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Item 2. 2023 Street Maintenance Projects - Review Proposed Modifications
City of Otsego Capital Project Tracking 2023 Street Maintenance CIP Budget Bid Proposed Maintenance Fog & Seal Coat 119,515.00 114,145.00 72,905.00 Striping 44,617.00 93,093.76 93,093.76 Sub-Total - Construction 164,132.00 207,238.76 165,998.76 Engineering 17,927.00 10,361.94 8,299.94 Total - Street Maintenance Project 182,059.00 217,600.70 174,298.70 Micro-Surface Construction 642,954.00 753,810.82 542,072.73 Engineering 96,443.00 37,690.54 27,103.64 Total - Micro-Surface Project 739,397.00 791,501.36 569,176.37 Mill & Overlay Construction -- 615,788.49 Engineering -- 30,789.42 Total - Mill & Overlay Project -- 646,577.91 Grand Total 921,456.00 1,009,102.06 1,390,052.98 Percent of Maintenance Budget 100.00%109.51%150.85% CIP Budget - Maintenance 1,084,151.00 Less: Crack Filling (84,462.00) Less: Contracted Patching (78,233.00) Net Budget - Maintenance 921,456.00 CIP Budget - Maintenance 1,084,151.00 Revised Bid - Maintenance (174,298.70) Revised Bid - Micro-Surface (569,176.37) Engineer Estimate - Mill & Overlay (646,577.91) Quoted - Crack Filling (84,462.00) Quoted - Contracted Patching (74,958.75) CIP Budget - Renewal 1,186,887.00 Bid - Renewal (1,196,053.00) Net Budget - Pavement (474,488.73) Item 2. City of OtsegoPavement Management FundCash Flow SummaryRevised: June 23, 2023 0.00% -9.09% -10.00% -11.11% -12.50% -14.29% -16.67% 0.00% 0.00% 0.00% 0.00% Change in Property Tax LevyActual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 CommentsRevenuesProperty Taxes 1,100,000$ 1,100,000$ 1,000,000$ 900,000$ 800,000$ 700,000$ 600,000$ 500,000$ 500,000$ 500,000$ 500,000$ 500,000$ Intergovernmental (MSA) 291,478 296,100 297,581 299,068 300,564 302,067 303,577 305,095 306,620 308,153 309,694 311,243 MSA Maintenance (1/2% Annual Inflation)Intergovernmental (LGA) - - - - - - - - - - - - Franchise Fees (Actual) 211,890 - - - - - - - - - - - Actual Franchise Fee ReceiptsFranchise Fees (Future) - 847,560 856,036 864,596 873,242 881,974 890,794 899,702 908,699 917,786 926,964 936,234 Based on Prior Year ActualFranchise Fees (New Growth) - 8,476 8,560 8,646 8,732 8,820 8,908 8,997 9,087 9,178 9,270 9,362 Based on Expected Growth (1% Increase)Special Assessments (Actual) 43,660 - - - - - - - - - - - Actual Wright County SettlementsSpecial Assessments (Levied) - 36,426 32,716 31,775 26,835 22,309 14,224 13,769 13,313 12,858 10,903 - Existing levied assessmentsSpecial Assessments (Future) - - 25,127 24,547 67,549 65,963 64,378 62,792 84,346 82,227 84,508 82,287 Assessments on future projectsInvestment Interest (184,452) - - - - - - - - - - - Refunds & Reimbursements 9,086 - - - - - - - - - - - Debt Issuance - - - - - - - - - - - - Transfers In - - - - - - - - - - - - Total 1,471,662 2,288,562 2,220,019 2,128,632 2,076,922 1,981,133 1,881,881 1,790,355 1,822,065 1,830,202 1,841,339 1,839,125 ExpensesEngineering 103,218 - - - - - - - - - - - Other Charges & Services 2,872 - - - - - - - - - - - Capital Outlay1,348,510 - - - - - - - - - - - Capital Outlay (CIP-Maintenance)- 902,896 721,922 1,127,148 811,629 1,333,762 788,695 923,236 1,070,057 1,124,384 1,681,382 1,048,511 2023 (Bid) / 2024-2032 CIP / 2033 = AverageCapital Outlay (CIP-Mill+Overlay)- 646,578 - - - - - - - - - - **NEW**Capital Outlay (CIP-Renewal)- 1,196,053 - 1,925,890 - - - 2,246,659 - 788,061 - 1,539,166 2023 (Bid) / 2024-2032 CIP / 2033 = AverageCapital Outlay (CIP-MSA) - - - - - 3,180,709 - 368,989 - 1,149,932 - - 2023-2032 CIPTransfers Out - - - - - - - - - - - - Total 1,454,600 2,745,527 721,922 3,053,038 811,629 4,514,471 788,695 3,538,884 1,070,057 3,062,377 1,681,382 2,587,677 Cash Balance - Beginning5,682,063 5,346,134 4,889,169 6,387,266 5,462,860 6,728,153 4,194,815 5,288,001 3,539,472 4,291,480 3,059,305 3,219,262 Balance Sheet Effects (352,991) Revenues 1,471,662 2,288,562 2,220,019 2,128,632 2,076,922 1,981,133 1,881,881 1,790,355 1,822,065 1,830,202 1,841,339 1,839,125 Expenditures (1,454,600) (2,745,527) (721,922) (3,053,038) (811,629) (4,514,471) (788,695) (3,538,884) (1,070,057) (3,062,377) (1,681,382) (2,587,677) Cash Balance - Ending 5,346,134$ 4,889,169$ 6,387,266$ 5,462,860$ 6,728,153$ 4,194,815$ 5,288,001$ 3,539,472$ 4,291,480$ 3,059,305$ 3,219,262$ 2,470,711$ Cash Balance - % of Next Year Capital195% 677% 209% 673% 149% 532% 149% 331% 140% 182% 124%Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds201-Pavement Management