On the agenda: Walworth County meeting — data center (Mar 19)

1. March 19, 2026 Finance Committee Agenda
Documents:
MARCH 19, 2026 FINANCE COMMITTEE AGENDA.PDF
2. March 19, 2026 Finance Committee Packet
Documents:
MARCH 19, 2026 FINANCE COMMITTEE PACKET-ONLINE VERSION.PDF

Walworth County Finance Committee
MEETING NOTICE
Thursday, March 19, 2026
10:00 AM
County Board Room 114
Walworth County Government Center
100 W. Walworth St., Elkhorn, Wisconsin
Sheila Reiff, Chair
Dennis Karbowski, Vice-Chair
Supervisor Kathy Ingersoll
Supervisor Joseph Schaefer Supervisor Al Stanek
NOTICE: THIS MEETING IS PLANNED TO PROVIDE FOR REMOTE OR OFF-SITE ATTENDANCE
BY COMMITTEE MEMBERS.
THE PUBLIC CAN WATCH THE MEETING STREAMING LIVE AT

https://bit.ly/2026MarFIN

Individuals wanting to provide a Public Comment can do so in person or remotely by telephone.
Those wishing to comment by telephone must contact the County Administrator’s Office at 262-7414357 on the day of the meeting and at least 15 minutes prior to the start of the meeting to obtain
instructions.

(Posted in compliance with Sec. 19.84, Wis. Stats.)
A quorum of the Children with Disabilities Education Board will be in attendance. It is possible that a quorum of
the County Board or any of its other committees could be in attendance at this meeting.
Agenda enclosures are available upon request from the County Administrator’s Office or on the County’s web
page (www.co.walworth.wi.us).

AGENDA
Note: All agenda items are subject to action.
1.
2.
3.
4.
5.
6.
7.

Call to order
Roll call of committee members
Agenda withdrawals, if any
Agenda approval
Approval of minutes
A. February 19, 2026, Finance Committee Meeting (encl. pp. 1-5)
Public comment period
Consent Items
A. Reports
1. Update on tax incremental financing districts (TIDs) (encl. p. 6)

AGENDA – Walworth County Finance Committee
Thursday, March 19, 2026, at 10:00 AM

Page 2 of 2

2. Quarterly sales tax report – 4th quarter 2025 (encl. pp. 7-8)
3. Other Postemployment Benefits (OPEB) Investment Summary for December
31, 2025 (encl. pp. 9-20)
4. Out-of-state travel
a. UW-Extension
1. A. Merchlewitz, Joint Council of Extension Professionals Leadership
Conference, Savannah, GA (encl. p. 21)
8.

Unfinished Business
A. 2026 Budget Request from New Beginnings Association for the Prevention of
Family Violence (APFV) (encl. pp. 22-24)

9.

New Business
A. Res. No. **-04/26 Authorizing Write-Off of 2023 Personal Property Taxes
Uncollectible in 2024 (encl. pp. 25-27)

10.

B.

Res. No. **-04/26 Authorizing Acceptance of the 2025 Greater Wisconsin Agency
on Aging Resources (GWAAR) American Rescue Plan Act (ARPA) Grant
(encl. pp. 28-31)

C.

Res. No. **-04/26 Authorizing the Acceptance of the Climate and Health Mini
Grant and Establishing a 2026 Budget (encl. pp. 32-35)

D.

Uncollectible debt write-off
1. Health and Human Services (encl. pp. 36-48)
2. Lakeland Health Care Center (encl. 49-50)

Announcements and Updates
A. Finance Department Announcements and Updates (encl. pp. 51-52)
B.

American Rescue Plan Act (ARPA) Financial Update (encl. p. 53)

C.

Announcements and Correspondences by Chairperson

11.

Set/confirm next meeting date and time – Thursday, April 30, 2026, at 10:00 a.m.,
County Board Room 114 at the Government Center

12.

Adjournment

Submitted by: Sheila Reiff, Committee Chairperson
Jessica Conley, Finance Director
Posted: March 12, 2026

DRAFT

Walworth County Board of Supervisors
Finance Committee Meeting Minutes
Thursday, February 19, 2026
Walworth County Government Center, County Board Room 114
100 West Walworth Street, Elkhorn, Wisconsin
Chair Sheila T. Reiff called the meeting to order at 10:00 a.m.
Roll call was conducted and the following members were present: Chair Sheila T. Reiff;
Vice-Chair Dennis Karbowski and Al Stanek. Supervisors Kathy Ingersoll and Joseph
Schaefer were remote. A quorum was declared.
Others in Attendance
County Staff: Walworth County Administrator Mark W. Luberda; Director-Finance Jessica
Conley; Corporation Counsel/Director-Land Use and Resource Management Michael Cotter;
Comptroller Todd Paprocki; Director-Public Works Richard Hough; and Undersheriff Tom
Hausner
On motion by Vice-Chair Karbowski, second by Supervisor Stanek, the agenda was
approved with no withdrawals.
On motion by Supervisor Schaefer, second by Supervisor Ingersoll, the January 22,
2026 Finance Committee meeting minutes were approved.
Public Comment – There was none.
Consent Items
7A. Budget Adjustments and Transfers
2025
1. Public Works - Highway
a. Reallocate State Highway division budget for actual work completed
Vice-Chair Karbowski offered a motion, second by Supervisor Stanek, to approve
Consent Items 7A.1.a. Motion carried 5-0.
2. Sheriff’s Office
a. Reallocate Corrections available payroll budget to address the payroll budget
shortfalls in Central Records and Detective Bureau
Supervisor Stanek offered a motion, second by Supervisor Ingersoll, to approve
Consent Items 7A.2.a. Motion carried 5-0.
Purchasing Request for Approval
1. Bid Award Recommendation for Lakeland Health Care Center Furniture
Replacement
Supervisor Schaefer offered a motion, second by Supervisor Ingersoll, to approve
Item 7B.1. Director-Finance Jessica Conley explained that, in order for the Finance
Committee to award this, a budget amendment was completed using $18,000 from the new
project contingency that was created. Motion carried 5-0.
7B.

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Walworth County Board of Supervisors
February 19, 2026 Finance Committee Meeting Minutes
Page 2 of 5

7C. Purchasing Report
1.
Waiver of Competition
a. Medical Laboratory Testing Services for Lakeland Health Care Center,
Health and Human Services, Sheriff’s Office, Medical Examiner, and Clerk of
Courts
Vice-Chair Karbowski offered a motion, second by Supervisor Ingersoll, to approve
Item 7C.1.a. Walworth County Administrator Mark W. Luberda addressed the missing
checkmark for "Alternative Sources" on the waiver of competition, included on Page 12 of
the packet, explaining that Lakeland Health Care Center (LHCC) serves as the primary user
of the service. Due to significantly faster turnaround times, often same-day results and
medication, this system is crucial for resident care. Other departments utilizing this service
fall under the same umbrella. Because this improved, established system provides superior
care, no other alternatives were pursued, and the expired contract requires approval to
continue. Motion carried 5-0
7D. Declaration of Surplus
1. Public Works requesting to declare large format printer plotter scanner as surplus
and authorizing staff to dispose of the asset
Vice-Chair Karbowski offered a motion, second by Supervisor Stanek, to approve Item
7D.1. Motion carried 5-0.
7E. Reports
1. Update on tax incremental financing districts (TIDs)
Conley referenced the Memorandum, included on Page 15 of the packet, indicating she had
nothing to add.
2. Sales tax report - November 2025
Conley referred to the Sales tax report – November 2025, included on Page 16 of the
packet, stating the report was for informational reasons.
3. Quarterly investment report – 4th quarter 2025
Comptroller Todd Paprocki referenced and summarized the Quarterly investment report –
4th quarter 2025, included on Pages 17-19 of the packet
4. Sheriff’s Office uncollectible inmate debt write-off report
Undersheriff Hausner and Conley discussed the Sheriff’s Office's uncollectible inmate debt
write-off report, included on Page 20 of the packet. While the County ordinance requires
pursuing debts of $5 or more, Hausner noted that filing fees ($94.50) exceed many of these
small debts, suggesting a review of the policy threshold. Hausner stated that the Sheriff’s
Office does have a complete breakdown of the actual number of debts, the names of the
debtors, and the overall amount. Conley confirmed that debts are written off only after the
State’s Department of Revenue (DOR), which handles debts over $50, deems them
uncollectible. The DOR has the authority to go after tax refunds and bank accounts, which

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Walworth County Board of Supervisors
February 19, 2026 Finance Committee Meeting Minutes
Page 3 of 5

private collection agencies do not. Corporation Counsel/Director-Land Use and Resource
Management Michael Cotter clarified that the write-off is after the Sheriff’s Department tried
to collect through the State process, and they are coming back to the Sheriff’s Office.
Conley stated that Department heads can write off up to $100. The County as a whole need
to review these debts, many of which are under $500, to determine a more reasonable
collection threshold county-wide.
5. Quarterly Walworth County Economic Development Alliance (WCEDA) financial
report on special projects
Luberda referenced and discussed the Special County Workforce Housing Initiative ARPA,
included on Page 21 of the packet, which requires annual approval. He explained the
approval is satisfied by the budget adoption and financial oversight process. Luberda stated
with no objections from the Finance Committee, since there is not an administrative hold
that would require approval by the County Board, the contract renewal will proceed through
the established budget appropriation process.
New Business
8A. Public Works Yearend Inventory Adjustments
Conley referenced the Memorandum, included on Pages 22-23 of the packet, indicating it
was the yearend adjustment write-off that needs to be authorized specifically for the
gasoline/unleaded loss. Vice-Chair Karbowski offered a motion, second by Supervisor
Ingersoll, to approve Public Works Yearend Inventory Adjustments. Motion carried
5-0. Director-Public Works Richard Hough explained that the $1,295.58 amount is well
below 1% of the County’s total unleaded fuel bill for the year. There are usually some writeoff requirements because of handling fuel. Hough stated that the County spends over
$400,000 a year on unleaded fuel, this is a tiny fraction of that amount. The Public Works
Department looked at these and other write-offs that the Public Works Department tends to
do for anomalies, and no anomaly was present. Motion carried 5-0.
8B. Ord. No. **** - 03/26 Amending Section 30-286 of the Walworth County Code of
Ordinances Relating to Public Works Tire Recycling Collection Fee
Supervisor Schaefer offered a motion, second by Supervisor Stanek, to approve Item
8B., the ordinance Amending Section 30-286 of the Walworth County Code of
Ordinances Relating to Public Works Tire Recycling Collection Fee. Motion carried
5-0. Hough discussed and stated the ordinance is to reduce the amount of revenue we are
generating, increase participation, and lower the collection fee to $5.00. Lowering the
$50.00 fee to $20.00 will restrict the type of tire we’re collecting and lessen the likelihood of
collecting large rim tractor tires. Hough stated the rationale for the amendment is
affordability and restriction.
8C. Annual Review and Approval of Walworth County Investment Guide and Adjustment to
Core Portfolio Calculation

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Walworth County Board of Supervisors
February 19, 2026 Finance Committee Meeting Minutes
Page 4 of 5

Conley referenced the Memorandum and Investment Guide on Pages 26-45 of the packet
and provided a thorough overview of the proposed investment guide changes and other
updates. Supervisor Ingersoll offered a motion, second by Supervisor Stanek, to
approve the Annual Review and Walworth County Investment Guide and Adjustment
to Core Portfolio Calculation. Discussion ensued. Motion carried 5-0.
8D. Proposed 2026 County Board Calendar for 2027 Budget Process
Conley stated the Finance Committee is the first to see this proposed calendar to ensure it
coincides well with requirements for putting together the budget. This proposed 2026
County Board Calendar will move to the Executive Committee and then to the County Board
for approval in April.
Luberda explained the process by which the County Board of Supervisors Meeting –
Swearing in of Newly Elected Supervisors, being held on April 21, 2026, is being proposed
to move from 5:00 p.m. to 6:00 p.m., for reasons discussed at the February Executive
Committee. He also answered Supervisor Stanek’s inquiry regarding supervisor terms when
leaving the County Board. Both he and Cotter confirmed that current supervisors remain in
place until the new board is sworn in April. Conley and Luberda explained a new calendar
schedule that will line up with budget intentions. The budget calendar is being shifted to
allow the Finance Department to review long-term capital projects earlier in June and July,
freeing them to focus on operational budgets later in the year. Luberda concluded by stating
that both Conley and he would go into more detail when a more detailed budget is
presented. He stated both the Finance and Public Works Department see operational
benefits to this new schedule. Vice-Chair Karbowski offered a motion, second by
Supervisor Schaefer, to recommend the Proposed 2026 County Board Calendar for
the 2027 Budget Process as adjusted to the Executive Committee. Motion carried 5-0.
E. Government Finance Officers Association (GFOA) Certificate of Achievement for
Excellence in Financial Reporting for Fiscal Year Ended December 31, 2024
Conley referenced and discussed the Memorandum, award announcement, and news
release provided by the GFOA, included on Pages 49-51 of the packet. She stated that this
is the 23rd consecutive year of receiving the GFOA! Luberda commended the Finance
Department for all their hard work throughout the year, pulling a year of activity of both
expenditures and receipts for $180+ million budget with a handful of staff. He stated this
shows the residents of Walworth County that the Finance Department keeps excellent
records and has a successful audit. Luberda concluded by stating the credit very much
goes to the Finance Department for all their work in achieving this level. The Finance
Committee thanked the Finance Department for all their hard work achieving this level and
receiving the GFOA for the 23rd consecutive year!
8F. American Rescue Plan Act (ARPA) Financial Update
Conley summarized her memorandum, included on Pages 52-57 of the packet, noting 4th
quarter reports show less than $900,000 in remaining grant funding, with completed

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Walworth County Board of Supervisors
February 19, 2026 Finance Committee Meeting Minutes
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projects closing by end-of-year 2026. She referenced the projects that have been
completed and will be closed as of the end of 2025, and the remaining projects funded by
grant funds and ARPA interest obligations. Luberda discussed a proposed plan, discussed
at the 250th Anniversary Celebrations Committee meetings, to use approximately $4,000–
$10,000 of the $75,000 in unallocated ARPA interest to purchase matching, and County
logo-branded 10x20 and 10x10 tents. These tents will replace various departments’
inventory. The tents will provide better quality and durable tents for the 250th Anniversary
Celebrations, annual National Night Out, ribbon cuttings, and other important events
throughout the County departments during the year. The Finance Committee offered no
objections to this administrative purchase.
Announcements and correspondences – There was none.
Reports/announcements by Chairperson – There was none.
Confirmation of next meeting date and time: The next meeting was confirmed for
Thursday, March 19, 2026, at 10:00 a.m.
Adjournment
On motion and second by Supervisor Stanek and Supervisor Schaefer, Chair Reiff
adjourned the meeting at 10:36 a.m.
_________________________________________________________________________________
Submitted by Kathleen Aukland, Administrative Assistant. Meeting minutes are not
considered final until approved by the Finance Committee at the next regularly scheduled
meeting.

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Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

March 11, 2026

RE:

Update on Tax Incremental Districts (TID)

Village of East Troy TID #5
The Village of East Troy was notified by the Department of Revenue in December that the
Village Square could not be included within the TID’s boundaries as submitted in the
project plan because it is considered a “GAP” parcel, meaning no tax key number is
assigned. An additional property immediately to the south was also not meeting the
requirements of the boundaries because it only connected with the GAP parcel.
The Village had a few options they were pursuing to record a legal description and tax
key number, revise the boundaries to add more connecting parcels, or simply to remove
both parcels. In mid-January, the Village was told everything needed to be finalized by
February 16th or the TID approval would be at risk. Given the accelerated deadline, the
Village chose to remove the 2 parcels for now and plan for a future TID amendment to
add back the same or additional parcels when the requirements could be met.
The TID project plan boundaries were formally revised by the Village, and no further
action is necessary at this time.
I will share any new information or answer any questions at your meeting.
JC/pjs

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

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Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

March 4, 2026

RE:

Quarterly Sales Tax Report – October - December, 2025

The attached report reflects County sales tax revenues for the fourth quarter of 2025.
Staff budgeted revenues of $14.8 million this fiscal year and total collections were
$16,389,168. Collections increased an overall 4.88% from the prior year’s amount. As
we look forward, the 2026 adopted budget includes a budget of $15.8 million.
JC/pjs
Attachment

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

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HISTORY OF WALWORTH COUNTY SALES TAX
2016 To Present

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Actual Rec'd
for Budget
year 2016

Actual Rec'd
for Budget
year 2017

Actual Rec'd
for Budget
year 2018

Actual Rec'd
for Budget
year 2019

Actual Rec'd
for Budget
year 2020

Actual Rec'd
for Budget
year 2021

Actual Rec'd
for Budget
year 2022

Actual Rec'd
for Budget
year 2023

Actual Rec'd
for Budget
year 2024

Actual Rec'd
for Budget
year 2025

653,588.40
585,020.49
729,429.69
807,715.11
773,713.75
984,900.40
971,548.68
843,114.54
962,463.85
776,591.51
583,148.58
941,217.76

603,061.37
502,914.94
791,163.24
890,373.03
895,613.27
1,247,597.55
848,184.68
995,499.44
1,068,611.11
750,988.81
851,216.51
877,010.80

689,905.21
575,790.17
897,284.23
816,241.08
968,512.70
1,238,960.27
910,191.31
1,120,647.54
1,088,346.99
761,217.96
952,350.56
827,395.02

749,644.48
760,367.13
727,388.04
805,240.04
1,100,058.94
1,169,447.81
1,096,639.32
1,125,370.18
897,540.81
996,016.91
931,170.36
924,810.21

760,422.16
950,956.42
988,918.78
1,189,965.42
1,285,093.47
1,197,968.98
1,357,861.65
1,219,965.94
1,160,672.04
1,164,702.86
923,798.31
1,190,562.04

934,329.35
948,148.07
966,634.45
1,350,363.64
1,312,459.51
1,388,866.19
1,443,766.55
1,248,926.29
1,300,534.52
1,218,717.52
923,683.83
1,518,454.55

929,433.71
842,952.33
1,120,961.41
1,386,168.13
1,143,411.98
1,659,061.28
1,485,712.24
1,276,757.18
1,454,077.57
1,206,376.78
852,405.97
1,662,212.63

918,229.30
810,284.11
1,451,566.38
1,146,499.11
1,288,399.63
1,632,779.22
1,408,496.65
1,524,588.16
1,530,755.10
1,136,497.10
1,443,055.12
1,335,718.68

951,797.88
986,059.55
1,457,910.70
1,013,648.03
1,797,319.86
1,675,904.57
1,604,808.96
1,735,914.28
1,247,546.19
1,344,930.49
1,272,571.96
1,300,755.14

MONTH
EARNED

MONTH
REC'D

January
February
March
April
May
June
July
August
September
October
November
December

March
April
May
June
July
August
September
October
November
December
January
February

594,827.59
681,116.14
601,887.22
812,054.55
799,328.86
872,830.19
949,154.44
889,686.61
845,788.37
831,066.69
589,332.11
773,583.36

TOTAL RECEIVED

9,240,656.13

9,612,452.76

10,322,234.75

10,846,843.04

11,283,694.23

13,390,888.07

14,554,884.47

15,019,531.21

15,626,868.56

16,389,167.61

ORIGINAL BUDGET
REVISED BUDGET *

7,800,000.00
7,800,000.00

8,000,000.00
8,125,000.00

8,825,000.00
8,868,919.00

9,100,000.00
9,100,000.00

10,000,000.00
10,000,000.00

10,600,000.00
14,000,000.00

11,600,000.00
11,600,000.00

12,700,000.00
12,775,000.00

14,000,000.00
14,000,000.00

14,800,000.00
14,800,000.00

NET OVER (UNDER) REVISED BUDGET

1,440,656.13

1,487,452.76

1,453,315.75

1,746,843.04

1,283,694.23

(609,111.93)

2,954,884.47

2,244,531.21

1,626,868.56

1,589,167.61

YTD $ Change vs Same Periods in Prior Year

465,447.08

371,796.63

709,781.99

524,608.29

436,851.19

2,107,193.84

1,163,996.40

464,646.74

607,337.35

762,299.05

YTD % Change vs Same Periods in Prior Year

5.30%

4.02%

7.38%

5.08%

4.03%

18.67%

8.69%

3.19%

4.04%

4.88%

SUMMARY:

PRIOR YEARS
(1987 - 2024)

CURRENT
YEAR

TOTAL

Actual Receipts all periods
Less: Rev Budget thru current pd (12/2023)
Net over (under) budget

260,606,507.78
238,019,445.00
22,587,062.78

16,389,167.61
14,800,000.00
1,589,167.61

276,995,675.39
252,819,445.00
24,176,230.39

% Change vs
Same Period
in Prior Year
3.66%
21.69%
0.44%
-11.59%
39.50%
2.64%
13.94%
13.86%
-18.50%
18.34%
-11.81%
-2.62%

*2025 County Sales Tax revised budget reflects the following budget amendments:
Bud. Amendment
Increase / Decrease Approved

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S:\Finance\Administration\Sales Tax Reports\2025\summary of sales tax-2025

Walworth County OPEB Trust Performance Review
December 31, 2025
EXECUTIVE SUMMARY
The County’s Other Post Employment Benefits Trust (OPEB) was established to provide for funding and anticipated
withdrawals on a continuing basis for payment of OPEB benefits and related expenses; conserve and enhance the
value of Trust assets in real terms through asset appreciation and income generation, while maintaining a moderate
investment risk profile; and minimize principal fluctuations over the time horizon as defined in the investment policy.
All transactions undertaken will be for the sole interest of Trust beneficiaries and defray reasonable expenses in a
prudent manner. Assets are to be diversified to minimize the impact of large losses from individual investments.

• Walworth County’s OPEB Trust portfolio is currently in compliance with Wisconsin statutes, the Walworth County
•
•
•
•
•

Code of Ordinances and the County’s Administrative Procedures Manual.
This report is provided biannually to effectively monitor investment results and ensure that the investment policy
is being followed.
The OPEB Trust is reviewed separately from our operating investment portfolio, as this portfolio is invested with a
different investment philosophy due to its long-term nature.
The one-year OPEB trust return of 13.92% exceeds the actuarial assumption of 5.5% but does not meet the
blended benchmark rate of 14.66%.
During the year we reached $4,460,484 in realized gains, along with a $2,303,702 unrealized mark to market
gain, resulting in a 2025 net gain of $6,764,186.
The select pages attached from the PFM Investment Performance Review include key economic analysis and
Trust investment summaries as follows (the full report is available upon request):
o 1.2-1.10– Economic outlook and resulting strategy
o 2.1 – Asset Allocation and Performance
o 2.7 – Financial Reconciliation of plan activity
OPEB Portfolio (frequency of withdrawals)
Health Insurance Premiums (monthly)
Sick Credits Used (monthly)
Implicit Subsidy (monthly) 3
Total Healthcare Withdrawal
PFM Asset Management Fees (monthly)
Walworth County Staff Time (monthly)
Sick Credit Forfeiture (monthly)
Bank of New York Mellon Fees (annual)
Actuarial Fees (biennial)
Total Fee & Forfeiture Withdrawal
Total Outflows
YTD 2025 Rate of Return
YTD Blended Benchmark Rate of Return6
Year to Date Return on Investment
12/31/2025 Market Value

Actual
$
150,119
243,284
257,174
$
650,577
$
17,025
14,351
30,008
7,500
985
$
69,869
$
720,4464
13.92%5
14.66%
$ 6,764,1867
$ 35,250,7728

Actuarial Assumption1
$
570,009
*2
257,174
$
827,183
$
$
$
827,183
5.50%
n/a
$ 1,703,112
$ 29,986,236

Per the March 2025 OPEB Remeasurement.
The actuarial report does not distinguish between sick credits used and health insurance premiums; they are
treated as one number.
3
An implicit subsidy is the assumed higher cost of care for retirees than the premium supports.
4
Net flows on page 2.7 of the PFM Performance Review vary from actual outflows in this table due to fee accruals.
5
Approximate values, calculated based on beginning balance and outflows on page 2.7, not average balances.
This does not include a $2.46 million dividend that posted with our custodian in January 2025.
6
Blended Benchmark includes funds from domestic equity, international equity, “other” (REIT), and
fixed income asset classes.
7
YTD rate of return includes a $2.46 million dividend posted with our custodian in January 2025.
8
Market Values are determined by our third-party custodian, which may vary due to timing and/or pricing source
from page 2.7 of the PFM Performance Review.
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1
2

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
THE ECONOMY

• The U.S. unemployment rate ticked up over the quarter, rising to 4.6% in November.
The latest initial jobless claims ended the quarter at 199,000 (for the week ending
December 27), the lowest level since January, with the continuing jobless claims
also falling to approximately 1.9 million as we continue to see no meaningful
increase in layoffs through 2025. The other side of the “low-hire, low-fire”
environment can be seen as the pace of hiring, which slowed to 64,000 new jobs
created in November after a decline of 105,000 in October, led by a drop in payrolls
due to resignation offers across the federal government.

U.S. Unemployment and Monthly Average Continued Claims
8%

1,500
4%
1,000
2%

Nov-21

Nov-22

Nov-23

0
Nov-25

Nov-24

Source: Bloomberg.

U.S. GDP Growth
QoQ% Change, SA, Annualized

8%

8%
7%
6%
5%
4%
3%
2%

7%
6%
4.3%

5%
4%
3%

2.1% 2.0%2.0%

2%

1.0%

1%
0%
-1%

Core CPI

Source: Bureau of Labor Statistics.

Dec-23

Dec-24
CPI

2021

2022

2023

2024

2025

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q4
Dec-22

Q2

-2%

1%

Q1

YoY% Change

500

0%
Nov-20

U.S. Inflation Rate
Seasonally Adjusted (SA)

9%

0%
Dec-21

2,000

6%

• Inflation appears to be cooling in the fourth quarter. Headline inflation (CPI) grew at
a year-over-year rate of 2.7% in November, the lowest rate since July. This reading
comes with a caveat however, as the government shutdown at the start of the
quarter has led to a missed October reading as well as no monthly data released for
November.

10%

2,500

Thousands

• In the third quarter, U.S. real gross domestic product (GDP) accelerated sharply at a
seasonally adjusted annualized rate of 4.3%, marking the strongest growth in more
than two years. This rebound in growth was driven by strong consumer spending
and an increase in net exports. The continued growth points to the persistent
resilience of the economy.

2026

Source: Bloomberg. Light blue bars indicate actual numbers; dark blue bars indicate forecasted estimates.

10 of 53

1.2

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
WHAT WE’RE WATCHING
• The Federal Reserve (Fed) cut rates twice in the fourth quarter, bringing the new range
to 3.50%-3.75% as labor data continued to soften. Looking forward, the summary
of economic growth projections point to growing optimism, with an increase in
projected economic growth along with a decrease in projected inflation for 2026.
The dot plot for 2026 reflects an expectation of one cut in 2026, though the timing of
such a move is uncertain. Outside of the U.S., the European Central Bank (ECB), which
preceded the U.S. with cuts earlier in the year, held rates flat in the fourth quarter.
• U.S. consumer sentiment, as measured by the University of Michigan survey of
consumers, continued to fall during the fourth quarter, and the reading was down
nearly 30% year over year as affordability concerns remain. This consumer fatigue
translated into a slower than expected gain in retail sales as consumers were more
selective about purchases.
• U.S. military action in Venezuela adds to the ongoing geopolitical risks, prompting
increased uncertainty as the possible implications for the market are weighed.
Venezuela’s oil reserves, and their relationship to China, its primary oil buyer, are
of particular interest. In the short term the impact on energy prices is expected to
relatively minimal, while the longer-term impacts depend on the future of Venezuela’s
energy infrastructure and who controls it.

U.S. ISM Manufacturing & Services PMI
65
60
55
50
45
40
Dec-21

Dec-22

Dec-23

Dec-24

Manufacturing

Dec-25

Services

Source: Bloomberg.

University of Michigan Consumer Sentiment

Global Central Bank Rates
6.00%

100

5.00%

80

4.00%
3.00%

60

2.00%
1.00%

40

0.00%

20
0
Dec-21

Source: Bloomberg.

-1.00%
Dec-21

Dec-22

Dec-23

Dec-24

Dec-25

Dec-22
Fed Target Rate
Bank of England Target Rate

Dec-23

Dec-24
Dec-25
ECB Target Rate
Bank of Canada Target Rate

Source: Bloomberg.

11 of 53
1.3

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
DOMESTIC EQUITY
• The S&P 500 Index (S&P) posted a 2.7% return in the fourth quarter (of 2025).
That equates to a return of 17.9% for the year.
• Within the S&P 500, the performance varied greatly across sectors, with
nine of the 11 seeing positive returns. The best performing sectors were
Healthcare (11.7%), Communication Services (7.3%), and Financials (2.0%).
Utilities saw a loss of (-1.4%) while Real Estate performed the worst, with a
negative return (-2.9%).
• Positive returns were seen across all capitalizations with large caps, as
represented by the Russell 1000 Index, returning 2.4% during the quarter
while mid and small caps, as represented by the Russell Midcap and Russell
2000 indices returned 0.2% and 2.2% respectively. Value stocks outperformed
growth stocks across all capitalizations.

S&P 500 Index Performance by Sector
Periods Ended December 31, 2025
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%

Consumer
Disc.

Consumer
Staples

Energy

Financials

H'lthcare

Industrials

Info. Tech

Materials

Real Estate

Telecom

QTD

0.71%

0.01%

1.53%

2.01%

11.68%

0.86%

1.42%

1.12%

-2.87%

7.26%

-1.40%

YTD

6.04%

3.90%

8.68%

14.97%

14.60%

19.27%

24.04%

10.54%

3.15%

33.56%

16.04%

1 Year

6.04%

3.90%

8.68%

14.97%

14.60%

19.27%

24.04%

10.54%

3.15%

33.56%

16.04%

• According to FactSet Earnings Insight as of December 22, 2025, analysts are
projecting earnings growth of 8.3% in Q4 2025, up from an initial estimate
of 7.2% in September. This is below the five- and 10-year average earnings
growth rates, but remains relatively strong, and would mark the tenth
consecutive quarter of year-over-year earnings growth for the index. The index
has once again been supported by the technology space. For calendar year
2025, analysts are projecting year-over-year earnings growth of 12.3%.

Source: Bloomberg.

• At quarter end, the 12-month adjusted positive forward price-to-earnings
(P/E) ratio (includes only positive earnings results for consistency) for the S&P
500 is 27.5, which is above the five year average of 23.3. The Russell 2000
Index, which represents small cap stocks, had an adjusted positive forward
P/E ratio of 21.4, also above its five year average of 17.7.

20

Utilities

P/E Ratios of Major Stock Indices*
30
25

15
10
5
0
Dec-21

Dec-22
S&P 500
Russell 2000

Dec-23

Dec-24
Dec-25
S&P 500 5-Year Average
Russell 2000 5-Year Average

Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.

12 of 53
1.4

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
INTERNATIONAL EQUITY

MSCI ACWI ex-U.S. Sectors
Periods Ended December 31, 2025

• Markets outside of the United States, as measured by the MSCI ACWI ex-U.S.
Index, outperformed domestic equities in the fourth quarter returning 5.1% for the
quarter, with a year-to-date return of 32.4%, its highest return since 2009.

50%

• Seven of the 11 sectors posted positive returns for the quarter. The top performing
sectors were Information Technology (11.0%), Materials (9.3%), and Utilities
(7.9%). The worst performers for the quarter were Real Estate (-0.5%), Consumer
Discretionary (-2.5%), and Communication Services (-6.9%).

30%

• Developed ex-U.S. markets, as represented by the MSCI EAFE Index, outperformed
emerging markets (EM), as represented by the MSCI Emerging Market Index,
returning 4.9% versus 4.7% for the quarter. While the U.S. Dollar (USD) strengthened
somewhat during the quarter, the continued softness positively impacted returns
from all international indices, as they are stated in USD.

0%

• Of the five largest-weighted countries in the MSCI EAFE Index, the MSCI
Switzerland (9.8%) and MSCI United Kingdom (7.0%) indices outperformed the
overall EAFE index. The MSCI France (3.4%), MSCI Japan (3.2%), and MSCI
Germany (2.6%) indices underperformed.
• Of the five largest-weighted countries in EM, MSCI Korea (27.3%), MSCI Taiwan
(10.4%), and MSCI Brazil (8.3%) outperformed the MSCI Emerging Markets index,
while MSCI India (4.8%) performed in line and MSCI China (-7.4%) underperformed
with notable negative returns. Both Korea and Taiwan continued their streak of
double-digit returns supported by semiconductor names positively impacted by the
artificial intelligence (AI) theme.
• Value stocks outperformed growth stocks for the quarter as represented by the
broad benchmarks. The MSCI AC World ex-USA Growth Index returned 2.6%, while
the MSCI AC World ex-USA Value Index returned 7.6%. Within EM, value stocks
(MSCI EM Value) returned 5.8% versus 3.1% for growth. Small caps, as represented
by the MSCI ACWI ex-U.S. Small Cap Index posted a return of 3.0%.
• Non-U.S. equity valuations increased in both emerging and developed markets. Both
sit slightly above long-term averages. As of quarter-end, the MSCI EAFE’s Adjusted
Positive Forward P/E stood at 17.8 versus a five year average of 15.6. MSCI EM
ended the quarter with an Adjusted Positive Forward P/E ratio of 15.5, above its five
year average of 13.2.

40%

20%
10%

-10%

Consumer Consumer
Disc.
Staples

Info Tech

Materials

Real Estate

Telecom

QTD

-2.50%

2.80%

Energy
4.87%

Financials Healthcare Industrials
7.73%

7.45%

3.27%

11.04%

9.34%

-0.53%

-6.88%

Utilities
7.89%

YTD

15.52%

16.96%

22.68%

43.81%

16.16%

34.79%

40.58%

45.52%

18.04%

31.54%

36.51%

1 Year

15.52%

16.96%

22.68%

43.81%

16.16%

34.79%

40.58%

45.52%

18.04%

31.54%

36.51%

Source: Bloomberg.

P/E Ratios of MSCI Equity Indices*
26
24
22
20
18
16
14
12
10
8
Jan-21

Jan-22
MSCI EAFE
MSCI Emerging Markets

Jan-23

Jan-24

Jan-25

MSCI EAFE 5-Year Average
MSCI Emerging Markets 5-Year Average

Source: Bloomberg.
*P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency.

13 of 53
1.5

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
FIXED INCOME
• The U.S. bond market, represented by the Bloomberg U.S. Aggregate
Index, returned 1.1% during the fourth quarter.
• The Bloomberg U.S. Treasury Index closed the quarter returning 0.9%. As
the Fed cut rates first in October and then again in December, the yield
curve steepened slightly with rates falling in the short to intermediate
spectrum while long term yields rose. 30-year Treasury yields rose to
4.8%, while the 2-year ended at 3.5%. Cash markets continued to provide
higher yields than the 2-year Treasuries.
• Corporate credit saw positive returns across the quality spectrum for the
quarter. The Investment-Grade Bloomberg U.S. Corporate (IG Corp) Index
returned 0.9% while High Yield bonds, as represented by the ICE BofA
High Yield (HY) Index, returned 1.4%. Spreads remained relatively flat for
High Yield corporates while they widened slightly for investment-grade
corporates over the quarter. Both remain below their respective 10-year
averages. Tailwinds of high profit margins, continued debt issuance,
and ongoing mergers and acquisitions (M&A) activity points to positive
corporate sentiment.

U.S. Treasury Yield Curve
6.0%
5.0%
4.85%

4.0%

4.17%

3.0%

3.48%

3.73%

2.0%
12/31/2024
9/30/2025
12/31/2025

1.0%
0.0%

3-mo 2-yr

5-yr

10-yr

30-yr

Source: Bloomberg.
Returns for Fixed-Income Segments
Periods Ended December 31, 2025
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%

Blmbg U.S.
Aggregate

Blmbg U.S.
Treasury

Blmbg U.S.
MBS

Blmbg U.S.
Corporate

ICE BofA U.S.
HY

QTD

1.10%

0.90%

1.71%

0.84%

1.35%

YTD

7.30%

6.32%

8.58%

7.77%

8.50%

1 Year

7.30%

6.32%

8.58%

7.77%

8.50%

Source: Bloomberg.

14 of 53
1.6

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
ALTERNATIVES

• Listed infrastructure, as measured by the MSCI World Core Infrastructure Index,
returned 0.3% in the fourth quarter, down from a 4.9% return in the prior quarter.
According to PitchBook, Private infrastructure funds posted a return of -1.4% in Q2
2025. Over the longer term, they generated an annualized return of 9.9% for the five
years ended Q2 2025. By the end of Q3 2025, 57 private infrastructure funds raised
$123.9 billion, beating the funds raised during all of 2024 with one quarter remaining.
Most of the capital went to funds larger than $5 billion which seek to capitalize on
rising AI demand. Infrastructure dry powder has fallen from the previous year and
stands at $383.5 billion as of March 31, 2025.
• By the end of Q3 2025,125 private debt funds raised $155.0 billion, with fundraising
now on pace for another strong year by historical standards. Private debt dry powder
remains above the long-term average at $598.8 billion as of March 31, 2025.
According to Cliffwater, the performance of private debt funds continues to be strong
but is softening, posting a return of 2.3% in Q2 2025. The asset class has generated
an annualized return of 11.1% for the five years ended Q2 2025.
• As of Q3 2025, 411 private equity funds raised $319.8 billion –as the slower pace of
fundraising continues due to constrained distributions hindering fundraising efforts.
The bulk of the capital raised continues to flow to experienced managers raising
capital for funds larger than $1 billion. Global private equity dry powder, which
accounts for the bulk of private capital dry powder, remains high at $1.8 trillion as of
March 31, 2025. Exit tailwinds of lower borrowing costs and greater market clarity
should aid fundraising efforts into 2026. PitchBook, private equity funds posted a
return of -1.7% in Q2 2025. The asset class has generated an annualized return of
17.6% for the five years ended Q2 2025.

5%
4%
3%
2%
1%
0%
-1%
-2%
-3%

Private Real Estate

Infrastructure

Private Debt

Private Equity

QTD

1.22%

-1.42%

2.34%

-1.70%

YTD

2.51%

1.47%

4.53%

0.26%

1 Year

4.30%

4.10%

-1.07%

4.25%

Source: NCREIF, PitchBook, Cliffwater, Cambridge Associate.
As of June 30, 2025, the most recent period for which all index data is available.
Private Capital Fundraising & Dry Powder

$ Billions

• Real estate investment trusts (REITs), as measured by the MSCI U.S. REITs Index,
returned -1.7% in the fourth quarter leading to a year-to-date return of 3.0%. Private
real estate, as measured by the NCREIF Property Index, gained 1.2% in the second
quarter of 2025, marking the third consecutive quarter of positive total returns as
property value declines leveled off across most sectors. The “Other” category, which
includes a wide variety of non-categorized property types including data centers was
the top performer, returning 2.3%, while Hotels returned a marginally positive 0.1%.

Returns for Private Capital Assets

$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0

ClosedEnd Real
Estate

Infrastruct
ure

Private
Debt

YTD Fundraising ($B)*

$74.48

$123.87

$154.99

$319.84

$82.57

Dry Powder ($B)**

$412.33

$383.51

$598.77

$1,754.25

$699.67

Private
Equity

Venture
Capital

Sources: Pitchbook.
* Total capital raised in 2025 as of September 30, 2025 - most recent period for which ALL
fundraising data is available.
** Cumulative dry powder and total AUM as of March 31, 2025.
*** Excluding open-end, evergreen fund vehicles.

15 of 53
1.7

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
Factors to Consider Over the Next 6-12 Months
Monetary Policy (Global):

Economic Growth (Global):

Inflation (U.S.):

• The Fed cut rates by 50 bps in Q4 but noted
continuing challenges in achieving its dual mandate.
• Markets view policy risks as skewed towards
additional easing, assuming a more dovish Chair
takes office in mid-2026 as expected.
• Major central banks have an accommodative policy
in place with the BOJ being the notable exception.

• Benefits from the tax and reconciliation bill and
increases in anticipated AI capex are expected to
support U.S. growth in 2026.
• The effects of U.S. government shutdown expected
to be temporary and fully recouped in Q1 2026.
• Strong consumer spending and steadier trade
dynamics continue to support global growth.

• While headline inflation moved lower in Q4,
significant gaps in data collection due to the U.S.
government shutdown likely biased the data lower
and warrants attention.
• Lower shelter inflation continues to support
disinflation going forward although goods prices
continue to experience tariff passthroughs.

Financial Conditions (U.S.):

Consumer Spending (U.S.):

Labor Markets (U.S.):

• Financial conditions eased as corporate earnings
exceeded expectations and tariff concerns abated
resulting in equities reaching new all-time highs and
credit spreads tightening to historical lows.
• Financial conditions expected to remain tailwind as
monetary policy eases, but any fiscal uncertainty
and geopolitical risks could reintroduce tighter
financial conditions over the next 6-12 months.

• Consumer activity remained resilient through the
holiday shopping season, highlighting the
disconnect between slowing sentiment and activity.
• Consumer spending is dominated by higher-income
cohorts pointing to K-shaped economy.
• A significant correction in the equity market or a
material slowdown in the labor market are the
largest threats to consumer spending.

• Labor market conditions continued to cool with net
new job creation close to zero. Initial jobless claims
and layoff rates remain low, easing some concerns
over labor weakness.
• The unemployment rate continued to tick higher,
while job openings declined and the quits rate
remains subdued, signaling reduced worker
leverage even as real wage growth remains positive.

Corporate Fundamentals:

Valuations:

Political/Policy Risks:

• Earnings growth expectations are positive across
global equities with double digit growth expected
across U.S. and international equity benchmarks.
• In the U.S., M&A and capital spending pickup, tax
changes and rate cuts are positives while any tariff
related cost pressures need to be monitored.

• U.S. equities and credit markets trade at valuations
that are expensive relative to their history.
• Resilient growth, strong earnings growth and higher
profit margins are supportive of the current
valuations while inflation and AI related exuberance
are not fully reflected in the current valuations.

• Some of the policy and trade related uncertainty
was resolved in 2025.
• The possibility of another U.S. government
shutdown, legal challenges to tariffs and ongoing
geopolitical uncertainty are negatives.

Current outlook

Outlook one quarter ago

Stance Unfavorable
to Risk Assets

Negative

Slightly
Negative

Neutral

Slightly
Positive

Positive

Stance Favorable to
Risk Assets

Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg. The views expressed within this
material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution (December 31, 2025) and are subject
to change. Information is obtained from sources generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness, or suitability.

16 of 53

1.8

QUARTERLY MARKET SUMMARY

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

Long-Term
Strategic
Approach to Private Capital/Alternatives
Long-Term Strategic Approach
to Private
Capital/Alternatives
Sub-Asset Class

Private Equity

Private Debt

Real Assets
Real Estate
Infrastructure

Diversifying
Hedge Funds

Long-Term Strategic View

Provide attractive returns with lower
correlations to public market equities due
to their ability to invest in early-stage
growth companies or ability to turnaround
a struggling firm.

Provides higher returns than the public
market debt due to the ability to
customize terms and floating rate
structure of most notes.

Provides exposure to inflation sensitive
assets that typically generate returns from
a combination of capital appreciation and
income generation.

Expected to lower the volatility and
correlation within portfolios while
providing access to esoteric strategies.

Recent Trends (as of 2025 Q4)
• Decrease in interest rates and broadening of public markets are expected to benefit Private
Equity with increased activity in exits through IPO’s and M&A
• Buyout returns continue to improve, as well as increase in transactions YTD 2025, should
provide an improved investment and exit environment
• Venture capital deal volume is still below trend, while most deals are focused on artificial
intelligence and defense with higher valuations
• Current environment favors secondaries and co-investments overgrowth strategies, although
IPO deals and valuations have increased pointing to potential turnaround in VC markets
• Increased demand for private debt despite less leveraged buyout transactions, lower
leverage levels for private companies has led to spread compression
• Several high profiles defaults put a spotlight on credit quality, weaker underwriting
standards, however these cases were considered idiosyncratic and so far, do not seem to
have affected overall market
• Interest rates continue to provide attractive credit opportunities in areas such as asset
backed, consumer sector and real estate backed debt
• Real Estate: Returns improved in YTD 2025 and transactions volume increased, particularly
in industrial and retail sectors, potentially leading to further recovery. Property value declines
are leveling off, suggesting new opportunities
• Infrastructure: Returns improved in YTD 2025, with increased adoption of AI driving demand
for data centers, power generation and transmission capabilities while decarbonization trend
is driving demand for global clean energy infrastructure

• Hedge funds generated positive returns YTD 2025 particularly across market neutral, relative
value and long/short equity strategies
• Overall performance across strategies is lower than historical, while correlations to 60/40
stock bond portfolios have increased
• Hedge funds continue to provide relative stability to dampen overall portfolio volatility

The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. at the time of distribution
(December 31, 2025) and are subject to change.

17 of 53
1.9

For the Quarter Ended December 31, 2025
Multi-Asset Class Management

QUARTERLY MARKET SUMMARY
Investment Strategy Overview
Asset Class

Our Q1 2026 Investment Outlook

U.S. Equities
Large-Caps
Small-Caps

Non-U.S. Equities
Developed Markets
Emerging Markets
Fixed Income
Core Bonds
Investment Grade Credit
High Yield Credit
Diversifying Assets
Listed Real Estate
Listed Global Infrastructure
Current outlook

Outlook one quarter ago

Comments
• US large caps returned double-digit returns in 2025 supported by
supportive fiscal and monetary policy, strong earnings growth and
continued support for AI related stocks.
• Looking ahead, resilient economic growth is expected to broaden market
performance away from the top technology names (Mag-7) and towards
smaller and mid cap names. Value stocks have been outperforming
growth stocks recently led by economic growth tailwinds and capex
expensing rules that provides favorable outlook for cyclical industries.
• Small caps have recovered in the latter half of 2025 as Fed rate cuts,
higher liquidity and improving earnings became tailwinds. While we hold a
positive view on small caps, we expect to remain neutral until we see
some recovery across employment and manufacturing indicators.
• International equities posted strong returns in 2025. Valuations are
attractive relative to US equities but multiples look expensive relative to
recent history. Earnings growth of ~13% expected in 2026.
• Across Europe and China, we believe that there are structural/geopolitical
issues that need to be addressed for long-term sustained outperformance.
• Accommodative monetary policy, fiscal stimulus in certain regions and
weaker USD are tailwinds but tariff driven uncertainty remains.
• Fed cut rates by 75bps in 2025 and has provided guidance for one more
rate cut in 2026.
• Yield curve has steepened over 2025 while 10 year yields have stayed
above 4.0%. We expect long term rates to be range-bound due to
inflation expectations but are watching for any meaningful increase in
yields that could lead to a risk-off sentiment.
• We remain duration neutral at this time. Absolute yield levels look
attractive even as credit spreads are closer to historical lows. We are
neutral to credit sectors at this time given the tighter spreads even as
corporate fundamentals remain strong.
• REIT performance has been sensitive to the long-term yields and have
underperformed broader equities in 2025. Looking ahead, continued
economic growth and the recent rate cuts are expected to be tailwinds.
• Along with diversified source of return, improving AI sentiment bodes
well for data center buildout and utilities are long-term drivers for listed
infrastructure.
Negative

Slightly
Negative

Neutral

Slightly
Positive

Positive

The view expressed within this material constitute the perspective and judgment of PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc., at the time of distribution
(December 31, 2025) and are subject to change.

18 of 53
1.10

Walworth County OPEB Trust
Asset Allocation & Performance

OPEB Trust - Total
Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
Blended Benchmark
Domestic Equity
PFM Multi-Manager Domestic Equity Fund - CDEB
PFM Multi-Manager Domestic Equity Fund - LHCC
PFM Multi-Manager Domestic Equity Fund - PW
PFM Multi-Manager Domestic Equity Fund - Sworn
PFM Multi-Manager Domestic Equity Fund - Other Depts
Russell 3000 Index
International Equity
PFM Multi-Manager International Equity Fund - CDEB
PFM Multi-Manager International Equity Fund - LHCC
PFM Multi-Manager International Equity Fund - PW
PFM Multi-Manager International Equity Fund - Sworn
PFM Multi-Manager International Equity Fund - Other Depts
MSCI AC World ex USA (Net)

Returns are net of mutual fund fees and are expressed as percentages.
Blended Benchmark: See historical hybrid composition page for details.

As of December 31, 2025

Allocation
Market
Value
%
($)
35,274,584 100.00
6,681,263
18.94
2,716,620
7.70
2,037,150
5.78
16,616,259
47.11
7,223,292
20.48
11,832,146
2,244,930
919,641
694,713
5,556,898
2,415,965

33.54
6.36
2.61
1.97
15.75
6.85

6,116,355
1,155,328
471,047
352,032
2,890,968
1,246,980

17.34
3.28
1.34
1.00
8.20
3.54

Performance(%)
1
Quarter

2025

1
Year

3
Years

5
Years

Since
Inception

Inception
Date

1.79
1.80
1.81
1.80
1.80
2.20

13.76
13.73
13.77
13.77
13.78
14.66

13.76
13.73
13.77
13.77
13.78
14.66

11.92
11.90
11.92
11.93
11.93
12.49

5.43
5.42
5.44
5.44
5.44
5.54

7.23
7.16
7.18
7.20
7.21
6.88

06/01/2010
06/01/2010
06/01/2010
06/01/2010
06/01/2010
06/01/2010

2.67
2.67
2.67
2.67
2.67
2.40

16.92
16.92
16.92
16.92
16.92
17.15

16.92
16.92
16.92
16.92
16.92
17.15

20.15
20.15
20.15
20.15
20.15
22.25

12.16
12.16
12.16
12.16
12.16
13.15

13.21
13.21
13.21
13.21
13.21
14.07

06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018

2.30
2.30
2.30
2.30
2.30
5.05

29.51
29.51
29.51
29.51
29.51
32.39

29.51
29.51
29.51
29.51
29.51
32.39

16.10
16.10
16.10
16.10
16.10
17.33

6.28
6.28
6.28
6.28
6.28
7.91

6.59
6.59
6.59
6.59
6.59
7.42

06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018
06/01/2018

19 of 53
2.1

Walworth County OPEB Trust
Account Reconciliation

As of December 31, 2025

QTR

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
OPEB Trust - Total

Market Value
As of 10/01/2025
6,583,996
2,675,234
2,002,968
16,416,153
7,146,386
34,824,736

(20,512)
(6,587)
(2,007)
(93,642)
(50,597)

Return On
Investment
117,779
47,974
36,189
293,748
127,503

Market Value
As of 12/31/2025
6,681,263
2,716,620
2,037,150
16,616,259
7,223,292

(173,345)

623,194

35,274,584

(87,708)
(26,018)
(17,083)
(360,000)
(212,074)

Return On
Investment
813,093
329,443
247,233
2,032,366
886,785

Market Value
As of 12/31/2025
6,681,263
2,716,620
2,037,150
16,616,259
7,223,292

(702,883)

4,308,920

35,274,584

(87,708)
(26,018)
(17,083)
(360,000)
(212,074)

Return On
Investment
813,093
329,443
247,233
2,032,366
886,785

Market Value
As of 12/31/2025
6,681,263
2,716,620
2,037,150
16,616,259
7,223,292

(702,883)

4,308,920

35,274,584

Net Flows

YTD

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
OPEB Trust - Total

Market Value
As of 01/01/2025
5,955,878
2,413,196
1,807,000
14,943,893
6,548,581
31,668,547

Net Flows

1 Year

Walworth County - CDEB
Walworth County - LHCC
Walworth County - PW
Walworth County - Sworn
Walworth County - Other Depts
OPEB Trust - Total

Market Value
As of 01/01/2025
5,955,878
2,413,196
1,807,000
14,943,893
6,548,581
31,668,547

Net Flows

20 of 53
2.7

21 of 53

To: Walworth County Finance Committee
From: Suzi Schoenhoft – Executive Director New Beginnings
Date: 3/5/2026
Subject: New Beginnings Grant Funding Update
At January’s Finance Committee meeting, we talked about our outstanding grant requests, and I
presented some ideas on what we may do with any ARPA interest funding. I am sending a grant
funding update, which lists the grant requests and outcomes.
Grant/Funding




Statewide Services VOCA
Dept of Admin
S.F. Foundation grant

Amount

Use by

Awarded

$100,000
$100,000
$50,000

9/30/2027 Yes
xx/xx/xx No award info to date
xx/xx/xx No

For reference, I’ve attached the previous memo. I will continue to update Jessica and Rich on
the status of our grant funding and will be available at any Finance Committee meetings where
there are updates to report.
Thank you for your time and consideration in this matter.
Suzi Schoenhoft
sschoenho @apfvwalworth.com
262-723-4653

ss3/5/26

22 of 53

To: Walworth County Finance Committee
From: Suzi Schoenhoft – Executive Director New Beginnings
Date: 1/7/2026
Subject: Walworth County ARPA Interest funding request
I am writing to formally communicate the outcome of the Statewide VOCA Services grant and to
clearly outline our plan and need to utilize available ARPA interest funds.
As discussed in December, we applied for additional Statewide Services VOCA funding. We
were awarded a one-time grant of $100,000, with funds required to be expended by September
30, 2027. Additionally, we submitted a separate one-time $100,000 grant application through the
Department of Administration, along with several smaller foundations grant requests. Award
notifications for those applications will not be issued until after February.
While our 2025 fundraising efforts were successful and a testament to strong community
support, they are not a sustainable replacement for lost federal funding. With community
contributions and support, we raised just over $95,000 in funds that were critical in stabilizing
operations during a period of significant uncertainty. We avoided layoffs and restructuring of our
agency. However, these donations cannot be relied upon annually, nor do they come close to
replacing the scope of federal VOCA funding we lost. Our strategic fundraising efforts continue
in 2026.
We are grateful for the additional funds awarded by the county in 2025. While these funds were
essential in allowing us to remain operational, they have now been fully expended. The 2025
allocation was used primarily to partially offset and replace lost federal funding. Specifically,
funds supported staff salaries for those who deliver critical services to our community, as well as
the maintenance of our office, where the majority of these services are provided. The needs of
victims have not diminished; on the contrary, they continue to grow. As we enter the new year,
demand for services remains high, and without the strategic use of ARPA interest funds, our
capacity to respond effectively will be compromised. This request is necessary to maintain

23 of 53

continuity of care, protect vulnerable individuals, and prevent further erosion of access to costfree critical victim services amid an increasingly unstable funding landscape.
The reduction in VOCA funding directly impacts our ability to provide comprehensive, 24-hour
crisis response services to victims of violent crime. The use of ARPA interest funds is therefore
not supplemental; it is essential. These funds will allow us to continue delivering life-saving
services, including medical and legal accompaniment, victim counseling, support groups,
community outreach, safety planning, assistance with restraining orders, and relocation support.
The services we provide cannot exist without the skilled team that implements them. Without
immediate investment, core programs and staffing are at serious risk. Our most urgent needs
include the following:
• Mobile Advocacy Project: This project allows us to reach victims who would otherwise go
unserved. Our Advocates travel to schools to support children, visit seniors in assisted living
facilities, meet individuals with disabilities in their homes, and serve victims who lack
transportation. Operating continuously since 2022, this program is now at imminent risk of
elimination without additional funding. Of the $75,000 request, $20,000 is needed to sustain the
Mobile Advocacy Project.
• Advocate Salaries: Historically, the majority of our salaries were supported by federal funding
that is no longer available. Our team has gone without raises in 2025, and without intervention,
2026 will reflect the same unsustainable pattern. This agency cannot operate without trained
professionals, and retaining qualified staff is essential to meeting community needs. $45,000 of
the $75,000 request is required to cover a portion of staff salaries.
• Operational Infrastructure and Compliance: Membership in statewide coalitions is essential
to staying informed of policy changes and statutory requirements, yet annual fees continue to
rise. Our secure, confidential IT platform is critical to protect victim data and ensure efficient
service delivery, but also carries significant annual costs. Additionally, expenses for our required
external audit have increased by nearly $2,000 in the past year. $10,000 of the $75,000 request
will help offset these unavoidable operational expenses.
Thank you in advance for your time and consideration in this matter. I look forward to hearing
from you.

Suzi Schoenhoft
sschoenho @apfvwalworth.com
262-723-4653

ss1/7/26

24 of 53

Resolution No. **-04/26
Authorizing Write-Off of 2023 Personal Property Taxes Uncollectible in 2024
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Moved/Sponsored by: Finance Committee
WHEREAS, the County Treasurer appears before the Finance Committee and obtains annual
approval of write-off uncollectible personal property taxes; and,
WHEREAS, Section 74.55(1), Wisconsin Statutes, addresses recovery of delinquent personal
property taxes by the towns, villages, and cities.
NOW, THEREFORE, BE IT RESOLVED that the Walworth County Board of Supervisors
authorizes the write-off of uncollectible personal property taxes for the 2023 tax year as listed in
Attachment A.
BE IT FURTHER RESOLVED that this write-off in the amount of $1,049.21 is included in the
2026 budget.
BE IT FURTHER RESOLVED that this resolution is to be effective upon adoption.

Rick Stacey
County Board Chair

Susi Pike
County Clerk

County Board Meeting Date: April 23, 2026
Action Required:

Majority Vote

X

Two-thirds Vote

Other

Policy and Fiscal Note is attached.
Reviewed and approved pursuant to Section 2-91 of the Walworth County Code of Ordinances:
___________________________________
Michael P. Cotter
Date
Corporation Counsel

___________________________________
Jessica Conley
Date
Finance Director

___________________________________
Mark W. Luberda
Date
County Administrator
If unsigned, exceptions shall be so noted by the County Administrator.

1

25 of 53

Policy and Fiscal Note
Resolution No. **-04/26
I.

Title: Authorizing Write-Off of 2023 Personal Property Taxes Uncollectible in 2024

II.

Purpose and Policy Impact Statement: The purpose of the resolution is to write-off the
County’s portion of personal property taxes deemed uncollectible by the local
municipality. The Towns, Villages, and Cities are responsible for the collection of
personal property taxes in accordance with Wisconsin Statutes.
The County sends letters to these taxpayers to pursue collection of the County’s share.
Legislation has directed that a taxation district may only chargeback personal property
taxes if the taxes are owed by an entity that has ceased operations, filed a petition for
bankruptcy, or are due on personal property that has been removed from the next
assessment roll.

III.

Budget and Fiscal Impact: This write-off in the amount of $1,049.21 is included in the
2026 budget.

IV.

Referred to the following standing committee(s) for consideration and date of
referral:
Committee:

Finance Committee

Date: March 19, 2026

Vote:
County Board Meeting Date: April 23, 2026
Policy and fiscal note has been reviewed and approved as an accurate statement of the probable policy and fiscal
impacts associated with passage of the attached resolution.
___________________________________
Michael P. Cotter
Date
Corporation Counsel

Mark W. Luberda
County Administrator

____________________________________
Jessica Conley
Date
Finance Director

Date

2

26 of 53

ATTACHMENT A
2023 Tax, Uncollectable 2024 by
Municipality
City of Elkhorn -

Qore Construction
Toe to Toe Ballet School
The Learning Curve
Style Crest Inc
Pinnacle Propane Express
Team Love Homecare LLC
LCE Lawn Commercial Equipment
American Capital Group
John Olofson Plantropology
CSR Assett
Delinkwitz Tattoo
Skallywag Carpenters
Redbox Automated Retail LLC
City of Lake Geneva -

Reinholm Lake Geneva Optical
Constant Cravings - Gary Petzinger
Racine Dental Group Inc
LG On A Roll Inc
Redbox Automated Retail LLC
Stateline CC Inc
Happy Tails Pet Salon & Spa
Daniel Bishop PC LLC
Lake Geneva Adventures LLC
A Touch of Bling LLC
Poppy Cakes LLC
Artful Retiques - Katie Collins
Midwest Sports & Interventional Spine
Diva Trading LLC
The Space
City of Whitewater -

Casual Joes
LaPiazza Pizzeria
NUCO2
Touch of Sun
Pinnacle Propane Express
Village of Genoa City
Broken Spoke Tavern
Town of Walworth -

Kenlyn Kennels
Barbara Ingalls
Comfort Zone Window Tinting
Total Uncollectable Personal Property

Payment to
Municipality

11.66
9.75
41.62
99.17
5.47
1.43
28.78
13.32
3.09
1.66
5.95
2.14
1.66

Walworth
County
Recovery

1.43

Date of
Walworth
County
Recovery

Outstanding
Balance

11.66
9.75
41.62
99.17
5.47
0
28.78
13.32
3.09
1.66
5.95
2.14
1.66

3.32
14.81
88.61
217.89
1.76
5.97
18.78
5.08
12.82
1.1
24.97
2.21
88.4
17.68
7.74

3.32
14.81
88.61
217.89
1.76
5.97
18.78
5.08
12.82
1.1
24.97
2.21
88.4
17.68
7.74

42.77
45.75
13.27
155.33
10.75

42.77
45.75
13.27
155.33
10.75

2.37
4.45
24.83
16.65

3

2.37

0

5/29/2025

6/13/2025

4.45
24.83
16.65
1,049.21

27 of 53

Memorandum
To:

Health and Human Services Board
Finance Committee
Walworth County Board of Supervisors

Cc:

Mark Luberda, County Administrator
Jessica Conley, Finance Director

From: Carlo Nevicosi, Director
Date: March 3, 2026
RE:

Res. No. **-04/26 Authorizing Acceptance of the 2025 Greater Wisconsin Agency
on Aging Resources (GWAAR) American Rescue Plan Act (ARPA) Grant

The Greater Wisconsin Agency on Aging Resources (GWAAR) has identified American
Rescue Plan Act (ARPA) grant funding available to be disbursed to County agencies for
allowable expenditures. As the county’s lead agency providing services under the Older
Americans Act Administration, Walworth County Health & Human Services will receive
$87,042 through the GWAAR ARPA grant.
The additional 2025 funding received will support three GWAAR grant programs for
Supportive Services - $75,556, Preventative Health - $2,000, and Family Caregiver
Support - $9,486. The expenditures in these programs had exceeded the base grant
funding received from GWAAR and would have otherwise been funded by county tax
appropriation.
A required county match in the amount of $11,779 is required for the receipt of these
additional grant funds and is satisfied by the existing 2025 expenditures in the program
budgets, which were funded by tax appropriation.
We are requesting authorization to accept the GWAAR 2025 ARPA grant funds.

Health and Human Services | 1910 County Road NN | PO Box 1005 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-3200 (o) | (262) 741-3217 (f)
28 of 53

Resolution No. **-04/26
Authorizing Acceptance of the 2025 Greater Wisconsin Agency on Aging Resources
(GWAAR) American Rescue Plan Act (ARPA) Grant
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

Moved/Sponsored by: Health and Human Services Board and Finance Committee
WHEREAS, the Greater Wisconsin Agency on Aging Resources (GWAAR) has identified
available American Rescue Plan Act (ARPA) grant funding available under the Older Americans
Act Administration program to be disbursed to County agencies for allowable expenditures; and,
WHEREAS, the Walworth County Department of Health & Human Services (WCDHHS)
serves as the County’s lead agency providing services under the Older Americans Act
Administration; and,
WHEREAS, GWAAR will distribute $87,042 to WCDHHS in the following allocations for the
2025 contract and budget period of October 1, 2024 – September 30, 2025: Supportive Services
$75,556, Preventative Health $2,000, and Family Caregiver Support $9,486; and,
WHEREAS, the 2025 WCDHHS expenditures for the Supportive Services, Preventative Health,
and Family Caregiver Support programs exceeded the funding awarded in the 2025 base grants;
and,
WHEREAS, these expenditures would have otherwise been funded with 2025 county tax
appropriation; and,
WHEREAS, WCDHHS will be required to provide a match in the amount of $11,779 in total
for the additional ARPA funding, which is representative of a 11.11% match for Supportive
Services and Preventative Health and 33.3% match for Family Caregiver Support; and,
WHEREAS, the match requirement will be satisfied with existing 2025 expenditures in the
program budgets which were funded by tax appropriation.
NOW, THEREFORE, BE IT RESOLVED that the Walworth County Board of Supervisors
directs the County Administrator and Health and Human Services Director/Superintendent of
County Institutions to accept the funds, agree to the terms and conditions, and submit requested
reimbursement documentation.

Rick Stacey
County Board Chair

Susi Pike
County Clerk

County Board Meeting Date: April 23, 2026

1

29 of 53

1

Action Required:

Majority Vote X

Two-thirds Vote

Other

Policy and Fiscal Note is attached.
Reviewed and approved pursuant to Section 2-91 of the Walworth County Code of Ordinances:
____________________________
Michael P. Cotter
Date
Corporation Counsel
Mark W. Luberda
County Administrator

_____________________________
Jessica Conley
Date
Finance Director

Date

If unsigned, exceptions shall be so noted by the County Administrator.

2

30 of 53

Policy and Fiscal Note
Resolution No. **-04/26
I.

Title: Authorizing Acceptance of the 2025 Greater Wisconsin Agency on Aging
Resources (GWAAR) American Rescue Plan Act (ARPA) Grant

II.

Purpose and Policy Impact Statement: The County has received notification that the
Greater Wisconsin Agency on Aging Resources (GWAAR) is awarding available
American Rescue Plan Act (ARPA) funding to counties administering the Older
Americans Act Administration grants of Supportive Services, Preventative Health, and
Family Caregiver Support for the grant period of October 1, 2024 – September 30, 2025.
This resolution authorizes the acceptance of $87,042 in ARPA grant funding through
GWAAR for the Supportive Services, Preventative Health, and Family Caregiver Support
programs that had 2025 expenditures exceeding the base grant funding awards which had
already been funded with county tax levy.

III.

Budget and Fiscal Impact: No budget amendments to increase expenditures or
revenues are necessary. The increased grant revenue allows for the return of tax levy for
this program for the year ended 2025. Acceptance of this grant will reduce the amount of
county tax levy required to fund these programs, allowing tax levy to be returned for the
year ended 2025. The required county match of $11,779 for the receipt of the ARPA
grant funding is satisfied with the remaining program expenditures in 2025 that were
funded by county tax appropriation.

IV.

Referred to the following standing committee(s) for consideration and date of
referral:
Committee: Health and Human Services Board

Date: March 18, 2026

Vote:
Committee: Finance Committee

Date: March 19, 2026

Vote:
County Board Meeting Date: April 23, 2026
Policy and fiscal note has been reviewed and approved as an accurate statement of the probable policy and fiscal
impacts associated with passage of the attached resolution.
___________________________________
Michael P. Cotter
Date
Corporation Counsel

Mark W. Luberda
County Administrator

____________________________________
Jessica Conley
Date
Finance Director

Date

3

31 of 53

Memorandum
To:

Health and Human Services Board
Finance Committee
Walworth County Board of Supervisors

Cc:

Mark Luberda, County Administrator
Jessica Conley, Finance Director

From: Carlo Nevicosi, Director
Date: March 2, 2026
RE:

Res. No. **-04/26 Authorizing the Acceptance of the Climate and Health Mini Grant
and Establishing a 2026 Budget

The Wisconsin Department of Health Services (DHS) has awarded Walworth County
Department of Health and Human Services $5,000 through the Climate and Health minigrant program. The county’s most recent hazard vulnerability assessment identified
flooding as the second highest risk in the regional hazard vulnerability, after extreme
temperatures.
The objective of the mini grant funding is to complete the Flood Resiliency Scorecard with
community partners to identify potential risks and opportunities to improve our ability to
recover post flood. The funding period is from March 1, 2026 through July 31, 2026 with
no required county match. The grant funds will cover existing staff time and other
allowable expenditures as needed to work with local partners with expertise in flood, flood
preparedness, and response to establish recommendations for action.
Approval of the application for this funding was completed at the February Health &
Human Services Board meeting. We are seeking authorization to accept the funding and
establish the budget in 2026.

Health and Human Services | 1910 County Road NN | PO Box 1005 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-3200 (o) | (262) 741-3217 (f)
32 of 53

Resolution No. **-04/26
Authorizing the Acceptance of the Climate and Health Mini Grant and Establishing a 2026
Budget
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

Moved/Sponsored by: Health and Human Services Board and Finance Committee
WHEREAS, the Wisconsin Department of Health Services (DHS) announced a one-time
funding opportunity for Climate and Health mini grants, with the intent to help local health
departments implement new or expanded interventions to address environmental health hazards;
and,
WHEREAS, the County’s most recent hazard vulnerability assessment identified flooding as the
second highest risk in the regional hazard vulnerability assessment, after extreme temperatures;
and,
WHEREAS, in February 2026 the Health and Human Services Board approved the Walworth
County Department of Heath and Human Services (WCDHHS) to apply for the grant for the
purpose of working with community partners to assess the county’s vulnerability to a flood and
ability to recover using the flood resilience scorecard to advance emergency preparedness, which
is in alignment with the WCDHHS strategic plan; and,
WHEREAS, the Wisconsin Department of Health Services has awarded Walworth County a
$5,000 mini-grant, with a grant period of March 1, 2026, through July 31, 2026; and,
WHEREAS, there is no required county match to the funding; and,
WHEREAS, the grant funds will be utilized to support WCDHHS staff time and other allowable
expenditures as needed for working with other members of emergency management, government
offices, and other local partners with expertise in flooding, flood preparedness, and response to
establish recommendations for action, which could include updated flood emergency response
plans, pre-positioning medical and relief supplies, establishing evacuation protocols, and
maintaining emergency communications systems.
NOW, THEREFORE, BE IT RESOLVED that the Walworth County Board of Supervisors
directs the County Administrator and the Health and Human Services Director/Superintendent of
County Institutions to accept the funds, agree to the terms and conditions, and submit requested
grant documentation.
BE IT FURTHER RESOLVED the Walworth County Board of Supervisors authorizes staff to
increase the 2026 Health and Human Services revenue and expenditure budget in the amount of
$5,000 related to the completion of this grant.

1

33 of 53

1
2
3
4
5
6
7

Rick Stacey
County Board Chair

Susi Pike
County Clerk

County Board Meeting Date: April 23, 2026
Action Required:

Majority Vote

Two-thirds Vote

X

Other

Policy and Fiscal Note is attached.
Reviewed and approved pursuant to Section 2-91 of the Walworth County Code of Ordinances:
___________________________________
Michael P. Cotter
Date
Corporation Counsel

___________________________________
Jessica Conley
Date
Finance Director

___________________________________
Mark W. Luberda
Date
County Administrator
If unsigned, exceptions shall be so noted by the County Administrator.

2

34 of 53

Policy and Fiscal Note
Resolution No. **-04/26
I.

Title: Authorizing the Acceptance of the Climate and Health Mini Grant and
Establishing a 2026 Budget

II.

Purpose and Policy Impact Statement: The Wisconsin Department of Health Services
(DHS) has awarded Walworth County Department of Health and Human Services $5,000
to complete the flood resilience scorecard with community partners through the Climate
and Health mini grant opportunity. Recommendations for action will be established,
which could include updated flood emergency response plans, pre-positioning medical
and relief supplies, establishing evacuation protocols, and maintaining emergency
communication systems.

III.

Budget and Fiscal Impact: This resolution authorizes an increase to Health and Human
Services budget by $5,000 for revenues and expenditures not already included in the
2026 budget, as well as funding existing staff time for completing the flood resilience
scorecard and establishing recommendations. The grant period is March 1, 2026, through
July 31, 2026, and there is no required county match.

IV.

Referred to the following standing committee(s) for consideration and date of
referral:
Committee:

Health and Human Services Board

Date: March 18, 2026

Finance Committee

Date: March 19, 2026

Vote:
Committee:
Vote:
County Board Meeting Date: April 23, 2026
Policy and fiscal note has been reviewed and approved as an accurate statement of the probable policy and fiscal
impacts associated with passage of the attached ordinance/resolution.
___________________________________
Michael P. Cotter
Date
Corporation Counsel

Mark W. Luberda
County Administrator

____________________________________
Jessica Conley
Date
Finance Director

Date

3

35 of 53

Memorandum
To:

Health and Human Services Board
Finance Committee

From: Carlo Nevicosi, Director
Date: March 6, 2026
RE:

Approval of 2025 Health & Human Services Write-Offs

We are requesting approval to write off $58,819.76 in uncollectible revenue which was
recognized during the 2025 calendar year. This includes $55,618.52 related to insurance
claims and a net of $3,201.24 related to self-pay balances sent to collections. The attached
summary overviews write-offs from both our legacy system, Echo, and our new system,
Netsmart, which launched in 2025. While we see no possibility of collection on the
insurance claims that were denied, we do anticipate recovering at least a portion of the
self-pay client balances sent to collections.
Of the $55,618.52 in uncollectible insurance claims, there was $9,384.89 in write-offs
related to controllable reasons of no prior authorization obtained, untimely filing, and noncovered provider. Additionally, we encountered billing issues at go-live with the Netsmart
system which impacted our ability to timely collect some revenues, resulting in a write-off
of $12,270.87 for 2025 related to system set-up issues. We expect these to be time limited
occurrences mostly during 2025 and 2026 as we continue to stabilize and optimize the
system.
The remaining $21,655.76 in insurance write-offs were due to reasons outside of
Walworth County’s direct control, such as client death, loss, non-covered services, and
out of network denials for the Birth to Three entitlement program.
The Health and Human Services fiscal unit continues to closely monitor outstanding
insurance claims and client balances to mitigate future write-offs. Enclosed is the overview
of the 2025 write-offs by category and amount for approval.

Health and Human Services | 1910 County Road NN | PO Box 1005 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-3200 (o) | (262) 741-3217 (f)
36 of 53

Health & Human Services 2025 Write-Offs Summary
Echo E.H.R.
Write Off Description/Code
Loss - LLOSS

# of WO
7

Netsmart E.H.R.

Amount
$

# of WO

Echo & Netsmart
Combined

Amount

297.49

0

$

-

$

297.49
1,485.48

No Prior Authorization - WONPA

4

$

833.00

8

$

652.48 $

Timely - WOTM

27

$

3,612.74

0

$

-

$

3,612.74

System set-up issues (Netsmart) - SYS

0

$

-

139

$

12,270.87 $

12,270.87

Bankruptcy - LBANK

0

$

-

0

$

-

Consumers at Max ability to pay - LMAX

0

$

-

1

$

359.91 $

359.91

Too Costly to Collect - LCOST

0

$

-

0

$

-

$

-

Client Deceased - LDEC

0

$

-

0

$

-

$

Non Covered Provider - WONCP

8

$

1,384.05

28

$

2,902.62 $

4,286.67

Non Covered Services - WONCV
B3 Out of Network - WOON

56
60

$
$

8,799.75
10,368.50

21
118

$
$

2,460.92 $
11,676.19 $

11,260.67
22,044.69

$

25,295.53

$

30,322.99

55,618.52

Total Write-Offs

Amount

# of WO

$

$

Amount

-

-

Collections - LCOLL

# of WO

Sent to Collections
Amount Collected

264
-301

$
$

33,354.39
(30,628.15)

13
0

$
$

475.00 $
$

33,829.39
(30,628.15)

Net LCOLL

-37

$

2,726.24

13

$

475.00 $

3,201.24

$

58,819.76

Grand Total

Combined

Items marked in red are write-offs related to controllable reasons.

37 of 53

Write Off Amounts by Code (3 year comparison)
2023-2025
Write Off Description/Code

January - December
# of WO

January - December

2023

# of WO

January - December (ECHO)

2024

# of WO

2025

January - December (NetSmart)
# of WO

2025 Rollup (ECHO/NTST)

2025

YE 2025

Loss - LLOSS

7

$

175.00

17

$

13,126.28

7

$

297.49

0

$

-

$

297.49

No Prior Authorization - WONPA

61

$

8,319.00

23

$

3,884.00

4

$

833.00

8

$

652.48 $

1,485.48

Timely - WOTM

166

$

19,372.66

51

$

5,811.57

27

$

3,612.74

0

$

-

$

3,612.74

SYS - NTST System Set-up issues (2025)

0

$

-

0

$

-

0

$

-

139

$

12,270.87 $

12,270.87

Bankruptcy - LBANK

0

$

-

0

$

-

0

$

-

0

$

-

Consumers at Max ability to pay - LMAX

0

$

-

0

$

-

0

$

-

1

$

359.91 $

359.91

Too Costly to Collect - LCOST

0

$

-

0

$

-

0

$

-

0

$

-

$

-

Client Deceased - LDEC

3

$

1,703.24

4

$

339.14

0

$

-

0

$

-

$

-

$

-

Non Covered Provider - WONCP

196

$

30,307.78

26

$

4,867.65

8

$

1,384.05

28

$

2,902.62 $

4,286.67

Non Covered Services - WONCV

266

$

34,210.84

150

$

21,981.86

56

$

8,799.75

21

$

2,460.92 $

11,260.67

B3 Out of Network - WOON

148

$

17,621.18

231

$

36,860.84

60

$

10,368.50

118

$

11,676.19 $

22,044.69

$

111,709.70

$

86,871.34

$

25,295.53

$

30,322.99 $

55,618.52

$

475.00 $

33,829.39

Total Write-Offs

Collections - LCOLL
Sent to Collections

483

$

86,925.12

435

$

54,754.95

264

$

33,354.39

13

Amount Collected

(498.00) $

(59,412.21)

(347.00) $

(39,999.93)

-301

$

(30,628.15)

0

$

-

$

(30,628.15)

Net LCOLL

(15.00) $

27,512.91

88

$

14,755.02

-37

$

2,726.24

13

$

475.00 $

3,201.24

$

139,222.61

$

101,626.36

Overall total

$

58,819.76

Sent to Collections -Services that have been wrote off after no response from the consumer after 3 or more attempts to collect. These services are then sent to
outside collections for recovery. These can be with collections for up to 10 years from the date of service.
Amount Collected - Recovery received from outside collections for services that the consumer owed to HHS.

Net LCOLL - The difference between what HHS sent to collections during the reporting year and the amount of recovery collected in the reporting year.

38 of 53

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44 of 53

2025 NetSmart (NTST) Write Off Summary
Write Off Code Description
LLOSS
Loss
LLOSS Recovery
WONPA

WOTM

SYS
Timely
LBANK

LCOLL

LMAX

LCOST

LDEC

WONCP

WONCV

WOON

Jan 2025
Feb 2025
Munis
Munis
# of WOs Total $ in Category # of WOs Total $ in Category # of WOs
0 $
0 $
0 $
0 $
-

Mar 2025
Munis
Total $ in Category # of WOs
0 $
0 $
-

1st Quarter 2025
Total $ in Category
0 $
0 $
-

Net LLOSS
No Prior Authorization
WONPA Recovery
Net WONPA
Timely
WOTM Recovery

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net WOTM
NTST System Setup
SYS Recovery
Net SYS
Bankruptcy
Amount Collected

0 $
0 $
0 $
0 $
0 $
0 $

-

0 $
0 $
0 $
0 $
0 $
0 $

-

0 $
0 $
0 $
0 $
0 $
0 $

-

0 $
0 $
0 $
0 $
0 $
0 $

-

Net LBANK
Collection
Amount Collected

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net LCOLL

0 $

-

0 $

-

0 $

-

0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net WONCV
B-3 Out of Network
WOON Recovery

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net WOON

0 $
$

-

0 $
$

-

0 $
$

-

0 $
$

-

Total 1st Quarter $

-

Consumer at maximum
ability to pay
LMAX Recovery
Net LMAX
Too Costly to Collect
LCOST Recovery
Net LCOST
Client Deceased
LDEC Recovery
Net LDEC
Non Covered Provider
WONCP Recovery
Net WONCP
Non Covered Service
WONCV Recovery

First 3 months in new E H R, no Write-offs were done in NTST only ECHO

45 of 53

Write Off Code Description
LLOSS
Loss
LLOSS Recovery
WONPA

WOTM

SYS
Timely
LBANK

LCOLL

LMAX

LCOST

LDEC

WONCP

WONCV

WOON

Net LLOSS
No Prior Authorization
WONPA Recovery
Net WONPA
Timely
WOTM Recovery

Apr 2025
May 2025
Munis
Munis
# of WOs Total $ in Category # of WOs Total $ in Category # of WOs
0 $
0 $
0 $
0 $
-

Jun 2025

2nd Quarter 2025

Munis
Total $ in Category # of WOs
0 $
0 $
-

Total $ in Category
0 $
0 $
-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

NTST System Setup
SYS Recovery
Net SYS
Bankruptcy
Amount Collected

0 $
0 $
0 $
0 $
0 $
0 $

-

0 $
4 $
0 $
4 $
0 $
0 $

285.23
285.23
-

0 $
4 $
0 $
4 $
0 $
0 $

180.72
180.72
-

0 $
8 $
0 $
8 $
0 $
0 $

465.95
465.95
-

Net LBANK
Collection
Amount Collected

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net LCOLL

0 $

-

0 $

-

0 $

-

0 $

-

0 $
0 $

-

0 $
0 $

-

1 $
0 $

359.91
-

1 $
0 $

359.91
-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

1 $
0 $
0 $

359.91
-

1 $
0 $
0 $

359.91
-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
3 $
0 $

352.86
-

0 $
2 $
0 $

260.10
-

0 $
0 $
0 $

-

0 $
5 $
0 $

612.96
-

3 $
7 $
0 $

352.86
621.89
-

2 $
0 $
0 $

260.10
-

0 $
0 $
0 $

-

5 $
7 $
0 $

612.96
621.89
-

Net WONCV
B-3 Out of Network
WOON Recovery

7 $
22 $
0 $

621.89
1,540.01
-

0 $
14 $
0 $

1,404.40
-

0 $
17 $
0 $

1,938.66
-

7 $
53 $
0 $

621.89
4,883.07
-

Net WOON

22 $
$

1,540.01
2,514.76

14 $
$

1,404.40
1,949.73

17 $
$

1,938.66
2,479.29

53 $
$

4,883.07
6,943.78

Total 2nd Quarter $

6,943.78

Consumer at maximum
ability to pay
LMAX Recovery
Net LMAX
Too Costly to Collect
LCOST Recovery
Net LCOST
Client Deceased
LDEC Recovery
Net LDEC
Non Covered Provider
WONCP Recovery
Net WONCP
Non Covered Service
WONCV Recovery

46 of 53

Write Off Code Description
LLOSS
Loss
LLOSS Recovery
WONPA

WOTM

SYS
Timely
LBANK

LCOLL

LMAX

LCOST

LDEC

WONCP

WONCV

WOON

Jul 2025
Aug 2025
Munis
Munis
# of WOs Total $ in Category # of WOs Total $ in Category # of WOs
0 $
0 $
0 $
0 $
-

Sept 2025
3rd Quarter 2025
Munis
Total $ in Category # of WOs
Total $ in Category
0 $
0 $
0 $
0 $
-

Net LLOSS
No Prior Authorization
WONPA Recovery
Net WONPA
Timely
WOTM Recovery

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net WOTM
NTST System Setup
SYS Recovery
Net SYS
Bankruptcy
Amount Collected

0 $
20 $
0 $
20 $
0 $
0 $

1,271.63
1,271.63
-

0 $
14 $
0 $
14 $
0 $
0 $

1,194.06
1,194.06
-

0 $
1 $
0 $
1 $
0 $
0 $

659.56
659.56
-

0 $
35 $
0 $
35 $
0 $
0 $

3,125.25
3,125.25
-

Net LBANK
Collection
Amount Collected

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

Net LCOLL

0 $

-

0 $

-

0 $

-

0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
1 $
0 $

113.43
-

0 $
1 $
0 $

113.43
-

0 $
2 $
0 $

226.86
-

0 $
4 $
0 $

453.72
-

1 $
6 $
0 $

113.43
988.83
-

1 $
3 $
0 $

113.43
397.57
-

2 $
1 $
0 $

226.86
80.66
-

4 $
10 $
0 $

453.72
1,467.06
-

Net WONCV
B-3 Out of Network
WOON Recovery

6 $
19 $
0 $

988.83
2,092.39
-

3 $
7 $
0 $

397.57
582.14
-

1 $
12 $
0 $

80.66
1,281.78
-

10 $
38 $
0 $

1,467.06
3,956.31
-

Net WOON

19 $
$

2,092.39
4,466.28

7 $
$

582.14
2,287.20

12 $
$

1,281.78
2,248.86

38 $
$

3,956.31
9,002.34

Total 3rd Quarter $

9,002.34

Consumer at maximum
ability to pay
LMAX Recovery
Net LMAX
Too Costly to Collect
LCOST Recovery
Net LCOST
Client Deceased
LDEC Recovery
Net LDEC
Non Covered Provider
WONCP Recovery
Net WONCP
Non Covered Service
WONCV Recovery

47 of 53

Write Off Code Description
LLOSS
Loss
LLOSS Recovery
WONPA

WOTM

SYS
Timely
LBANK

LCOLL

LMAX

LCOST

LDEC

WONCP

WONCV

WOON

Oct 2025
Nov 2025
Munis
Munis
# of WOs Total $ in Category # of WOs Total $ in Category # of WOs
0 $
0 $
0 $
0 $
-

Dec 2025

4th Quarter 2025

Munis
Total $ in Category # of WOs
0 $
0 $
-

Total $ in Category
0 $
0 $
-

Net LLOSS
No Prior Authorization
WONPA Recovery
Net WONPA
Timely
WOTM Recovery

0 $
4 $
0 $

247.41
-

0 $
2 $
0 $

223.50
-

0 $
2 $
0 $

181.57
-

0 $
8 $
0 $

652.48
-

4 $
0 $
0 $

247.41
-

2 $
0 $
0 $

223.50
-

2 $
0 $
0 $

181.57
-

8 $
0 $
0 $

652.48
-

Net WOTM
NTST System Setup
SYS Recovery
Net SYS
Bankruptcy
Amount Collected

0 $
15 $
0 $
15 $
0 $
0 $

639.19
639.19
-

0 $
70 $
0 $
70 $
0 $
0 $

7,240.06
7,240.06
-

0 $
11 $
0 $
11 $
0 $
0 $

800.42
800.42
-

0 $
96 $
0 $
96 $
0 $
0 $

8,679.67
8,679.67
-

Net LBANK
Collection
Amount Collected

0 $
6 $
0 $

150.00
-

0 $
7 $
0 $

325.00
-

0 $
0 $
0 $

-

0 $
13 $
0 $

475.00
-

Net LCOLL

6 $

150.00

7 $

325.00

0 $

-

13 $

475.00

0 $
0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
0 $
0 $

-

0 $
3 $
0 $

340.29
-

0 $
6 $
0 $

647.63
-

0 $
10 $
0 $

848.02
-

0 $
19 $
0 $

1,835.94
-

3 $
0 $
0 $

340.29
-

6 $
0 $
0 $

647.63
-

10 $
4 $
0 $

848.02
371.97
-

19 $
4 $
0 $

1,835.94
371.97
-

Net WONCV
B-3 Out of Network
WOON Recovery

0 $
11 $
0 $

1,287.82
-

0 $
10 $
0 $

960.51
-

4 $
6 $
0 $

371.97
588.48
-

4 $
27 $
0 $

371.97
2,836.81
-

Net WOON

11 $
$

1,287.82
2,664.71

10 $
$

960.51
9,396.70

6 $
$

588.48
2,790.46

27 $
$

2,836.81
14,851.87

Total 4th Quarter $

14,851.87

YE Total

30,797.99

Consumer at maximum
ability to pay
LMAX Recovery
Net LMAX
Too Costly to Collect
LCOST Recovery
Net LCOST
Client Deceased
LDEC Recovery
Net LDEC
Non Covered Provider
WONCP Recovery
Net WONCP
Non Covered Service
WONCV Recovery

$

48 of 53

Memorandum
To:

Lakeland Health Care Center Board of Trustees
Finance Committee

From: Carlo Nevicosi – Director/Superintendent of County Institutions
Date: March 6, 2026
RE:

Approval of 2025 Lakeland Health Care Center Write-Offs

______________________________________________________________________________
We are requesting approval to write off $50,821.51 in uncollectible revenue for the 2025
calendar year. We see no possibility of collecting these accounts detailed in the
accompanying report. The Business Office pursues payment directly with responsible
parties and works closely with Corporation Counsel when accounts become 60 days past
due.
There are five accounts that Lakeland Health Care Center is requesting approval to write
off the outstanding balances. Two accounts are for residents who were on Medicaid and
have passed, and there was no estate to collect on for unpaid balances. Two write-offs
are for a total of four days on which Medicare did not pay the facility. One write-off is a
long outstanding debt originating from 2016 and 2017 that has been with the attorneys
for many years, which is determined to no longer be collectible.
Enclosed is the overview of the 2025 write-offs for approval.

Lakeland Health Care Center | 1922 County Road NN | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-3600 (o) | (262) 741-3682 (f)

49 of 53

2025 LHCC Year End Write Offs
Resident Identifier

Amount

Date
of Service

6562

$13,986.54

10/2024 11/2024

6696

$538.97

1/25/2025

5222

$934.00

6/1/2024

6699

$1,707.13

1/25/2025

5075

$33,654.87

2016 - 2017

Grand Total

$50,821.51

Year

Summary
Patient had Medicaid, but also had
a deviation to repay a back
balance. Cost of care for OctoberNovember 2024 not paid. Resident
passed and balance is
2024
uncollectible.
Medicare did not pay the facility
for one day. Exhausted efforts for
2025
collection.
The resident's patient liability for
their stay in June 2024 was not
paid. Exahusted efforts for
2024
collection.
Medicare did not pay the facility
for three days. Exhausted efforts
2025
for collection.
Long-term outstanding balance
that has been with attorney for
over 5 years. Last payment
received from family garnishment
was 7/2024. Resident passed and
remaining balance determined
2017
uncollectible.

50 of 53

Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

March 9, 2026

RE:

Finance Department Updates and Announcements

The following updates are provided to assist your understanding of special projects,
goals and accomplishments, regulatory updates, staffing highlights or other items the
Finance Committee may find useful regarding the efforts of the Finance Department.
Special Projects:
Vendor Verification Software ($60,000 budget):
The request for proposal was posted on February 26th with responses due on March 17th.
This will give us a list of vendors who may offer these accounts payable vendor
verification services which include the indemnification requirement. These responses will
help us determine next steps, including a potential Finance Committee request to release
the administrative hold.
Upgrade General Ledger Software ($60,000 budget):
Finance staff have completed changes to the chart of accounts to better align with
functional reporting needs as we prepare to solicit for the new financial and budgeting
reporting software. The great news is that the changes were able to be completed by
staff in our department. The original quote from Tyler Technologies to review and
complete a full revamp was $50,000. We have completed this work internally.
The results of the restructure will improve quality control by creating a new segment to
track the “function” of all accounts (general government, public safety, conservation and
development, etc.). In the past, we manually assigned functional activity categories for
reports such as the County’s financial statements. The automation should create minor
time efficiencies and reduce potential reporting errors.
Financial Reporting and Budgeting Software ($150,000 budget):
Awaiting final review and approval by purchasing for phase one of the request for
proposals.

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

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Goals and Accomplishments Updates:
Strategic Plan: The detailed strategic plan was updated for the last 2 years of actual
accomplishments as well as updates to future action plan steps. It has been posted on
the County’s website. Thanks to Rich Abbott, Finance Manager-Special Projects, for his
work in coordinating this effort.
Regulatory Updates:
Payroll: All changes regarding the new overtime rules for 2026 have been implemented.
Staff with overtime during 2025 were each provided with a summary of estimated Fair
Labor Standards Act (FLSA) and Non-FLSA amounts to assist with their individual tax
preparation.
Staffing Updates:
27.55 FTEs (29 employees)/Fully staffed
If the Committee has any special requests to learn more about a specific area regarding
the Finance Department, I would be happy to include requested information in future
updates. If any new information develops, I will share these announcements at the
meeting.
JC/pjs

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

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Memorandum
To:

Walworth County Finance Committee

From:

Jessica Conley, Finance Director

Date:

March 4, 2026

RE:

American Rescue Plan Act (ARPA) Financial Update

The following are key Recovery Grant updates for this month:

•

HR – Admin Clerk III – This Human Resources position was recently vacated,
and the department is advertising for an intern instead of this position which is
scheduled to end at the end of the year. Remaining grant funds of approximately
$9,700 will be transferred to fund the Emergency Management Program
Assistant position as the intern is not eligible for grant funding under the ARPA
obligation rules. ARPA interest funds adopted in the 2026 budget for this
position will be used to fund the intern role.

•

Walworth County Economic Development Alliance (WECDA) – The “Special
County Workforce Housing Initiative” using ARPA grant funding is complete.
The housing program manager’s salary is now funded with General Fund
available fund balance as part of the “Housing Strategy Initiative Pilot Program.”

•

IT Business Analyst – This ARPA funded temporary staffing position utilized for
the Health and Human Services (HHS) software implementation will be closed
with final bills now in process.

•

Local Assistance and Tribal Consistency Fund (LATCF) – The 2025 annual
reporting for LATCF was completed on 3/2/2026. Through yearend we have
spent $19,232 of the $100,000 available to the County.

Staff will be available to answer any ARPA or LATCF grant related questions at the
meeting.
JC/pjs

Finance | 100 W. Walworth St. | PO Box 1001 | Elkhorn, WI 53121
www.co.walworth.wi.us | (262) 741-4242 (o) | (262) 741-4384 (f)

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