STATEMENT OF NET POSITION – PROPRIETARY FUNDS 22 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION – PROPRIETARY FUNDS 24 STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS 25 STATEMENT OF NET POSITION – FIDUCIARY FUND 27 STATEMENT OF CHANGES IN NET POSITION – FIDUCIARY FUND 28 NOTES TO BASIC FINANCIAL STATEMENTS 29 REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (ASSET) – WISCONSIN RETIREMENT SYSTEM 71 SCHEDULE OF CONTRIBUTIONS – WISCONSIN RETIREMENT SYSTEM 71 SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY (ASSET) – LOCAL RETIREE LIFE INSURANCE FUND 72 SCHEDULE OF CONTRIBUTIONS – LOCAL RETIREE LIFE INSURANCE FUND 72 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 73 VILLAGE OF PLOVER, WISCONSIN TABLE OF CONTENTS YEAR ENDED DECEMBER 31, 2025 SUPPLEMENTARY INFORMATION COMBINING BALANCE SHEET – NONMAJOR GOVERNMENTAL FUNDS 76 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – NONMAJOR GOVERNMENTAL FUNDS 78 COMBINING STATEMENT OF FIDUCIARY NET POSITION – CUSTODIAL FUNDS 80 COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION – CUSTODIAL FUNDS 81 ADDITIONAL INDEPENDENT AUDITORS’ REPORT FOR BASIC FINANCIAL STATEMENTS INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 83 SCHEDULE OF FINDINGS AND RESPONSES 85 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  CliftonLarsonAllen LLP  CLAconnect.com  (1) INDEPENDENT AUDITORS’ REPORT Village Board Village of Plover, Wisconsin Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plover, Wisconsin, as of and for the year ended December 31, 2025, and the related notes to the financial statements, which collectively comprise the Village of Plover, Wisconsin’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plover, Wisconsin, as of December 31, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof and the budgetary comparison for the General Fund 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) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Village of Plover, Wisconsin 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 Village of Plover, Wisconsin’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. Village Board Village of Plover, Wisconsin (2) 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 and Government Auditing Standards 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 and Government Auditing Standards, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village of Plover, Wisconsin’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village of Plover, Wisconsin’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. Village Board Village of Plover, Wisconsin (3) Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the schedules relating to pensions and other postemployment benefits 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 GAAS, 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. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Plover, Wisconsin’s basic financial statements. The combining nonmajor fund financial statements are presented for purposes of additional analysis and are 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 GAAS. In our opinion, the combining nonmajor fund financial statements is fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 25, 2026, on our consideration of the Village of Plover, Wisconsin’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village of Plover, Wisconsin’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village of Plover, Wisconsin’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Wausau, Wisconsin June 25, 2026 (4) MANAGEMENT’S DISCUSSION AND ANALYSIS VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (5) As management of the Village of Plover, Wisconsin, we offer readers of the Village’s basic financial statements this narrative overview and analysis of the financial activities of the Village for the fiscal year December 31, 2025. Financial Highlights • The assets and deferred outflows of resources of the Village exceeded its liabilities and deferred inflows of resources as of December 31, 2025 by $117,152,792 (net position). Of this amount, $20,586,145 (unrestricted net position) may be used to meet the Village’s ongoing obligations to citizens and creditors. • The 2024 property tax rate, collected in 2025, is $5.99 per $1,000 of assessed property value (including TID increments). For Assessment Year 2024, the ratio of assessed value to full equalized value of property in the Village is 83.07%. The total equalized value of property within the Village increased from $1,689,932,800 for tax year 2023 to $1,840,991,600 for tax year 2024, an increase of 8.94% due to new construction. • As of December 31, 2025, the Village’s governmental funds reported combined ending fund balances of $2,268,575, a decrease of $301,739 in comparison to the prior year. • As of December 31, 2025, the General Fund’s unassigned fund balance is $5,027,105 approximately 58% of total general fund actual expenditures. An additional $90,415 is assigned for subsequent year’s capital improvements and equipment purchases, and $518,980 is considered non-spendable for advances to other funds and prepaid items. Overview of the Basic Financial Statements This discussion and analysis are intended to serve as an introduction to the Village’s basic financial statements. The Village’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains supplemental information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the Village’s finances, in a manner like a private-sector business. The statement of net position presents information on all the Village’s assets, liabilities and deferred outflows and inflows of resources, with the difference between these 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 Village is improving or deteriorating. The statement of activities presents information showing how the Village’s net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. (e.g., earned but unused vacation leave.) VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (6) Both government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Village include General Government, Public Safety, Public Works, Health and Human Services, Culture and Recreation, and Conservation and Development. The business-type activities of the Village include the Water and Wastewater utility operations. The government-wide financial statements can be found on pages 15 - 16 of this report. 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 Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the funds of the Village can be divided into two categories: governmental funds and proprietary funds. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the Village’s near-term financing requirements. It is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the Village’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains eighteen individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Debt Service Fund, and TIF #5, all of which are major funds. Data from the remaining fifteen governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. The non-major governmental funds are the Korean War Memorial, Law Enforcement, Cemetery, Portage County Ambulance, ARPA, Celebrate Plover, Shared Ride Taxi, Equipment Fund, Municipal Building, Parks Capital Projects, Street Projects, TIF #4, TIF #6, TIF #7 and TIF #8. The Village adopts an annual appropriated budget for the General Fund. As part of the basic governmental fund financial statements, a budgetary comparison statement has been provided for the General Fund to demonstrate compliance with the budget. The basic governmental fund financial statements can be found on pages 17 - 21 of this report. VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (7) Proprietary funds. The Village maintains a single type of proprietary fund. Enterprise funds are used to report the functions presented as business-type activities in the government-wide financial statements. The Village uses enterprise funds to account for its water and wastewater utility operations. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Water and Wastewater Utilities, both of which are major funds of the Village. The basic proprietary fund financial statements can be found on pages 22 - 26 of this report. Custodial Funds. Custodial funds are used to account for the assets controlled by the Village for the benefit of another entity for which the Village has fiduciary responsibility and accounts for the flow of assets. The Village is the custodian for the collection of property taxes within the Village for all taxing jurisdictions including Stevens Point Area School District, Portage County and Mid-State Technical College. T he Village is also the custodian for the Plover Area Convention and Visitor Bureau. Fiduciary funds are not reflected in the governmental-wide financial statements because those funds are not available to support the Village’s own programs. The fiduciary fund financial statement can be found on pages 27 - 28. Notes to the basic financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 29 - 69 of this report. Other information. Required supplementary information related to pensions and other postemployment benefits and the combining statements referred to earlier in connection with non-major governmental funds are presented immediately following the notes to the basic financial statements. These statements and schedules can be found on pages 71 - 81. Government-Wide Financial Analysis Net position. As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the Village, as of December 31, 2025, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $117,152,792. 2025 2024 2025 2024 2025 2024 Assets: Current and Other Assets 22,771,488$ 20,936,817$ 17,392,329$ 17,634,541$ 40,163,817$ 38,571,358$ Capital Assets 66,822,946 67,141,569 46,180,033 45,100,008 113,002,979 112,241,577 Total Assets 89,594,434 88,078,386 63,572,362 62,734,549 153,166,796 150,812,935 Deferred Outflows of Resources 3,472,513 4,666,952 485,002 673,218 3,957,515 5,340,170 Liabilities: Long-Term Liabilities Outstanding 15,574,397 18,987,085 6,482,954 7,269,021 22,057,351 26,256,106 Other Liabilities 1,608,907 988,181 300,254 850,946 1,909,161 1,839,127 Total Liabilities 17,183,304 19,975,266 6,783,208 8,119,967 23,966,512 28,095,233 Deferred Inflows of Resources 14,707,196 14,591,253 1,297,811 1,492,531 16,005,007 16,083,784 Net Position: Net Investment in Capital Assets 53,785,645 49,827,208 40,003,977 37,551,612 93,789,622 87,378,820 Restricted 2,121,642 3,123,008 655,383 1,084,728 2,777,025 4,207,736 Unrestricted 5,269,160 5,228,603 15,316,985 15,158,929 20,586,145 20,387,532 Total Net Position 61,176,447$ 58,178,819$ 55,976,345$ 53,795,269$ 117,152,792$ 111,974,088$ VILLAGE OF PLOVER'S NET POSITION Governmental Activities Business-Type Activities Total VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (8) 80% of the Village’s net position, $93,789,622, reflects its investment in capital assets (e.g. land, buildings, machinery and equipment, infrastructure, etc.), less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although, the Village’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. 2% of the Village’s net position, $2,777,025, represents resources that are subject to external restrictions on how they may be used. The remaining 18% of net position is unrestricted net position, $20,586,145 and may be used to meet the Village’s ongoing obligations to citizens and creditors. Change in net position. A summary of the change in net position of the Village is as follows: 2025 2024 2025 2024 2025 2024 Revenues: Program Revenues: Charges for Services 1,700,615$ 1,622,472$ 6,081,763$ 5,960,214$ 7,782,378$ 7,582,686$ Operating Grants and Contributions 1,779,672 1,132,501 55,455 36,120 1,835,127 1,168,621 Capital Grants and Contributions 488,064 4,818 1,319,998 1,170,855 1,808,062 1,175,673 General Revenues: Property Taxes 11,192,098 10,891,045 - - 11,192,098 10,891,045 Other Taxes 175,138 186,455 - - 175,138 186,455 Grants and Contributions not Restricted to Specific Programs 1,464,607 1,622,295 - - 1,464,607 1,622,295 Other 692,702 548,724 333,290 333,073 1,025,992 881,797 Total Revenues 17,492,896 16,008,310 7,790,506 7,500,262 25,283,402 23,508,572 Expenses: General Government $1,197,873 $1,399,572 - - 1,197,873 1,399,572 Public Safety 5,743,626 5,372,977 - - 5,743,626 5,372,977 Public Works 5,744,936 6,249,256 - - 5,744,936 6,249,256 Health and Human Services 15,792 3,583 - - 15,792 3,583 Culture and Recreation 545,159 243,794 - - 545,159 243,794 Conservation and Development 540,050 453,941 - - 540,050 453,941 Interest on Long-Term Debt 304,176 424,079 - - 304,176 424,079 Water Utility Operations - - 2,661,605 2,410,770 2,661,605 2,410,770 Wastewater Utility Operations - - 3,351,481 3,309,026 3,351,481 3,309,026 Total Expenses 14,091,612 14,147,202 6,013,086 5,719,796 20,104,698 19,866,998 Increase (Decrease) in Net Position before Transfers 3,401,284 1,861,108 1,777,420 1,780,466 5,178,704 3,641,574 Transfers (403,656) (361,989) 403,656 361,989 - - Change in Net Position 2,997,628 1,499,119 2,181,076 2,142,455 5,178,704 3,641,574 Net Position - Beginning of Year 58,178,819 56,679,700 53,795,269 51,652,814 111,974,088 108,332,514 Net Position - End of Year 61,176,447$ 58,178,819$ 55,976,345$ 53,795,269$ 117,152,792$ 111,974,088$ Governmental Activities Business-Type Activities Total VILLAGE OF PLOVER'S CHANGE IN NET POSITION The non-TID property tax levy amount increased by $301,053 (2.76%) from the 2024 to 2025 budget year. The levy increases addressed increases in costs throughout the 2025 budget, such as wages and related fringes, utilities, and fuel which are expected in a growing community. VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (9) Financial Analysis of the Village’s Funds As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental funds. The focus of the Village’s governmental funds is to provide information on near- term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. Unassigned fund balance may serve as a useful measure of the Village’s net resources available for spending at the end of the fiscal year. As of December 31, 2025, the Village’s governmental funds reported combined ending fund balances of $2,268,575, a decrease of $301,739 in comparison to the prior year. The General Fund is the main operating fund of the Village. At the end of 2025, the unassigned fund balance of the General Fund was $5,027,105, while the total fund balance increased to $5,636,500. The remainder of fund balance is considered nonspendable, restricted, committed, or assigned to indicate that it is not available for new spending. Nonspendable fund balance includes advances to other funds and prepaid items ($518,980). An additional $90,415 is assigned for subsequent year’s budget, capital improvements, and equipment purchases. As a measure of the General Fund’s liquidity, it may be useful to compare both the unassigned fund balance and the total fund balance to total fund expenditures, exclusively of debt service. The unassigned fund balance represents 52% of General Fund actual expenditures, while the total fund balance represents 58% of General Fund actual expenditures. The Debt Service fund has a total fund balance of $133,741. The fund balance is restricted for retirement of long-term debt. The TIF District #4 fund has a total fund balance of $298,051, which is restricted for future expenditures within the TIF District The TIF District #5 fund has a fund balance deficit of $3,906,201, which will be resolved with the receipt of tax increment and special assessment collections in subsequent years. The TIF District #6 fund has a fund balance deficit of 1,224, which will be resolved with the receipt of tax increment in subsequent years. The TIF District #7 fund has a fund balance deficit of $1,412,638, which will be resolved with the receipt of tax increment in subsequent years. The TIF District #8 fund has a fund balance deficit of $37,745, which will be resolved with the receipt of tax increment in subsequent years. The Equipment Fund has a total fund balance of $327,567. The remaining balance is assigned for purchase of various capital items VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (10) The Parks Capital Projects total fund balance is $88,548. 100% of the fund balance is assigned for the purchase of parks related capital assets. The Street Projects Capital Project total fund balance is $821,409. 100% of the fund balance is restricted for street projects funded by debt proceeds. The Municipal Building total fund balance is $32,638. 100% of the fund balance is assigned for the costs related to the Village’s Municipal Center. The Korean War Memorial fund has a total fund balance of $80,690. 100% is committed to maintenance of the Memorial. The Law Enforcement fund has a total fund balance of $136,949. 100% is restricted for law enforcement related expenses. The Cemetery fund has a total fund balance of $68,835. 100% of this fund balance is committed to maintenance of the River Drive Cemetery. The Shared Ride Taxi fund has a fund balance deficit of $3,213. Future grant or Village resources will eliminate the deficit. Proprietary funds. The Village’s proprietary funds provide the same type of information found in the Village’s government-wide financial statements, but in more detail. Unrestricted net position of the Water Utility fund as of December 31, 2025, amounted to $7,940,916. The growth in total net position of the Water Utility for 2025 was $1,332,005. Unrestricted net position of the Wastewater Utility fund as of December 31, 2025 amounted to $7,376,069. The change in total net position of the Wastewater Utility for 2025 was $849,071. Other factors concerning the finances of these funds have already been addressed in the discussion of the Village’s business-type activities. General Fund Budgetary Highlights Differences between the original and final budgeted revenues and expenditures were due to adjustments required to address shortfalls in various line items, all of which were minor in nature. The adjustments resulted in no change to the total overall budgeted revenue and expenditure amounts. VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (11) Capital Asset and Debt Administration Capital assets. The Village’s investment in capital assets for its governmental and business-type activities as of year-end amounts to $113,002,979, (net of accumulated depreciation). This investment in capital assets includes land, land improvements, buildings, machinery and equipment, vehicles, infrastructure (highways and bridges), and construction in progress. 2025 2024 2025 2024 2025 2024 Land 5,091,502$ 5,091,502$ 2,804,687$ 2,738,704$ 7,896,189$ 7,830,206$ Construction in Progress 66,300 1,340,339 122,986 1,526,240 189,286 2,866,579 Land Improvements - ROW 10,346,931 10,346,931 - - 10,346,931 10,346,931 Land Improvements - - 5,849 7,478 5,849 7,478 Buildings and Improvements 3,738,626 3,592,803 3,102,036 2,608,754 6,840,662 6,201,557 Machinery and Equipment 1,302,817 1,056,131 34,355,328 34,648,192 35,658,145 35,704,323 Vehicles 3,154,756 3,260,324 - - 3,154,756 3,260,324 Infrastructure 43,122,014 42,353,586 5,789,147 3,570,640 48,911,161 45,924,226 Lease Asset - Equipment - 99,953 - - - 99,953 Total $ 66,822,946 $ 67,141,569 $ 46,180,033 $ 45,100,008 $ 113,002,979 $ 112,241,577 VILLAGE OF PLOVER'S CAPITAL ASSETS (net of accumulated depreciation) Governmental Activities Business-Type Activities Total Debt Administration. As of December 31, 2025 the Village had total debt outstanding of $19,464,827 Of this amount, $14,207,366 comprises debt backed by the full faith and credit of the government. $1,100,000 is a note anticipation note. $4,157,461 of the Village’s debt represents revenue bonds secured solely by wastewater and water user fees. 2025 2024 2025 2024 2025 2024 General Obligation Debt: Bonds 2,745,000$ 3,990,000$ -$ -$ 2,745,000$ 3,990,000$ Notes 8,870,000 12,035,000 1,870,000 2,075,000 10,740,000 14,110,000 Notes from Direct Borrowing Note 104,611 - - - 104,611 - State Trust Fund Loans 617,755 691,482 - - 617,755 691,482 Total General Obligation Debt 12,337,366 16,716,482 1,870,000 2,075,000 14,207,366 18,791,482 Note Anticipation Note 1,100,000 - - - 1,100,000 - Safe Drinking Water Loan - - 2,284,387 2,424,806 2,284,387 2,424,806 Clean Water Fund Loan - - 1,873,074 2,217,447 1,873,074 2,217,447 Total 13,437,366$ 16,716,482$ 6,027,461$ 6,717,253$ 19,464,827$ 23,433,735$ General Obligation Debt and Revenue Bonds Governmental Activities Business-Type Activities Total VILLAGE OF PLOVER'S OUTSTANDING DEBT The Village’s total debt decreased by $3,968,908 during the current fiscal year. The Village has obtained an AA rating from Standard & Poor’s Rating Services for its long-term general obligation debt. Wisconsin State statutes limit the amount of general obligation debt the Village may issue to 5% of its total equalized valuation. The current debt limitation for the Village is $95,332,995. The Village’s current outstanding general obligation debt of $14,207,366 is 15% of the allowable limit. VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (12) Economic Factors and Next Year’s Budgets and Rates • The economic condition and outlook of the Village have remained stable based on a relatively healthy mix of manufacturing, tourism, service industry, retail, residential, and agricultural activities which support the Village’s tax base. Major development projects currently under construction and/or development are the Crossroads Commons Retail Center, Commercial construction in the Pines Corporate Center Industrial Development, the Village Park at Plover Retail Center, several large multi-family residential apartment complex developments, along with several newly platted single-family residential developments. Inflationary trends in our region compare favorably to national indices. • At the close of 2025, the unassigned fund balance of the General Fund totaled $5,027,105. Additionally, $518,980 was set aside for prepaid items and advances to other funds which are considered non-spendable. An additional $90,415 was assigned or committed for use such as capital improvements or equipment purchases. • Additionally at the close of 2025, $291,142 was for Special Revenue Funds, $133,741 was restricted for the Debt Service Fund, and there was $1,360,577 assigned for future projects. • The Water Utility had a stable year with increased income because of the additional housing being added in the Village. • The Wastewater had a stable year with increased income because of the additional housing added in the Village. P lover Wastewater Utility was rated with the highest grade on the DNR’s 2024 Compliance Maintenance Annual Report. • The Village has two union labor contracts. The Plover Professional Police Association and the International Association of Fire Fighters, AFL-CIO Local 484. The Police contract was renewed in 2025, for a period of three years, expiring on 12/31/2028. T he new Paramedic Contract was entered into with an effective date of 1/1/2026 and expires on 12/31/26. • The Village completed Phase 3 of the Lake Pacawa Park development. The final phase added a parking area and 12 pickleball courts at Lake Pacawa. The area opened in late Summer of 2025. • Tax Incremental District 8 was created in 2025. This district is a mixed-use district comprised of approximately 385 acres. T he district includes areas for industrial expansion, residential and commercial development. The district was created to pay for the costs of public infrastructure, land acquisition and development incentives to promote development. • TID 8 has industrial expansion that started in 2025 and will continue through 2026. M ullins is expanding its facilities for dairy-related products. A n expansion project will start in 2026 in the industrial area for another current business. VILLAGE OF PLOVER, WISCONSIN MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2025 (13) • In late 2012, Portage County took tax deed possession of approximately 425 acres of property within the Village of Plover, Wisconsin’s TIF District #5, due to non-payment of real estate taxes by the previous owner. The property was appraised and advertised for bids in June of 2013. In 2015, the Village initiated the process to have TID #5 declared severely distressed by the WI Dept. of Revenue. This designation was approved and extends the life of TID 5 by 20 years, to 2045. TID’s #3 and #4 were designated as Donor TID’s to TID #5, which will enable the use of excess increment collections from those districts to TID 5 to aid in the repayment of the remaining debt and project costs. Since this time this area has seen large growth in single family homes and apartment complexes. TID 5 has turned around from being severely distressed to adding value every year. TID #3 is closed and no longer available to contribute to TID #5. With the rapid growth in this TID, it is estimated that the debt will be paid within the next 2 years and TID #5 will close early. • TID 6 had a multi-family development started during 2024 and has added more development in 2025. The Village has a business development opportunity in TID 6 which will start construction in 2026. The Village of Plover, Wisconsin reviews all the above listed items as they prepare the budgets for upcoming years. Contacting the Village’s Financial Management This financial report is designed to provide a general overview of the Village’s finances for all those with an interest in the Village’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to The Village of Plover, Julia Mann, Treasurer/Finance Director, P. O. Box 37, Plover, Wisconsin 54467. jmann@ploverwi.gov (14) BASIC FINANCIAL STATEMENTS VILLAGE OF PLOVER, WISCONSIN STATEMENT OF NET POSITION DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (15) Governmental Business-Type Activities Activities Total ASSETS Cash and Investments 10,314,350$ 12,121,780$ 22,436,130$ Receivables: Taxes and Special Charges, Net 6,724,789 - 6,724,789 Accounts Receivable 463,090 1,361,067 1,824,157 Lease Receivable 143,030 1,025,476 1,168,506 Special Assessments 5,719,135 810,490 6,529,625 Loans 686,009 - 686,009 Other - 232 232 Internal Balances (1,349,016) 1,349,016 - Due from Other Governments 64,819 - 64,819 Inventories and Prepaid Items 5,282 68,885 74,167 Restricted Assets: Cash and Investments - 655,383 655,383 Capital Assets, Nondepreciable 15,504,733 2,927,673 18,432,406 Capital Assets, Depreciable, Net 51,318,213 43,252,360 94,570,573 Total Assets 89,594,434 63,572,362 153,166,796 DEFERRED OUTFLOWS OF RESOURCES Pension Related Amounts 3,388,571 473,161 3,861,732 Other Postemployment Related Amounts 83,942 11,841 95,783 Total Deferred Outflows of Resources 3,472,513 485,002 3,957,515 LIABILITIES Accounts Payable 879,841 211,788 1,091,629 Accrued and Other Current Liabilities 267,804 42,853 310,657 Due to Other Governments 233,621 - 233,621 Accrued Interest Payable 161,393 44,438 205,831 Unearned Revenues 66,248 1,175 67,423 Long-Term Obligations: Due within One Year 3,282,919 730,760 4,013,679 Due in More than One Year 11,426,020 5,630,113 17,056,133 Net Pension Liability 574,426 81,028 655,454 Net Other Postemployment Benefits 291,032 41,053 332,085 Total Liabilities 17,183,304 6,783,208 23,966,512 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year 12,258,532 - 12,258,532 Leases 143,030 1,025,476 1,168,506 Other 374,985 - 374,985 Pension Related Amounts 1,705,150 240,526 1,945,676 Other Postemployment Related Amounts 225,499 31,809 257,308 Total Deferred Inflows of Resources 14,707,196 1,297,811 16,005,007 NET POSITION Net Investment in Capital Assets 53,785,645 40,003,977 93,789,622 Restricted: Capital Projects - 655,383 655,383 Tax Incremental Financing Districts 1,984,693 - 1,984,693 Other 136,949 - 136,949 Unrestricted 5,269,160 15,316,985 20,586,145 Total Net Position 61,176,447$ 55,976,345$ 117,152,792$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (16) Operating Capital Grants Charges for Grants and and Governmental Business-Type Functions/Programs Expenses Services Contributions Contributions Activities Activities Total GOVERNMENTAL ACTIVITIES General Government 1,197,873$ 206,986$ -$ -$ (990,887)$ -$ (990,887)$ Public Safety 5,743,626 1,176,211 224,713 - (4,342,702) - (4,342,702) Public Works 5,744,936 206,265 1,020,940 420,490 (4,097,241) - (4,097,241) Health and Human Services 15,792 31,124 - - 15,332 - 15,332 Culture and Recreation 545,159 7,152 269,486 67,574 (200,947) - (200,947) Conservation and Development 540,050 72,877 264,533 - (202,640) - (202,640) Interest and Fiscal Charges 304,176 - - - (304,176) - (304,176) Total Governmental Activities 14,091,612 1,700,615 1,779,672 488,064 (10,123,261) - (10,123,261) BUSINESS-TYPE ACTIVITIES Water Utility 2,661,605 2,809,896 55,455 853,970 - 1,057,716 1,057,716 Wastewater Utility 3,351,481 3,271,867 - 466,028 - 386,414 386,414 Total Business-Type Activities 6,013,086 6,081,763 55,455 1,319,998 - 1,444,130 1,444,130 Total 20,104,698$ 7,782,378$ 1,835,127$ 1,808,062$ (10,123,261) 1,444,130 (8,679,131) GENERAL REVENUES Taxes: Property Taxes 8,122,323 - 8,122,323 Tax Increments 3,069,775 - 3,069,775 Other Taxes 175,138 - 175,138 Federal and State Grants and Other Contributions Not Restricted to Specific Functions 1,464,607 - 1,464,607 Interest and Investment Earnings 243,513 330,364 573,877 Miscellaneous 378,488 2,926 381,414 Gain on Sale of Asset 70,701 - 70,701 Transfers (403,656) 403,656 - Total General Revenues and Transfers 13,120,889 736,946 13,857,835 CHANGES IN NET POSITION 2,997,628 2,181,076 5,178,704 Net Position - Beginning of Year, as Adjusted 58,178,819 53,795,269 111,974,088 NET POSITION - END OF YEAR 61,176,447$ 55,976,345$ 117,152,792$ Program Revenues Net Revenue (Expense) and Changes in Net Position VILLAGE OF PLOVER, WISCONSIN BALANCE SHEET GOVERNMENTAL FUNDS DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (17) Other Governmental General Debt Service TIF #5 Funds Total ASSETS Cash and Investments 5,984,324$ 1,030,322$ -$ 3,299,704$ 10,314,350$ Receivables: Taxes and Special Charges 3,536,858 1,082,688 1,187,369 917,874 6,724,789 Accounts Receivable 73,496 - - 389,594 463,090 Lease Receivable 143,030 - - - 143,030 Special Assessments 126,292 - 5,592,843 - 5,719,135 Loans 686,009 - - - 686,009 Due from Other Funds 2,513,772 - - - 2,513,772 Advance to Other Funds 514,286 - - - 514,286 Due from Other Governments - - - 64,819 64,819 Inventories and Prepaid Items 4,694 - - 588 5,282 Total Assets 13,582,761$ 2,113,010$ 6,780,212$ 4,672,579$ 27,148,562$ LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts Payable 288,951$ -$ -$ 590,890$ 879,841$ Accrued and Other Current Liabilities 247,148 - - 20,656 267,804 Due to Other Funds 63,302 - 1,122,933 1,390,839 2,577,074 Advance from Other Funds - - 1,800,000 - 1,800,000 Due to Other Governments 20,917 - - 212,704 233,621 Unearned Revenues 66,248 - - - 66,248 Total Liabilities 686,566 - 2,922,933 2,215,089 5,824,588 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year 6,430,656 1,979,269 2,170,637 1,677,970 12,258,532 Loans Receivable 686,009 - - - 686,009 Leases 143,030 - - - 143,030 Grants - - - 374,985 374,985 Special Assessments - - 5,592,843 - 5,592,843 Total Deferred Inflows of Resources 7,259,695 1,979,269 7,763,480 2,052,955 19,055,399 FUND BALANCES Nonspendable 518,980 - - 588 519,568 Restricted - 133,741 - 435,000 568,741 Committed - - - 154,193 154,193 Assigned 90,415 - - 1,270,162 1,360,577 Unassigned 5,027,105 - (3,906,201) (1,455,408) (334,504) Total Fund Balances 5,636,500 133,741 (3,906,201) 404,535 2,268,575 Total Liabilities, Deferred Inflows of Resources, and Fund Balances 13,582,761$ 2,113,010$ 6,780,212$ 4,672,579$ 27,148,562$ VILLAGE OF PLOVER, WISCONSIN BALANCE SHEET (CONTINUED) GOVERNMENTAL FUNDS DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (18) RECONCILIATION TO THE STATEMENT OF NET POSITION Total Fund Balances as Shown on Previous Page 2,268,575$ Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not current financial resources and, therefore, are not reported in the funds. 66,822,946 Other long-term assets are not available to pay current period expenditures and, therefore, are deferred in the funds. Special Assessments 5,592,843 Loans Receivable 686,009 Some deferred outflows and inflows of resources reflect changes in long-term liabilities and are not reported in the funds. Deferred Outflows Related to Pensions 3,388,571 Deferred Inflows Related to Pensions (1,705,150) Deferred Outflows Related to Other Postemployment Benefits 83,942 Deferred Inflows Related to Other Postemployment Benefits (225,499) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Bonds and Notes Payable (13,437,366) Premium on Debt (631,489) Compensated Absences (640,084) Net Pension Liability (574,426) Net Other Postemployment Benefit (291,032) Accrued Interest on Long-Term Obligations (161,393) Net Position of Governmental Activities as Reported on the Statement of Net Position 61,176,447$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (19) Other Governmental General Debt Service TIF #4 TIF #5 Funds Total REVENUES Taxes 6,142,149$ 1,832,488$ -$ 1,642,479$ 1,750,120$ 11,367,236$ Intergovernmental 2,317,353 - - 1,226 600,778 2,919,357 Licenses and Permits 262,839 - - - - 262,839 Fines and Forfeits 58,633 - - - 2,560 61,193 Public Charges for Services 100,314 - - - 117,104 217,418 Intergovernmental Charges for Services 361,355 - - - 788,944 1,150,299 Miscellaneous 524,378 - - - 600,821 1,125,199 Total Revenues 9,767,021 1,832,488 - 1,643,705 3,860,327 17,103,541 EXPENDITURES Current: General Government 684,829 - - 13,182 77,740 775,751 Public Safety 4,635,754 - - - 904,871 5,540,625 Public Works 3,277,488 - - - 320,437 3,597,925 Health and Human Services - - - - 15,792 15,792 Culture and Recreation 346,716 - - - 78,801 425,517 Conservation and Development 639,964 - - - - 639,964 Debt Service: Principal - 1,573,727 - 1,995,000 969,038 4,537,765 Interest and Fiscal Charges - 311,810 - 31,200 176,747 519,757 Capital Outlay 72,082 - - - 2,128,039 2,200,121 Total Expenditures 9,656,833 1,885,537 - 2,039,382 4,671,465 18,253,217 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 110,188 (53,049) - (395,677) (811,138) (1,149,676) OTHER FINANCING SOURCES (USES) Long-Term Debt Issued - - - - 1,204,611 1,204,611 Proceeds from Sale of Capital Assets 4,006 - - - 42,976 46,982 Transfers In 336,344 53,100 - - 543,347 932,791 Transfers Out (389,947) - - (500,000) (446,500) (1,336,447) Total Other Financing Sources (Uses) (49,597) 53,100 - (500,000) 1,344,434 847,937 NET CHANGE IN FUND BALANCES 60,591 51 - (895,677) 533,296 (301,739) Fund Balances - Beginning of Year, as Originally Stated 5,575,909 133,690 472,626 (3,010,524) (601,387) 2,570,314 Changes within Financial Reporting Entity Major to Nonmajor - - (472,626) - 472,626 - Fund Balance - Beginning of Year, as Adjusted 5,575,909 133,690 - (3,010,524) (128,761) 2,570,314 FUND BALANCES - END OF YEAR 5,636,500$ 133,741$ -$ (3,906,201)$ 404,535$ 2,268,575$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (20) RECONCILIATION TO THE STATEMENT OF ACTIVITIES Net Change in Fund Balances as Shown on Previous Page (301,739)$ 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 activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital Assets Reported as Expenditures in Governmental Fund Statements 2,196,560 Depreciation Expense Reported in the Statement of Activities (2,511,876) Net Book Value of Disposals (3,307) In governmental funds, loan repayments are reported as revenue when payments are received; in the statement of activities payments reduce the loans receivable balance. Loan Repayments (82,956) Loan Issuance 450,000 Debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Long-Term Debt Issued (1,204,611) Principal Repaid 4,537,765 Some expenses reported 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: Accrued Interest on Long-Term Debt 32,867 Amortization of Premiums 182,714 Compensated Absences (91,507) Net Pension Liability (68,621) Deferred Outflows of Resources Related to Pensions (1,151,929) Deferred Inflows of Resources Related to Pensions 1,024,235 Net Other Postemployment Benefits 56,948 Deferred Outflows of Resources Related to Other Postemployment Benefits (42,510) Deferred Inflows of Resources Related to Other Postemployment Benefits (24,405) Change in Net Position of Governmental Activities as Reported in the Statement of Activities 2,997,628$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL GENERAL FUND YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (21) Variance Final Budget - Budget Positive Original Final Actual (Negative) REVENUES Taxes 6,152,306$ 6,152,306$ 6,142,149$ (10,157)$ Intergovernmental 2,299,456 2,299,456 2,317,353 17,897 Licenses and Permits 219,583 219,583 262,839 43,256 Fines and Forfeits 60,000 60,000 58,633 (1,367) Public Charges for Services 68,745 68,745 100,314 31,569 Intergovernmental Charges for Services 348,019 348,019 361,355 13,336 Miscellaneous 349,085 349,085 524,378 175,293 Total Revenues 9,497,194 9,497,194 9,767,021 269,827 EXPENDITURES Current: General Government 749,780 749,780 684,829 64,951 Public Safety 4,823,531 4,823,531 4,635,754 187,777 Public Works 3,220,775 3,220,775 3,277,488 (56,713) Culture and Recreation 300,303 300,303 346,716 (46,413) Conservation and Development 641,679 641,679 639,964 1,715 Capital Outlay 65,948 65,948 72,082 (6,134) Total Expenditures 9,802,016 9,802,016 9,656,833 145,183 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (304,822) (304,822) 110,188 415,010 OTHER FINANCING SOURCES (USES) Proceeds from Sale of Capital Assets 6 6 4,006 4,000 Transfers In 332,507 332,507 336,344 3,837 Transfers Out - - (389,947) (389,947) Total Other Financing Sources (Uses) 332,513 332,513 (49,597) (382,110) NET CHANGE IN FUND BALANCE 27,691 27,691 60,591 32,900 Fund Balance - Beginning of Year 5,575,909 5,575,909 5,575,909 - FUND BALANCE - END OF YEAR 5,603,600$ 5,603,600$ 5,636,500$ 32,900$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (22) Water Wastewater Utility Utility Total ASSETS Current Assets: Cash and Investments 5,909,692$ 6,212,088$ 12,121,780$ Receivables: Customer Accounts 664,588 696,479 1,361,067 Lease Receivable 1,025,476 - 1,025,476 Special Assessments 810,490 - 810,490 Other 232 - 232 Due from Other Funds 34,249 29,053 63,302 Due from Other Governments - - - Inventories and Prepaid Items 68,885 - 68,885 Total Current Assets 8,513,612 6,937,620 15,451,232 Noncurrent Assets: Restricted Assets: Cash and Investments - 655,383 655,383 Other Assets: Advance to Other Funds 642,857 642,857 1,285,714 Capital Assets: Nondepreciable 2,797,701 129,972 2,927,673 Depreciable, Net 27,682,747 15,569,613 43,252,360 Total Capital Assets 30,480,448 15,699,585 46,180,033 Total Assets 39,636,917 23,935,445 63,572,362 DEFERRED OUTFLOWS OF RESOURCES Pension Related Amounts 218,013 255,148 473,161 Other Postemployment Related Amounts 5,459 6,382 11,841 Total Deferred Outflows of Resources 223,472 261,530 485,002 VILLAGE OF PLOVER, WISCONSIN STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (23) Water Wastewater Utility Utility Total LIABILITIES Current Liabilities: Accounts Payable 103,765$ 108,023$ 211,788$ Accrued and Other Current Liabilities 20,728 22,125 42,853 Accrued Interest Payable 7,538 36,900 44,438 Unearned Revenue 1,175 - 1,175 Current Portion of Compensated Absences 12,860 15,620 28,480 Current Portion of Long-Term Debt 143,199 559,081 702,280 Total Current Liabilities 289,265 741,749 1,031,014 Long-Term Obligations, Less Current Portion: Revenue Bonds 2,141,188 3,332,588 5,473,776 Compensated Absences 85,643 70,694 156,337 Net Pension Liability 37,357 43,671 81,028 Net Other Postemployment Benefits 18,927 22,126 41,053 Total Long-Term Liabilities 2,283,115 3,469,079 5,752,194 Total Liabilities 2,572,380 4,210,828 6,783,208 DEFERRED INFLOWS OF RESOURCES Leases 1,025,476 - 1,025,476 Pension Related Amounts 110,891 129,635 240,526 Other Postemployment Related Amounts 14,665 17,144 31,809 Total Deferred Inflows of Resources 1,151,032 146,779 1,297,811 NET POSITION Net Investment in Capital Assets 28,196,061 11,807,916 40,003,977 Restricted: Capital Projects - 655,383 655,383 Unrestricted 7,940,916 7,376,069 15,316,985 Total Net Position 36,136,977$ 19,839,368$ 55,976,345$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (24) Water Wastewater Utility Utility Total OPERATING REVENUES Metered or Measured Sales 2,060,447$ 3,027,111$ 5,087,558$ Public Fire Protection 454,457 - 454,457 Private Fire Protection 63,254 - 63,254 Permits 6,399 370 6,769 Rents 107,755 - 107,755 Intra-Utility Meter Use Charge 25,667 - 25,667 Leachate Disposal Fees - 201,191 201,191 Service Charge Penalties 19,585 17,439 37,024 Total Operating Revenues 2,737,564 3,246,111 5,983,675 OPERATING EXPENSES Purchased Services 149,347 177,032 326,379 Supplies and Materials 299,735 241,623 541,358 Transmission and Distribution Expense 623,570 95,516 719,086 Customer Account Expense 35,896 - 35,896 Administration and General 663,527 1,393,223 2,056,750 Depreciation 843,372 1,276,245 2,119,617 Taxes - 50,038 50,038 Total Operating Expenses 2,615,447 3,233,677 5,849,124 OPERATING INCOME 122,117 12,434 134,551 NONOPERATING REVENUES (EXPENSES) Interest Income 121,802 208,562 330,364 Nonoperating Grants 55,455 - 55,455 Interest and Fiscal Charges (46,158) (117,804) (163,962) Other Nonoperating Revenues 72,332 28,682 101,014 Total Nonoperating Revenues 203,431 119,440 322,871 INCOME BEFORE CONTRIBUTIONS AND TRANSFERS 325,548 131,874 457,422 Capital Contributions 853,970 466,028 1,319,998 Transfers In 234,824 251,169 485,993 Transfers Out (82,337) - (82,337) CHANGE IN NET POSITION 1,332,005 849,071 2,181,076 Net Position - Beginning of Year, as Adjusted 34,804,972 18,990,297 53,795,269 NET POSITION - END OF YEAR 36,136,977$ 19,839,368$ 55,976,345$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF CASH FLOWS PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (25) Water Wastewater Utility Utility Total CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers 2,813,000$ 3,102,234$ 5,915,234$ Cash Paid for Employee Wages and Benefits (773,194) (991,655) (1,764,849) Cash Paid to Suppliers (995,507) (1,029,640) (2,025,147) Net Cash Provided by Operating Activities 1,044,299 1,080,939 2,125,238 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Grants 56,873 - 56,873 Transfer In 234,824 251,169 485,993 Transfer Out (82,337) - (82,337) Net Cash Provided by Noncapital Financing Activities 209,360 251,169 460,529 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of Capital Assets (801,384) (1,610,840) (2,412,224) Disposal of Capital Assets - 28,682 28,682 Advance to Other Funds 178,572 178,572 357,144 Impact Fees 60 - 60 Special Assessments Collected 23,984 - 23,984 Principal Paid on Long-Term Debt (140,419) (549,373) (689,792) Interest Paid on Long-Term Debt (46,622) (134,494) (181,116) Net Cash Provided (Used) by Capital and Related Financing Activities (785,809) (2,087,453) (2,873,262) CASH FLOWS FROM INVESTING ACTIVITIES Interest Received 121,802 208,562 330,364 CHANGE IN CASH AND CASH EQUIVALENTS 589,652 (546,783) 42,869 Cash and Cash Equivalents - Beginning of Year 5,320,040 7,414,254 12,734,294 CASH AND CASH EQUIVALENTS - END OF YEAR 5,909,692$ 6,867,471$ 12,777,163$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (26) Water Wastewater Utility Utility Total RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income 122,117$ 12,434$ 134,551$ Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Depreciation 843,372 1,276,245 2,119,617 Depreciation Charged to Sewer Utility 44,080 (44,080) - Miscellaneous Nonoperating Income 72,332 - 72,332 Change in Liability (Asset) and Deferred Outflows and Inflows of Resources: Change in WRS Asset (Liability) 2,719 5,103 7,822 Change in WRS Deferred Outflows 91,178 90,578 181,756 Change in WRS Deferred Inflows (76,019) (78,482) (154,501) Change in OPEB Liability (4,903) (4,408) (9,311) Change in OPEB Deferred Outflows 3,200 3,260 6,460 Change in OPEB Deferred Inflows 894 1,811 2,705 Change in Operating Assets and Liabilities: Accounts Receivable (2,498) (148,026) (150,524) Due from Other Funds 4,427 4,149 8,576 Inventories and Prepaid Items 1,559 - 1,559 Accounts Payable (54,615) 19,442 (35,173) Accrued Liabilities 4,203 4,876 9,079 Unearned Revenue 1,175 - 1,175 Compensated Absences (8,922) (61,963) (70,885) Net Cash Provided by Operating Activities 1,044,299$ 1,080,939$ 2,125,238$ RECONCILIATION OF CASH AND CASH EQUIVALENTS Cash and Cash Equivalents in Current Assets 5,909,692$ 6,212,088$ 12,121,780$ Cash and Cash Equivalents in Restricted Assets - 655,383 655,383 Total Cash and Cash Equivalents 5,909,692$ 6,867,471$ 12,777,163$ SUPPLEMENTAL DISCLOSURES OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Capital Assets Financed by Developer/Municipality 853,910$ 466,028$ 1,319,938$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF NET POSITION FIDUCIARY FUND DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (27) Custodial Funds ASSETS Cash and Investments 8,808,515$ Taxes Receivable 10,549,149 Total Assets 19,357,664 LIABILITIES Accounts Payable 76 Accrued and Other Current Liabilities 2,404 Total Liabilities 2,480 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year 19,146,085 NET POSITION Restricted Net Position - Held for Others 209,099$ VILLAGE OF PLOVER, WISCONSIN STATEMENT OF CHANGES IN NET POSITION FIDUCIARY FUND YEAR ENDED DECEMBER 31, 2025 See accompanying Notes to Basic Financial Statements. (28) Custodial Funds ADDITIONS Property Tax Collections 18,577,580$ Miscellaneous 702 Total Additions 18,578,282 DEDUCTIONS Payments to Taxing Jurisdictions 18,229,853 Payments to Individuals 97,934 Payments to Business and Other Entities 241,409 Total Deductions 18,569,196 CHANGE IN NET POSITION 9,086 Net Position - Beginning of Year 200,013 NET POSITION - END OF YEAR 209,099$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (29) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The basic financial statements of the Village of Plover, Wisconsin, (the Village) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to government 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 Village are described below: A. Reporting Entity The Village is a municipal corporation governed by an elected seven-member board. In accordance with GAAP, the basic financial statements are required to include the Village and any separate component units that have a significant operational or financial relationship with the Village. The Village has not identified any component units that are required to be included in the basic financial statements in accordance with standards. B. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Village. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which are primarily supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for services. The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. 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. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds. Governmental funds include general, special revenue, debt service, and capital projects funds. Proprietary funds include enterprise funds. The Village has no internal service funds. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The nonmajor governmental funds are aggregated and presented in a single column. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (30) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Government-Wide and Fund Financial Statements (Continued) The Village reports the following major governmental funds: General Fund This is the Village’s primary operating fund. It accounts for all financial resources of the general government, except those accounted for in another fund. Debt Service Fund This fund accounts for the resources accumulated and payments made for principal and interest on long-term general obligation debt of government funds. Tax Incremental Financing District (TIF) #5 This fund is used to account for the project plan costs of the Village’s TIF #5. The Village reports the following major enterprise funds: Water Utility Fund This fund accounts for the operations of the Village’s water utility. Wastewater Utility Fund This fund accounts for the operations of the Village’s wastewater utility. The Village also reports the following fiduciary fund type: Custodial Fund The custodial fund accounts for property taxes and special charges collected on behalf of other governments and the activities of the Plover Area Convention and Visitor Bureau. C. Measurement Focus and Basis of Accounting The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility requirements imposed by the provider have been met. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (31) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus and Basis of Accounting (Continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Village considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Revenues susceptible to accrual include intergovernmental grants, intergovernmental charges for services, public charges for services and interest. Other revenues such as licenses and permits, fines and forfeits and miscellaneous revenues are recognized when received in cash or when measurable and available. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are payments-in- lieu of taxes and other charges between the Village’s water and wastewater functions and various other functions of the Village. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, and fees and fines, 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 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 Village’s proprietary funds are charges to customers for services. Operating expenses for proprietary funds include the costs of services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. When both restricted and unrestricted resources are available for use, it is the Village’s policy to use restricted resources first, then unrestricted resources, as they are needed. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (32) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance 1. Cash and Investments Cash and investments are combined in the financial statements. Cash deposits consist of demand and time deposits with financial institutions and are carried at cost. Investments are stated at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. For purposes of the statement of cash flows, all cash deposits and highly liquid investments (including restricted assets) with a maturity of three months or less from date of acquisition are considered to be cash equivalents. 2. Property Taxes and Special Charges/Receivable Property taxes and special charges consist of taxes on real estate and personal property and user charges assessed against Village properties. They are levied during December of the prior year and become an enforceable lien on property the following January 1. Property taxes are payable in various options depending on the type and amount. Personal property taxes and special charges are payable on or before January 31 in full. Real estate taxes are payable in full by January 31 or in two equal installments on or before January 31 and July 31. Real estate taxes not paid by January 31 are purchased by the County as part of the February tax settlement. Delinquent personal property taxes remain the collection responsibility of the Village. Special charges not paid by January 31 are purchased by the County as part of the February tax settlement. In addition to its levy, the Village also levies taxes for the Stevens Point School District, Portage County, and Mid-State Technical College. The Village has contracted with Portage County to collect all property taxes. 3. Accounts Receivable Accounts receivable are recorded at gross amount with uncollectable amounts recognized under the direct write-off method. No allowance for uncollectible accounts has been provided since it is believed that the amount of such allowance would not be material to the basic financial statements. 4. Special Assessments Assessments against property owners for public improvements are generally not subject to full settlement in the year levied. Special assessments are placed on tax rolls on an installment basis. Revenue from special assessments recorded in governmental funds is recognized as collections are made or as current installments are placed on tax rolls. (Installments placed on the 2024 tax roll are recognized as revenue in 2025.) Special assessments are subject to collection procedures. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (33) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance (Continued) 5. Lease Receivable The Village determines if an arrangement is a lease at inception. Leases are included in the lease receivables and deferred inflows of resources in the statement of net position. Lease receivables represent the Village’s claim to receive lease payments over the lease term, as specified in the contract, in an exchange or exchange-like transaction. Lease receivables are recognized at commencement date based on the present value of expected lease payments over the lease term. Interest revenue is recognized ratably over the contract term. Deferred inflows of resources related to leases are recognized at the commencement date based on the initial measurement of the lease receivable, plus any payments received from the lessee at or before the commencement of the lease term that relate to future periods, less any lease incentives paid to, or on behalf of the lessee at or before the commencement of the lease term. The deferred inflows related to leases are recognized as lease revenue in a systematic and rational manner over the lease term. Amounts to be received under residual value guarantees that are not fixed in substance are recognized as a receivable and an inflow of resources if (a) a guaranteed payment is required, and (b) the amount can be reasonably estimated. Amounts received for the exercise price of a purchase option or penalty for lease termination are recognized as a receivable and an inflow of resources when those options are exercised. The Village recognizes payments received for short-term leases with a lease term of 12 months or less, including options to extend, as revenue as the payments are received. These leases are not included as lease receivables or deferred inflows on the statements of net position. The individual lease contracts do not provide information about the discount rate implicit in the lease. Therefore, the Village has elected to use the interest rate on the investment purchased closest to the commencement date of the lease to calculate the present value of expected lease payments. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (34) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance (Continued) 6. Interfund Receivables and Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as “due from other funds” and “due to other funds” in the fund financial statements. Noncurrent portions of the interfund receivables for the governmental funds are reported as “advances to other funds” and are classified as nonspendable fund balance since they do not constitute expendable available financial resources and therefore are not available for appropriation. The amount reported on the statement of net position for internal balances represents the residual balance outstanding between the governmental and business-type activities. 7. Restricted Assets Restricted assets are cash and cash equivalents whose use is subjected to constraints that are externally imposed or imposed by law. 8. Inventories Inventories are recorded at cost, which approximates market, using the first-in, first- out method. Inventories consist of expendable supplies held for consumption. The cost is recorded as an expenditure/expense at the time individual inventory items are consumed rather than when purchased. Inventories of governmental funds in the fund financial statements are classified as nonspendable fund balance to indicate that they do not represent spendable available financial resources. 9. Prepaid Items Payments made to vendors that will benefit periods beyond the end of the current fiscal year are recorded as prepaid items and are expensed in the periods benefited. Prepaid items of governmental funds in the fund financial statements are classified as nonspendable fund balance to indicate that they do not represent spendable available financial resources. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (35) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance (Continued) 10. Capital Assets Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost of $5,000 or higher and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Capital assets of the Village are depreciated using the straight-line method over the following estimated useful lives: Governmental Business-Type Activities Activities Assets Land Improvements - 25 to 100 Buildings and Improvements 25 to 50 25 to 50 Machinery, Equipment, and Vehicles 3 to 10 3 to 10 Infrastructure 15 to 40 20 to 30 Years 11. Compensated Absences The Village recognizes a liability for compensated absences for leave time that (1) has been earned for services previously rendered by employees, (2) accumulates and is allowed to be carried over to subsequent years, and (3) is more likely than not to be used as time off or settled during or upon separation from employment. Based on the criteria listed, three types of leave qualify for liability recognition for compensated absences – vacation, comp time, and sick leave. The liability for compensated absences is reported as incurred in the government-wide and proprietary fund financial statements. A liability for compensated absences is recorded in the governmental funds only if the liability has matured because of employee resignations or retirements. The liability for compensated absences includes salary-related benefits, where applicable. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (36) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance (Continued) 12. Deferred Outflows/Inflows of Resources Deferred outflows of resources are a consumption of net position by the government that is applicable to a future reporting period. Deferred inflows of resources are an acquisition of net position by the government that is applicable to a future reporting period. The recognition of those outflows and inflows as expenses or expenditures and revenues are deferred until the future periods to which the outflows and inflows are applicable. Governmental funds may report deferred inflows of resources for unavailable revenues. The Village reports unavailable revenues for special assessments and loans receivable. These inflows are recognized as revenues in the government-wide financial statements. 13. Long-Term Obligations In the government-wide financial statements and proprietary funds in the fund financial statements, long-term debt, and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed as incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. 14. 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,  Pension Expense (Revenue). VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (37) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance (Continued) 14. Pensions (Continued) 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. 15. Other Postemployment Benefits Other Than Pensions (OPEB) The fiduciary net position of the Local Retiree Life Insurance Fund (LRLIF) has been determined using the flow of economic resources measurement focus and the accrual basis of accounting. This includes for purposes of measuring following:  Net OPEB Liability (Asset),  Deferred Outflows of Resources and Deferred Inflows of Resources related to OPEBs, and  OPEB Expense (Revenue). Information about the fiduciary net position of the LRLIF and additions to/deductions from LRLIF’s fiduciary net position have been determined on the same basis as they are reported by LRLIF. For this purpose, benefit payments (including refunds of member contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. 16. Fund Equity Governmental Fund Financial Statements Fund balance of governmental funds is reported in various categories based on the nature of any limitations requiring the use of resources for specific purposes. The following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used:  Nonspendable Fund Balance – Amounts that are not in spendable form (such as inventory, prepaid items, or long-term receivables) or are legally or contractually required to remain intact.  Restricted Fund Balance – Amounts that are constrained for specific purposes by external parties (such as grantor or bondholders), through constitutional provisions, or by enabling legislation. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (38) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position or Fund Balance (Continued) 16. Fund Equity (Continued) Governmental Fund Financial Statements (Continued)  Committed Fund Balance – Amounts that are constrained for specific purposes by action of the Village Board. These constraints can only be removed or changed by the Village Board using the same action that was used to create them.  Assigned Fund Balance – Amounts that are constrained for specific purposes by action of Village management. The Village Board has authorized the Village President, Village Administrator, and Village Treasurer/Finance Director to assign fund balance.  Unassigned Fund Balance – Amounts that are available for any purpose. Positive unassigned amounts are only reported in the General Fund. The Village has adopted a fund balance spend-down policy regarding the order in which fund balance will be utilized. Where applicable, the policy requires restricted funds to be spent first, followed by committed funds, and then assigned funds. Unassigned funds would be spent last. Government-Wide and Proprietary Fund Statements Net position is comprised of three components: net investment in capital assets, restricted, and unrestricted.  Net Investment in Capital Assets – Amount of capital assets, net of accumulated depreciation, and capital related deferred outflows of resources less outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets and any capital related deferred inflows of resources.  Restricted Net Position – Amount of net position that is subject to restrictions that are imposed 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.  Unrestricted Net Position – Net position that is neither classified as restricted nor as net investment in capital assets. E. Use of Estimates The 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 amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (39) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F. Change to or Within Financial Reporting Entity The TIF #4 capital projects fund previously met the criteria to be reported as a major governmental fund. However effective January 1, 2025, TIF #4 now does not meet the criteria to be reported as a major fund. The effect of that change within the financial reporting entity is shown in the table below: December 31, Change to or 2024 Within the December 31, As Previously Financial 2024 Reported Reporting Entity As Adjusted Governmental Funds: Major Funds: TIF #4 472,626$ (472,626)$ -$ Other Nonmajor Governmental Funds (601,387) 472,626 (128,761) NOTE 2 STEWARDSHIP AND COMPLIANCE A. Budgets and Budgetary Accounting The Village follows these procedures in establishing the budgetary data reflected in the basic financial statements: 1. During November, Village management submits to the Village Board a proposed operating budget for the calendar year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. After submission to the governing body, public hearings are held to obtain taxpayer comments. Following the public hearings, the proposed budget, including authorized additions and deletions, is legally enacted by Village Board action. 2. Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America for all governmental funds, except for the special revenue funds. Budget is defined as the originally approved budget plus or minus approved amendments. Individual amendments throughout the year were not material in relation to the original budget. Budget appropriations not expended during the year are closed to fund balance unless authorized by the governing body to be forwarded into the succeeding year’s budget. 3. During the year, formal budgetary integration is employed as a management control device for the governmental funds adopting a budget. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (40) NOTE 2 STEWARDSHIP AND COMPLIANCE (CONTINUED) A. Budgets and Budgetary Accounting (Continued) 4. Expenditures may not exceed appropriations provided in detailed budget accounts maintained for each functional level of the Village. Amendments to the budget during the year require initial approval by management and are subsequently authorized by the Village Board. 5. Encumbrance accounting is not used by the Village to record commitments related to unperformed contracts for goods or services. The Village did not have any material violation of legal or contractual provisions for the fiscal year ended December 31, 2025. B. Excess of Expenditures Over Budget Appropriations The following expenditure accounts of the governmental funds had actual expenditures in excess of budget appropriations for the year ended December 31, 2025, as follows: Excess Fund Expenditures General Fund: Public Works 56,713$ Culture and Recreation 46,413 Capital Outlay 6,134 C. Deficit Fund Equity The following funds had deficit fund balance as of December 31, 2025: Deficit Fund Funds Balance Shared Ride Taxi 3,213$ TIF #5 3,906,201 TIF #6 1,224 TIF #7 1,412,638 TIF #8 37,745 The Village anticipates future revenues will finance the deficit in the shared ride taxi fund and future tax increment will finance the deficits in TIF #s 5, 6, 7, and 8. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (41) NOTE 2 STEWARDSHIP AND COMPLIANCE (CONTINUED) D. Property Tax Levy Limit Wisconsin state statutes provide for a limit on the property tax levies for all Wisconsin cities, villages, towns, and counties. For the 2025 and 2026 budget years, Wisconsin Statutes limit the increase in the maximum allowable tax levy to the change in the Village’s January 1 equalized value as a result of net new construction. The actual limit for the Village for the 2025 budget was 1.99%. The actual limit for the Village for the 2026 budget was 1.26%. Debt service for debt authorized after July 1, 2005, is exempt from the levy limit. In addition, Wisconsin statutes allow the limit to be adjusted for the increase in debt service authorized prior to July 1, 2005, and in certain other situations. NOTE 3 DETAILED NOTES ON ALL FUNDS A. Cash and Investments The Village maintains various cash and investment accounts, including pooled funds that are available for use by all funds. Each fund’s portion of these accounts is displayed on the financial statements as cash and investments. Invested cash consists of deposits and investments that are restricted by Wisconsin Statutes to the following: Time deposits; repurchase agreements; securities issued by federal, state, and local governmental entities; statutorily authorized commercial paper and corporate securities; and the Wisconsin local government investment pool. The carrying amount of the Village’s cash and investments totaled $31,900,028 on December 31, 2025, as summarized below: Petty Cash and Cash on Hand 350$ Deposits with Financial Institutions 26,040,560 Investments: Wisconsin Local Government Investment Pool 1,958,081 Negotiable Certificates of Deposit 3,730,570 Money Market 13,352 Exchange Traded Funds 157,115 Total 31,900,028$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (42) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) A. Cash and Investments (Continued) Reconciliation to the basic financial statements: Government-Wide Statement of Net Position: Cash and Investments 22,436,130$ Restricted Cash and Investments 655,383 Fiduciary Fund Statement of Net Position: Custodial Funds 8,808,515 Total 31,900,028$ Fair Value Measurements The Village categorizes its fair value measurements within the fair value hierarchy established by accounting principles generally accepted in the United States of America. 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 observable inputs; Level 3 inputs are significant unobservable inputs. The Village has the following fair value measurements as of December 31, 2025: Level 1 Level 2 Level 3 Investments: Negotiable Certificates of Deposit -$ 3,730,570$ -$ Money Market 13,352 - - Exchange Traded Funds 157,115 - - Total 170,467$ 3,730,570$ -$ Fair Value Measurements Using: Deposits and investments of the Village are subject to various risks. Presented below is a discussion of the Village’s deposits and investments and the related risks. Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. Wisconsin statutes require repurchase agreements to be fully collateralized by bonds or securities issued or guaranteed by the federal government or its instrumentalities. The Village does not have an additional custodial credit policy. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (43) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) A. Cash and Investments (Continued) Custodial Credit Risk (Continued) Deposits with financial institutions within the state of Wisconsin are insured by the Federal Deposit Insurance Corporation (FDIC) in the amount of $250,000 for the combined amount of all time and savings deposits and $250,000 for interest-bearing and noninterest-bearing demand deposits per official custodian per insured depository institution. Deposits with financial institutions located outside the state of Wisconsin are insured by the FDIC in the amount of $250,000 for the combined amount of all deposit accounts per official custodian per depository institution. Deposits with credit unions are insured by the National Credit Union Share Insurance Fund in the amount of $250,000 per credit union member. Also, the state of Wisconsin has a State Guarantee Fund which provides a maximum of $1,000,000 per public depository above the amount provided by an agency of the U.S. government. However, due to the relatively small size of the State Guarantee Fund in relation to the Fund’s total coverage, total recovery of insured losses may not be available. This coverage has been considered in determining custodial credit risk. As of December 31, 2025, $1,275,169 of the Village’s deposits with financial institutions were in excess of federal and state depository insurance limits. $1,275,169 was not collateralized and was in excess of federal and state depository insurance limits. Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Wisconsin statutes limit investment in securities to the top two ratings assigned by nationally recognized statistical rating organizations. Presented below is the actual rating as of the year-end for each investment type. Exempt from Investment Type Amount Disclosure AAA Aa Not Rated Negotiable Certificates of Deposit 3,730,570$ -$ -$ -$ 3,730,570$ Wisconsin Local Government Investment Pool 1,958,081 - - - 1,958,081 Total 5,688,651$ -$ -$ -$ 5,688,651$ Interest Rate Risk Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the Village manages its exposure to interest rate risk is by purchasing a combination of shorter-term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (44) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) A. Cash and Investments (Continued) Interest Rate Risk (Continued) Information about the sensitivity of the fair values of the Village’s investments to market interest rate fluctuations is provided by the following table that shows the distribution of the Village’s investments by maturity: 12 Months 13 to 24 25 to 60 More Than Investment Type Amount or Less Months Months 60 Months Negotiable Certificates of Deposit 3,730,570$ 735,630$ 489,328$ 1,800,393$ 705,219$ Wisconsin Local Government Investment Pool 1,958,081 1,958,081 - - - Total 5,688,651$ 2,693,711$ 489,328$ 1,800,393$ 705,219$ Remaining Maturity Wisconsin Local Government Investment Pool The Village has investments in the Wisconsin Local Government Investment Pool (LGIP) of $1,958,081 at year-end. The LGIP is part of the State Investment Fund (SIF), and is managed by the State of Wisconsin Investment Board. The SIF is not registered with the Securities and Exchange Commission, but operates under the statutory authority of Wisconsin Chapter 25. The SIF reports the fair value of its underlying assets annually. Participants in the LGIP have the right to withdraw their funds in total on one day’s notice. At December 31, 2025, the fair value of the Village’s share of the LGIP’s assets was substantially equal to the carrying value. The LGIP had a weighted average maturity of 13 days as of December 31, 2025. B. Restricted Assets Restricted assets on December 31, 2025 totaled $655,383 and consisted of cash and investments held for the following purposes: Fund Amount Purpose Enterprise Fund: To be used for the Wastewater Utility: replacement of capital assets Equipment Replacement 655,383$ for the wastewater utility VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (45) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) C. Capital Assets Capital asset activity for the year ended December 31, 2025, was as follows: Beginning Ending Balance Adjustments Increases Decreases Balance Governmental Activities: Capital Assets, Nondepreciable: Land 5,091,502$ -$ -$ -$ 5,091,502$ Construction in Progress 1,340,339 - 66,300 1,340,339 66,300 Right of Way 10,346,931 - - - 10,346,931 Total Capital Assets, Nondepreciable 16,778,772 - 66,300 1,340,339 15,504,733 Capital Assets, Depreciable: Buildings and Improvements 6,480,309 - 297,525 - 6,777,834 Machinery and Equipment 3,128,558 - 394,905 212,430 3,311,033 Vehicles 5,788,858 160,869 186,611 4,000 6,132,338 Infrastructure 10,374,461 - 2,171,068 - 12,545,529 Infrastructure - Public Works 65,069,934 - 420,490 - 65,490,424 Lease Assets: Equipment 160,869 (160,869) - - - Total Capital Assets, Depreciable 91,002,989 - 3,470,599 216,430 94,257,158 Less Accumulated Depreciation for: Buildings and Improvements 2,887,506 - 151,702 - 3,039,208 Machinery and Equipment 2,072,427 - 144,912 209,123 2,008,216 Vehicles 2,528,534 114,539 338,509 4,000 2,977,582 Infrastructure 3,837,032 - 424,587 - 4,261,619 Infrastructure - Public Works 29,253,777 - 1,398,543 - 30,652,320 Lease Assets: Equipment 60,916 (114,539) 53,623 - - Total Accumulated Depreciation 40,640,192 - 2,511,876 213,123 42,938,945 Total Capital Assets, Depreciable, Net 50,362,797 - 958,723 3,307 51,318,213 Governmental Activities Capital Assets, Net 67,141,569$ -$ 1,025,023$ 1,343,646$ 66,822,946 Less: Capital Related Long-Term Debt (12,405,812) Less: Capital Related Debt Premium (631,489) Net Investment in Capital Assets 53,785,645$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (46) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) C. Capital Assets (Continued) Beginning Ending Balance Increases Decreases Balance Business-Type Activities: Capital Assets, Nondepreciable: Land 2,738,704$ 65,983$ -$ 2,804,687$ Construction in Progress 1,526,240 85,706 1,488,960 122,986 Total Capital Assets, Nondepreciable 4,264,944 151,689 1,488,960 2,927,673 Capital Assets, Depreciable: Land Improvements 40,720 - - 40,720 Buildings and Improvements 11,823,782 841,185 - 12,664,967 Machinery and Equipment 64,648,167 1,166,268 122,752 65,691,683 Infrastructure 4,954,327 2,529,460 - 7,483,787 Total Capital Assets, Depreciable 81,466,996 4,536,913 122,752 85,881,157 Less Accumulated Depreciation for: Land Improvements 33,242 1,629 - 34,871 Buildings and Improvements 9,215,028 347,903 - 9,562,931 Machinery and Equipment 29,999,975 1,459,132 122,752 31,336,355 Infrastructure 1,383,687 310,953 - 1,694,640 Total Accumulated Depreciation 40,631,932 2,119,617 122,752 42,628,797 Total Capital Assets, Depreciable, Net 40,835,064 2,417,296 - 43,252,360 Business-Type Activities Capital Assets, Net 45,100,008$ 2,568,985$ 1,488,960$ 46,180,033 Less: Long Term Debt Outstanding (6,027,461) Less: Premium (148,595) Net Investment in Capital Assets 40,003,977$ Depreciation expense was charged to functions of the Village as follows: Governmental Activities: General Government 86,358$ Public Safety 303,563 Public Works 1,673,328 Culture and Recreation 340,782 Conservation and Development 107,845 Total Depreciation Expense - Governmental Activities 2,511,876$ Business-Type Activities: Water Utility 843,372$ Wastewater Utility 1,276,245 Total Depreciation Expense - Business-Type Activities 2,119,617$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (47) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) D. Interfund Receivable, Payables, and Transfers Interfund receivables and payables between individual funds of the Village, as reported in the fund financial statements, as of December 31, 2025, are detailed below: Interfund Interfund Receivables Payables Temporary Cash Advances to Finance Operating Cash Deficits: Governmental Funds: General 2,513,772$ -$ Shared Ride Taxi - 19,380 TIF #5 - 1,122,933 TIF #7 - 1,333,714 TIF #8 - 37,745 Subtotal 2,513,772 2,513,772 Delinquent Receivables on the Tax Roll: Governmental Funds: General - 63,302 Enterprise Funds: Water Utility 34,249 - Wastewater Utility 29,053 - Subtotal 63,302 63,302 Long-Term Advances for Repayment of General Obligation Debt and Capital Projects: Governmental Funds: General 514,286 - TIF #5 - 1,800,000 Enterprise Funds: Water Utility 642,857 - Wastewater Utility 642,857 - Subtotal 1,800,000 1,800,000 Total 4,377,074$ 4,377,074$ As part of the 2017 refinancing of the TIF #5 debt, the Water Utility and Wastewater Utility each advanced $1,000,000 to TIF #5 and the General Fund advanced $800,000 to TIF #5 in order to reduce the amount of debt that needed to be refinanced. There is no set payment schedule with payments expected to be made only when funds become available. The TIF will be charged interest based on the current State Trust Fund Loan Rates. As of December 31, 2025, there is a combined $1,800,000 outstanding on the advances VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (48) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) D. Interfund Receivable, Payables, and Transfers (Continued) Interfund transfers for the year ended December 31, 2025, were as follows: Fund Transfer In Transfer Out General 336,344$ 389,947$ Celebrate Plover 20,000 - Park Capital Projects - - Debt Service 53,100 - TIF #5 - 500,000 TIF #6 - 240,000 Street Projects 208,000 206,500 Municipal Building 3,500 - Equipment Fund 184,000 - Park Capital Projects 127,847 - Water Utility 234,824 82,337 Wastewater Utility 251,169 - Total 1,418,784$ 1,418,784$ Interfund transfers were made for the following purposes: Tax Equivalent Payment Made by Water Utility to General Fund 82,337$ Reimbursement of Prior Year Expenses 740,000 Debt Service 53,100 Fund Capital Projects 408,000 Transfer of Revenues to Fund Authorized to Spend 135,347 Total 1,418,784$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (49) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) E. Long-Term Obligations The following is a summary of changes in long-term obligations of the Village for the year ended December 31, 2025: Beginning Ending Due Within Balance Issued Retired Balance One Year Governmental Activities: General Obligation Debt: Bonds 3,990,000$ -$ 1,245,000$ 2,745,000$ 775,000$ Notes 12,035,000 - 3,165,000 8,870,000 1,710,000 Direct Borrowings: Note - 104,611 - 104,611 50,830 State Trust Fund Loans 691,482 - 73,727 617,755 77,045 Total General Obligation Debt 16,716,482 104,611 4,483,727 12,337,366 2,612,875 Direct Borrowings: Note Anticipation Notes - 1,100,000 1,100,000 536,897 Debt Premium 814,203 - 182,714 631,489 - Long-Term Lease 54,038 - 54,038 - - Compensated Absences 548,577 91,507 - 640,084 133,147 Governmental Activities Long-Term Obligations 18,133,300$ 1,296,118$ 4,720,479$ 14,708,939$ 3,282,919$ Business-Type Activities: General Obligation Debt: Notes 2,075,000$ -$ 205,000$ 1,870,000$ 205,000$ Direct Borrowings: Safe Drinking Water Loan 2,424,806 - 140,419 2,284,387 143,199 Clean Water Fund Loan 2,217,447 - 344,373 1,873,074 354,081 Debt Premium 172,496 - 23,901 148,595 - Compensated Absences 255,702 - 70,885 184,817 28,480 Business-Type Activities Long-Term Obligations 7,145,451$ -$ 784,578$ 6,360,873$ 730,760$ Total interest paid during the year on long-term debt totaled $620,458. The change in compensated absences is presented as a net change. The Village's outstanding notes from direct borrowings related to governmental activities of $104,611 contain a provision that in an event of default the interest rate shall increase 5.00% and the entire unpaid principal balance and all accrued unpaid interest shall become immediately due. The Village's outstanding Note Anticipation Note from direct borrowings related to governmental activities of $1,100,000 contain a provision that in an event of default the entire unpaid principal balance and all accrued unpaid interest shall become immediately due at the option of the lender. The Village’s outstanding note from direct borrowing related to governmental activities of $617,755 is subject to a statutory provision that in an event of late or nonpayment, a 1% per month penalty will be charged and the payment will be collected through a reduction in payments from the state of Wisconsin. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (50) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) E. Long-Term Obligations (Continued) The Village’s outstanding notes from direct borrowings related to business type activities of $4,157,461 contain the following provisions in the event of a default: 1) Wisconsin Department of Administration can deduct amounts due from any state payments due to the Village or add the amounts due as a special charge to the property taxes apportioned; 2) may appoint a receiver for the Program’s benefit; 3) may declare the principal amount immediately due and payable; 4) may enforce any right or obligation under the financing agreement including the right to seek specific performance or mandamus; and 5) may increase the interest rate set forth in the financing agreement to the market interest rate. General Obligation Debt General obligation debt currently outstanding is detailed as follows: Date of Issue Final Interest Original Balance Issue Maturity Rates Indebtedness 12/31/2025 General Obligation Note 3/29/17 3/1/27 2.00 - 3.00% 3,000,000$ 1,250,000$ General Obligation Bond 12/10/20 3/1/30 1.00 - 4.00% 8,595,000 2,745,000 General Obligation Note 12/10/20 3/1/30 0.30 - 1.45% 2,075,000 855,000 State Trust Fund Loan 10/31/22 3/15/32 4.50% 750,000 617,755 General Obligation Note 7/13/23 3/1/33 4.00 - 5.00% 6,605,000 5,205,000 General Obligation Note 10/16/24 3/1/36 4.00 - 5.00% 3,635,000 3,430,000 General Obligation Note 11/5/25 11/5/27 4.00 - 5.00% 104,611 104,611 Total Outstanding General Obligation Debt 14,207,366$ Annual principal and interest maturities of the outstanding general obligation debt of $14,207,366 on December 31, 2025, are detailed below: Year Ending December 31, Principal Interest Principal Interest Total 2026 2,485,000$ 382,843$ 127,875$ 32,396$ 3,028,114$ 2027 2,645,000 301,525 134,293 26,356 3,107,174 2028 2,080,000 218,113 84,078 20,766 2,402,957 2029 1,455,000 148,855 87,918 16,925 1,708,698 2030 1,485,000 92,049 91,875 12,969 1,681,893 2031-2033 1,465,000 91,850 196,327 13,361 1,766,538 Total 11,615,000$ 1,235,235$ 722,366$ 122,773$ 13,695,374$ Governmental Activities General Bonds and Notes Notes from Direct Borrowing VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (51) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) E. Long-Term Obligations (Continued) General Obligation Debt Year Ending December 31, Principal Interest Total 2026 205,000$ 80,200$ 285,200$ 2027 135,000 73,400 208,400 2028 140,000 67,200 207,200 2029 145,000 60,075 205,075 2030 155,000 52,575 207,575 2031-2035 890,000 140,250 1,030,250 2036 200,000 4,000 204,000 Total 1,870,000$ 477,700$ 2,347,700$ General Bonds and Notes Business Type Activities For governmental activities, the other long-term liabilities are generally funded by the general fund. Legal Margin for New Debt The Village’s legal margin for creation of additional general obligation debt on December 31, 2025 was $81,125,629 as follows: Equalized Valuation of the Village 1,906,659,900$ Statutory Limitation Percentage (x) 5% General Obligation Debt Limitation, Per Section 67.03 of the Wisconsin Statutes 95,332,995 Total Outstanding General Obligation Debt Applicable to Debt Limitation 14,207,366 Legal Margin for New Debt 81,125,629$ Note Anticipation Note Note anticipation notes outstanding on December 31, 2025 totaled $1,100,000 and was comprised of the following issue: Date of Issue Final Interest Original Balance Issue Maturity Rates Indebtedness 12/31/2025 Note Anticipation Note 11/5/25 11/5/27 4.00 - 5.00% 1,100,000$ 1,100,000$ Annual principal and interest maturities of the outstanding note anticipation note of $1,100,000 on December 31, 2025 are described below: Year Ending December 31, Principal Interest Total 2026 536,897$ 45,158$ 582,055$ 2027 563,103 19,770 582,873 Total 1,100,000$ 64,928$ 1,164,928$ Governmental Activities VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (52) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) E. Long-Term Obligations (Continued) Revenue Bonds Revenue bonds outstanding on December 31, 2025, was comprised of the following issues: Date of Final Interest Original Balance Issue Maturity Rates Indebtedness 12/31/2025 Clean Water Fund Loan 6/23/2010 5/1/2030 2.8 % 5,913,353$ 1,873,074$ Safe Drinking Water Loan 6/26/2019 5/1/2039 2.0 3,075,158 2,284,387 Total Outstanding Revenue Bonds 4,157,461$ Annual principal and interest maturities of the outstanding revenue bonds of $4,157,461 on December 31, 2025, are detailed below: Year Ending December 31, Principal Interest Total 2026 497,280$ 91,624$ 588,904$ 2027 510,096 78,639 588,735 2028 523,251 65,311 588,562 2029 536,752 51,632 588,384 2030 550,608 37,593 588,201 2031-2035 821,638 112,375 934,013 2036-2039 717,836 28,775 746,611 Total 4,157,461$ 465,949$ 4,623,410$ Business-Type Activities Utility Revenues Pledged The Village has pledged future water and sewer customer revenues, net of specified operating expenses, to repay the water revenue bonds, the clean water fund loan and the safe drinking water loan. Proceeds from the bonds and loans provided financing for the construction or acquisition of capital assets used with the utilities. The bonds and loans are payable solely from water and sewer net customer revenues and are payable through 2039. The total principal and interest remaining to be paid by the water utility is $2,615,396. Principal and interest paid for the current year and total customer net revenues for the water utility were $140,418 and $965,490, respectively. The total principal and interest remaining to be paid by the wastewater utility is $2,008,013. Principal and interest paid for the current year and total customer net revenues for the sewer utility were $402,029 and $1,288,682, respectively. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (53) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) F. Pension Plan Plan Description The Wisconsin Retirement System (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 1200 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, which can be found at https://etf.wi.gov/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 occupations and 62 for elected officials and executive service retirement plan 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 periods. 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 or after 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. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (54) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) F. Pension Plan (Continued) 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: Core Fund Variable Fund Year Adjustment Adjustment 2015 2.9 % 2.0 % 2016 0.5 (5.0) 2017 2.0 4.0 2018 2.4 17.0 2019 - (10.0) 2020 1.7 21.0 2021 5.1 13.0 2022 7.4 15.0 2023 10.6 (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 year ended December 31, 2025, the WRS recognized $635,706 in contributions from the Village. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (55) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) F. Pension Plan (Continued) Contributions (Continued) Contribution rates for the reporting period are: Employee Category Employee Employer General (Including Teachers, Executives, and Elected Officials) 6.95 % 6.95 % Protective With Social Security 6.95 14.95 Protective Without Social Security 6.95 18.95 Pension Assets, Liabilities, Pension Expense (Revenue), and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At December 31, 2025, the Village reported a liability of $655,454 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 Village’s proportion of the net pension liability was based on the Village’s share of contributions to the pension plan relative to the contributions of all participating employers. At December 31, 2024, the Village’s proportion was 0.03988971%, which was an increase of 0.00094643% from its proportion measured as of December 31, 2023. For the year ended December 31, 2025, the Village recognized pension expense of $867,775. At December 31, 2025, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience 2,035,543$ 1,912,772$ Net Differences Between Projected and Actual Earnings on Pension Plan Investments 995,997 - Changes in Assumptions 194,486 - Changes in Proportion and Differences Between Employer Contributions and Proportionate Share of Contributions - 32,904 Employer Contributions Subsequent to the Measurement Date 635,706 - Total 3,861,732$ 1,945,676$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (56) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) F. Pension Plan (Continued) Pension Assets, Liabilities, Pension Expense (Revenue), and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions (Continued) $635,706 reported as deferred outflows related to pension resulting from the Village’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability (asset) in the year ended December 31, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows: Year Ending December 31, Expense 2026 380,183$ 2027 1,347,943 2028 (341,563) 2029 (106,213) Total 1,280,350$ 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 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 the 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. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (57) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) F. Pension Plan (Continued) Actuarial Assumptions (Continued) 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: Long-Term Expected Long-Term Current Asset Nominal Expected Real Allocation Rate of Return Rate of Return Core Fund Asset Class: Public Equity 38.0 % 7.0 % 4.3 % Public Fixed Income 27.0 6.1 3.4 Private Equity/Debt 20.0 9.5 6.7 Inflation Sensitive 19.0 4.8 2.1 Real Estate 8.0 6.5 3.8 Leverage (12.0) 3.7 1.1 Total Core Fund 100.0 % 7.5 4.8 Variable Fund Asset: U.S. Equities 70.0 % 6.5 3.8 International Equities 30.0 7.4 4.7 Total Variable Fund 100.0 % 6.9 4.2 New England Pension Consultants Long-Term U.S. CPI (Inflation) Forecast: 2.6%. Asset Allocations are managed within established ranges, target percentages may differ from actual monthly allocations. 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 issued, subject to an allowable range of up to 20%. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (58) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) F. Pension Plan (Continued) Actuarial Assumptions (Continued) Single Discount Rate. A single discount rate of 6.80% was used to measure the total pension liability for the current and prior year. The discount rate is based on the expected rate of return on pension plan investments of 6.80% 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 Services Aa2 rating and Standard and Poor’s Corp.’s AA.). 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 after reflecting known changes in the Market Recognition Account. 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 members 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. Sensitivity of the Village’s Proportionate Share of the Net Pension Liability (Asset) to Changes in the Discount Rate. The following presents the Village’s proportionate share of the net pension liability (asset) calculated using the discount rate of 6.80%, as well as what the Village’s proportionate share of the net pension 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: 1% Decrease to Current 1% Increase to Discount Rate Discount Rate Discount Rate (5.80%) (6.80%) (7.80%) Village's Proportionate Share of the Net Pension Liability (Asset) 6,149,014$ 655,454$ (3,247,563)$ Payables to the Pension Plan. The Village reported a payable of $-0- for the outstanding amount of contributions to the pension plan for the year ended December 31, 2025. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (59) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) G. Deferred Compensation Plan 1. Deferred Compensation Plan The Village offers its employees a deferred compensation plan created in accordance with the Internal Revenue Code Section 457. The plan, available to all Village employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. Contributions to this plan are entirely from employee voluntary contributions. The Village makes no employer contributions to this plan. 2. Volunteer Firefighters Length of Service Award Program The Village contributes to the Service Award Program (SAP), a defined contribution pension plan, for its volunteer firefighters, first responders and emergency medical technicians. SAP is administered by Volunteer Fireman’s Insurance Services. The Village determines annually the amount it will contribute on behalf of each individual in the program. Participants are fully vested to receive a service award once he or she attains 15 years of service for a municipality and paid a service award upon reaching age of 60. A participant who has discontinued providing eligible service after performing a minimum 10 years of service shall be partially vested and may elect to receive a partial service award at any time after reaching age 53. Nonvested accounts are forfeited if the individual ceases to perform creditable service for a period of 12 months or more and distributed equally among all other open accounts sponsored by the participating municipality at the time of the forfeiture. For the year ended December 31, 2025, the Village contributed $12,450 to the plan, and the Village recognized pension expense of $12,450. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (60) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) H. Other Postemployment Benefits Plan Description The Local Retiree Life Insurance Fund (LRLIF) is a multiemployer, defined benefit OPEB plan. LRLIF benefits and other plan provisions are established by Chapter 40 of the Wisconsin Statutes. The Wisconsin Department of Employee Trust Funds (ETF) and the Group Insurance Board have statutory authority for program administration and oversight. The plan provides postemployment life insurance benefits for all eligible members. OPEB Plan Fiduciary Net Position 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 retiree Life Insurance Financial Report, which can also be found using the link above. Benefits Provided The LRLIF plan provides fully paid up life insurance benefits for post-age 64 retired members and pre-65 retirees who pay for their coverage. Contributions The Group Insurance Board approves contribution rates annually, based on recommendations from the insurance carrier. Recommended rates are based on an annual valuation, taking into consideration an estimate of the present value of future benefits and the present value of future contributions. A portion of employer contributions made during a member’s working lifetime funds a postretirement benefit. Employers are required to pay the following contributions based on member contributions for active members to provide them with Basic Coverage after age 65. There are no employer contributions required for pre-age 65 annuitant coverage. If a member retires prior to age 65, they must continue paying the member premiums until age 65 in order to be eligible for the benefit after age 65. Contribution rates as of December 31, 2025, are: Coverage Type Member Contribution 50% Postretirement Coverage 40% of Member Contribution 25% Postretirement Coverage 20% of Member Contribution VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (61) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) H. Other Postemployment Benefits (Continued) Contributions (Continued) Member contributions are based upon nine age bands through age 69 and an additional eight age bands for those age 70 and over. Participating members must pay monthly contribution rates per $1,000 of coverage until the age of 65 (age 70 if active). The member contribution rates in effect for the reporting period ended December 31, 2024, are listed below: Attained Age Basic Supplemental Under 30 0.05$ 0.05$ 30 - 34 0.06 0.06 35 - 39 0.07 0.07 40 - 44 0.08 0.08 45 - 49 0.12 0.12 50 - 54 0.22 0.22 55 - 59 0.39 0.39 60 - 64 0.49 0.49 65 - 69 0.57 0.57 Life Insurance Member Contribution Rates for the Year Ended December 31, 2024 Disabled members under age 70 receive a waiver-of-premium benefit. During the year ended December 31, 2025, the LRLIF recognized $1,785 in contributions from the employer. OPEB Liabilities, OPEB Expense (Revenue) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB At December 31, 2025, the Village reported a liability of $332,085 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of December 31, 2024, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2024, rolled forward to December 31, 2024. No material changes in assumptions or benefits terms occurred between the actuarial valuation date and the measurement date. The Village’s proportion of the net OPEB liability was based on the Village’s share of contributions to the OPEB plan relative to the contributions of all participating employers. At December 31, 2024, the Village’s proportion was 0.08488300%, which was a decrease of 0.00170100% from its proportion measured as of December 31, 2023. For the year ended December 31, 2025, the Village recognized OPEB expense of $11,607. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (62) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) H. Other Postemployment Benefits (Continued) OPEB Liabilities, OPEB Expense (Revenue) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued) At December 31, 2025, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience -$ 34,549$ Net Differences Between Projected and Actual Earnings on OPEB Plan Investments 4,561 - Changes in Assumptions 81,484 186,259 Changes in Proportion and Differences Between Employer Contributions and Proportionate Share of Contributions 9,738 36,500 Total 95,783$ 257,308$ Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ending December 31, Expense 2026 (17,879)$ 2027 (29,947) 2028 (43,855) 2029 (43,627) 2030 (13,749) Thereafter (12,468) Total (161,525)$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (63) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) H. Other Postemployment Benefits (Continued) OPEB Liabilities, OPEB Expense (Revenue) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued) Actuarial Assumptions. The total OPEB liability in the actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified: Actuarial Valuation Date January 1, 2024 Measurement Date of Net OPEB Liability December 31, 2024 Experience Study January 1, 2021 - December 31, 2023, Published November 19, 2024 Actuarial Cost Method Entry Age Normal 20-Year Tax-Exempt Municipal Bond Yield* 4.08% Long-Term Expected Rate of Return 4.25% Discount Rate 4.09% Salary Increases: Wage Inflation 3.00% Seniority/Merit 0.1% - 5.7% Mortality 2020 WRS Experience Mortality Table * Based on the Bond Buyers GO 20-Bond Municipal Index 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. The total OPEB liability for December 31, 2024, is based upon a roll-forward of the liability calculated from the January 1, 2024, actuarial valuation. Long-Term Expected Return on Plan Assets. The long-term expected rate of return is determined by adding expected inflation to expected long-term real returns and reflecting expected volatility and correlation. Investments for the LRLIF are held with Securian, the insurance carrier. Interest is calculated and credited to the LRLIF based on the rate of return for a segment of the insurance carriers’ general fund, specifically 10-year A- Bonds (as a proxy, and not tied to any specific investments). The overall aggregate interest rate is calculated using a tiered approach based on the year the funds were originally invested and the rate of return for that year. Investment interest is credited based on the aggregate rate of return and assets are not adjusted to fair market value. Furthermore, the insurance carrier guarantees the principal amounts of the reserves, including all interest previously credited thereto. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (64) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) H. Other Postemployment Benefits (Continued) OPEB Liabilities, OPEB Expense (Revenue) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued) Long-Term Expected Return on Plan Assets (Continued) The target allocation and expected returns are summarized in the following table: Long-Term Expected Geometric Target Real Rate Asset Class Index Allocation of Return U.S. Intermediate Credit Bonds Bloomberg US Interim Credit 40.0 % 2.41 % U.S. Mortgages Bloomberg US MBS 60.0 2.71 Inflation 2.30 Long-Term Expected Rate of Return 4.25 Single Discount Rate. A single discount rate of 4.09% was used to measure the total OPEB liability for the current year, as opposed to a discount rate of 3.32% for the prior year. The change in the discount rate was primarily caused by the increase in the municipal bond rate from 3.26% as of December 31, 2023, to 4.08% as of December 31, 2024. The Plan’s fiduciary net position was projected to be insufficient to make all projected future benefit payments of current active and inactive members. Therefore, the discount rate for calculating the total OPEB liability is equal to the single equivalent rate that results in the same actuarial present value as the long-term expected rate of return applied to benefit payments, to the extent that the plan’s fiduciary net position is projected to be sufficient to make projected benefit payments, and the municipal bond rate applied to benefit payment to the extent that the plan’s fiduciary net position is projected to be insufficient. The plan’s fiduciary net position was projected to be available to make projected future benefit payments of current plan members through December 31, 2037. The projection of cash flows used to determine the single discount rate assumed that employer contributions will be made according to the current employer contribution schedule and that contributions are made by plan members retiring prior to age 65. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (65) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) H. Other Postemployment Benefits (Continued) OPEB Liabilities, OPEB Expense (Revenue) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB (Continued) Sensitivity of the Village’s Proportionate Share of Net OPEB Liability (Asset) to Changes in the Discount Rate. The following presents the Village’s proportionate share of the net OPEB liability (asset) calculated using the discount rate of 4.09%, as well as what the Village’s proportionate share of the net OPEB liability (asset) would be if it were calculated using a discount rate that is 1-percentage-point lower (3.09%) or 1-percentage-point higher (5.09%) than the current rate: 1% Decrease to Current 1% Increase to Discount Rate Discount Rate Discount Rate (3.09%) (4.09%) (5.09%) Village's Proportionate Share of the Net OPEB Liability (Asset) 443,877$ 332,085$ 245,938$ Payable to the OPEB Plan The Village reported a payable of $-0- for the outstanding amount of contribution to the plan required for the year ended December 31, 2025. I. Fund Equity Nonspendable Fund Balance In the fund financial statements, portions of the governmental fund balances are amounts that cannot be spent because they are either 1) not in spendable form or 2) legally or contractually required to be maintained intact. At December 31, 2025, nonspendable fund balance was as follows: General Fund: Nonspendable: Inventory and Prepaid Items 4,694$ Advance to TID #5 514,286 Total General Fund Nonspendable Fund Balance 518,980$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (66) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) I. Fund Equity (Continued) Restricted Fund Balance In the fund financial statements, portions of governmental fund balances are not available for appropriation or are legally restricted for use for a specific purpose. At December 31, 2025, restricted fund balance was as follows: Special Revenue Funds: Restricted for: Law Enforcement Expenditure 136,949$ Debt Service Fund: Restricted for: Retirement of Long-Term Debt 133,741 Capital Project Funds: Restricted for: TIF Expenditures 298,051 Total Restricted Fund Balance 568,741$ Committed Fund Balance In the fund financial statements, portions of governmental fund balances are committed by Village Board action. At December 31, 2025, governmental fund balance was committed as follows: Special Revenue Funds: Committed for: Korean War Memorial Maintenance 80,690$ River Drive Cemetery Maintenance 68,835 Celebrate Plover 4,668 Total Committed Fund Balance 154,193$ VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (67) NOTE 3 DETAILED NOTES ON ALL FUNDS (CONTINUED) I. Fund Equity (Continued) Assigned Fund Balance Portions of governmental fund balances have been assigned to represent tentative management plans that are subject to change. At December 31, 2025, fund balance was assigned as follows: General Fund: Assigned for: Assessment Revaluation Fund 18,224$ Building Inspection 5,259 EMS Department Capital Equipment 66,932 Total General Fund 90,415 Capital Projects Funds: Assigned for: Park Capital Projects 88,548 Municipal Building 32,638 Street Projects 821,409 Police Equipment 67,196 Fire Equipment 224,710 EMS Equipment 26,716 Public Works Equipment 3,272 Public Works Used Vehicle 5,512 GIS Equipment 161 Total Capital Projects Funds 1,270,162 Total 1,360,577$ Minimum General Fund Balance Policy The Village has also adopted a minimum fund balance policy of 15% of actual current year expenditures for the general fund. The minimum fund balance is maintained for cash flow and working capital purposes. The minimum fund balance amount is calculated as follows: Actual Current Year General Fund Expenditures 9,656,833$ Minimum Fund Balance Percentage (x) 15% Minimum Fund Balance Amount 1,448,525$ The Village’s unassigned general fund balance of $5,027,105 is above the minimum fund balance amount. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (68) NOTE 4 OTHER INFORMATION A. Tax Incremental Financing Districts The Village has established separate capital projects funds for Tax Incremental Financing District (TIF) #s 4, 5, 6, 7, which were created by the Village in accordance with Section 66.1105 of the Wisconsin Statutes. At the time the TIFs were created, the property tax base within the TIFs was “frozen” and increment taxes resulting from increases to the property tax base are used to finance TIF improvements, including principal and interest on long-term debt issued by the Village to finance such improvements. The Statutes allow eligible project costs to be incurred up to five years prior to the maximum termination date. The Village’s TIFs are still eligible to incur project costs. Since creation of the above TIFs, the Village has provided various financing sources to the TIFs. The foregoing amounts are not recorded as liabilities in the TIF capital project funds but can be recovered by the Village from any future excess tax increment revenues. As of December 31, 2025, the Village can recover the excess tax increment revenues of the following: Recoverable Costs TIF #4 4,061,949$ TIF #5 3,906,201 TIF #6 1,224 TIF #7 1,412,638 TIF #8 37,745 The intent of the Village is to recover the above amounts from future TIF surplus funds, if any, prior to termination of the respective TIFs. Unless terminated by the Village prior thereto, each TIF has a statutory termination year as follows: Termination Year TIF #4 2044 TIF #5 2045 TIF #6 2036 TIF #7 2033 TIF #8 2045 B. Tax Abatements The Village has created tax incremental financing districts (the Districts) in accordance with Wisconsin State Statute 66.1105, Tax Increment Law. As part of the project plan for the Districts, the Village entered into agreements with developers for a creation of a tax base within the Districts. The agreements require the Village to make annual repayments of property taxes collected within the Districts to the developers, based upon the terms of the agreements. As tax abatements, those developer payments and the related property tax revenues are not reported as revenues or expenditures in the financial statements. VILLAGE OF PLOVER, WISCONSIN NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2025 (69) NOTE 4 OTHER INFORMATION (CONTINUED) B. Tax Abatements (Continued) For the year ended December 31, 2025, the Village abated property taxes totaling $323,758 under this program, including the following tax abatement agreements:  A property tax abatement of $210,758 to a developer for construction of a subdivision within Tax Incremental District No. 4.  A property tax abatement of $113,000 to a developer for construction of a subdivision within Tax Incremental District No. 5. C. Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters for which the government carries commercial insurance. The Village completes an annual review of its insurance coverage to ensure adequate coverage. Settled claims have not exceeded coverage in any of the past three years. D. Contingencies From time to time, the Village is party to other various pending claims and legal proceedings. Although the outcome of such matters cannot be forecast with certainty, it is the opinion of management and the Village Board that the likelihood is remote that any such claims or proceedings will have a material adverse effect on the Village’s financial position or results of operations. E. Subsequent Event On April 7, 2026, the Village amended the payment schedule for the Note Anticipation Note date November 5, 2025, to reflect a lump sum payment of the principal balance at maturity of the note on November 5, 2027, and semi-annual interest only payments on May 5 and November 5 each year until maturity. (70) REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF PLOVER, WISCONSIN SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (ASSET) WISCONSIN RETIREMENT SYSTEM LAST TEN MEASUREMENT PERIODS See accompanying Notes to Required Supplementary Information. (71) Proportionate Plan Fiduciary Share of the Net Net Position as Proportionate Pension Liability a Percentage Proportion of Share of the (Asset) as a of the Measurement the Net Pension Net Pension Covered Percentage of Total Pension Period Ended Liability (Asset) Liability (Asset) Payroll Covered Payroll Liability (Asset) 12/31/15 0.03051389 % 495,845$ 3,726,351$ 13.31 % 98.20 % 12/31/16 0.03035387 250,188 3,709,958 6.74 99.12 12/31/17 0.03052855 (906,428) 3,771,158 24.04 102.93 12/31/18 0.03194900 1,136,644 4,172,160 27.24 96.45 12/31/19 0.03630530 (1,084,400) 4,437,454 24.44 102.96 12/31/20 0.03526208 (2,201,460) 4,507,293 48.84 105.26 12/31/21 0.03623181 (2,920,350) 4,775,298 61.16 106.02 12/31/22 0.03779644 2,002,343 5,148,733 38.89 95.72 12/31/23 0.03894328 579,011 5,315,005 10.89 98.85 12/31/24 0.03988971 655,454 5,657,502 11.59 98.79 SCHEDULE OF CONTRIBUTIONS WISCONSIN RETIREMENT SYSTEM LAST TEN FISCAL YEARS Contributions in Relation to the Contributions as Contractually Contractually Contribution Covered a Percentage of Fiscal Required Required Deficiency Payroll Covered Year Ended Contributions Contributions (Excess) (Fiscal Year) Payroll 12/31/16 286,782$ 286,782$ -$ 3,709,958$ 7.73 % 12/31/17 317,880 317,880 - 3,771,158 8.43 12/31/18 356,664 356,664 - 4,172,160 8.55 12/31/19 372,267 372,267 - 4,437,454 8.39 12/31/20 408,401 408,401 - 4,507,293 9.06 12/31/21 438,644 438,644 - 4,775,298 9.19 12/31/22 472,146 472,146 - 5,148,734 9.17 12/31/23 522,600 522,600 - 5,315,006 9.83 12/31/24 589,523 589,523 - 5,659,226 10.42 12/31/25 635,706 635,706 - 5,870,079 10.83 VILLAGE OF PLOVER, WISCONSIN SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY (ASSET) LOCAL RETIREE LIFE INSURANCE FUND LAST TEN MEASUREMENT PERIODS* See accompanying Notes to Required Supplementary Information. (72) Proportionate Share of the Net OPEB Liability Plan Fiduciary Proportionate (Asset) as a Net Position as a Proportion of Share of the Covered- Percentage Percentage of the Measurement the Net OPEB Net OPEB Employee of Covered- Total OPEB Period Ended Liability (Asset) Liability (Asset) Payroll Employee Payroll Liability (Asset) 12/31/17 0.09326800 % 280,604$ 4,172,160$ 6.73 % 44.81 % 12/31/18 0.09564700 246,802 4,437,454 5.56 48.69 12/31/19 0.08597500 366,098 4,507,293 8.12 37.58 12/31/20 0.09119300 501,628 4,775,298 10.50 31.36 12/31/21 0.09398100 555,462 4,671,000 11.89 29.57 12/31/22 0.09201300 350,554 5,148,734 6.81 38.81 12/31/23 0.08658400 398,344 5,315,006 7.49 33.90 12/31/24 0.08488300 332,085 5,657,502 5.87 37.20 SCHEDULE OF CONTRIBUTIONS LOCAL RETIREE LIFE INSURANCE FUND LAST TEN FISCAL YEARS* Contributions in Contributions as Relation to the a Percentage of Contractually Contractually Contribution Covered- Covered- Fiscal Required Required Deficiency Employee Employee Year Ended Contributions Contributions (Excess) Payroll Payroll 12/31/18 1,819$ 1,819$ -$ 4,172,160$ 0.04 % 12/31/19 1,702 1,702 - 4,437,454 0.04 12/31/20 1,831 1,831 - 4,507,293 0.04 12/31/21 1,932 1,932 - 4,671,000 0.04 12/31/22 1,923 1,923 - 5,148,734 0.04 12/31/23 1,846 1,846 - 5,315,006 0.03 12/31/24 1,764 1,764 - 5,657,502 0.03 12/31/25 1,785 1,785 - 5,870,079 0.03 *These schedules are intended to present information for 10 years. Information for additional years will be presented when it becomes available. VILLAGE OF PLOVER, WISCONSIN NOTES TO REQUIRED SUPPLEMENTARY INFORMATION DECEMBER 31, 2025 (73) NOTE 1 WISCONSIN RETIREMENT SYSTEM Changes of Benefit Terms There were no changes of benefit terms for any participating employer in the WRS. Changes of Assumptions Based on a three-year experience study conducted in 2024 covering January 1, 2021 through December 31, 2023, the ETF Board adopted assumption changes that were used to measure the total pension liability beginning with the year ended December 31, 2024, including the following:  Raising the seniority/merit inflation rate from 0.1%-5.6% to 0.1%-5.7%. 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 the 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 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-end 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 the 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 post-retirement adjustments from 2.1% to 1.9%.  Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin 2015 Mortality Table to the Wisconsin 2018 Mortality Table. VILLAGE OF PLOVER, WISCONSIN NOTES TO REQUIRED SUPPLEMENTARY INFORMATION DECEMBER 31, 2025 (74) NOTE 2 OTHER POSTEMPLOYMENT BENEFITS – LOCAL RETIREE LIFE INSURANCE FUND Changes of Benefit Terms There were no recent changes in benefit terms. Changes of Assumptions The State of Wisconsin Employee Trust Fund Board adopted economic and demographic assumption changes based on a three-year experience study performed for the Wisconsin Retirement System. These assumptions are used in the actuarial valuations of OPEB liabilities (assets) for the retiree life insurance programs and are summarized below. The assumption changes that were used to measure the December 31, 2021, total OPEB liabilities, including the following:  Lowering the price inflation rate from 2.5% to 2.4%.  Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin 2018 Mortality Table to 2020 WRS Experience Mortality Table. The assumption changes that were used to measure the December 31, 2018, total OPEB liabilities, including the following:  Lowering the long-term expected rate of return from 5.00% to 4.25%.  Lowering the wage inflation rate from 3.2% to 3.0%.  Lowering the price inflation rate from 2.7% to 2.5%.  Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin 2012 Mortality Table to the Wisconsin 2018 Mortality Table. The Village is required to present the last 10 fiscal years of data; however, accounting standards allow the presentation of as many years as are available until 10 fiscal years are presented. (75) SUPPLEMENTARY INFORMATION VILLAGE OF PLOVER, WISCONSIN COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS DECEMBER 31, 2025 (76) Capital Projects Portage Korean War Law County Celebrate Shared Ride Equipment Memorial Enforcement Cemetery Ambulance ARPA Plover Taxi Fund ASSETS Cash and Investments 80,770$ 131,979$ 68,864$ 244,791$ -$ 4,668$ -$ 322,567$ Receivables: Taxes and Special Charges - - - - - - 31,830 - Accounts - 9,609 - - - - - 5,000 Due from Other Governments - - - - - - 64,819 - Inventories and Prepaid Items - - - 588 - - - - Total Assets 80,770$ 141,588$ 68,864$ 245,379$ -$ 4,668$ 96,649$ 327,567$ LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts Payable 80$ 4,639$ 29$ 12,019$ -$ -$ 22,294$ -$ Accrued and Other Current Liabilities - - - 20,656 - - - - Due to Other Funds - - - - - - 19,380 - Due to Other Governments - - - 212,704 - - - - Total Liabilities 80 4,639 29 245,379 - - 41,674 - DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year - - - - - - 58,188 - Grants Receivable - - - - - - - - Total Deferred Inflows of Resources - - - - - - 58,188 - FUND BALANCES Nonspendable - - - 588 - - - - Restricted - 136,949 - - - - - - Committed 80,690 - 68,835 - - 4,668 - - Assigned - - - - - - - 327,567 Unassigned - - - (588) - - (3,213) - Total Fund Balances 80,690 136,949 68,835 - - 4,668 (3,213) 327,567 Total Liabilities, Deferred Inflows of Resources, and Fund Balances 80,770$ 141,588$ 68,864$ 245,379$ -$ 4,668$ 96,649$ 327,567$ Special Revenue VILLAGE OF PLOVER, WISCONSIN COMBINING BALANCE SHEET (CONTINUED) NONMAJOR GOVERNMENTAL FUNDS DECEMBER 31, 2025 (77) ASSETS Cash and Investments Receivables: Taxes and Special Charges Accounts Due from Other Governments Inventories and Prepaid Items Total Assets LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES LIABILITIES Accounts Payable Accrued and Other Current Liabilities Due to Other Funds Due to Other Governments Total Liabilities DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year Grants Receivable Total Deferred Inflows of Resources FUND BALANCES Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources, and Fund Balances Municipal Park Capital Street Building Projects Projects TIF #4 TIF #6 TIF #7 TIF #8 Total 32,638$ 148,326$ 1,161,885$ 979,929$ 123,287$ -$ -$ 3,299,704$ - - - 650,524 150,356 85,164 - 917,874 - 374,985 - - - - - 389,594 - - - - - - - 64,819 - - - - - - - 588 32,638$ 523,311$ 1,161,885$ 1,630,453$ 273,643$ 85,164$ - 4,672,579$ -$ 59,778$ 340,476$ 143,175$ -$ 8,400$ -$ 590,890$ - - - - - - - 20,656 - - - - - 1,333,714 37,745 1,390,839 - - - - - - - 212,704 - 59,778 340,476 143,175 - 1,342,114 37,745 2,215,089 - - - 1,189,227 274,867 155,688 - 1,677,970 - 374,985 - - - - - 374,985 - 374,985 - 1,189,227 274,867 155,688 - 2,052,955 - - - - - - - 588 - - - 298,051 - - - 435,000 - - - - - - - 154,193 32,638 88,548 821,409 - - - - 1,270,162 - - - - (1,224) (1,412,638) (37,745) (1,455,408) 32,638 88,548 821,409 298,051 (1,224) (1,412,638) (37,745) 404,535 32,638$ 523,311$ 1,161,885$ 1,630,453$ 273,643$ 85,164$ -$ 4,672,579$ Capital Projects VILLAGE OF PLOVER, WISCONSIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2025 (78) Capital Projects Portage Korean War Law County Celebrate Shared Ride Equipment Memorial Enforcement Cemetery Ambulance ARPA Plover Taxi Fund REVENUES Taxes -$ -$ -$ -$ -$ -$ 48,755$ -$ Intergovernmental - 25,896 - - 17,391 - 184,223 5,000 Fines and Forfeits - 2,560 - - - - - - Public Charges for Services - - 18,065 - - - 99,039 - Intergovernmental Charges for Services - - - 788,944 - - - - Miscellaneous 5,858 102,090 289 - - 5,000 - 120,177 Total Revenues 5,858 130,546 18,354 788,944 17,391 5,000 332,017 125,177 EXPENDITURES Current: General Government - - - - 1,865 - - - Public Safety - 60,815 - 788,944 - - - 51,549 Public Works - - - - - - 320,437 - Health and Human Services - - 15,792 - - - - - Culture and Recreation 1,000 - - - - 20,332 - - Debt Service: Principal - - - - - - - 54,038 Interest and Fiscal Charges - - - - - - - 4,778 Capital Outlay - 845 - - 15,526 - - 368,517 Total Expenditures 1,000 61,660 15,792 788,944 17,391 20,332 320,437 478,882 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 4,858 68,886 2,562 - - (15,332) 11,580 (353,705) OTHER FINANCING SOURCES (USES) Long-Term Debt Issued - - - - - - - 104,611 Proceeds from Sale of Capital Assets - - - - - - - 42,976 Transfers In - - - - - 20,000 - 184,000 Transfers Out - - - - - - - - Total Other Financing Sources (Uses) - - - - - 20,000 - 331,587 NET CHANGE IN FUND BALANCES 4,858 68,886 2,562 - - 4,668 11,580 (22,118) Net Position - Beginning of Year, as Originally Reported 75,832 68,063 66,273 - - - (14,793) 349,685 Change within Financial Reporting Entity Major to Nonmajor - - - - - - - - Net Position - Beginning of Year, as Adjusted 75,832 68,063 66,273 - - - (14,793) 349,685 NET POSITION - END OF YEAR 80,690$ 136,949$ 68,835$ -$ -$ 4,668$ (3,213)$ 327,567$ Special Revenue VILLAGE OF PLOVER, WISCONSIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) NONMAJOR GOVERNMENTAL FUNDS YEAR ENDED DECEMBER 31, 2025 (79) REVENUES Taxes Intergovernmental Fines and Forfeits Public Charges for Services Intergovernmental Charges for Services Miscellaneous Total Revenues EXPENDITURES Current: General Government Public Safety Public Works Health and Human Services Culture and Recreation Debt Service: Principal Interest and Fiscal Charges Capital Outlay Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES) Long-Term Debt Issued Proceeds from Sale of Capital Assets Transfers In Transfers Out Total Other Financing Sources (Uses) NET CHANGE IN FUND BALANCES Net Position - Beginning of Year, as Originally Reported Change within Financial Reporting Entity Major to Nonmajor Net Position - Beginning of Year, as Adjusted NET POSITION - END OF YEAR Municipal Park Capital Street Building Projects Projects TIF #4 TIF #6 TIF #7 TIF #8 Total -$ -$ 274,069$ 1,031,629$ 253,063$ 142,604$ -$ 1,750,120$ - - - 109,955 - 258,313 - 600,778 - - - - - - - 2,560 - - - - - - - 117,104 - - - - - - - 788,944 - 278,808 70,691 17,908 - - - 600,821 - 278,808 344,760 1,159,492 253,063 400,917 - 3,860,327 - - - 11,811 10,359 15,960 37,745 77,740 - - 3,563 - - - - 904,871 - - - - - - - 320,437 - - - - - - - 15,792 - 57,469 - - - - - 78,801 - - - 915,000 - - - 969,038 - - - 171,969 - - - 176,747 6,696 879,858 621,310 235,287 - - - 2,128,039 6,696 937,327 624,873 1,334,067 10,359 15,960 37,745 4,671,465 (6,696) (658,519) (280,113) (174,575) 242,704 384,957 (37,745) (811,138) - - 1,100,000 - - - - 1,204,611 - - - - - - - 42,976 3,500 127,847 208,000 - - - - 543,347 - - (206,500) - (240,000) - - (446,500) 3,500 127,847 1,101,500 - (240,000) - - 1,344,434 (3,196) (530,672) 821,387 (174,575) 2,704 384,957 (37,745) 533,296 35,834 619,220 22 - (3,928) (1,797,595) - (601,387) - - - 472,626 - - - 472,626 35,834 619,220 22 472,626 (3,928) (1,797,595) - (128,761) 32,638$ 88,548$ 821,409$ 298,051$ (1,224)$ (1,412,638)$ (37,745)$ 404,535$ Capital Projects VILLAGE OF PLOVER, WISCONSIN COMBINING STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS DECEMBER 31, 2025 (80) Tax Collection Plover Area Custodial Convention and Fund Visitor Bureau Total ASSETS Cash and Investments 8,672,311$ 136,204$ 8,808,515$ Taxes Receivable 10,473,774 75,375 10,549,149 Total Assets 19,146,085 211,579 19,357,664 LIABILITIES Accounts Payable - 76 76 Accrued and Other Current Liabilities - 2,404 2,404 Total Liabilities - 2,480 2,480 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year 19,146,085 - 19,146,085 NET POSITION Restricted Net Position - Held for Others -$ 209,099$ 209,099$ VILLAGE OF PLOVER, WISCONSIN COMBINING STATEMENT OF CHANGE IN FIDUCIARY NET POSITION CUSTODIAL FUNDS YEAR ENDED DECEMBER 31, 2025 (81) Tax Collection Plover Area Custodial Convention and Fund Visitor Bureau Total ADDITIONS Property Tax Collections 18,229,853$ 347,727$ 18,577,580$ Miscellaneous - 702 702 Total Additions 18,229,853 348,429 18,578,282 DEDUCTIONS Payments to Taxing Jurisdictions 18,229,853 - 18,229,853 Payments to Individuals - 97,934 97,934 Payments to Business and Other Entities - 241,409 241,409 Total Deductions 18,229,853 339,343 18,569,196 CHANGE IN NET POSITION - 9,086 9,086 Net Position - Beginning of Year - 200,013 200,013 NET POSITION - END OF YEAR -$ 209,099$ 209,099$ (82) ADDITIONAL INDEPENDENT AUDITORS’ REPORT FOR BASIC FINANCIAL STATEMENTS CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  CliftonLarsonAllen LLP  CLAconnect.com  (83) INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Village Board Village of Plover, Wisconsin We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Plover, Wisconsin (the Village), as of and for the year ended December 31, 2025, and the related notes to the financial statements, which collectively comprise the Village of Plover, Wisconsin’s basic financial statements, and have issued our report thereon dated June 25, 2026. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Village of Plover, Wisconsin’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Village of Plover, Wisconsin’s internal control. Accordingly, we do not express an opinion on the effectiveness of Village of Plover, Wisconsin’s internal control. 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 a 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. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section 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. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We identified a deficiency in internal control, described in the accompanying schedule of findings and responses as item 2025-001 that we consider to be a significant deficiency. Village Board Village of Plover, Wisconsin (84) Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Village’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Village of Plover, Wisconsin’s Response to Findings Village of Plover, Wisconsin’s response to the findings identified in our audit is described in the accompanying schedule of findings and responses. The Village of Plover, Wisconsin’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Wausau, Wisconsin June 25, 2026 VILLAGE OF PLOVER, WISCONSIN SCHEDULE OF FINDINGS AND RESPONSES YEAR ENDED DECEMBER 31, 2025 (85) Internal Control Over Financial Reporting (Continued) 2025-001 Preparation of Annual Financial Report Type of Finding: Significant Deficiency in Internal Control over Financial Reporting Condition: Current Village staff maintains accounting records which reflect the Village’s financial transactions; however, preparing the Village’s annual financial report, including note disclosures, involves the selection and application of specific accounting principles which would require additional experience and knowledge. The Village contracts with us and relies on our knowledge of applicable accounting principles, financial statement format, and note disclosures to assist in the preparation of the annual financial report in an efficient manner. However, as independent auditors, CLA cannot be considered part of the Village’s internal control system. As part of its internal control over preparation of its financial statements, including disclosures, the Village has implemented a comprehensive review procedure to ensure that the financial statements, including note disclosures, are complete and accurate. Criteria or Specific Requirement: The preparation and review of the annual financial report by staff with expertise in financial reporting is an internal control intended to prevent, detect and correct a potential omission or misstatement in the financial statements or notes. Effect: Without our involvement, the Village may not be able to completely prepare an annual financial report in accordance with accounting principles generally accepted in the United States of America. Cause: Village management has determined that the additional costs associated with training staff to become experienced in applicable accounting principles and note disclosures outweigh the derived benefits. Repeat Finding: 2024-001 Recommendation: We recommend the Village continue reviewing the annual financial report. Such review procedures should be performed by an individual possessing a thorough understanding of accounting principles generally accepted in the United States of America and knowledge of the Village’s activities and operations. While it may not be cost beneficial to train additional staff to completely prepare the report, a thorough review of this information by appropriate staff of the Village is necessary to obtain a complete and adequate understanding of the Village’s annual financial report. Views of Responsible Officials and Planned Corrective Actions: The Village recognizes that we do not complete the Annual Financial Report. We hire the audit team to do the reporting for us. We do not have the staffing or the expertise that an accounting firm such as CLA has in this area. However, the Financial Officer and staff representing the Village do compile all the information requested for the audit team and reviews all reports for accuracy on the Village’s behalf.