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Item 1. 2024 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 26, 2023 SUBJECT: Budget Meeting #2 On Monday, Council and staff will continue the 2024 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 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 two (2) debt service funds that have outstanding bond issues and respective adopted budgets. 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. Next Meeting TBD – At the next meeting, staff and Council will review Capital Project Funds within the Capital Improvement Plan (CIP) that have proposed tax levies. Packet Materials 1)Special Revenue Funds – Budget Summary & Detailed Fund Budgets 2)Special Revenue Funds – Cash Flows 3)Debt Service Funds – Budget Summary & Detailed Fund Budgets 4)Debt Service Funds – Cash Flows Item 1. City of Otsego Special Revenue Fund Budget - 2024 Revenue & Expenditure Summary Unaudited Actual Actual Year-to-Date Budget Budget 2021 2022 2023 2023 2024 Revenues Tax Increments 311,970 436,817 - 489,198 580,650 Subtotal 311,970 436,817 - 489,198 580,650 Expenditures Personal Services 2,599 3,165 - 1,500 3,200 Services & Other Charges 2,535 4,074 - 7,500 4,500 Development Incentives 261,155 400,514 142,521 450,226 493,443 Subtotal 266,289 407,752 142,521 459,226 501,143 Excess (Deficiency) of Revenues Over (Under) Expenditures 45,682$ 29,065$ (142,521)$ 29,972$ 79,507$ Description - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2021 2022 2023 2023 2024 Actual Actual Year-to-Date Budget Budget Expenditures Revenues 1 - Special Revenue - Budget Details City of Otsego Special Revenue Fund Budget - 2024 Fund 261 - Tax Increment District #1 Fund Details Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2021 2022 2023 2023 2024 Revenues 261 46580 31050 TAX INCREMENTS 94,744$ 93,966$ -$ 85,079$ 102,486$ TOTAL TAXES 94,744 93,966 - 85,079 102,486 TOTAL REVENUES 94,744 93,966 - 85,079 102,486 Expenditures 261 46580 119 PAYROLL ALLOCATION 804 887 - 500 900 TOTAL - PERSONAL SERVICES 804 887 - 500 900 261 46580 339 DEVELOPMENT INCENTIVES 86,742 84,919 42,285 76,571 84,554 261 46580 350 PRINT & PUBLISHING 80 58 - 250 100 261 46580 390 CONTRACTED SERVICES 765 1,300 - 2,250 1,400 TOTAL - SERVICES & OTHER CHARGES 87,587 86,277 42,285 79,071 86,054 TOTAL EXPENDITURES 88,391 87,164 42,285 79,571 86,954 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 6,353$ 6,802$ (42,285)$ 5,508$ 15,532$ Fund 261 - Tax Increment District No. 1 (Great River Centre) Account Number 1 - Special Revenue - Budget Details City of Otsego Special Revenue Fund Budget - 2024 Fund 262 - Tax Increment District #3 Fund Details Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2021 2022 2023 2023 2024 Revenues 262 46580 31050 TAX INCREMENTS 175,868$ 173,111$ -$ 205,153$ 231,946$ TOTAL TAXES 175,868 173,111 - 205,153 231,946 TOTAL REVENUES 175,868 173,111 - 205,153 231,946 Expenditures 262 46580 119 PAYROLL ALLOCATION 940 1,031 - 500 1,100 TOTAL - PERSONAL SERVICES 940 1,031 - 500 1,100 262 46580 339 DEVELOPMENT INCENTIVES 154,759 157,041 77,900 184,637 197,056 262 46580 350 PRINT & PUBLISHING 80 58 - 250 100 262 46580 390 CONTRACTED SERVICES 765 1,300 - 2,250 1,400 TOTAL - SERVICES & OTHER CHARGES 155,604 158,398 77,900 187,137 198,556 TOTAL EXPENDITURES 156,545 159,429 77,900 187,637 199,656 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 19,323$ 13,682$ (77,900)$ 17,516$ 32,290$ Fund 262 - Tax Increment District No. 3 (Guardian Angels Riverview Landing) Account Number 1 - Special Revenue - Budget Details City of Otsego Special Revenue Fund Budget - 2024 Fund 263 - Tax Increment District #4 Fund Details Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2021 2022 2023 2023 2024 Revenues 263 46580 31050 TAX INCREMENTS 41,359$ 169,740$ -$ 198,966$ 246,218$ TOTAL TAXES 41,359 169,740 - 198,966 246,218 TOTAL REVENUES 41,359 169,740 - 198,966 246,218 Expenditures 263 46580 119 PAYROLL ALLOCATION 854 1,247 - 500 1,200 TOTAL - PERSONAL SERVICES 854 1,247 - 500 1,200 263 46580 339 DEVELOPMENT INCENTIVES 19,654 158,554 22,337 189,018 211,833 263 46580 350 PRINT & PUBLISHING 80 58 - 250 100 263 46580 390 CONTRACTED SERVICES 765 1,300 - 2,250 1,400 TOTAL - SERVICES & OTHER CHARGES 20,499 159,912 22,337 191,518 213,333 TOTAL EXPENDITURES 21,353 161,159 22,337 192,018 214,533 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 20,006$ 8,582$ (22,337)$ 6,948$ 31,685$ Fund 263 - Tax Increment District No. 4 (Riverbend North) Account Number 1 - Special Revenue - Budget Details City of OtsegoInsurance Reserves FundCash Flow SummaryRevised: June 5, 2023Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast2014 2015 2016 2017 2018 2019 2020 2021 2022 2023RevenuesRefunds & Reimbursements 17,824$ 26,204$ 42,751$ 11,013$ 5,344$ 6,864$ 12,471$ 34,243$ 23,239$ -$ Investment Interest1,413 609 1,011 1,645 2,798 7,232 6,564 (1,777) (8,240) - Miscellaneous- - - - - - - - - - Transfers In- - - - - - - - - - Total19,237 26,813 43,762 12,658 8,142 14,096 19,035 32,466 14,999 - ExpensesSupplies- - - - - - - - - - Other Charges & Services20,823 - - - - 11,596 - 1,451 - 455 Capital Outlay- - - - - - - - - - Capital Outlay (CIP)- - - - - - - - - - Transfers Out- - - - - - - - - - Total20,823 - - - - 11,596 - 1,451 - 455 Cash Balance - Beginning102,721 101,833 128,646 172,408 185,066 193,208 195,708 214,743 245,758 260,757 Balance Sheet Effects698 - - - - - - - - - Revenues19,237 26,813 43,762 12,658 8,142 14,096 19,035 32,466 14,999 - Expenditures(20,823) - - - - (11,596) - (1,451) - (455) Cash Balance - Ending101,833$ 128,646$ 172,408$ 185,066$ 193,208$ 195,708$ 214,743$ 245,758$ 260,757$ 260,302$ Y:\Budget\2024\Cash Flows\Special Revenue Funds204-Insurance Reserve2 - Special Revenue - Cash Flows City of OtsegoVireo Health Donations FundCash Flow SummaryRevised: June 5, 2023Actual Actual Actual Actual Actual Actual Actual Forecast2016 2017 2018 2019 2020 2021 2022 2023RevenuesDonations 20,000$ -$ -$ 20,000$ -$ -$ 40,000$ -$ Investment Interest- 191 276 538 909 (228) (1,848) - Rain Barrel Sales- - 2,096 2,580 1,440 3,300 1,380 2,100 Transfers In- - - - - - - - Total20,000 191 2,372 23,118 2,349 3,072 39,532 2,100 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 66,575 Balance Sheet Effects- - - - - - - - Revenues20,000 191 2,372 23,118 2,349 3,072 39,532 2,100 Expenditures- - (10,322) (7,327) (2,339) (4,071) - - Cash Balance - Ending20,000$ 20,191$ 12,241$ 28,032$ 28,042$ 27,043$ 66,575$ 68,675$ Y:\Budget\2024\Cash Flows\Special Revenue Funds215-Vireo Health2 - Special Revenue - Cash Flows City of OtsegoLawful Gambling FundCash Flow SummaryRevised: June 5, 2023Actual Forecast2022 2023RevenuesLawful Gambling 57,686$ 11,864$ Investment Interest(3,039) - Transfers In82,349 - Total136,996 11,864 ExpensesSupplies- - Other Charges & Services- - Capital Outlay- - Capital Outlay (CIP)- - Transfers Out- - Total- - Cash Balance - Beginning- 122,644 Balance Sheet Effects(14,352) 14,352 Revenues136,996 11,864 Expenditures- - Cash Balance - Ending122,644$ 148,860$ LAWFUL GAMBLING TRACKINGRogers Youth Hockey53,758 11,601 Rogers Lions3,928 263 Total57,686 11,864 Difference(0) - Y:\Budget\2024\Cash Flows\Special Revenue Funds216-Lawful Gambling2 - Special Revenue - Cash Flows City of OtsegoStreet Light DistrictCash Flow SummaryRevised: June 5, 2023Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast2014 2015 2016 2017 2018 2019 2020 2021 2022 2023RevenuesCharges for Services 34,476$ 27,006$ 12,401$ 11,323$ -$ -$ -$ -$ -$ -$ Development Fees - - 7,400 - - 4,181 55,650 35,190 - - Investment Interest 1,223 623 903 1,117 1,293 3,150 2,824 (711) (2,137) - Miscellaneous - - - - - - - - - - Transfers In - - - - - - - - - - Total 35,699 27,629 20,704 12,440 1,293 7,331 58,474 34,479 (2,137) - ExpensesPersonal Servcies - - - - - - - - - - Supplies - - - - - - - - - - Utility Fees 9,683 9,500 9,326 10,384 - - - - - - Services & Other Charges- - - - - - - - - - Capital Outlay- - 7,400 - 35,000 31,800 26,500 68,900 - - Capital Outlay (CIP)- - - - - - - - - - Transfers Out- - - - - - - - - - Total9,683 9,500 16,726 10,384 35,000 31,800 26,500 68,900 - - Cash Balance - Beginning71,527 95,889 110,670 116,431 118,589 89,513 65,044 97,266 64,772 62,635 Balance Sheet Effects(1,654) (3,348) 1,783 102 4,631 - 248 1,927 - - Revenues35,699 27,629 20,704 12,440 1,293 7,331 58,474 34,479 (2,137) - Expenditures(9,683) (9,500) (16,726) (10,384) (35,000) (31,800) (26,500) (68,900) - - Cash Balance - Ending95,889$ 110,670$ 116,431$ 118,589$ 89,513$ 65,044$ 97,266$ 64,772$ 62,635$ 62,635$ 2 - Special Revenue - Cash Flows City of OtsegoDevelopment Revolving FundCash Flow SummaryRevised: June 5, 2023Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast2014 2015 2016 2017 2018 2019 2020 2021 2022 2023RevenuesProperty Taxes 22,911$ 23,000$ 88,814$ 81,385$ 65,546$ 60,816$ 56,491$ 45,874$ -$ -$ Investment Interest 3,730 1,710 2,285 2,829 5,300 13,669 12,426 (2,744) (9,341) - Conduit Debt Issuance Fees 83,000 - - 50,000 - - - - - - Transfers In - - - - - - - - - - Total 109,641 24,710 91,099 134,214 70,846 74,485 68,917 43,130 (9,341) - ExpensesAbatement - Boondox 6,000 2,600 - - - - - - - - Abatement - Gateway 2nd 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 - - Total24,337 22,885 81,931 81,237 63,302 60,039 54,985 145,874 - - Cash Balance - Beginning216,259 285,615 287,322 296,490 349,467 357,011 371,457 385,389 282,645 273,304 Balance Sheet Effects(15,948) (118) - - - - - - Revenues109,641 24,710 91,099 134,214 70,846 74,485 68,917 43,130 (9,341) - Expenditures(24,337) (22,885) (81,931) (81,237) (63,302) (60,039) (54,985) (145,874) - - Cash Balance - Ending285,615$ 287,322$ 296,490$ 349,467$ 357,011$ 371,457$ 385,389$ 282,645$ 273,304$ 273,304$ 2 - Special Revenue - Cash Flows City of OtsegoTax Increment District No. 1Great River CenterCash Flow SummaryRevised: June 5, 2023Actual Forecast2022 2023 2024 2025 2026 2027RevenuesTax Increments 93,966$ 85,412$ 102,486$ 102,486$ 102,486$ -$ Investment Interest - - - - - - Miscellaneous - - - - - - Transfers In - - - - - - Total 93,966 85,412 102,486 102,486 102,486 - ExpensesPersonal Services 887 900 900 900 900 900 Services & Other Charges 1,358 1,500 1,500 1,500 1,500 1,500 PAYGO Note Payment 84,919 80,720 84,554 92,237 92,237 46,118 Transfers Out - - - - - - Total 87,164 83,120 86,954 94,637 94,637 48,518 Cash Balance - Beginning57,233 64,034 66,326 81,858 89,706 97,555 Balance Sheet Effects (1) Revenues 93,966 85,412 102,486 102,486 102,486 - Expenditures (87,164) (83,120) (86,954) (94,637) (94,637) (48,518) Cash Balance - Ending64,034$ 66,326$ 81,858$ 89,706$ 97,555$ 49,037$ Projected2 - Special Revenue - Cash Flows City of OtsegoTax Increment District No. 3Riverview LandingCash Flow SummaryRevised: June 5, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033RevenuesTax Increments 173,111$ 205,956$ 231,946$ 231,946$ 231,946$ 231,946$ 231,946$ 231,946$ 231,946$ 231,946$ 231,946$ 231,946$ Investment Interest - - - - - - - - - - - - Miscellaneous - - - - - - - - - - - - Transfers In - - - - - - - - - - - - Total 173,111 205,956 231,946 231,946 231,946 231,946 231,946 231,946 231,946 231,946 231,946 231,946 ExpensesPersonal Services 1,031 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 Services & Other Charges 1,358 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 PAYGO Note Payment 157,041 170,580 197,056 208,752 208,752 208,752 208,752 208,752 208,752 208,752 208,752 208,752 Transfers Out- - - - - - - - - - - - Total159,430 173,180 199,656 211,352 211,352 211,352 211,352 211,352 211,352 211,352 211,352 211,352 Cash Balance - Beginning108,533 122,214 154,990 187,280 207,875 228,469 249,063 269,657 290,252 310,846 331,440 352,034 Balance Sheet Effects- Revenues173,111 205,956 231,946 231,946 231,946 231,946 231,946 231,946 231,946 231,946 231,946 231,946 Expenditures(159,430) (173,180) (199,656) (211,352) (211,352) (211,352) (211,352) (211,352) (211,352) (211,352) (211,352) (211,352) Cash Balance - Ending122,214$ 154,990$ 187,280$ 207,875$ 228,469$ 249,063$ 269,657$ 290,252$ 310,846$ 331,440$ 352,034$ 372,629$ Projected2 - Special Revenue - Cash Flows City of OtsegoTax Increment District No. 4Riverbend NorthCash Flow SummaryRevised: June 5, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033RevenuesTax Increments 169,740$ 199,745$ 246,218$ 246,218$ 246,218$ 246,218$ 246,218$ 246,218$ 246,218$ 246,218$ 246,218$ 246,218$ Investment Interest - - - - - - - - - - - - Miscellaneous - - - - - - - - - - - - Transfers In - - - - - - - - - - - - Total 169,740 199,745 246,218 246,218 246,218 246,218 246,218 246,218 246,218 246,218 246,218 246,218 ExpensesPersonal Services 1,247 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 Services & Other Charges 1,358 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 PAYGO Note Payment (A) 79,277 87,753 105,917 116,954 116,954 116,954 116,954 116,954 116,954 116,954 116,954 116,954 PAYGO Note Payment (B)79,277 87,753 105,917 116,954 116,954 116,954 116,954 116,954 116,954 116,954 116,954 116,954 Transfers Out- - - - - - - - - - - - Total161,159 178,205 214,533 236,607 236,607 236,607 236,607 236,607 236,607 236,607 236,607 236,607 Cash Balance - Beginning26,271 34,852 56,392 88,077 97,688 107,300 116,911 126,522 136,133 145,745 155,356 164,967 Balance Sheet EffectsRevenues169,740 199,745 246,218 246,218 246,218 246,218 246,218 246,218 246,218 246,218 246,218 246,218 Expenditures(161,159) (178,205) (214,533) (236,607) (236,607) (236,607) (236,607) (236,607) (236,607) (236,607) (236,607) (236,607) Cash Balance - Ending34,852$ 56,392$ 88,077$ 97,688$ 107,300$ 116,911$ 126,522$ 136,133$ 145,745$ 155,356$ 164,967$ 174,578$ Projected2 - Special Revenue - Cash Flows City of Otsego Debt Service Fund Budget - 2024 Revenue & Expenditure Summary Unaudited Actual Actual Year-to-Date Budget Budget 2021 2022 2023 2023 2024 Revenues Taxes 289,551$ 547,187$ -$ 544,416$ 392,381$ Special Assessments 797,337 263,594 4,548 186,238 176,239 Bond Proceeds - - - - - Subtotal 1,086,888 810,781 4,548 730,654 568,620 Expenditures Principal 685,000 660,000 685,000 685,000 460,000 Interest 134,762 144,431 66,078 119,406 98,406 Fiscal Agent Fee's 787 1,347 495 1,000 1,000 Subtotal 820,549 805,778 751,573 805,406 559,406 Excess (Deficiency) of Revenues Over (Under) Expenditures 266,340$ 5,003$ (747,025)$ (74,752)$ 9,214$ Description - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2021 2022 2023 2023 2024 Actual Actual Year-to-Date Budget Budget Principal Interest Revenues 3 - Debt Service - Budget Details City of Otsego Debt Service Fund Budget - 2024 Fund 376 - G.O. Improvement Bonds, Series 2018A Mississippi Shores Renewal & Kadler Avenue Construction Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2021 2022 2023 2023 2024 Revenues 376 47000 31010 CURRENT AD VALOREM TAXES 94,551$ 97,187$ -$ 94,416$ 102,144$ 376 47000 36100 SPECIAL ASSESSMENTS 147,579 155,356 4,548 129,762 121,866 376 47000 36210 INTEREST EARNINGS - - - - - 376 47000 39230 BOND PREMIUM - - - - - 376 47000 39300 BOND PROCEEDS - - - - - TOTAL 242,130 252,543 4,548 224,178 224,010 Expenditures 376 47000 601 PRINCIPAL 180,000 185,000 190,000 190,000 190,000 376 47000 602 INTEREST 61,606 56,131 26,678 50,506 44,806 376 47000 620 FISCAL AGENT FEE'S 641 674 - 500 500 376 47000 720 TRANSFERS OUT - - - - - TOTAL 242,247 241,805 216,678 241,006 235,306 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (118)$ 10,738$ (212,130)$ (16,828)$ (11,296)$ Fund 376 - G.O. Improvement Bonds, Series 2018A Account Number 3 - Debt Service - Budget Details City of Otsego Debt Service Fund Budget - 2024 Fund 380 - G.O. Improvement Refunding Bonds, Series 2020A Queens Avenue & CSAH 42 Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2021 2022 2023 2023 2024 Revenues 380 47000 31010 CURRENT AD VALOREM TAXES 195,000$ 450,000$ -$ 450,000$ 290,237$ 380 47000 36100 SPECIAL ASSESSMENTS 649,759 108,238 - 56,476 54,373 380 47000 39200 TRANSFERS IN - - - - - 380 47000 39300 BOND PROCEEDS - - - - - 380 47000 39320 BOND PREMIUM - - - - - TOTAL 844,759 558,238 - 506,476 344,610 Expenditures 380 47000 601 PRINCIPAL 505,000 475,000 495,000 495,000 270,000 380 47000 602 INTEREST 73,156 88,300 39,400 68,900 53,600 380 47000 620 FISCAL AGENT FEE'S 146 674 495 500 500 TOTAL 578,302 563,974 534,895 564,400 324,100 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 266,457$ (5,735)$ (534,895)$ (57,924)$ 20,510$ Fund 380 - G.O. Improvement Refunding Bonds, Series 2020A Account Number 3 - Debt Service - Budget Details City of OtsegoDebt Service Funds - Cash Flows AnalysisFund 376 - G.O. Improvement Bonds, Series 2018AMississippi Shores Renewal & Kadler Avenue ConstructionRevised: June 5, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 CommentsRevenues:Property Taxes 97,187$ 94,416$ 102,144$ 104,308$ 106,313$ 113,412$ 114,946$ 9,232$ 12,592$ 10,544$ 13,662$ 11,365$ -$ Levy per Bond Issuance DocumentsSpecial Assessments 155,356 125,594 121,866 118,137 114,408 110,679 106,950 56,120 54,040 51,960 49,879 47,799 - Not included = Delinquents ($218)Interest on Investments - - - - - - - - - - - - - Bond Proceeds - - - - - - - - - - - - - Transfers In - - - - - - - - - - - - - Total 252,543 220,010 224,010 222,445 220,721 224,091 221,896 65,352 66,632 62,504 63,541 59,164 - Expenditures:Principal185,000 190,000 190,000 200,000 205,000 210,000 220,000 225,000 60,000 65,000 65,000 70,000 70,000 Interest56,131 50,506 44,806 38,956 32,881 26,656 20,206 13,531 9,256 7,381 5,391 3,282 1,094 Fiscal Agent Fees674 500 500 500 500 500 500 500 500 500 500 500 500 Transfers Out- - - - - - - - - - - - - Total241,805 241,006 235,306 239,456 238,381 237,156 240,706 239,031 69,756 72,881 70,891 73,782 71,594 Cash Balance - Beginning429,354 440,134 419,138 407,842 390,831 373,171 360,106 341,296 167,617 164,493 154,116 146,766 132,148 Change in Accruals42 Revenues252,543 220,010 224,010 222,445 220,721 224,091 221,896 65,352 66,632 62,504 63,541 59,164 - Expenditures(241,805) (241,006) (235,306) (239,456) (238,381) (237,156) (240,706) (239,031) (69,756) (72,881) (70,891) (73,782) (71,594) Cash Balance - Ending440,134$ 419,138$ 407,842$ 390,831$ 373,171$ 360,106$ 341,296$ 167,617$ 164,493$ 154,116$ 146,766$ 132,148$ 60,554$ Debt Service Until 2034Principal Balance1,770,000 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\2024\Cash Flows\Debt Service Funds376-IMP 2018A4 - Debt Service - Cash Flows City of OtsegoDebt Service Funds - Cash Flows AnalysisFund 380 - G.O. Improvement Refunding Bonds, Series 2020AQueens Avenue & CSAH 42Revised: June 5, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 CommentsRevenues:Property Taxes 450,000$ 450,000$ 290,237$ 291,080$ 307,252$ 349,440$ -$ Levy per Bond Issuance DocumentsSpecial Assessments 108,238 56,476 54,373 52,270 50,168 - - Not included = Deferreds ($28k)Interest on Investments - - - - - - - Bond Proceeds - - - - - - - Transfers In - - - - - - - Total 558,238 506,476 344,610 343,350 357,420 349,440 - Expenditures:Principal 475,000 495,000 270,000 280,000 290,000 315,000 320,000 Interest 88,300 68,900 53,600 42,600 31,200 19,100 6,400 Fiscal Agent Fees 674 500 500 500 500 500 500 Transfers Out - - - - - - - Total 563,974 564,400 324,100 323,100 321,700 334,600 326,900 Cash Balance - Beginning751,896 746,193 688,269 708,779 729,029 764,749 779,589 Change in Accruals33 Revenues558,238 506,476 344,610 343,350 357,420 349,440 - Expenditures(563,974) (564,400) (324,100) (323,100) (321,700) (334,600) (326,900) Cash Balance - Ending746,193$ 688,269$ 708,779$ 729,029$ 764,749$ 779,589$ 452,689$ Debt Service Until 2028Principal Balance1,970,000 1,475,000 1,205,000 925,000 635,000 320,000 - Blue cells = projections.ProjectedY:\Budget\2024\Cash Flows\Debt Service Funds380-IMP 2020A4 - Debt Service - Cash Flows City of OtsegoDebt Service Funds - Cash Flows AnalysisFund 380 - G.O. Improvement Refunding Bonds, Series 2020AQueens Avenue & CSAH 42Revised: June 5, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 CommentsRevenues:Property Taxes 450,000$ 450,000$ 197,000$ 197,000$ 197,000$ 197,000$ -$ Alternative Levy - Calculated by StaffSpecial Assessments108,238 56,476 54,373 52,270 50,168 - - Not included = Deferreds ($28k)Interest on Investments- - - - - - - Bond Proceeds- - - - - - - Bond Schedule Alternative #1Transfers In- - - - - - - 2024 290,237 197,000 Total558,238 506,476 251,373 249,270 247,168 197,000 - 2025 291,080 197,000 2026 307,252 197,000 Expenditures:2027 349,440 197,000 Principal475,000 495,000 270,000 280,000 290,000 315,000 320,000 Interest88,300 68,900 53,600 42,600 31,200 19,100 6,400 Total1,238,009 788,000 Fiscal Agent Fees674 500 500 500 500 500 500 Savings of:450,009 Transfers Out- - - - - - - Total563,974 564,400 324,100 323,100 321,700 334,600 326,900 Cash Balance - Beginning751,896 746,193 688,269 615,542 541,712 467,180 329,580 Expenses1,630,400 Change in Accruals33 Assessments(156,811) Revenues558,238 506,476 251,373 249,270 247,168 197,000 - Reserves(688,269) Expenditures(563,974) (564,400) (324,100) (323,100) (321,700) (334,600) (326,900) Need to Levy785,320 Cash Balance - Ending746,193$ 688,269$ 615,542$ 541,712$ 467,180$ 329,580$ 2,680$ Debt Service Until 2028Per Year - 4 Years 196,330 Principal Balance1,970,000 1,475,000 1,205,000 925,000 635,000 320,000 - Blue cells = projections.ProjectedY:\Budget\2024\Cash Flows\Debt Service Funds380-IMP 2020A4 - Debt Service - Cash Flows