By Mayor Kristine Lott
On Tuesday, November 12th, the new members of the Winooski Finance Commission had their first meeting. Winooski has had a Finance Commission in the past, but it has not met for some time. We spent our first meeting getting to know the big picture of Winooski's finances. This included an overview of the revenue and expenses for all the City's accounts, our reserve fund balances, and an introduction to the Tax Increment Finance District (TIF). View the overview documents here.
The TIF is the financial structure that supported the revitalization of downtown. The City took on debt to fund infrastructure improvements that spurred private development. As the property values in the downtown have increased from this development, the additional tax revenue collected has been dedicated to repaying the debt. When that debt is paid off in 2024, the increased tax revenue will start flowing into the education fund and the city's general fund. The Finance Commission will help us plan ahead for that increase in tax revenue in our city.
The commission also elected officers and set a schedule for a recurring monthly meeting. The Finance Commission will meet the 2nd Tuesday of each month at 5:30 PM Interested in joining the conversation? We are seeking more members - click here to learn more and apply.
Feel free to reach out with questions regarding this update: Mayor Kristine Lott – firstname.lastname@example.org