Administration Committee Meeting — Agenda Packet

A Quorum of the Common Council, Board of Public Works, Personnel Committee, Plan Commission, Redevelopment Authority, and other City bodies may attend this meeting, though no official action of these bodies will be taken. ADMINISTRATION COMMITTEE MEETING AGENDA Tuesday, May 5, 2026 at 6:30 PM First Floor Conference Rooms 100 Main Street, Menasha, WI or immediately following the Common Council meeting A. Call to Order B. Roll Call C. Minutes to Approve 1. Administration Committee, 4/21/26 D. Discussion / Action Items 1. Review and Accept Tax Incremental District #4 Financial Audit E. Adjournment "Menasha is committed to its diverse population. Our Non-English speaking population and those with disabilities are invited to contact the Menasha City Clerk at 967-3603 24-hours in advance of the meeting for the City to arrange special accommodations." Page 1 of 36 ADMINISTRATION COMMITTEE MINUTES Tuesday, April 21, 2026 at 6:05 PM First Floor Conference Rooms 100 Main Street, Menasha, WI A. CALL TO ORDER Meeting called to order by Clerk Snyder at 7:40pm. B. ROLL CALL Present: Alds. Rand, Eisenach, Hale, Perkins, Lewis, Marshall, Grade, School Also Present: FD Sassman, DPW Merten, CDD Dane, PRD Sackett, PHD Hutter, FM Mavroff, Lt. Speigel, LD Kopetsky, CA Struve, Mayor Hammond, Clerk Snyder, DC Janet C. MINUTES TO APPROVE 1. Administration Committee, 4/6/26 Motion by District 2 Alderperson Eisenach seconded by District 5 Alderperson Lewis to approve. Motion carried on voice vote. D. DISCUSSION / ACTION ITEMS 1. Election of Chair Clerk Snyder opened the floor for Administration Committee Chair nominations. District 3 Alderperson Hale was nominated by District 2 Alderperson Eisenach to serve as Administration Committee Chair. District 2 Alderperson Eisenach was nominated by District 7 Alderperson Grade to serve as Administation Committee Chair. Roll call vote carried 7-1 in favor of District 3 Alderperson Hale's appointment as Administration Committee Chair. District 7 Alderperson Grade voted for District 2 Alderperson Eisenach. 2. Election of Vice Chair Chair Hale opened the floor for Administration Committee Vice Chair nominations. District 2 Alderperson Eisenach was nominated by District 7 Alderperson Grade to serve as Administration Committee Vice Chair. No other nominations were made, and a unanimous ballot was cast for District 2 Alderperson Eisenach to be appointed Administration Committee Vice Chair. E. ADJOURNMENT Motion by District 2 Alderperson Eisenach seconded by District 7 Alderperson Grade to adjourn the Administration Committee meeting at 7:45pm. Motion carried on voice vote. Page 2 of 36 Minutes submitted by City Clerk Kaija Snyder. Page 3 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION DATE OF CREATION THROUGH APRIL 21, 2025 Page 4 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 TABLE OF CONTENTS FROM DATE OF CREATION THROUGH APRIL 21, 2025 INDEPENDENT AUDITORS’ REPORT 1 FINANCIAL STATEMENTS BALANCE SHEET 5 HISTORICAL SUMMARY OF PROJECT COSTS, PROJECT REVENUES, AND NET COST TO BE RECOVERED THROUGH TAX INCREMENTS 6 HISTORICAL SUMMARY OF SOURCES, USES, AND STATUS OF FUNDS 7 NOTES TO FINANCIAL STATEMENTS 8 SUPPLEMENTARY INFORMATION SCHEDULE OF FINANCIAL TRANSACTIONS 15 ADDITIONAL INDEPENDENT AUDITORS' REPORT FOR FINANCIAL STATEMENTS INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS OF TAX INCREMENTAL FINANCING DISTRICT LAWS AND REGULATIONS 21 Page 5 of 36 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  CliftonLarsonAllen LLP  CLAconnect.com  (1) INDEPENDENT AUDITORS’ REPORT City Council City of Menasha, Wisconsin Menasha, Wisconsin Report on the Audit of the Financial Statements Opinion We have audited the financial statements of the City of Menasha Tax Incremental District Number 4 (the District), which comprise the balance sheet as of April 21, 2025, and the related historical summary of project costs, project revenues and net cost to be recovered through tax increments and the historical summary of sources, uses, and status of funds from the date the District was created through April 21, 2025, and the related notes to the financial statements. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the District and the net project costs to be recovered through tax increments as of April 21, 2025 and the sources, uses, and status of funds from the date the District was created through April 21, 2025, in accordance with the financial reporting provisions of the Wisconsin Department of Revenue as described in Note 1. Basis for Opinion 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 District, 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 opinion. Emphasis of Matters We draw attention to Note 1 of the financial statements, which describes the basis of accounting. The financial statements are prepared by the District, in accordance with the financial reporting provisions of the Wisconsin Department of Revenue, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Wisconsin Department of Revenue. As a result, the financial statements may not be suitable for another purpose. Our opinion is not modified with respect to this matter. Page 6 of 36 City Council City of Menasha, Wisconsin (2) As discussed in Note 1, the financial statements present only the District and do not purport to, and do not, present fairly the financial position of the City of Menasha, Wisconsin (the City) as of April 21, 2025, or the changes in its financial position from the date of creation through April 21, 2025, in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the financial reporting provisions of the Wisconsin Department of Revenue as described in Note 1. Management is also responsible 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. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Page 7 of 36 City Council City of Menasha, Wisconsin (3) Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of financial transactions is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Restriction on Use This report is intended solely for the information and use of the City, overlapping tax districts, and the Wisconsin Department of Revenue and is not intended to be and should not be used by anyone other than these specified parties. Report on Other Legal and Regulatory Requirements In accordance with tax incremental district laws and regulations, we have also issued our report dated February 4, 2026 on our test of compliance with Wisconsin State Statutes 66.1105 and the project plan. The purpose of that report is solely to describe the scope of our testing of compliance and the results of that testing, and not to provide an opinion on compliance. That report is an integral part of an audit performed in accordance with tax incremental district laws and regulations in considering the District’s compliance. CliftonLarsonAllen LLP Green Bay, Wisconsin February 4, 2026 Page 8 of 36 (4) FINANCIAL STATEMENTS Page 9 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 BALANCE SHEET APRIL 21, 2025 See accompanying Notes to Financial Statements. (5) ASSETS Cash and Investments 220,528$ Receivables: Taxes 105,515 Due From Other Governments 12,817 Total Assets 338,860$ LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCE LIABILITIES Accounts Payable 7,000$ Due to Other Taxing Entities 116,081 Total Liabilities 123,081 DEFERRED INFLOWS OF RESOURCES Property Taxes Levied for Subsequent Year 105,515 FUND BALANCE Restricted 110,264 Total Liabilities, Deferred Inflows of Resources, and Fund Balance 338,860$ Page 10 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 HISTORICAL SUMMARY OF PROJECT COSTS, PROJECT REVENUES, AND NET COST TO BE RECOVERED THROUGH TAX INCREMENTS FROM DATE OF CREATION THROUGH APRIL 21, 2025 See accompanying Notes to Financial Statements. (6) From Date of Creation Through April 21, 2025 PROJECT COSTS Capital Outlay 1,471,798$ Administration 106,688 Developer Incentive Payments 1,165,626 Interest and Fiscal Charges 1,072,271 Debt Issuance Costs and Agency Fees 70,827 Increment Sharing to Tax Incremental District #7 30,000 Total Project Costs 3,917,210 PROJECT REVENUES Tax Increments 3,072,804 Intergovernmental 645,308 Sale of Property 135,891 Miscellaneous 173,471 Total Project Revenues 4,027,474 NET COSTS (RECOVERED) RECOVERABLE THROUGH TAX INCREMENTS - APRIL 21, 2025 (110,264)$ RECONCILIATION OF FINAL PROJECT COSTS IN EXCESS OF PROJECT REVENUES As described in Note 5, the above net costs (recovered) recoverable, any deferred inflow of resources for property taxes levied for the subsequent year and the intergovernemntal revenue for state aids to be recognized in 2026, less administrative expenses, represent the amount to be refunded to the overlying taxing districts. Final Year of Tax Increment - Property Taxes Levied for Subsequent Year (105,515)$ Final Year of Intergovernmental Revenues for Exempt Computer and Personal Property Aids (12,817) Final Close Out Administration Costs 7,000 Transfer to Strong Neighborhoods Program 105,515 Refund to Overlying Districts 116,081 FINAL PROJECT COSTS IN EXCESS OF PROJECT REVENUES -$ Page 11 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 HISTORICAL SUMMARY OF SOURCES, USES, AND STATUS OF FUNDS FROM DATE OF CREATION THROUGH APRIL 21, 2025 See accompanying Notes to Financial Statements. (7) From Date of Creation Through April 21, 2025 SOURCES OF FUNDS Tax Increments 3,072,804$ Intergovernmental 645,308 Sale of Property 135,891 Proceeds from Long-term Debt 3,555,000 Miscellaneous Revenues 173,471 Total Sources of Funds 7,582,474 USES OF FUNDS Capital Outlay 1,471,798 Administration 106,688 Developer Incentive Payments 1,165,626 Principal on Long-Term Debt 3,555,000 Interest and Fiscal Charges 1,072,271 Debt Issuance Costs and Agency Fees 70,827 Increment Sharing to Tax Incremental District #7 30,000 Total Uses of Funds 7,472,210 NET CHANGE IN FUND BALANCE 110,264 Fund Balance - Beginning of Period - FUND BALANCE - END OF PERIOD 110,264$ RECONCILIATION OF FINAL REFUND DUE TO OVERLYING DISTRICTS As described in Note 5, the above fund balance at the end of the period, any deferred inflow of resources for property taxes levied for the subsequent year, and intergovernmental revenue for state aids to be recognized in 2026, less final close out costs, represents the final refund to the overlying taxing districts. Fund Balance - End of Period 110,264$ Final Year of Tax Increment - Property Taxes Levied for Subsequent Year 105,515 Final Year of Intergovernmental Revenues for Exempt Computer and Personal Property Aids 12,817 Transfer to Strong Neighborhoods Program (105,515) Final Close Out Administration Costs (7,000) FINAL REFUND DUE TO OVERLYING TAX DISTRICTS 116,081$ Page 12 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 NOTES TO FINANCIAL STATEMENTS APRIL 21, 2025 (8) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Menasha Tax Incremental District Number 4 (the District) conform to accounting principles as applicable to governmental units and as defined by Wisconsin Statutes Section 66.1105, which is a basis of accounting other than accounting principles generally accepted in the United States of America (U.S. GAAP). Wisconsin Statutes Section 66.1105 establishes reporting requirements for the District. The significant accounting principles and policies utilized by the City of Menasha in preparing the financial statements of the District are described below. A. Reporting Entity This report contains the financial statements of the City of Menasha Tax Incremental District Number 4. The accompanying financial statements do not include the full presentation of the financial statements of the City of Menasha, Wisconsin, and do not purport to represent the financial position or changes in financial position of the City of Menasha. The financial statements of the District were prepared from data recorded in the District’s capital project fund of the City and are presented in a format prescribed by the Wisconsin Department of Revenue. The District was created under the provisions of Wisconsin Statute Section 66.1105. The purpose of that section is to allow a municipality to recover development and improvements costs in a designated area from the property taxes generated on the increased value of the property after the creation date of the District. The tax on the increased value is called a tax increment. The statutes allow the municipality to collect tax increments until the net project cost has been fully recovered, or until the maximum life of the District, whichever occurs first. The statutes in effect at the time of creation of the District provided for a maximum life, including extensions, of 27 years. Project costs uncollected at the termination date are to be absorbed by the City. Project costs may be incurred up to five years before the unextended termination date of the District. Listed below are the significant dates applicable to the District: Creation Date 5/19/1997 Latest Date to Incur Project Expenditures 5/19/2019 Latest Termination Date 5/6/2025 Actual Termination Date 4/21/2025 Page 13 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 NOTES TO FINANCIAL STATEMENTS APRIL 21, 2025 (9) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Measurement Focus and Basis of Accounting The District’s financial statements are reported on the basis of financial reporting provisions of the Wisconsin Department of Revenue, which is a basis of accounting other than accounting principles generally accepted in the United States of America (U.S. GAAP) to comply with the requirements of the Wisconsin Department of Revenue. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Project plan expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. District increments are recorded as revenues in the year due. Revenues susceptible to accrual include intergovernmental grants, intergovernmental charges for services, public charges for services and interest. Other revenues are recognized when received in cash or when measurable and available. C. Project Plan Budget The estimated revenues and expenditures of the District are adopted in the original project plan and any subsequent amendments. Those estimates are for the entire life of the District. Creation/ Approved Adoption Date Project Costs Original Project Plan 5/19/1997 5,001,038$ Plan Amendment #1 7/1/2002 3,945,900 Plan Amendment #2 8/16/2004 2,565,000 Plan Amendment #3 8/26/2008 851,800 Final Project Plan Costs 12,363,738$ D. Use of Estimates The preparation of financial statements in conformity with accounting provisions of the Wisconsin Department of Revenue requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates. Page 14 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 NOTES TO FINANCIAL STATEMENTS APRIL 21, 2025 (10) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) E. Assets, Liabilities, Deferred Inflows of Resources, and Fund Balance 1. Cash and Investments Cash and investments are combined in the financial statements. Cash deposits consist of demand and time deposits with financial institutions and are carried at cost. Investments are stated at fair value. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. 2. Property Taxes When the District was created, the value of all taxable property within the defined boundaries of the District was determined by the Wisconsin Department of Revenue. This value is known as the base value of the District, and remains unchanged through the life of the District unless the City amends District boundaries to add or remove properties. The Wisconsin Department of Revenue annually certifies the current value of all taxable property within the District. Property taxes consist of taxes on real estate and personal property. They are levied during December of the prior year and become an enforceable lien on property the following January 1. Property taxes are payable in various options depending on the type and amount. Personal property taxes are payable on or before January 31 in full. Real estate taxes are payable in full by January 31 or in two equal installments on or before January 31 and July 31. Real estate taxes not paid by January 31 are purchased by the County as part of the February tax settlement. Property taxes collected on the base value are shared with the overlying taxing jurisdictions while property taxes collected on the growth in value, also known as the increment value, are retained by the City as tax increment revenue. The City uses the tax increment revenue to pay for approved project plan expenditures. A summary of taxable value within the District as of December 31, 2025 (for 2025 statement of taxes and collection of the increment in 2026) follows: Current Value Base Value Increment Value 9,493,600$ 4,196,000$ 5,297,600$ 3. Deferred Inflows of Resources In addition to liabilities, the balance sheet will report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period and so will not be recognized as an inflow of resources (revenues) until that time. Page 15 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 NOTES TO FINANCIAL STATEMENTS APRIL 21, 2025 (11) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) F. Assets, Liabilities, Deferred Inflows of Resources, and Fund Balance (Continued) 4. Long-Term Obligations The City recognized bond premiums and discounts, as well as bond issuance costs, during the period when received or paid. The face amount of debt issued was reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. Premiums received, discounts on debt issuance, issuance costs and interest on long-term debt are considered financing costs recoverable from revenues of the District. 5. Fund Balance Fund balance is reported in various categories for TID funds based on the nature of any limitations requiring the use of resources for specific purposes. The following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used:  Nonspendable fund balance. Amounts that are not in spendable form (such as inventory, prepaid items, or long-term receivables) or are legally or contractually required to remain intact.  Restricted fund balance. Amounts that are constrained for specific purposes by external parties (such as grantor or bondholders), through constitutional provisions, or by enabling legislation.  Unassigned fund balance. Only deficit amounts are shown in this category. NOTE 2 CASH AND INVESTMENTS The District invests in funds in accordance with the provisions of the Wisconsin Statutes 66.0603(lm) and 67.11(2). Investments are stated at fair value, which is the price that would be received to sell an asset in an orderly transaction at the measurement date. Fair values are based on quoted market prices. 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. The District, as a fund of the City, maintains common cash and investment accounts. Federal depository insurance and the State of Wisconsin Guarantee fund insurance apply to the City of Menasha as an individual municipality and, accordingly, the amount of insured funds is not determinable for the District. Page 16 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 NOTES TO FINANCIAL STATEMENTS APRIL 21, 2025 (12) NOTE 3 LONG-TERM OBLIGATIONS During the life of the District, the City issued general obligation debt backed by the full faith and credit of the City to finance District project plan expenditures. The debt issued by the District will be retired by future tax increments. The following is a summary of changes in long-term obligations for the District from the date of creation through April 21, 2025: Date of Outstanding Due Within Creation Issued Retired 4/21/25 One Year General Obligation Debt: Notes -$ 1,305,000$ 1,305,000$ -$ -$ Bonds - 1,815,000 1,815,000 - - Direct Borrowing State Trust Fund Loans - 435,000 435,000 - - Total General Obligation Debt -$ 3,555,000$ 3,555,000$ -$ -$ NOTE 4 AFFORDABLE HOUSING EXTENSION As allowable under Wisconsin Statutes Section 66.1105(6)(g), the District elected to utilize the affordable housing extension through which 75% of the final increment must benefit affordable housing and the remaining portion must be used to improve housing stock. The 2025 increment of $105,515 is shown as a transfer to Strong Neighborhood Program to reflect the alter use of funds as permitted by the Wisconsin Department of Revenue. NOTE 5 INCREMENT SHARING As allowable under Wisconsin Statutes Section 66.1105, the District may share positive excess increments. The City and joint review board approved sharing increments from Tax Incremental District Number 4 (donor district) to Tax Incremental District Number 7 (donee district). Transfers are reflected as recoverable costs in the donor district, and as project revenues in the done district. Transfers were approved to begin in 2008. Tax increment sharing is valid for the life of the done district or 10 years past the original termination date for the donor district, whichever comes first. Transfers between districts are subject to various conditions in the statutes. As of April 21, 2025, $30,000 has been transferred between the districts. Page 17 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 NOTES TO FINANCIAL STATEMENTS APRIL 21, 2025 (13) NOTE 6 REFUND TO OVERLYING DISTRICTS The refund to overlying districts of $116,081 is calculated based on increments collected in excess of project costs using the ratio of taxes from the 2025 Tax Incremental Worksheet. A summary of the total due, along with each overlying district’s portion, are as follows: Percentage of Total Tax Base Refund Winnebago County 15.746% 18,278$ Menasha Joint School District 48.378% 56,158 Fox Vally Technical College 3.441% 3,994 City of Menasha 32.435% 37,651 Grand Total 100.000% 116,081$ NOTE 7 ACTIVITY SUBSQUENT TO THE CLOSE OF THE DISTRICT The District was officially closed by City Council resolution on April 21, 2025, and notice filed with the State of Wisconsin. In accordance with the provisions of Wisconsin State Statutes the District will collect its last year of tax increment revenue and the final year of intergovernmental revenues for exempt computer and personal property aids during 2026. Page 18 of 36 (14) SUPPLEMENTARY INFORMATION Page 19 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 SCHEDULE OF FINANCIAL TRANSACTIONS FOR THE PERIOD MAY 19, 1997 THROUGH APRIL 21, 2025 (15) 1997 1998 1999 2000 2001 2002 2003 REVENUES Tax Increments -$ -$ 37,464$ 109,269$ 120,627$ 157,966$ 159,506$ Intergovernmental - - - 52,209 114,704 18,878 88,174 Sale of Property - 5,000 - - - 81,293 - Proceeds from Long-term Debt 1,301,000 86,000 106,500 16,500 1,765,000 - - Miscellaneous Revenues 14,466 19,290 5,259 27,711 60,019 14,102 2,849 Total Revenues 1,315,466 110,290 149,223 205,689 2,060,350 272,239 250,529 EXPENDITURES Capital Outlay - 228,471 70,346 35,951 288,161 426,357 110,736 Administration - - - - - 2,925 - Developer Incentive Payments 910,848 176,649 26,124 11,012 40,993 - - Principal on Long-Term Debt - - - 60,000 1,275,000 140,161 50,000 Interest and Fiscal Charges - 54,531 56,738 49,758 60,018 81,314 76,234 Debt Issuance Costs and Agency Fees 20,487 927 700 - 38,552 - - Increment Sharing to Tax Incremental District #7 - - - - - - - Transfer to Strong Neighborhoods Program - - - - - - - Refund to Overlying Districts - - - - - - - Total Expenditures 931,335 460,578 153,908 156,721 1,702,724 650,757 236,970 NET CHANGE IN FUND BALANCE 384,131 (350,288) (4,685) 48,968 357,626 (378,518) 13,559 Fund Balance (Deficit) - Beginning of Period - 384,131 33,843 29,158 78,126 435,752 57,234 FUND BALANCE (DEFICIT) - END OF PERIOD 384,131$ 33,843$ 29,158$ 78,126$ 435,752$ 57,234$ 70,793$ Page 20 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 SCHEDULE OF FINANCIAL TRANSACTIONS (CONTINUED) FOR THE PERIOD MAY 19, 1997 THROUGH APRIL 21, 2025 (16) 2004 2005 2006 2007 2008 2009 2010 REVENUES Tax Increments 184,283$ 179,792$ 184,391$ 182,781$ 195,232$ 172,294$ 167,358$ Intergovernmental 263,584 18,253 8,828 27,065 4,843 4,028 1,800 Sale of Property - - 49,598 - - - - Proceeds from Long-term Debt - - - - - - - Miscellaneous Revenues 9,495 4,293 7,091 5,064 1,498 394 134 Total Revenues 457,362 202,338 249,908 214,910 201,573 176,716 169,292 EXPENDITURES Capital Outlay 133,577 89,809 80,428 7,962 - - - Administration - - 6,240 6,240 6,220 6,220 6,370 Developer Incentive Payments - - - - - - - Principal on Long-Term Debt 190,000 95,000 100,000 105,000 105,000 110,000 115,000 Interest and Fiscal Charges 149,116 71,134 77,046 63,434 59,134 54,734 50,034 Debt Issuance Costs and Agency Fees - - - - - - - Increment Sharing to Tax Incremental District #7 - - - - 30,000 - - Transfer to Strong Neighborhoods Program - - - - - - - Refund to Overlying Districts - - - - - - - Total Expenditures 472,693 255,943 263,714 182,636 200,354 170,954 171,404 NET CHANGE IN FUND BALANCE (15,331) (53,605) (13,806) 32,274 1,219 5,762 (2,112) Fund Balance (Deficit) - Beginning of Period 70,793 55,462 1,857 (11,949) 20,325 21,544 27,306 FUND BALANCE (DEFICIT) - END OF PERIOD 55,462$ 1,857$ (11,949)$ 20,325$ 21,544$ 27,306$ 25,194$ Page 21 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 SCHEDULE OF FINANCIAL TRANSACTIONS (CONTINUED) FOR THE PERIOD MAY 19, 1997 THROUGH APRIL 21, 2025 (17) 2011 2012 2013 2014 2015 2016 REVENUES Tax Increments 84,484$ 79,744$ 80,758$ 59,596$ 74,927$ 58,090$ Intergovernmental 1,386 2,124 2,690 1,701 1,148 2,014 Sale of Property - - - - - - Proceeds from Long-term Debt - - - - 280,000 - Miscellaneous Revenues 124 122 107 107 108 108 Total Revenues 85,994 81,990 83,555 61,404 356,183 60,212 EXPENDITURES Capital Outlay - - - - - - Administration 6,371 1,930 2,001 3,301 3,844 3,983 Developer Incentive Payments - - - - - - Principal on Long-Term Debt 120,000 125,000 130,000 140,000 425,000 137,795 Interest and Fiscal Charges 45,074 39,553 33,679 27,439 10,359 8,676 Debt Issuance Costs and Agency Fees - - - 10,161 - - Increment Sharing to Tax Incremental District #7 - - - - - - Transfer to Strong Neighborhoods Program - - - - - - Refund to Overlying Districts - - - - - - Total Expenditures 171,445 166,483 165,680 180,901 439,203 150,454 NET CHANGE IN FUND BALANCE (85,451) (84,493) (82,125) (119,497) (83,020) (90,242) Fund Balance (Deficit) - Beginning of Period 25,194 (60,257) (144,750) (226,875) (346,372) (429,392) FUND BALANCE (DEFICIT) - END OF PERIOD (60,257)$ (144,750)$ (226,875)$ (346,372)$ (429,392)$ (519,634)$ Page 22 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 SCHEDULE OF FINANCIAL TRANSACTIONS (CONTINUED) FOR THE PERIOD MAY 19, 1997 THROUGH APRIL 21, 2025 (18) 2017 2018 2019 2020 2021 2022 2023 REVENUES Tax Increments 59,280$ 69,250$ 77,546$ 101,179$ 93,157$ 79,619$ 82,784$ Intergovernmental 1,763 1,789 2,401 2,585 2,769 2,585 2,585 Sale of Property - - - - - - - Proceeds from Long-term Debt - - - - - - - Miscellaneous Revenues 114 167 165 62 18 52 264 Total Revenues 61,157 71,206 80,112 103,826 95,944 82,256 85,633 EXPENDITURES Capital Outlay - - - - - - - Administration 4,820 9,445 9,670 10,638 5,390 5,390 5,390 Developer Incentive Payments - - - - - - - Principal on Long-Term Debt 132,044 - - - - - - Interest and Fiscal Charges 4,266 - - - - - - Debt Issuance Costs and Agency Fees - - - - - - - Increment Sharing to Tax Incremental District #7 - - - - - - - Transfer to Strong Neighborhoods Program - - - - - - - Refund to Overlying Districts - - - - - - - Total Expenditures 141,130 9,445 9,670 10,638 5,390 5,390 5,390 NET CHANGE IN FUND BALANCE (79,973) 61,761 70,442 93,188 90,554 76,866 80,243 Fund Balance (Deficit) - Beginning of Period (519,634) (599,607) (537,846) (467,404) (374,216) (283,662) (206,796) FUND BALANCE (DEFICIT) - END OF PERIOD (599,607)$ (537,846)$ (467,404)$ (374,216)$ (283,662)$ (206,796)$ (126,553)$ Page 23 of 36 CITY OF MENASHA, WISCONSIN TAX INCREMENTAL DISTRICT NUMBER 4 SCHEDULE OF FINANCIAL TRANSACTIONS (CONTINUED) FOR THE PERIOD MAY 19, 1997 THROUGH APRIL 21, 2025 (19) Final Original Plan Total 2024 2025 Total Close Out Project Plan Amendments Project Plan REVENUES Tax Increments 122,278$ 99,149$ 3,072,804$ 105,515$ 2,586,504$ 6,332,909$ 8,919,413$ Intergovernmental 2,585 12,817 645,308 12,817 - 1,928,427 1,928,427 Sale of Property - - 135,891 - - - - Proceeds from Long-term Debt - - 3,555,000 - - - - Miscellaneous Revenues 248 40 173,471 - - - - Total Revenues 125,111 112,006 7,582,474 118,332 2,586,504 8,261,336 10,847,840 EXPENDITURES Capital Outlay - - 1,471,798 - 1,250,000 3,165,000 4,415,000 Administration 150 150 106,688 7,000 - 386,500 386,500 Developer Incentive Payments - - 1,165,626 - - 900,000 900,000 Principal on Long-Term Debt - - 3,555,000 - 2,520,000 1,125,000 3,645,000 Interest and Fiscal Charges - - 1,072,271 - 1,206,038 934,400 2,140,438 Debt Issuance Costs and Agency Fees - - 70,827 - 25,000 - 25,000 Increment Sharing to Tax Incremental District #7 - - 30,000 - - 851,800 851,800 Transfer to Strong Neighborhoods Program - - - 105,515 - - - Refund to Overlying Districts - - - 116,081 - - - Total Expenditures 150 150 7,472,210 228,596 5,001,038 7,362,700 12,363,738 NET CHANGE IN FUND BALANCE 124,961 111,856 110,264 (110,264) (2,414,534) 898,636 (1,515,898) Fund Balance (Deficit) - Beginning of Period (126,553) (1,592) - 110,264 FUND BALANCE (DEFICIT) - END OF PERIOD (1,592)$ 110,264$ 110,264$ -$ Page 24 of 36 (20) ADDITIONAL INDEPENDENT AUDITORS' REPORT FOR FINANCIAL STATEMENTS Page 25 of 36 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  CliftonLarsonAllen LLP  CLAconnect.com  (21) INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS OF TAX INCREMENTAL FINANCING DISTRICT LAWS AND REGULATIONS City Council City of Menasha Menasha, Wisconsin We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the City of Menasha, Wisconsin’s Tax Incremental District Number 4 (the District), which comprise the balance sheet as of April 21, 2025, and the related historical summary of project costs, project revenues, and net cost to be recovered through tax increments and the historical summary of sources, uses, and status of funds from the date the District was created through April 21, 2025, and the related notes to the financial statements, and have issued our report thereon dated February 4, 2026. In connection with our audit, nothing came to our attention that caused us to believe that the District failed to comply with the provisions of Wisconsin State Statutes Section 66.1105 and the project plan, insofar as they relate to accounting matters. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the District’s noncompliance with the above- referenced provisions, insofar as they relate to accounting matters. This report is intended solely for the information and use of the City Council, management, overlapping taxing districts, and the Wisconsin Department of Revenue, and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Green Bay, Wisconsin February 4, 2026 Page 26 of 36   Page 27 of 36 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  CliftonLarsonAllen LLP  CLAconnect.com  City Council City of Menasha, Wisconsin Menasha, Wisconsin We have audited the financial statements of the City of Menasha Incremental District Number 4 (the District) as of and from the date the District was created through April 21, 2025, and have issued our report thereon dated February 4, 2026. We have previously communicated to you information about our responsibilities under auditing standards generally accepted in the United States of America as well as certain information related to the planned scope and timing of our auditin our statement of work for audit services dated March 3, 2025. Professional standards also require that we communicate to you the following information related to our audit. Significant audit findings or issues Qualitative aspects of accounting practices Accounting policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the District are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2025. We noted no transactions entered into by the entity during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. There were no accounting estimates affecting the financial statements which were particularly sensitive or required substantial judgments by management. Financial statement disclosures Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. There were no particularly sensitive financial statement disclosures. The financial statement disclosures are neutral, consistent, and clear. Difficulties encountered in performing the audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Page 28 of 36 City Council City of Menasha, Wisconsin Page 2 Uncorrected misstatements Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management did not identify and we did not notify them of any uncorrected financial statement misstatements. Corrected misstatements Management did not identify and we did not notify them of any financial statement misstatements detected as a result of audit procedures. Disagreements with management For purposes of this communication, a disagreement with management is a disagreement on a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors’ report. No such disagreements arose during our audit. Management representations We have requested certain representations from management that are included in the attached management representation letter dated February 4, 2026. Management consultations with other independent accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the entity’s financial statements or a determination of the type of auditors’ opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Significant issues discussed with management prior to engagement We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to engagement as the entity’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our engagement. Other audit findings or issues We have provided a separate communication to you dated February 4, 2026, communicating compliance with requirements of tax incremental financing district laws and regulations. Page 29 of 36 City Council City of Menasha, Wisconsin Page 3 Supplementary information in relation to the financial statements as a whole With respect to the schedule of financial transactions accompanying the financial statements, on which we were engaged to report in relation to the financial statements as a whole, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with financial reporting provisions of the Wisconsin Department of Revenue, the method of preparing it has not changed from the prior period or the reasons for such changes, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We have issued our report thereon dated February 4, 2026. * * * This communication is intended solely for the information and use of the City Council and management of the District, overlapping tax districts, and the Wisconsin Department of Revenue and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Green Bay, Wisconsin February 4, 2026 Page 30 of 36 Page 31 of 36 Page 32 of 36 Page 33 of 36 Page 34 of 36 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.  CliftonLarsonAllen LLP  CLAconnect.com  City Council City of Menasha, Wisconsin Menasha, Wisconsin In planning and performing our audit of the financial statements of the City of Menasha Incremental District Number 4 (the District) ), which comprise the balance sheet as of April 21, 2025, and the related historical summary of project costs, project revenues, and net cost to be recovered through tax increments and the historical summary of sources, uses, and status of funds from the date the District was created through April 21, 2025, in accordance with auditing standards generally accepted in the United States of America, we considered the entity’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we do not express an opinion on the effectiveness of the entity’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses. In addition, because of inherent limitations in internal control, including the possibility of management override of controls, misstatements due to fraud or error may occur and not be detected by such controls. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Our audit was also not designed to identify deficiencies in internal control that might be significant deficiencies. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the following deficiency in the City’s internal control to be a significant deficiency: Preparation of Financial Report Current City staff maintains accounting records which reflect the City’s financial transactions; however, preparing the District’s financial statements, including note disclosures, involves the selection and application of specific accounting principles which would require additional experience and knowledge. The City contracts with us and our knowledge of applicable accounting principles, financial statement formats, and note disclosures to assist in the preparation of the financial report in an efficient manner. However, as independent auditors, CLA cannot be considered part of the City’s internal control system. As part of its internal control over preparation of its financial statements, including disclosures, the City had implemented a comprehensive review procedure to ensure that the financial statements, including note disclosures, are complete and accurate. City management has determined that the additional costs associated with training staff to become experienced in applicable accounting principles and note disclosures outweigh the derived benefits. Page 35 of 36 City Council City of Menasha, Wisconsin Page 2 Management’s response The District’s written response to the significant deficiency identified in our audit was not subjected to the audit procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. * * * This communication is intended solely for the information and use of the City Council and management of the District, overlapping tax districts, and the Wisconsin Department of Revenue and is not intended to be, and should not be, used by anyone other than these specified parties. CliftonLarsonAllen LLP Green Bay, Wisconsin February 4, 2026 Page 36 of 36