Tuesday, April 19, 2016

Village Board Decision on Spending Bellevue Stadium District Funding

As reported in previous E-News articles, the Village received $768,910 under WI Act 114 in excess sales tax revenue in December 2015.  Per the Act, the Village is required to use such funding for providing property tax relief, tax levy supported debt relief or economic development. The Village conducted an open comment period which closed on February 26, 2016 to solicit ideas on how the Village should spend this funding.

After review of all public comments, existing Village debt and other options, the Village Board approved using the majority of funds for tax levy supported debt relief at its meeting on April 13. The Village was able to pay off two existing notes and reduce interest expenses for 2016 and significantly reduce overall debt obligations for the next several years. The Village still has approximately $41,200 of its sales tax revenue available.

If there are any questions on the Village's decision or its impacts please contact Angela Gorall, Village Administrator, at agorall@villageofbellevue.org or call the Village Office at 468-5225.