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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: October 23, 2023 SUBJECT: Budget Meeting #6 On Monday, Council and staff will continue the 2024 budgeting discussions and will focus on the Capital Improvement Plan (CIP). Please note that the staff is seeking Council input during this budget review meeting to move the budgeting process forward effectively and efficiently. I have developed an outline of discussion topics below. Previous Meetings At the regular meeting on September 25, 2023, the City Council adopted a resolution setting the preliminary property tax levy for taxes payable 2024. Capital Project Funds The City maintains multiple capital project funds. None of these funds have an adopted revenue or expenditure budgets; rather, the expenditure activity of the respective funds is included within the City’s ten-year Capital Improvement Plan (CIP). Staff will review source and use cash flow projections with the City Council and further discuss recommendations on how to continue to provide adequate funding. A short narrative for each capital project fund that will be discussed: Pavement Management This fund accounts for nearly all the street maintenance and renewal projects in the City. The funding for these projects comes from a property tax levy, franchise fees, special assessments, and municipal state aid maintenance dollars. Trails Management This fund accounts for the ongoing costs associated with the maintenance of the City’s trail system as well as the parking lots within the City’s Park system. Annual costs typically include crack filling, seal coating and trail renewals. The Park system continues to grow each year as the City builds new parks and trails. City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441-4414 Fax (763) 441-9163 Park Development This fund accounts for the accumulation of resources, primarily through park dedication fees and grant revenues to provide for the acquisition and construction of new park sites, new park amenities, buildings, and facilities throughout our growing City. Parks Capital Equipment This fund accounts for the accumulation of resources to provide for future replacement of major park capital items, including but not limited to parking lots, shelters, and playground equipment. The funding for these future expenditures solely comes from a property tax levy. Revolving Capital Equipment This fund accounts for the expenditure of funds associated with the City’s vehicle and equipment fleet. These expenditures are evaluated annually by staff and the City Council during the budget process and again in the year of purchase. The funding for these vehicle and equipment purchases comes from property tax levies or sales of end-of-life fleet items. Fire Reserve This fund accounts for the accumulation of resources for future costs associated with the purchase of fire apparatus and the construction of a fire station(s) within the City. As the City progresses with the development and startup of the Emergency Services Department, the purpose of this fund will shift to accumulating resources for the replacement of fire apparatus and respective equipment. The funding for these expenditures is currently provided by a property tax levy, and in the future will also be provided by grant revenues as applicable. Storm Water This levy is for the costs associated with the ongoing review, monitoring, repair, maintenance, and improvement of the storm water systems established prior to current requirements under the Clean Water Act. The funding for these expenditures solely comes from a property tax levy. Capital Improvements This fund accounts for the accumulation of resources to finance future capital improvements. The fund does not have a specific ongoing revenue source. City Buildings & Property Maintenance This fund accounts for the accumulation of resources to finance City buildings and property maintenance projects. As the City progresses with the Campus Facilities Projects, a few capital items will be reevaluated and budgeted accordingly based on need. Bond Issuance and Unfunded Projects City staff will review several projects that are in process including the construction of a Fire Station and the Campus Facilities Projects that will be financed with the issuance of bonds. There are several projects that staff will review that are on the radar for improvements to the transportation and pedestrian infrastructure system that will provide for additional housing, economic development, and public safety. City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441-4414 Fax (763) 441-9163 Property Tax Levy City staff will review a projection of future property tax levies beyond 2024 to provide the City Council with a sense of the impacts of the Capital Improvement Plan (CIP) on the property tax levy. The property tax levy for taxes payable 2024 remains unchanged from the amount adopted by the City Council in September 2023. City staff will continue to evaluate opportunities to reduce the property tax levy and will incorporate direction received from the City Council during this meeting. Fund Balance Policy – Calculation of Transfer The unassigned fund balance from year-end 2022 is $4,300,321, or 45% of the draft general fund budget for 2024. The City’s fund balance policy outlines that the ending fund balance in the General Fund should be 45% of the subsequent year’s budget. The policy further outlines that any balance more than the defined 45% minimum can be transferred to a capital reserve fund at the Council’s discretion. This transfer is calculated to be $710,829 and will be reviewed by the City Council. The pending net fund balance after the transfer is $3,589,492, or 38% of the draft general fund budget for 2024. The City Council provided direction at a previous meeting to include the fund balance policy transfer as a reduction of the total levy. City staff will prepare a resolution approving the transfer of funds into a new debt service fund that will account for the revenues and expenditures of the future bond issuance for the Campus Facilities Projects. This resolution will be considered by the City Council at a future meeting, but prior to year-end 2023. Next Meetings November 27 – At this meeting, the City Council will review the operating and capital budgets for the Storm Water, Water, and Sanitary Sewer Utility funds. December 11 – At this meeting, the Council will adopt final operating budgets for 2024, the Final Tax Levy for Taxes Payable 2024, and the Capital Improvement Plan (CIP). Materials Attached for Discussion 1) Capital Improvement Plan Packet – Streets 2) Capital Improvement Plan Packet – Parks 3) Capital Improvement Plan Packet – Public Safety 4) Capital Improvement Plan Packet - General Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #201 - Pavement Management216,400216,400Street Maintenance - 2024STREET-24-011,186,0191,186,019Street Reclaim Project - 2024STREET-24-021,318,6501,318,650Mill and Overlay Project - 2024STREET-24-03509,361509,361Street Micro-Surface Project - 2024STREET-24-042,859,197309,235 348,108 318,771 292,747 354,516 322,346 293,488 356,251263,735Street Maintenance - 2025 to 2033STREET-25-012,749,597791,206 962,412 542,510453,469Street Reclaim Projects - 2025 to 2033STREET-25-0210,599,964863,008 936,859 2,042,330 2,186,925647,021 1,283,647 111,823 1,287,2681,241,083Mill and Overlay Projects - 2025 to 2033STREET-25-034,454,114532,156 408,329 299,056 213,757 642,170 304,870 314,074 1,066,549673,153Street Micro-Surface Projects - 2025 to 2033STREET-25-04201 - Pavement Management Total23,893,3023,230,430 1,704,399 2,484,502 2,660,157 2,693,429 2,606,119 2,453,373 719,385 2,710,068 2,631,4403,230,430 1,704,399 2,484,502 2,660,157 2,693,42923,893,302GRAND TOTAL2,606,119 2,453,373 719,385 2,710,068 2,631,440Streets CIP - 1 City of OtsegoPavement Management FundCash Flow SummaryRevised: October 19, 2023 0.00% -9.09% -5.00% -5.26% -5.56% -5.88% -6.25% -6.67% -7.14% -7.69% -8.33% 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$ 950,000$ 900,000$ 850,000$ 800,000$ 750,000$ 700,000$ 650,000$ 600,000$ 550,000$ 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) 211,890 894,141 - - - - - - - - - - Actual Franchise Fee ReceiptsFranchise Fees (Future) - - 894,141 903,082 912,113 921,234 930,447 939,751 949,149 958,640 968,227 977,909 Based on Prior Year ActualFranchise Fees (New Growth) - - 8,941 9,031 9,121 9,212 9,304 9,398 9,491 9,586 9,682 9,779 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 & Reimbursements9,086 - - - - - - - - - - - Debt Issuance- - - - - - - - - - - - Transfers In- - - - - - - - - - - - Total1,471,662 2,326,667 2,258,506 2,217,504 2,216,182 2,170,785 2,121,930 2,080,804 2,062,919 2,021,465 1,983,014 1,931,218 ExpensesEngineering103,218 - - - - - - - - - - - Other Charges & Services2,872 - - - - - - - - - - - Capital Outlay1,348,510 - - - - - - - - - - - Capital Outlay (CIP-Maintenance)- 333,720 216,400 309,235 348,108 318,771 292,747 354,516 322,346 293,488 356,251 263,735 2023 (Bid) / 2024-2033 CIPCapital Outlay (CIP-Microsurface) - 569,176 509,361 532,156 408,329 299,056 213,757 642,170 304,870 314,074 1,066,549 673,153 2023 (Bid) / 2024-2033 CIPCapital Outlay (CIP-Mill+Overlay)- 491,481 1,318,650 863,008 936,859 2,042,330 2,186,925 647,021 1,283,647 111,823 1,287,268 1,241,083 2023 (Bid) / 2024-2033 CIPCapital Outlay (CIP-Renewal)- 1,196,053 1,186,019 - 791,206 - - 962,412 542,510 - - 453,469 2023 (Bid) / 2024-2033 CIPCapital Outlay (CIP-MSA) - - - - - - - - - - - - Transfers Out - - - - - - - - - - - - Total 1,454,600 2,590,430 3,230,430 1,704,399 2,484,502 2,660,157 2,693,429 2,606,119 2,453,373 719,385 2,710,068 2,631,440 Cash Balance - Beginning5,682,063 5,346,134 5,082,371 4,110,447 4,623,552 4,355,232 3,865,860 3,294,361 2,769,046 2,378,593 3,680,673 2,953,619 Balance Sheet Effects (352,991) Revenues 1,471,662 2,326,667 2,258,506 2,217,504 2,216,182 2,170,785 2,121,930 2,080,804 2,062,919 2,021,465 1,983,014 1,931,218 Expenditures (1,454,600) (2,590,430) (3,230,430) (1,704,399) (2,484,502) (2,660,157) (2,693,429) (2,606,119) (2,453,373) (719,385) (2,710,068) (2,631,440) Cash Balance - Ending 5,346,134$ 5,082,371$ 4,110,447$ 4,623,552$ 4,355,232$ 3,865,860$ 3,294,361$ 2,769,046$ 2,378,593$ 3,680,673$ 2,953,619$ 2,253,396$ Cash Balance - % of Next Year Capital206%157%241%186%164%144%126%113%331%136%112%Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds201-Pavement ManagementStreets CIP - 2 2024 through 2033 Capitol Improvement Projects YEAR CONST.ENG.-O/H-CONT. PROJECT TOTAL CONST.ENG-OH-CONT. PROJECT TOTAL CONST.ENG-OH-CONT. PROJECT TOTAL PROACTIVE PROJECT TOTAL 2024 1,031,321$ 154,698$ 1,186,019$ 1,146,653$ 171,998$ 1,318,650$ 442,922$ 66,438$ 509,361$ 3,014,030$ 2025 -$ -$ -$ 750,441$ 112,566$ 863,008$ 462,745$ 69,412$ 532,156$ 1,395,164$ 2026 688,005$ 103,201$ 791,206$ 814,660$ 122,199$ 936,859$ 355,068$ 53,260$ 408,329$ 2,136,394$ 2027 -$ -$ -$ 1,775,939$ 266,391$ 2,042,330$ 260,049$ 39,007$ 299,056$ 2,341,386$ 2028 -$ -$ -$ 1,901,674$ 285,251$ 2,186,925$ 185,876$ 27,881$ 213,757$ 2,400,682$ 2029 836,880$ 125,532$ 962,412$ 562,627$ 84,394$ 647,021$ 558,408$ 83,761$ 642,170$ 2,251,603$ 2030 471,748$ 70,762$ 542,510$ 1,116,215$ 167,432$ 1,283,647$ 265,104$ 39,766$ 304,870$ 2,131,027$ 2031 -$ -$ -$ 97,238$ 14,586$ 111,823$ 273,108$ 40,966$ 314,074$ 425,898$ 2032 -$ -$ -$ 1,119,364$ 167,905$ 1,287,268$ 927,433$ 139,115$ 1,066,549$ 2,353,817$ 2033 394,321$ 59,148$ 453,469$ 1,079,202$ 161,880$ 1,241,083$ 585,350$ 87,803$ 673,153$ 2,367,704$ 20,817,705$ 2,081,771$ RECLAIM MILL & OVERLAY MICRO SURFACE (COLLECTORS ONLY) 10 YR TOTAL YEARLY AVG S:\Municipal\AOTSEGO\387 Road Maintenance\ROADWAY MGMT PLAN\2023\10 yr Plan Street Maintenance Cost (2023-2032) by MPK Streets CIP - 3 2024 through 2033 Street Maintenance FOG/STRIPE ENG-OH-CONT. PROJECT TOTAL CRACK FILL PATCHING PROJECT TOTAL PREVENTATIVE MAINTENANCE TOTAL GRAND TOTAL 45,509$ 4,551$ 50,060$ 86,151$ 80,189$ 166,340$ 216,400$ 3,230,430$ 124,693$ 12,469$ 137,163$ 87,874$ 84,198$ 172,072$ 309,235$ 1,704,399$ 160,257$ 16,026$ 176,283$ 89,632$ 82,193$ 171,825$ 348,108$ 2,484,502$ 128,221$ 12,822$ 141,043$ 91,425$ 86,303$ 177,728$ 318,771$ 2,660,157$ 104,769$ 10,477$ 115,246$ 93,253$ 84,248$ 177,501$ 292,747$ 2,693,430$ 155,398$ 15,540$ 170,938$ 95,118$ 88,461$ 183,579$ 354,516$ 2,606,119$ 126,337$ 12,634$ 138,971$ 97,020$ 86,354$ 183,375$ 322,346$ 2,453,373$ 94,414$ 9,441$ 103,855$ 98,961$ 90,672$ 189,633$ 293,488$ 719,386$ 151,634$ 15,163$ 166,798$ 100,940$ 88,513$ 189,453$ 356,251$ 2,710,068$ 61,670$ 6,167$ 67,837$ 102,959$ 92,939$ 195,898$ 263,735$ 2,631,439$ 3,075,598$ 23,893,303$ 307,560$ 2,389,330$ 10 YR TOTAL YEARLY AVG MAINTENANCE (FOG & STRIPE)QUOTED PROJECTS S:\Municipal\AOTSEGO\387 Road Maintenance\ROADWAY MGMT PLAN\2023\10 yr Plan Street Maintenance Cost (2023-2032) by MPK Streets CIP - 4 ¯ 456738456738 456738 456742 456742 456742 456742 456736 456739 456739456739 456719 456719 §¨¦9 4 456737 456718 Micro-SurfaceKadler Ave NEPCI=57 Mill & OverlayOtsego Preserve 1st, 2nd & 3rd AdditionsPCI=54 Mill & OverlayArbor Creek 1st, 2nd & 3rd AdditionsArbor PlacePCI=51 ReclaimVasseur's Oak Grove EstatesPCI=45 Mill & OverlayNapier Ave NEPCI=66 Micro-SurfaceNashua Ave NEPCI=75 Micro-SurfaceNashua Ave NEPCI=75 Mill & OverlayMeadowlandsCedarburg EstatesPCI=48 ReclaimHall's 1st, 2nd & 3rd AdditionsPCI=54 Micro-SurfaceOtsego's WaterfrontPCI=66 Micro-SurfaceOtsego's Waterfront EastPCI=72 Mill & Overlay78th St NEQuaday Ave NEPCI=60 95TH 10160TH 85TH 80TH KADLER94 70TH O DEANRI V E RPAGEPARRISHMACIVERLABEAUXNASHUA75TH 53RD 83RD QUEENSJABER65THMASON78TH77THQUAMPARKMCALLISTER91STQUADAYJALGER90THMARLOWE PACKARDOHLAND96TH OGRENJA S O N O BRIAN89TH RAWLINGS58TH 101ST 61ST 88TH 87TH 72ND 73RD KALDERNABERQUINOAKWOODPARELL82ND 71ST 74TH 81ST 92ND 54THKAGANJANDEL 59TH 76THJAMESLANDER NEEDHAMRAMIERKAHLER6 2 N D 84TH 93 R D QUALELARGE105TH67THMARTIN FARMSRANDOLPH94TH 63RD 103RD O D E L L KITT R E D G E 51STO DAY 97TH MARSHALLLYDIAOCHOAQUIGLEY 99TH KALLANDQ U I L L E Y 69TH MARXPADGETT68TH 56TH 52NDNADALANA P I E R KALENDA LAMBERTO C E A N MACKENZIEMARTINLANNONLASALLEKAEDINGLAMONTRAD FO RD 79TH SIOUXLACHMAN 57THMA C L Y NN RATHBUNJANSEN75TH QU A K E RMARQUETTE 64T H PARQUET55TH 66THLANGLEY O DELLPARSONRANGERMACKENIZIEKAHLLANDAUODAYBIRCHPIN N A C L E LARA B E E Q U A N T R E L L E QU A R R Y QUENROEPALISADESMACLARENO'BRIANRAMSLUN DMANCHESTERLASALLE O'DELLKAISERKEADINGLANCASTERQUENROE89TH78TH 60TH 73RD PACKARD89TH89TH KALLAND88TH 75TH 76TH 62NDLARGEKALLAND ODAY73RD LAMONT61ST60THKAHLER78TH QUEENS10181ST 78TH 77TH 56TH RAMIER65TH 72NDLARGE65THO DELLO DAY76TH71ST73RD57TH RI V E R 78TH 6 5 T H 81ST 77TH 72NDQUILLEYOCHOA 74THO DAY62ND 73RD 84TH 77TH 94 JAM E S 65TH 77TH MARLOWE 75TH74TH 62ND 78TH MAC K E N Z I E K A G A N 77TH 54T H 79TH 54TH 70TH 78TH 74TH 67TH 58THJALGER71ST77THLANDERKITTREDGELARGE85TH LAMBERT 67TH JANSEN 92ND 71S T 72NDODELL 62NDPARRISH74TH 71ST MASON66THLANDER74TH MARTINOC H O A 79TH 71ST ODELL56TH 76TH 90TH OAKWOOD83RD 56T HLAMONT90TH 76TH 83RD 77THOAKWOOD 72ND PARKMACKENZIE70TH 81STOGRENKA H L E R MARXLAMBERTQUAM90TH 62NDJABER72ND67TH73RD 87T H 71ST OHL A ND 59TH 88TH 67TH MASON 10195TH 94 70TH 60TH RIVE RPARRISHLABEAUX90TH 53RD 65TH JASO N 72NDWILLOW 70TH 10194 70TH 60TH 85TH 80TH KADLERO DEAN70TH 60TH PAGEMACIVER75THNASHUA 65THQUEENSJABER78THMASON77 T H QUAM91ST MCALLISTERQUADAYJALGERPACKARDMARLOWE89TH 58THOGRENO BRIAN101ST 61ST 88TH 87TH 72ND73RDKALDERNABERQUIN82ND74TH 71ST 5 4 T H 59THKAGAN76THJANDELJAMES 62ND RAMIERKA H L E R 93RD 105TH QUALELARGE103RD69TH 68THKALENDAJA N S E N MACKENIZ I E 71ST73RD 89TH OGREN76TH 75TH 65THJALGER76TH 73RD 76TH89TH 85TH 77TH 78TH 78TH JABER78TH 71STJANSEN62ND PCI RATING MAP-2024 K:\GIS\Projects\Municipal\OTSEGO\OT387 (Streets)\2024\OT387-2024 PCI Rating Map.mxd Legend 33 34 - 48 49 - 51 52 - 57 58 - 63 64 - 69 70 - 75 76 - 81 82 - 87 88 - 93 94 - 100 August 14th, 2023 Future/Gravel Project Areas Micro-Surface Mill & Overlay Reclaim Streets CIP - 5 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #202 - Trail Management68,00068,000Trail MaintenanceTRAILS-24-01702,00070,000 72,000 74,000 76,000 78,000 80,000 82,000 84,00086,000Trail MaintenanceTRAILS-25-33345,000100,000 115,000 130,000Trail RenewalTRAILS-26-32202 - Trail Management Total1,115,00068,000 70,000 172,000 74,000 76,000 193,000 80,000 82,000 214,000 86,00068,000 70,000 172,000 74,000 76,0001,115,000GRAND TOTAL193,000 80,000 82,000 214,000 86,000Parks CIP - 1 City of OtsegoTrail Management FundCash Flow SummaryRevised: October 19, 2023 3.17% 7.69% 8.57% 7.89% 7.32% 6.82% 6.38% 6.00%5.66%5.36%5.08%Actual Forecast202220232024202520262027202820292030203120322033CommentsRevenuesProperty Taxes63,000$ 65,000$ 70,000$ 76,000$ 82,000$ 88,000$ 94,000$ 100,000$ 106,000$ 112,000$ 118,000$ 124,000$ Intergovernmental- - - - - - - - - - - - Investment Interest(9,426) - - - - - - - - - - - Miscellaneous- - - - - - - - - - - - Transfers In- - - - - - - - - - - - Total53,574 65,000 70,000 76,000 82,000 88,000 94,000 100,000 106,000 112,000 118,000 124,000 ExpensesEngineering- - - - - - - - - - - - Other Charges & Services16,500 - - - - - - - - - - - Capital Outlay62,303 134,450 - - - - - - - - - - Capital Outlay (CIP-Maintenance) - - 68,000 70,000 72,000 74,000 76,000 78,000 80,000 82,000 84,000 86,000 2024-2033 CIPCapital Outlay (CIP-Renewal) - - - - 100,000 - - 115,000 - - 130,000 - 2024-2033 CIPTransfers Out - - - - - - - - - - - - Total 78,803 134,450 68,000 70,000 172,000 74,000 76,000 193,000 80,000 82,000 214,000 86,000 Cash Balance - Beginning303,125 261,239 191,789 193,789 199,789 109,789 123,789 141,789 48,789 74,789 104,789 8,789 Balance Sheet Effects (16,657) Revenues 53,574 65,000 70,000 76,000 82,000 88,000 94,000 100,000 106,000 112,000 118,000 124,000 Expenditures (78,803) (134,450) (68,000) (70,000) (172,000) (74,000) (76,000) (193,000) (80,000) (82,000) (214,000) (86,000) Cash Balance - Ending261,239$ 191,789$ 193,789$ 199,789$ 109,789$ 123,789$ 141,789$ 48,789$ 74,789$ 104,789$ 8,789$ 46,789$ Cash Balance - % of Next Year Capital194%282%277%116%148%163%73%61%91%49%10%Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds202-Trail ManagementParks CIP - 2 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #203 - Park Development650,000650,000Ashwood Neighborhood ParkPARK-2024-01775,000775,000Carricks Landing River Access ImprovementsPARK-2024-0220,00020,000Prairie Park Master PlanPARK-2024-03154,170104,170 50,000Wayfinding SignagePARK-2024-04920,000920,000Land AcquisitionPARK-2024-0520,00020,000Natural Park Area ImprovementsPARK-2024-0680,00080,000River Access Improvements - Paddle PortsPARK-2025-03203 - Park Development Total2,619,1702,489,170 130,0002,489,170 130,0002,619,170GRAND TOTALParks CIP - 3 City of OtsegoPark Development FundCash Flow SummaryRevised: October 19, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 CommentsRevenuesPark Dedication Fees 1,069,908$ 160,605$ 288,000$ 290,880$ 293,789$ 296,727$ 299,694$ 302,691$ 305,718$ 308,775$ 311,863$ 314,981$ 100 New Plats + Annual Inflation 1%Intergovernmental 10,939 15,746 350,000 - - - - - - - - - DNR Outdoor Recreation Grant (24)Special Assessments 2,410 - - - - - - - - - - - Special Assessments (Levied) - 2,410 2,410 2,410 2,410 2,410 - - - - - - Investment Interest (187,408) - - - - - - - - - - - Miscellaneous - - - - - - - - - - - - Transfers In - - - - - - - - - - - - Total 895,849 178,761 640,410 293,290 296,199 299,137 299,694 302,691 305,718 308,775 311,863 314,981 ExpensesEngineering 6,546 - - - - - - - - - - - Other Charges & Services 55,766 - - - - - - - - - - - Capital Outlay6,130 - - - - - - - - - - - Capital Outlay (CIP) - 108,000 2,489,170 130,000 - - - - - - - - 2024-2033 CIPTransfers Out - - - - - - - - - - - - Total 68,442 108,000 2,489,170 130,000 - - - - - - - - Cash Balance - Beginning5,104,520 5,917,450 5,988,211 4,139,451 4,302,741 4,598,940 4,898,076 5,197,770 5,500,461 5,806,179 6,114,954 6,426,817 Balance Sheet Effects (14,477) Revenues 895,849 178,761 640,410 293,290 296,199 299,137 299,694 302,691 305,718 308,775 311,863 314,981 Expenditures (68,442) (108,000) (2,489,170) (130,000) - - - - - - - - Cash Balance - Ending 5,917,450$ 5,988,211$ 4,139,451$ 4,302,741$ 4,598,940$ 4,898,076$ 5,197,770$ 5,500,461$ 5,806,179$ 6,114,954$ 6,426,817$ 6,741,798$ MN Statute 462.358, Subd 2B(g) Cash payments received must be used only for the acquisition and development or improvement of parks, recreational facilities, playgrounds, trails, wetlands, or open space based on the approved park systems plan. Cash payments must not be used for ongoing operation or maintenance of parks, recreational facilities, Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds203-Park DevelopmentParks CIP - 4 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #205 - Park Capital Equipment595,000595,000Park Improvements - Lily PondPARK-2025-01830,000830,000Park Improvements - Prairie ParkPARK-2026-0165,00065,000Parking Lot Improvements - School KnollPARK-2026-02500,000500,000Park Improvements - KittredgePARK-2027-01560,000560,000Park Improvements - Zimmer FarmsPARK-2028-01575,000575,000Park Improvements - Beaudry MeadowsPARK-2029-01565,000565,000Park Improvements - Frankfort ParkPARK-2031-01200,000200,000School Knoll Park Shelter RenovationPARK-2033-01205 - Park Capital Equipment Total3,890,000595,000 895,000 500,000 560,000 575,000 565,000 200,000595,000 895,000 500,000 560,0003,890,000GRAND TOTAL575,000565,000200,000Parks CIP - 5 City of OtsegoPark Equipment FundCash Flow SummaryRevised: October 19, 2023 9.38% 471.43% 18.75% 10.53% 0.95% 0.94% 0.93%0.93%0.92%0.91%0.90%Actual Forecast202220232024202520262027202820292030203120322033CommentsRevenuesProperty Taxes64,000$ 70,000$ 400,000$ 475,000$ 525,000$ 530,000$ 535,000$ 540,000$ 545,000$ 550,000$ 555,000$ 560,000$ Contributions - Soccer- 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 - Boreal Soccer - Lighting ContributionInvestment Interest(22,613) - - - - - - - - - - - Miscellaneous13,329 - - - - - - - - - - - Transfers In- 81,423 - - - - - - - - - - Pending Transfer - KC Shelter OverageTotal54,716 163,923 412,500 487,500 537,500 542,500 547,500 552,500 557,500 562,500 567,500 560,000 ExpensesSupplies- - - - - - - - - - - - Other Charges & Services34,007 - - - - - - - - - - - Capital Outlay- 782,716 - - - - - - - - - - School Knoll / Soccer Lights / KC ShelterCapital Outlay (CIP) - - - 595,000 895,000 500,000 560,000 575,000 - 565,000 - 200,000 2024-2033 CIPTransfers Out 82,349 - - - - - - - - - - - Total 116,356 782,716 - 595,000 895,000 500,000 560,000 575,000 - 565,000 - 200,000 Cash Balance - Beginning718,114 675,502 56,709 469,209 361,709 4,209 46,709 34,209 11,709 569,209 566,709 1,134,209 Balance Sheet Effects 19,028 Revenues 54,716 163,923 412,500 487,500 537,500 542,500 547,500 552,500 557,500 562,500 567,500 560,000 Expenditures (116,356) (782,716) - (595,000) (895,000) (500,000) (560,000) (575,000) - (565,000) - (200,000) Cash Balance - Ending 675,502$ 56,709$ 469,209$ 361,709$ 4,209$ 46,709$ 34,209$ 11,709$ 569,209$ 566,709$ 1,134,209$ 1,494,209$ Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds205-Park EquipmentParks CIP - 6 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #214 - Fire Reserves1,068,750855,000 213,750Fire Station #1 - Space Needs & ArchitecturalFIRE-2024-01500,000500,000Fire Station #1 - Site GradingFIRE-2024-02543,883543,883Wildland EngineFIRE-2025-01407,542407,542Tender TruckFIRE-2025-0275,00075,000Chief Command SUVFIRE-2025-031,114,9781,114,978Rescue EngineFIRE-2026-011,758,2691,758,269Ladder TruckFIRE-2026-021,217,6351,217,635Small Tools & EquipmentFIRE-2026-0535,00035,000Water Rescue BoatFIRE-2028-0135,00035,000Wildland UTVFIRE-2030-0110,00010,000Enclosed Utility TrailerFIRE-2030-0250,00050,000Utility TrailerFIRE-2030-03200,000200,000Land Acquisition - West Fire StationFIRE-2031-01100,000100,000Chief Command SUVFIRE-2033-01214 - Fire Reserves Total7,116,0571,355,000 1,240,175 4,090,882 35,000 95,000 200,000 100,0001,355,000 1,240,175 4,090,88235,0007,116,057GRAND TOTAL95,000 200,000100,000Public Safety CIP - 1 City of OtsegoFire Reserves FundCash Flow SummaryRevised: October 20, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 CommentsRevenuesProperty Taxes (Reserves) 200,000$ 210,000$ 210,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Property Taxes (Replacement) - - - 69,312 282,159 296,267 312,918 328,564 354,967 372,715 391,351 410,918 Apparatus Replacement ReserveProperty Taxes (Debt Service) - - - - - - - - - - - - Special Assessments 410 - - - - - - - - - - - Investment Interest (67,131) - - - - - - - - - - - Intergovernmental - - - - 2,445,223 - - - - - - - ARPA & Public Safety Aid FundingMiscellaneous - - - - - - - - - - - 574,252 Sale of Excess Property - Odean & 75thDebt Issuance - - - 1,568,750 - - - - - - - - Bond Issuance - Design & GradingTransfers In - - - - - - - - - - - - Total 133,279 210,000 210,000 1,638,062 2,727,382 296,267 312,918 328,564 354,967 372,715 391,351 985,171 ExpensesPersonal Services- - - - - - - - - - - - Fire Study6,635 - - - - - - - - - - - Other Charges & Services- - - - - - - - - - - - Capital Outlay (Land)- - - - - - - - - 200,000 - - Acquisition of Fire Station #3 ParcelCapital Outlay (Equipment)- - - 1,026,425 4,090,882 - 35,000 - 95,000 - - 100,000 Apparatus (4 Vehicles) + Small ToolsCapital Outlay (Building)- - 1,355,000 213,750 - - - - - - - - Design & Site GradingDebt Service- - - - - - - - - - - - Transfers Out- - - - - - - - - - - - Total6,635 - 1,355,000 1,240,175 4,090,882 - 35,000 - 95,000 200,000 - 100,000 Cash Balance - Beginning1,961,368 2,083,833 2,293,833 1,148,833 1,546,720 183,219 479,486 757,404 1,085,968 1,345,934 1,518,649 1,910,000 Balance Sheet Effects(4,179) Revenues133,279 210,000 210,000 1,638,062 2,727,382 296,267 312,918 328,564 354,967 372,715 391,351 985,171 Expenditures(6,635) - (1,355,000) (1,240,175) (4,090,882) - (35,000) - (95,000) (200,000) - (100,000) Cash Balance - Ending2,083,833$ 2,293,833$ 1,148,833$ 1,546,720$ 183,219$ 479,486$ 757,404$ 1,085,968$ 1,345,934$ 1,518,649$ 1,910,000$ 2,795,171$ Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds214-Fire ReservePublic Safety CIP - 2 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #206 - Capital Equipment Revolving70,00070,0003/4 Ton Extended Cab PickupFLEET-24-0170,00070,0003/4 Ton Extended Cab PickupFLEET-24-02320,000320,000Single Axle Dump/Plow TruckFLEET-24-03100,000100,000Water Tanker/Sprayer TruckFLEET-24-0440,82640,826Compact SUVFLEET-24-0779,88136,86843,0132025-2033 Future Fleet - Building SafetyFLEET-25-013,727,000499,500 602,500 515,500 504,500 407,500 23,500 675,000 254,000245,0002025-2033 Future Fleet - Public WorksFLEET-25-021,095,948150,000 144,314 135,000 225,306 215,124 24,057 94,229 0107,9182025-2033 Future Fleet - Parks and RecreationFLEET-25-03206 - Capital Equipment Revolving Total5,503,655600,826 649,500 746,814 650,500 729,806 622,624 84,425 769,229 254,000 395,931600,826 649,500 746,814 650,500 729,8065,503,655GRAND TOTAL622,624 84,425 769,229 254,000 395,931General CIP - 1 City of OtsegoCapital Equipment Revolving FundCash Flow SummaryRevised: October 19, 202315.31%3.78%7.08%4.51%5.74%3.79%7.92%0.54%6.10%2.36%Actual Forecast202220232024202520262027202820292030203120322033CommentsRevenuesProperty Taxes320,000$ 477,325$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Property Taxes (Building)- - 10,256 14,031 14,031 14,031 14,031 14,031 14,031 15,801 15,801 15,801 Property Taxes (Streets)- - 447,003 460,047 477,204 493,305 520,247 533,583 577,387 578,433 619,937 638,974 Property Taxes (Parks) - - 93,134 97,132 120,391 131,886 141,622 153,901 165,686 166,953 171,909 171,909 Investment Interest(9,031) - - - - - - - - - - - Sales of Fixed Assets11,955 - - - - - - - - - - - Sales of Fixed Assets (Est.)- - - - - - - - - - - - Transfers In - - - - - - - - - - - - Total 322,924 477,325 550,393 571,210 611,626 639,222 675,900 701,515 757,104 761,187 807,647 826,684 ExpensesCapital Outlay - Building- - - - - - - - - - - - Replacement CIP - Buildings- - 40,826 - - - - - 36,868 - - 43,013 Additions CIP - Buildings- 29,058 - - - - - - - - - - Capital Outlay - Streets297,342 262,233 - - - - - - - - - - Replacement CIP - Streets- - 390,000 429,500 602,500 515,500 504,500 87,500 23,500 675,000 254,000 245,000 Additions CIP - Streets - 42,235 100,000 70,000 - - - 320,000 - - - - Capital Outlay - Parks- 55,896 - - - - - - - - - - Replacement CIP - Parks- 42,235 70,000 - 83,314 70,000 225,306 159,124 24,057 94,229 - 107,918 Additions CIP - Parks - - - 150,000 61,000 65,000 - 56,000 - - - - Transfers Out - - - - - - - - - - - - Total 297,342 431,657 600,826 649,500 746,814 650,500 729,806 622,624 84,425 769,229 254,000 395,931 Cash Balance - Beginning358,415 383,997 429,665 379,232 300,942 165,754 154,476 100,570 179,461 852,140 844,098 1,397,745 Balance Sheet Effects- Revenues 322,924 477,325 550,393 571,210 611,626 639,222 675,900 701,515 757,104 761,187 807,647 826,684 Expenditures(297,342) (431,657) (600,826) (649,500) (746,814) (650,500) (729,806) (622,624) (84,425) (769,229) (254,000) (395,931) Cash Balance - Ending 383,997$ 429,665$ 379,232$ 300,942$ 165,754$ 154,476$ 100,570$ 179,461$ 852,140$ 844,098$ 1,397,745$ 1,828,498$ Cash Balance - % of Next Year Capital89% 72% 58% 40% 25% 21% 16%213% 111% 332% 353%Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds206-Capital EquipmentGeneral CIP - 2 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #414 - Capital Improvements51,63151,631CSAH 38 & CSAH 19 - Local ShareCSAH-2020-0458,51958,519CSAH 37 - Local ShareCSAH-2022-01350,000350,000CSAH 19 & CSAH 39 IntersectionCSAH-2024-011,000,0001,000,000CR 137 Reconstruction - Local ShareCSAH-2025-011,125,0001,125,000CSAH 36 Reconstruction - Local ShareCSAH-2027-0138,00038,000Signal Light PaintingPW-2026-0140,00040,000Signal Light PaintingPW-2028-01850,912850,912Parkway Construction - 90th StreetSTREET-24-05414 - Capital Improvements Total3,514,0621,311,062 1,000,00038,000 1,125,000 40,0001,311,062 1,000,000 38,000 1,125,000 40,0003,514,062GRAND TOTALGeneral CIP - 3 City of OtsegoCapital Improvements FundCash Flow SummaryRevised: October 20, 2023Actual Forecast2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 CommentsRevenuesProperty Taxes 1,175,590$ 1,349,614$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Intergovernmental - 66,413 - - - - - - - - - - Special Assessments 59,957 - - - - - - - - - - - Special Assessments (Levied) - 25,614 24,881 24,148 23,415 5,897 4,061 3,932 - - - - Existing levied assessmentsInvestment Interest (148,628) - - - - - - - - - - - Tax Abatement - City 40,228 74,668 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 14,475 Parkview Retail Abatements (City)Tax Abatement - County 35,838 83,975 97,339 97,339 85,509 - - - - - - - Parkview Retail Abatements (County)Sales of Capital Assets - - - - - - - - - - - - Miscellaneous - - - - - - - - - - - - Debt Issuance - - 29,897,250 - - - - - - 7,600,000 - - Bond Issuance for City Campus ProjectsTransfers In1,270,958 - - - - - - - - - - - Total2,433,943 1,600,284 30,110,651 212,668 200,105 97,078 95,242 95,113 91,181 7,691,181 91,181 14,475 ExpensesCapital Outlay - General- 8,580 - - - - - - - - - - Capital Outlay - Public Safety- - - - - - - - - - - - Capital Outlay - Public Works233,731 164,109 - - - - - - - - - - Capital Outlay - Parks- - - - - - - - - - - - Capital Outlay - Econ Dev- - - - - - - - - - - - Capital Outlay (Streets CIP)- - 850,912 - 38,000 - 40,000 - - - - - 2024-2033 CIPCapital Outlay (County CIP)- - 460,150 1,000,000 - 1,125,000 - - - - - - 2024-2027 County CIP (No LOST Projects)Capital Outlay (Property CIP)- - - - - - - - - - - - 2024-2033 CIPCapital Outlay (City Campus)- 1,270,875 28,626,375 - - - - - 427,500 7,172,500 - - 2024-2033 CIPDevelopment Incentives- - - - - - - - - - - - Transfers Out- 81,423 - - - - - - - - - - Pending Approval - KC Shelter OverageTotal 233,731 1,524,987 29,937,437 1,000,000 38,000 1,125,000 40,000 - 427,500 7,172,500 - - Cash Balance - Beginning4,128,780 6,377,618 6,452,915 6,626,129 5,838,797 6,000,902 4,972,980 5,028,222 5,123,335 4,787,016 5,305,697 5,396,878 Balance Sheet Effects48,626 Revenues2,433,943 1,600,284 30,110,651 212,668 200,105 97,078 95,242 95,113 91,181 7,691,181 91,181 14,475 Expenditures(233,731) (1,524,987) (29,937,437) (1,000,000) (38,000) (1,125,000) (40,000) - (427,500) (7,172,500) - - Cash Balance - Ending6,377,618$ 6,452,915$ 6,626,129$ 5,838,797$ 6,000,902$ 4,972,980$ 5,028,222$ 5,123,335$ 4,787,016$ 5,305,697$ 5,396,878$ 5,411,353$ Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds414-Capital Imp.General CIP - 4 General CIP - 5 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #439 - Building & Property Maintenan20,00020,000Prairie Center - SkylightBLDG-2025-0145,00045,000City Hall - Carpet ReplacementBLDG-2025-0215,00015,000City Hall - PaintingBLDG-2025-0320,00020,000Prairie Center DoorsBLDG-2026-0160,00030,000 30,000Prairie Center WindowsBLDG-2027-0130,00030,000Public Works - Steel Access DoorsBLDG-2027-0265,00065,000Salt Shed Cover ReplacementBLDG-2031-0160,00060,000Prairie Center - Flooring ReplacementBLDG-2032-0191,00091,000Prairie Center - Roof MembraneBLDG-2033-0167,00067,000Prairie Center - HVACBLDG-2033-0260,00060,000Server System ReplacementIT-2025-0120,00020,000Security Camera SystemsIT-2027-0130,00030,000Automated Entry & Security SystemsIT-2027-02150,000150,000Audio/Visual Systems - Council ChambersIT-2029-0170,00070,000Server System ReplacementIT-2030-019 - Building & Property Maintenance Total803,000140,000 20,000 110,000 30,000 150,000 70,000 65,000 60,000 158,000140,000 20,000 110,000 30,000803,000GRAND TOTAL150,000 70,000 65,000 60,000 158,000General CIP - 6 City of OtsegoCity Buildings & Property MaintenanceCash Flow SummaryRevised: October 19, 2023 16.67% 0.00% 28.57% 22.22% 18.18% 15.38% 13.33% 11.76% 10.53%9.52%8.70%Actual Forecast202220232024202520262027202820292030203120322033CommentsRevenuesProperty Taxes30,000$ 35,000$ 35,000$ 45,000$ 55,000$ 65,000$ 75,000$ 85,000$ 95,000$ 105,000$ 115,000$ 125,000$ Investment Interest(2,905) - - - - - - - - - - - Miscellaneous- - - - - - - - - - - - Debt Issuance- - - - - - - - - - - - Transfers In- - - - - - - - - - - - Total27,095 35,000 35,000 45,000 55,000 65,000 75,000 85,000 95,000 105,000 115,000 125,000 ExpensesSupplies- - - - - - - - - - - - Other Charges & Services- - - - - - - - - - - - Capital Outlay (City Hall)29,490 - - - - - - - - - - - Capital Outlay (Prairie Center)- - - - - - - - - - - - Capital Outlay (CIP)- 32,146 - 80,000 20,000 60,000 30,000 - - 65,000 60,000 158,000 2024-2033 CIPCapital Outlay (IT CIP)- - - 60,000 - 50,000 - 150,000 70,000 - - - 2024-2033 CIPTransfers Out- - - - - - - - - - - - Total29,490 32,146 - 140,000 20,000 110,000 30,000 150,000 70,000 65,000 60,000 158,000 Cash Balance - Beginning90,992 88,597 91,451 126,451 31,451 66,451 21,451 66,451 1,451 26,451 66,451 121,451 Balance Sheet Effects- Revenues 27,095 35,000 35,000 45,000 55,000 65,000 75,000 85,000 95,000 105,000 115,000 125,000 Expenditures (29,490) (32,146) - (140,000) (20,000) (110,000) (30,000) (150,000) (70,000) (65,000) (60,000) (158,000) Cash Balance - Ending 88,597$ 91,451$ 126,451$ 31,451$ 66,451$ 21,451$ 66,451$ 1,451$ 26,451$ 66,451$ 121,451$ 88,451$ Projection - Capital Improvement PlanY:\Budget\2024\Cash Flows\Capital Funds439-Buildings & PropertyGeneral CIP - 7 Capital Improvement PlanCity of Otsego, MinnesotaPROJECTS BY FUNDING SOURCE2024 2033thruTotal2024 2025 2026 2027 2028Source2029 2030 2031 2032 2033 #Issuance of Bonds29,897,25029,897,250City Campus - Phase 1BLDG-2024-017,600,0007,600,000City Campus - Phase 2BLDG-2030-0100Fire Station #1FIRE-2025-04Issuance of Bonds Total37,497,25029,897,250 07,600,000Unfunded Projects170,775170,775Trail Construction - CSAH 42 NorthPARK-20XX-01270,965270,965Trail Construction - 80th StreetPARK-20XX-02175,000175,000Trail Construction - Meadows to LC ParkPARK-20XX-03900,080900,080Nadala Parkway - 90th to 85thSTREET-XX-012,000,0002,000,00085th Street - Maciver to CSAH 19STREET-XX-023,000,0003,000,000Nashua Avenue - 70th to 85thSTREET-XX-032,000,0002,000,00065th Street - Queens to CSAH 42STREET-XX-041,000,0001,000,000Randolph Avenue - E WWTF to 65thSTREET-XX-052,000,0002,000,000Maciver Avenue - 85th to CSAH 39STREET-XX-062,500,0002,500,000Quaday Avenue - CSAH 42 NorthSTREET-XX-07Unfunded Projects Total14,016,82014,016,82029,897,250051,514,070GRAND TOTAL7,600,00014,016,820General CIP - 8 City of OtsegoProperty Tax Levy CalculationsFuture Tax LeviesRevised: October 20, 2023Preliminary20232024202520262027202820292030203120322033CommentsGeneral Revenues5,366,000 6,397,000 6,716,850 7,052,693 7,405,328 7,775,594 8,164,374 8,572,593 9,001,223 9,451,284 9,923,848 Annual Increase of 5%Tax AbatementsParkview Retail74,668 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 Tax Abatements (Parkview Retail)74,668 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 91,181 Debt ServiceSeries 2010B- - - - - - - - - - - Series 2018A94,416 102,144 104,308 106,313 113,412 114,946 9,232 12,592 10,544 13,662 11,365 Debt Expires = 2034 / Final Levy = 2033Series 2020A450,000 197,000 197,000 197,000 197,000 - - - - - - Debt Expires = 2028 / Final Levy = 2027City Campus - Phase 1- 2,055,709 2,768,931 2,768,144 2,767,577 2,770,559 2,766,401 2,765,792 2,767,779 2,770,530 2,768,414 $35 Million - 20 Year IssueCity Campus - Phase 2- - - - - - - - 631,084 631,084 631,084 Future Bond Issuance (20 Year Bond)Fire Station- - 1,685,095 1,685,095 1,685,095 1,685,095 1,685,095 1,685,095 1,685,095 1,685,095 1,685,095 $20 Million - 20 Year IssueSub-total544,416 2,354,853 4,755,334 4,756,552 4,763,084 4,570,600 4,460,728 4,463,479 5,094,502 5,100,371 5,095,958 Capital ReservesPavement Management1,100,000 1,000,000 950,000 900,000 850,000 800,000 750,000 700,000 650,000 600,000 550,000 Evaluate Annually to Fund CIPTrails Management65,000 70,000 76,000 82,000 88,000 94,000 100,000 106,000 112,000 118,000 124,000 Evaluate Annually to Fund CIPParks Equipment70,000 400,000 475,000 525,000 530,000 535,000 540,000 545,000 550,000 555,000 560,000 Increased to Fund Scope of Park ProjectsCapital Equipment Revolving477,325 550,393 571,210 611,626 639,222 675,900 701,515 757,104 761,187 807,647 826,684 Based on Annual Equipment DepreciationFire Reserve210,000 210,000 69,312 282,159 296,267 312,918 328,564 354,967 372,715 391,351 410,918 24 = Reserve / 25-33 = Equipment ReplacementStorm Water38,000 40,000 42,000 44,000 46,000 48,000 50,000 52,000 54,000 56,000 58,000 Evaluate Annually to Fund OperationsCapital Improvements1,349,614 - - - - - - - - - - City Buildings & Property35,000 35,000 45,000 55,000 65,000 75,000 85,000 95,000 105,000 115,000 125,000 Evaluate Annually to Fund CIPSub-total3,344,939 2,305,393 2,228,522 2,499,785 2,514,489 2,540,818 2,555,079 2,610,071 2,604,902 2,642,998 2,654,602 Grand Total9,330,023 11,148,427 13,791,887 14,400,211 14,774,082 14,978,193 15,271,362 15,737,324 16,791,808 17,285,834 17,765,589 Net Tax Capacity31,550,432 38,946,763 40,894,101 42,938,806 45,085,747 47,340,034 49,707,036 52,192,387 54,802,007 57,542,107 60,419,212 Annual Capacity Increase of 5%Growth (%)26.95%23.44%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%Tax Rate29.572 28.625 33.726 33.537 32.769 31.640 30.723 30.153 30.641 30.040 29.404 Increase/(Decrease) to Maintain Tax Rate368,822 (2,086,039) 81,270 346,139 534,593 455,740 297,606 (267,618) 345,564 384,536 Levy DescriptionProjectionsY:\Budget\2024\Property Taxes\Tax Levy Calculations (2024)FUTURE LEVIESGeneral CIP - 9