Village Board — Agenda

Page 1 of 4 AMENDED 08/11/25 NOTICE OF MEETING VILLAGE OF FOX POINT VILLAGE BOARD MEETING SCHWE MER HALL – MUNICIPAL BUILDING TUESDAY 7200 N. SANTA MONICA BLVD August 12, 2025 FOX POINT, WI 53217 7:00 P.M. NOTE: THE VILLAGE BOARD WILL BE MEETING IN PERSON AT VILLAGE HALL, WITH A REMOTE ATTENDANCE OPTION, PER THE HYBRID MEETING PROCEDURES FURTHER DESCRIBED IN SECTION 19-32 D. OF THE VILLAGE CODE. THIS MEETING IS OPEN TO ALL CITIZENS IN PERSON AT VILLAGE HALL, OR THROUGH THE ZOOM PARTICIPANT INFORMATION SHOWN BELOW, SUBJECT TO THE FOLLOWING: NO ASSURANCE IS PROVIDED TO THOSE GOVERNING BODY MEMBERS AND CITIZENS INTENDING TO ATTEND REMOTELY THAT THE TECHNOLOGY WILL PERFORM SUFFICIENTLY TO ALLOW FOR THEIR PARTICIPATION AND THE MEETING WILL PROCEDE REGARDLESS. PUBLIC OFFICIALS AND CITIZENS WISHING TO ENSURE THEY CAN PARTICIPATE ARE ENCOURAGED TO ATTEND IN PERSON. CITIZENS ARE ENCOURAGED TO SUBMIT ANY COMMENTS IN WRITING IN ADVANCE OF THE MEETING TO THE ASSISTANT VILLAGE MANAGER AT kausman@villageoffoxpoint.com, HOWEVER THERE IS NO LARGER RIGHT TO COMMENT REMOTELY OR IN WRITING THAN IN PERSON. Zoom Participant Information https://us02web.zoom.us/j/87335256142 Meeting ID: 873 3525 6142 Dial: (312) 626-6799 AGENDA 1. Roll Call 2. Persons desiring to be heard At this time, individuals can address the Village Board on one or more topics for up to three-minutes with time extensions at the Village President's discretion. Citizen comment when agenda items are called will be heard at the discretion of the chair, subject to the overall three-minute limit. In connection with non-agenda items, no action will be taken except for possible referrals to individuals or committees. NOTE: No comments will be heard during this agenda item concerning a pending application for a conditional use permit, as the appropriate time for such comments will be at the duly noticed public hearing, so that all interested persons can hear the comments and due process is preserved. 3. Committee Reports a. Plan Commission 4. Public Hearing a. Condit ional Use Permit for Miracle Ear, 6850 N Santa Monica Blvd. Publi c Hearing on a conditional use permit application for Miracle Ear to allow a hearing aid retail, service, and testing center located at 6850 N Santa Monica Blvd, as required per Village Code Sections 745-18. VB Packet 08/12/2025 Page 1 of 220 Page 2 of 4 5. Consent Agenda – All items listed under the Consent Agenda will be approved in one motion without discussion unless any Board member requests that the item be removed for individual discussion and possible action. Any item(s) so removed shall be considered individually prior to consideration of any New Business agenda items in the same order in which they were originally listed in the Consent Agenda. a. Approve the minutes of the July 8, 2025 Village Board meeting and the July 16, 2025 Special Village Board meeting. b. Adopt the proclamation declaring September 20 through 28 as Wisconsin Stormwater Week in Fox Point. c. Accept the quote from WSO Grading and Excavating in the amount of $10,000 for the improvement of a water vault located in the Village of Whitefish Bay and authorize the Village President to sign the contract on behalf of the Village per the Director of Public Work’s memorandum dated July 30, 2025. d. Approve the Certified Survey Map at 7950 N. Santa Monica Blvd. pursuant to the recommendation of the Plan Commission. e. Accept Change Order No.1 from Kapur & Associates in the amount of $43,015 for Lake Drive water main inspection services and authorize the Village President and Village Clerk/Treasurer to sign the contract pursuant to the Director of Public Work’s memorandum dated August 5, 2025. f. Accept Change Order No. 1 from Kapur & Associates for additional design costs associated with the Thorne, Bell and Yates project in the amount of $5,460, more specifically to incorporate the replacement of the water main on Coleman Lane from Lake Drive east to Thorne Lane, and authorize the Village President and Village Clerk/Treasurer to sign the change order pursuant to the Director of Public Work’s memorandum dated August 6, 2025. g. Authorize the Acting Village Manager sale of surplus property currently in the possession of the Police Department and Department of Public Works through public auction. h. Authorize payment in the amount of $643,185.00 to the fiscal agent of the North Shore Library upon receipt of a proper invoice. i. Approve payment of the bills in the amount of $717,052.67 for the period July 1, 2025 through July 31, 2025 per the report submitted by the Village Manager. 6. Unfinished Business 7. New Business a. Consideration of Emergency Declaration Resolution Concerning the Storm Event of August 9 and 10, 2025 The Vil lage Board will hear a presentation from the Director of Public Works related to the storm and flooding event that occurred on August 9 and 10, 2025. The Village Board may consider and adopt an Emergency Declaration Resolution, to ratify and extend the Emergency Proclamation issued by President Symchych, to allow prompt action to be taken to respond to the damages and threatened damages from the storm. VB Packet 08/12/2025 Page 2 of 220 Pages 5 - 12 Page 13 Pages 14 - 18 Pages 19 - 24 Pages 25 - 29 Pages 30 - 33 Page 34 Page 35 Pages 36 - 49 Pages 50 - 51 Page 3 of 4 b. Reject all bids for the Beach Drive Jetties Improvement Project per the Director of Public Works’ memorandum dated August 6, 2025. The Vil lage Board will consider and may act on a recommendation from the Director of Public Works to reject all bids for the Beach Drive Jetties Improvement Project. c. Consideration of a Conditional Use Permit for MiracleEar, 6850 N Santa Monica Blvd. Consideration and possible action concerning a conditional use permit application for Miracle Ear to allow a hearing aid retail, service, and testing center located at 6850 N Santa Monica Blvd, as required per Village Code Sections 745-18. d. Presentation of 2026-2030 Capital Plan Staff will review the Village’s 2025-2029 five-year Capital Plan. No action is expected as part of this agenda item. e. As requested by Trustee Stoltz and Trustee Barry discussion and possible action on allowing the Friends of the Fox Point Pool to use naming rights for the new municipal pool facility as a fund-raising tool. As requested by Trustee Stoltz and Barry “The Board will consider and may act on allowing the Friends of the Fox Point Pool to use naming rights for the new municipal pool facility as a fund- raising tool. f. Presentation and acceptance of FY 2024 Audit by Wendi Unger (Baker Tilly) to the Village Board Village Auditor Wendi Unger shall present and Village Board may accept the Fiscal Year 2024 Audit in final format. 8. Future Agenda Items The Vil lage Board will act on any Trustee requests to place additional matters on an upcoming agenda, without discussion. 9. Announcements The foll owing individuals will be given the opportunity to make announcements at the meeting in regard to (i) actions taken since the previous Village Board meeting on behalf of the Village, (ii) future Village activities and (iii) communications received from citizens. These matters will not be discussed or acted on, and Board members shall not comment on matters announced by others. Referrals may be made to committees and/or individuals. a. Vil lage President Symchych b. Trustee Ollman c. Trustee Aelion d. Trustee Stoltz e. Trustee Freedman f. Trustee Miller g. Trustee Barry h. Acting Village Manager Freedy VB Packet 08/12/2025 Page 3 of 220 Pages 52 - 54 Pages 55 - 76 Pages 77 - 103 Pages 104 - 220 Page 4 of 4 S eptember 9, 2025 7:00 P.M. 10. Adjournment NEXT REGULAR VILLAGE BOARD MEETING: Published and Posted August 11, 2025 PLEASE NOTE: Upon reasonable notice, efforts will be made to accommodate the needs of disabled individuals through sign language interpreters or other auxiliary aids. Also, upon reasonable notice, best efforts will be used to ensure that members of the public lacking access to the virtual meeting platform are provided alternative reasonable methods to attend. For additional information or to request these services, contact the Village Clerk at (414) 351-8900. "Persons requiring an interpreter or other assistance should contact the Village Clerk’s office 72 hours prior to the meeting. Notice is hereby given that a majority any other board, commission or committee may be present at the meeting to gather information about a subject in which they are interested. This constitutes a meeting of any other board, commission or committee pursuant to State ex rel. Badke v. Greendale Village Bd., 173 Wis. 2d 553, 494 2d 408 (1993), and must be noticed as such, although said boards, commissions or committees will not take any formal action at this meeting." VB Packet 08/12/2025 Page 4 of 220 VILLAGE OF FOX POINT VILLAGE BOARD MEETING MINUTES JULY 8, 2025 1 1 2 A meeting and public hearing of the Fox Point Village Board was held by a combination 3 of in-person and virtual attendance via telephonic and video conferencing on Tuesday, July 8, 4 2025 in Schwemer Hall, 7200 N. Santa Monica Boulevard. Village President Symchych called 5 the meeting to order at 7:00 p.m. and asked the Village Clerk Treasurer to take roll call. Roll 6 Call of the Village Board present included: 7 8 Village President Christine Symchych 9 Trustee Greg Ollman 10 Trustee Liz Aelion 11 Trustee Jennie Stoltz 12 Trustee Freedman 13 Trustee Miller 14 Trustee Barry 15 16 Also, present were Village Attorney Eric Larson, Village Clerk Treasurer Sara Bruckman, 17 Assistant Village Manager Kevin Ausman, Director of Public Works Scott Brandmeier via Zoom 18 19 Notice of the meeting was provided to the North Shore Now and to all others as required by 20 State op en meetings laws and posted on the official bulletin board at 7200 N Santa Monica 21 Boulevard, as well as the village website at www.villageoffoxpoint.com, as per 2015 Wisconsin 22 Act 79 and as described in Village Ordinance Chapter 116-2, 116-2(C). 23 24 25 PERSONS DESIRING TO BE HEARD 26 27 Pamela Luken 1213 E Goodrich Ln, disappointed in the pest control sales men moving 28 around door to door on hoverboards. Has a no solicitor sign on door bell and they have 29 been ignoring. 30 31 Hearing no comments, President Symchych closed public comment. 32 33 COMMITTEE REPORTS – Plan Commission 34 35 Trustee Miller explained the Plan Commission met on July 7, 2025 to consider a 36 Conditional Use Permit for Baja tan and the application is being recommended for 37 approval. 38 39 PUBLIC HEARING 40 41 Public Hearing on a Conditional Use Permit Application for Baja Tan, 8667 N Port 42 Washington Rd. 43 44 Motion by President Symchych, seconded by Trustee Miller, and carried by roll 45 call vote (7-0), to open the public hearing at 7:07 p.m., regarding Consideration 46 of Conditional Use Permit Application for Baja Tan, 8667 N Port Washington Rd. 47 48 Public Comment 49 50 VB Packet 08/12/2025 Page 5 of 220 VILLAGE OF FOX POINT VILLAGE BOARD MEETING MINUTES JULY 8, 2025 2 There were no public comments. 51 52 Motion by President Symchych, seconded by Trustee Miller, and carried by roll 53 call vote (7-0), to close the public hearing at 7:07 p.m., regarding Consideration 54 of Conditional Use Permit Application for Baja Tan, 8667 N Port Washington Rd. 55 56 57 CONSENT AGENDA 58 a. Approve the minutes of the June 10, 2025 Village Board meeting and June 30, 2025 Special 59 Village Board meeting. 60 61 b. Accept the quote of Marek for the Annual Beach Drive Maintenance and Stewardship of the 62 Beach Drive shoreline per the Director of Public Works memorandum dated July 2, 2025. 63 64 c. Accept the bid of Compass Minerals in the amount of $83.20 per ton for sodium chloride per 65 the Director of Public Works’ memorandum dated July 2, 2025. 66 67 d. Authorize the submittal of a Community Development Block Grant application for the 68 reimbursement of lease costs for the LX Club, a community based senior group pursuant to 69 the Director of Public Works’ memorandum dated July 2, 2025. 70 71 e. Approve payment of the bills in the amount of $1,316,718.80 for the period June 1, 2025 to June 72 30, 2025 per the report submitted by the Village Manager. 73 74 Trustee Aelion requested the removal of consent agenda item b and Trustee Stoltz 75 requested the removal of consent agenda item a. 76 77 Motion by President Symchych, seconded by Trustee Miller, and carried by roll 78 call vote (7-0), to approve the consent agenda with the removal of items a and b. 79 80 NEW BUSINESS 81 82 Consent Item 5a 83 Approve the minutes of the June 10, 2025 Village Board meeting and June 30, 2025 84 Special Village Board meeting. 85 86 Motion by President Symchych, seconded by Trustee Miller, and carried by roll call vote 87 (7-0), to appr ove the minutes of the June 10, 2025 Village Board meeting and June 30, 88 2025 Special Village Board meeting. 89 90 Consent Item 5b 91 Accept the quote of Marek for the Annual Beach Drive Maintenance and Stewardship of the 92 Beach Drive shoreline per the Director of Public Works memorandum dated July 2, 2025. 93 94 Motion by President Symchych, seconded by Trustee Miller, and carried by roll call vote 95 (5-2 with Trustee Aelion and Trustee Stoltz voting nay), to accept the quote of Marek for 96 the Annual Beach Drive Maintenance and Stewardship of the Beach Drive shoreline per the 97 Director of Public Works memorandum dated July 2, 2025. 98 99 100 VB Packet 08/12/2025 Page 6 of 220 VILLAGE OF FOX POINT VILLAGE BOARD MEETING MINUTES JULY 8, 2025 3 Consideration of Conditional Use Permit Application for Baja Tan, 8667 N Port 101 Washington Rd. 102 103 Motion by President Symchych, seconded by Trustee Freedman, and carried by roll call 104 vote (7-0), to approve the Conditional Use Permit application for Baja Tan, 8667 N Port 105 Washington Road, as required by Village Code Sections 745-18 to include the 106 adjustment to the conditional use permit. 107 108 Consideration of Resolution Awarding the Sale of $9,900,000 General Obligation 109 Promissory Notes, Series 2025A 110 111 Motion by President Symchych, seconded by Trustee Ollman, and carried by roll call 112 vote (7-0), to approve Resolution Awarding the Sale of $9,850,000 General Obligation 113 Promissory Notes, Series 2025A. 114 115 Consideration of Ordinance to Create Section 63-2(A)(38) of the Village of Fox Point 116 Village Code to require a fee for Floodplain Development Permit 117 118 Mot ion by President Symchych, seconded by Trustee Freedman, and carried by roll call 119 vote (7-0), to approve Ordinance to create Section 63-2(A)(38) of the Village of Fox 120 Point Village Code to require a fee for Floodplain Development Permit. 121 122 Consideration of Ordinance to Repeal and Re-Create Section 112-4. C. and Create 123 Section 112-4.5 of the Village of Fox Point Village Code Related to Creation of the 124 Position of Acting Village Manager. 125 126 No action was taken on this 127 128 129 FUTURE AGENDA ITEMS – None 130 131 CLOSED SESSION 132 133 President Symchych recused herself during “The Town Club v. Village of Fox 134 Point”. Trustee Ollman took over Chair Pro Tem. 135 136 Motion made by Trustee Stoltz , seconded by Trustee Aelion, to convene into closed 137 session at 8:31 p.m., pursuant to Wisconsin Statute Section session pursuant to 138 Wisconsin Statu te Section 19.85(1)(g), to confer with legal counsel for the 139 government who is rendering oral or written advice concerning strategy to be 140 adopted by the governing body with respect to litigation in which the body is 141 involved; more specifically regarding the Milwaukee County Circuit Court case 142 entitled “The Town Club v. Village of Fox Point”. The following persons are expected 143 to participate in the closed session in addition to the Village Board: the Assistant 144 Village Manager, the Village Clerk, the Village Attorney, and such other or different 145 persons as the Village President may announce at the meeting. 146 147 148 Trustee Ollman Aye 149 Trustee Aelion Aye 150 VB Packet 08/12/2025 Page 7 of 220 VILLAGE OF FOX POINT VILLAGE BOARD MEETING MINUTES JULY 8, 2025 4 Trustee Stoltz Aye 151 Trustee Freedman Aye 152 Trustee Miller Aye 153 Trustee Barry Aye 154 155 Carried by roll call vote (6-0). 156 157 158 RECONVENE INTO OPEN SESSION 159 160 Motion made by Trustee Barry, seconded by Trustee Ollman and carried by roll 161 call vote (6-0), to reconvene into open session at 8:48 p.m. 162 163 164 ANNOUNCEMENTS 165 166 President Symchych announced she attended the North Shore Fire meeting and discussed the 167 financial plan. Shared they are having issues with hiring and promoting people to lieutenants. 168 Thank you to Foundation for Rock the Fox and 4th of July Parade. 169 170 Trustee Aelion thanked the Fox Point Foundation for Rock the Fox; it was well attended. 171 172 Trustee Freedman recognized the Fox Point Foundation for promoting community spirit. 173 174 Tr ustee Barry announced he attended the League of Wisconsin Municipalities training. 175 176 Assistant Manager Ausman thanked the Fox Point Foundation for the Rock the Fox and 4th of 177 July celebration. Met with a few members of the Centennial Committee. 178 179 ADJOURNMENT 180 181 Motion made by Trustee Miller, second by Trustee Barry, and carried by roll call 182 vote (6-0) to adjourn the Village Board meeting at 8:49 p.m. 183 184 185 Respectfully submitted, 186 187 188 189 Sara A. Bruckman 190 Clerk Treasurer 191 VB Packet 08/12/2025 Page 8 of 220 VILLAGE OF FOX POINT SPECIAL VILLAGE BOARD MEETING MINUTES JULY 16, 2025 1 1 2 A meeting and public hearing of the Fox Point Village Board was held by a combination 3 of in-person and virtual attendance via telephonic and video conferencing on Wednesday, July 4 16, 2025 in Schwemer Hall, 7200 N. Santa Monica Boulevard. Village President Symchych 5 called the meeting to order at 7:00 p.m. and asked the Village Clerk Treasurer to take roll call. 6 Roll Call of the Village Board present included: 7 8 Village President Christine Symchych 9 Trustee Greg Ollman 10 Trustee Liz Aelion 11 Trustee Jennie Stoltz 12 Trustee Freedman 13 Trustee Miller 14 Trustee Barry 15 16 Also, present were Village Attorney Eric Larson, Attorney Hanna Kolberg, Assistant Village 17 Manager Kevin Ausman, Village Clerk Treasurer Sara Bruckman 18 19 Notice of the meeting was provided to the North Shore Now and to all others as required by 20 State op en meetings laws and posted on the official bulletin board at 7200 N Santa Monica 21 Boulevard, as well as the village website at www.villageoffoxpoint.com, as per 2015 Wisconsin 22 Act 79 and as described in Village Ordinance Chapter 116-2, 116-2(C). 23 24 Consideration and Possible Action concerning an Ordinance to Repeal and Re-Create 25 Section 112-4. C. and Create Section 112-4.5 of the Village of Fox Point Village Code 26 Related to Creation of the Position of Acting Village Manager 27 28 Motion made by President Symchych, seconded by Trustee Miller and carried by roll call 29 vote (6-1 with Trustee Aelion voting nay), to approve Ordinance to Repeal and Re-30 Create Section 112-4. C. and Create Section 112-4.5 of the Village of Fox Point Village 31 Code Related to Creation of the Position of Acting Village Manager to accommodate the 32 changes Trustee Stoltz suggested and Attorney Larson has noted. 33 34 Announcement of Appointment of Acting Village Manager, Subject to Village Board 35 Confirmation. 36 37 President Symchych announced Pursuant to Village ordinance Section 112-4.5, and due to the 38 Village Manager being unavailable to perform the duties of office, I hereby appoint Chief Chris 39 Freedy to serve as Acting Village Manager, subject to confirmation of the Village Board, on the 40 terms established by the Village Board. 41 42 CLOSED SESSION 43 44 a. Motion made by President Symchych, seconded by Trustee Aelion, to convene into closed 45 session at 7:12 p.m., Pursuant to State Statutes Sections: 19.85(1)(c) Considering 46 employment, promotion, compensation or performance evaluation data of any public 47 employee over which the governmental body has jurisdiction or exercises responsibility; and 48 (f) Considering financial, medical, social or personal histories or disciplinary data of specific 49 persons, preliminary consideration of specific personnel problems or the investigation of 50 charges against specific persons except where par. (b) applies which, if discussed in public, 51 VB Packet 08/12/2025 Page 9 of 220 VILLAGE OF FOX POINT SPECIAL VILLAGE BOARD MEETING MINUTES JULY 16, 2025 2 would be likely to have a substantial adverse effect upon the reputation of any person 52 referred to in such histories or data, or involved in such problems or investigations; 53 specifically for purposes of discussing matters pertaining to employment and sensitive 54 personal matters involving the Village Manager. The Village Board may invite specific 55 persons to attend the closed session, and if so, the persons invited will be announced prior 56 to convening in closed session. 57 58 Trustee Ollman Aye 59 Trustee Aelion Aye 60 Trustee Stoltz Aye 61 Trustee Freedman Aye 62 Trustee Miller Aye 63 Trustee Barry Aye 64 President Symchych Aye 65 66 Carried by roll call vote (7-0). 67 68 RECONVENE INTO OPEN SESSION 69 70 Motion made by President Symchych, seconded by Trustee Ollman and carried by roll 71 call vote (7-0), to reconvene into open session at 8:23 p.m. 72 73 CLOSED SESSION 74 75 b. Motion made by President Symchych, seconded by Trustee Miller, to convene into closed 76 session at 8:26 p.m., Pursuant to State Statutes Sections: 19.85(1)(c) for considering 77 employment, promotion, compensation or performance evaluation data of any public 78 employee over which the governmental body has jurisdiction or exercises responsibility; 79 more specifically, to discuss and consider the possible confirmation, compensation and 80 related terms applicable to the individual the Village President appointed as Acting Village 81 Manager. The Village Board may invite specific persons to attend the closed session, and if 82 so, the persons invited will be announced prior to convening in closed session. 83 84 Trustee Ollman Aye 85 Trustee Aelion Aye 86 Trustee Stoltz Aye 87 Trustee Freedman Aye 88 Trustee Miller Aye 89 Trustee Barry Aye 90 President Symchych Aye 91 92 Carried by roll call vote (7-0). 93 94 RECONVENE INTO OPEN SESSION 95 96 Motion made by President Symchych, seconded by Trustee Ollman and carried by roll 97 call vote (7-0), to reconvene into open session at 9:36 p.m. 98 99 Motion made by President Symchych, seconded by Trustee Miller and carried by roll call vote 100 (5-2 with Trustees Aelion and Stoltz abstaining), to Pursuant to Village Ordinance Section 112-101 4.5, the Village Board finds the circumstances warrant the appointment of an Acting Village 102 Manager and hereby confirms the Village President’s appointment of Chief Chris Freedy to 103 serve as Acting Village Manager, on the following terms: 104 VB Packet 08/12/2025 Page 10 of 220 VILLAGE OF FOX POINT SPECIAL VILLAGE BOARD MEETING MINUTES JULY 16, 2025 3 1. The Acting Village Manager shall be paid 15% percent more than his current salary during 105 the period of service as Acting Village Manager. 106 107 2. The Acting Village Manager’s powers and duties include all authority described in Section 108 112-2 of the Village Code, except: 109 a. The powers described in Section 112-2 A. (1) (hire and fire) 110 b. The powers described in Section 112-2 C. (transfer of funds) 111 c. The powers described in Section 112-2. D. (sale of surplus property) 112 The Village Manager’s powers not conferred on the Acting Village Manager are reserved for the 113 Village Board. 114 3. This appointment addresses service in addition to, not to the exclusion of, the powers and 115 duties of the office the appointee currently holds in the Village. 116 117 4. This appointment shall take effect immediately upon the Acting Village Manager’s 118 acceptance of the appointment on these terms and filing the official oath. 119 120 CLOSED SESSION 121 122 c. Motion made by President Symchych, seconded by Trustee Miller, to convene into closed 123 session at 9:41 p.m., Pursuant to State Statutes Sections: 19.85(1)(g) to confer with legal 124 counsel for the government who is rendering oral or written advice concerning strategy to be 125 adopted by the governing body with respect to litigation in which the body is involved; more 126 specifically regarding the Milwaukee County Circuit Court case entitled “The Town Club v. 127 Village of Fox Point”. The Village Board will be including the following staff: Village Clerk, 128 Village Assistant Manager, Village Attorney. 129 130 Trustee Ollman Aye 131 Trustee Aelion Aye 132 Trustee Stoltz Aye 133 Trustee Freedman Aye 134 Trustee Miller Aye 135 Trustee Barry Aye 136 President Symchych Aye 137 138 Carried by roll call vote (7-0). 139 140 President Symchych recused herself and turned over deliberations to Trustee Ollman. Trustee 141 Ollman took over Chair Pro Tem. 142 143 RECONVENE INTO OPEN SESSION 144 145 Motion made by Trustee Ollman, seconded by Trustee Freedman and carried by roll call 146 vote (6-0), to reconvene into open session at 10:23 p.m. 147 148 ADJOURNMENT 149 150 Motion made by Trustee Ollman, second by Trustee Freedman, and carried by roll call 151 vote (6-0) to adjourn the Village Board meeting at 10:23 p.m. 152 153 154 Respectfully submitted, 155 156 157 VB Packet 08/12/2025 Page 11 of 220 VILLAGE OF FOX POINT SPECIAL VILLAGE BOARD MEETING MINUTES JULY 16, 2025 4 Sara A. Bruckman 158 Clerk Treasurer 159 160 161 162 Published and Posted , 2025 163 VB Packet 08/12/2025 Page 12 of 220 Proclamation Wisconsin Stormwater Week September 20-28, 2025 WHEREAS, a significant source of pollutants entering the navigable waters of Wisconsin comes from polluted stormwater runoff that flows directly into our waters; and WHEREAS, polluted stormwater runoff entering into rivers, lakes, streams, and other waterways can negatively affect wildlife, ecosystems, quality of drinking water, and recreational activity; and WHEREAS, common sources of stormwater pollution are sediments, road salt, automotive chemicals, litter and debris, household hazardous chemicals, bacteria, nutrients, and yard and pet waste; and WHEREAS, it is imperative that pollutants be prevented from entering stormwater runoff from Fox Point’s roadways, homes, and businesses; and WHEREAS, Fox Point has made significant strides to improve water quality by implementing green infrastructure projects: and WHEREAS, this week provides an opportunity to educate and encourage greater efforts across Fox Point and Wisconsin to reduce stormwater pollution and adopt green infrastructure practices; Now, Therefore, I, Christine Symchych, President of Village of Fox Point, do hereby recognize the week of September 20 through September 28, as Fox Point, Wisconsin Stormwater week. Dated this 12th day of August, 2025. Signed: Attest: Village President Christine Symchych Village Clerk Sara Bruckman VB Packet 08/12/2025 Page 13 of 220 VB Packet 08/12/2025 Page 14 of 220 VB Packet 08/12/2025 Page 15 of 220 VB Packet 08/12/2025 Page 16 of 220 VB Packet 08/12/2025 Page 17 of 220 VB Packet 08/12/2025 Page 18 of 220 VB Packet 08/12/2025 Page 19 of 220 VB Packet 08/12/2025 Page 20 of 220 N. SANTA MONICA BLVD. CHICAGO & NORTHWESTERN/UNION PACIFIC E. BRADLEY RD. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ VICINITY MAP Date: July 9, 2025 Owner : The Town Club 7950 N. Santa Monica Blvd. Fox Point, WI 53217 SITE A redivision of Lot 1 of Certified Survey Map No. 9667 all in the Northwest 1/4 of the Northwest 1/4 of Section 16, Township 8 North, Range 22 East, in the Village of Fox Point, Milwaukee County, Wisconsin. CERTIFIED SURVEY MAP NO. All bearings are referenced to the Wisconsin State Plane Coordinate System, South-zone (NAD83/2011) in which the North line of the NW 1/4, Sec. 16 bears N89°31'33"E. Indicates found 1" iron pipe. 234 W. Florida StreetMilwaukee, WI 53204414-224-8068www.chaputlandsurveys.com Sheet 1 of 4 Sheets Survey No. 5247-lpm This instrument was drafted by Allen J. Schneider Professional Land Surveyor S-2194 Graphic Scale 1" = 150' VB Packet 08/12/2025 Page 21 of 220 N. SANTA MONICA BLVD. CHICAGO & NORTHWESTERN/UNION PACIFIC E. BRADLEY RD. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Graphic Scale 1" = 150' Date: July 9, 2025 A redivision of Lot 1 of Certified Survey Map No. 9667 all in the Northwest 1/4 of the Northwest 1/4 of Section 16, Township 8 North, Range 22 East, in the Village of Fox Point, Milwaukee County, Wisconsin. CERTIFIED SURVEY MAP NO. 234 W. Florida StreetMilwaukee, WI 53204 414-224-8068www.chaputlandsurveys.com Sheet 2 of 4 Sheets Survey No. 5247-lpmThis instrument was drafted by Allen J. Schneider Professional Land Surveyor S-2194 VB Packet 08/12/2025 Page 22 of 220 SURVEYOR'S CERTIFICATE STATE OF WISCONSIN} :SS MILWAUKEE COUNTY} I, ALLEN J. SCHNEIDER, a professional land surveyor, certify: THAT I have surveyed, divided and mapped a redivision of Lot 1 of Certified Survey Map No. 9667, recorded July 1, 2025, as Doc. No. 11518955, all in the Northwest 1/4 of the Northwest 1/4 of Section 16, Township 8 North, Range 22 East, in the Village of Fox Point, Milwaukee County, Wisconsin, bounded and described as follows: COMMENCING at the Northwest corner of the Northwest 1/4 of said Section 16, thence North 89°31'33" East along the North line of said 1/4 Section 1026.09 feet to a point; thence South 00°25'27" East 33.00 feet to the South line of E. Bradley Road and point of beginning of the lands hereinafter described; thence North 89°31'33" East along said South line 215.50 feet to a point on the West line of the Chicago and Northwestern Railroad; thence South 00°25'27" East along said West line 1518.56 feet to a point; thence South 89°23'46" West 215.50 feet to a point on the East line of North Santa Monica Boulevard; thence North 00°25'27" West along said East line 1519.05 feet to the point of beginning. Said lands as described contains 327,302 square feet or 7.5138 acres. THAT I have made the survey, land division and map by the direction of The Town Club, owner. THAT the map is a correct representation of all the exterior boundaries of the land surveyed and the land division thereof made. THAT I have fully complied with Chapter 236 of the Wisconsin Statutes and the subdivision regulation of the Village of Fox Point in surveying, dividing and mapping the same. Date: July 9, 2025 ______________________ Allen J. Schneider Professional Land Surveyor S-2194 Sheet 3 of 4 Sheets Survey No. 5247-lpmThis instrument was drafted by Allen J. Schneider Professional Land Surveyor S-2194 A redivision of Lot 1 of Certified Survey Map No. 9667 all in the Northwest 1/4 of the Northwest 1/4 of Section 16, Township 8 North, Range 22 East, in the Village of Fox Point, Milwaukee County, Wisconsin. CERTIFIED SURVEY MAP NO. VB Packet 08/12/2025 Page 23 of 220 Sheet 4 of 4 Sheets Survey No. 5247-lpmThis instrument was drafted by Allen J. Schneider Professional Land Surveyor S-2194 A redivision of Lot 1 of Certified Survey Map No. 9667 all in the Northwest 1/4 of the Northwest 1/4 of Section 16, Township 8 North, Range 22 East, in the Village of Fox Point, Milwaukee County, Wisconsin. CERTIFIED SURVEY MAP NO. CORPORATE OWNER'S CERTIFICATE The Town Club, a Wisconsin Corporation duly organized and existing under and by virtue of the laws of the State of Wisconsin, as owner, certifies that said corporation caused the land described on this map to be surveyed, divided, dedicated and mapped as represented on this map in accordance with the requirements of the Village of Fox Point Code of Ordinances. In consideration of the approval of the map by the Village Council of the Village of Fox Point and in accordance with the Village of Fox Point Code, the undersigned agrees: In Witness Where of, The Town Club, a Wisconsin Corporation, has caused these presents to be signed by ________________, its ___________________ this ______ day of _________________,20___. In the presence of: _________________________________ _________________________________ STATE OF _______________} :SS ________________COUNTY} Personally came before me this ______ day of __________________, 20___, the above named _________________, to me known as the person who executed the foregoing instrument and acknowledged the same. _________________________________ Notary Public State of Wisconsin My commission expires:_________ My commission is permanent. Date: July 9, 2025 Approved by the Village Board of the Village of Fox Point on the _____ day of ________________, 20___ ____________________________ CHRISTINE SYMCHYCH, PRESIDENT ____________________________ SARA BRUCKMAN, CLERK TREASURER VILLAGE BOARD APPROVAL VB Packet 08/12/2025 Page 24 of 220 VB Packet 08/12/2025 Page 25 of 220 VB Packet 08/12/2025 Page 26 of 220 VB Packet 08/12/2025 Page 27 of 220 VB Packet 08/12/2025 Page 28 of 220 VB Packet 08/12/2025 Page 29 of 220 VB Packet 08/12/2025 Page 30 of 220 VB Packet 08/12/2025 Page 31 of 220 VB Packet 08/12/2025 Page 32 of 220 VB Packet 08/12/2025 Page 33 of 220 MEMORANDUM To: Board of Trustees From: Christopher Freedy, Acting Village Manager Date: July 25, 2025 RE: Surplus Property As outlined in Village code 112 -4.5, the acting manager has the authority granted to the Village Manager position with the exception of 112 -2.D; Sale of Surplus Property. I am requesting permission from the Village Board to sell surplus property currently in the possession of the Police Department and Department of Public Works through a public auction. This process is consistent with the disposal methods outlined in village code and past practices. The auction sites include Auction Associates in Ripon W isconsin for vehicles and Wisconsin Surplus Online Auction for small equipment and vehicle accessories. The initial items to be sold include: • Police Utility Vehicle at end of life and replaced through capital budget in 2025. • Police vehicle equipment that is non-compatible with current vehicles, end of life, or non- operational. • Computer equipment and accessories including rack mounted battery back-up systems. • DPW sand blasting cabinet • 3 large 15HP pump motors for the main pool. • 2 smaller 1HP pump motors for the wading pool. • A small booster pump motor used to help circulate the pool water • The 2 chemical controllers used to regulate the chlorine and acid. Additional items of small equipment may be identified for placement in the online auction as staff review current inventory and the police property room inventory is completed for identification of abandoned property. VB Packet 08/12/2025 Page 34 of 220 MEMORANDUM To: Village Board of Trustees From: Christopher Freedy; Acting Village Manager Date: July 28, 2025 RE: Invoice Payment I attended a meeting with our North Shore Library partner municipalities to receive an update on the financial status of the new library project on July 28, 2025. During the meeting, I was advised by the library fiscal agent ( Bayside Village Manager And y Pe derson) that the project was proceeding on (or close to) schedule, with pledged donations arriving as expected; however, the partner municipalities would need to submit their payments for the shared community costs before September 1, 2025. The Fox Point Village Board approved the North Shore Library Funding Agreement, Resolution 2025-05, at the regular May board meeting (May 13, 2025 ). This funding agreement authorized the borrowing of $643,185.00 and I am expecting an invoice from the fiscal agent to arrive in August of this year to cover ongoing construction expenses. As a note to the board, the resolution does allow for refunds to be issued by the fiscal agent in the event donations or other funds become available for the project , thereby reducing the member municipalities fiscal obligation. I am requesting the Village Board to authorize payment in the amount of $643,185.00 to the fiscal agent upon receipt of a proper invoice. VB Packet 08/12/2025 Page 35 of 220 VB Packet 08/12/2025 Page 36 of 220 VB Packet 08/12/2025 Page 37 of 220 VB Packet 08/12/2025 Page 38 of 220 VB Packet 08/12/2025 Page 39 of 220 VB Packet 08/12/2025 Page 40 of 220 VB Packet 08/12/2025 Page 41 of 220 VB Packet 08/12/2025 Page 42 of 220 VB Packet 08/12/2025 Page 43 of 220 VB Packet 08/12/2025 Page 44 of 220 VB Packet 08/12/2025 Page 45 of 220 VB Packet 08/12/2025 Page 46 of 220 VB Packet 08/12/2025 Page 47 of 220 VB Packet 08/12/2025 Page 48 of 220 VB Packet 08/12/2025 Page 49 of 220 RESOLUTION NO. _______ RESOLUTION TO RATIFY THE EMERGENCY PROCLAMATION OF PRESIDENT SYMCHYCH PERTAINING TO THE STORM DAMAGE ARISING FROM THE AUGUST 9-10 STORM EVENT IN THE VILLAGE OF FOX POINT, AND DECLARATION OF EMERGENCY WHEREAS, overnight between August 9 and August 10, 2025, a major storm dropped record heavy rainfall throughout Southeast Wisconsin, causing flooding, downed trees, and major damage to public and private infrastructure (the “Storm Event”); and WHEREAS, the Village of Fox Point received rainfall measured in double digits, all from this single Storm Event, along with wind and related causes, which has damaged or threatened damage to Village infrastructure, which may include roads, stormwater facilities, and public buildings; and WHEREAS, residents of the Village of Fox Point also incurred substantial damages caused by the Storm Event, which creates a need for emergency removal of destroyed furniture, debris and vegetation (“Destroyed Material”) by the Village, to keep roadways clear, to avoid attracting infestation, attractive nuisances and further risks of damage and disease; and WHEREAS, pursuant to sections 323.11 and 323.14(4)(b) of the Wisconsin Statutes, the chief executive officer of the Village of Fox Point, President Symchych, proclaimed a state of emergency in effect from August 11, 2025 until the Village Board could meet on August 12, 2025; and WHEREAS, President Symchych duly invoked the emergency powers of Section 61.54 and 62.15(1b), Wisconsin Statutes, and directed the Director of Public Works to retain such contractors as are necessary for prompt repair of public facilities that are damaged or threatened due to the Storm Event, and for prompt removal and disposal of Destroyed Material. NOW, THEREFORE BE IT RESOLVED that the Village Board of the Village of Fox Point does hereby ratify President Symchych’s Emergency Proclamation due to the Storm Event; and BE IT FURTHER RESOLVED, that the Village of Fox Point Village Board hereby DECLARES A STATE OF EMERGENCY, which continues and extends the powers granted by the Village President’s Proclamation dated August 11, 2025, and invokes the emergency powers of Section 61.54 and 62.15(1b), Wisconsin Statutes, and directs the Director of Public Works to retain such contractors as are necessary for prompt repair of public facilities that are damaged or threatened due to the Storm Event, and for prompt removal and disposal of Destroyed Material. BE IT FURTHER RESOLVED, that the State of Emergency and the powers hereby conferred are restricted to responses necessary to promptly address the impacts of the Storm Event. BE IT FURTHER RESOLVED, that this Resolution shall remain in effect.until rescinded by the Village Board. VB Packet 08/12/2025 Page 50 of 220 Dated this ____________ day of August, 2025 BY THE VILLAGE BOARD _______________________________ Christine Symchych, Village President ATTEST: ___________________________________ Sara Bruckman, Village Clerk VB Packet 08/12/2025 Page 51 of 220 VB Packet 08/12/2025 Page 52 of 220 VB Packet 08/12/2025 Page 53 of 220 VB Packet 08/12/2025 Page 54 of 220 VILLAGE OF FOX POINT MILWAUKEE COUNTY WISCONSIN VILLAGE HALL 7200 N. SANTA MONICA BLVD. FOX POINT WI 53217-3505 414-351-8900 FAX 414-351-8909 To: Plan Commission From: Kevin Ausman, Assistant Village Manager CC: Chief Christopher Freedy, Acting Village Manager Date: August 4, 2025 Re: Miracle Ear - CUP Overview Peter Gaspary has applied for conditional use approval to establish Miracle Ear, in an existing tenant space within the Fox Point Shops, located at 6850 N Santa Monica Blvd. The application under Section 745-18D(1)(i) would allow a hearing aid retail, service, and testing center in the D Business District. Request Miracle Ear is proposing an appointment-based business for the retail sale and service of hearing aids and accessories, along with testing performed by hearing aid specialists. The application proposes: • Interior modifications for a waiting area and two test rooms • Hours of Operation: Monday through Saturday, 9AM – 5PM No exterior modifications to the building façade or site are proposed. Sufficient parking exists within the Fox Point Shops center to accommodate customers and two employees. Recommendation Staff recommends that the Plan Commission recommend that the Village Board approve the conditional use request following a mandatory public hearing. VB Packet 08/12/2025 Page 55 of 220 July 23, 2025 Village of Fox Point 7200 N. Santa Monica Blvd. Fox Point, WI 53217 RE: CONDITIONAL USE PERMIT Miracle Ear 6850 N. Santa Monica Blvd. Fox Point, WI 53217 To The Village of Fox Point: M.S. Fox Point, LLC supports the proposed use of a Miracle Ear facility offering hearing aid service at 6850 N. Santa Monica Blvd. We look forward to this addition to our shopping center. Please let me know if you have any questions. Thank you, M.S. Fox Point, LLC Jeff Brown Jeff Brown General Capital Management, Inc. Authorized Agent for M.S. Fox Point, LLC VB Packet 08/12/2025 Page 56 of 220 VB Packet 08/12/2025 Page 57 of 220 VB Packet 08/12/2025 Page 58 of 220 VB Packet 08/12/2025 Page 59 of 220 VB Packet 08/12/2025 Page 60 of 220 VB Packet 08/12/2025 Page 61 of 220 VB Packet 08/12/2025 Page 62 of 220 VB Packet 08/12/2025 Page 63 of 220 VB Packet 08/12/2025 Page 64 of 220 VB Packet 08/12/2025 Page 65 of 220 VB Packet 08/12/2025 Page 66 of 220 VB Packet 08/12/2025 Page 67 of 220 iracle-EarM R VB Packet 08/12/2025 Page 68 of 220 VB Packet 08/12/2025 Page 69 of 220 VB Packet 08/12/2025 Page 70 of 220 https://sonnemanlight.com/candela-single-pendant – VB Packet 08/12/2025 Page 71 of 220 VB Packet 08/12/2025 Page 72 of 220 VB Packet 08/12/2025 Page 73 of 220 1 Conditional Use Order WHEREAS, an application has been filed by Miracle Ear (hereinafter "Applicant"); and WHEREAS, the Applicant is requesting that a conditional use permit be granted pursuant to the Zoning Ordinance of the Village of Fox Point for the property located at 6850 N Santa Monica Blvd, Fox Point, Wisconsin. NOW, THEREFORE, the Village of Fox Point Village Board, upon consideration of thoughts expressed by all persons heard at the Village Board meeting in this matter, upon consideration of the recommendation from the Plan Commission, and following all necessar y study and investigation, having given the matter due consideration, hereby ORDERS AS FOLLOWS: Commencing upon the date hereof, the Applicant is hereby granted a conditional use permit, subject to initial and continued compliance with each and every one of the following conditions, restrictions and limitations. 1. Use Restricted. Miracle Ear will operate a hearing aid retail, service , and testing center . All business operations will occur in the interior of the tenant space. The hours of operation shall be limited to 9:00 AM until 5:00 PM, Monday through Saturday. 2. Presentation Compliance. All of the Applicant’s plans, specifications, terms and representations as submitted with the application, or in support thereof, or as represented to the Village Board in the course of the approval process, are specifically incorporated herein and made a part hereof by reference, and the use of the subject property shall be in substantial conformance with the same except as further restricted or modified herein. 3. Not Transferable. This conditional use permit is granted to the Applicant and shall not be transferred or assigned without the Village Board’s prior written consent, which may only be granted following the Village Board’s receipt of a recommendation from the Plan Commission. 4. Applicant and Owner Agreement. As a condition precedent to the issuance of the conditional use permit, the owner of the Subject Property shall approve the issuance of this conditional use permit upon the terms and conditions described herein in writing, and the Applicant is required to accept the terms and conditions of the same in its entirety in writing. 5. Other Uses Prohibited . Any use not specifically listed as permitted shall be considered to be prohibited except as may be otherwise specifically provided herein. In case of a question as to whether a use is permitted, the question shall be submitted to the Plan Commission fo r recommendation to the Village Board, and then to the Village Board for determination. 6. No Nuisances, and Compliance with Applicable Laws. No use is hereby authorized unless the use is conducted in a lawful, orderly and peaceful manner. Nothing in this order shall be deemed to authorize any public or private nuisance or to constitute a waiver, exemption or exception to any law, ordinance, order or rule of either the municipal governing body, the County of Milwaukee, the State of Wisconsin, the United States of America or other duly constituted authority, except only to the extent that it authorizes the use of the subject property above described in any specific respects described herein. This order shall not be deemed to constitute a building permit, nor shall this order constitute any other license or permit required by Village ordinance or other law. 7. Subject Property Only . This conditional use hereby authorized shall be confined to the Subject Property described, without extension or expansion other than as noted herein. 8. Abandonment. Should the permitted conditional use be abandoned in any manner, or discontinued in use for twelve (12) months, or continued other than in strict conformity with the conditions of the original approval, or should the Applicant be delinquent in payment o f any monies due and owing to the Village, or should a change in the character of the surrounding area or the use itself cause it to be no longer compatible with the surrounding area or for similar cause based upon consideration of public health, safety or welfare, the conditional use may be terminated by action of the Village Board following receipt of a recommendation from the Plan Commission and after the Village Board holds a public hearing in the matter. 9. Amendments. Any change, addition, modification, alteration and/or amendment of any aspect of this conditional use, including but not limited to an addition, modification, alteration, and/or VB Packet 08/12/2025 Page 74 of 220 2 amendment to the use, premises (including but not limited to any change to the boundary limits of the Subject Property), structures, lands or owners, other than as specifically authorized herein, shall require a new permit and all procedures in place at the time must be followed. 10. Plan Amendments. Unless this conditional use permit expressly states otherwise, plans that are specifically required by this conditional use order may be amended (a) without separate approval in the limited circumstances described in Section 14.19(11) of the Village Code; or (b) by the Village Board upon receipt of a recommendation from the Plan Commission if the Village Board finds the plan amendment to be minor and consistent with the conditional use permit. Any change in any plan that the Village Board, in its sole discretion, finds to be substantial shall require a new permit, and all procedures in place at the time must be followed. 11. Severability. Should any paragraph or phrase of this conditional use permit be determined by a Court to be unlawful, illegal or unconstitutional, said determination as to the particular phrase or paragraph shall not void the rest of the conditional use and the remainder shall continue in full force and effect. 12. Most Restrictive Applies . If any aspect of this conditional use permit or any aspect of any plan contemplated and approved under this conditional use is in conflict with any other aspect of the conditional use or any aspect of any plan of the conditional use, the more restrictive provision shall be controlling as determined by the Plan Commission. 13. Prior Conditional Use Permits Terminated . Unless stated otherwise herein or in the documents incorporated herein, all conditional use permits previously granted for the Subject Property, if any, shall be automatically terminated without further action of the Village Board immediately following full satisfaction of all condition’s precedent to this conditional use order taking effect. 14. Payment of fees. Applicant shall, on demand, reimburse the Village for all costs and expenses of any type that the Village incurs in connection with this conditional use order including the cost of professional services incurred by the Village (including engineering, le gal, planning and other consulting fees) for the review and preparation of required documents or attendance at meetings or other related professional services for this application, as well as to enforce the conditions in this conditional use order due to a violation of these conditions. 15. Payment of Taxes and Charges. Any unpaid bills owed to the Village by the Subject Property Owner or his or her tenants, operators or occupants, for reimbursement of professional fees; or for personal property taxes; or for real property taxes; or for licenses, permit fees or any oth er fees owed to the Village; shall be placed upon the tax roll for the Subject Property if not paid within thirty (30) days of billing by the Village, pursuant to Section 66.0627, Wisconsin Statutes. Such unpaid bills also constitute a breach of the requirements of this conditional use order, that is subject to all remedies available to the Village, including possible cause for termination of the conditional use order. 16. Conditions Shown in Minutes Incorporated . All conditions of approval imposed by duly adopted motion of the Village Board in its consideration of the Applicant’s application, as noted in the Minutes of the Village Board meeting at which approval was granted, are specifically incorporated herein by reference. 17. The Applicant is obligated to file with the Village Clerk a current mailing address and current phone number at which the Applicant can be reached, which must be continually updated by the Applicant if such contact information should change, for the duration of this conditional use. If the Applicant fails to maintain such current contact information the Applicant thereby automatically waives notice of any proceedings that may be commenced under this conditional approval, including proceedings to terminate this conditional use. VB Packet 08/12/2025 Page 75 of 220 3 Let copies of this order be filed in the permanent records of the Village Board for the Village of Fox Point, and let copies be sent to the proper Village of Fox Point authorities and the Applicant and Owner. Signed this _____ day of ______________, 2025, nunc pro tunc the _______ day of ________________, 2025. BY THE FOX POINT VILLAGE BOARD: Christine Symchych, Village President Attest: Sara A Bruckman, CMC/WCMC, Village Clerk/Treasurer APPROVAL I hereby approve the issuance of this Conditional Use Permit to the Applicant on the terms and conditions described herein. Dated this day of , 2025. SUBJECT PROPERTY OWNER ____________________________ By:__________________________________________________ Authorized Signatory Title: ________________________________________________ ACCEPTANCE I hereby accept the terms and conditions of this Conditional Use in its entirety. Dated this day of , 2025. APPLICANT: By: __________________________________________________ Authorized Signatory Title: ___________________________ VB Packet 08/12/2025 Page 76 of 220 MEMORANDUM To: Fox Point Board of Trustees From: Chrstopher Freedy, Acting Village Manager Date: August 7, 2025 Re: 5-Year Capital Plan Please find enclosed the 2026 -2030 Capital Budget Planning documents from the department heads. These documents are presented to give the Board and members of the public an insight as to the needs of the Village moving into the next 5 years, as well as further into the future for larger or more impactful projects. Over the past several years, the staff have presented large -scale projects with significant fiscal impact to the village. While the Village is currently in a superior financial position, this can change; either immediately or over an extended period of time. The plan being presented to the board will include a short-term period of lower spending as a means of long-term smoothing, after a recent period of higher expenses. The plan also contains several large -scale projects facing the village that will need to be addressed in the future. These documents do not represent any budgeting commitment on the part of the Village whatsoever, but serve as a communicative device and planning tool as we move into the budget preparation in the Fall. Each of the department heads will communicate the specifics of their projected capital plan to the board and be available to answer questions related to the budget proposals. Immediate needs from each of the departments include: • DPW: Road resurfacing, stormwater sewer repairs, footpath renovations, water meter replacements, and equipment replacement • Village Administration: Election equipment and software, document scanning services • Police Department: Police equipment, dispatch capital costs, and vehicle replacement Projects that the board needs to be aware of that will have a long-term financial impact: • Village Hall / DPW Facility The Village had a space needs assessment performed by Barrientos in 2019 communicating the needs for a new facility. As costs have increased markedly since, I have estimated the cost for such a facility to now be potentially over $20 million. VB Packet 08/12/2025 Page 77 of 220 Village operations have not changed since that study and we have added recycling service. The equipment necessary for this service requires additional space for equipment storage, storage in a facility which is already full given our existing service levels. The building itself is obviously older and we spend an increasing amount of unplanned dollars of basic operational matters, such as heating and cooling, plumbing, and other fundamental operational matters. Further, the building is simply inefficient to operate. VB Packet 08/12/2025 Page 78 of 220 1 To: Village of Fox Point Village Board From: Scott Brandmeier, Director of Public Works Through: Chris Freedy, Interim Village Manager Date: August 5, 2025 Re: 2026-2030 Proposed Capital Improvement Program The proposed 2026-2030 Proposed Capital Improvement Program (CIP) is a continuation of prior CIP plans presented to the Village Board with modifications that represent additions to the plan (e.g. scanning files), shifting of projects to accommodate more pressing needs, and updates to the estimates. Please note the following: 1. The Beach Drive Shoreline, GIS and Forestry line items are recurring costs with the Beach Drive and GIS components being operational costs. Nonetheless, these have been included for reference purposes. In Forestry, we continue to maintain a line item for EAB Management because we treat the remaining ash (approximately 780) every year (half in even years and half in odd years). Maintaining the $75,000 line item also allows us the flexibility to remove ash that have not responded well to treatments and replant in that area. For instance, the Forester has recently noted that about 8 to 10 ash have been marked for removal this fall due to their condition deteriorating beyond where treatments would prove beneficial. 2. The CIP items are estimates – some costs are more refined (e.g. the cost estimates that we received for the 2026 road and utility construction on Thorne and Beach) while others are rough estimates based on recent construction costs. For instance, we look at the bid costs we receive for each project and calculate that cost into a per foot cost for the roads, water and storm, then extend that cost to the roads that we plan to do in the future. While costs can vary depending on the type of project undertaken (e.g. complete reconstruction of a road versus a simple mill and overlay), we have used the following estimates: a. $200 to $300 per foot for roadway construction. b. $250 to $325 per foot for stormwater work (depends on whether it is simply a ditching project or we are incorporating green infrastructure components). VB Packet 08/12/2025 Page 79 of 220  Page 2 c. $300 to $350 per foot for water main construction. d. $30 to $90 per foot for path construction (mill and overlay an existing path versus new construction of a path (high end)). 3. For 2026 and 2027, I included an estimated capital costs by fund category for easy reference. I have not done that for 2028 and later because there is likely to be fluctuation in projects undertaken during that timeframe. These capital costs, though, exclude the Beach Drive and GIS related costs (more akin to recurring operating costs but are included for reference). 4. In 2026, I include line items for improvements to the two Beach Drive jetties as the bid price for 2025 is approximately $700,000 with inspection estimated to be about $65,000. If the Board approves the recommendation to reject the bid, the funds budgeted in 2025 will likely be placed in the Capital Projects Fund fund balance and we will budget the cost of the work for 2026. 5. You will see two different prices for path construction in 2026 and 2027 - $30/foot for the Lake Drive path and $90/foot for the Yates Road path. The difference between the two is that the Lake Drive path is already established and should only require removal and repaving of the path whereas the Yates Road path will be a new path requiring grading and shaping, placement of stone, drainage improvements to ensure stormwater flows under (or over) the path, and path construction. 6. Two trucks in DPW (numbers 5 and 11) are proposed to be replaced in 2026. These are two of our 5-yard trucks used for leaf collection activities. Due to the use these trucks see (plowing, leaf collections, etc.), they experience a lot of wear and tear and are scheduled for replacement. No. 20 is used as a plow truck and our asphalt patch truck. This truck is also in poor condition and the replacement of Nos. 5, 11 and 20 may shift between the two years depending on the Fleet Manager’s recommendations. 7. In 2026, we are also looking to replace the springs, cables and rollers on the garage doors servicing DPW. We do not have a cost estimate on the replacement of the springs and rollers yet, but should have this information for the budget deliberations. 8. I have also added two options for the Village Hall/DPW roof – option 1 is to repair the leaking sections of the roof (estimated at $75,000 to include flashing work) and the other option is to replace the entire roof at an estimated cost of $350,000 (we received a quote for roughly $260,000 with additional costs like flashing repairs, etc. to be billed out at $190 per hour plus material). 9. Other highlights in 2026: a. Under miscellaneous capital, I have added in the design of the replacement of the dry stacked Lannon stone retaining wall in the 7900 block of North Beach Drive. I have noticed a gradual pushing of the wall from the bluff above and plan to undertake a design process in 2026 with replacement of the wall in 2027 (refer to image on next page). VB Packet 08/12/2025 Page 80 of 220  Page 3 b. Staff received a letter from MMSD this past January noting that Sanitary Sewer Basin No. 2 was noncompliant with the peak flows permissible in the area. This basin shares a flow meter with two basins from Bayside that flow into Fox Point. A response was provided to MMSD regarding this matter requesting that they do some additional investigations to determine whether Fox Point or Bayside is the source of the increased flows. Nonetheless, we continue to perform sanitary sewer main and manhole rehabilitations but have shifted some of our focus to the northern portion of the Village between 2026 and 2028. c. Aside from our storm sewer work on the road and utility projects, we are looking to replace/improve storm water drainage in three areas: i. On Gray Log Lane just to the north of Fox Lane (spot repairs and lining of the remainder of the pipe). ii. Replace the storm sewer on Fox Lane from Goodrich to the west about 200 feet. iii. Replace the storm sewer along the south property line at 7930 North Lake Drive. VB Packet 08/12/2025 Page 81 of 220  Page 4 d. On the road and utility side of things: i. We intend to undertake the construction of both Beach (Lake Drive to bottom of the bluff) and Thorne Lane in 2026 but those priorities could shift depending on budget availability. Namely, Beach Drive may be pushed off an additional year considering the cost of both projects and the other capital needs. ii. Assuming the projects stay on schedule, we will finalize the design for Bell and Yates and begin design activities for the 2028 project (Daisy, Bridge, Dean and Allen). iii. For the benefit of the reader, I have also included an updated history of road reconstruction projects which lists the roads, when they were completed and the plan for future construction through 2033. e. In the Water Utility, we will continue to replace the water meters (10-year plan) and tackle the replacement of lead laterals (5-year plan) on private property. Under this plan, residents will be responsible for the cost of replacement but would have the option to be specially assessed over a three- or four-year period. 10. Other long-term highlights: a. You will note that we have two scooters planned for replacement in 2028 (as well as a packer in 2027. Four of the scooters we have were purchased in 2020 and two of those we are planning to replace in 2028 as the life of the scooters is generally 7 to 8 years. However, at some point in time, the Village may be faced with the prospect of switching our collection services. While this has been discussed previously, two things are making collections more challenging: i. The fact that it is becoming increasing difficult to find employees to perform the work. Years ago, DPW jobs were coveted; now, it is a struggle for many communities to attract staff to perform these types of jobs. When I started in 2006, we would receive over 500 applications for one position with at least a dozen very well qualified to perform the work. Now, we are lucky to receive a half dozen to dozen actual applications and one or two may be qualified to perform the work. This year has been particularly daunting as we have had three DPW employees resign – two to take positions elsewhere and one for health reasons. If we do not have the staff to continue with up-the-drive services, then we may need to switch our equipment and collection services to roadside collection (and alter yard waste collections as well). ii. The levy cap impacting our ability to increase our operating expenditures. VB Packet 08/12/2025 Page 82 of 220  Page 5 b. This has been mentioned previously, but there are areas in the Village where we have storm sewer, sanitary sewer and water mains on private property (sometimes under homes or garages) which should be modified to remove these potential hazards. In the situation where these are located on private property, we have made attempts with the legislature (in particular, the League of Wisconsin Municipalities) to allow us to have easement rights where we may not currently have any rights; if we cannot obtain legislative relief, we may need to seek easements in each of these situations which will lead to legal and engineering costs to secure these rights. 11. Finally, you will see in 2030 three different placeholders: a cost to redo the rear portion of the DPW yard, the construction of a new pool and the construction of a new Village Hall/DPW facility. If a new DPW facility is constructed, the DPW yard will not have to be done. VB Packet 08/12/2025 Page 83 of 220 YEAR Dept. ACCOUNT # ITEM DESCRIPTION PURPOSE/RATIONALE COST BEACH DRIVE SHORELINE 2026 DPW 25-53800-234 DPW Beach Drive Shoreline Maintenance & Misc./ Repairs for Beach Drive Shoreline $25,000 GIS 2026 DPW 10-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $25,000 2026 WATER 50-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2026 SEWER 21-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2026 STORM 25-53800-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 total $70,000 FORESTRY 2026 DPW 40-91600-833 FORESTRY EAB management Manage ash in the Village - treatments, removals, plantings and administration (post 8-year) Varies $75,000 2026 DPW 40-91600-824 FORESTRY Annual tree planting Routine tree removals and plantings Varies $20,000 2026 DPW 40-91600-851 FORESTRY Diseased elm removal Remove diseased elms in the Village ROW Varies $10,000 2026 DPW FORESTRY Tree canopy scan Performing imaging of tree canopy in Village (subject to DNR grant to cover approx. 1/2 the cost) $50,000 total $155,000 MISC. CAPITAL 2026 DPW 40-91500-825 MISC Miscellaneous consultant tasks Capital account in place to assist with engineering reviews of applications $25,000 2026 DPW 40-91500-8010 DPW Road patching Misc. road patching - water main break, etc. (incl. est. to mill & overlay Gray Log from Fox to Bywater - rated a 4 in 2023) 1,200 ft. $300,000 2026 DPW 40-91500-xxx MISC Paths Repave Lake Dr pedestrian path (School to Holly Ct) (approx. $30/ft) $75,000 2026 DPW 40-xxxxx-xxx misc Evaluate & Design of Lannon stone retaining wall 7900 block of Beach Dr -stone wall approx. 150' long 6' high $25,000 2026 DPW 40-xxxxx-xxx MISC Scanning DPW files (1st of 5 year plan) Scan old DPW contract documents, drawings, etc. $25,000 total $450,000 EQUIPMENT 2026 DPW 40-91400-xxx EQUIPMENT #97 PRESSURE WASHER Put into service in 2011 15 years $20,000 2026 DPW 40-91400-xxx EQUIPMENT #5 patrol truck w/ plow, wing, salter Purchased 12/2012 - used as leaf truck 13 years $260,000 2026 DPW 40-91400-xxx EQUIPMENT #11/20 patrol truck w/ plow, wing, salter Purchased 12/2012 - used as leaf truck 13 years $260,000 2026 DPW 40-91400-xxx EQUIPMENT #112 Inspector Vehicle Purchased in 2007 - very rusted and broke down a few times 20 years $35,000 2026 DPW 40-91400-xxx EQUIPMENT #26 zero turn mower (SCAG) Purchased in 2017 - will be in service about 10 years when replaced 9 years $30,000 total $605,000 FACILITIES 2026 DPW 40-91600-XXX Facilities Garage Doors Operators & cables on some of the doors at DPW $50,000 2026 DPW 40-91600-XXX Facilities Garage Doors Replace springs and rollers on the garage doors (estimate to be received in August) 2026 VH 40-91600-XXX Facilities Village Hall Roof - Option 1 Repair leaks in roof above shop and repair flashing $75,000 2026 DPW 40-91600-XXX Facilities Village Hall Roof - Option 2 Replace roof at Village Hall (upper and lower sections) 350,000.00$ total $125,000 SEWER 2026 SEWER 21-91000-888 INFRASTRUCTURE Sewers Rehab 4,000 LF (2,000 from CCTV 2025 and 2,000 basin #3) Rehabilitation of the sewer mains 30-90 years $250,000 2026 SEWER 21-91000-888 INFRASTRUCTURE Design of Sewers 4,000 LF #3 Rehabilitation of the sewer mains 30-90 years $50,000 2026 DEPARTMENT OF PUBLIC WORKS LONG TERM CAPITAL FUND Proposed 2026-2037 Projects DRAFT 9 08/04/2025 LT_Capital_Worksheet_DPW_2026-2036 DRAFT 9 08.04.25 REQUEST TYPE AGE OF ITEM REPLACED 2026 SEWER 21-91000-888 INFRASTRUCTURE Lift station improvements Line inside of sumps, replace grates, replace pumps, upgrade systems (design activities) $50,000 2026 SEWER 21-91000-888 INFRASTRUCTURE Lift station improvements Line inside of sumps, replace grates, replace pumps, upgrade systems (est. const. cost - estimates being obtained) $150,000 2026 SEWER 21-91000-888 INFRASTRUCTURE CCTV Televise sections of Basins 1 and 2 per MMSD peak flow compliance letter from January 2025 $45,000 total $545,000 STORM 2026 STORM 25-91500-835 INFRASTRUCTURE Storm replacement General storm sewer improvements as needed 40-90 years $100,000 2026 STORM 25-91500-833 INFRASTRUCTURE Storm (moved from 2025) Design of spot repairs/lining of storm sewer pipe - Gray Log north of Fox Ln $10,000 2026 STORM 25-91500-833 INFRASTRUCTURE Storm (moved from 2025) Spot repairs and lining of storm sewer pipe - Gray Log Lane north of Fox Lane $100,000 2026 STORM 25-91500-833 INFRASTRUCTURE Storm (moved from 2025) Inspection of spot repairs/lining of storm sewer pipe - Gray Log north of Fox Ln $20,000 2026 STORM 40-91600-800 INFRASTRUCTURE Fox & Goodrich - S side of road 200ft 12"CMP Replace storm sewer pipe from Goodrich west $30,000 VB Packet 08/12/2025 Page 84 of 220 2026 STORM 25-91500-800 STORM WPDES Misc. activities related to DNR stormwater permit $50,000 2026 STORM 40-91600-800 STORM 7930 N Lake Replace 100' - 24" diameter CMP from Lake Dr east to ravine (badly deteriorated) $50,000 Total - storm proj. $360,000 2026 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Bell (Lake to Calumet - 09/24 contract - $34,000 for Bell + mtgs and PM - approx. $37,000) $11,500 2026 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Bell (Lake to Calumet - 09/24 contract - $34,000 for Bell + mtgs and PM - approx. $37,000) $12,500 2026 WATER 50-81000-800 WATER Design Water Reconstruction Design for Bell (Lake to Calumet - 09/24 contract - $34,000 for Bell + mtgs and PM - approx. $37,000) $13,000 2026 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Yates ( SM to Gr Tree - 09/24 contract - $75,000 for Yates + mtgs and PM - approximately $80,000) $44,000 2026 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Yates ( SM to Gr Tree - 09/24 contract - $75,000 for Yates + mtgs and PM - approximately $80,000) $19,000 2026 WATER 50-81000-800 WATER Design Water Reconstruction Design for Yates ( SM to Gr Tree - 09/24 contract - $75,000 for Yates + mtgs and PM - approximately $80,000) $17,000 2026 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Daisy & Bridge 25% (75% in 2027 const in 2028) $5,000 2026 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Daisy & Bridge 25% (75% in 2027 const in 2028) $13,000 2026 WATER 50-81000-800 WATER Design Water Reconstruction Design for Daisy & Bridge 25% (75% in 2027 const in 2028) $20,000 2026 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Dean & Allen 25% (75% in 2027 const in 2028) $20,000 2026 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Dean & Allen 25% (75% in 2027 const in 2028) $28,000 2026 WATER 50-81000-800 WATER Design Water Reconstruction Design for Dean & Allen 25% (75% in 2027 const in 2028) $32,000 Total - design $235,000 PROJECTS 2026 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Thorne $250,000 2026 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Thorne $30,000 2026 STORM 40-91600-800 STORM Road Reconstruction (storm) Reconstruct Thorne $175,000 2026 STORM 40-91600-800 STORM Construct Mgmt. Road Reconstruction Construct Mgmt. Thorne $25,000 2026 WATER 50-81000-800 WATER Road Reconstruction (water) Reconstruct Thorne & Coleman $700,000 2026 WATER 50-81000-800 WATER Construct Mgmt. Road Reconstruction Construct Mgmt. Thorne $60,000 2026 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $25,000 PROJECT DESIGN Thorne total $1,265,000 2026 DPW 40-91500-801 ROADS/Drainage Road/Drainage Reconstruct Beach Drive ( Lake Dr to the bottom) $1,100,000 2026 DPW 40-91600-800 Roads/Storm Storm Sewer Improvements Beach Drive (Lake to bottom of bluff) $250,000 2026 DPW 40-91500-801 ROADS/Drainage Const Mgmt. Road Reconstruction Alt. 1 Construct Mgmt. Beach Dr ( Lake Dr to the bottom) $125,000 Beach total $1,475,000 2026 Road 40-91500-801 ROADS Bradley Rd RR crossing improvement DOT may complete work in 2026 $250,000 Bradley Total $250,000 2026 Storm 40-91600-8900 STORM Beach Dr. Jetties Repair const Recommendation to reject the bid and bid in 2026 instead $725,000 2026 STORM 40-91600-800 STORM Beach Dr. Jetties repair inspection Recommendation to reject the bid and bid in 2026 instead $50,000 Jetty total $775,000 total WATER 2026 WATER 50-81000-653 WATER Water meter equipment replace water meters (10% of homes/yr) $100,000 2026 WATER WATER Lead lateral replacement Const. (yr 1 of 5) approximately 25 lead laterals $250,000 total $350,000 Fund 21 Sanitary Sewer $570,000 Fund 25 & 40 Storm Sewer Also includes Fund 40 storm sewer costs but excludes the jetty costs $882,500 Fund 40 Misc. Capital $450,000 Fund 40 Facilities $125,000 Fund 40 Capital Road related items (includes Bradley UP RR crossing) $1,835,500 Fund 40 Equipment $605,000 Fund 40 Forestry $155,000 ESTIMATED CAPITAL COSTS BY FUND (EXCLUDING GIS) move from 2025 VB Packet 08/12/2025 Page 85 of 220 Fund 50 Water $1,192,000 $5,815,000 $5,815,000 Total 2026 $5,815,000 BEACH DRIVE SHORELINE 2027 DPW 25-53800-234 DPW Beach Drive Shoreline Maintenance & Misc./ Repairs for Beach Drive Shoreline $25,000 GIS 2027 DPW 10-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $25,000 2027 WATER 50-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2027 SEWER 21-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2027 STORM 25-53800-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 total $70,000 FORESTRY 2027 DPW 40-91600-833 FORESTRY EAB management Manage ash in the Village - treatments, removals, plantings and administration (post 8-year) Varies $75,000 2027 DPW 40-91600-824 FORESTRY Annual tree planting Routine tree removals and plantings Varies $21,000 2027 DPW 40-91600-851 FORESTRY Diseased elm removal Remove diseased elms in the Village ROW Varies $9,000 total $105,000 MISC. CAPITAL 2027 DPW 40-91500-825 MISC Miscellaneous consultant tasks Capital account in place to assist with engineering reviews of applications $25,000 2027 DPW 40-91500-8010 DPW Road patching Misc. road patching - water main break, etc. (incl. est. to mill & overlay Gray Log from Bywater to Lake - rated a 4 in 2023) 2,100 ft $300,000 2027 DPW 40-xxxxx-xxx DPW Const of stone retaining wall 7900 block of Beach Dr -stone wall approx 150' of 6' high wall $200,000 2027 DPW 40-xxxxx-xxx MISC Scanning DPW files (2nd year of 5 year plan) Scan old DPW contract documents, drawings, etc. $25,000 2027 DPW 40-91500-801 PEDESTRIAN PATHS Replace pedestrian path Replace the pedestrian path between Lombardy and Crossway 25 years +/- $30,000 total $580,000 EQUIPMENT 2027 WATER 50-81000-800 EQUIPMENT #18 PICK-UP TRUCK 4X4 3/4 ton(utility box & plow) Purchased in 2013 $80,000 2027 DPW 40-91400-xxx EQUIPMENT #15 RUBBISH PACKER Purchased in 2015 $250,000 2027 DPW 40-91400-xxx EQUIPMENT #110 DPW/Elections vehicle This is an old Police squad car/SUV that was transitioned into a DPW car - only used for Village-wide driving $40,000 2027 DPW 40-91400-xxx EQUIPMENT #11/20 patrol truck, plow, wing, salter No. 20 was purchased in 2015 $275,000 2027 DPW 40-91400-xxx EQUIPMENT #113 3/4 ton pick up w/ lift gate No. 113 was purchased in 2011 $70,000 total $715,000 FACILITIES 2027 DPW XX-XXXXX-XX Facilities 2027 DPW XX-XXXXX-XX Facilities 2027 DPW XX-XXXXX-XX Facilities Total $0 SEWER 2027 SEWER 21-91000-888 INFRASTRUCTURE MH insp., recommendation, design (est. cost) Rehabilitation of the manholes in various sewer basins $40,000 2027 SEWER 21-91000-888 INFRASTRUCTURE MH const mgmt./insp (est cost) Rehabilitation of the manholes in various sewer basins $40,000 2027 SEWER 21-91000-888 INFRASTRUCTURE Const costs of MH rehab (est cost) Rehabilitation of the manholes in various sewer basins $400,000 2027 SEWER 21-91000-888 INFRASTRUCTURE Sewers Rehab 4,000 LF (Basins 1, 2, 3, 5 & 6) Rehabilitation and construction management of the sewer mains 30-90 years $300,000 2027 SEWER 21-91000-888 INFRASTRUCTURE Design of Sewers 4,000 LF Rehabilitation of the sewer mains 30-90 years $50,000 2027 SEWER 21-91000-888 INFRASTRUCTURE CCTV Televise sanitary sewer mains $40,000 Total $870,000 STORM 2027 STORM 25-91500-835 INFRASTRUCTURE Storm replacement General storm sewer improvements as needed 40-90 years $100,000 2027 moved from 2025, 2026 VB Packet 08/12/2025 Page 86 of 220 2027 STORM 25-91500-833 DPW SWMP update Update the stormwater management plan (performed approx. every 5 years) 5 years $90,000 2027 STORM 25-91500-846 MAINTENANCE Sewer Assessments est. 20,000 LF Storm sewer assessments & televising $40,000 2027 STORM 40-91600-800 STORM Design of bioswale Lake Dr - Dean to Spooner - West side (Kapur cost estimate- task 1 from 2023 report) $8,000 2027 STORM 40-91600-800 Storm Bioswale - construction Lake Dr - Dean to Spooner - West side (Kapur cost estimate- task 1 from 2023 report) $135,000 2027 STORM 40-91600-800 STORM Const. inspection Lake Dr - Dean to Spooner - West side (Kapur cost estimate- task 1 from 2023 report) $20,000 2027 STORM 25-91500-800 STORM Indian Creek Floodplain Improvements to reduce base flood elevation (est. cost - study not yet complete) $500,000 total $893,000 PROJECTS(DESIGN) 2027 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Daisy & Bridge (75% in 2027 const in 2028) $15,000 2027 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Daisy & Bridge (75% in 2027 const in 2028) $39,000 2027 WATER 50-81000-800 WATER Design Water Reconstruction Design for Daisy & Bridge (75% in 2027 const in 2028) $60,000 total $114,000 2027 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Dean & Allen (75% in 2027 const in 2028) $60,000 2027 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Dean & Allen (75% in 2027 const in 2028) $84,000 2027 WATER 50-81000-800 WATER Design Water Reconstruction Design for Dean & Allen (75% in 2027 const in 2028) 1/3 Allen done already $96,000 total $240,000 2027 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Yates (Green Tree north to SM) & Claire Ct (25% in 2027 75% in 2028 const in 2029) $24,000 2027 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Yates (Green Tree north to SM) & Claire Ct (25% in 2027 75% in 2028 const in 2029) $33,000 2027 WATER 50-81000-800 WATER Design Water Reconstruction Design for Yates (Green Tree north to SM) & Claire Ct (25% in 2027 75% in 2028 const in 2029) $38,000 total $95,000 2027 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Santa Monica (Yates to Green Tree) 25% in 2027 (75% in 2028 const 2029) $32,000 2027 STORM 40-91600-800 STORM Design Storm Reconstruction Design for Santa Monica (Yates to Green Tree) 25% in 2027 (75% in 2028 const 2029) $45,000 2027 WATER 50-81000-800 WATER Design Water Reconstruction Design for Santa Monica (Yates to Green Tree) 25% in 2027 (75% in 2028 const 2029) $52,000 total $129,000 PROJECTS 2027 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Bell $342,000 2027 STORM 40-91600-800 STORM Road Reconstruction (storm) Reconstruct Bell $392,000 2027 WATER 50-81000-800 WATER Road Reconstruction (water) Reconstruct Bell $970,000 2027 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $25,000 sub total $1,729,000 2027 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Bell $41,000 2027 STORM 40-91600-800 STORM Construct Mgmt. Road Reconstruction Construct Mgmt. Bell $47,000 2027 WATER 50-81000-800 WATER Construct Mgmt. Road Reconstruction Construct Mgmt. Bell $117,000 sub total $205,000 Bell total $1,934,000 2027 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Yates (SM north to Gr Tree) $305,000 2027 STORM 40-91600-800 STORM Road Reconstruction Reconstruct Yates (SM north to Gr Tree) $350,000 2027 WATER 50-81000-800 WATER Road Reconstruction Reconstruct Yates (SM north to Gr Tree) $865,000 2027 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $35,000 2027 DPW 40-91500-801 PATH Road Reconstruction Add path on west side of road (approx. 2100 ft @ $90/foot) $200,000 sub total $1,755,000 2027 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Yates (SM north to Gr Tree) $37,000 2027 STORM 40-91600-800 STORM Construct Mgmt. Reconstruction Construct Mgmt. Yates (SM north to Gr Tree) $42,000 2027 WATER 50-81000-800 WATER Construct Mgmt. Reconstruction Construct Mgmt. Yates (SM north to Gr Tree) $104,000 sub total $183,000 Yates total $1,938,000 WATER 2027 WATER 50-81000-653 WATER Water meter equipment replace water meters (10% of homes/yr) $100,000 2027 WATER WATER Lead lateral replacement Const. (yr 2 of 5) approximately 25 lead laterals $250,000 Total $350,000 Fund 21 Sanitary Sewer $930,000 Fund 25 & 40 Storm Sewer Also includes Fund 40 storm sewer costs but excludes the jetty costs $1,925,000 Fund 40 Misc. Capital $580,000 ESTIMATED CAPITAL COSTS BY FUND (EXCLUDING GIS) move from 2026 move from 2026 move from 2026 move from 2026 VB Packet 08/12/2025 Page 87 of 220 Fund 40 Facilities $0 Fund 40 Capital Road related items (includes Bradley UP RR crossing) $1,056,000 Fund 40 Equipment $635,000 Fund 40 Forestry $105,000 Fund 50 Water $2,732,000 $7,963,000 $7,963,000 total 2027 $7,963,000 BEACH DRIVE SHORELINE 2028 DPW 25-53800-234 DPW Beach Drive Shoreline Maintenance & Misc./ Repairs for Beach Drive Shoreline $25,000 GIS 2028 DPW 10-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $25,000 2028 WATER 50-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2028 SEWER 21-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2028 STORM 25-53800-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 total $70,000 FORESTRY 2028 DPW 40-91600-833 FORESTRY EAB management Manage ash in the Village - treatments, removals, plantings and administration (post 8-year) Varies $75,000 2028 DPW 40-91600-824 FORESTRY Annual tree planting Routine tree removals and plantings Varies $22,000 2028 DPW 40-91600-851 FORESTRY Diseased elm removal Remove diseased elms in the Village ROW Varies $8,000 total $105,000 MISC. CAPITAL 2028 DPW 40-91500-825 MISC Miscellaneous consultant tasks Capital account in place to assist with engineering reviews of applications $25,000 2028 DPW 40-xxxxx-xxx MISC Scanning DPW files (3rd year of 5 year plan) Scan old DPW contract documents, drawings, etc. $25,000 2028 DPW 40-91500-8010 DPW Road patching Misc. road patching - water main break, etc. $150,000 total $200,000 EQUIPMENT 2028 DPW 40-91400-xxx EQUIPMENT #93 Spray tank $7,000 2028 DPW 40-xxxxx-xxx EQUIPMENT #101 Lift truck (hi ranger) $250,000 2028 DPW 40-91400-xxx EQUIPMENT #2 Jetter truck 12 years $300,000 2028 DPW 40-xxxxx-xxx EQUIPMENT Scooter(s) Replace two at $45,000 each (four purchased in 2020; life approximately 7-8 years) $90,000 total $647,000 FACILITIES 2028 DPW XX-XXXXX-XX Facilities General facility up keep Repair glass block - tuck point and paint south wall in Water Dept area $12,000 Total $12,000 SEWER 2028 SEWER 21-91000-800 Sewer Manhole and mainline rehab Rehab of sanitary sewr mains and manholes in various basins $300,000 2028 SEWER 21-91000-800 Sewer Manhole and mainline rehab (inspections) Construction inspection services $40,000 2028 SEWER 21-91000-888 INFRASTRUCTURE CCTV Televise sanitary sewer mains $40,000 total 2028 $380,000 STORM 2028 STORM 25-91500-835 INFRASTRUCTURE Storm replacement General storm sewer improvements as needed 40-90 years $100,000 total $100,000 PROJECTS (DESIGN) 2028 STORM 40-91600-800 Storm Design bioswale Daphne to Acacia - West side (Task 9 from Kapur 2023 report) $20,000 2028 STORM 40-91600-800 Storm Bioswale (culvert under Daphne replaced 2025 by WSO) Daphne to Acacia - West side (Task 9 from Kapur 2023 report) $150,000 2028 VB Packet 08/12/2025 Page 88 of 220 2028 STORM 40-91600-800 STORM inspection Daphne to Acacia - West side (Task 9 from Kapur 2023 report) $30,000 total $200,000 2028 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Yates (Green Tree north to SM) & Claire Ct 75% in 2028 const in 2029) $24,000 2028 STORM 40-91600-800 STORM Design Storm Water Reconstruction Design for Yates (Green Tree north to SM) & Claire Ct 75% in 2028 const in 2029) $33,000 2028 WATER 50-81000-800 WATER Design Water Reconstruction Design for Yates (Green Tree north to SM) & Claire Ct 75% in 2028 const in 2029) $38,000 total $95,000 2028 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Santa Monica (Yates to Green Tree 75% in 2028 const 2029 $32,000 2028 STORM 40-91600-800 STORM Design Storm Reconstruction Design for Santa Monica (Yates to Green Tree 75% in 2028 const 2029 $45,000 2028 WATER 50-81000-800 WATER Design Water Reconstruction Design for Santa Monica (Yates to Green Tree 75% in 2028 const 2029 $52,000 total $129,000 2028 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Santa Monica (Gr Tree to Calumet) 25% in 2028 ( 75% in 2029 const in 2030) $53,000 2028 STORM 40-91600-800 STORM Design Road Reconstruction Design for Santa Monica (Gr Tree to Calumet) 25% in 2028 ( 75% in 2029 const in 2030) $75,000 2028 WATER 50-81000-800 WATER Design Road Reconstruction Design for Santa Monica (Gr Tree to Calumet) 25% in 2028 ( 75% in 2029 const in 2030) $85,000 total $213,000 PROJECTS 2028 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Daisy & Bridge (Daisy 845' Bridge 750') $350,000 2028 STORM 40-91600-800 STORM Road Reconstruction (storm) Reconstruct Daisy & Bridge $490,000 2028 WATER 50-81000-800 WATER Road Reconstruction (water) Reconstruct Daisy & Bridge $560,000 2028 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $30,000 sub total $1,430,000 2028 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Daisy & Bridge $25,000 2028 STORM 40-91600-800 STORM Construct Mgmt. Road Reconstruction Construct Mgmt. Daisy & Bridge $35,000 2028 WATER 50-81000-800 WATER Construct Mgmt. Road Reconstruction Construct Mgmt. Daisy & Bridge $40,000 sub total $100,000 Daisy/Bridge total $1,530,000 2028 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Dean Rd (Lake to Fox) & Allen Dean 2640' Allen 600' $775,000 2028 STORM 40-91600-800 STORM Road Reconstruction (storm) Reconstruct Dean Rd (Lake to Fox) & Allen $1,085,000 2028 WATER 50-81000-800 WATER Road Reconstruction (water) Reconstruct Dean Rd (Lake to Fox) & Allen 1/2 of Allen $1,240,000 2028 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $30,000 sub total $3,130,000 2028 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Dean Rd (Lake to Fox) & Allen Dean 2640' Allen 600' $55,000 2028 STORM 40-91600-800 STORM Construct Mgmt. Road Reconstruction Construct Mgmt. Dean Rd (Lake to Fox) & Allen $80,000 2028 WATER 50-81000-800 WATER Construct Mgmt. Road Reconstruction Construct Mgmt. Dean Rd (Lake to Fox) & Allen $57,000 sub total $192,000 Dean/Allen total $3,322,000 2028 DPW 40-91500-801 ROADS Repave Green Tree Road Mill and overlay 5-inches of asphalt on Green Tree from Village limits to UP RR limits (approx. 1,900 feet) $450,000 WATER 2028 WATER 50-81000-653 WATER Water meter equipment replace water meters (10% of homes/yr) $100,000 2028 WATER WATER Lead lateral replacement Const. (yr 3 of 5) approximately 25 lead laterals $250,000 2028 WATER 50-81000-800 WATER Relay water main ( Design, construction & inspection) Relay main in easement between Port Washington and Iroquois in the 7300 block (pipe burst?) $100,000 Totals $450,000 BEACH DRIVE SHORELINE 2029 DPW 25-53800-234 DPW Beach Drive Shoreline Maintenance & Misc./ Repairs for Beach Drive Shoreline $20,000 GIS 2029 DPW 10-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $25,000 2029 WATER 50-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2029 SEWER 21-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 2029 STORM 25-53800-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database-migrate to ESRI On-going $15,000 total $70,000 FORESTRY 2029 DPW 40-91600-833 FORESTRY EAB management Manage ash in the Village - treatments, removals, plantings and administration (post 8-year) Varies $75,000 2029 DPW 40-91600-824 FORESTRY Annual tree planting Routine tree removals and plantings Varies $22,000 move from 2027 move from 2027 move from 2027 move from 2027 2029 VB Packet 08/12/2025 Page 89 of 220 2029 DPW 40-91600-851 FORESTRY Diseased elm removal Remove diseased elms in the Village ROW Varies $8,000 2029 DPW FORESTRY Reinventory Reinventory Village Trees (every 5 year task -next in 2034) $45,000 total $150,000 EQUIPMENT 2029 DPW 40-91400-??? EQUIPMENT #25 - 5 yd patrol truck, plow pending inspection 6 years $160,000 2029 DPW 40-91400-??? EQUIPMENT #12 snow blower for avant/skid steer ??? pending inspection 16 years 2029 DPW 40-91400-xxx EQUIPMENT #74 Riding roller (wacker) pending inspection 25 years $25,000 2028 DPW 40-xxxxx-xxx EQUIPMENT Scooter(s) total $185,000 FACILITIES 2029 DPW XX-XXXXX-XX Facilities 2029 DPW XX-XXXXX-XX Facilities 2029 DPW XX-XXXXX-XX Facilities 2029 DPW XX-XXXXX-XX Facilities SEWER 2029 SEWER 21-91000-xxx INFRASTRUCTURE I/I investigation Perform I/I investigation to obtain flow data post rehab-particularly along Beach Dr. $40,000 2029 SEWER 21-91000-800 Sewer Manhole and mainline rehab Rehab of sanitary sewr mains and manholes in various basins $300,000 2029 SEWER 21-91000-800 Sewer Manhole and mainline rehab (inspections) Construction inspection services $40,000 2029 SEWER 21-91000-888 INFRASTRUCTURE CCTV Televise sanitary sewer mains $40,000 total $420,000 STORM 2029 STORM 25-91500-xxx INFRASTRUCTURE Sewer abandonment Abandon storm sewers under residential homes and reroute (construction) 30-80 years $100,000 2029 STORM 40-91600-800 STORM Bioswale design Lake Dr Apple Tree Rd - North side (Task 8 from Kapur 2023 report) $30,000 2029 STORM 40-91600-800 Const. & 20% contingency Bioswale Lake Dr Apple Tree Rd - North side (Task 8 from Kapur 2023 report) $215,000 2029 STORM 40-91600-800 STORM Bioswale inspection Lake Dr Apple Tree Rd - North side (Task 8 from Kapur 2023 report) $40,000 total $385,000 2029 STORM 25-xxxxx-xxx STORM Removal & reconstruction Removal & reconstruction of Manor/IC wall $700,000 total $1,185,000 MISC. CAPITAL 2029 DPW 40-91500-8010 DPW Road patching Misc. road patching - water main break, etc. $150,000 2029 DPW 40-xxxxx-xxx MISC Scanning DPW files (4th year of 5 year plan) Scan old DPW contract documents, drawings, etc. $25,000 total $150,000 PROJECTS (DESIGN) 2029 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Santa Monica (Gr Tree to Calumet) 75% const in 2030 $8,000 2029 STORM 40-91600-800 STORM Design Road Reconstruction Design for Santa Monica (Gr Tree to Calumet) 75% const in 2030 $6,000 2029 WATER 50-81000-800 WATER Design Road Reconstruction Design for Santa Monica (Gr Tree to Calumet) 75% const in 2030 $12,000 total $26,000 2029 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Santa Monica (Calumet to Bradley) 25% in 2029 75% in 2030 const in 2031 ) $36,000 2029 STORM 40-91600-800 STORM Design Road Reconstruction Design for Santa Monica (Calumet to Bradley) 25% in 2029 75% in 2030 const in 2031 ) $51,000 2029 WATER 50-81000-800 WATER Design Road Reconstruction Design for Santa Monica (Calumet to Bradley) 25% in 2029 75% in 2030 const in 2031 ) $58,000 total $145,000 2029 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Regent Rd (Calumet to Bradley) 25% in 2029 (75% in 2030 const in 2031) $12,000 2029 STORM 40-91600-800 STORM Design Road Reconstruction Design for Regent Rd (Calumet to Bradley) 25% in 2029 (75% in 2030 const in 2031) $18,000 2029 WATER 50-81000-800 WATER Design Road Reconstruction Design for Regent Rd (Calumet to Bradley) 25% in 2029 (75% in 2030 const in 2031) $21,000 total $51,000 2029 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Crossway (Calumet to Yates) (25% in 2029 75% in 2030) $4,000 2029 STORM 40-91600-800 STORM Design Road Reconstruction Design for Crossway (Calumet to Yates) (25% in 2029 75% in 2030) $6,000 VB Packet 08/12/2025 Page 90 of 220 2029 WATER 50-81000-800 WATER Design Road Reconstruction Design for Crossway (Calumet to Yates) (25% in 2029 75% in 2030) $7,000 total $17,000 2029 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Yates (Gr Tree to Santa Monica) & Clair Ct $252,000 2029 STORM 40-91600-800 STORM Road Reconstruction (storm) Reconstruct Yates (Gr Tree to Santa Monica) & Clair Ct $258,000 2029 WATER 50-81000-800 WATER Road Reconstruction (water) Reconstruct Yates (Gr Tree to Santa Monica) & Clair Ct $717,000 2029 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $30,000 sub total $1,257,000 2029 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Yates (Gr Tree to Santa Monica) $31,000 2029 STORM 40-91600-800 STORM Construct Mgmt. Road Reconstruction Construct Mgmt. Yates (Gr Tree to Santa Monica) $35,000 2029 WATER 50-81000-800 WATER Construct Mgmt. Road Reconstruction Construct Mgmt. Yates (Gr Tree to Santa Monica) $87,000 sub total $153,000 Yates total $1,410,000 2029 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Santa Monica (Yates to Gr Tree) $341,000 2029 STORM 40-91600-800 STORM Road Reconstruction (storm) Reconstruct Santa Monica (Yates to Gr Tree) $392,000 2029 WATER 50-81000-800 WATER Road Reconstruction (water) Reconstruct Santa Monica (Yates to Gr Tree) $940,000 2029 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $30,000 sub total $1,703,000 2029 DPW 40-91500-801 ROADS Construct Mgmt. Road Reconstruction Construct Mgmt. Santa Monica (Yates to Gr Tree) $41,000 2029 STORM 25-91500-845 STORM Construct Mgmt. Road Reconstruction Construct Mgmt. Santa Monica (Yates to Gr Tree) $48,000 2029 WATER 50-81000-651 WATER Construct Mgmt. Road Reconstruction Construct Mgmt. Santa Monica (Yates to Gr Tree) $117,000 sub total $206,000 Santa Monica total $1,909,000 WATER 2029 WATER 50-81000-653 WATER Water meter equipment replace water meters (10% of homes/yr) $100,000 2029 WATER WATER Lead lateral replacement Const. (yr 4 of 5) approximately 25 lead laterals $250,000 total $350,000 2029 total BEACH DRIVE SHORELINE 2030 DPW 25-53800-234 DPW Beach Drive Shoreline Maintenance & Misc./ Repairs for Beach Drive Shoreline $25,000 GIS 2030 DPW 10-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database On-going $25,000 2030 WATER 50-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database On-going $15,000 2030 SEWER 21-53100-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database On-going $15,000 2030 STORM 25-53800-233 GIS GIS Activities Annual maintenance, updates and enhancements to the database On-going $15,000 total $70,000 FORESTRY 2030 DPW 40-91600-833 FORESTRY EAB management Manage ash in the Village - treatments, removals, plantings and administration (post 8-year) Varies $75,000 2030 DPW 40-91600-824 FORESTRY Annual tree planting Routine tree removals and plantings Varies $22,000 2030 DPW 40-91600-851 FORESTRY Diseased elm removal Remove diseased elms in the Village ROW Varies $8,000 total $105,000 EQUIPMENT 2030 DPW 40-91400-xxx EQUIPMENT #91 portable compressor ??? pending inspection 20 years $30,000 2030 DPW 40-91400-xxx EQUIPMENT #3 1 ton DUMP with plow pending inspection 8 years $100,000 2030 DPW 40-91400-xxx EQUIPMENT #6 rubbish packer 12 years $250,000 2030 DPW 40-91400-xxx EQUIPMENT Scooters??? FACILITIES 2030 DPW 40-91500-xxx DPW DPW Yard DPW Yard - pave remaining yard, modify storage areas and add cold storage (if new facility not built) 50+ years $450,000 2030 POOL 23-91300-XXX Pool Construct new pool Inserted as a placeholder - cost represents half the estimated construction cost $5,000,000 2030 VH 40-91600-XXX Village Hall/DPW New building Inserted as a placeholder - construct new Village Hall and DPW facility $12,000,000 move from 2028 move from 2028 2030 move from 2028 move from 2028 PROJECTS VB Packet 08/12/2025 Page 91 of 220 MISC. CAPITAL 2030 DPW 40-91500-825 MISC Miscellaneous consultant tasks Capital account in place to assist with engineering reviews of applications $25,000 2030 DPW 40-91600-xxx DPW Playground Equipment General playground equipment (Spooner & Indian Creek) $150,000 2030 DPW 40-91600-xxx DPW Playground Equipment Playground equipment at new pool (placeholder if funds allow construction of pool) $30,000 2030 DPW xx-xxxxx-xxx ROADS Speed study Follow up speed study on Lake Dr $30,000 2030 DPW 40-91500-8010 DPW Road patching Misc. road patching - water main break, etc. $150,000 2030 Insp. 40-91600-xxx GIS Electronic permitting Create forms and tools to more efficiently perform inspections NA $25,000 2030 DPW 40-xxxxx-xxx MISC Scanning DPW files (5th year of 5 year plan) Scan old DPW contract documents, drawings, etc. $25,000 total $435,000 PROJECTS (DESIGN) 2030 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Crossway ( Yates to Calumet) 25% (75% in 2031 const in 2031 $12,000 2030 STORM 40-91600-800 ROADS Design Road Reconstruction Design for Crossway ( Yates to Calumet) 25% (75% in 2031 const in 2031 $17,000 2030 WATER 50-81000-800 ROADS Design Road Reconstruction Design for Crossway ( Yates to Calumet) 25% (75% in 2031 const in 2031 $19,000 total $48,000 2030 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Santa Monica (Calumet to Bradley) 75% in 2030 const in 2031 $36,000 2030 STORM 40-91600-800 STORM Design Road Reconstruction Design for Santa Monica (Calumet to Bradley) 75% in 2030 const in 2031 $51,000 2030 WATER 50-81000-800 WATER Design Road Reconstruction Design for Santa Monica (Calumet to Bradley) 75% in 2030 const in 2031 $58,000 total $145,000 2030 DPW 40-91500-801 ROADS Design Road Reconstruction Design for Regent Rd (Calumet to Bradley) 75% in 2030 const in 2031 $12,000 2030 STORM 40-91600-800 STORM Design Road Reconstruction Design for Regent Rd (Calumet to Bradley) 75% in 2030 const in 2031 $18,000 2030 WATER 50-81000-800 WATER Design Road Reconstruction Design for Regent Rd (Calumet to Bradley) 75% in 2030 const in 2031 $21,000 total $51,000 STORM 2030 STORM 25-91500-848 STORM Green Tree Rd - grassy areas Green Tree Rd- replace grassy area w/Turfstone pavers $75,000 2030 STORM 25-91500-xxx INFRASTRUCTURE Sewer abandonment Abandon storm sewers under residential homes and reroute (construction) 30-80 years $125,000 2030 STORM 25-91500-xxx INFRASTRUCTURE Pavement Indian Creek parking lot, green infrastructure with MMSD (Dean Rd lot) $75,000 total $275,000 PROJECTS 2030 DPW 40-91500-801 ROADS Road Reconstruction Reconstruct Santa Monica ( Gr Tree to Calumet) $555,000 2030 STORM 40-91600-800 STORM Road Reconstruction Reconstruct Santa Monica ( Gr Tree to Calumet) $638,000 2030 WATER 50-81000-800 WATER Road Reconstruction Reconstruct Santa Monica ( Gr Tree to Calumet) $1,580,000 2030 SEWER 21-91000-866 INFRASTRUCTURE Manhole adjustments Adjust manholes during street reconstruction projects 25-30 years $50,000 sub total $2,823,000 2030 DPW 40-91500-801 ROADS Construction Management Construct Mgmt. Santa Monica ( Gr Tree to Calumet) $67,000 2030 STORM 40-91600-800 STORM Construction Management Construct Mgmt. Santa Monica ( Gr Tree to Calumet) $77,000 2030 WATER 50-81000-800 WATER Construction Management Construct Mgmt. Santa Monica ( Gr Tree to Calumet) $190,000 sub total $334,000 total $3,157,000 SEWER 2030 SEWER 21-91000-xxx INFRASTRUCTURE Sewer abandonment Abandon sanitary sewers under residential homes and reroute (construction) 30-80 years $125,000 2029 SEWER 21-91000-800 Sewer Manhole and mainline rehab Rehab of sanitary sewr mains and manholes in various basins $300,000 2029 SEWER 21-91000-800 Sewer Manhole and mainline rehab (inspections) Construction inspection services $40,000 v total $465,000 WATER 2030 WATER 50-81000-653 WATER Water meter equipment replace water meters (10% of homes/yr) $100,000 2030 WATER WATER Lead lateral replacement Const. (yr 5 of 5) approximately 25 lead laterals $250,000 Construction - Santa Monica (Gr Tree to Calumet) move from2029 Construction Management - Santa Monica (Gr Tree to Calumet) move from2029 VB Packet 08/12/2025 Page 92 of 220 2030 total VB Packet 08/12/2025 Page 93 of 220 Year Roads Paved LF Paved 1988 Barnett (Lake - Green Tree) (Repaved in 2020) 7,022 Poplar (Repaved in 2018) Santa Monica (Yates - Green Tree) 1989 Blackhawk 7,342 Fairchild (Seneca-Blackhawk) Regent (Bradley-Dean) (Will be repaving in 2021) Whitney (Repaved 2013) 1990 Crossway 8,235 Good Hope (Repaved in 2017) Regent (Calumet-Bradley) Santa Monica bridge approaches (Repaved 2004) 1991 Bradley (Poplar-Port Washington) (Repaved Lake to Portin 2024) 4,437 Calumet (Santa Monica-Lake) (Repaved in 2019) Foxcroft Court 1992 Calumet (Port Washington-Santa Monica) (2019) 5,967 Fairchild (Calument-Seneca) Green Tree (W. limits - Lake) (Repaved in 2012) Santa Monica (S. limits - Daphne) (Repaved in 2021) Seneca (Calumet-Fairchild) 1993 Cherokee 7,870 Club Circle (Repaved in 2018) Coleman Dean (Regent - Lake) Indian Creek (Manor - Dean) 1994 Clair Ct. 5,596 Longacre (Santa Monica-Yates) Spooner (Indian Creek-Regent) Yates 1995 Beach Hill 3,115 Links Circle 1996 Beach (south end) 6,917 Bell (Calumet - Lake) Fairchild (Blackhawk-Santa Monica) Longacre (Yates - Santa Monica (N)) School (Paved with WFB in 2017) 1997 Mohawk (Dunwood-Bradley) 6,415 Santa Monica (Green Tree-MacArthur) 1998 Acacia (Repaved in 2020 and 2021) 10,931 Apple Tree Bywater Lake Drive Clovernook Daisy Daphne Hyde Links (Portage-Hyde) Point 1999 Birch Hill Court 16,422 Fox Lane (Dean to Gray Log) Goodrich Court Goodrich Lane (paved from Lake to Ct. 2018) Gray Log Lane Green Tree Road (east of Lake) Lilac Lane (Paved in 2018) Portage Road Santa Monica (MacArthur-Bradley) View Place (Paved in 2020) F:\Public Works\DPW BUDGETS\Strategic Planning_2024\History of Road Reconstruction 2/2025 REV Fox Point Paving Program Worksheet prepared August 23, 2012 Updated: Oct 30, 2013 Nov 2015 March 2019 Nov 2019 Sept 2020 April 2021 Jan 2022 Oct 2023 Oct 2024 Feb 2025 Aug 2025 VB Packet 08/12/2025 Page 94 of 220 F:\Public Works\DPW BUDGETS\Strategic Planning_2024\History of Road Reconstruction 2/2025 REV Fox Point Paving Program Worksheet prepared August 23, 2012 Updated: Oct 30, 2013 Nov 2015 March 2019 Nov 2019 Sept 2020 April 2021 Jan 2022 Oct 2023 Oct 2024 Feb 2025 Aug 2025 Winkler Lane 2000 Bayfield Road 19,430 Bell Road (Calumet to MacArthur) Boyd Way Dean (Port Washington-Regent) Fox Lane (Gray Log to Bywater) MacArthur Navajo (Bradley to Cherokee) Regent (Dean-N. Village limits) Regent Court (8600 block) Santa Monica (Bradley-Dean) Seneca (Bradley-Cherokee) Van Dyke 2001 Allen Lane 19,612 Bradley (Poplar to Lake) Churchill Place Dean (Lake to Fox) Dunwood Road Fox Lane (Bywater to Poplar) Links Way (Bradley to Spooner) Lombardy Court Lombardy Road Mohawk (Mall to Calumet) Port Washington Court Quarles Place Spooner (Regent to Santa Monica) Suburban Court Suburban Drive 2002 Barnett Lane (Green Tree to termini) 20,064 Belmont Lane Bergen Drive (Port Washington west to termini) Berkeley Blvd. Bradley Road (Port Washington west to termini) Bridge Lane Dean Court Dean Road (Port Washington to Dean Court) Fairchild Circle Fox Croft Lane Foxdale Road (Village limits to Yates) Indian Creek Court Indian Creek Parkway (Port Washington to Manor) Nokomis Court Regent Road (horseshoes) (Paved in 2021) Seneca Court Seneca Road (Indian Creek north to Village limits) 2003 Beach Court 11,487 Beach Drive (7106-N. Cul de sac) Greenvale Road Links (Churchill-N. Village limits) Private road off Barnett Spooner (Lake-Poplar) Thorn Lane 2004 Bergen Drive (Port Washington to Seneca) 6,494 Holly Court Iroquois Road Lake Drive Service Road Santa Monica (Daphne to Yates) (Paved in 2021) Santa Monica (horseshoes) Wye Lane 2005 No roads paved 2006 Mohawk (Willow-Indian Creek) 950 Willow Road (Mohawk-Santa Monica - Regent to Santa Monic repaved in 2013) VB Packet 08/12/2025 Page 95 of 220 F:\Public Works\DPW BUDGETS\Strategic Planning_2024\History of Road Reconstruction 2/2025 REV Fox Point Paving Program Worksheet prepared August 23, 2012 Updated: Oct 30, 2013 Nov 2015 March 2019 Nov 2019 Sept 2020 April 2021 Jan 2022 Oct 2023 Oct 2024 Feb 2025 Aug 2025 2007 Beach Drive (from 7120 south to termini) 1,236 Mohawk (Willow-Bradley) 2008 Mall Road 2,745 Manor Court Manor Lane 2009 Fairchild (Calumet-Crossway) 1,267 Juniper Lane 2010 Fox Dale Court 2,481 Fox Dale Road Reynard Road 2011 No roads paved 2012 Green Tree Road (Village limits-Lake) 2,059 2013 Regent Road (Regent Ct #3 to Willow) 476 Santa Monica Blvd (S.M. Ct #1 to Willow) - Northbound 497 - Southbound 293 Whitney Road (Dean to Bradley) 2,641 Willow Road (Regent to Santa Monica) 951 Beach Drive (Willets Road) 300 Total 2013 Paving 5,158 2014 Barnett Lane (termini toward Belmont 175 feet) 175 Bridge Lane (from 135 feet west of Daisy to termini) 260 Daisy Lane (from Bridge Lane toward Lake) 110 Total 2014 Paving 545 2015 Bergen Court 581 2016 Dean Road (intersection of Dean and Santa Monica) 325 Santa Monica (intesection of Dean Road) 300 Lake Dr. (patching around manholes) Total 2016 Paving 625 2017 Good Hope Road 422 Crossway (Good Hope Road intersection) 115 Navajo (Glendale limits to Calumet) 1,800 Seneca (Glendale limits to Calumet) 1,850 School Road (WFB coordinated the work) 690 Lake Dr. (patching around manholes) Quarles (patch - from path to 1015 E. Quarles) 130 Total 2017 Paving 5,007 2018 Poplar (Bradley to Dean) 2,640 Club Circle 3,330 Lilac (Lake to Club) 1,160 Gray Log Lane (Winkler - Goodrich - patch/pave) 300 Goodrich Lane (Gray Log to Goodrich Ct.) 450 Lake Dr. (patching around manholes) Bell Road (patch west of Longacre) Total 2018 Paving 7,880 2019 Goodrich (Gray Log to Lake) 650 Calumet Road (Port Washington to Lake Drive) 4,100 Bergen (Port Washington to 360 West Bergen) 300 Total 2019 Paving 5,050 2020 Barnett Lane (Lake Drive to Green Tree) 1,953 View Place 370 Acacia (Lake Drive to 150 feet +/- east of S.M.) 700 Green Tree Road (Barnett west 140 feet +/-) 140 Total 2020 Paving 3,163 2021 Santa Monica (School to Yates) 1,848 VB Packet 08/12/2025 Page 96 of 220 F:\Public Works\DPW BUDGETS\Strategic Planning_2024\History of Road Reconstruction 2/2025 REV Fox Point Paving Program Worksheet prepared August 23, 2012 Updated: Oct 30, 2013 Nov 2015 March 2019 Nov 2019 Sept 2020 April 2021 Jan 2022 Oct 2023 Oct 2024 Feb 2025 Aug 2025 Acacia (Santa Monica to 150 feet +/- east of S.M.) 150 Regent horseshoes (all three) 2,270 Regent (Bradley to Dean) 2,642 Total 2020 Paving 6,910 2022 Wye Lane (Lake Drive to termini) 950 2023 Beach Drive (8003 to 8050) 1,460 Beach Drive (7328 to 7600) 2,450 2024 Bradley (Lake Dr to Port Washington) 5,176 Nokomis Ct 686 2025 Beach Dr (7328 south to termini) 2,044 Lake Dr (School to Dean - DOT) 14,000 16,044 planned for 2026 2026 Thorne 1214 Beach Dr Hill 1,531 2745 2027 Bell (Lake to Calumet) 2429 Yates (Santa Monica north to Green Tree) 2165 4594 2028 Green Tree Road 1900 Daisy & Bridge 1743 Dean (Lake to Fox) & Allen 3538 7181 2029 Yates (Green Tree north to Santa Monica) 1795 Santa Monica (Yates north to Green Tree) 2429 4224 2030 Santa Monica (Green Tree north to Calumet) 3690 2031 Santa Monica (Calumet to Bradley) 2640 Regent (Calumet to Bradley) 2903 5543 2032 Crossway (Calumet to Yates) 3590 2033 Santa Monica (Bradley to Dean) 2693 Santa Monica Horseshoes 1, 2 & 3 1162 3855 NOTES: 3. In 2004, the Village paved 6,494 feet of roadway. 1. Between 1988 and 1997, the Village paved an average of approximately 6,300 feet of roadway each year. 2. Between 1998 and 2003, the Village paved an average of approximately 16,300 feet of roadway each year with the largest amount (4 to 5 miles worth of road) occurring in 1999, 2000, 2001, and 2002. 4. Between 2005 and 2015, the Village paved an average of 1,550 feet of roadway each year, with two years (2005 and 2011) not having any paving work performed. 5. Between 2017 and 2021, the Village began a more aggressive paving and road reconstruction schedule and have paved between 2/3 and 1-1/2 miles of roadway each year. VB Packet 08/12/2025 Page 97 of 220 YEAR DEPARTMENT TYPE OF REQUEST ITEM DESCRIPTION PURPOSE/RATIONALE AGE OF ITEM REPLACED COST 2025 2025 Clerk-Treasurer Vehicle 2025 Clerk-Treasurer Technology 2025 Clerk-Treasurer Technology 2025 Clerk-Treasurer Technology 2025 Clerk-Treasurer Technology 2026 2026 Clerk-Treasurer Technology Voting Equipment 1 DS200 and 2 Badger Books New $8,572.80 2026 Clerk-Treasurer Vehicle 2026 Clerk-Treasurer Technology Scanning Project continuation from 2025 $25,000.00 2026 Clerk-Treasurer Technology Agenda Management Agenda Management Software $14,250.00 2026 Clerk-Treasurer Technology Ipads Ipads for Village Board for Agenda Management $2,800.00 2027 2027 Clerk-Treasurer Equipment 2027 Clerk-Treasurer Technology 2028 2028 Clerk-Treasurer Technology Voting Equipment Replace Tabulators and Express Vote (13 year old equipment) 28,000 2028 Clerk-Treasurer Technology 2028 Clerk-Treasurer Technology 2028 Clerk-Treasurer Technology 2029 2029 Clerk-Treasurer Technology Badger Book Replacement Equipment Replacement $10,000 2029 Clerk-Treasurer Technology 2029 Clerk-Treasurer Technology 2029 Clerk-Treasurer Technology ` VB Packet 08/12/2025 Page 98 of 220 2026 Proposed 5-Year Capital Improvement Projections | Police Department FOX POINT POLICE DEPARTMENT 2026 5-Year Capital Improvement Projections August 7, 2025 VB Packet 08/12/2025 Page 99 of 220 2026 Proposed 5-Year Capital Improvement Projections | Police Department The Fox Point Police Department strives to provide the highest level of public safety services possible to the residents while working within responsible fiscal constraints. The following budget justifications are associated with the attached spreadsheets and provide clarification to the changes noted in the 2026 projected Capital Improvement Projections. 2026 Immediate Needs The police department is always working to improve efficiency, maximize services provided to the public, and minimizing costs for services received. The Capital Improvement Projections include items that are immediate needs, as well as budgetary placeholders. Items identified as placeholders are dynamic and may move according to need, change in lifespan, or repairs that would exceed replacement costs. • Dispatch Capital Costs as identified in contract • Squad car replacement as identified in schedule • Ballistic Shield VB Packet 08/12/2025 Page 100 of 220 2026 Proposed 5-Year Capital Improvement Projections | Police Department 2026 Capital Budget Requests and Justifications 91200-830 Dispatch Capital Expenses $23,100 The village contracted with the village of Bayside for police dispatching services in 2011. This contract includes both operational and capital expenses to be covered according to the prescribed formula. Adjustments need to be made according to the contract. 91200-801 Squad Car $71,600 The police department manages a fleet of vehicles to provide policing services, including preventative patrol and response to calls. This fleet consists of current production vehicles with the highest safety standards and a rating by the Michigan State Police as certified for use in a pursuit situation. Given the demands put on a marked patrol vehicle, they are removed from police service at the end of their lifecycle. Administrative vehicles however have a longer lifecycle and as the mileage increases the cars are rotated to a duty area that does not include regular emergency response. The availability of vehicle components and production cycles has impacted many of the automotive manufacturers. Most car manufacturers are requiring customers place orders for custom vehicles with a future delivery date of up to 3 months from the time of order, and the fleet division is no different. Based on the recent practices for manufacturers and information being provided by the dealerships, I am expecting that vehicle orders will need to be placed prior to the submission and approval of the annual capital budget. Based on the previous two years, I expect that this may become the normal procedure for vehicle manufacturers. The police department continues to work with the village mechanic to identify ways to maximize the vehicle lifespan while minimizing the overall cost of ownership 91200-804 Small Equipment (Ballistic Shield) $5,200 The police department purchased the first ballistic shield for deployment in the field in 2011 after an officer involved shooting identified a deficiency in protective equipment available to the officers. The shield is rated for protection against handgun rounds and the characteristics of the level 3A ballistic shield are similar to the soft body armor worn by the officers which degrades over time. The warranty period from the manufacturer whereby the company will guarantee protection from handgun rounds is five (5) years. The equipment is maintained in a climate-controlled environment and has been properly cared for since delivery. The 15 -year-old shield is well beyond the manufacturers recommended replacement schedule and is substandard for the current ballistic threat facing law enforcement in 2025. The budget request is for a replacement shield that is of similar size and weight with a ballistic protection level for rifle rounds. This upgrade will provide protective equipment for high caliber handgu ns and rifles with the ability to deploy rapidly from the squad car. VB Packet 08/12/2025 Page 101 of 220 2026 Proposed 5-Year Capital Improvement Projections | Police Department 2027 and Beyond Projecting forward, the largest capital expenses on the horizon are related to the replacement radio equipment and the mobile video systems. The mobile and portable radios are part of an interoperable system across Milwaukee and Waukesha Counties. The current equipment has been deemed obsolete / End of Life by Motorola and parts or repair options are already becoming difficult to locate. The department is working with our peers to identify opportunities for combined purchasing and reduced costs for a bulk order. Additionally, programming costs and interoperable functionality will be transitioned at the same time. The AXON Body Worn Camera system and mobile Fleet system will be out of service contract with the vendor as of January 1, 2028. The BWC’s have been replaced once already under the service agreement and without an updated contract access to the data and storage will be suspended. Updated pricing and contract estimates will be obtained in early 2027. The Heating, Ventilation, and Air Conditioning system in the police department was installed with the building construction in 2008 and has been an ongoing challenge for staff with multiple ruptured pipes in winter months, along with basic equipment failures at a significant cost. A new Roof Top Unit (RTU) is estimated at $70,000 and the projected lifespan for the current unit is 15-20 years. Police Capital - 2026 Vehicle Squad Car Vehicle at end of lifespan. (1504) 2022 $71,600.00 Technology Dispatch Capital Costs Dispatching agreement with Village of Bayside Contract $23,100.00 Equipment Ballistic Shield End of Life (15 years old) 2010 $5,200.00 $99,900.00 VB Packet 08/12/2025 Page 102 of 220 LONG TERM CAPITAL FUND YEAR DEPARTMENT TYPE OF REQUEST ITEM DESCRIPTION PURPOSE/RATIONALE AGE OF ITEM REPLACED COST 2026 2026 Police Vehicle Squad Car Vehicle at end of lifespan. (1504) 2022 $71,600.00 2026 Police Technology Dispatch Capital Costs Dispatching agreement with Village of Bayside Contract $23,100.00 2026 Police Equipment Ballistic Shield End of Lifespan (5 years) 2010 $5,200.00 2027 2027 Police Vehicle Squad Car Vehicle at end of lifespan. (1501) 2022 $71,600.00 2027 Police Technology Dispatch Capital Costs Dispatching agreement with Village of Bayside Contract ** 2027 Police Technology Mobile Video System End-of Life / End of Contract (AXON) 2022 $130,000.00 2027 Police Technology Computer UPS System 5000 volt Universal Power Supply - End of Useful Life (9 years) 2018 $6,300.00 2027 Police Technology Portable Radios Replace portable radios that are no longer supported 2017 $175,000.00 2028 2028 Police Vehicle Squad Car Vehicle at end of lifespan. (1505 / 1507) 2023 $143,200.00 2028 Police Technology Dispatch Capital Costs Dispatching agreement with Village of Bayside Contract ** 2028 Police Technology TASER (replacement) End of proper lifespan (5 years) (qty 9) 2019 $65,000.00 2028 Police Equipment Copy Machine replace aging copy machine 2021 $6,500.00 2028 Police Technology AED (Defibrillator) Replacement - End of recommended life (10 years) (qty4 ) 2016 $10,000.00 2026 Police Building Carpet Replacement Replace carpet in offices (lifespan 7-12 years) 2009 $8,500.00 2029 2029 Police Vehicle Squad Car Vehicle at end of lifespan. (1503) 2025 $71,600.00 2029 Police Technology Dispatch Capital Costs Dispatching agreement with Village of Bayside Contract ** 2029 Police Technology Computers Replacement Desktop PC's; end of llifespan rotation (qty 22) 2024 $23,600.00 2029 Police Equipment Mobile Radios Replace EOL radio equipment (support ended 2019) 2017 $110,000.00 2029 Police Equipment Furniture Replace tables in padway hall 2009 $6,500.00 2029 Police Equipment Generator Cabinet Doors Replace rusted / damaged exterior cabinet doors 2008 $6,500.00 2030 2030 Police Vehicle Squad Car Vehicle at end of lifespan. (1504) 2026 $71,600.00 2030 Police Technology Dispatch Capital Costs Dispatching agreement with Village of Bayside Contract ** 2030 Police Equipment Firearms Duty Handguns 2020 2030 Police Equipment Speed Signs Portable signs; end of life (possible refresh) 2025 $4,000.00 **New contract in 2018--update based on contract Italicized Items are placeholders for potential repairs / replacement Police Capital VB Packet 08/12/2025 Page 103 of 220 2024 Financial Highlights Presented by: Wendi M. Unger, CPA, Principal VB Packet 08/12/2025 Page 104 of 220 Audit Results • Audit Objective – The objective of our audit was to express our opinion on the financial statements of the Village of Fox Point as December 31, 2024. • Our Opinion – An unmodified audit opinion has been issued on the financial statements for the fiscal year ending December 31, 2024. – The financial statements are fairly presented in accordance with generally accepted accounting principles. – All appropriate disclosures have been properly reflected in the financial statements. – Emphasis of matters paragraph • Management’s Discussion and Analysis VB Packet 08/12/2025 Page 105 of 220 Summary Financial Information Results of Operations Debt Capital General Service Project Nonmajor Fund Fund Fund Funds Revenues and other sources 7,994,856$ 2,436,586$ 2,423,193$ 696,692$ Expenditures and other uses 7,982,191 2,171,100 5,383,200 551,713 Excess 12,665 265,486 (2,960,007) 144,979 Fund balance Beginning of year 4,336,580 619,884 2,960,007 134,747 End of year 4,349,245$ 885,370$ -$ 279,726$ Fund Balance consist of: Nonspendable 109,686$ -$ -$ -$ Restricted - 885,370 - - Committed - - - 279,726 Unassigned 4,239,559 - - - Total 4,349,245$ 885,370$ -$ 279,726$ VB Packet 08/12/2025 Page 106 of 220 Summary Financial Information (cont.) Results of Operations Water Sewer Storm Utility Utility Water Revenues, transfers & capital contributions 1,911,156$ 1,249,768$ 3,431,056$ Expenses & transfers 1,727,850 1,058,188 875,601 Change in net position 183,306 191,580 2,555,455 Net Position Beginning of year 11,002,814 6,804,579 5,584,790 End of year 11,186,120$ 6,996,159$ 8,140,245$ VB Packet 08/12/2025 Page 107 of 220 Other Information • Total long-term obligations outstanding at December 31, 2024 – $18,652,593 of governmental activities debt – $7,386,441 of business-type activities debt • Debt capacity – Ability to borrow up to 5% of equalized value ($83,798,805), total general obligation debt outstanding at December 31, 2024 was $22,358,533. VB Packet 08/12/2025 Page 108 of 220 Required Communication • Reporting & Insights Communication – Material weakness identified – Other comments and recommendations – Informational points – Two-way communication regarding your audit – Required communication to those charged with governance Conclusion and Questions It is a pleasure to serve you. While we work with the Village’s management and staff in reviewing the financial data and preparing the financial statements, our contract is with the Board and our responsibility is to report to the Board. Accordingly, if any Board member has any questions or comments concerning our audit, the financial statements, any of the reports presented, or anything else covered, please contact me at 414-777-5423 or at wendi.unger@bakertilly.com. VB Packet 08/12/2025 Page 109 of 220 Village of Fox Point Financial Statements and Supplementary Information December 31, 2024 VB Packet 08/12/2025 Page 110 of 220 Village of Fox Point Table of Contents December 31, 2024 Page Independent Auditors' Report i Required Supplementary Information Management's Discussion and Analysis iv Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 1 Statement of Activities 2 Fund Financial Statements Balance Sheet - Governmental Funds 3 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 4 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 5 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 6 Statement of Net Position - Proprietary Funds 7 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 9 Statement of Cash Flows - Proprietary Funds 10 Statement of Fiduciary Net Position - Fiduciary Fund 12 Statement of Changes in Fiduciary Net Position - Fiduciary Fund 13 Index to Notes to Financial Statements 14 Notes to Financial Statements 15 VB Packet 08/12/2025 Page 111 of 220 Village of Fox Point Table of Contents December 31, 2024 Page Required Supplementary Information Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 55 Schedule of Proportionate Share of the Net Pension Liability (Asset) - Wisconsin Retirement Fund 56 Schedule of Employer Contributions - Wisconsin Retirement System 56 Schedule of Changes in the Total Pension Liability and Related Ratios - Supplemental Pension (Stipend) Plan 57 Schedule of Changes in the Total OPEB Liability and Related Ratios - Health Insurance 58 Schedule of Proportionate Share of the Net OPEB Liability - Local Retiree Life Insurance Fund (LRIF) 59 Schedule of Employer Contributions - Local Retiree Life Insurance Fund (LRIF) 59 Notes to Required Supplementary Information 60 Supplementary Information Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund 62 Detailed Schedule of Expenditures and Other Financing Uses - Budget and Actual - General Fund 64 Combining Balance Sheet - Nonmajor Governmental Funds 65 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 66 VB Packet 08/12/2025 Page 112 of 220 Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA����� provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firmsK Independent Auditors' Report To the Village Board of Village of Fox Point Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village of Fox Point (the Village), as of and for the year ended December 31, 2024, and the related notes to the financial statements, which collectively comprise the Village's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village of Fox Point, Wisconsin, as of December 31, 2024 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Village and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter As discussed in Note 1, the Village adopted the provisions of GASB Statement No. 101, effective January 1, 2024. Our opinions are not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. i VB Packet 08/12/2025 Page 113 of 220 Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information, as listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.ii VB Packet 08/12/2025 Page 114 of 220 Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village's basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole. Milwaukee, Wisconsin July 31, 2025 iii VB Packet 08/12/2025 Page 115 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) iv The Village of Fox Point (Village) offers the readers of the Village's financial statements this narrative overview and analysis of the financial activities for the fiscal year ended December 31, 2024. The discussion and analysis presents the highlights of financial activities and financial position for the Village. Since the analysis focuses on significant financial issues, major financial activities and resulting changes in financial position, budget changes and variances from the budget and specific issues related to funds and the economic factors currently affecting the Village, please read it in conjunction with the Village' s financial statements following this section. Financial Highlights • The assets and deferred outflows of resources of the Village exceeded its liabilities and deferred inflows of resources at the close of the fiscal year ended December 31, 2024 by $39,499,536. Of this amount, the governmental activities net position totaled $13,177,012, while the business-type activities net position totaled $26,322,524. • The Village's total net position increased by $3,209,563, governmental net position increased by $279,222 and the business-type net position increased by $2,930,341. • As of December 31, 2024, the Village's governmental funds reported combined ending fund balances of $5,514,341 a decrease of $2,536,877 in comparison with the prior fiscal year. Approximately 81% of this total amount, $4,519,284, is fund balance that is committed and unassigned and therefore available for spending at the government's discretion. • As of December 31, 2024, the total unassigned fund balance for the General Fund was $4,239,559 or 57% of total General Fund expenditures of $7,437,964. • As of December 31, 2024, the Village's proprietary funds reported combined total net position of $26,322,524 an increase of $2,930,341 in comparison with the prior fiscal year and a total unrestricted net position of $5,312,450. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Village' s basic financial statements. The Village's basic financial statements comprise three components: (1) Government-wide financial statements, (2) Fund financial statements and (3) Notes to the financial statements. This report also contains other supplementary 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 similar to a private-sector business. The government-wide financial statements include a statement of net position and a statement of activities. These statements provide both long-term and short-term information about the Village's overall financial status. The statement of net position presents information on all of the Village's assets, deferred outflows, deferred inflows and liabilities, with the difference between the two reported as net position. Over time, increase or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. VB Packet 08/12/2025 Page 116 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) v The statement of activities presents information showing how the Village's net position changed during the most recent fiscal 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 such as revenues pertaining to uncollected taxes and earned, but unused, vacation leave. These government-wide financial statements distinguish governmental activities of the Village that are principally supported by taxes and intergovernmental revenues, such as grants, from business -type activities that are intended to recover all or a significant portion of their costs through user fees and charges. Governmental activities include general government, public safety, public works, health and human services, leisure activities and conservation and development. Business -type activities include Water, Sewer and Storm Water Utilities. The government-wide financial statements are presented on pages 1 - 2 of this report. Fund Financial Statements Traditional users of the Village's financial statements will find the fund financial statement presentation to be more familiar. The focus is now on major funds rather than fund types. The fund financial statements are designed to report information about groupings of related accounts that are 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 insure and demonstrate compliance with finance-related legal requirements. Within the basic financial statements, fund financial statements focus on the Village' s most significant funds rather than the Village as a whole. Major funds are separately reported while all other funds are combined into a single, aggregated presentation. Individual fund data for nonmajor funds is provided in the form of combined statements in a later section of this report. All of the funds of the Village can be divided into three categories: governmental funds, proprietary funds and fiduciary funds. Governmental Funds - Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. Unlike the government- wide financial statements, however, the governmental funds 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. This information may be useful in evaluating a government 's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government -wide financial statements, 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 government'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. A budgetary comparison statement is included for the General Fund, which is a major fund. Data from the nonmajor governmental funds is combined into a single, aggregated presentation. Individual fund data for each of these nonmajor funds is provided in the form of combining statements located within the supplementary information following the notes to the financial statements. These statements and schedules demonstrate compliance with the Village's adopted and final revised budget. VB Packet 08/12/2025 Page 117 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) vi The basic governmental fund financial statements are presented on pages 3 - 6 of this report. Proprietary Funds - Proprietary funds are generally used to account for services for which the Village charges customers a fee and are reported in the fund financial statements. There are two kinds of proprietary funds. These are enterprise funds and internal service funds. Enterprise funds essentially encompass the same functions reported as business-type activities in the government-wide statements. The Village uses enterprise funds to account for its water, sewer and storm water operations, which provide services to customers external to the Village organization. Internal service funds provide services and charge fees to customers within the Village organization. The Village of Fox Point has no internal service funds. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The Water Utility, Sewer Utility and Storm Water Utility Funds are major funds and are therefore presented separately within the proprietary fund financial statements. The basic proprietary fund financial statements can be found on pages 7 - 11 of this report. Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the Village government. Fiduciary funds are not reflected in the government -wide financial statements because the resources of those funds are not available to support the Village's own programs. Total assets of the fiduciary funds were $30,695,353. The basic fiduciary fund financial statement can be found on pages 12 - 13 of this report. Notes to the Financial Statements - The accompanying notes to the financial statements provide information essential to a full understanding of the government-wide and fund financial statements. The notes to the financial statements begin on page 15 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds are presented following the notes to the financial statements. Combining and individual fund statements and schedules can be found on pages 65 - 66 of this report. Government-Wide Financial Analysis Over time, net position may serve as a useful indicator of a government's financial position. The following table reflects the condensed Statement of Net Position. In the case of the Village of Fox Point, assets exceeded liabilities by $39,499,536. VB Packet 08/12/2025 Page 118 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) vii Village of Fox Point's Summary of Net Position The largest portion of the Village of Fox Point's net position reflects its net investment in capital assets (e.g., land, buildings, machinery and equipment, infrastructure). The Village of Fox Point uses these capital assets to provide services to citizens and these assets are not available for future spending. Although the investment in 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. Total net position for governmental activities increased by $279,222 during the current fiscal year. Total net position for business-type activities increased by $2,930,341 during the current fiscal year. VB Packet 08/12/2025 Page 119 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) viii The table below provides a summary of the Village's changes in net position. The above condensed summary of the Village's governmental and business-type activities for the period ended December 31, 2024 reflects net position increasing by $3,209,563. The prior period is also included for comparative purposes. VB Packet 08/12/2025 Page 120 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) ix Governmental Activities Governmental activities increased the Village of Fox Point's net position by $288,785. This graph shows the total 2024 governmental activities cost of $9,822,279 for this year. Of the total amount, public works accounts for $2,826,829 of the cost and public safety accounts for $4,634,537 of the cost. Additional activities expenditures in include general government at $1, 363,649, leisure activities at $488,121, conservation and development at $55,579 and health and human services at $58,688. Interest and fiscal charges accounted for $394,876 of total activity expenses. The graph also shows how much of the governmental activities cost is covered by program revenues. The costs that are not covered by program revenue must be covered by taxes, other general revenue or transfers. VB Packet 08/12/2025 Page 121 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) x As graphically portrayed above, the Village in 2024 received a significant amount of its revenue -64% - from property taxes. The Village is also reliant on grants and charges for services to support its governmental operations. These revenue sources each provide 6% of the governmental activities revenue. VB Packet 08/12/2025 Page 122 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) xi Proprietary Funds - Proprietary Funds or Business-type activities increased the Village of Fox Point's net position by $2,930,341. The above graph shows total business-type activities cost of $3,393,795 for this year. Water expenses comprised $1,460,006 or 43% of the cost, Sewer expenses accounted for $1,058,188 or 31% and Storm Water expenses consisted of $875,601 or 26% of the cost. The graph also shows how much of the business-type activities cost is covered by program revenues. Revenue for business-type activities exceeded expenditures by 13%. The additional revenue is the result of the Village's continued effort to gradually build additional cash reserves to permit cash- financing of capital projects in the future. As shown above, in 2024, the Village's business-type activities - water, sewer and storm water utilities - received the vast majority of its revenue from charges for services. Charges for services totaled $3,779,108. Interest income, capital grants and contributions and miscellaneous income account for the remaining balance of business-type activities revenue. VB Packet 08/12/2025 Page 123 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) xii Financial Analysis of the Governmental Funds Governmental Funds - The focus of the Village of Fox Point's governmental funds is to provide information on short-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Village's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of a fiscal year. As of December 31, 2024, the Village of Fox Point's governmental funds - General Fund, Debt Service, Capital Projects Fund and Nonmajor Governmental Funds - reported a combined ending fund balances of $5,514,340. Of this amount, $995,056 is restricted or nonspendable to indicate that the funds are not available for spending because it has already been restricted to pay for debt ($ 885,370) and prepaid health insurance premiums and delinquent personal property taxes ($109,686). The fund balance also includes $4,519,285 that is available for spending at the government's discretion (committed and unassigned fund balance). Of this amount, $279,726 is committed for use in the Nonmajor Governmental Funds and $4,239,559 remains unassigned in the general fund. The unassigned fund balance represents 27% of the governmental fund expenditures. Total fund balance represents approximately 35% of the governmental fund expenditures in comparison. The General Fund is the chief operating fund of the Village of Fox Point. At the end of the 2024 year, unassigned fund balance of the General Fund was $4,239,559 while the nonspendable General Fund balance was $109,686. During the 2024 year, the fund balance of the Village of Fox Point's General Fund increased by $12,665 due to higher-than-expected revenues and lower than expected expenditures in a number of areas. The Capital Projects Fund provides funding for capital projects relating to Village- owned capital assets and capital equipment. The ending fund balance was $0, a decrease of $2,960,007 from the 2023 ending fund balance of $2,960,007. The remaining funds are comprised of the Village's Special Revenue Funds (Recycling Fund, Pool Fund, Inspection Fund and Community Development Block Grant Fund (CDBG)) and the Debt Service Fund. The Special Revenue Funds account for grants and fees designated for major Village programs - recycling, municipal pool and inspection services. The Debt Service Fund is used to account for general obligation debt that is supported by property tax revenues. At the end of 2024, the fund balance of the nonmajor funds increased by $144,978. During 2024, the special revenue funds generated $539,319 in revenue, primarily from intergovernmental sources ($58,625), charges for services ($191,472) and licenses and permit fees ($289,222). Total expenditures were $551,714 with the majority - $189,122- for inspection services, $231,645- for recycling operations and $130,947 - for pool operations. Proprietary Funds - The Village of Fox Point's proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Unrestricted net position at the end of the year amounted to $1,706,158 for the Water Utility Fund, $986,704 for the Sewer Utility Fund and $2,619,588 for the Storm Water Utility Fund. The change in net position was an increase of $97,231 for the Water Utility Fund, an increase of $239,334 for the Sewer Utility Fund and an increase of $1,886,946 for the Storm Water Utility Fund. Other factors concerning the finances of these funds have already been addressed in the discussion of the Village of Fox Point 's business-type activities. VB Packet 08/12/2025 Page 124 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) xiii General Fund Budgetary Highlights The General Fund budget is adopted at the fund level of expenditure. Budget amendments were not made in 2024. The Village's General Fund ended the year with a favorable variance in revenues and a favorable variance in expenditures. Revenues and other financing sources were over budget $124,808 while expenditures and other financing uses were $448,548 over the final budget. Capital Asset and Debt Administration Capital Assets - The Village of Fox Point's investment in capital assets for its governmental and business type activities as of December 31, 2024 amounted to $52,468,594 (net of accumulated depreciation). This investment in capital assets includes land, land improvements, construction in progress buildings, improvements other than buildings, machinery and equipment and infrastructure such as roads, storm sewers and bridges. The following table provides a summary of the Village' s capital assets. Additional information on the Village of Fox Point's capital assets can be found in Note 3 in the notes to the financial statements. 2024 2023 2024 2023 2024 2023 Land & land improvments 10,911,947$ 10,606,337$ 26,561$ 26,561$ 10,938,508$ 10,632,898$ Building and system 5,225,587 5,225,587 1,549,821 1,549,406 6,775,408 6,774,993 Machinery & equipment 6,270,652 5,920,229 652,061 652,061 6,922,713 6,572,290 Infrastructure 12,549,750 11,041,181 39,497,105 33,296,889 52,046,855 44,338,070 Construction in progress 109,519 195,426 127,760 1,372,943 237,279 1,568,369 Subtotal 35,067,455 32,988,760 41,853,308 36,897,860 76,920,763 69,886,620 Less accumulated depreciation (10,878,865) (10,082,599) (13,573,304) (12,755,848) (24,452,169) (22,838,447) Total 24,188,590$ 22,906,161$ 28,280,004$ 24,142,012$ 52,468,594$ 47,048,173$ Governmental Business-Type Activities Activities Total Long-Term Debt - At the end of the 2024 fiscal year, the Village of Fox Point had total bonded debt outstanding of $22,358,533. This entire amount is backed by the full faith and credit of the Village. Village of Fox Point's Outstanding Debt The Village of Fox Point maintains a bond rating of Aaa from Moody's Investor Service. Wisconsin state statutes limit the amount of general obligation debt a governmental entity may issue to 5% of its equalized valuation. The current debt limitation for the Village of Fox Point is $83,798,805 of which the Village has used $22,358,533 or 26.6%. Additional information on the Village of Fox Point's long-term debt can be found in Note 3 in the notes to the financial statements. VB Packet 08/12/2025 Page 125 of 220 Village of Fox Point Management's Discussion and Analysis December 31, 2024 (Unaudited) xiv Economic Factors and Next Year's Budgets and Rates The Village will continue to monitor tax exempt rates and interest rate sensitivity looking into 2025. If tax exempt bond rates increase to a yet to be determined level, the Village may consider utilizing a richer blend of its unrestricted cash with debt to fund capital projects. Requests for Information This financial report is designed to provide a general overview of the Village of Fox Point 's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or request for additional information should be addressed to the Village' s Finance Department, at 7200 N. Santa Monica Blvd., Fox Point, Wisconsin 53217. VB Packet 08/12/2025 Page 126 of 220 Village of Fox Point Statement of Net Position December 31, 2024 Governmental Activities Business-Type Activities Total Assets and Deferred Outflows of Resources Assets Cash and investments $ 6,512,367 $ 4,874,308 $ 11,386,675 Taxes receivable 8,034,684 - 8,034,684 Delinquent personal property taxes 15,568 - 15,568 Accounts receivable 1,221,501 794,424 2,015,925 Lease receivable 1,637,241 - 1,637,241 Internal balances (125,317) 125,317 - Prepaid items 134,534 - 134,534 Inventories - 31,063 31,063 Equity in North Shore Water Commission - 193,261 193,261 Capital assets: Land and right of way 5,856,476 26,561 5,883,037 Construction in progress 109,519 127,760 237,279 Other capital assets 29,101,460 41,698,987 70,800,447 Less accumulated depreciation/amortization (10,878,865) (13,573,304) (24,452,169) Total assets 41,619,168 34,298,377 75,917,545 Deferred Outflows of Resources Deferred loss on refunding 5,646 - 5,646 Pension and OPEB related amounts 3,278,330 312,745 3,591,075 Total deferred outflows of resources 3,283,976 312,745 3,596,721 Liabilities, Deferred Inflows of Resources and Net Position Liabilities Accounts payable and accrued expenses 1,274,411 730,613 2,005,024 Due to other governmental units 27,004 - 27,004 Deposits 77,800 - 77,800 Noncurrent liabilities: Due within one year 2,228,382 754,472 2,982,854 Due in more than one year 16,424,211 6,631,969 23,056,180 Total liabilities 20,031,808 8,117,054 28,148,862 Deferred Inflows of Resources Deferred gain on refunding 28,587 - 28,587 Subsequent years tax levy 7,901,400 - 7,901,400 Pension and OPEB related amounts 2,127,096 171,544 2,298,640 Unearned lease revenue 1,637,241 - 1,637,241 Total deferred inflows of resources 11,694,324 171,544 11,865,868 Net Position Net investment in capital assets 12,425,778 21,010,074 30,741,107 Restricted for: Debt service 773,493 - 773,493 Unrestricted (deficit) (22,259) 5,312,450 7,984,936 Total net position $ 13,177,012 $ 26,322,524 $ 39,499,536 See notes to financial statements 1 VB Packet 08/12/2025 Page 127 of 220 Village of Fox Point Statement of Activities Year Ended December 31, 2024 Program Revenues Net (Expenses) Revenues and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Business-Type Activities Total Governmental activities: General government $ 1,363,649 $ 51,522 $ - $ - $ (1,312,127) $ - $ (1,312,127) Public safety 4,634,537 399,643 734,870 - (3,500,024) - (3,500,024) Public works 2,826,829 287,898 719,213 1,110,259 (709,459) - (709,459) Health and human services 58,688 - - - (58,688) - (58,688) Culture, education and recreation 488,121 4,360 - - (483,761) - (483,761) Conservation and development 55,579 50 - - (55,529) - (55,529) Interest and fiscal charges 394,876 - - - (394,876) - (394,876) Total governmental activities 9,822,279 743,473 1,454,083 1,110,259 (6,514,464) - (6,514,464) Business-type activities: Sewer utility 1,057,350 1,186,538 25,565 20,445 - 175,198 175,198 Water utility 1,460,006 1,857,116 - - - 397,110 397,110 Storm water utility 875,601 830,316 - - - (45,285) (45,285) Total business-type activities 3,392,957 3,873,970 25,565 20,445 - 527,023 527,023 Total $ 13,215,236 $ 4,617,443 $ 1,479,648 $ 1,130,704 (6,514,464) 527,023 (5,987,441) General Revenues Taxes: Property taxes, levied for general purposes 5,735,364 - 5,735,364 Property taxes, levied for debt service 2,146,750 - 2,146,750 Other taxes 54,876 - 54,876 Intergovernmental revenues not restricted to specific programs 483,532 - 483,532 Investment income 412,198 108,707 520,905 Miscellaneous 254,559 1,018 255,577 Total general revenues 9,087,279 109,725 9,197,004 Transfers (2,293,593) 2,293,593 - Change in net position 279,222 2,930,341 3,209,563 Net Position, Beginning 12,897,790 23,392,183 36,289,973 Net Position, Ending $ 13,177,012 $ 26,322,524 $ 39,499,536 See notes to financial statements 2 VB Packet 08/12/2025 Page 128 of 220 Village of Fox Point Balance Sheet - Governmental Funds December 31, 2024 General Fund Debt Service Fund Capital Projects Fund Nonmajor Governmental Funds Total Assets Cash and investments $ 4,707,616 $ 885,370 $ 622,007 $ 297,375 $ 6,512,368 Receivables: Taxes 5,886,549 2,148,135 - - 8,034,684 Delinquent personal property tax 15,568 - - - 15,568 Accounts 45,019 - 1,137,015 39,467 1,221,501 Lease 1,637,241 - - - 1,637,241 Due from other funds - - - 7,967 7,967 Prepaid items 94,118 - 40,416 - 134,534 Total assets $ 12,386,111 $ 3,033,505 $ 1,799,438 $ 344,809 $ 17,563,863 Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) Liabilities Accounts payable $ 44,755 $ - $ 689,179 $ 4,323 $ 738,257 Accrued liabilities 404,067 - - 20,210 424,277 Deposits 37,250 - - 40,550 77,800 Due to other funds 133,284 - - - 133,284 Due to other governments 27,004 - - - 27,004 Total liabilities 646,360 - 689,179 65,083 1,400,622 Deferred Inflows of Resources Unearned revenues 1,637,241 - - - 1,637,241 Unavailable revenues - - 1,110,259 - 1,110,259 Subsequent years tax levy 5,753,265 2,148,135 - - 7,901,400 Total deferred inflows of resources 7,390,506 2,148,135 1,110,259 - 10,648,900 Fund Balances (Deficit) Nonspendable 109,686 - - - 109,686 Restricted - 885,370 - - 885,370 Committed - - - 279,726 279,726 Unassigned (deficit) 4,239,559 - - - 4,239,559 Total fund balances (deficit) 4,349,245 885,370 - 279,726 5,514,341 Total liabilities, deferred inflows of resources and fund balance (deficit) $ 12,386,111 $ 3,033,505 $ 1,799,438 $ 344,809 $ 17,563,863 See notes to financial statements 3 VB Packet 08/12/2025 Page 129 of 220 Village of Fox Point Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position December 31, 2024 Total Fund Balances, Governmental Funds $ 5,514,341 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental funds are not financial resources and therefore are not reported in the funds. Land 1,203,921 Land improvements 4,652,555 Construction in progress 109,519 Other capital assets 29,101,460 Less accumulated depreciation (10,878,865) Some receivables that are not currently available are reported as unavailable revenues in the fund financial statements but are recognized as revenue when earned in the government-wide statements. 1,110,259 Deferred outflows of resources related to pensions and OPEBs do not relate to current financial resources and are not reported in the governmental funds. 3,278,330 Deferred inflows of resources related to pensions and OPEBs do not relate to current financial resources and are not reported in the governmental funds. (2,127,096) Deferred loss on refunding does not relate to current financial resources and is not reported in the governmental funds. 5,646 Deferred gain on refunding does not relate to current financial resources and is not reported in the governmental funds. (28,587) Some liabilities, including long-term debt, are not due and payable in the current period and, therefore, are not reported in the funds. Bonds and notes payable (15,036,403) Compensated absences (819,396) Accrued interest (111,878) Total OPEB obligation, Health Insurance (359,623) Total OPEB obligation, Life Insurance (244,879) Net pension liability, WRS (339,274) Unamortized debt premium (540,363) North Shore Fire Department obligations (1,095,096) Total pension liability, single-employer plan (217,559) Net Position of Governmental Activities $ 13,177,012 See notes to financial statements 4 VB Packet 08/12/2025 Page 130 of 220 Village of Fox Point Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Year Ended December 31, 2024 General Fund Debt Service Fund Capital Projects Fund Nonmajor Governmental Funds Total Revenues Taxes $ 5,790,240 $ 2,146,750 $ - $ - $ 7,936,990 Intergovernmental 1,085,951 - 741,673 58,625 1,886,249 Licenses and permits 108,940 - - 289,222 398,162 Fines, forfeitures and penalties 111,861 - - - 111,861 Public charges for services 27,692 - - 191,472 219,164 Intergovernmental charges for services 134,892 14,351 - - 149,243 Investment income 333,919 26,065 52,214 - 412,198 Miscellaneous revenues 130,570 - 25,002 - 155,572 Total revenues 7,724,065 2,187,166 818,889 539,319 11,269,439 Expenditures Current: General government 1,345,236 - - - 1,345,236 Public safety 4,168,171 - - 189,122 4,357,293 Public works 1,527,927 - - 232,297 1,760,224 Health and human services 58,688 - - - 58,688 Culture, recreation and education 282,350 - - 130,294 412,644 Conservation and development 55,592 - - - 55,592 Capital outlay - - 5,367,178 - 5,367,178 Debt service: Principal - 1,658,900 - - 1,658,900 Interest and fiscal charges - 512,200 16,022 - 528,222 Total expenditures 7,437,964 2,171,100 5,383,200 551,713 15,543,977 Excess (deficiency) of revenues over expenditures 286,101 16,066 (4,564,311) (12,394) (4,274,538) Other Financing Sources (Uses) Transfers in 267,844 - 386,854 157,373 812,071 Transfers out (544,227) - - - (544,227) Proceeds from sale of capital assets 2,947 - 12,450 - 15,397 Premium on debt issued - 249,420 - - 249,420 Debt issued - - 1,205,000 - 1,205,000 Total other financing sources (uses) (273,436) 249,420 1,604,304 157,373 1,737,661 Net change in fund balances 12,665 265,486 (2,960,007) 144,979 (2,536,877) Fund Balances, Beginning 4,336,580 619,884 2,960,007 134,747 8,051,218 Fund Balances (Deficit), Ending $ 4,349,245 $ 885,370 $ - $ 279,726 $ 5,514,341 See notes to financial statements 5 VB Packet 08/12/2025 Page 131 of 220 Village of Fox Point Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended December 31, 2024 Net Change in Fund Balances, Total Governmental Funds $ (2,536,877) Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement of Net Position the cost of these assets is capitalized and they are depreciated over their estimated useful lives and reported as depreciation expense in the Statement of Activities. Capital outlay is reported as an expenditure in the fund financial statements but is capitalized in the government-wide financial statements 5,367,178 Some items reported as capital outlay were not capitalized (557,617) Capital assets contributed to storm water (2,561,437) Depreciation is reported in the government-wide financial statements (911,269) Net book value of assets retired (54,426) Receivables not currently available are reported as revenue when collected or currently available in the fund financial statements but are recognized as revenue when earned in the government-wide financial statements. Project reimbursements 1,110,259 Debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position. Debt issued (1,205,000) Principal repaid 1,658,900 Governmental funds report debt premiums and discounts as other financing sources (uses) or financing sources or uses. However, in the Statement of Net Position, these are reported as additions to or deductions from long-term debt. These are allocated over the period the debt is outstanding in the Statement of Activities and are reported as interest expense. Debt premium on debt issued (249,420) Amortization of premium on debt issued 75,016 Some expenses in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Compensated absences (6,986) North Shore Fire Department obligations 3,085 Accrued interest on debt 73,408 Net pension liability, WRS 873,818 Total pension liability, single-employer plan (44,425) Net OPEB liability, Life Insurance (41,469) Total OPEB liability, Health Insurance 81,181 Deferred outflows of resources related to pensions and OPEBs (1,470,530) Deferred inflows of resources related to pensions and OPEBs 690,914 Amortization of deferred loss on refunding (19,424) Amortization of deferred gain on refunding 4,343 Change in Net Position of Governmental Activities $ 279,222 See notes to financial statements 6 VB Packet 08/12/2025 Page 132 of 220 Village of Fox Point Statement of Net Position - Proprietary Funds December 31, 2024 Business-Type Activities - Enterprise Funds Water Utility Sewer Utility Storm Water Utility Total Assets and Deferred Outflows of Resources Current Assets Cash and investments $ 1,592,963 $ 790,399 $ 2,490,946 $ 4,874,308 Accounts receivables 347,594 277,364 169,466 794,424 Due from other funds 59,075 39,287 26,955 125,317 Inventory 31,063 - - 31,063 Total current assets 2,030,695 1,107,050 2,687,367 5,825,112 Noncurrent Assets Capital assets: Construction in progress 125,060 - 2,700 127,760 Property and equipment 21,564,121 9,608,375 10,526,491 41,698,987 Land 26,561 - - 26,561 Less accumulated depreciation (8,140,780) (2,815,269) (2,617,255) (13,573,304) Other assets: Equity in North Shore Water Commission 193,261 - - 193,261 Total noncurrent assets 13,768,223 6,793,106 7,911,936 28,473,265 Total assets 15,798,918 7,900,156 10,599,303 34,298,377 Deferred Outflows of Resources Pension related amounts 153,397 100,443 58,905 312,745 Total deferred outflows of resources 153,397 100,443 58,905 312,745 See notes to financial statements 7 VB Packet 08/12/2025 Page 133 of 220 Village of Fox Point Statement of Net Position - Proprietary Funds December 31, 2024 Business-Type Activities - Enterprise Funds Water Utility Sewer Utility Storm Water Utility Total Liabilities, Deferred Inflows of Resources and Net Position Liabilities Current liabilities: Accounts payable $ 477,303 $ 117,656 $ 28,862 $ 623,821 Accrued wages 9,577 7,051 5,424 22,052 Accrued interest 44,115 10,180 30,445 84,740 Compensated absences 6,138 4,255 3,779 14,172 Current portion of long-term debt 397,000 116,300 227,000 740,300 Total current liabilities 934,133 255,442 295,510 1,485,085 Noncurrent liabilities: Long-term debt: General obligation bonds payable 3,739,196 678,355 2,164,279 6,581,830 Unamortized premium - 651 - 651 Net pension liability 15,698 11,474 8,142 35,314 Compensated absences 6,139 4,256 3,779 14,174 Total noncurrent liabilities 3,761,033 694,736 2,176,200 6,631,969 Total liabilities 4,695,166 950,178 2,471,710 8,117,054 Deferred Inflows of Resources Pension related amounts 71,029 54,262 46,253 171,544 Total deferred inflows of resources 71,029 54,262 46,253 171,544 Net Position Net investment in capital assets 9,479,962 6,009,455 5,520,657 21,010,074 Unrestricted 1,706,158 986,704 2,619,588 5,312,450 Total net position $ 11,186,120 $ 6,996,159 $ 8,140,245 $ 26,322,524 See notes to financial statements 8 VB Packet 08/12/2025 Page 134 of 220 Village of Fox Point Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds Year Ended December 31, 2024 Business-Type Activities - Enterprise Funds Water Utility Sewer Utility Storm Water Utility Total Operating Revenues Public charges for services $ 1,762,254 $ 1,186,538 $ 830,316 $ 3,779,108 Other operating revenues 94,862 1,018 - 95,880 Total operating revenues 1,857,116 1,187,556 830,316 3,874,988 Operating Expenses Operation and maintenance 909,399 924,963 365,506 2,199,868 Depreciation/amortization 400,300 108,068 439,586 947,954 Taxes 15,524 4,669 - 20,193 Total operating expenses 1,325,223 1,037,700 805,092 3,168,015 Operating income 531,893 149,856 25,224 706,973 Nonoperating Revenues (Expenses) Investment income 54,040 15,364 39,303 108,707 Grants from the state - 25,565 - 25,565 Grants from local governments - 20,445 - 20,445 Interest and fiscal charges (134,783) (20,488) (70,509) (225,780) Amortization - 838 - 838 Total nonoperating revenues (expenses) (80,743) 41,724 (31,206) (70,225) Income (loss) before contributions and transfers 451,150 191,580 (5,982) 636,748 Contributions and Transfers Capital contributions - - 2,561,437 2,561,437 Transfers out (267,844) - - (267,844) Total contributions and transfers (267,844) - 2,561,437 2,293,593 Change in net position 183,306 191,580 2,555,455 2,930,341 Net Position, Beginning 11,002,814 6,804,579 5,584,790 23,392,183 Net Position, Ending $ 11,186,120 $ 6,996,159 $ 8,140,245 $ 26,322,524 See notes to financial statements 9 VB Packet 08/12/2025 Page 135 of 220 Village of Fox Point Statement of Cash Flows - Proprietary Funds Year Ended December 31, 2024 Business-Type Activities - Enterprise Funds Water Utility Sewer Utility Storm Water Utility Total Cash Flows From Operating Activities Received from customers $ 1,961,249 $ 1,205,440 $ 828,008 $ 3,994,697 Paid to suppliers for goods and services (259,887) (805,216) (287,145) (1,352,248) Paid to employees for services (339,372) (141,653) (88,951) (569,976) Net cash flows from operating activities 1,361,990 258,571 451,912 2,072,473 Cash Flows From Investing Activities Investment income 54,040 15,364 39,303 108,707 Net cash flows from investing activities 54,040 15,364 39,303 108,707 Cash Flows From Noncapital Financing Activities Paid to municipality for tax equivalent (267,844) - - (267,844) Net cash flows from noncapital financing activities (267,844) - - (267,844) Cash Flows From Capital and Related Financing Activities Debt issued 1,640,000 645,000 1,650,000 3,935,000 Debt retired (256,900) (73,200) (176,000) (506,100) Interest paid (116,047) (10,601) (44,964) (171,612) Acquisition and construction of capital assets (3,052,286) (632,476) (20,658) (3,705,420) Contribution received for construction 203,673 - - 203,673 Net cash flows from capital and related financing activities (1,581,560) (71,277) 1,408,378 (244,459) Net change in cash and cash equivalents (433,374) 202,658 1,899,593 1,668,877 Cash and Cash Equivalents, Beginning 2,026,337 587,741 591,353 3,205,431 Cash and Cash Equivalents, Ending $ 1,592,963 $ 790,399 $ 2,490,946 $ 4,874,308 See notes to financial statements 10 VB Packet 08/12/2025 Page 136 of 220 Village of Fox Point Statement of Cash Flows - Proprietary Funds Year Ended December 31, 2024 Business-Type Activities - Enterprise Funds Water Utility Sewer Utility Storm Water Utility Total Reconciliation of Operating Income to Net Cash Flows From Operating Activities Operating income $ 531,893 $ 149,856 $ 25,224 $ 706,973 Nonoperating revenue - 46,010 - 46,010 Adjustments to reconcile operating income to net cash flows from operating activities: Depreciation 400,300 108,068 439,586 947,954 Depreciation charged to other funds 12,462 - - 12,462 Changes in assets, deferred outflows, liabilities, and deferred inflows: Accounts receivable 78,969 (43,473) (1,895) 33,601 Due from other funds 12,702 15,347 (413) 27,636 Inventories (4,670) - - (4,670) Compensated absences (30,469) (24,762) (37,918) (93,149) Accounts payable 363,548 5,876 25,663 395,087 Other current liabilities 2,303 1,858 1,908 6,069 Pension related deferrals and liabilities/assets (5,048) (209) (243) (5,500) Net cash flows from operating activities $ 1,361,990 $ 258,571 $ 451,912 $ 2,072,473 Reconciliation of Cash and Cash Equivalents to the Statement of Net Position, Proprietary Funds Cash and investments $ 1,592,963 $ 790,399 $ 2,490,946 $ 4,874,308 Restricted cash and investments - - - - Cash and cash equivalents $ 1,592,963 $ 790,399 $ 2,490,946 $ 4,874,308 Noncash Capital and Related Financing Activities Equity in NSWC $ 16,657 $ - $ - Amortization premium $ - $ 838 $ - Capital assets paid with accounts payable $ 95,846 $ - $ - Capital assets contributed by municipality $ - $ - $ 2,561,437 See notes to financial statements 11 VB Packet 08/12/2025 Page 137 of 220 Village of Fox Point Statement of Fiduciary Net Position - Fiduciary Fund December 31, 2024 Custodial Fund Tax Collection Fund Assets Cash and investments $ 17,926,228 Tax roll receivable 12,769,125 Total assets 30,695,353 Liabilities Accounts payable 17,118 Due to other taxing units 30,678,235 Total liabilities 30,695,353 Net Position Total net position $ - See notes to financial statements 12 VB Packet 08/12/2025 Page 138 of 220 Village of Fox Point Statement of Changes in Fiduciary Net Position - Fiduciary Fund Year Ended December 31, 2024 Custodial Fund Tax Collection Fund Additions Tax collections on-behalf of underlying districts $ 27,687,399 Deductions Tax payments to underlying districts 27,687,399 Change in fiduciary net position - Net Position, Beginning - Net Position, Ending $ - See notes to financial statements 13 VB Packet 08/12/2025 Page 139 of 220 Village of Fox Point Index to Notes to Financial Statements December 31, 2024 Page 1. Summary of Significant Accounting Policies 15 Reporting Entity 15 Government-Wide and Fund Financial Statements 15 Measurement Focus, Basis of Accounting and Financial Statement Presentation 17 Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position or Equity 18 Deposits and Investments 18 Receivables 19 Inventories and Prepaid Items 20 Capital Assets 20 Deferred Outflows of Resources 21 Compensated Absences 21 Long-Term Obligations 21 Leases 21 Deferred Inflows of Resources 21 Equity Classifications 22 Pension 23 Postemployment Benefits Other Than Pensions (OPEB) 24 Basis for Existing Rates 24 2. Stewardship, Compliance and Accountability 24 Excess Expenditures and Other Financing Uses Over Budget 24 Limitations on the Village's Tax Levy 25 3. Detailed Notes on All Funds 25 Deposits and Investments 25 Receivables 26 Capital Assets 27 Interfund Receivables/Payables and Transfers 30 Long-Term Obligations 31 Lease Disclosures 35 Net Position/Fund Balances 35 4. Other Information 37 Employees' Retirement System 37 Risk Management 42 Commitments and Contingencies 43 Joint Ventures 43 Other Postemployment Benefits 45 Single-Employer Defined Benefit Pension Plan 52 Effect of New Accounting Standards on Current-Period Financial Statements 54 14 VB Packet 08/12/2025 Page 140 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 1. Summary of Significant Accounting Policies The accounting policies of the Village of Fox Point, Wisconsin (the Village) conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The accepted standard-setting body for establishing governmental accounting and financial reporting principles is the Governmental Accounting Standards Board (GASB). Reporting Entity This report includes all of the funds of the Village. The reporting entity for the Village consists of the primary government and its component units. Component units are legally separate organizations for which the primary government is financially accountable or other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity's financial statements to be misleading. The Village has not identified any organizations that meet this criteria. Government-Wide and Fund Financial Statements In June 2022, the GASB issued Statement No. 101, Compensated Absences. This Statement requires that liabilities for compensated absences be recognized in financial statements prepared using the economic resources measurement focus for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. A liability should be recognized for leave that has not been used if (a) the leave is attributable to services already rendered, (b) the leave accumulates and (c) the leave is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. This standard was implemented January 1, 2024 and the impact of implementation was not material. Government-Wide Financial Statements The statement of net position and statement of activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. The Village does not allocate indirect expenses to functions in the statement of activities. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not included among program revenues are reported as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Fund Financial Statements Financial statements of the Village are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts, which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position/fund balance, revenues and expenditures/expenses. 15 VB Packet 08/12/2025 Page 141 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Funds are organized as major funds or nonmajor funds within the governmental and proprietary statements. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria: a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of the corresponding total for all funds of that category or type and b. The same element of the individual governmental or enterprise fund that met the 10% test is at least 5% of the corresponding total for all governmental and enterprise funds combined. c. In addition, any other governmental or enterprise fund that the Village believes is particularly important to financial statement users may be reported as a major fund. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: General Fund General Fund accounts for the Village's primary operating activities. It is used to account for and report all financial resources except those accounted for and reported in another fund. Debt Service Fund Debt Service Fund is used to account for and report financial resources that are restricted, committed or assigned to expenditure for the payment of general long-term debt principal, interest and related costs, other than TID or enterprise debt. Capital Projects Fund Capital Projects Fund is used to account for and report financial resources that are restricted, committed or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities and other capital assets for the capital program. Enterprise Funds The Village reports the following major enterprise funds: Water Utility accounts for operations of the Water system. Sewer Utility accounts for operations of the Sewer system. Storm Water Utility accounts for operations of the Storm water system. 16 VB Packet 08/12/2025 Page 142 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 The Village reports the following nonmajor governmental funds: Special Revenue Funds Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes (other than debt service or capital projects). Recycling Pool Inspection In addition, the Village reports the following fund type: Custodial Fund Custodial Fund is used to account for and report assets controlled by the Village and the assets are for the benefit of individuals, private organizations and/or other governmental units. Tax Collection Fund Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements The government-wide statement of net position and statement of activities are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes are recognized as revenues in the year for which they are levied. Taxes receivable for the following year are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are provided. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are charges between the Village's water, sewer and storm water utilities and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Village considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on long-term debt, claims, judgments, compensated absences and pension expenditures, which are recorded as a fund liability when expected to be paid with expendable available financial resources. Property taxes are recorded in the year levied as receivables and deferred inflows. They are recognized as revenues in the succeeding year when services financed by the levy are being provided. 17 VB Packet 08/12/2025 Page 143 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled to the resources and the amounts are available. Amounts owed to the Village which are not available are recorded as receivables and unavailable revenues. Amounts received before eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting time requirements are recorded as deferred inflows. Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services, special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees, recreation fees and miscellaneous revenues are recognized when received in cash or when measurable and available under the criteria described above. Proprietary and Fiduciary Funds Proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as described previously in this note. The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the water, sewer and storm water utilities are charges to customers for sales and services. Special assessments are recorded as receivables and contribution revenue when levied. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position or Equity Deposits and Investments For purposes of the statement of cash flows, the Village considers all highly liquid investments with an initial maturity of three months or less when acquired to be cash equivalents. Investment of Village funds is restricted by Wisconsin state statutes. Available investments are limited to: a. Time deposits in any credit union, bank, savings bank or trust company. b. Bonds or securities of any county, city, drainage district, technical college district, village, town or school district of the state. Also, bonds issued by a local exposition district, a local professional baseball park district, a local professional football stadium district, a local cultural arts district, the University of Wisconsin Hospitals and Clinics Authority or the Wisconsin Aerospace Authority. c. Bonds or securities issued or guaranteed by the federal government. d. The local government investment pool. 18 VB Packet 08/12/2025 Page 144 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 e. Any security maturing in seven years or less and having the highest or second highest rating category of a nationally recognized rating agency. f. Securities of an open-end management investment company or investment trust, subject to various conditions and investment options. g. Repurchase agreements with public depositories, with certain conditions. The Village has adopted an investment policy. That policy follows the state statute for allowable investments. Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. No investments are reported at amortized cost. Adjustments necessary to record investments at fair value are recorded in the operating statement as increases or decreases in investment income. Investment income on commingled investments of municipal accounting funds is allocated based on average balances. The difference between the bank statement balance and carrying value is due to outstanding checks and/or deposits in transit. The Wisconsin Local Government Investment Pool (LGIP) is part of the State Investment Fund (SIF) and is managed by the State of Wisconsin Investment Board. The SIF is not registered with the Securities and Exchange Commission, but operates under the statutory authority of Wisconsin Chapter 25. The SIF reports the fair value of its underlying assets annually. Participants in the LGIP have the right to withdraw their funds in total on one day's notice. At December 31, 2024, the fair value of the Village 's share of the LGIP's assets was substantially equal to the amount as reported in these statements. See Note 3 for further information. Receivables Property taxes are levied in December on the assessed value as of the prior January 1. In addition to property taxes for the Village, taxes are collected for and remitted to the county government as well as the local school district and technical college district. Taxes for all state and local governmental units billed in the current year for the succeeding year are reflected as receivables and due to other taxing units on the accompanying statement of fiduciary net position. Property tax calendar - 2024 tax roll: Lien date and levy date December 2024 Tax bills mailed December 2024 Payment in full, or January 31, 2025 First installment due January 31, 2025 Second installment due March 31, 2025 Third installment due May 31, 2025 Tax sale, 2024 delinquent real estate taxes October 2027 Delinquent real estate taxes as of July 31 are paid in full by the County, which assumes the collection thereof. No provision for uncollectible accounts receivable has been made for the water, sewer and storm water utilities because they have the right by law to place substantially all delinquent bills on the tax roll and other delinquent bills are generally not significant. 19 VB Packet 08/12/2025 Page 145 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 During the course of operations, transactions occur between individual funds that may result in amounts owed between funds. Short-term interfund loans are reported as "due to and from other funds." Long-term interfund loans (noncurrent portion) are reported as "advances from and to other funds." Interfund receivables and payables between funds within governmental activities are eliminated in the statement of net position. Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental-wide financial statements as internal balances. Inventories and Prepaid Items Governmental fund inventory items are charged to expenditure accounts when purchased. Year-end inventory was not significant. Proprietary fund inventories are generally used for construction and/or for operation and maintenance work. They are not for resale. They are valued at cost based on weighted average and charged to construction and/or operation and maintenance expense when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased. Capital Assets Government-Wide Financial Statements Capital assets, which include property, plant and equipment are reported in the government-wide financial statements. Capital assets are defined by the government as assets with an initial cost of more than $2,500 general capital assets and $5,000 for infrastructure assets and an estimated useful life in excess of one year. All capital assets are valued at historical cost or estimated historical cost if actual amounts are unavailable. Donated capital assets are recorded at their estimated acquisition value at the date of donation. Additions to and replacements of capital assets of business-type activities are recorded at original cost, which includes material, labor and overhead. The cost of renewals and betterments relating to retirement units is added to plant accounts. The cost of property replaced, retired or otherwise disposed of, is deducted from plant accounts and, generally, together with removal costs less salvage, is charged to accumulated depreciation. Depreciation and amortization of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation and amortization reflected in the statement of net position. Depreciation and amortization is provided over the assets' estimated useful lives using the straight-line method. The range of estimated useful lives by type of asset is as follows: Buildings 50-75 Years Land improvements 20 Years Machinery and equipment 7-30 Years Utility system 50 Years Infrastructure 40 Years Intangibles 5 Years Fund Financial Statements In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same way as in the government-wide statements. 20 VB Packet 08/12/2025 Page 146 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Deferred Outflows of Resources A deferred outflow of resources represents a consumption of net assets that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until that future time. A deferred charge on refunding arises from the advance refunding of debt. The difference between the cost of the securities placed in trust for future payments of the refunded debt and the net carrying value of that debt is deferred and amortized as a component of interest expense over the shorter of the term of the refunding issue or the original term of the refunded debt. The unamortized amount is reported as a deferred outflow of resources in the government-wide and proprietary fund financial statements. Compensated Absences Under terms of employment, employees are granted sick leave and vacations in varying amounts. Vacation and sick leave pay is accrued in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements and are payable with expendable resources. Payments for vacation and sick leave will be made at rates in effect when the benefits are used. Accumulated vacation and sick leave liabilities at December 31, 2024, are determined on the basis of current salary rates and include salary related payments. Long-Term Obligations All long-term obligations to be repaid from governmental and business-type resources are reported as liabilities in the government-wide statements. The long-term obligations consist primarily of notes and bonds payable, pension and OPEB obligations and accrued compensated absences. Long-term obligations for governmental funds are not reported as liabilities in the fund financial statements. The face value of debts (plus any premiums) are reported as other financing sources and payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the same as it is in the government-wide statements. For the government-wide statements and proprietary fund statements, bond premiums and discounts are amortized over the life of the issue using the straight-line method. The balance at year end is shown as an increase or decrease in the liability section of the statement of net position. Leases The Village is a lessor because it leases capital assets to other entities. As a lessor, the Village reports a lease receivable and corresponding deferred inflow of resources in both the fund financial statements and government-wide financial statements. The Village continues to report and depreciate the capital assets being leased as capital assets of the primary government. Deferred Inflows of Resources A deferred inflow of resources represents an acquisition of net assets that applies to a future period and therefore will not be recognized as an inflow of resources (revenue) until that future time. 21 VB Packet 08/12/2025 Page 147 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Equity Classifications Government-Wide Statements Equity is classified as net position and displayed in three components: a. Net Investment in Capital Assets - Consists of capital assets including restricted capital assets, net of accumulated depreciation/amortization and reduced by the outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction or improvement of those assets. b. Restricted Net Position - Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. c. Unrestricted Net Position - All other net positions that do not meet the definitions of "restricted" or "net investment in capital assets." The net position section includes an adjustment for capital assets owned by the business-type activities column, but financed by the debt of the governmental activities column. The amount is a reduction of "net investment in capital assets" and an increase in "unrestricted" net position, shown only in the total column. A reconciliation of this adjustment is as follows: Governmental Activities Business-Type Activities Adjustment Total Net investment in capital assets $ 12,425,778 $ 21,010,074 $ (2,694,745) $ 30,741,107 Unrestricted (deficit) (22,259) 5,312,450 2,694,745 7,984,936 When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed. Fund Statements Governmental fund balances are displayed as follows: a. Nonspendable - Includes fund balance amounts that cannot be spent either because they are not in spendable form or because legal or contractual requirements require them to be maintained intact. b. Restricted - Consists of fund balances with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation. c. Committed - Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority. Fund balance amounts are committed through a formal action (resolution) of the Village Board. This formal action must occur prior to the end of the reporting period, but the amount of the commitment, which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the Village Board that originally created the commitment. 22 VB Packet 08/12/2025 Page 148 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that do not meet the criteria to be classified as restricted or committed. The Village Board has, by resolution, adopted a financial policy authorizing the Village Manager to assign amounts for a specific purpose. Assignments may take place after the end of the reporting period. e. Unassigned - Includes residual positive fund balance within the general fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those purposes. Proprietary fund equity is classified the same as in the government-wide statements. The Village considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents / contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the Village would then first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made. The Village has a formal minimum fund balance policy. That policy is to maintain the Village's General Fund fund balance as of January 1st of each year to be no less than 10% of that year's adopted General Fund operating budget. The General Fund fund balance at year end was $4,349,245 or approximately 58% of the 2025 General Fund operating budget. See Note 3 for further information. Pension For purposes of measuring the total pension liability and deferred outflows or resources related to pension and pension expense, the Village Stipend Plan recognized benefit payments when due and payable in accordance with the benefit terms. The fiduciary net position of the Wisconsin Retirement System (WRS) has been determined using the flow of economic resources measurement focus and accrual basis of accounting. This includes for purposes of measuring the following:  Net Pension Liability (Asset);  Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions; and  Pension Expense (Revenue). Information about the fiduciary net position of the WRS and additions to/deductions from WRS' fiduciary net position have been determined on the same basis as they are reported by the WRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. 23 VB Packet 08/12/2025 Page 149 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Postemployment Benefits Other Than Pensions (OPEB) For purposes of measuring the total OPEB liability - Health Insurance, deferred outflows of resources and deferred inflows of resources related to OPEB and OPEB expense, the Village OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. 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 Other Postemployment Benefits; 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. Basis for Existing Rates Water Rates Current water rates as approved by the PSCW were placed into effect on August 1, 2021. Sewer Rates Current sewer rates as approved by the Village Board were placed into effect on January 1, 2024. Storm Water Rates Current storm water rates as approved by the Village Board were placed into effect January 1, 2024. 2. Stewardship, Compliance and Accountability Excess Expenditures and Other Financing Uses Over Budget Fund Budgeted Expenditures Actual Expenditures Excess Expenditures Over Budget Debt Service Fund $ 2,161,101 $ 2,171,100 $ 9,999 Capital Projects Fund 4,973,534 5,383,200 409,666 Special Revenue Fund, Inspection 184,554 189,122 4,568 Special Revenue Fund, Pool 102,771 130,946 28,175 The Village controls expenditures at the fund level. Some individual departments experienced expenditures which exceeded appropriations. The detail of those items can be found in the Village's year-end budget to actual report. 24 VB Packet 08/12/2025 Page 150 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Limitations on the Village's Tax Levy Wisconsin law limits the Village's future tax levies. Generally the Village is limited to its prior tax levy dollar amount (excluding TIF Districts), increased by the greater of the percentage change in the Village's equalized value due to net new construction or 0%. Changes in debt service from one year to the next are generally exempt from this limit with certain exceptions. The Village is required to reduce its allowable levy by the estimated amount of fee revenue it collects for certain services, if those services were funded in 2013 by the property tax levy. Levies can be increased above the allowable limits if the amount is approved by referendum. 3. Detailed Notes on All Funds Deposits and Investments The Village's deposits and investments at year end were comprised of the following: Carrying Value Statement Balances Associated Risks Deposits $ 14,444,115 $ 14,496,827 Custodial credit LGIP 14,868,308 14,868,308 Credit Petty cash 480 - N/A Total deposits and investments $ 29,312,903 $ 29,365,135 Reconciliation to financial statements Per statement of net position: Unrestricted cash and investments $ 11,386,675 Per statement of net position, fiduciary fund: Tax collection 17,926,228 Total deposits and investments $ 29,312,903 Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and savings accounts (including NOW accounts) and $250,000 for demand deposit accounts (interest-bearing and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the government is located, insured amounts are further limited to a total of $250,000 for the combined amount of all deposit accounts. Bank accounts are also insured by the State Deposit Guarantee Fund in the amount of $1,000,000. However, due to the nature of this fund, recovery of material principal losses may not be significant to individual municipalities. This coverage has been considered in computing custodial credit risk. The Village maintains collateral agreements with its banks. At December 31, 2024, the banks had pledged various government securities in the amount of $23,835,180 to secure the Village's deposits. Custodial Credit Risk Deposits Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may not be returned to the Village. The Village does not have any deposits exposed to custodial credit risk. 25 VB Packet 08/12/2025 Page 151 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The Village had investments in the external Wisconsin Local Government Investment Pool which is not rated. See Note 1 for further information on deposit and investment policies. Receivables All of the receivables on the balance sheet are expected to be collected within one year, except for $15,568 of delinquent personal property taxes and $1,637,241 of lease receivables. Governmental funds report unavailable or unearned revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Property taxes levied for the subsequent year are not earned and cannot be used to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of unavailable revenue and unearned revenue reported in the governmental funds were as follows: Unearned Unavailable Property taxes receivable for subsequent year $ 7,901,400 $ - MMSD reimbursement - 832,486 WE Energies reimbursement - 277,773 Unearned lease revenue 1,637,241 - Total unearned/unavailable revenue for governmental funds $ 9,538,641 $ 1,110,259 Unearned revenue included in deferred inflows $ 9,538,641 Total unearned revenue for governmental funds $ 9,538,641 26 VB Packet 08/12/2025 Page 152 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Capital Assets Capital asset activity for the year ended December 31, 2024, was as follows: Beginning Balance Additions Deletions Ending Balance Governmental Activities Capital assets not being depreciated / amortized: Land $ 1,203,921 $ - $ - $ 1,203,921 Right-of-way 4,652,555 - - 4,652,555 Construction in progress 195,426 109,519 195,426 109,519 Total capital assets not being depreciated / amortized 6,051,902 109,519 195,426 5,965,995 Capital assets being depreciated / amortized: Land improvements 4,749,861 305,610 - 5,055,471 Buildings 5,225,587 - - 5,225,587 Machinery and equipment 5,800,458 520,836 50,642 6,270,652 Streets 7,841,359 1,507,585 118,787 9,230,157 Bridges 3,199,822 - - 3,199,822 Software 119,771 - - 119,771 Total capital assets being depreciated / amortized 26,936,858 2,334,031 169,429 29,101,460 Total capital assets 32,988,760 2,443,550 364,855 35,067,455 Less accumulated depreciation / amortization for: Land improvements (823,899) (266,606) - (1,090,505) Buildings (1,716,168) (91,957) - (1,808,125) Machinery and equipment (3,362,515) (284,512) 36,452 (3,610,575) Streets (3,191,813) (205,744) 78,551 (3,319,006) Bridges (899,806) (58,518) - (958,324) Software (88,398) (3,932) - (92,330) Total accumulated depreciation / amortization (10,082,599) (911,269) 115,003 (10,878,865) Net capital assets being depreciated / amortized 16,854,259 1,422,762 54,426 18,222,595 Total governmental activities capital assets, net as reported in the statement of net position $ 22,906,161 $ 1,532,281 $ 249,852 $ 24,188,590 Depreciation / amortization expense was charged to functions as follows: Governmental Activities General government $ 36,830 Public safety 135,610 Public works 719,316 Culture, education and recreation 19,513 Total governmental activities depreciation / amortization expense $ 911,269 27 VB Packet 08/12/2025 Page 153 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Business-Type Activities Beginning Balance Additions Deletions Ending Balance Sewer Capital assets being depreciated / amortized: Collection system $ 8,679,255 $ 632,476 $ - $ 9,311,731 Treatment and disposal 50,000 - - 50,000 General 132,381 - - 132,381 Software 114,263 - - 114,263 Total capital assets being depreciated / amortized 8,975,899 632,476 - 9,608,375 Less accumulated depreciation / amortization for: Sewer capital assets (2,707,201) (108,068) - (2,815,269) Total accumulated depreciation / amortization (2,707,201) (108,068) - (2,815,269) Net capital assets being depreciated / amortized 6,268,698 524,408 - 6,793,106 Net sewer capital assets $ 6,268,698 $ 524,408 $ - $ 6,793,106 Beginning Balance Additions Deletions Ending Balance Water Capital assets not being depreciated: Land and land rights $ 26,561 $ - $ - $ 26,561 Construction in progress 1,313,382 2,700 1,191,022 125,060 Total capital assets not being depreciated 1,339,943 2,700 1,191,022 151,621 Capital assets being depreciated: Source of supply 278,542 - - 278,542 Pumping 893,832 76,561 21,225 949,168 Water treatment 2,000,376 24,238 9,532 2,015,082 Transmission and distribution 14,045,147 2,970,120 111,378 16,903,889 General 1,417,025 1,240 825 1,417,440 Total capital assets being depreciated 18,634,922 3,072,159 142,960 21,564,121 Total capital assets 19,974,865 3,074,859 1,333,982 21,715,742 Less accumulated depreciation for: Water capital assets (7,870,978) (412,762) 142,960 (8,140,780) Total accumulated depreciation (7,870,978) (412,762) 142,960 (8,140,780) Net capital assets being depreciated 10,763,944 2,659,397 - 13,423,341 Net water capital assets $ 12,103,887 $ 2,662,097 $ 1,191,022 $ 13,574,962 28 VB Packet 08/12/2025 Page 154 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Beginning Balance Additions Deletions Ending Balance Storm Water Capital assets not being depreciated: Construction in progress $ 59,561 $ 2,700 $ 59,561 $ 2,700 Total capital assets not being depreciated 59,561 2,700 59,561 2,700 Capital assets being depreciated / amortized: Storm water system 7,349,737 2,638,956 - 9,988,693 Software 127,635 - - 127,635 Equipment 410,163 - - 410,163 Total capital assets being depreciated / amortized 7,887,535 2,638,956 - 10,526,491 Total capital assets 7,947,096 2,641,656 59,561 10,529,191 Less accumulated depreciation / amortization for: Storm water system (1,935,601) (407,874) - (2,343,475) Software (126,143) (27,344) - (153,487) Equipment (115,925) (4,368) - (120,293) Total accumulated depreciation / amortization (2,177,669) (439,586) - (2,617,255) Net capital assets being depreciated / amortized 5,709,866 2,199,370 - 7,909,236 Net storm water capital assets $ 5,769,427 $ 2,202,070 $ 59,561 $ 7,911,936 Business-type activities capital assets, net as reported in the statement of net position $ 24,142,012 $ 5,388,575 $ 1,250,583 $ 28,280,004 Depreciation / amortization expense was charged to functions as follows: Business-Type Activities Sewer $ 108,068 Water 400,300 Storm water 439,586 Total business-type activities depreciation / amortization expense $ 947,954 Depreciation/amortization expense is different from additions because of joint metering, salvage cost of removal, internal allocations and cost associated with the disposal of assets. 29 VB Packet 08/12/2025 Page 155 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Interfund Receivables/Payables and Transfers Interfund Receivables/Payables The following is a schedule of interfund receivables and payables including any overdrafts on pooled cash and investment accounts: Receivable Fund Payable Fund Amount Water Utility General Fund $ 59,075 Sewer Utility General Fund 39,287 Storm Water Utility General Fund 26,955 Special Revenue, Recycling Fund General Fund 7,967 Total, fund financial statements 133,284 Less fund eliminations (7,967) Total internal balances, government-wide statement of net position $ 125,317 All amounts are due within one year. The principal purpose of these interfunds are due to delinquent utility bills collected during the tax collection process of the general fund. All remaining balances resulted from the time lag between the dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system and (3) payments between funds are made. Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Amount Principal Purpose General Fund Water Utility $ 267,844 Payment in lieu of taxes General Fund Capital Projects Fund 386,854 Reimbursement for expenditures Special Revenue, Recycling Fund General Fund 26,427 Reimbursement for expenditures Special Revenue, Pool Fund General Fund 130,946 Reimbursement for expenditures Total, fund financial statements 812,071 Less fund eliminations (544,227) Less capital assets transferred to storm water utility (2,561,437) Total transfers, government-wide statement of activities $ (2,293,593) Fund Transferred To Fund Transferred From Amount Governmental activities Business-type activities $ 267,844 Business-type activities Governmental activities (2,561,437) Total government-wide financial statements $ (2,293,593) 30 VB Packet 08/12/2025 Page 156 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. Long-Term Obligations Long-term obligations activity for the year ended December 31, 2024, was as follows: Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and notes payable: General obligation debt $ 15,490,303 $ 1,205,000 $ 1,658,900 $ 15,036,403 $ 1,779,700 (Discounts)/Premiums 365,959 249,420 75,016 540,363 - Total bonds and notes payable 15,856,262 1,454,420 1,733,916 15,576,766 1,779,700 Other liabilities: North Shore Fire Department obligation (NSFD) 1,098,181 10,488 13,573 1,095,096 38,984 Total OPEB liability, Health Insurance 440,804 - 81,181 359,623 - Net OPEB liability, Life Insurance 203,410 41,469 - 244,879 - Total pension liability, single employer plan 173,134 44,425 - 217,559 - Net pension liability, WRS 1,213,092 - 873,818 339,274 - Compensated absences* 812,410 6,986 - 819,396 409,698 Total other liabilities 3,941,031 103,368 968,572 3,075,827 448,682 Total governmental activities long- term liabilities $ 19,797,293 $ 1,557,788 $ 2,702,488 $ 18,652,593 $ 2,228,382 Business-Type Activities Bonds and notes payable: General obligation debt $ 3,893,230 $ 3,935,000 $ 506,100 $ 7,322,130 $ 740,300 (Discounts)/Premiums: Bond discount 1,489 - 838 651 - Total bonds and notes payable 3,894,719 3,935,000 506,938 7,322,781 740,300 Other liabilities: Net pension liability, WRS 121,258 - 85,944 35,314 - Compensated absences* 121,495 - 93,149 28,346 14,172 Total other liabilities 242,753 - 179,093 63,660 14,172 Total business-type activities long- term liabilities $ 4,137,472 $ 3,935,000 $ 686,031 $ 7,386,441 $ 754,472 *The change in the compensated absences liability is presented as a net change. In accordance with Wisconsin Statutes, total general obligation indebtedness of the Village may not exceed 5% of the equalized value of taxable property within the Village's jurisdiction. The debt limit as of December 31, 2024, was $83,798,805. Total general obligation debt outstanding at year end was $22,358,533. 31 VB Packet 08/12/2025 Page 157 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 General Obligation Debt All general obligation debt payable is backed by the full faith and credit of the Village. Debt in the governmental funds will be retired by future property tax levies. Business-type activities debt is payable by revenues from user fees of those funds or, if the revenues are not sufficient, by future tax levies. Governmental Activities General Obligation Debt Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2024 2012 G.O. Debt 05/02/12 04/01/27 1.00-2.50% $ 2,500,000 $ 620,000 2015 G.O. Debt 11/03/15 04/01/25 2.00 2,888,050 105,000 2016 G.O. Debt 08/01/16 04/01/26 1.50-1.65 1,901,254 196,254 2016 G.O. Refunding Debt 08/01/16 04/01/32 2.00-2.38 1,949,448 1,142,149 2017 G.O. Debt 08/02/17 04/01/32 1.50-3.0 825,000 275,000 2018 G.O. Debt 07/30/18 04/01/28 2.50-4.00 1,000,000 515,000 2019 G.O. Debt 07/30/19 04/01/29 2.00-4.00 1,615,000 1,065,000 2020 G.O. Debt 08/04/20 04/01/30 1.00-2.00 2,290,000 1,620,000 2021 G.O. Refunding Debt 01/05/21 04/01/26 0.98 427,000 178,000 2021 G.O. Debt 08/02/21 04/01/31 1.05-2.00 2,475,000 2,055,000 2022 G.O. Debt 07/26/22 04/01/32 3.00-4.00 1,525,000 1,310,000 2023 G.O. Debt 04/04/23 04/01/26 4.00 4,350,000 4,350,000 2023 G.O. Debt 08/01/23 04/01/33 4.00 485,000 400,000 2024 G.O. Debt 08/01/24 04/01/34 4.00-5.00 1,205,000 1,205,000 Total governmental activities, general obligation debt $ 15,036,403 32 VB Packet 08/12/2025 Page 158 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Business-Type Activities General Obligation Debt Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2024 Sewer 2016 G.O. Refunding 08/01/16 04/01/32 2.00-2.38% $ 20,055 $ 11,655 Water 2016 G.O. Refunding 08/01/16 04/01/32 2.00-2.38 70,496 41,196 Water 2018 G.O. Debt 07/30/18 04/01/28 2.50-4.00 200,000 85,000 Storm Water 2016 G.O. Debt 08/01/16 04/01/26 1.50-1.65 387,279 42,279 Storm Water 2017 G.O. Debt 08/01/17 04/01/32 1.50-3.0 375,000 125,000 Storm Water 2018 G.O. Debt 07/30/18 04/01/28 2.50-4.00 405,000 90,000 Storm Water 2019 G.O. Debt 07/30/19 04/01/29 2.00-4.00 215,000 120,000 Water 2020 G.O. Debt 08/04/20 04/01/30 1.00-2.00 215,000 135,000 Sewer 2021 G.O. Refunding 01/05/21 04/01/26 0.98 349,000 94,000 Storm Water 2021 G.O. Refunding 01/05/21 04/01/26 0.98 230,000 138,000 Water 2021 G.O. Debt 08/02/21 04/01/31 1.05-2.00 700,000 510,000 Water 2022 G.O. Debt 07/26/22 04/01/32 3.00-4.00 560,000 470,000 Storm Water 2022 G.O. Debt 07/26/22 04/01/32 3.00-4.00 325,000 270,000 Water 2023 G.O. Debt 08/01/23 04/01/33 4.00 1,355,000 1,255,000 Water 2024 G.O. Debt 08/01/24 04/01/34 4.00-5.00 1,640,000 1,640,000 Sewer 2024 G.O. Debt 08/01/24 04/01/34 4.00-5.00 645,000 645,000 Storm Water 2024 G.O. Debt 08/01/24 04/01/34 4.00-5.00 1,650,000 1,650,000 Total business-type activities, general obligation debt $ 7,322,130 Debt service requirements to maturity are as follows: Governmental Activities Business-Type Activities General Obligation Debt General Obligation Debt Years Principal Interest Principal Interest 2025 $ 1,779,700 $ 433,019 $ 740,300 $ 290,411 2026 6,128,154 291,118 800,379 237,856 2027 1,647,500 160,997 757,500 212,285 2028 1,383,400 124,155 791,600 184,786 2029 1,289,700 91,920 770,300 154,621 2030-2034 2,807,949 141,181 3,462,051 319,363 Total $ 15,036,403 $ 1,242,390 $ 7,322,130 $ 1,399,322 33 VB Packet 08/12/2025 Page 159 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Other Long-Term Obligations Other long-term obligations at December 31, 2024 consists of the following: Governmental Activities Other Long-Term Obligations Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2024 NSFD debt obligation 05/01/19 05/01/39 .50-2.00% $ 60,581 $ 55,375 NSFD debt obligation 01/22/20 05/01/39 2.00 302,909 265,357 NSFD debt obligation 05/23/23 03/01/43 4.00-5.00 763,876 774,364 Total governmental activities other long-term obligations $ 1,095,096 Debt service requirements to maturity are as follows: Governmental Activities Other Long-Term Obligations Years Principal Interest 2025 $ 38,984 $ 41,370 2026 40,756 39,604 2027 42,528 37,755 2028 46,515 35,766 2029 46,958 33,670 2030-2034 266,686 137,662 2035-2039 314,973 87,058 2040-2043 297,696 24,418 Total $ 1,095,096 $ 437,303 Other Debt Information Estimated payments of compensated absences, net and total pension liabilities and net and total OPEB liabilities are not included in the debt service requirement schedules. The compensated absences, net and total pension liabilities and net and total OPEB liabilities attributable to governmental activities will be liquidated primarily by the general and utility fund. There are a number of limitations and restrictions contained in the various bond indentures and loan agreements. The Village believes it is in compliance with all significant limitations and restrictions, including federal arbitrage regulations. 34 VB Packet 08/12/2025 Page 160 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Lease Disclosures Lessor - Lease Receivables Governmental Activities Lease Receivables Description Date of Inception Final Maturity Interest Rates Receivable Balance December 31, 2024 Telecom Infrastructure T, Inc. 01/01/16 12/31/60 1.25% $ 1,637,241 Total governmental activities $ 1,637,241 The Village recognized $5,951 of lease revenue during the fiscal year. The Village recognized $28,480 of interest revenue during the fiscal year. Net Position/Fund Balances Net position reported on the government-wide statement of net position at December 31, 2024, includes the following: Governmental Activities Net investment in capital assets: Land $ 1,203,921 Construction in progress 109,519 Right-of-way 4,652,555 Other capital assets, net of accumulated depreciation/amortization 18,222,595 Less long-term debt outstanding (15,036,403) Plus noncapital debt proceeds 3,836,895 Plus deferred loss on refunding 5,646 Less deferred gain on refunding (28,587) Less unamortized premium on long-term debt (540,363) Total net investment in capital assets $ 12,425,778 35 VB Packet 08/12/2025 Page 161 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Governmental Funds Governmental fund balances reported on the fund financial statements at December 31, 2024, include the following: General Fund Debt Service Fund Nonmajor Funds Total Fund Balances Nonspendable: Prepaid items $ 94,118 $ - $ - $ 134,534 Delinquent personal property taxes 15,568 - - 15,568 Subtotal 109,686 - - 150,102 Restricted for: Debt service - 885,370 - 885,370 Subtotal - 885,370 - 885,370 Committed to: Recycling - - 73,450 73,450 Inspections - - 206,276 206,276 Subtotal - - 279,726 279,726 Unassigned 4,239,559 - - 4,199,143 Total fund balances $ 4,349,245 $ 885,370 $ 279,726 $ 5,514,341 Business-Type Activities Net investment in capital assets: Land $ 26,561 Construction in progress 127,760 Other capital assets, net of accumulated depreciation/amortization 28,125,683 Less long-term debt outstanding (7,322,130) Plus noncapital debt proceeds 52,851 Less unamortized premium on long-term debt (651) Total net investment in capital assets $ 21,010,074 36 VB Packet 08/12/2025 Page 162 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 4. Other Information Employees' Retirement System Plan Description The WRS is a cost-sharing multiple-employer defined benefit pension plan. WRS benefits and other plan provisions are established by Chapter 40 of the Wisconsin Statutes. Benefit terms may only be modified by the legislature. The retirement system is administered by the Wisconsin Department of Employee Trust Funds (ETF). The system provides coverage to all eligible State of Wisconsin, local government and other public employees. All employees, initially employed by a participating WRS employer on or after July 1, 2011, expected to work at least 1,200 hours a year (880 hours for teachers and school district educational support employees) and expected to be employed for at least one year from employee's date of hire are eligible to participate in the WRS. ETF issues a standalone Annual Comprehensive Financial Report (ACFR), which can be found at https://etf.wi.gov/about-etf/reports-and-studies/financial-reports-and-statements. Additionally, ETF issued a standalone Wisconsin Retirement System Financial Report, which can also be found using the link above. Vesting For employees beginning participation on or after January 1, 1990 and no longer actively employed on or after April 24, 1998, creditable service in each of five years is required for eligibility for a retirement annuity. Participants employed prior to 1990 and on or after April 24, 1998 and prior to July 1, 2011, are immediately vested. Participants who initially became WRS eligible on or after July 1, 2011, must have five years of creditable service to be vested. Benefits Provided Employees who retire at or after age 65 (54 for protective occupation employees, 62 for elected officials and executive service retirement participants, if hired on or before 12/31/2016) are entitled to a retirement benefit based on a formula factor, their final average earnings and creditable service. Final average earnings is the average of the participant's three highest annual earnings period. Creditable service includes current service and prior service for which a participant received earnings and made contributions as required. Creditable service also includes creditable military service. The retirement benefit will be calculated as a money purchase benefit based on the employee's contributions plus matching employer's contributions, with interest, if that benefit is higher than the formula benefit. Vested participants may retire at age 55 (50 for protective occupations) and receive an actuarially-reduced benefit. Participants terminating covered employment prior to eligibility for an annuity may either receive employee-required contributions plus interest as a separation benefit or leave contributions on deposit and defer application until eligible to receive a retirement benefit. The WRS also provides death and disability benefits for employees. 37 VB Packet 08/12/2025 Page 163 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Postretirement Adjustments The Employee Trust Funds Board may periodically adjust annuity payments from the retirement system based on annual investment performance in accordance with s. 40.27, Wis. Stat. An increase (or decrease) in annuity payments may result when investment gains (losses), together with other actuarial experience factors, create a surplus (shortfall) in the reserves, as determined by the system's consulting actuary. Annuity increases are not based on cost of living or other similar factors. For Core annuities, decreases may be applied only to previously granted increases. By law, Core annuities cannot be reduced to an amount below the original, guaranteed amount (the floor) set at retirement. The Core and Variable annuity adjustments granted during recent years are as follows: Year Core Fund Adjustment % Variable Fund Adjustment % 2014 4.7 25.0 2015 2.9 2.0 2016 0.5 (5.0) 2017 2.0 4.0 2018 2.4 17.0 2019 0.0 (10.0) 2020 1.7 21.0 2021 5.1 13.0 2022 7.4 15.0 2023 1.6 (21.0) Contributions Required contributions are determined by an annual actuarial valuation in accordance with Chapter 40 of the Wisconsin Statutes. The employee required contribution is one-half of the actuarially determined contribution rate for General category employees, including Teachers, Executives and Elected Officials. Starting on January 1, 2016, the Executives and Elected Officials category was merged into the General Employee category. Required contributions for protective employees are the same rate as general employees. Employers are required to contribute the remainder of the actuarially determined contribution rate. The employer may not pay the employee required contribution unless provided for by an existing collective bargaining agreement. During the reporting period, the WRS recognized $335,386 in contributions from the Village. Contribution rates for the plan year reported as of December 31, 2024 are: Employee Category Employee Employer General (Executives & Elected Officials) 6.80 % 6.80 % Protective with Social Security 6.80 13.20 Protective without Social Security 6.80 18.10 38 VB Packet 08/12/2025 Page 164 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Pension Liability, Pension Expense (Revenue), Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At December 31, 2024, the Village reported a liability of $374,588 for its proportionate share of the net pension liability. The net pension liability was measured as of December 31, 2023 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2022 rolled forward to December 31, 2023. No material changes in assumptions or benefit terms occurred between the actuarial valuation date and the measurement date. The 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, 2023, the Village's proportion was 0.02519419%, which was an increase of 0.00000686% from its proportion measured as of December 31, 2022. For the year ended December 31, 2024, the Village recognized pension expense (revenue) of $231,505. At December 31, 2024, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between projected and actual experience $ 1,510,338 $ 2,000,452 Changes in assumptions 163,272 - Net differences between projected and actual earnings on pension plan investments 1,305,381 - Changes in proportion and differences between employer contributions and proportionate share of contributions 12,621 1,958 Employer contributions subsequent to the measurement date 364,776 - Total $ 3,356,388 $ 2,002,410 $364,776 reported as deferred outflows of resources related to pension resulting from the WRS Employer's contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability (asset) in the year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows: Years Ending December 31: Deferred Outflows of Resources and Deferred Inflows of Resources (Net) 2025 $ 203,948 2026 215,219 2027 821,320 2028 (251,285) 39 VB Packet 08/12/2025 Page 165 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Actuarial Assumptions The total pension liability in the December 31, 2023 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Valuation Date: December 31, 2022 Measurement Date of Net Pension Liability (Asset): December 31, 2023 Experience Study: January 1, 2018 - December 31, 2020 Published November 19, 2021 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 Seniority/Merit 3.0% 0.1%-5.6% 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. Actuarial assumptions are based upon an experience study conducted in 2021 that covered a three-year period from January 1, 2018 to December 31, 2020. The Total Pension Liability for December 31, 2023 is based upon a roll-forward of the liability calculated from the December 31, 2022 actuarial valuation. 40 VB Packet 08/12/2025 Page 166 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Long-Term Expected Return on Plan Assets The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in the following table: Asset Allocation Targets and Expected Returns* as of December 31, 2023 Core Fund Asset Class Asset Allocation % Long-Term Expected Nominal Rate of Return % Long-Term Expected Real Rate of Return %** Public Equity 40 7.3 4.5 Public Fixed Income 27 5.8 3.0 Inflation Sensitive 19 4.4 1.7 Real Estate 8 5.8 3.0 Private Equity/Debt 18 9.6 6.7 Leverage*** (12) 3.7 1.0 Total Core Fund 100 7.4 4.6 Variable Fund Asset U.S. Equities 70 6.8 4.0 International Equities 30 7.6 4.8 Total Variable Fund 100 7.3 4.5 * Asset Allocations are managed within established ranges; target percentages may differ from actual monthly allocations ** New England Pension Consultants' Long-Term U.S. CPI (Inflation) Forecast: 2.7% *** The investment policy used for the Core Fund involves reducing equity exposure by leveraging lower-volatility assets, such as fixed income securities. Currently, an asset allocation target of 12% policy leverage is used subject to an allowable range of up to 20%. 41 VB Packet 08/12/2025 Page 167 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Single Discount Rate A single discount rate of 6.8% was used to measure the total pension liability for the current and prior year. This discount rate is based on the expected rate of return on pension plan investments of 6.8% and a municipal bond rate of 3.77% (Source: Fixed-income municipal bonds with 20 years to maturity that include only federally tax-exempt municipal bonds as reported in Fidelity Index's "20-year Municipal GO AA Index" as of December 31, 2023. In describing this index, Fidelity notes that the Municipal Curves are constructed using option-adjusted analytics of a diverse population of over 10,000 tax-exempt securities.) Because of the unique structure of WRS, the 6.8% expected rate of return implies that a dividend of approximately 1.7% will always be paid. For purposes of the single discount rate, it was assumed that the dividend would always be paid. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments (including expected dividends) of current plan members. Therefore, the investment rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the 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 Discount Rate (5.8%) Current Discount Rate (6.8%) 1% Increase to Discount Rate (7.8%) Village's proportionate share of the net pension liability (asset) $ 3,620,581 $ 374,588 $ (1,896,769) Pension Plan Fiduciary Net Position Detailed information about the pension plan's fiduciary net position is available in separately issued financial statements available at https://etf.wi.gov/about-etf/reports-and-studies/financial-reports- and-statements. At December 31, 2024, the Village reported a payable to the pension plan which represents contractually required contributions outstanding as of the end of the year. Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to or destruction of assets; errors and omissions; workers compensation; and health care of its employees. All of these risks are covered through the purchase of commercial insurance, with minimal deductibles. Settled claims have not exceeded the commercial coverage in any of the past three years. There were no significant reductions in coverage compared to the prior year.42 VB Packet 08/12/2025 Page 168 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Commitments and Contingencies Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting Standards Board pronouncements are met. The liability and expenditure for claims and judgments are only reported in governmental funds if it has matured. Claims and judgments are recorded in the government-wide statements and proprietary funds as expenses when the related liabilities are incurred. The Village has received federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency for expenditures disallowed under terms of the grants. Management believes such disallowances, if any, would be immaterial. The Village has active construction projects as of December 31, 2024. Work that has been completed on these projects but not yet paid for (including contract retainages) is reflected as accounts payable and expenditures. Joint Ventures North Shore Water Commission The Village of Fox Point, City of Glendale and the Village of Whitefish Bay jointly operate the local supply and filtration system, which is called the North Shore Water Commission (NSWC) and provides water supply and filtration. The communities share in the operation proportionately based upon water sold to each participant. The governing body is made up of citizens from each municipality. Local representatives are appointed by the municipalities. The governing body has authority to adopt its own budget and control the financial affairs of the commission. Debt is repaid with resources of the utility and is secured by the assets and revenues of NSWC. The transactions of the Commission are not reflected in these financial statements. $291,934 of operating costs represents the Village's share for the North Shore Water Commission which is expected to continue to provide services in the future at similar rates. Financial information of the North Shore Water Commission as of December 31, 2024 is available directly from the NSWC office. The Village accounts for its share of the operations in the water utility fund. The Village has an equity interest in the NSWC equal to its percentage share of participation. The equity interest is reported in the statement of net position as an asset and the amount of change for the year is reflected on the statement of revenues, expenses and changes in net position. 43 VB Packet 08/12/2025 Page 169 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 North Shore Library The City of Glendale and the Villages of Fox Point, Bayside and River Hills operate the North Shore Library under a Joint Library Agreement dated January 1, 1985. Under the joint agreement, a Joint Library Board is created to operate the North Shore Library. The Joint Library Board is composed of ten members: five members from Glendale, two members each from Fox Point and Bayside, one member from River Hills and the Superintendent of Schools for the Nicolet School District. The Joint Library Board has the powers to repair, maintain and renew physical assets of the library and to prepare and adopt a budget for the library's operating expenses and a budget for the library's capital improvement expenses. The operating budget must be approved by at least three of the four municipalities. In addition, the Joint Library Board has the power to appoint the Library Director and such other assistants and employees as it deems necessary. Operating and capital expenses are shared proportionately based upon population estimates published in October. The Village's share of operations in 2024 was $256,740. The Village believes that the library will continue to provide services in the future at similar rates. The Village does not report an equity interest in the joint venture. North Shore Fire Department By agreement dated December 30, 1994, the North Shore Fire Department (NSFD) was created. The NSFD, which provides a unified integrated fire and emergency medical service, began operations on January 1, 1996. The NSFD was created pursuant to the provisions of Wisconsin Statutes 61.65 and 66.30. Participants are the Village of Fox Point, Village of Shorewood, Village of Brown Deer, Village of River Hills, Village of Whitefish Bay, Village of Bayside and City of Glendale. The North Shore Fire Department furnishes fire and emergency medical services. The North Shore Fire Department (NSFD) is operated by a Board of Directors consisting of seven members which includes the Mayor or Village President of each participating municipality. The affirmative vote of a majority of the members of the Board of Directors is required on most matters. The powers of the Board of Directors include authorizing repair, maintenance and renewal of physical assets and recommending adoption of the department's budget. The capital and operating budget of the department must receive approval of at least five of the seven participating municipalities. Also established by the agreement is a Joint Fire Commission that has the powers related to appointments, promotions, suspensions, removals, dismissals, reemployment, compensation, rest days, etc. The fiscal agent for the North Shore Fire Department is the Village of Brown Deer. The Village's share of operations in 2024 was $1,266,993. The Village does not report an equity interest in this joint venture. Dispatch Services The Village of Fox Point, River Hills and Bayside jointly operate a dispatch service center under a joint service agreement. Under the joint agreement, the Village of Bayside provides dispatch services to the municipalities. The cost of these services is shared between the communities as agreed upon in the individual agreements. A separate board has not been established to govern the dispatch service activities. Changes to the agreements and to the services provided require the approval of all three Village boards. During 2024, the Village's share of operations was $316,779. The Village does not report an equity interest in this joint venture. 44 VB Packet 08/12/2025 Page 170 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Other Postemployment Benefits General Information About the OPEB Plan Plan Description The Village administers a single-employer defined benefit healthcare plan. The plan provides for eligible retirees and their spouses through the Village's healthcare plan which covers both active and retired members. Benefit provisions are established through personnel policy guidelines and collective bargaining agreements. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided The Village makes the same monthly health insurance contribution on behalf of the retiree as it makes on behalf of all other active employees. The Village contributes 25% of the current year premiums until Medicare is available. Plan members receiving benefits contribute 75% of their premium costs. Employees Covered by Benefit Terms At December 31, 2024, the following employees were covered by the benefit terms: Inactive plan members or beneficiaries currently receiving benefit payments 6 Active plan members 43 Total 49 Total OPEB Liability The Village's total OPEB liability of $359,623 was measured as of December 31, 2023 and was determined by an actuarial valuation as of that date. Actuarial Assumptions and Other Inputs The total OPEB liability in the December 31, 2023 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 2.50% Discount rate 4.00% Healthcare cost trend rates 7.00% decreasing to 6.50%, then decreasing by 0.10% per year down to 4.50% and level thereafter The discount rate was based on S&P Municipal Bond 20 Year High Grade Index. Mortality rates were based on the 2020 WRS Experience Tables for Active Employees and Healthy Retirees projected with mortality improvements using the fully generational MP-2021 projection scale from a base year of 2010. The actuarial assumptions used in the December 31, 2023 valuation were based on the results of an actuarial experience study 2018-2020. 45 VB Packet 08/12/2025 Page 171 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Changes in the Total OPEB Liability Total OPEB Liability Balance at December 31, 2023 $ 440,804 Changes for the year: Service cost 26,250 Interest 18,244 Differences between expected and actual experience (47,632) Changes in assumptions or other inputs (28,704) Benefit payments (49,339) Net changes (81,181) Balance at December 31, 2024 $ 359,623 Changes of assumptions and other inputs reflect a change in the discount rate from 4.25% in 2022 to 4.00% in 2023. Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Village, as well as what the Village's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.0%) or 1-percentage-point higher (5.0%) than the current discount rate: 1% Decrease Discount Rate 1% Increase Total OPEB liability $ 379,480 $ 359,623 $ 340,640 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability of the Village, as well as what the Village's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower (6.5% decreasing to 4.5%) or 1-percentage-point higher (7.5% decreasing to 5.5%) than the current healthcare cost trend rates: 1% Decrease Healthcare Cost Trend Rates 1% Increase Total OPEB liability $ 358,347 $ 359,623 $ 360,711 46 VB Packet 08/12/2025 Page 172 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2024, the Village recognized OPEB expense of $9,622. At December 31, 2024, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 22,987 $ 43,302 Changes of assumptions or other inputs 39,238 91,309 Total $ 62,225 $ 134,611 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Years Ending December 31: Amount 2025 $ (4,777) 2026 (4,777) 2027 (4,777) 2028 (4,777) 2029 (3,672) Thereafter (49,606) Total $ (72,386) Local Retiree Life Insurance Fund (LRLIF) Plan Description The LRLIF is a multiple-employer, 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 employees. 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 be found at the link above. Benefits Provided The LRLIF plan provides fully paid up life insurance benefits for post-age 64 retired employees and pre-65 retirees who pay for their coverage. 47 VB Packet 08/12/2025 Page 173 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 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 contribution based on employee 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 for the plan year reported as of December 31, 2024 are: Coverage Type Employer Contribution 50% Postretirement Coverage 40% of member contribution 25% Postretirement Coverage 20% of member contribution 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 plan year are as listed below: Life Insurance Member Contribution Rates* for the Plan Year 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 *Disabled members under age 70 receive a waiver-of-premium benefit During the reporting period, the LRLIF recognized $1,084 in contributions from the employer. 48 VB Packet 08/12/2025 Page 174 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 OPEB Liability, OPEB Expense (Revenue) and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEBs At December 31, 2024, the Village reported a liability of $244,879 for its proportionate share of the net OPEB liability. The net OPEB liability was measured as of December 31, 2023 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2023 rolled forward to December 31, 2023. No material changes in assumptions or benefit terms occurred between the actuarial valuation date and the measurement date. The 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, 2023, the Village's proportion was 0.05322700%, which was an decrease of 0.00016400% from its proportion measured as of December 31, 2022. For the year ended December 31, 2024, the Village recognized OPEB expense (revenue) of $15,592. At December 31, 2024, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflow of Resources Deferred Inflows of Resources Differences between expected and actual experience $ - $ 21,672 Net differences between projected and actual earnings on plan investments 3,308 - Changes in actuarial assumptions 76,600 96,428 Changes in proportion and differences between employer contributions and proportionate share of contributions 13,862 17,801 Employer contributions subsequent to the measurement date 1,105 - Total $ 94,875 $ 135,901 $1,105 reported as deferred outflows of resources related to OPEB resulting from the LRLIF Employer's contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability (asset) in the year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Years Ending December 31: Deferred Outflows of Resources and Deferred Inflows of Resources (Net) 2025 $ (4,621) 2026 (1,289) 2027 (11,373) 2028 (13,834) 2029 (13,729) Thereafter 2,715 49 VB Packet 08/12/2025 Page 175 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 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: Actuarial Valuation Date: January 1, 2023 Measurement Date of Net OPEB Liability (Asset) December 31, 2023 Experience Study: January 1, 2018 - December 31, 2020. Published November 19, 2021 Actuarial Cost Method: Entry Age Normal 20 Year Tax-Exempt Municipal Bond Yield* 3.26% Long-Term Expected Rate of Return: 4.25% Discount Rate: 3.32% Salary Increases: Wage Inflation Seniority/Merit 3.00% 0.10%-5.6% 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 2021 that covered a three-year period from January 1, 2018 to December 31, 2020. The Total OPEB Liability for December 31, 2023 is based upon a roll-forward of the liability calculated from the January 1, 2023 actuarial valuation. 50 VB Packet 08/12/2025 Page 176 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 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. State OPEB Life Insurance Asset Allocation Targets and Expected Returns As of December 31, 2023 Asset Class Index Target Allocation Long-Term Expected Geometric Real Rate of Return U.S. Intermediate Credit Bonds Bloomberg U.S. Interm Credit 40.00% 2.32% U.S. Mortgages Bloomberg U.S. MBS 60.00 2.52 Inflation 2.30 Long-Term Expected Rate of Return 4.25 Single Discount Rate A single discount rate of 3.32% was used to measure the total OPEB liability for the current year, as opposed to a discount rate of 3.76% for the prior year. The significant change in the discount rate was primarily caused by the decrease in the municipal bond rate from 3.72% as of December 31, 2022 to 3.26% as of December 31, 2023. 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, 2036. 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. 51 VB Packet 08/12/2025 Page 177 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Sensitivity of the Village's Proportionate Share of the 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 3.32%, 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 (2.32%) or 1-percentage-point higher (4.32%) than the current rate: 1% Decrease to Discount Rate (2.32%) Current Discount Rate (3.32%) 1% Increase to Discount Rate (4.32%) Village's proportionate share of the net OPEB liability (asset) $ 329,029 $ 244,879 $ 180,645 Single-Employer Defined Benefit Pension Plan Plan Description The Village reports a single-employer defined benefit pension plan (the Stipend Plan). Management of the Stipend Plan is vested in the Village Board. No assets have been accumulated in a trust for the payment of these benefits. The plan is administered by the Village and provides active public safety employees that retire on or after January 1, 2022 with a monthly cash benefit ranging from $200 to $375 per month. Benefit provisions are established through agreements approved by the Village Board. At December 31, 2024, the Village plan's membership consisted of: Retirees and beneficiaries 3 Active members 11 Total 14 The Village paid $9,207 for pension benefits as they came due during the reporting period. The Village is funding these benefits on a pay-as-you-go basis. Changes in Total Pension Liability The Village's change in total pension liability for the fiscal year ended December 31, 2024 was as follows: Total Pension Liability Balance, Beginning $ 173,134 Service cost 6,515 Interest on total pension liability 7,301 Differences between expected and actual experience 27,350 Changes of assumptions or other input 12,466 Benefit payments (9,207) Balance, Ending $ 217,559 52 VB Packet 08/12/2025 Page 178 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 Assumptions The total pension liability was determined using the following actuarial assumptions, applied to all periods included in the measurement: Measurement Date: December 31, 2023 Actuarial Valuation Date: December 31, 2023 Inflation: 2.50% Salary Changes: 5.8% down to 0.2% in 30 years; includes merit increases plus inflation Discount Rate: 4.00% Source of Mortality Assumptions: 2020 Annual Wisconsin Retirement System (WRS) Report Dates of Experience Studies Experience study conducted in 2021 using WRS experience from 2018-2020 Sensitivity of the Total Pension Liability to Changes in the Discount Rate The following is a sensitivity analysis of the total pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the current discount rate of 3.5% as well as what the total pension liability would be if it were to be calculated using a discount rate that is 1-percentage-point lower (2.5%) or 1-percentage-point higher (4.5%) that the current rate: 1% Decrease Current Discount Rate 1% Increase Total pension liability $ 231,539 $ 217,559 $ 204,576 Pension Expense and Deferred Outflows of Resources Related to Pensions For the year ended December 31, 2024, the Village recognized pension expense of $3,566. At December 31, 2024 the Village reported deferred outflows of resources related to pensions from the following source: Deferred Outflow of Resources Deferred Inflows of Resources Differences between expected and actual experience $ 35,678 $ 5,333 Changes in actuarial assumptions 27,025 20,385 Employer contributions subsequent to the measurement date 14,884 - Total $ 77,587 $ 25,718 53 VB Packet 08/12/2025 Page 179 of 220 Village of Fox Point Notes to Financial Statements December 31, 2024 $14,884 reported as deferred outflows of resources related to OPEB resulting from the LRLIF Employer's contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability (asset) in the year ending December 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Years Ending December 31: Deferred Outflows of Resources and Deferred Inflows of Resources (Net) 2025 $ 4,634 2026 4,634 2027 4,634 2028 4,634 2029 4,634 Thereafter 13,815 Effect of New Accounting Standards on Current-Period Financial Statements The Governmental Accounting Standards Board (GASB) has approved the following:  Statement No. 102, Certain Risk Disclosures  Statement No. 103, Financial Reporting Model Improvements  Statement No. 104, Disclosure of Certain Capital Assets When they become effective, application of these standards may restate portions of these financial statements. 54 VB Packet 08/12/2025 Page 180 of 220 REQUIRED SUPPLEMENTARY INFORMATION VB Packet 08/12/2025 Page 181 of 220 Village of Fox Point Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Year Ended December 31, 2024 Original and Final Budget Actual Variance With Final Budget Revenues Taxes $ 5,798,864 $ 5,790,240 $ (8,624) Intergovernmental 1,026,034 1,085,951 59,917 Licenses and permits 134,000 108,940 (25,060) Fines, forfeitures and penalties 75,000 111,861 36,861 Public charges for services 46,650 27,692 (18,958) Intergovernmental charges for services 130,500 134,892 4,392 Investment income 375,000 333,919 (41,081) Miscellaneous revenues 52,500 130,570 78,070 Total revenues 7,638,548 7,724,065 85,517 Expenditures Current: General government 1,138,662 1,345,236 (206,574) Public safety 4,336,449 4,168,171 168,278 Public works 1,627,642 1,527,927 99,715 Health and human services 58,673 58,688 (15) Culture, recreation and education 288,290 282,350 5,940 Conservation and development 57,500 55,592 1,908 Total expenditures 7,507,216 7,437,964 69,252 Excess (deficiency) of revenues over (under) expenditures 131,332 286,101 154,769 Other Financing Sources (Uses) Transfers in 230,000 267,844 37,844 Transfers out (26,427) (544,227) (517,800) Proceeds from sale of capital assets 1,500 2,947 1,447 Total other financing sources (uses) 205,073 (273,436) (478,509) Net change in fund balance $ 336,405 12,665 $ (323,740) Fund Balance, Beginning 4,336,580 Fund Balance, Ending $ 4,349,245 See notes to required supplementary information 55 VB Packet 08/12/2025 Page 182 of 220 Proportionate Plan Fiduciary Proportion Proportionate Share of the Net Net Position WRS of the Net Share of the Pension Liability (Asset) as a Percentage Fiscal Pension Net Pension Covered as a Percentage of the Total Year End Liability (Asset) Liability (Asset) Payroll of Covered Payroll Pension Liability 12/31/14 0.02766856% (679,616)$ 3,210,928$ 21.17% 102.74% 12/31/15 0.02724353% 442,702 3,268,645 13.54% 98.20% 12/31/16 0.02669150% 220,002 3,236,140 6.80% 99.12% 12/31/17 0.02708612% (804,219) 3,396,748 23.68% 102.93% 12/31/18 0.02730611% 971,465 3,406,954 28.51% 96.45% 12/31/19 0.02738158% (882,907) 3,403,013 25.94% 102.96% 12/31/20 0.02645525% (1,651,637) 3,132,860 52.72% 105.26% 12/31/21 0.02555658% (2,059,907) 3,181,408 64.75% 106.02% 12/31/22 0.02518733% 1,334,350 3,278,971 40.69% 95.72% 12/31/23 0.02519419% 374,588 3,419,581 10.95% 98.85% Contributions in Relation to the Contributions Village Contractually Contractually Contribution as a Percentage Fiscal Required Required Deficiency Covered of Covered Year End Contributions Contributions (Excess) Payroll Payroll 12/31/15 277,668$ 277,668$ -$ 3,268,645$ 8.49% 12/31/16 233,362 233,362 - 3,236,140 7.21% 12/31/17 268,350 268,350 - 3,396,748 7.90% 12/31/18 272,687 272,687 - 3,406,954 8.00% 12/31/19 265,308 265,308 - 3,403,013 7.80% 12/31/20 294,488 294,488 - 3,132,860 9.40% 12/31/21 292,303 292,303 - 3,181,408 9.19% 12/31/22 299,492 299,492 - 3,278,972 9.13% 12/31/23 336,030 336,030 - 3,419,581 9.83% 12/31/24 364,776 364,776 - 3,554,396 10.26% Village of Fox Point Wisconsin Retirement System Year Ended December 31, 2024 Schedule of Proportionate Share of the Net Pension Liability (Asset) - Year Ended December 31, 2024 Schedule of Employer Contributions - Wisconsin Retirement System See notes to required supplementary information 56 VB Packet 08/12/2025 Page 183 of 220 2024 2023 2022 2021 2020 2019 2018 Total Pension Liability Service cost 6,515$ 9,014$ 8,958$ 8,008$ 6,323$ 6,683$ 6,683$ Interest 7,301 4,269 4,293 4,919 5,305 4,635 4,432 Difference between expected and actual experience 27,350 - - - 19,829 - 125,761 Changes in assumptions 12,466 (22,106) (7,619) 6,155 21,587 (4,723) - Benefit payments (9,207) (6,571) (6,814) (8,502) (6,777) (5,634) (4,974) Net change in total pension liability 44,425 (15,394) (1,182) 10,580 46,267 961 131,902 Total Pension Liability, Beginning 173,134 188,528 189,710 179,130 132,863 131,902 - Total Pension Liability, Ending 217,559$ 173,134$ 188,528$ 189,710$ 179,130$ 132,863$ 131,902$ Covered-Employee Payroll 883,710$ 831,546$ 831,546$ 885,477$ 885,477$ 774,235$ 774,235$ Total Pension Liability as a Percentage of Covered Payroll 24.62% 20.82% 22.67% 21.42% 20.23% 17.16% 17.04% Village of Fox Point Year Ended December 31, 2024 Schedule of Changes in the Total Pension Liability and Related Ratios - Supplemental Pension (Stipend) Plan See notes to required supplementary information 57 VB Packet 08/12/2025 Page 184 of 220 2024 2023 2022 2021 2020 2019 2018 Total OPEB Liability Service cost 26,250$ 33,703$ 33,559$ 30,481$ 18,705$ 19,418$ 19,418$ Interest 18,244 10,886 11,291 14,286 18,264 16,656 16,876 Difference between expected and actual experience (47,632) - 23,756 - 12,719 - 486,994 Changes in assumptions (28,704) (50,765) (28,806) 13,311 62,506 (11,100) - Benefit payments (49,339) (39,967) (75,802) (78,754) (31,622) (56,174) (29,035) Net change in total OPEB liability (81,181) (46,143) (36,002) (20,676) 80,572 (31,200) 494,253 Total OPEB Liability, Beginning 440,804 486,947 522,949 543,625 463,053 494,253 - Total OPEB Liability, Ending 359,623$ 440,804$ 486,947$ 522,949$ 543,625$ 463,053$ 494,253$ Covered-Employee Payroll 3,276,262$ 3,057,144$ 3,057,144$ 2,985,665$ 2,985,665$ 2,784,095$ 2,784,095$ Total OPEB Liability as a Percentage of Covered-Employee Payroll 10.98% 14.42% 15.93% 17.52% 18.21% 16.63% 17.75% Village of Fox Point Schedule of Changes in the Total OPEB Liability and Related Ratios - Health Insurance Year Ended December 31, 2024 See notes to required supplementary information 58 VB Packet 08/12/2025 Page 185 of 220 Proportionate Share of the Net Plan Fiduciary Proportion Proportionate OPEB Liability Net Position Plan of the Net Share of the as a Percentage as a Percentage Fiscal OPEB Net OPEB Covered of Covered of the Total Year End Liability Liability Payroll Payroll OPEB Liability 12/31/17 0.06120200% 184,131$ 2,573,719$ 7.15% 44.81% 12/31/18 0.05947700% 153,471 2,879,000 5.33% 48.69% 12/31/19 0.06052900% 257,744 2,847,000 9.05% 37.58% 12/31/20 0.04896200% 269,326 2,720,000 9.90% 31.36% 12/31/21 0.05109800% 302,008 2,832,000 10.66% 29.57% 12/31/22 0.05339100% 203,410 2,912,000 6.99% 38.81% 12/31/23 0.05322700% 244,879 2,806,000 8.73% 33.90% Contributions in Relation to the Contributions Village Contractually Contractually Contribution as a Percentage Fiscal Required Required Deficiency Covered of Covered Year End Contributions Contributions (Excess) Payroll Payroll 12/31/18 1,162$ 1,162$ -$ 2,573,719$ 0.05% 12/31/19 1,145 1,145 - 2,879,000 0.04% 12/31/20 965 965 - 2,847,000 0.03% 12/31/21 1,024 1,024 - 2,720,000 0.04% 12/31/22 1,084 1,084 - 2,832,000 0.04% 12/31/23 1,097 1,097 - 2,912,000 0.04% 12/31/24 1,105 1,105 - 3,554,396 0.03% Village of Fox Point Year Ended December 31, 2024 Schedule of Employer Contributions - Local Retiree Life Insurance Fund (LRLIF) Schedule of Proportionate Share of the Net OPEB Liability - Local Retiree Life Insurance Fund (LRLIF) Year Ended December 31, 2024 See notes to required supplementary information 59 VB Packet 08/12/2025 Page 186 of 220 Village of Fox Point Notes to Required Supplementary Information Year Ended December 31, 2024 Budgetary Information Budgetary information is derived from the annual operating budget and is presented using the same basis of accounting for each fund as described in Note 1. The budgeted amounts presented include any amendments made. The Village may authorize transfers of budgeted amounts within departments. Transfers between departments and changes to the overall budget must be approved by a two-thirds action. Appropriations lapse at year end unless specifically carried over. There were no carryovers to the following year. Budgets are adopted at the department level of expenditure. Wisconsin Retirement System The amounts determined for each fiscal year were determined as of the calendar year-end and occurred within the fiscal year. Changes in benefit terms. There were no changes of benefit terms for any participating employer in the Wisconsin Retirement System. Changes in assumptions. Based on a three-year experience study conducted in 2021 covering January 1, 2018 through December 31, 2020, the ETF Board adopted assumption changes that were used to measure the total pension liability beginning with the year-end December 31, 2021, including the following:  Lowering the long-term expected rate of return from 7.0% to 6.8%  Lowering the discount rate from 7.0% to 6.8%  Lowering the price inflation rate from 2.5% to 2.4%  Lowering the postretirement adjustments from 1.9% to 1.7%  Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin 2018 Mortality Table to the 2020 WRS Experience Mortality Table Based on a three-year experience study conducted in 2018 covering January 1, 2015 through December 31, 2017, the ETF Board adopted assumption changes that were used to measure the total pension liability beginning with the year-ended December 31, 2018, including the following:  Lowering the long-term expected rate of return from 7.2% to 7.0%  Lowering the discount rate from 7.2% to 7.0%  Lowering the wage inflation rate from 3.2% to 3.0%  Lowering the price inflation rate from 2.7% to 2.5%  Lowering the postretirement adjustments from 2.1% to 1.9%  Mortality assumptions were changed to reflect updated trends by transitioning from the Wisconsin 2012 Mortality Table to the Wisconsin 2018 Mortality Table 60 VB Packet 08/12/2025 Page 187 of 220 Village of Fox Point Notes to Required Supplementary Information Year Ended December 31, 2024 Local Retiree Life Insurance Fund The amounts determined for each fiscal year were determined as of the calendar year-end and occurred within the fiscal year. The Village is required to present the last ten years of data; however, accounting standards allow the presentation of as many years as are available until ten fiscal years are presented. Changes in benefit terms. There were no changes of benefit terms for any participating employer in LRLIF. Changes in assumptions. In addition to the rate changes detailed in the tables above, 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 the 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 Health Insurance Plan The Village is required to present the last years of data; however accounting standards allow the presentation of as many years as are available until ten fiscal years are presented. Changes in benefit terms. There were no changes of benefit terms for the Village. Changes in assumptions: There were no changes in assumptions except that the discount rate changed from 4.25% to 4.00%. Supplemental Pension (Stipend) Plan The Village is required to present the last ten years of data; however accounting standards allow the presentation of as many years as are available until ten fiscal years are presented. Accumulation of assets: No assets have been accumulated in trust that meets the criteria in paragraph 4 of GASB statement No. 73. Changes in benefit terms. There were no changes of benefit terms for the Village. Changes in assumptions: There were no changes in assumptions except that the discount rate changed from 4.25% to 4.00%. 61 VB Packet 08/12/2025 Page 188 of 220 SUPPLEMENTARY INFORMATION VB Packet 08/12/2025 Page 189 of 220 Village of Fox Point Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund Year Ended December 31, 2024 Original and Final Budget Actual Variance With Final Budget Taxes General property taxes $ 5,735,364 $ 5,735,364 $ - Payment in lieu of taxes 25,000 26,232 1,232 Interest and penalties on taxes 38,500 28,644 (9,856) Total taxes 5,798,864 5,790,240 (8,624) Intergovernmental Federal grants 7,200 6,200 (1,000) State shared revenues 269,245 324,028 54,783 Spending restraint 49,428 - (49,428) Fire insurance tax from state 42,636 50,024 7,388 State aid, streets 570,000 627,886 57,886 State aid, exempt computer aid 44,025 36,905 (7,120) Other State grants 43,500 40,908 (2,592) Total intergovernmental 1,026,034 1,085,951 59,917 Licenses and Permits Beverage licenses 6,500 5,354 (1,146) Bicycle licenses 50 10 (40) Pet licenses 1,000 1,256 256 Cable TV franchise fee 84,600 69,240 (15,360) Other permits 41,850 33,080 (8,770) Total licenses and permits 134,000 108,940 (25,060) Fines, Forfeitures and Penalties Court penalties and costs 75,000 111,861 36,861 Public Charges for Services Miscellaneous service revenues 28,300 10,322 (17,978) Job orders 15,700 12,900 (2,800) Pavilion rental 2,400 4,360 1,960 Fingerprint fee 200 60 (140) Administrative warrant fee 50 50 - Total public charges for services 46,650 27,692 (18,958) Intergovernmental Charges for Services Utility equipment rental 130,500 134,892 4,392 Investment Income Investment income 375,000 333,919 (41,081) 62 VB Packet 08/12/2025 Page 190 of 220 Village of Fox Point Detailed Schedule of Revenues and Other Financing Sources - Budget and Actual - General Fund Year Ended December 31, 2024 Original and Final Budget Actual Variance With Final Budget Miscellaneous Revenues Insurance recoveries $ 7,500 $ 48,461 $ 40,961 Miscellaneous revenues 45,000 82,109 37,109 Total miscellaneous revenues 52,500 130,570 78,070 Other Financing Sources Transfer in 230,000 267,844 37,844 Proceeds from sale of capital assets 1,500 2,947 1,447 Total other financing sources 231,500 270,791 39,291 Total revenues and other financing sources $ 7,870,048 $ 7,994,856 $ 124,808 63 VB Packet 08/12/2025 Page 191 of 220 Village of Fox Point Schedule of Expenditures and Other Financing Uses - Budget and Actual - General Fund Year Ended December 31, 2024 Original and Final Budget Actual Variance With Final Budget General Government Board $ 7,400 $ 2,168 $ 5,232 Manager 189,005 197,952 (8,947) Clerk 177,737 183,714 (5,977) Treasurer/financial manager 91,372 127,634 (36,262) Elections 26,064 32,022 (5,958) Assessor 34,100 35,015 (915) Legal 80,000 119,353 (39,353) Judicial 63,952 64,053 (101) Municipal court 21,000 33,556 (12,556) General buildings and plant 171,207 256,750 (85,543) Insurance 274,125 291,926 (17,801) Other general government 2,700 1,093 1,607 Total general government 1,138,662 1,345,236 (206,574) Public Safety Police 2,987,534 2,812,545 174,989 Fire 1,259,605 1,266,993 (7,388) Other public safety and joint charges 88,510 87,883 627 Protective inspection 800 750 50 Total public safety 4,336,449 4,168,171 168,278 Public Works Village engineer 109,804 116,283 (6,479) Machinery and equipment 196,200 170,956 25,244 Building and grounds 1,019,538 945,697 73,841 DPW fringe benefits 11,000 12,173 (1,173) Storm sewer maintenance 700 583 117 Highway and streets 67,700 92,935 (25,235) Snow/ice removal 83,000 63,262 19,738 Sanitation 122,100 110,588 11,512 Traffic control 16,000 14,552 1,448 Job orders 1,600 898 702 Total public works 1,627,642 1,527,927 99,715 Health and Human Services Health department and welfare 58,673 58,688 (15) Culture, Recreation and Education Library 256,740 256,740 - Skating rink/shelter 18,600 13,460 5,140 Parks and recreation 5,750 5,642 108 Culture and recreation 7,200 6,508 692 Total 288,290 282,350 5,940 Conservation and Development Forestry 57,500 55,592 1,908 Other Financing Uses Transfers out 26,427 544,227 (517,800) Total expenditures and other financing uses $ 7,533,643 $ 7,982,191 $ (448,548) 64 VB Packet 08/12/2025 Page 192 of 220 Village of Fox Point Combining Balance Sheet - Nonmajor Governmental Funds December 31, 2024 Special Revenue Funds Recycling Pool Inspection Total Nonmajor Governmental Funds Assets Cash and investments $ 37,730 $ 6,692 $ 252,953 $ 297,375 Receivables: Accounts 39,467 - - 39,467 Due from other funds 7,967 - - 7,967 Total assets $ 85,164 $ 6,692 $ 252,953 $ 344,809 Liabilities and Fund Balances Liabilities Accounts payable $ 3,616 $ 78 $ 629 $ 4,323 Accrued liabilities 8,098 6,614 5,498 20,210 Deposits - - 40,550 40,550 Total liabilities 11,714 6,692 46,677 65,083 Fund Balances Committed 73,450 - 206,276 279,726 Total fund balances 73,450 - 206,276 279,726 Total liabilities and fund balances $ 85,164 $ 6,692 $ 252,953 $ 344,809 65 VB Packet 08/12/2025 Page 193 of 220 Village of Fox Point Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds Year Ended December 31, 2024 Special Revenue Funds Recycling Pool Inspection Total Nonmajor Governmental Funds Revenues Intergovernmental $ 58,625 $ - $ - $ 58,625 Licenses and permits - - 289,222 289,222 Public charges for services 191,472 - - 191,472 Total revenues 250,097 - 289,222 539,319 Expenditures Current: Public safety - - 189,122 189,122 Public works 231,645 652 - 232,297 Culture, recreation and education - 130,294 - 130,294 Total expenditures 231,645 130,946 189,122 551,713 Excess (deficiency) of revenues over expenditures 18,452 (130,946) 100,100 (12,394) Other Financing Sources (Uses) Transfers in 26,427 130,946 - 157,373 Total other financing sources (uses) 26,427 130,946 - 157,373 Net change in fund balances 44,879 - 100,100 144,979 Fund Balances, Beginning 28,571 - 106,176 134,747 Fund Balances, Ending $ 73,450 $ - $ 206,276 $ 279,726 66 VB Packet 08/12/2025 Page 194 of 220 Reporting and insights from the 2024 audit: Village of Fox Point December 31, 2024 VB Packet 08/12/2025 Page 195 of 220 THIS COMMUNICATION IS INTENDED SOLELY FOR THE INFORMATION AND USE OF THOSE CHARGED WITH GOVERNANCE, AND, IF APPROPRIATE, MANAGEMENT, AND IS NOT INTENDED TO BE AND SHOULD NOT BE USED BY ANYONE OTHER THAN THESE SPECIFIED PARTIES. BAKER TILLY ADVISORY GROUP, LP AND BAKER TILLY US, LLP, TRADING AS BAKER TILLY, ARE MEMBERS OF THE GLOBAL NETWORK OF BAKER TILLY INTERNATIONAL LTD., THE MEMBERS OF WHICH ARE SEPARATE AND INDEPENDENT LEGAL ENTITIES. BAKER TILLY US, LLP IS A LICENSED CPA FIRM THAT PROVIDES ASSURANCE SERVICES TO ITS CLIENTS. BAKER TILLY ADVISORY GROUP, LP AND ITS SUBSIDIARY ENTITIES PROVIDE TAX AND CONSULTING SERVICES TO THEIR CLIENTS AND ARE NOT LICENSED CPA FIRMS. Executive summary July 31, 2025 To the Village Board Village of Fox Point We have completed our audit of the financial statements of the Village of Fox Point (the Village) for the year ended December 31, 2024, and have issued our report thereon dated July 31, 2025. This letter presents communications required by our professional standards. Your audit should provide you with confidence in your financial statements. The audit was performed based on information obtained from meetings with management, data from your systems, knowledge of your Village's operating environment and our risk assessment procedures. We strive to provide you clear, concise communication throughout the audit process and of the final results of our audit. Additionally, we have included information on key risk areas the Village of Fox Point should be aware of in your strategic planning. We are available to discuss these risks as they relate to your organization' s financial stability and future planning. If you have questions at any point, please connect with us: • Wendi Unger, CPA, Principal: wendi.unger@bakertilly.com or 1 (414) 777 5423 Sincerely, Baker Tilly US, LLP Wendi M. Unger, CPA, Principal VB Packet 08/12/2025 Page 196 of 220 © 2025 Baker Tilly US, LLP Page | 3 Responsibilities Our responsibilities As your independent auditor, our responsibilities include: • Planning and performing the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. Reasonable assurance is a high level of assurance. • Assessing the risks of material misstatement of the financial statements, whether due to fraud or error. Included in that assessment is a consideration of the Village's internal control over financial reporting. • Performing appropriate procedures based upon our risk assessment. • Evaluating the appropriateness of the accounting policies used and the reasonableness of significant accounting estimates made by management. • F orming and expressing an opinion based on our audit about whether the financial statements prepared by management, with the oversight of the Village Board: • Are free from material misstatement • Present fairly, in all material respects and in accordance with accounting principles generally accepted in the United States of America • Our audit does not relieve management or the Village Board of their responsibilities. We are also required to communicate significant matters related to our audit that are relevant to the responsibilities of the Village Board, including: • Internal control matters • Qualitative aspects of the Village's accounting practice including policies, accounting estimates and financial statement disclosures • Significant unusual transactions • Significant difficulties encountered • Disagreements with management • Circumstances that affect the form and content of the auditors' report • Audit consultations outside the engagement team • Corrected and uncorrected misstatements • Other audit findings or issues VB Packet 08/12/2025 Page 197 of 220 © 2025 Baker Tilly US, LLP Page | 4 Audit status Significant changes to the audit plan There were no significant changes made to either our planned audit strategy or to the significant risks and other areas of emphasis identified during the performance of our risk assessment procedures. VB Packet 08/12/2025 Page 198 of 220 © 2025 Baker Tilly US, LLP Page | 5 Audit approach and results Planned scope and timing Audit focus Based on our understanding of the Village and environment in which you operate, we focused our audit on the following key areas: • Key transaction cycles • Areas with significant estimates • Implementation of new accounting standards Our areas of audit focus were informed by, among other things, our assessment of materiality. Materiality in the context of our audit was determined based on specific qualitative and quantitative factors combined with our expectations about the Village's current year results. Key areas of focus and significant findings Significant risks of material misstatement A significant risk is an identified and assessed risk of material misstatement that, in the auditor 's professional judgment, requires special audit consideration. Within our audit, we focused on the following areas below. Significant risk areas Testing approach Conclusion Management override of controls Incorporate unpredictability into audit procedures, emphasize professional skepticism and utilize audit team with industry expertise Procedures identified provided sufficient evidence for our audit opinion Improper revenue recognition due to fraud Confirmation or validation of certain revenues supplemented with detailed predictive analytics based on non-financial data and substantive testing of related receivables Procedures identified provided sufficient evidence for our audit opinion Other areas of emphasis We also focused on other areas that did not meet the definition of a significant risk, but were determined to require specific awareness and a unique audit response. Other areas of