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HomeMy WebLinkAbout2015-01-24 PACKET 0930 9:30 AM BUDGET PLANNING / DEVELOPMENT-I NFRASTRUCTURE IMPACTS / SUSTAINABILITY CITY OF COTTAGE GROVE 2016-2017 BUDGET PREVIEW JANUARY 25, 2015 Currently 2016 Levy is estimated to increase by 7.7%: from $13,402,100 to $14,400,000  This does not include the debt service for the PM bonds we will issue in March/April to cover the cost of 2014 & 2015 PM projects. Expected debt service requirements of $400,000 annually from 2016 to 2031. o This increases 2016 by another 2.3% (10% Total) $14,800,000 o  Challenges exist with commitments to operational support: EDA o Ice Arena o River Oaks o The 2015-2019 CIP (p.84) includes a chart identifying the additional impacts of Pavement Management debt each year until 2023  At approximately $200,000 additional each year or a minimum of 1.4% annually. Effect of Commercial Industrial and Residential growth: Assume a 3% Estimated Market Value growth plus New Construction C/I Residential Total TCV 2014 7,724,236 22,777,554 30,519,790 $380,000 2015 10,000,000 25,000,000 35,000,000 $450,000 This results in Revenue growth of $152,000 in 2016 and $180,000 in 2017. Inflation results in Revenue growth of $320,000 in 2016 and $330,000 in 2017. If 2015 General Fund Expenditures are $14,751,680, the increase in expenditures (at 5% each year) less revenue growth would be as follows: Expenses New Revenue “Gap” 2016 $738,000 (472,000) $266,000 2017 774,000 (510,000) 264,000 In order to eliminate the gap and achieve a flat levy rate, we would need $53 million in growth - $18 to $23 million more each year. FUND 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 100 General 7,654,615 7,686,899 8,547,577 8,957,426 9,056,544 9,367,125 9,002,231 9,665,773 9,643,870 9,760,775 210 Equipment Replacement 1,715,554 2,233,870 2,325,311 2,758,565 2,991,641 2,985,728 3,272,729 3,040,864 1,796,759 1,639,831 215 Recycling 70,045 75,937 81,184 89,315 86,006 83,600 81,403 67,668 82,103 66,704 230 surface water 248,078 173,453 183,703 152,366 141,270 236,398 217,896 55,283 134,895 154,556 235 sealcoating - - - 191,657 113,225 101,633 240,478 190,320 144,836 301,547 240 forfeiture 50,669 72,073 78,344 109,446 55,632 48,981 51,515 26,474 48,164 52,710 250 ice arena 185,635 212,343 383,234 599,920 556,181 405,339 325,519 189,992 31,735 (118,416) 255 golf course special rev (130,234) (185,963) 270 local law enforcement grant 362 72 510 344 1,861 3,065 - - 275 gamblingfund 7,582 11,427 16,831 10,849 5,335 3,052 1,921 6,625 12,436 14,301 276 celebration fund 27,397 15,412 875 5,874 1,055 - - - 285 EDA 663,562 784,215 508,841 671,113 665,318 268,734 388,789 227,642 48,320 (14,677) 286 EDTrust 1,528,671 2,570,680 2,591,909 1,367,403 1,781,527 2,134,178 2,364,244 2,403,032 2,878,966 3,468,149 300 Closed Debt 1,154,201 1,447,416 2,699,034 1,658,536 4,191,740 4,726,677 953,447 1,381,186 1,632,473 1,830,474 320 TI Up North - 39,490 32,682 35,983 108,124 180,417 299,274 421,734 553,986 559,750 325 TI Oakwood Heights 173,270 203,014 236,841 268,393 294,411 320,084 348,962 350,924 349,749 353,180 1998A imp bnds 1,180,944 1,220,350 1,282,142 1,311,391 - - - 1999 TIF bonds 193,383 95,365 29,010 23,148 - - - 2000A imp bnds 308,482 282,362 255,790 223,195 - - - 2002A imp bnds 2,048,047 53,932 65,622 - - - - 484 2002B & 2003B imp bnds 1,631,861 1,726,351 2,905,616 3,083,181 3,120,077 3,315,042 - - - 485 2002C GO refunding imp bnds 470,330 526,465 686,772 602,157 647,355 691,790 563,595 (40,810) - 2003A imp bnds 2,781,691 1,566,433 340,066 338 2004A TIF bonds 100,219 114,189 134,582 70,452 103,241 151,612 90,648 99,153 181,956 105,926 339 2004B TIF Bonds 95,927 110,074 134,749 12,324 121,488 209,467 89,905 210,699 427,646 264,830 2004C CIP Bonds 35,130 55,779 75,860 95,540 - - - 341 2014A Taxable TIF refunding bonds 2,151 487 2008A Sewer revenue & Imp bnc - - - 21,389 331,129 476,633 486,694 391,489 216,596 367 2008B ice arena bonds - 368 2008B debt service reserve - - - 535,337 542,866 547,787 554,426 557,737 553,907 561,429 488 2009A GO Bonds - - - - 576,439 457,239 484,418 512,256 521,571 524,261 489 2009C GO Refunding bonds - - - - 60,245 56,207 45,132 138,247 244,536 50,106 490 2012A Improvement bonds (321,167) 307,513 343,020 491 2013A Improvement bonds 1,008,579 500 Completed Construction 1,333,118 1,552,201 1,273,728 1,399,977 1,441,539 1,699,520 162,638 175,539 219,772 461,868 510 Future projects 956,332 1,079,192 1,426,224 392,532 1,884,982 1,019,787 1,198,811 2,162,667 2,469,434 2,722,512 515 Park Improvement 423,941 520 MSAConstruction - 1,148,842 - 1,867,218 1,584,226 1,628,834 651,341 950,755 699,611 3,239,565 525 Municipal building 1,722,768 2,488,006 3,438,342 4,062,448 4,318,055 4,493,221 12,653,641 738,968 211,058 310,643 530 TIF 1-14 - - - 5,450 50,551 37,480 2,891 3,864 3,429 1,099 531 TIF 1-13 - - - - - 95,444 194,530 - - TIF 1-7 31,246 533 TIF 1-8 60,242 - 118,124 138,044 187,966 222,285 260,449 298,384 333,808 369,093 TIF 1-9 35,096 - 150,659 532 TIF 1-12 Westside - - - - - 18,745 (90,325) 31,147 54,493 475,660 534 TIF 1-12 52,557 - - - 168,620 532,733 536,049 529,609 527,168 516,478 538 TIF 1-10 - - - - 103,693 - (7,076) (98,932) (7,416) 541 Gateway non-TIF 3,735 - - 16,652 78,078 136,618 192,842 245,154 254,579 560 Pavement management 1,009,799 1,025,608 313,237 167,371 152,135 63,869 (898,746) 449,395 863,767 (598,445) 2003 improvement projects 460,912 385,285 547,798 346,082 369,110 - - 563 20041mprovement projects 981,923 301,173 106,675 1,374 13,764 - - 564 2005 Improvements 224,923 568,816 242,438 397,567 9,176 51,000 42,075 49,405 565 2006 Improvements 959,859 210,656 235,852 777,933 464,267 (6,375) (1,914) (11,991) 566 2007 Improvements - - 157,780 79,934 97,931 233,952 128,596 40,087 (48,589) ice arena expansion fund - - 377,174 514,575 - - - 567 2010 Improvement projects - - - - 16,550 29,933 22,908 14,278 11,863 8,256 Alllmprovementprojectfunds 3,820,292 2,491,538 2,249,737 2,444,982 1,711,841 1,415,684 382,279 1,550,400 1,993,102 772,141 570 ParkTrust 879,344 470,960 602,401 640,711 695,626 830,756 650,582 116,349 285,256 (165,802) 575 Waterconnection/area 1,160,020 1,125,224 1,051,635 589,083 1,724,218 2,462,446 2,532,284 2,670,341 2,834,743 2,994,278 580 Sewerconnection/area 1,728,447 1,390,211 314,636 1,115,295 1,112,926 965,789 (234,520) (451,516) (538,512) (630,553) 585 Storm connection/area 1,959,131 1,976,167 1,456,562 2,283,959 2,581,928 2,647,633 2,437,066 1,366,471 2,068,812 2,685,197 610 Wateroperating 1,661,747 2,416,594 2,929,508 3,355,965 4,683,752 5,478,137 2,660,822 3,611,236 4,901,152 4,741,637 620 Seweroperating 1,664,284 2,282,823 2,625,155 4,330,169 4,821,158 5,070,514 2,132,998 2,324,072 2,936,676 2,867,331 630 Streetlights 1,768,067 2,057,543 2,205,642 2,652,299 2,845,749 2,829,458 2,849,281 2,415,907 2,315,407 1,332,727 640 GolfCourse 196,719 23,161 214,413 392,839 158,174 49,631 7,717 8,360 - 660 CG EMS 86,218 58,293 201,804 346,416 383,131 365,667 452,853 651,000 857,722 951,100 700 Self Insurance 1,865,396 2,026,482 2,037,222 2,121,241 2,169,119 2,256,110 2,394,240 2,451,987 2,381,779 2,194,500 710 Fleet 158,114 181,316 266,228 285,197 327,705 298,912 320,481 308,945 198,433 371,888 7201T - - - - - - 4,941 138,722 125,270 810 Developer LOC - 99,017 158,790 194,304 257,407 681,061 total cash & investments 43,285,652 44,046,154 45,890,322 51,135,635 57,665,710 60,236,400 51,264,469 40,921,052 44,087,250 47,039,123 Standard G.O. Debt Impact on "average" resident Annual debt service (levy property taxes Amount borrowedincrease)at 2015 rates Interest rate# of years $ 1,000,0003.50%15$ 85,333$ 6.53 $ 2,000,0003.50%15$ 170,666$ 12.99 $ 3,000,0003.50%15$ 255,999$ 19.49 $ 4,000,0003.50%15$ 341,332$ 25.99 $ 5,000,0003.50%15$ 426,665$ 32.49 $ 6,000,0003.50%15$ 433,878$ 38.99 $ 7,000,0003.50%15$ 597,331$ 45.49 $ 8,000,0003.50%15$ 682,664$ 51.99 $ 9,000,0003.50%15$ 767,997$ 58.49 $ 10,000,0003.50%15$ 853,330$ 64.99 Lease Revenue bonds for facilities Impact on "average" resident Annual debt service (levy property taxes Amount borrowedincrease)at 2015 rates Interest rate# of years $ 1,000,0004.25%20$ 72,313$ 5.48 $ 2,000,0004.25%20$ 144,626$ 11.01 $ 3,000,0004.25%20$ 216,939$ 16.52 $ 4,000,0004.25%20$ 289,252$ 22.03 $ 5,000,0004.25%20$ 361,565$ 27.53 $ 6,000,0004.25%20$ 433,878$ 33.04 $ 7,000,0004.25%20$ 506,191$ 38.55 $ 8,000,0004.25%20$ 578,504$ 44.06 $ 9,000,0004.25%20$ 650,817$ 49.56 $ 10,000,0004.25%20$ 723,130$ 55.07 Storm Water Maintenance Fund 900,000 — aoo,oar �oo,00n r�a,000 o a�^�� � E>yend�turtt Sf10,OD0 - �Year End Cash 6alance 4�O,D0�0 �Cesh Balence targct 3oa,000 zoo,00a ioo,00a � � �.. .� � {ioo,aaa} ro m o v w w 9 9 4 O O D 9 O O O� 4 Cash balance target is 50% of current year budget expenditures. Ice Arena Fund 1,60C1,UU0 1,400,400 - 1,200,000 1,000,000 - oRevenues &70.{%70 �Ezpendi[ures 600, IXNJ �Cash BaWnce Target 40D,OOU � End Cash Balance 200,OOU � � � ' �1 , . . . {200,000} {d[10,W0} O M C W 8 8 Cash balance target is $500,000. This is one year of debt service. Golf Course Fund 2,Sfl0,4W 2,OOd,d00 1.SU0.9D6 � oRCVCnues ypppppp . IL_.Expendi[ures �Cash 8alanre Target 500,000 �Year End Cash Balance {500,000} � ��-_�� � -_ _- �, (i,000,000y m cr o a +m m � a 6 S b O O O� O O O O O EDA Fund sao,000 r�ao,aoo 400;006 - oRevenuea �Expenditures 200,U00 � �Year End fash Balance � �Cash Balancc Target (2CU,ODO�M � 4y �>. ��_ t_ ,� (d00,000} . {60i1.b00�M - ro w o a r u g o c� o 0 0 0 � o Cash balance target is $150,000. This is 50% of 2015 current year budgeted expenses excluding the BEC. Equipment Replacemen# Fund �saa.uw a,00n,oao — —_ 7,SOG,OGO oRreenues �Expendituses 2 '�� � —YCarEnUUShBaWnce �[ash BalanceTarget 1.506,000 - 1.W0,000 - S�CCI,C00 � � � � � � � 1' 1 g g Cash balance target $2,000,000. Sealcoating Fund i,000.noo sao,oao eoo.00a o Revenues 400,IX?D - �Expendi[ures �YearEnd Cash Balanw 200,U00 � - �� �Cash Balance Target (200,000� . (A00.400� w m o m v w o0 g $ o a a� cr o 0 0 0 0 Cash balance target is $150,000. This is future sealcoating in new developments for which money has been collected but the sealcoating has not been completed. Park lmprovement Fund i,000,oa� 900.000 800.000 i0QC100 � Revenues 600.000 � �Expendi[ures SOq,000 � �Year End Cash Balance ���'�� �tash Balance 7argei 300.000 - - - 20Q.000 100,W0 a �n n w O O O O b Cash balance target is $370,000. This is one year of revenue. Water Operating Fund 6,00O,OOl7 S,OOO,OOd - ��. I Reurnues 4,OOD,DO(7 � � Expendi [u re s 3.qQ0.OW .. �[ash Balance Targe[ 2,OS70,006 +�'Yea r E n d Cash Balanee I,OU0,006 � m . c� . o .. . . . v � � us aa g `� o 0 0 "o a o o a a Cash balance target is 50% of current year budget expenditures. 5ewer aperating Fund 6,006,000 S,Q04,000 ofievenues 4,OOQ,00[1 � �Expendicures �Year End Cash BaEance 3,000,000 � �Cash Balance Target 3,0�0,000 � I,OOO,Of70 - � � O5 O .� rv frt Q N �0. I�. iA � S O O O� O O 6 O O� O Cash balance target is 50% of current year budget expenditures. Street Light Operating Funt! �.zsv,00a a.�so,voo ��� a,aso,voo o sevenues I,750,OOf1 � ExpendiTUres �Year End WshBalance i,xso,000 �Cash Balance Target 750, 006 250,ODQ - 1 � (��,�� (7 v co ai a� .� N m a �+ w n m $ $ o 0 0 0 0 0 0 o a Cash balance target is 50% of current year budget expenditures. CG ENVS Fu�d i,eao,aoa 1,60�,OIX] 1,400,000 � �Revenues 1,2d0,0470 � � Expendi[vres 1,OOD,OW � �Year End Cash Balanre �Cash Balance Target 80�,@7Q �. > 60�,�t10 � - - 40�,OmQ • 206, 060 0 Qi G -+ rv rn 4 N �L h CO Q S Q O O Q O D O O D rv r rv rv N rv rv rv n e�a rv Cash balance target is 50% of current year budget expenditures. Self Insurance Fund 3,WO,fli1C1 2,StlQ,000 � �Revenues Z.O�OO�OOCM � Expenditures L,SOO,OOD �Year End Cash Balance L,QC70,OW 5{10,000 - � � m rn a .-� ra rn a v� �n n oa 8 � o o a a a � � a o Cash balance target is $2,000.000. This is the 2016 budget expenditures. � Fleet Maintenance Fund 1,400,000 1,200,000 �� � � 1,000,000 � Revenues 800,000 Expenditures 600,000 Cash Balance Target Year End Cash 400,000 ; - - - -- - Balance 200,000 �� � I . 00 Ol O �--� N M � � l0 I� 00 O O � � � � � � � � � O O O O O O O O O O O N N N N N N N N N N N Cash balance target is 30% of capital assets excluding land. Information Services Fund 600,000 500,000 � �Revenues 400,000 � Expenditures 300,000 �Cash Balance Target 200,000 _ YearEnd Cash Balance 100,000 - -- - I _ , _ � � �/. _ � � � � � � � 0 0 0 0 0 0 0 N N N N N N N Cash balance target is one year computer replacement. $180,000 over a 3 year amortization period. Year 1-$60,000, Year 2-$120,000, Year 3-$180,000