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COUM1ICIL AGENDA
MEETING ITEM
DATE 10/21l98 �•�
Finance Liz Johnson
ORIGINAT[NG ��PAR�MENT STAFF RUTHOR
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COU�lCIL ACTION REQUEST
Receive response to Council action delaying adopting 80th Street assessments.
BUDGET IMPLICATION: $ $
BUDGETED AMOUNT ACTUAL AMOUNT FUNDING SOURCE
ADVISORY COMMISSION ACTION
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PUBLIC SAFETY
PUBLIC WORKS
PARKS AND RECREATION
HUMAN SERVICES/RIGHTS
ECONOMIC DEV. AUTHORITY
DATE
DENIED
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SUPPORTING DOCUMENTS
� MEMO/�ETTER: 10/14/98
❑ RESOLUTION
❑ ORDINANCE:
❑ ENGINEERlNG RECOMMENDATION:
❑ �EGA� RECOMMENDATION:
� OTHER:
ADMINISTRATORS COMMENTS
REVIEWED
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APPROVED
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Z ;
Gity Administrator
Date
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cau�ci� �cTfo� ra��� � a,r���ov�a ❑ ���E�a ❑ a�rH��z
To: Ryan Schroeder, City Administrator
CC: Michelle Wolfe, Assistant City Administrator
From: Elizabeth Johnson, Finance Director
Date: 10/14/98
Re: Delaying adopting 80` street assessments
Introduction
This memorandum is in response to the action taken at the October 7, 1998 public
hearirtg concerning the assessments for 80`� Street.
;rable discussion and public input, the Council took action to delay
assessment for 80"' Street until the project was completed. This was
to be early spring 1999.
of this decision is that the assessments would not be adopted until
1999 for payment to begin in 2000. I have done an analysis of the impact of this
decision on the bond repayment. These tables are attached and show two
assumptions. The first assumption is a collection rate at 98% and the second is a
collection rate at 95%.
The two tables are presented as shown because of the timing of bond repayments. A
large portion of the debt is repaid in February of the year. Tax collections are
received in 7uly and December of the tax payable year. This means that an amount
needs to be levied in the first year, to be collectible in the second year, in order to
have sufficient funds on hand for bond payments in the third year.
The 1998A Improvement Bonds issued in June 1998 provided for funds for
construction for both S0�' Street and 1998 Pavement Management. This is a I S-year
bond, to correspond with the life ofthe assessment term. A total of $191,333 was
scheduled to be collected in 1999 on both projects. The 80' Street assessment
October 14, 1998
represents $82,000 ofthis amount. This, potentially is the amount that would be
shifted to the next year, or collectible 2000.
I do not project that the debt service fund will be harmed to any great degree
because of this for two reasons. The first reason is that the City is required to levy
for 105% of debt service needs. The second reason is that the City enjoys a high
collection rate for property taxes and special assessments. The collection rate is
generally 99% to 98% of the levy. The collection rate would have to be 95% before
the debt service fund falls into a negative cash position. These two factors taken
together should leave the debt service fund in a satisfactory position in the year
2014.
It should be noted, however, that the bond schedule has assumed that levied
assessments will be close to the feasibility report assessment amount. The following
table compares the feasibility assessment to the actual adopted:
I esYimaYed thaY the levied assessments for Pavement Management and 80�' Street
would be $800,000 and $60Q000 respectively. These amounts were used to develop
the bond schedule. Any adjustments downward for the 80�' Street assessments
would consequently increase the general tax levy in future years.
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Tax Pay Bond
Levy Coliect Collected Specials 1999 207,923.00
1998 1999 284,004.00 107,146.34 2000 472,130.00
1999 2000 159,544.00 183,848.00 2001 327,451.00
2000 2001 153,370.00 177,445.66 2�02 315,382.00
2001 2002 157,780.00 171,042.34 20�3 313,314.00
2002 2003 156,800.00 164,640.00 2004 306,136.00
2003 2004 155,827.84 158,237.66 2005 298,959.00
2004 2005 159,989.90 151,834.34 2006 296,672.00
2005 2006 158,760.00 145,432.00 2007 289,277.00
2006 2007 162,68D.00 139,029.66 2008 289,730.00
2007 2008 161,210.00 132,626.34 2009 278,942.00
2008 2009 154,350.00 126,224.00 2010 266,138.00
2009 2010 157,976.00 119,821.66 2011 263,289.00
201D 2011 151,018.00 113,418.34 2012 250,376.00
2011 2012 797,589.66 107,016.00 2013 857,845.0�
2012 2013 801,738.00 100,613.66 2014 854,622.00
2013 2014 41,944.00
2001
2010
2011
2013
2014
Balance
332,836.34
204,098.34
207,463.00
220,903.34
229,029.34
236,958.84
249,824.08
257,344.08
269,776.74
273,883.08
275,515.08
287,174.74
288,322.08
942,551.74
987,058.40
174,380.40
0.9511
Tax Pay Bond
�evy Collect Coliected Speciais 1999 207,923.00
1998 1999 275,628.78 103,986.62 2000 472,130.00
1999 2000 154,839.08 178,426.36 2401 327,451.00
2000 2001 148,847.15 172,212.82 2002 315,382.00
2001 2002 153,127.10 165,998.34 2003 313,314.00
2002 2003 152,176.00 159,784.80 2004 306,136.00
2003 2004 151,232.51 153,571.26 2005 298,959.00
2004 2005 155,271.83 147,356.78 2006 296,672.00
2005 2006 154,07820 141,143.24 2007 289,277.00
2006 2007 157,882.60 134,929.70 2008 289,730.00
2007 2008 156,455.95 128,715.22 2009 278,942.00
2008 2009 149,798.25 122,501.68 2010 266,138.00
2009 2010 153,317.32 116,288.14 2011 263,289.Q0
2010 2011 146,564.51 110,073.66 2012 250,376.00
2011 2012 774,�68.90 103,860.12 2013 857,845.00
2012 2013 778,094.91 97,646.58 2014 854,622.00
2013 2014 40,707.08
1998
1999
2000
2�01
2007
2008
2010
2011
2012
2Q13
2014
321,301.40
182,436.84
176,045.81
179,789.25
178,436.05
177,103.82
180,773.43
179,322.87
182,858.17
178,299.34
171,657.27
175,124.73
168,473.90
796,026.92
813,923.41
8.49