Loading...
Item 2. 2023 Budget, Tax Levy and Capital Improvement Plan Review 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 13, 2022    SUBJECT:   Budget Meeting #2      On Monday, Council and staff will continue the 2023 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 to move the budgeting process  forward effectively and efficiently.    Special Revenue Funds  The City maintains eight (8) special revenue funds; however, adopted budgets are typically  developed only for the three tax increment district funds. The City Council can direct City staff to  prepare adopted budgets for the other special revenue funds at their discretion.    Staff will review a combined budget summary, budget details for each fund, and source and use  cash flow projections with the City Council and further discuss each of the funds.    Debt Service Funds  The City maintains four (4) debt service funds; however, only two (2) of them have outstanding  bond issues and respective adopted budgets. The debt service issues associated with the other  two funds were paid in full in 2021; and City staff will discuss a recommendation for closing those  two respective funds.    Staff will review a combined a liability summary, a budget summary, budget details for each fund,  and source and use cash flow projections with the City Council and further discuss each of the  funds.              City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441‐4414 Fax (763) 441‐9163  Property Tax Levy  At this time of the year, much of the information being used is estimates. Based upon the  information currently available from Wright County, the City’s net tax capacity for the 2023 tax  levy will increase approximately 20%.    There are currently no tax levies anticipated for Special Revenue funds in 2023.    The Debt Service funds currently are scheduled for a levy in the amount of $544,415, which is a  decrease of $2,772 (‐0.51%) when compared to the amount levied in the current year.    Assumptions  The most significant assumption within the General fund budgeting process is those in relation to  personnel. It is important for this assumption to be clearly defined at the beginning of the  budgeting process. In past years, assumptions for personnel costs have included a combination of  informal salary surveys obtained by City staff, inflation indices, and employment cost indices.    The City’s pay plan for full‐time employees includes 23 grades, each with 9 steps. The percentage  increase for each step within a pay grade is 2.75%. Employees who reach the highest step within  their pay grade do not move to the next grade. There are 10 employees projected at their  maximums for 2023.    Previous Year’s Cost of Living Adjustments (COLA)  ‐ 2022    3.00%  ‐ 2021    2.25%  ‐ 2020    2.75%  ‐ 2019    2.50%  ‐ 2018    2.50%  ‐ 2017    2.00%    At the first budget meeting on May 23, 2022, the City Council directed City staff to prepare wage  comparisons for COLA’s ranging from 3% to 6%. City staff will review this information with the City  Council during this meeting.    Penalties on Delinquent Account Balances  City Code Title 8, Chapter 1, Section 9 outlines that a late payment fee of ten percent (10%) shall  be assessed on the unpaid portions on all accounts when payment of the balance is not received  by the due date. As a result of the COVID‐19 pandemic, the City Council has provided relief for  delinquent utility bill accounts by reducing the percentage penalty rate. At the onset of the  pandemic, the penalty rate was reduced to zero percent (0%). In October 2020, the City Council  increased the penalty rate to five percent (5%), which was confirmed by the City Council again in  March 2021 and November 2021 through the end of June 2022.    The Administrative Subcommittee was presented with this discussion at their June 8 meeting, with  a recommendation to continue at the penalty rate of five percent (5%) permanently. If the City  Council is agreeable with this, City staff will prepare an Ordinance revising the City Code for  consideration at the June 27 meeting.  City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441‐4414 Fax (763) 441‐9163    Staffing  The City’s 2022 Strategic Plan includes a strategic direction of Positioning for Growth, which  includes a first‐year action item to develop future staffing projections. City staff has prepared a  draft staffing plan for 2023‐2027, which is expected to be reviewed with the City Council at the  next budget meeting.     Next Meetings  June 27 – At this meeting, staff and Council will review the proposed tax levies and cash flow  projections for the capital project funds.    August 8, 22, and 29 – At these meetings, staff and Council will be reviewing the detailed line‐item  budgets for General fund revenues and department expenditures.    September 12 – At this meeting, the Council will adopt the Preliminary Tax Levy for Taxes Payable  2023.    Packet Materials  1) Special Revenue Funds – Budget Summary & Detailed Fund Budgets  2) Special Revenue Funds – Cash Flow Projections  3) Debt Service Funds – Liability Summary, Budget Summary & Detailed Fund Budgets  4) Debt Service Funds – Cash Flow Projections  5) Tax Levy Summary – Payable 2023  City of Otsego Special Revenue Fund Budget ‐ 2023 Revenue & Expenditure Summary Requested Actual Actual Year‐to‐Date Budget Budget 2020 2021 2022 2022 2023 Revenues Property Taxes ‐$                         ‐$                         ‐$                          ‐$                         ‐$                         Tax Increments 275,445             311,970             ‐                           421,996              570,298             Investment Earnings ‐                          ‐                          ‐                           ‐                           ‐                          Subtotal 275,445             311,970             ‐                           421,996              570,298             Expenditures Personal Services 1,875                 2,599                 ‐                           1,500                  1,500                 Services & Other Charges 2,950                 2,535                 ‐                           7,500                  7,500                 Development Incentives 163,565             261,155             ‐                           387,365              524,866             Transfer Out ‐                          ‐                          ‐                           ‐                           ‐                          Subtotal 168,389             266,289             ‐                           396,365              533,866             Excess (Deficiency) of Revenues Over (Under) Expenditures 107,055$           45,682$              ‐$                          25,631$              36,432$              Description  ‐  100,000  200,000  300,000  400,000  500,000  600,000 2020 2021 2022 2022 2023 Actual Actual Year‐to‐Date Budget Budget Expenditures Revenues #1 - Special Revenue - Budget Summary & Detail Budgets 1 City of Otsego Special Revenue Fund Budget ‐ 2023 Fund 261 ‐ Tax Increment District #1 Fund Details Actual Actual Year‐to‐Date Budget Budget Fund Department Object Account Description 2020 2021 2022 2022 2023 Revenues 261 46580 31050 TAX INCREMENTS 98,016$             94,744$             ‐$                        94,744$             99,183$             TOTAL TAXES 98,016              94,744              ‐                          94,744               99,183              TOTAL REVENUES 98,016              94,744              ‐                          94,744               99,183              Expenditures 261 46580 119 PAYROLL ALLOCATION 505                   804                   ‐                          500                    500                   TOTAL ‐ PERSONAL SERVICES 505                   804                   ‐                          500                    500                   261 46580 339 DEVELOPMENT INCENTIVES 87,946              86,742              ‐                          85,270               89,265              261 46580 350 PRINT & PUBLISHING 80                     80                     ‐                          250                    250                   261 46580 390 CONTRACTED SERVICES 771                   765                   ‐                          2,250                 2,250                TOTAL ‐ SERVICES & OTHER CHARGES 88,797              87,587              ‐                          87,770               91,765              TOTAL EXPENDITURES 89,302              88,391              ‐                          88,270               92,265              EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 8,714$               6,353$               ‐$                        6,474$               6,918$               Fund 261 ‐ Tax Increment District No. 1 (Great River Centre) Account Number #1 - Special Revenue - Budget Summary & Detail Budgets 2 City of Otsego Special Revenue Fund Budget ‐ 2023 Fund 262 ‐ Tax Increment District #3 Fund Details Actual Actual Year‐to‐Date Budget Budget Fund Department Object Account Description 2020 2021 2022 2022 2023 Revenues 262 46580 31050 TAX INCREMENTS 168,042$         175,868$          ‐$                       175,868$         239,164$          TOTAL TAXES 168,042          175,868           ‐                         175,868           239,164           TOTAL REVENUES 168,042           175,868           ‐                         175,868            239,164            Expenditures 262 46580 119 PAYROLL ALLOCATION 729                  940                  ‐                         500                   500                   TOTAL ‐ PERSONAL SERVICES 729                  940                  ‐                         500                   500                   262 46580 339 DEVELOPMENT INCENTIVES 75,619             154,759           ‐                         158,281            215,247            262 46580 350 PRINT & PUBLISHING 80                    80                    ‐                         250                   250                   262 46580 390 CONTRACTED SERVICES 771                  765                  ‐                          2,250                2,250                TOTAL ‐ SERVICES & OTHER CHARGES 76,470             155,604          ‐                         160,781           217,747           TOTAL EXPENDITURES 77,199             156,545          ‐                         161,281           218,247           EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 90,843$            19,323$            ‐$                        14,587$            20,917$             Fund 262 ‐ Tax Increment District No. 3 (Guardian Angels Riverview Landing) Account Number #1 - Special Revenue - Budget Summary & Detail Budgets 3 City of Otsego Special Revenue Fund Budget ‐ 2023 Fund 263 ‐ Tax Increment District #4 Fund Details Actual Actual Year‐to‐Date Budget Budget Fund Department Object Account Description 2020 2021 2022 2022 2023 Revenues 263 46580 31050 TAX INCREMENTS 9,387$               41,359$             ‐$                       151,384$         231,951$          TOTAL TAXES 9,387                41,359              ‐                         151,384           231,951           TOTAL REVENUES 9,387                41,359              ‐                         151,384            231,951            Expenditures 263 46580 119 PAYROLL ALLOCATION 640                   854                   ‐                          500                    500                   TOTAL ‐ PERSONAL SERVICES 640                   854                   ‐                          500                    500                   263 46580 339 DEVELOPMENT INCENTIVES ‐                        19,654              ‐                         143,814            220,354            263 46580 350 PRINT & PUBLISHING 80                     80                     ‐                          250                    250                   263 46580 390 CONTRACTED SERVICES 1,168                765                   ‐                          2,250                 2,250                TOTAL ‐ SERVICES & OTHER CHARGES 1,248                20,499              ‐                         146,314           222,854           263 46580 720 OPERATING TRANSFERS ‐                        ‐                        ‐                          ‐                         ‐                        TOTAL ‐ INTERFUND TRANSFERS ‐                        ‐                        ‐                          ‐                         ‐                        TOTAL EXPENDITURES 1,889                21,353              ‐                         146,814           223,354           EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 7,499$               20,006$             ‐$                        4,570$               8,597$               Fund 263 ‐ Tax Increment District No. 4 (Riverbend North) Account Number #1 - Special Revenue - Budget Summary & Detail Budgets 4 City of OtsegoInsurance Reserves FundCash Flow SummaryRevised: June 3, 2022Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast20122013201420152016201720182019202020212022RevenuesRefunds & Reimbursements20,007$               14,114$               17,824$               26,204$               42,751$              11,013$              5,344$                6,864$                12,471$              34,243$               ‐$                         Investment Interest1,377                    (637)                      1,413                    609                       1,011                   1,645                  2,798                  7,232                  6,564                  (1,777)                 ‐                           Miscellaneous‐                            22,167                 ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Transfers In‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Total21,384                 35,644                 19,237                 26,813                 43,762                12,658               8,142                  14,096               19,035               32,466                ‐                           ExpensesSupplies‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Other Charges & Services14,582                 20,197                 20,823                 ‐                            ‐                           ‐                          ‐                          11,596               ‐                          1,451                   ‐                           Capital Outlay‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Capital Outlay (CIP)‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Transfers Out‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Total14,582                 20,197                 20,823                 ‐                            ‐                           ‐                          ‐                          11,596               ‐                          1,451                   ‐                           Cash Balance ‐ Beginning92,603                 102,879               102,721               101,833               128,646              172,408             185,066             193,208             195,708             214,743              245,758               Balance Sheet Effects3,474                    (15,605)                698                       ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                           Revenues21,384                 35,644                 19,237                 26,813                 43,762                12,658               8,142                  14,096               19,035               32,466                ‐                           Expenditures(14,582)                (20,197)                (20,823)                ‐                            ‐                           ‐                          ‐                          (11,596)              ‐                          (1,451)                 ‐                           Cash Balance ‐ Ending102,879$             102,721$             101,833$             128,646$             172,408$            185,066$            193,208$            195,708$            214,743$            245,758$             245,758$             Y:\Budget\2023\Cash Flows\Special Revenue Funds204-Insurance Reserve#2 - Special Revenue - Cash Flow Projections1 City of OtsegoVireo Health Donations FundCash Flow SummaryRevised: June 3, 2022Actual Actual Actual Actual Actual Actual Forecast2016 2017 2018 2019 2020 2021 2022RevenuesDonations 20,000$               ‐$                          ‐$                          20,000$               ‐$                         ‐$                         40,000$              Investment Interest‐                            191                       276                       538                       909                      (228)                    ‐                          Rain Barrel Sales‐                            ‐                            2,096                    2,580                    1,440                   3,300                  ‐                          Transfers In‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Total20,000                 191                       2,372                    23,118                 2,349                   3,072                  40,000               ExpensesSupplies‐                            ‐                            10,322                 7,327                    2,339                   4,071                  ‐                          Other Charges & Services‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Capital Outlay‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Capital Outlay (CIP)‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Transfers Out‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Total‐                            ‐                            10,322                 7,327                    2,339                   4,071                  ‐                          Cash Balance ‐ Beginning‐                            20,000                 20,191                 12,241                 28,032                28,042               27,043               Balance Sheet Effects‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Revenues20,000                 191                       2,372                    23,118                 2,349                   3,072                  40,000               Expenditures‐                            ‐                             (10,322)                (7,327)                  (2,339)                 (4,071)                ‐                          Cash Balance ‐ Ending20,000$               20,191$               12,241$               28,032$               28,042$              27,043$              67,043$              Y:\Budget\2023\Cash Flows\Special Revenue Funds215-Vireo Health#2 - Special Revenue - Cash Flow Projections2 City of OtsegoLawful Gambling FundCash Flow SummaryRevised: June 3, 2022Forecast2022 2023 2024 2025 2026 2027RevenuesLawful Gambling 12,968$               ‐$                          ‐$                          ‐$                          ‐$                         ‐$                         Investment Interest‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Transfers In82,349                 ‐                            ‐                            ‐                            ‐                           ‐                          Total95,317                 ‐                            ‐                            ‐                            ‐                           ‐                          ExpensesSupplies‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Other Charges & Services‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Capital Outlay‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Capital Outlay (CIP)‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Transfers Out‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Total‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Cash Balance ‐ Beginning‐                            95,317                 95,317                 95,317                 95,317                95,317               Balance Sheet Effects‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Revenues95,317                 ‐                            ‐                            ‐                            ‐                           ‐                          Expenditures‐                            ‐                            ‐                            ‐                            ‐                           ‐                          Cash Balance ‐ Ending95,317$               95,317$               95,317$               95,317$               95,317$              95,317$              Y:\Budget\2023\Cash Flows\Special Revenue Funds216-Lawful Gambling#2 - Special Revenue - Cash Flow Projections3 City of OtsegoStreet Light DistrictCash Flow SummaryRevised: June 3, 2022Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast20122013201420152016201720182019202020212022RevenuesCharges for Services24,209$               34,889$               34,476$               27,006$               12,401$              11,323$              ‐$                         ‐$                         ‐$                         ‐$                          ‐$                         Development Fees‐                            ‐                            ‐                            ‐                            7,400                   ‐                          ‐                          4,181                  55,650               35,190                 ‐                           Investment Interest692                       ‐                            1,223                    623                       903                      1,117                  1,293                  3,150                  2,824                  (711)                      ‐                           Miscellaneous‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Transfers In‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Total24,901                 34,889                 35,699                 27,629                 20,704                12,440               1,293                  7,331                  58,474               34,479                 ‐                           ExpensesPersonal Servcies511                       796                       ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Supplies111                       524                       ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Utility Fees10,474                 10,713                 9,683                    9,500                    9,326                   10,384               ‐                          ‐                          ‐                          ‐                            ‐                           Services & Other Charges587                       ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Capital Outlay‐                            ‐                            ‐                            ‐                            7,400                   ‐                          35,000               31,800               26,500               68,900                 ‐                           Capital Outlay (CIP)‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Transfers Out‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Total11,683                 12,033                 9,683                    9,500                    16,726                10,384               35,000               31,800               26,500               68,900                 ‐                           Cash Balance ‐ Beginning39,142                 52,360                 71,527                 95,889                 110,670              116,431             118,589             89,513               65,044               97,266                 64,772                 Balance Sheet Effects(3,689)                  (1,654)                  (3,348)                  1,783                   102                     4,631                  ‐                          248                     1,927                    ‐                           Revenues24,901                 34,889                 35,699                 27,629                 20,704                12,440               1,293                  7,331                  58,474               34,479                 ‐                           Expenditures(11,683)                (12,033)                (9,683)                  (9,500)                  (16,726)               (10,384)              (35,000)              (31,800)              (26,500)              (68,900)                ‐                           Cash Balance ‐ Ending52,360$               71,527$               95,889$               110,670$             116,431$            118,589$            89,513$              65,044$              97,266$              64,772$               64,772$               #2 - Special Revenue - Cash Flow Projections4 City of OtsegoDevelopment Revolving FundCash Flow SummaryRevised: June 3, 2022Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast20122013201420152016201720182019202020212022RevenuesProperty Taxes14,879$               16,764$               22,911$               23,000$               88,814$              81,385$              65,546$              60,816$              56,491$              45,874$               ‐$                         Investment Interest‐                            (674)                      3,730                    1,710                    2,285                   2,829                  5,300                  13,669               12,426               (2,744)                  ‐                           Conduit Debt Issuance Fees‐                            53,000                 83,000                 ‐                            ‐                           50,000               ‐                          ‐                          ‐                          ‐                            ‐                           Transfers In150,000               ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Total164,879               69,090                 109,641              24,710                 91,099                134,214             70,846               74,485               68,917               43,130                 ‐                           ExpensesAbatement ‐ Boondox‐                            2,000                    6,000                    2,600                    ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            ‐                           Abatement ‐ Gateway 2nd14,879                 16,593                 15,999                 15,155                 14,930                14,904               ‐                          ‐                          ‐                          ‐                            ‐                           Abatement ‐ Family Speech‐                            ‐                            2,338                    5,130                    4,721                   4,713                  4,551                  3,548                  ‐                          ‐                            ‐                           Abatement ‐ Gateway 3rd‐                            ‐                            ‐                            ‐                            62,280                61,620               58,751               56,491               54,985               45,874                 ‐                           Services & Other Charges‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                           100,000               ‐                           Total14,879                 18,593                 24,337                 22,885                 81,931                81,237               63,302               60,039               54,985               145,874               ‐                           Cash Balance ‐ Beginning‐                             164,879               216,259              285,615               287,322              296,490             349,467             357,011             371,457             385,389               282,645               Balance Sheet Effects14,879                 883                       (15,948)                (118)                      ‐                           ‐                          ‐                          ‐                          ‐                          ‐                            Revenues164,879               69,090                 109,641              24,710                 91,099                134,214             70,846               74,485               68,917               43,130                 ‐                           Expenditures(14,879)                (18,593)                (24,337)                (22,885)                (81,931)               (81,237)              (63,302)              (60,039)              (54,985)              (145,874)              ‐                           Cash Balance ‐ Ending164,879$             216,259$             285,615$            287,322$             296,490$            349,467$            357,011$            371,457$            385,389$            282,645$             282,645$             #2 - Special Revenue - Cash Flow Projections5 City of OtsegoTax Increment District No. 1Great River CenterCash Flow SummaryRevised: June 3, 2022Actual Forecast2021 2022 2023 2024 2025 2026 2027 CommentsRevenuesTax Increments 94,744$                93,966$                99,183$                99,183$                99,183$               99,183$               ‐$                          2023 Estimated by Staff; Stagnant BeyondInvestment Interest‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Miscellaneous‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Transfers In‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Total94,744                 93,966                 99,183                 99,183                 99,183                99,183               ‐                          ExpensesPersonal Services804                       500                       500                       500                       500                      500                     500                      Administrative ReimbursementServices & Other Charges845                       2,500                    2,500                    2,500                    2,500                   2,500                  2,500                   TIF Reporting & PublishingPAYGO Note Payment86,742                 84,569                 89,265                 89,265                 89,265                89,265               49,592               90% PAYGO Note Through 2/1/2027Transfers Out‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          Total88,391                 87,569                 92,265                 92,265                 92,265                92,265               52,592               Cash Balance ‐ Beginning50,880                 57,233                 63,630                 70,548                 77,466                84,385               91,303               Balance Sheet Effects‐                            Revenues94,744                 93,966                 99,183                 99,183                 99,183                99,183               ‐                          Expenditures(88,391)                (87,569)                (92,265)                (92,265)                (92,265)               (92,265)              (52,592)              Cash Balance ‐ Ending57,233$               63,630$               70,548$               77,466$               84,385$              91,303$              38,711$              Calculation of Estimated TIFEstimated Market Value4,420,600            4,420,600            4,660,400            Tax Capacity (Calculated)87,662                 87,662                 92,458                 Tax Capacity (Base)1,290                    1,290                    1,290                    Tax Rate (City)34.653 34.545 34.545Tax Rate (County)43.719 43.751 43.751Tax Rate (School)31.717 30.889 30.889Estimated TIF95,086                 94,305                 99,542                 Actual (Per Tax Statements)95,086.07            94,305.27            Difference(0.00)                     0.00                      Less: OSA Fees(342)                      (339)                      (358)                      City Portion94,744                 93,966                 99,183                 Difference(0)                          (0)                          Projected#2 - Special Revenue - Cash Flow Projections6 City of OtsegoTax Increment District No. 3Riverview LandingCash Flow SummaryRevised: June 3, 2022Actual Forecast2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 CommentsRevenuesTax Increments 175,868$              173,111$              239,164$              239,164$              239,164$              239,164$             239,164$             239,164$             239,164$             239,164$             239,164$              239,164$              2023 Estimated by Staff; Stagnant BeyondInvestment Interest ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                            ‐                            ‐                            ‐                              ‐                            Miscellaneous ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                            ‐                            ‐                            ‐                              ‐                            Transfers In ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                            ‐                            ‐                            ‐                              ‐                            Total 175,868                173,111                239,164                239,164                239,164                239,164              239,164              239,164              239,164              239,164              239,164                239,164               ExpensesPersonal Services 940                        500                        500                        500                        500                        500                      500                      500                      500                      500                      500                        500                        Administrative ReimbursementServices & Other Charges 845                        2,500                     2,500                     2,500                     2,500                     2,500                   2,500                   2,500                   2,500                   2,500                   2,500                     2,500                     TIF Reporting & PublishingPAYGO Note Payment 154,759                155,800                215,247               215,247               215,247               215,247             215,247             215,247             215,247             215,247             215,247               215,247               90% PAYGO Note Through 2/1/2046Transfers Out‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                           ‐                             ‐                            Total156,544               158,800               218,247               218,247               218,247               218,247             218,247             218,247             218,247             218,247             218,247               218,247               Cash Balance ‐ Beginning89,209                  108,533               122,844               143,760               164,677               185,593             206,510             227,426             248,342             269,259             290,175               311,091               Balance Sheet Effects‐                             Revenues175,868               173,111               239,164               239,164               239,164               239,164             239,164             239,164             239,164             239,164             239,164               239,164               Expenditures(156,544)              (158,800)              (218,247)              (218,247)              (218,247)              (218,247)            (218,247)            (218,247)            (218,247)            (218,247)            (218,247)              (218,247)              Cash Balance ‐ Ending108,533$             122,844$             143,760$             164,677$             185,593$             206,510$            227,426$            248,342$            269,259$            290,175$            311,091$             332,008$             Calculation of Estimated TIFEstimated Market Value13,399,700          13,303,100          18,160,300          Tax Capacity (Calculated)167,496               166,289               227,004               Tax Capacity (Base)7,168                    7,168                    7,168                    Tax Rate (City)34.653 34.545 34.545Tax Rate (County)43.719 43.751 43.751Tax Rate (School)31.717 30.889 30.889Estimated TIF176,504               173,736               240,028               Actual (Per Tax Statements)176,503.49          173,736.26          Difference(0.28)                     0.27                      Less: OSA Fees(635)                      (625)                      (864)                      City Portion175,868               173,111               239,164               Difference0                            (0)                           Projected#2 - Special Revenue - Cash Flow Projections7 City of OtsegoTax Increment District No. 4Riverbend NorthCash Flow SummaryRevised: June 3, 2022Actual Actual Actual Forecast2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 CommentsRevenuesTax Increments‐$                          9,387$                 41,359$               169,740$             231,951$             231,951$            231,951$            231,951$            231,951$            231,951$            231,951$            231,951$             231,951$             231,951$            2023 Estimated by Staff; Stagnant BeyondInvestment Interest‐                             ‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                           Miscellaneous ‐                             ‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                           Transfers In ‐                             ‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                           Total ‐                             9,387                    41,359                  169,740                231,951                231,951               231,951              231,951              231,951              231,951              231,951              231,951               231,951                231,951              ExpensesPersonal Services 325                       640                       854                       500                       500                       500                      500                     500                     500                     500                     500                     500                      500                       500                     Services & Other Charges 908                       1,248                    845                       2,500                    2,500                    2,500                   2,500                  2,500                  2,500                  2,500                  2,500                  2,500                   2,500                    2,500                  PAYGO Note Payment (A) ‐                             ‐                             9,827                    80,627                  110,177                110,177               110,177              110,177              110,177              110,177             110,177             110,177              110,177               110,177              50% PAYGO Note A Through 2/1/2046PAYGO Note Payment (B)‐                            ‐                            9,827                   80,627                 110,177               110,177              110,177             110,177             110,177             110,177             110,177             110,177              110,177               110,177              50% PAYGO Note B Through 2/1/2046Transfers Out‐                            ‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                          ‐                           ‐                            ‐                           Total1,233                   1,888                   21,353                 164,253               223,353               223,353              223,353             223,353             223,353             223,353             223,353             223,353              223,353               223,353              Cash Balance ‐ Beginning‐                            (1,233)                  6,663                   26,271                 31,758                 40,356                48,953               57,551               66,148               74,746               83,343               91,941                100,538               109,136              Balance Sheet Effects‐                            397                      (398)                     Revenues‐                            9,387                   41,359                 169,740               231,951               231,951              231,951             231,951             231,951             231,951             231,951             231,951              231,951               231,951              Expenditures(1,233)                  (1,888)                  (21,353)                (164,253)             (223,353)              (223,353)             (223,353)            (223,353)            (223,353)            (223,353)            (223,353)            (223,353)             (223,353)              (223,353)             Cash Balance ‐ Ending(1,233)$               6,663$                 26,271$               31,758$               40,356$               48,953$              57,551$              66,148$              74,746$              83,343$              91,941$              100,538$            109,136$            117,733$           Calculation of Estimated TIFEstimated Market Value ‐ Apartments1,791,500            9,299,000            13,333,000         Estimated Market Value ‐ Mini Storage731,300               1,955,100            2,293,000            Estimated Market Value ‐ Vacant Land133,500               133,500               133,500               Estimated Market Value ‐ Vacant Land247,200               247,200               247,200               Estimated Market Value ‐ Vacant Land1,200                   1,200                   1,200                   Tax Capacity (Calculated) ‐ Apartments22,394                 116,238               166,663               Tax Capacity (Calculated) ‐ Mini Storage13,876                 38,352                 45,110                 Tax Capacity (Calculated) ‐ Vacant Land6,215                   6,215                   6,215                   Tax Capacity (Base) ‐ Apartments1,763                   1,763                   1,763                   Tax Capacity (Base) ‐ Mini Storage1,428                   1,428                   1,428                   Tax Capacity (Base) ‐ Vacant Land1,590                   1,590                   1,590                   Tax Rate (City)34.653 34.545 34.545Tax Rate (County)43.719 43.751 43.751Tax Rate (School)31.717 30.889 30.889Calculated ‐ Apartments22,712                 124,989               180,046               Calculated ‐ Mini Storage13,704                 40,315                 47,694                 Calculated ‐ Vacant Land5,091                   5,049                   5,049                   Estimated TIF41,507                 170,354               232,789               Actual (Per Tax Statements)41,507.95            170,353.71         Difference0.82                     (0.00)                    Less: OSA Fees(149)                     (613)                     (838)                     City Portion41,358                 169,740               231,951               Difference(1)                          0                           Projected#2 - Special Revenue - Cash Flow Projections8 City of Otsego Debt Service Fund Budget ‐ 2023 Summary of Bonds Outstanding Original 2023 Maturity Issue Balance Due Principal Balance Due Date Amount 12/31/2022 Payment 12/31/2023 Improvement Bonds 2018A General Obligation Improvement 2/1/2034 2,305,000$       1,770,000$        190,000$           1,580,000$       2020A General Obligation Improvement Refunding 2/1/2028 2,950,000         1,970,000          495,000             1,475,000         Subtotal 5,255,000         3,740,000          685,000             3,055,000         Revenue Bonds 2019A General Obligation Revenue Refunding 12/1/2026 3,525,000        3,525,000         ‐                          3,525,000         2020 General Obligation Revenue Note (PFA)8/20/2040 17,199,866     16,261,000      817,000            15,444,000      2021A General Obligation Revenue 2/1/2037 4,345,000        4,345,000         215,000            4,130,000         2021B General Obligation Revenue Refunding 12/1/2026 7,390,000        5,070,000         2,530,000         2,540,000         2022 General Obligation Revenue Note (PFA)n/a ‐                        ‐                         ‐                         ‐                         Subtotal 32,459,866     29,201,000      3,562,000         25,639,000      Grand Total 37,714,866$    32,941,000$     4,247,000$      28,694,000$     Description of Bond Issue  ‐  5,000,000  10,000,000  15,000,000  20,000,000  25,000,000  30,000,000  35,000,000  ‐  500,000  1,000,000  1,500,000  2,000,000  2,500,000  3,000,000  3,500,000  4,000,000  4,500,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Principal Payments Bonds Outstanding #3 - Debt Service - Liability/Budget Summary & Detail Budgets 1 City of Otsego Debt Service Fund Budget ‐ 2023 Revenue & Expenditure Summary Requested Actual Actual Year‐to‐Date Budget Budget 2020 2021 2022 2022 2023 Revenues Taxes 286,758$           289,551$           ‐$                          547,187$           544,415$           Special Assessments 328,570             797,337             7,277                  240,960              186,238             Investment Interest (net) ‐                          ‐                          ‐                           ‐                           ‐                          Bond Proceeds 3,262,200         ‐                          ‐                           ‐                           ‐                          Subtotal 3,877,528         1,086,888         7,277                  788,147              730,653             Expenditures Principal 3,825,000         685,000             660,000              660,000              685,000             Interest 186,690             134,762             78,353                144,431              119,406             Fiscal Agent Fee's 64,172               787                    495                     1,500                  1,000                 Subtotal 4,075,862         820,549             738,848              805,931              805,406             Excess (Deficiency) of Revenues Over (Under) Expenditures (198,335)$          266,340$           (731,571)$           (17,784)$            (74,753)$            Description  ‐  500,000  1,000,000  1,500,000  2,000,000  2,500,000  3,000,000  3,500,000  4,000,000  4,500,000 2020 2021 2022 2022 2023 Actual Actual Year‐to‐Date Budget Budget Principal Interest Revenues #3 - Debt Service - Liability/Budget Summary & Detail Budgets 2 City of Otsego Debt Service Fund Budget ‐ 2023 Fund 376 ‐ G.O. Improvement Bonds, Series 2018A Mississippi Shores Renewal & Kadler Avenue Construction Actual Actual Year‐to‐Date Budget Budget Fund Department Object Account Description 2020 2021 2022 2022 2023 Revenues 376 47000 31010 CURRENT AD VALOREM TAXES 91,758$             94,551$             ‐$                        97,187$             94,415$             376 47000 36100 SPECIAL ASSESSMENTS 193,999           147,579            7,277                 135,122            129,762            376 47000 36210 INTEREST EARNINGS ‐                        ‐                        ‐                          ‐                         ‐                        TOTAL 285,757          242,130           7,277                 232,309           224,177           Expenditures 376 47000 601 PRINCIPAL 170,000           180,000           185,000             185,000            190,000            376 47000 602 INTEREST 66,856              61,606              29,453                56,131               50,506              376 47000 620 FISCAL AGENT FEE'S 656                   641                   ‐                          750                    500                   TOTAL 237,512          242,247          214,453            241,881           241,006           EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 48,245$             (118)$                 (207,176)$          (9,572)$             (16,829)$           Fund 376 ‐ G.O. Improvement Bonds, Series 2018A Account Number #3 - Debt Service - Liability/Budget Summary & Detail Budgets 3 City of Otsego Debt Service Fund Budget ‐ 2023 Fund 380 ‐ G.O. Improvement Refunding Bonds, Series 2020A Queens Avenue & CSAH 42 Actual Actual Year‐to‐Date Budget Budget Fund Department Object Account Description 2020 2021 2022 2022 2023 Revenues 380 47000 31010 CURRENT AD VALOREM TAXES 195,000$         195,000$          ‐$                       450,000$         450,000$          380 47000 36100 SPECIAL ASSESSMENTS 134,571           649,759            ‐                         105,838             56,476              380 47000 39300 BOND PROCEEDS 2,950,000        ‐                        ‐                          ‐                         ‐                        380 47000 39320 BOND PREMIUM 312,200            ‐                        ‐                          ‐                         ‐                        TOTAL 3,591,771       844,759           ‐                         555,838           506,476           Expenditures 380 47000 601 PRINCIPAL 3,655,000       505,000           475,000             475,000            495,000            380 47000 602 INTEREST 119,834            73,156              48,900                88,300               68,900              380 47000 620 FISCAL AGENT FEE'S 63,516              146                   495                     750                    500                   TOTAL 3,838,350       578,302          524,395            564,050           564,400           EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (246,580)$        266,457$          (524,395)$          (8,212)$             (57,924)$           Fund 380 ‐ G.O. Improvement Refunding Bonds, Series 2020A Account Number #3 - Debt Service - Liability/Budget Summary & Detail Budgets 4 City of OtsegoDebt Service Funds ‐ Cash Flows AnalysisFund 375 ‐ G.O. Improvement Refunding Bonds, Series 2012AMississippi Shores Frontage & Waterfront EastRevised: June 3, 2022Actual2021 2022 2023 2024 2025 2026 CommentsRevenues:Special Assessments 33,220$                5,938$                   5,700$                   5,463$                   5,225$                  4,988$                  No delinquent balances.Interest on Investments ‐                              ‐                              ‐                              ‐                              ‐                             ‐                           Bond Proceeds ‐                              ‐                              ‐                              ‐                              ‐                             ‐                           Transfers In ‐                              ‐                              ‐                              ‐                              ‐                             ‐                           Total 33,220                   5,938                     5,700                     5,463                     5,225                    4,988                  Expenditures:Principal 195,000                ‐                              ‐                              ‐                              ‐                             ‐                           Interest 3,900                     ‐                              ‐                              ‐                              ‐                             ‐                           Fiscal Agent Fees 146                        ‐                              ‐                              ‐                              ‐                             ‐                           Transfers Out ‐                              ‐                              ‐                              ‐                              ‐                             ‐                           Total 199,046                ‐                              ‐                              ‐                              ‐                             ‐                           Cash Balance ‐ Beginning169,174                3,333                     9,271                     14,971                   20,434                  25,659                Change in Accruals (15)                        Revenues 33,220                   5,938                     5,700                     5,463                     5,225                    4,988                  Expenditures (199,046)               ‐                              ‐                              ‐                              ‐                             ‐                           Cash Balance ‐ Ending3,333$                  9,271$                  14,971$               20,434$               25,659$              30,647$              Close Fund in 2022, Reclass AssessmentsPrincipal Balance‐                             ‐                             ‐                             ‐                             ‐                            ‐                           Blue cells = projections.ProjectedY:\Budget\2023\Cash Flows\Debt Service Funds375-IMP 2012A#4 - Debt Service - Cash Flow Projections1 City of OtsegoDebt Service Funds ‐ Cash Flows AnalysisFund 376 ‐ G.O. Improvement Bonds, Series 2018AMississippi Shores Renewal & Kadler Avenue ConstructionRevised: June 3, 2022Actual2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034Revenues:Property Taxes 94,551$                97,187$                94,415$               102,144$             104,308$            106,313$            113,412$            114,946$             9,232$                 12,592$                10,544$                13,662$               11,365$               ‐$                         Special Assessments 147,579               133,612               129,762               125,913               122,064              118,214             114,365             110,516              56,120                54,040                 51,960                  49,879                 47,799                ‐                          Interest on Investments ‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                            ‐                           ‐                          Bond Proceeds ‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                            ‐                           ‐                          Transfers In ‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                            ‐                           ‐                          Total 242,130               230,799               224,177               228,057               226,372              224,527             227,777             225,462             65,352               66,632                62,504                 63,541                59,164               ‐                          Expenditures:Principal180,000               185,000               190,000               190,000               200,000              205,000             210,000             220,000             225,000             60,000                65,000                 65,000                70,000               70,000               Interest61,606                 56,131                 50,506                 44,806                 38,956                32,881               26,656               20,206               13,531               9,256                   7,381                    5,391                   3,282                  1,094                  Fiscal Agent Fees641                       500                       500                      500                       500                      500                     500                     500                     500                     500                      500                       500                      500                     500                     Transfers Out‐                            ‐                            ‐                            ‐                            ‐                           ‐                          ‐                          ‐                          ‐                          ‐                           ‐                            ‐                           ‐                          ‐                          Total242,247               241,631               241,006               235,306               239,456              238,381             237,156             240,706             239,031             69,756                72,881                 70,891                73,782               71,594               Cash Balance ‐ Beginning428,683               429,354               418,522               401,693               394,444              381,360             367,506             358,127             342,883             169,204             166,080               155,703              148,353             133,735             Change in Accruals788                       Revenues242,130               230,799               224,177               228,057               226,372              224,527             227,777             225,462             65,352               66,632                62,504                 63,541                59,164               ‐                          Expenditures(242,247)              (241,631)              (241,006)              (235,306)              (239,456)             (238,381)            (237,156)            (240,706)            (239,031)            (69,756)               (72,881)                (70,891)               (73,782)              (71,594)              Cash Balance ‐ Ending429,354$             418,522$             401,693$             394,444$             381,360$            367,506$            358,127$            342,883$            169,204$            166,080$            155,703$             148,353$            133,735$            62,141$              Principal Balance1,955,000            1,770,000            1,580,000            1,390,000            1,190,000            985,000             775,000             555,000             330,000             270,000             205,000               140,000              70,000               ‐                          Blue cells = projections.ProjectedY:\Budget\2023\Cash Flows\Debt Service Funds376-IMP 2018A#4 - Debt Service - Cash Flow Projections2 City of OtsegoDebt Service Funds ‐ Cash Flows AnalysisFund 380 ‐ G.O. Improvement Refunding Bonds, Series 2020AQueens Avenue & CSAH 42Revised: June 3, 2022Actual2021 2022 2023 2024 2025 2026 2027 2028 CommentsRevenues:Property Taxes 195,000$              450,000$              450,000$              425,000$              365,000$             ‐$                          ‐$                          ‐$                         Special Assessments 649,759                105,838                56,476                   54,373                   52,270                  50,168                 ‐                            ‐                            Not included = Deferreds ($29k)Interest on Investments ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                           Bond Proceeds ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                           Transfers In ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                           Total 844,759                555,838                506,476                479,373                417,270               50,168                 ‐                            ‐                           Expenditures:Principal 505,000                475,000                495,000                270,000                280,000               290,000              315,000              320,000             Interest 73,156                   88,300                   68,900                   53,600                   42,600                  31,200                 19,100                 6,400                  Fiscal Agent Fees 146                        500                        500                        500                        500                       500                      500                      500                     Transfers Out ‐                              ‐                              ‐                              ‐                              ‐                             ‐                            ‐                            ‐                           Total 578,302                563,800                564,400                324,100               323,100              321,700             334,600             326,900             Cash Balance ‐ Beginning485,614               751,896               743,934               686,010               841,283              935,453             663,921             329,321             Change in Accruals(175)                      Revenues844,759               555,838               506,476               479,373               417,270              50,168                ‐                           ‐                           Expenditures(578,302)              (563,800)              (564,400)             (324,100)              (323,100)             (321,700)            (334,600)            (326,900)            Cash Balance ‐ Ending751,896$             743,934$             686,010$             841,283$             935,453$            663,921$            329,321$            2,421$                 Debt Service Until 2028Principal Balance2,445,000            1,970,000            1,475,000            1,205,000            925,000              635,000             320,000             ‐                           Blue cells = projections.ProjectedY:\Budget\2023\Cash Flows\Debt Service Funds380-IMP 2020A#4 - Debt Service - Cash Flow Projections3 City of OtsegoDebt Service Funds ‐ Cash Flows AnalysisFund 385 ‐ G.O. Improvement Refunding Bonds, Series 2010BCity Hall & Public Works GarageRevised: June 3, 2022Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CommentsRevenues:Property Taxes‐$                           142,123$             149,222$             156,748$             201,142$            410,000$            415,000$            430,000$            440,000$            450,000$            460,000$             460,000$            ‐$                         Interest on Investments‐                             2,838                    10,296                  (1,928)                   6,500                   ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                            ‐                           Bond Proceeds178,697                ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                            ‐                           Transfers In‐                             ‐                              474,500                ‐                             ‐                            ‐                           1,120                  ‐                           ‐                           ‐                            ‐                             ‐                            ‐                           Total178,697                144,961                634,018                154,820                207,642               410,000              416,120              430,000              440,000              450,000               460,000                460,000               ‐                           Expenditures:Principal‐                              125,000                150,000                150,000                150,000               420,000              425,000              435,000              445,000              455,000               470,000                480,000               ‐                           Interest‐                              95,141                  85,323                  82,323                  79,323                 76,323                67,923                59,423                50,070                39,390                 27,560                  14,400                 ‐                           Fiscal Agent Fees‐                             ‐                             ‐                             ‐                             491                      331                     313                     357                     667                     674                      656                       145                      ‐                           Transfers Out‐                             ‐                             ‐                             ‐                             ‐                            ‐                           ‐                           ‐                           ‐                           ‐                            ‐                             ‐                            1,626                  Total‐                             220,141                235,323                232,323                229,814               496,654              493,236              494,780              495,737              495,064               498,216                494,545               1,626                  Cash Balance ‐ Beginning‐                              178,697                102,673                502,265                422,617               401,578              317,268              240,134              175,399              119,477               74,420                  36,187                 1,626                  Change in Accruals‐                             (844)                      897                      (2,145)                   1,132                   2,344                  (18)                      45                       (185)                    7                           (17)                        (16)                       ‐                           Revenues178,697                144,961                634,018                154,820                207,642               410,000              416,120              430,000              440,000              450,000               460,000                460,000               ‐                           Expenditures‐                              (220,141)              (235,323)              (232,323)              (229,814)             (496,654)            (493,236)            (494,780)            (495,737)            (495,064)            (498,216)              (494,545)             (1,626)                 Cash Balance ‐ Ending178,697$             102,673$             502,265$             422,617$             401,578$            317,268$            240,134$            175,399$            119,477$            74,420$                36,187$                1,626$                 0$                        Close Fund in 2022Principal Balance3,705,000            3,580,000            3,430,000            3,280,000            3,130,000            2,710,000          2,285,000          1,850,000          1,405,000          950,000               480,000                ‐                            ‐                           Blue cells = projections.Y:\Budget\2023\Cash Flows\Debt Service Funds385-IMP 2010B#4 - Debt Service - Cash Flow Projections4 City of Otsego Property Tax Levy Calculations Payable 2023 Revised: June 9, 2022 $% $% 2021 2022 2023 Change Change 2023 Change Change General Revenues 4,671,000        5,009,000        5,259,450      250,450          5.00% 5,259,450        250,450          5.00% Tax Abatements 45,874              40,228              87,744            47,516            118.12% 87,744              47,516            118.12% Debt Service Series 2010B 460,000            ‐                        ‐                       ‐                       ‐                         ‐                       Series 2018A 94,551              97,187              94,415            (2,772)             94,415              (2,772)             Series 2020A 195,000            450,000            450,000          ‐                       450,000            ‐                       **NEW** ‐                         ‐                        ‐                       ‐                       ‐                         ‐                       Sub‐total 749,551            547,187            544,415          (2,772)             ‐0.51% 544,415            (2,772)             ‐0.51% Capital Reserves Pavement Management 1,050,000        1,100,000        1,100,000      ‐                       1,100,000        ‐                       Trails Management 40,000              63,000              65,000            2,000              65,000              2,000              Parks Equipment 62,000              64,000              70,000            6,000              70,000              6,000              Capital Equipment Revolving 300,000            320,000            480,346          160,346          480,346            160,346          Fire Reserve 190,000            200,000            210,000          10,000            210,000            10,000            Storm Water 34,000              36,000              38,000            2,000              38,000              2,000              Capital Improvements 661,000            1,175,590        ‐                       (1,175,590)    ‐                         (1,175,590)     City Buildings & Property 25,000             30,000             35,000           5,000             35,000             5,000              Sub‐total 2,362,000       2,988,590       1,998,346     (990,244)       ‐33.13% 1,998,346       (990,244)       ‐33.13% Tax Rate Management (Flexibility)2,480,371     1,264,315        Grand Total 7,828,425       8,585,005       10,370,326   1,785,321     20.80% 9,154,270       569,265         6.63% Growth (%)8.82% 9.66% Tax Capacity 22,876,221     25,254,743     30,504,905   30,504,905      Growth (%)10.29% 10.40%20.79%20.79% Net Tax Capacity 22,591,258     24,852,871     30,019,489   30,019,489      Growth (%)10.22% 10.01%20.79%20.79% Tax Rate 34.653             34.545             34.545           30.494              Population 18,130             19,966             21,289           21,289              Tax Levy Per Capita 432                  430                  487                430                   Taxing 2021 2022 2023 2023 Authority Final Tax Rate Final Tax Rate Estimate Change Estimate Change City of Otsego 34.653             34.545             34.545           ‐0.31%30.494             ‐11.73% Wright County 43.719             43.751             43.751           0.07%43.751             0.00% School District 31.717             30.889             30.889           ‐2.61%30.889             0.00% School District ‐ RMV 30.598             28.698             28.698           ‐6.21%28.698             0.00% Description 2021 2022 2023 Change 2023 Change Median Appraised Value 258,455           290,081           328,710         13.32%328,710           13.32% Less: MV Exclusion (13,979)           (11,133)           (7,656)            (7,656)               Taxable Market Value 244,476           278,948           321,054         15.09%321,054           15.09% Tax Capacity 2,445               2,789               3,211             3,211                2021 2022 2023 2023 Taxing Estimated Estimated Estimated Estimated Authority Tax Tax Tax Change Tax Change City of Otsego 847                  964                  1,109             15.04%979                  1.56% Wright County 1,069               1,220               1,405             15.16%1,405               15.16% School District 775                  862                  992                15.08%992                  15.08% School District ‐ RMV 791                  832                  943                13.34%943                  13.34% Total 3,482               3,878               4,449             14.72%4,319               11.37% Annual Increase 571                441                   Budget Meeting #2 (6‐13‐2022)Budget Meeting #2 (6‐13‐2022) Levy Description Y:\Budget\2023\Property Taxes\Tax Levy Calculations (2023)6‐13 #5 - Tax Levy Summary