- Finance Department
To provide professional financial management services as mandated by the Wisconsin State Statutes and required by the Village Board, Village Departments, and other governmental units. The Village of Plover Treasurer is committed to maintaining the Village's solid financial position, while providing quality service to Village taxpayers by the use of sound financial strategies and the promotion of efficiency in the provision of municipal services in order to maintain control of property taxes.
The Village Treasurer/Finance Director is responsible for the precise, accurate, and timely processing of all funds received and disbursed by the Village of Plover, and oversees the implementation and observance of the Village's annual budget. Other duties performed by the Treasurer/Finance Department include, but are not limited to:
- Compilation, development and performance analysis of the annual budget.
- Maintenance of the governmental accounting system and provision of financial support for all Departments.
- Maintenance of Payroll Records and Payroll processing, accounting and reporting for all Village employees.
- Processing of accounts payable and receivable; preparation of disbursement vouchers.
- Preparation and mailing of quarterly sewer/water utility billings; receipt, deposit and accounting of payments by customers, maintenance of customer accounts.
- Maintenance of Special Assessment records.
- Investment of idle funds and banking relations.
- Debt service analysis and bond payments.
Real Estate & Personal Property Tax Payments
Each year, tax statements are mailed to property owners in early December. The Village of Plover is on a two-installment tax payment system. The first installment is due on or before January 31, and the second installment is due on or before July 31 of each year.
Tax payments are made directly to:
Portage County Treasurer
1516 Church Street
Stevens Point, WI 54481
Detailed copies of the Budget are available at the Village Office.
The Village of Plover's conservative fiscal policy has resulted in its' strong financial position. Each year, Village administration strives to maintain a healthy undesignated fund balance. The undesignated fund balance is required to cover cash-flow requirements in the interim between receipt of tax revenues in January, and the receipt of major state aids in November of each year.
View the 2019 Annual Financial Report (PDF).
Capital Projects / Equipment Reserve Funds
The Village has implemented the use of reserve funds for large equipment purchases. Major expenditures are planned for and budgeted for over a period of years, so that funds are accumulated for the purchase of the equipment. This policy reduces fluctuations in the tax levy, as the budgeted amounts each year are kept as consistent as possible.
Municipalities issue General Obligation Bonds in order to finance large projects. The principal and interest payments made over the lifespan of the bonds are referred to as Debt Service.
The Village has issued general obligation bonds to finance a multitude of projects, some of which are the Plover Municipal Building, Police Department addition, Village Garage construction, various street construction projects, storm sewers, industrial park development, and the reconstruction of Hoover Avenue from Cedar Drive N to County HH.
Wisconsin Statutes limit the amount of indebtedness a municipality can incur to 5% of the municipality's equalized valuation. Based on the Village's 2020 equalized value of $1,291,134,200 the maximum allowable debt capacity is $64,556,710
The Village has received a Bond Rating of AA from Standard and Poor's, which reflects the Village of Plover's financial strength. This rating allows the Village to issue municipal bonds at the lowest possible interest rate, which results in lower costs for Village projects, and ultimately results in lower costs for Village property owners.
Tax Incremental Finance Districts
Wisconsin's Tax Incremental Finance (TIF) program was approved by the State Legislature in 1975. It's purpose is to provide a means for a city or village to promote tax base expansion through its own initiative and effort. Prior to its' enactment, the State legislature found that municipalities were postponing or canceling public improvements that would allow new development because their taxpayers paid the price, while everyone that shared the expanded tax base profited. Establishing a Tax Incremental Finance District relieved this inequity by allowing the municipality to accumulate the tax revenue from the increased tax base to finance the development costs incurred.
When a TIF district is created, the equalized value of the district is established by the Department of Revenue. This is called the Tax Incremental Base. The municipality then installs public improvements, and the property values grow. Taxes paid on the increased value are used to pay for the public improvement projects undertaken by the municipality. This is the Tax Increment. It is based on the increased value of the TIF district and levies of all the taxing jurisdictions that share in the tax base. The village, county, and school districts do not benefit from the taxes collected on value increases in the district until all project costs have been recovered. After that, the added value is included in the apportionment process and everyone gains.
The underlying assumption of the TIF Law is that no new development would have taken place if the village had not created the TIF district. Public improvement costs needed to develop or redevelop the area would have been too prohibitive for the village to do alone, without the TIF increment revenue to cover financing costs.
The Village currently has five active TIF Districts:
- TIF District Number 3, created in 2003, is the Pines Corporate Centre Business Park Development at the northeast corner of Grant Avenue and STH 54.
- TIF Number 4, created in 2004, is the Village Park at Plover Commercial Development at the intersection of County Highway B and I-39.
- TIF District Number 5, created in 2005, provides for commercial and residential development east of I-39 and south of CTH B.
- TIF Number 6 created in 2010, provides for mixed-use development to the east of the Crossroads Commons Development.
- TID Number 7, created in 2013, provides for mixed use development along the Post Road corridor in the central part of the Village.