HomeMy WebLinkAbout1998-04-01 PACKET 13.A.RECIUEST Ci� CI1Y COURtCIL ACTIC1Pd COUtdCIL RGENDA
AflEETlNG 17EM #
DATE 4/1l9� � �J. ,
Pf2EP.4RED �Y: FinanCe Elizabe=tti �ohnson
ORIGINATING DEPARTiUENT STAFF AUTHOR
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COl1NGtL ACTION F2EQUEST:
Receive information ior workshop session concerning the debt levy.
SUPPOftTItdG DOCUMEM1ITS
� PJIEMO/LETTER: Liz Johnson, Acting Finance Director, 3/26/98
❑ RESOLUTION:
❑ ORDINAPICE:
❑ EiVGINEERiNG RECOMMENDATION:
❑ LEGAL RECOIViMENDATION:
❑ OTHER:
,4DMINISTRAI'ORS COMMENTS
The enciosed alerts Council that we have both a short and long-term concern regarding deb4
issuance for existing and proposed projects. We will be proposing that projects such as an ice
arena, community center, field house, pubiic safefy training facility and others provide
significant stress upon the operation and should be avoided in the near term. We also need to
review the pevement management staging prior to 1999 as weil as the assessment policy
(which Council determined to discuss this summer}. Due to scheduled debt issuance this year
we will alsa have a smali issue versus large issue debt probiem which needs to be addressed
(we need to keep annual issuance below $5 million}. As a result of that we are considering
private infrastructure projects with public inspectipn �ch as Centex and others that came
along this year. . j
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�- ` City Administrator Date
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CC1UNCil. AC710N TAKE6�: ❑ APPRC7i/�D ❑ DEfVIECD ❑ OTFiEt�.
To: Ryan Schroeder, City Administrator
From: Elizabeth Johnson, Acting Finance Director �
Date: 03/26/98
Re: Info for workshop session on debtlevy
Attached is my memo of March 17`� and the supporting worksheets which compile the debt
]evy figures.
The second set, if you can bear looking at one more schedule with tiny numbers, adds
pavement management debt for construction in 1999 and 2000 out to collect year 2005. If
you compare the two schedules, you can see that that the tax rate increases by 5.5% from
200Q to'2001 on the second schedule versus 2.6% on the first schedule.
Ths second schedule only adds debt for 1999 and 2000. The debt levy will be over $1.1
miltian if 2001 debt is added.
I wish to bring this to Council's attention to make sure that they concur with the direction
we aze heading.
Requested Action
Provide information Yo Council for discussion of the debt levy.
To: Ryan Schroeder, City Administrator
From: Elizabeth Johnson, Acting Finance Directo�
Date: 03/17/98
Re: Updated debt levy
I received updated debt levy information from Sean Lentz, Ehlers and Associates, today
conceming the 1998 �roposed general obligation bond issue. This issue finances tcvo 100%
assessed projects, 80 Street and 1998 Pavement Management. Sean has computed the
projected new level of debt service required for the partially assessed projects. I have
updated the tax rate projection worksheeu.
As you can see from the attached schedules, the debt levy is greatly impacted by the 1998
proposed bond issue. The debt lery jumps to approximately $827,000 and remains at that
lery forcollect year 2000 to 2013. This does not factor in any future pavement management
projects.
I'have incfuded a schedule from the addendum to the 1994 pavement management report
which was presented at a workshop session on November 19, 1997. The debt levy could be
over $I,100,000 if pavement management continues according to the original 1994 plan.
Requested Action
Provide updated information to Council for review.
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►AVEMENT AIANABFMENT TA% pIPACf i WG9
REVISED PL/�N
TAX IWAR MVEMENT MANAOEMENT
REV6EC OCfWEN, 1Y07
HII.SIHO:
TOTAL
UNBAN OTV
7996 E1A MS,S�I,1
t9G6 E2B � E2C 2.071.lOS
19G7 Wqitl�.M$ 0
/!9! 1,165.600
i Y99 4M.600
2000 t.f/2.I00
lOOS � qf�l00
OEBT DElT DE�T OEST
OE
►AY YEAR tY86 1!8! 1l07 . 1fY!
�oae
1997
199!
iaas
t000
100t Y7.96'f
2002 t30.�)6
xooa ize.o�o
2004 1Y6,085
1005 123.95a
2006 /20,700
2007 t18,�B6
2008 112,386
2009 183.310
3070 t7t,855
20tt
2072
2013
201t
I01�.
2016
3017
ao�a
301H
3020
20ti
26.17Y lqNE
106.�07
D7.l73
ies.au
334.l97
1lt,9/7
�ss.sea
1l9,065
217,073
x+e,oTe
223,tOD
uia�a
M3.03S
46{,325
l67.�26
TOTAL T.307.0/7 2.�30,131
117.7M
+�a.sas
uo.zze
1/D.67!
ixi,eea
1/Y.117
�u,ma
�io.xoa
121,316
+za.00s
11 �.261
124,�/3
12J.�63
uz.eea
�x�.e�a
OEBT DEST DEtT DWT
1NY 200p 3001 2002
a,aw
u,saa 1M,tY6
�M.t74 14R273 61.0)t
as.oss u�,ess aa.aee �a�,m
46,774 146,943 bt.716 tOt293
�6,299 /46,l90 l3J41 t00.D97
16.073 ti0.44t tI.647 tOS.67�
Jb,t98 t�t6,616 �l.s33 102,7l6
a�,as �a.eaa sa.eu ioo.s�s
4?.066 /4l.11! t3.t30 t03.849
46,6�t itt,620 �6,�69 101,429
49.l1� 160.7�0 µ.1l4 1Q1.93t
s�,oea ++a.�os es.zss +m,osa
60.163 1�7.746 t6.680 106.W!
47,6lC 160J45 , Q,�06 /06,63!
tY.060 t3,6T6 t06,920
i4.000 100.060
106.)60
TAX
wNACT
TOTAL
o.0000
o.00u
0.0074
O.Ott6
o.oxos
o.ws�
0.040!
o.ass
0.0443
0.04t6
O.Otl2
O.ONi
aoaos
0.0624
0.061)
0.0617
o.oxn
OAtil
0.0168
0.0133
0.0071
O.OD99
TASK
�i0.000
iiOME
MAPACT
1.09
e.oa
16.E3
nne
41.17
44.11
i9.10
17.71
t8.01
/6.61
tb.t9
a3.e�
iT.72
65.64
f6.lt
13.43
42A9
�e.ee
14.02
7.69
�.23
AV8G6E �tA9
0 9.9Pi,4Y2 611.t26 1.47�.7Y0 766.60f t70.2{{
OIIK3RU1l
�YO.WO
MOME
IMPACT
76.06
I�.a7
u.eo
t7.lt
24.70
47.88
83.5!
60.68
47.93
46.33
u.es
40.60
se.n
08.15
3f.t3
26.7!
40.�9
79.00
1535
13.I7
6.�2
0.00
SO.D9
DIFF6RENCE
-16.OE
-21.�!
•u.�a
4231
3.P4
-0Ji
-9.45
-1.49
a.0
2.68
3.78
4.75
a.se
20.97
2L�1
30.0�
J.Pt
9.88
1.87
1.11
i.�t
a.0
/.06
-liC_TGDt1LL wln.'7
" . MRR 16 '98 05�18PM EH�ERS & RSSOCIATES
City of Cottage Grove, MN
Genenl0btigaGon Improvement Bonds ot 1998
5¢ing Worksheet
PROJECT CO&'fS
West Draw Meadows (15t) 559,240
Pine Forest 3rd Addition 464,3t�
80th Street 1,979,356
1998 Pavement Mangement 1,896,000
Subtolal� 4,898,913
U¢�RONT REV NUE
tnterest Eamed
TIF Revenues
Funds on Hantl
COSTS OFISSUANC£
21,438
67.200
85,00
Subtotal 173,638
OTHER FUNDAB�E COSTS
Capitatized Irtterest
Number ot Months
Ave2ge Coupon (Rate)
Discount
Oebt Service Reserve
Other
34,725
0.0 MTHS
0.000 %
Amount OR °%
�s,000 o.000
0 0.000
p 0.000
S rc
Par Amo�nt of Bonds 5,00�,000
Inte�est Eamed 21,438
Ttf Revenues 67,200
Funds on Hand 85,000
Total So 5,173,638 _
Total Project Cost
less: TlF Revenues
less: Funds on Hand
Issue Related Expenses
Oiscount Aliowance
Gapita(ized Interest
bebt Resenre
Subtotal
Less: Interest Eemed
issue 517,e __
4,898.913
t67200
34,�25
�s,000
165,000
SL�
Projea CoSts
Costs of Issuance
Discount
Interest Capitalizetl
Debt Service Fieserve
Other
Tosal Us
For Dii'.2�3on Only
4,896,913
34,725
75,000
165,000
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