ITEM 1Budget meeting #3
City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441-4414 Fax (763) 441-9163
TO: Mayor and City Council
FROM: Adam Flaherty, City Administrator & Finance Director
DATE: June 25, 2018
SUBJECT: Budget Meeting #3
On Monday, Council and staff will continue the 2019 budgeting discussions. I have developed an
outline of discussion topics below. Please note that the information presented during this meeting is
for discussion only and that nothing is final or set in stone at this point of the process. Staff would
only be asking for Council direction on the items below in order to effectively and efficiently move
the budgeting process forward.
Special Revenue Funds
Staff will review source and use cash flow projections with the City Council and further discuss
each of the special revenue funds below.
Street Light District
This fund accounts for the electrical service, maintenance, repair and replacement of street lights
within the City’s above standard street lighting district for commercially developed areas. The
primary funding source of the fund is generated through charges for services imposed upon the
benefitting properties in the district.
Development Revolving
This fund was established to provide for economic development subsidies and loans to be provided
to business entities in the City through the City’s Economic Development Authority (EDA).
Tax Increment District No. 1 – Great River Centre
This fund was established to account for the collection of tax increment generated revenues for
parcels within the District. The District encompasses two parcels in the Great River Centre
commercial and industrial area. The increment generated is used for specific development
incentives within the District.
Staff will review a combined budget summary for the special revenue funds with the City Council.
City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441-4414 Fax (763) 441-9163
Debt Service Funds
Staff will review source and use cash flow projections with the City Council and further discuss
each of the City’s debt service funds.
Staff will review a combined budget summary and indebtedness chart for the debt service funds
with the City Council.
Property Tax Levy – Tax Abatements
For 2018, the City levied $65,546 for repayment on certain tax abatement agreements. The
estimates used by staff during the 2018 budgeting process will be very comparable to the actual
abatement payments, which are forecasted to total $63,302.
For 2019, staff has obtained assessed valuations for each respective parcel and applied the 2018
actual tax rate to arrive at an estimated payout. These estimates show an approximate need of
$60,816 for repayment on the tax abatement agreements.
Property Tax Levy – Debt Service
The 2019 property tax levy for debt service totals $734,293 compared to $655,000 for taxes payable
in 2018. This increase is due to the bond issued in connection to the Mississippi Shores Renewal
and the Kadler Avenue Construction projects.
Next Meeting
The review of the General fund budget is scheduled to begin on July 30. There is typically a quick
review of the latest information on the property tax levy at each of the General fund budget
meetings.
Materials Attached for Discussion
1) Special Revenue Funds – Cash Flow Projections
2) Special Revenue Funds – Budget Summary
3) Debt Service Funds – Cash Flow Projections
4) Debt Service Funds – Budget Summary
5) Tax Levy Summary – Payable 2019
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Ba
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f
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9
6
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,
9
3
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,
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9
3
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,
9
3
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9
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96,939 96,939 ‐
Ex
p
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t
u
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s
(1
6
,
2
7
8
)
(9
0
0
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(4
5
,
6
2
3
)
(8
9
,
2
4
5
)
(8
9
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2
4
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(8
9
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2
4
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(8
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2
4
5
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(8
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(1
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(1
7
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7
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,
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3
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$
41
,
8
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2
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5
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$
87,996 $ 95,690 $ 34,679 $
Pr
o
j
e
c
t
e
d
SPECIAL REVENUE - 3
City of Otsego
Special Revenue Fund Budget ‐ 2019
Revenue & Expenditure Summary
Actual Actual Year‐to‐Date Budget Budget
2016 2017 2018 2018 2019
Revenues
Taxes 88,814$ 81,385$ ‐$ 161,105$ 157,755$
Charges for Services 12,401 61,323 835 ‐ ‐
Investment Earnings 3,188 3,946 ‐ ‐ ‐
Miscellaneous ‐ ‐ ‐ ‐ ‐
Subtotal 104,403 146,654 835 161,105 157,755
Expenditures
Services & Other Charges 107,535 92,520 35,000 108,548 150,061
Subtotal 107,535 92,520 35,000 108,548 150,061
Excess (Deficiency) of Revenues
Over (Under) Expenditures (3,132)$ 54,133$ (34,165)$ 52,557$ 7,694$
Description
‐
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
2016 2017 2018 2018 2019
Actual Actual Year‐to‐Date Budget Budget
Expenditures Revenues
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Pr
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s
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s
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77
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$
‐$ ‐$ ‐$ ‐$ ‐$ ‐$
Pr
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p
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s
(
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64,432 64,432 64,432 64,432 64,432 ‐
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s
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,
9
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73,664 77,024 74,976 78,094 75,797 ‐
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s
:
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225,000 60,000 65,000 65,000 70,000 70,000
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240,706
239,031 69,756 72,881 70,891 73,782 71,594
Ca
s
h
B
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e
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3
9
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5
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336,921
350,217 184,850 192,118 194,213 201,416 203,431
Ch
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11
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6
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73,664 77,024 74,976 78,094 75,797 ‐
Ex
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(239,031) (69,756) (72,881) (70,891) (73,782) (71,594)
Ca
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$
350,217
$
184,850 $ 192,118 $ 194,213 $ 201,416 $ 203,431 $ 131,837 $
Pr
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555,000
330,000 270,000 205,000 140,000 70,000 ‐
Bl
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=
p
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X:
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376-IMP 2018ADEBT - 2
Ci
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:
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Re
v
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s
:
Pr
o
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2
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S
t
a
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a
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until 2022 when 2010B (Fun d 385) is paid off.
Sp
e
c
i
a
l
A
s
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e
s
s
m
e
n
t
s
6
4
,
1
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9
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1
2
7
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9
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1
2
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9
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0
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6
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0
5
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5
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8
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8
5
,
5
8
4
N
o
t
i
n
cluded = Deferrals ($764k) / Delinque nts ($4k)
In
t
e
r
e
s
t
o
n
I
n
v
e
s
t
m
e
n
t
s
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐ ‐ ‐
Bo
n
d
P
r
o
c
e
e
d
s
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐ ‐ ‐
Tr
a
n
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f
e
r
s
I
n
2,
0
0
8
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐ ‐ ‐ 2010D 2011A
T
o
t
a
l
To
t
a
l
29
1
,
1
9
1
34
7
,
0
9
4
33
2
,
3
9
4
31
7
,
6
9
4
31
2
,
9
9
4
51
3
,
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9
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3
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6
9
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1
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3
6
1
40
9
,
0
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4
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1
,
6
8
7
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1
,
2
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6
331,052 5,818 5,584 2011 30,814 ‐
3
0
,
8
1
4
2012
2
1
,
9
0
1
‐
2
1
,
9
0
1
Ex
p
e
n
d
i
t
u
r
e
s
:
2013
2
2
,
4
4
7
‐
2
2
,
4
4
7
Pr
i
n
c
i
p
a
l
(
2
0
1
0
D
)
80
,
0
0
0
85
,
0
0
0
85
,
0
0
0
85
,
0
0
0
90
,
0
0
0
95
,
0
0
0
95
,
0
0
0
10
0
,
0
0
0
10
0
,
0
0
0
10
5
,
0
0
0
11
0
,
0
0
0
110,000 ‐ ‐ 2014 21,601 267,579 289,180
In
t
e
r
e
s
t
(
2
0
1
0
D
)
33
,
6
3
3
31
,
8
1
3
29
,
7
7
3
27
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5
4
1
25
,
0
4
8
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,
2
9
3
19
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3
4
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16
,
2
2
5
12
,
9
2
5
9,
5
4
3
5,
8
8
5
1,980 ‐ ‐ 2015 106,189 272,430 378,619
Pr
i
n
c
i
p
a
l
(
2
0
1
1
A
)
37
5
,
0
0
0
38
0
,
0
0
0
39
5
,
0
0
0
40
0
,
0
0
0
41
5
,
0
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0
42
5
,
0
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0
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5
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0
20
0
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0
0
0
21
0
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0
0
0
21
5
,
0
0
0
23
0
,
0
0
0
235,000 ‐ ‐ 2016 105,097 282,426 387,523
In
t
e
r
e
s
t
(
2
0
1
1
A
)
89
,
5
9
3
82
,
0
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,
2
9
3
66
,
2
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3
57
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5
7
8
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,
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5
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4
5
0
23
,
8
1
0
17
,
6
4
5
10
,
9
7
0
3,760 ‐ ‐ 2017 109,255 286,962 396,217
Fi
s
c
a
l
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g
e
n
t
F
e
e
s
1,
2
0
9
1,
0
0
0
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0
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0
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0
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0
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0
0
0
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0
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0
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0
1,
0
0
0
1,
0
0
0
1,
0
0
0
1,
0
0
0
1,000 ‐ ‐ 2018 107,701 301,893 409,594
Tr
a
n
s
f
e
r
s
O
u
t
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐ ‐ ‐ 2019 106,147 306,009 412,155
To
t
a
l
57
9
,
4
3
4
57
9
,
8
5
5
58
5
,
0
6
5
57
9
,
7
8
4
58
8
,
6
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5
59
1
,
3
1
1
58
7
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9
3
5
34
6
,
6
7
5
34
7
,
7
3
5
34
8
,
1
8
8
35
7
,
8
5
5
351,740 ‐ ‐ 2020 122,147 361,778 483,925 2021
1
2
4
,
7
0
3
367,895 492,598
Ca
s
h
B
a
l
a
n
c
e
‐
B
e
g
i
n
n
i
n
g
1,
3
9
6
,
3
6
0
1,
1
0
8
,
2
0
7
87
5
,
4
4
6
62
2
,
7
7
5
36
0
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6
8
5
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,
0
5
4
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0
3
7
(1
1
7
,
2
0
0
)
(5
2
,
5
1
4
)
8,
7
7
5
42
,
2
7
4
15,705 (4,983) 835 2022 121,611 373,111 494,722
Ch
a
n
g
e
i
n
A
c
c
r
u
a
l
s
90
2023
1
2
3
,
7
6
9
132,060 255,829
Re
v
e
n
u
e
s
29
1
,
1
9
1
34
7
,
0
9
4
33
2
,
3
9
4
31
7
,
6
9
4
31
2
,
9
9
4
51
3
,
2
9
4
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3
,
6
9
8
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1
,
3
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1
40
9
,
0
2
4
38
1
,
6
8
7
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1
,
2
8
6
331,052 5,818 5,584 2024 120,304 248,588 368,891
Ex
p
e
n
d
i
t
u
r
e
s
(5
7
9
,
4
3
4
)
(5
7
9
,
8
5
5
)
(5
8
5
,
0
6
5
)
(5
7
9
,
7
8
4
)
(5
8
8
,
6
2
5
)
(5
9
1
,
3
1
1
)
(5
8
7
,
9
3
5
)
(3
4
6
,
6
7
5
)
(3
4
7
,
7
3
5
)
(3
4
8
,
1
8
8
)
(3
5
7
,
8
5
5
)
(351,740) ‐ ‐ 2025 122,089 247,664 369,752
Ca
s
h
B
a
l
a
n
c
e
‐
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n
d
i
n
g
1,
1
0
8
,
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0
7
$
87
5
,
4
4
6
$
62
2
,
7
7
5
$
36
0
,
6
8
5
$
85
,
0
5
4
$
7,
0
3
7
$
(11
7
,
2
0
0
)
$
(5
2
,
5
1
4
)
$
8,
7
7
5
$
42
,
2
7
4
$
15
,
7
0
5
$
(4,983)$ 835 $ 6,419 $ 2026 123,701 256,641 380,342 2027
1
1
9
,
6
5
8
254,646 374,304
Pr
i
n
c
i
p
a
l
B
a
l
a
n
c
e
4,
6
0
0
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0
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0
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1
3
5
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0
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0
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6
5
5
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0
0
0
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1
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0
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6
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5
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0
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0
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1
4
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0
0
5
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0
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0
68
5
,
0
0
0
34
5
,
0
0
0
‐ ‐ ‐
Bl
u
e
c
e
l
l
s
=
p
r
o
j
e
c
t
i
o
n
s
.
Total ‐ Bond Do cuments 5,568,813 Projected 4,362,562 (More) / Less than Original 1,206,251
Pr
o
j
e
c
t
e
d
Original Book LeviesComments
X:
\
B
u
d
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t
\
2
0
1
9
\
C
a
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F
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s
380-IMP 2010D + 2011ADEBT - 3
Ci
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a
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:
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2
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1
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Ac
t
u
a
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c
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s
t
20
1
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8
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1
Re
v
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u
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s
:
Pr
o
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a
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s
4
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4
4
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4
5
0
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$
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.
In
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s
‐
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5
0
,
0
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4
6
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,
0
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4
6
0
,
0
0
0
Original Book Levy
Ex
p
e
n
d
i
t
u
r
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s
:
20
1
1
2
3
1
,
1
4
8
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4
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361-SACDEBT - 8
City of Otsego
Debt Service Fund Budget ‐ 2019
Summary of Bonds Outstanding
Original 2019
Maturity Issue Balance Due Principal Balance Due
Date Amount 12/31/2018 Payment 12/31/2019
Improvement Bonds
2010B General Obligation Improvement Refunding 12/1/2021 3,705,000$ 1,405,000$ 455,000$ 950,000$
2010D General Obligation Improvement Refunding 2/1/2028 1,220,000 975,000 85,000 890,000
2011A General Obligation Improvement Refunding 2/1/2028 4,640,000 3,160,000 395,000 2,765,000
2012A General Obligation Improvement Refunding 12/1/2021 1,400,000 610,000 210,000 400,000
2018A General Obligation Improvement 2/1/1934 2,305,000 2,305,000 ‐ 2,305,000
Subtotal 13,270,000 8,455,000 1,145,000 7,310,000
Equipment Certificates
2010A General Obligation Equipment Certificate 7/15/2019 385,000 40,000 40,000 ‐
Subtotal 385,000 40,000 40,000 ‐
Revenue Bonds
2009A General Obligation Revenue Refunding 12/1/2027 6,360,000 6,360,000 ‐ 6,360,000
2010C General Obligation Revenue Refunding 12/1/2026 21,300,000 15,135,000 2,220,000 12,915,000
Subtotal 27,660,000 21,495,000 2,220,000 19,275,000
Grand Total 41,315,000$ 29,990,000$ 3,405,000$ 26,585,000$
Description of Bond Issue
‐
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
‐
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Principal Payments Bonds Outstanding
City of Otsego
Debt Service Fund Budget ‐ 2019
Revenue & Expenditure Summary
Actual Actual Year‐to‐Date Budget Budget
2016 2017 2018 2018 2019
Revenues
Taxes 640,000$ 655,000$ ‐$ 655,000$ 734,293$
Special Assessments 738,545 632,789 ‐ 395,603 447,189
Utility Availability + Connection Charges 3,368,222 3,556,395 2,355,446 1,796,750 1,814,600
Investment Interest (net) 75,926 95,665 ‐ ‐ ‐
Interfund Transfers 51,120 251,008 ‐ 308,610 301,610
Subtotal 4,873,813 5,190,857 2,355,446 3,155,963 3,297,692
Expenditures
Capital Outlay ‐ 9,263 ‐ ‐ ‐
Principal 1,210,000 1,125,000 510,000 3,290,000 3,405,000
Interest 1,236,275 1,166,075 537,528 1,067,586 1,029,728
Fiscal Agent Fee's 4,975 4,975 990 4,750 5,250
Debt Service Amortizations (78,881) (78,883) ‐ (78,882) (78,882)
Transfers Out ‐ 149,234 ‐ ‐ ‐
Subtotal 2,372,369 2,375,664 1,048,518 4,283,454 4,361,096
Excess (Deficiency) of Revenues
Over (Under) Expenditures 2,501,444$ 2,815,194$ 1,306,929$ (1,127,491)$ (1,063,404)$
Description
‐
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2016 2017 2018 2018 2019
Actual Actual Year‐to‐Date Budget Budget
Principal Interest Revenues
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t
y
P
r
o
v
i
d
e
d
V
a
l
u
e
Gr
o
w
t
h
(
%
)
1
6
.
5
5
%
1
2
.
3
5
%
1
2
.
8
4
%
7
.
2
8
%
7
.
2
8
%
Ne
t
T
a
x
C
a
p
a
c
i
t
y
11
,
3
5
8
,
6
1
5
1
3
,
2
3
8
,
4
2
4
1
4
,
8
7
2
,
8
2
1
1
6
,
6
9
6
,
0
0
8
1
7
,
9
1
4
,
2
3
1
1
7
,
9
1
4
,
2
3
1
E
s
t
i
m
a
t
e
d
a
t
9
9
.
5
0
%
o
f
T
a
x
C
a
p
a
c
i
t
y
Gr
o
w
t
h
(
%
)
1
6
.
5
5
%
1
2
.
3
5
%
1
2
.
2
6
%
7
.
3
0
%
7
.
3
0
%
Ta
x
R
a
t
e
4
1
.
2
0
2
3
7
.
9
2
1
3
7
.
8
5
2
3
6
.
5
5
6
3
5
.
3
3
7
3
5
.
4
1
9
Pr
e
l
i
m
i
n
a
r
y
(
6
‐
2
5
‐
2
0
1
8
)
P
r
e
l
i
m
i
n
a
r
y
(
6
‐
1
1
‐
2
0
1
8
)
Le
v
y
D
e
s
c
r
i
p
t
i
o
n
X:
\
B
u
d
g
e
t
\
2
0
1
9
\
P
r
o
p
e
r
t
y
T
a
x
e
s
\
T
a
x
L
e
v
y
C
a
l
c
u
l
a
t
i
o
n
s
6‐25