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ITEM 1 Debt & Tax Session
CITY OF Se 0 MINNESOTA DATE: 18 July 2014 TO: Lori Johnson, City Administrator MEMORANDUM FROM: Daniel Jordet, Administrative Services Dir RE: Debt & Tax Council Session Attached is a PowerPoint presentation with data regarding the debt levies required or suggested in order to make principal and interest payments on the City's outstanding bonds. The charts run through 2021 at which time all bonds except the 201 OD and 2011A GO Improvement Refinancing Bonds will be fully repaid and retired. Preliminary property value numbers for taxes payable in 2010 are not yet available from Wright County. Any projections made about the impact of these levies on individual properties or classes of properties will be estimates and subject to future revisions when Wright County information is available. However, will assemble some general estimates about the impact of the debt levy projections for the Monday, July 21, 2014 meeting. Debt and Property Taxes DEBT SERVICE PAYMENTS DUE .. .... ....... . 2014 2015 2016 2017 2018 2019 2020 2021 Bond Principal Payments ......... ..... ...... ... ..... ... .. . . ... ... ..... . . ... ............... .. .. ..... .. ... . . ...... 4,000 2,650 1,300 - 2007B ------ ----- - I .. .............. . ........ ... .... ... . .... .... .. .... . ... .. .. .. . .... 100,000 . ........... 105,000 100,000 . . ............ . . ...... 59,423 50,070 . ....... .......... .. 39,390 .... ... .. .... . ..... 27,560 14,400 2010A 45,000 45,000 45,000 45,000 45,000 40,000 27,541 25,048 20106 150,000 420,000 425,000 235,000 445,000 455,000 470,000 480,000 2010D - - 80,000 80,000 85,000 85,000 85,000 90,000 2011A . .... .. .......... ....... .. ... ..... . .. ..... .. .... . .... . .. . .. .... .. .. 360,000 ... .. .. . . ... .. 365,000 375,000 380,000 395,000 . .. ... 400,000 415,000 .2012A - 200,000 195,000 190,000 205,000 210,000 205,000 195,000 295,000 1,130,000 1,210,000 925,000 1,160,000 1,185,000 1,160,000 1,180,000 Bond In teres t Paym en ts 2007B 12,200 8,200 4,000 - - 2010A7,600 . .. . . ....... .... .. .. . ...... 6,700 5,350 4,000 2,650 1,300 - 2010B 79,323 76,323 67,923 59,423 50,070 . ....... .......... .. 39,390 .... ... .. .... . ..... 27,560 14,400 2010D 36,033 36,033 35,233 33,633 31,813 .... . . ... .. .. .. ..... .. ...... . ..... 29,772 .......... .. ..... .. .. . ....... .. .. 27,541 25,048 2011A 107,843 104,243 967993 89,593 82,043 74,293 66,243 57,578 2012A 28,000 28,000 24,000 20,100 16,300 12,200 8,000 3,900 270,999 259,499 233,499 206,749 182,876 156,955 129,344 100,926 TOTAL BOND PAYMENTS 565,999 1,389,499 1,443,499 1,131,749 1,342,876 1,341,955 1,289,344 1,280,926 ... ....... ... ....... .. 20078 bonds will require a general obligation levy or a transfer from other funds. 2007B Fund 395 Beginning Cash Balance Property Tax. Revenue Assessment Revenue Other Revenue Period Revenues Principal Interest Fees and Other Period Expenditures Period Net Ending Cash Balance 2014 2015 2016 (72,380) (65,380) (59,380) 120,200 120,200 120,200 120,200 120,200 120,200 100,000 105,000 100,000 12,200 8,200 4,000 1,000 1,000 1,000 113,200 114,200 105,000 7,000 6,000 15,200 (65,380) (59,380) (44,180) 2014 2015 2016 100,000 105,000 100,000 (72,380) (50,655) (29,930) 14,725 14,725 14,725 120,200 120,200 120,200 134,925 134,925 134,925 100,000 105,000 100,000 12,200 8,200 4,000 1,000 1,000 1,000 113,200 114,200 105,000 21,725 20,725 29,925 (50,655) (29,930) (5) Quantrelle & 881h Street 2010A Bonds were scheduled to be levied from 2011 forward. 2014 2015 2016 2017 2018 2019 2020 2021 _... ......... 2010A _ ..... ...... ....................... ..... ........... .... . (675) (650) Fund 399 Beginning Cash Balance (49,158) (101,758). (101,308)', (101,983) (102,658): (103,333) Property Tax Revenue - 52,150 49,675 48,325 46,975 _. 40,650 Assessment Revenue - - - - - - Other Revenue - - - - - - Period Revenues - 52,150 49,675 48,325 46,975 40,650 .......... _......... Principal ....... 45,000 ....... 45,000 ...... ......... 45,000. 45,000 45,000 40,000 Interest 7,600 6,700 5,350 41000 2,650 1,300 Fees and Other - - - - - - Period Expenditures 52,600 51,700: 50,350 49,000 47,650 41,300 Period Net (52,600)450 (675). (675) (675) (650) Ending Cash Balance (101,758) (101,308) (101,983)' (102,658) (103,333) (103,983) JetVac Truck Equipment Certificates 2010A Bonds can be retired within time period with slightly higher annual levy. 2014 2015 2016 2017 2018 2019 2020 2021 2010A Fund 399 Beginning Balance (49,158) (101,758) (85,108) (67,108) (47,758) (27,058) Property Tax Revenue . - 68,350 68,350 ` 68,350 68,350 68,358 Assessment Revenue - - - - - - OtherRevenue - - - - - Period Revenues - 68,350 68,350 68,350 68,350 68,358 ....... . ........ Pri nci pal ... ._...... 45,000 .._.... .. 45,000 45,000 45,000 45,000 _ .. ..... 40,000 Interest ��. -- 7,600: 6,700: 5,350 ' 4,000 2,650 1,300 Fees and Other _.. ... ......_ .. ._.._ Period Expenditures 52,600 51,700 50,350 49,000 47,650 41,300 Period Net (52,600)16,650 18,000 19,350 20,700 27,058 ..... . ... Ending Cash Balance _ . (101,758) (85,108) (67,108) (47,758). (27,058) - JetVac Truck Equipment Certificates 2010B Bonds have been levied lower than projected in the bond transcript plan. However, if bond transcript plan is followed it will produce excess funds 2014 2015 2016 2017 2018 2019 2020 2021 2010B Fund 385 Beginning Cash Balance 422,618 395,693 397,671 399,658 401,655 403,663 405,682 407,710 - Property Tax Revenue 200,285 496,322 ........ . 492,922 .. .. 494,422 ......... ........ 495,070: ...... 494,390 497,560 494,400 Assessment Revenue _. - - _.. - - - - - - Other Revenue 2,113: 1,978: 1,988 1,998 2,008. 2,018 2,028: 2,039 Period Revenues 202,398 498,300 494,910 496,420 497,078 496,408 499,588 496,439 Principal 150, 000 420,000 425,000 435,000 445,000 455,000 470, 000 ... ......... 480, 000 Interest 79,323 76,323 67,923 59,423. 50,070 39,390 27,560 14,400 Fees and Other - - - - - - - - Period Expenditures 229,323 496,323 492,923 494,423 495,070 494,390 497,560 494,400 Period Net (26,925) 1,977 1,987 11997 2,008 2,018 2,028 2,039 Ending Cash Balance 395,693 397,671 399,658 401,655 403,663 405,682 407,710 409,749 Refinanced EDA Lease Revenue 2010B Bonds may be levied at a lower amount than the bond transcript pla but, like that plan, will have to increase for taxes payable in 2015. Property Tax Revenue 200,285 437,760 437,760 437,760 437,760 ` 437,760 437,760 437,760 Assessment Revenue - - - - - - - Other Revenue ___. 2,113 1,978 1,696 1,428 1,152 871 592 296 Period Revenues 202,398 439,738 439,456 439,188 438,912 438,631 438,352 438,056 Principal 150,000 420,000 425,000. 435,000: 445,000: ... 455,000 ......... ..... 470,000 480,000 Interest 79,323 76,323 67,923 597423 50,070 39,390 27,560 14,400 Fees and Other - - - - - - - - Period Expenditures 229,323 496,323 492,923 4941423 495,070 494,390 497,560 494,400 Period Net (26,925) (56,585) (53,467) (55,235) (56,158) (55,759) (59,208) (56,344) Ending Cash Balance 395,693 339,109 285,641 230,406 174,248 118,490 59,282: 2,938 Refinanced EDA Lease Revenue 2010 D & 2011A Bonds will require that the balance of assessments be received in a timely manner and that property taxes be levied according to bond transcript schedule ............................................................................................................................................................................................................................................ 2014 2015 2016 2017 2018 2019 2020 2021 2010D & 2011A Fund 380 . ......... ......... ... ........ ... .... ........ ......... ..... Beginning Cash Balance 1,834,920 1,790,219 1,656,474 1,449,960 1,251,409 1,055,775 868,879 690,449 .... .... ... ....... ......... . ......... Property Tax Revenue - 267,580 272,430 282,425 286,965: 301,890 306,010 361,775 Assessment Revenue ... 90,000 90,000 90,000 90,000 90,000 90,000 ......... 90,000 90,000 Other Revenue ..._ ......... ......... ...... _. 9,175 ' 8,951 8,282 7,250 6,257 ` 5,279 4,344 3,452 Period Revenues 99,175 366,531 370,712 379,675 383,222 397,169 400,354 455,227 ........ ............. ........... ....... .. _.... _.... P ri n ci p a I - 360,000 445,000 455,000 465,000 480,000 485,000 505,000 Interest 143,876 140,276 1.32,226 123,226 113,856 104,065 93,784 82,626 Fees and Other - - - - - - - - Period Expenditures 143,876 500,276577,226 578,226 578,856. 584,065 578,784 587,626 Period Net 444,701) (133,745) (206,514). (198,551)' (195,634) (186,896) (178,430) 4132,399) Ending Cash Balance 1,790,219 1,656,474: 1,449,960 1,251,409 1,055,775 868,879 690,449 558,050 Queens & CSAH 42 2012A Bonds will require that assessments be received in a timely manner. 2014 2015 2016 2017 2018 2019 2020 2021 2012A Fund 375 Beginning Cash Balance 431,700 571,099 513,204 464,020 423,490 371,558 318,465 274,308 Property Tax Revenue ... ......... .. - _ _ - - .....,_. ... _ .. - - ........ . - - ...... - Assessment Revenue 167,250 167,250 167,250 167,250 167,250 167,250 167,250 167,250 Other Revenue 2,159 2,855 2,566 2,320 2,117 1,858 1,592 1,372 Period Revenues 169,409 170,105: 169,816 ' 169,570 169,367 169,108 168,842 168,622 Principal 2,010 200,000 195,000 190,000: 205,000 210,000 205,000 195,000 Interest 28,000 28,000 24,000 201100 16,300 12,200 8,000 3,900 Fees and Other - - - - - - - - Period Expenditures 30,010 228,000 219,000 2101100 221,300 222,200 ` 213,000 198,900 Period Net 139,399(57,895) (49,184) (40,530) (51,933). (53,092) (44,158) (30,278) Ending Cash Balance 571,099 513,204 464,020 ' 423,490 371,558 318,465 274,308 244,029 Waterfront East & Mississippi Shores i Bond Transcript Plan Tax Levies for Debt 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2003A _ 138,000 138,000 100,000 100,000 100,000 - - - - - - 2004A - - 75,000 75,000 75,000 - - - - 2006B 178,000 178,000 100,000 100,000 100,000 - - - - 2007A 250,000 15;D,000 - - - - 2007B - - - - - - - - 2010A - - - - 52,150 49,675 48,325 46,975 40,65C) - 2010B - 150,000 150,000 200,285 496,322 492,922 494;422 495,070 494,390 497,560 494,400 2010D & 2D11A - - - - - - 267,580 272,430 282,425 286,965 301,895 306,010 361,775 2012A - - - - - - - - - - 566,000 466,000 425,000 475,000 475,285_r 8161052 815,027 825,7.72 825,010 836,935 803,570 856,175 = bonds retired or refinanced =GO Assessment Bonds ending in deficit cash balance =levies scheduled by bond transcript plan =levies not certified Modified Levy Plan Tax Levies for Debt 2014 2010 2011 2012 2013. 2003A 138,000 - 138,000 100,000 100,000 2004A _ - - 75,000 75,000 20068 178,000 178,000 100,000 1001000 2007A 250,000 150,000 _ - 100,000 2007B - - - 2010A - - - 2010B - - 150,000 150,000 2010D & 2011A 68,350 68,350 - - 2012A - - - 410,000 566,000 466,000 425,000 425,000 2014 2015 2016 2017 2018 2019 2020 2021 100,000 - - 75,000 - - 100,000 - - 14,725 14,725 14,725 - - - 68,350 68,350 68,350 68,350 68,350 - 200,285 410,000 410,000 410,000 410,000 410,000 410,000 410,000 - 267,580 272,430 282,425 286,965 301,895 306,010 361,775 475,285 r 760,655 765,505 775,500 765,315 780,245 716,010 771,775 =bonds retired or refinanced =levies modified by plan = levies scheduled by bond transcript plan = levies not certified General Fund Levy City of Otsego Calculation of Property Tax levy Options for taxes payable 2015 Pay 2012 Pay 2013 218311000 31213,145 Fre Reserve Levy 4801000 1401000 Storm Sewer Levy - 57,765 Pavement Management Levy 300,000 3001000 Park Trail Management Levy 25,000 251000 Capital Equipment Revolving Fund Levy 1501000 1751000 Parks Capital Equipment 50,000 251000 Subtotal: Other Limited Levies 1,0051000 7221765 TOTAL: Limited Levy 20078 GO Improvement Bonds 2010A GO Equipment Certificate 20106 GO Building Bonds 2010D & 2011A GO Improvement Bon( 2003A Improvement Bonds 2004A Improvement Bonds 20066 Improvement Bonds Subtotal: Bonded Debt Levies Tax Abatement TOTAL: Certified Levy Dollar Increase Percentage Increase 318361000 319351910 1501000 150,000 1001000 1001000 751000 75,000 1001000 100,000 425,000 4251000 4,261,000 17,000 4,377,910 116,910 2.74% Adopted Beginning Pa 2014 Pay 2015 312731715 312731715 145,000 1451000 251000 251000 3201000 3201000 251000 25,000 1601000 160,000 53 000 53,000 7281000 7281000 41001,715 410011715 - 14,725 - 68,350 200,285 4371760 - 267,580 100,000 - 75,000 - too 000 - 475,285 7881415 23,000 231000 415001000 41813,130 1221090 3131130 2,79% 6,96% DEBTSERVICE PAYMENTS DUE TOTAL BOND PAYMENTS 565,999 1,3B9,499 1,443,499 1,331,749 1,342,876 1,341,955 1,289,344 1,280,9261 590,311 586,937 345,675 346,735 347,186 356785 350,740 I 2014 2015 2016 2017 2018 2019 2020 2021 1 2022 2023 2024 2025 2026 2027 2028 Bond Principal Payments 1 2007B 100,000 105,000 100,000 I 2010A 45,000 45,000 45,000 45,000 45,000 40,000 I 20108 150,000 420,000 425,000 435,000 445,000 455,000 470,000 480,000 j 2010D 80,000 80,000 85,000 85,000 85,000 90,000 95,000 95,000 100,000 100,000 105,000 110,000 110,000 2011A 360,ODO 365,000 375,000 380,000 395,000 400,000 415,0001 425,000 435,000 200,000 210,000 215,000 230,000 235,000 2012A - 200,000 195,00 190,000 205,000 210,000 205,000 195,000 i - - - - - - 295,000 1,130,000 1,210,000 1,125,000 1,160,000 1,185,000 1,160,000 1,180,000 1 I 520,000 530,000 300,000 310,000 320,000 340,000 345,000 Bond interest Payments 1 I 20078 12,200 8,200 4,000 I 2010A 7,600 6,700 5,350 4,000 2,650 1,300 I 2010B 79,323 76,323 67,923 59,423 50,070 39,390 27,560 14,400 2010D 36,033 36,033 35,233 33,633 31,813 29,772 27,541 25,048 22,292 19,348 16,225 12,925 9,541 5,885 11980 2011A 107,843 104,243 96,993 89,593 82,043 74,293 66,243 57,5781 48,019 37,589 29,450 23,810 17,645 10,900 3,760 2012A 28,000 28,000 24,000 20,100 16,300 12,200 8,000 3,9001 - - - - 270,999 259,499 233,499 206,749 182,876 756,955 129,344 100,9261 70,311 56,937 45,675 36,735 27,186 16,785 5,740 TOTAL BOND PAYMENTS 565,999 1,3B9,499 1,443,499 1,331,749 1,342,876 1,341,955 1,289,344 1,280,9261 590,311 586,937 345,675 346,735 347,186 356785 350,740 I