Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
SCC Item 1. 2025 Budget Review - Debt Service and Special Revenue Funds
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: May 28, 2024 SUBJECT: Budget Meeting #2 On Monday, Council and staff will continue the 2025 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 budget details for each fund, a combined budget summary, 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 budget details for each fund, a combined budget summary, a liability summary, 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 – Detailed Fund Budgets & Budget Summary 2) Special Revenue Funds – Cash Flows 3) Debt Service Funds – Detailed Fund Budgets, Budget Summary & Liability Summary 4) Debt Service Funds – Cash Flows City of Otsego Special Revenue Fund Budget - 2025 Fund 261 - Tax Increment District #1 Fund Details Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2022 2023 2024 2024 2025 Revenues 261 46580 31050 TAX INCREMENTS 93,966$ 85,412$ -$ 94,043$ 97,539$ TOTAL TAXES 93,966 85,412 - 94,043 97,539 TOTAL REVENUES 93,966 85,412 - 94,043 97,539 Expenditures 261 46580 119 PAYROLL ALLOCATION 887 802 - 900 900 TOTAL - PERSONAL SERVICES 887 802 - 900 900 261 46580 339 DEVELOPMENT INCENTIVES 84,919 42,285 76,871 80,755 83,510 261 46580 350 PRINT & PUBLISHING 58 69 - 100 100 261 46580 390 CONTRACTED SERVICES 1,300 1,148 - 1,400 1,400 TOTAL - SERVICES & OTHER CHARGES 86,277 43,501 76,871 82,255 85,010 TOTAL EXPENDITURES 87,164 44,304 76,871 83,155 85,910 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 6,802$ 41,108$ (76,871)$ 10,888$ 11,629$ Fund 261 - Tax Increment District No. 1 (Great River Centre) Account Number City of Otsego Special Revenue Fund Budget - 2025 Fund 262 - Tax Increment District #3 Fund Details Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2022 2023 2024 2024 2025 Revenues 262 46580 31050 TAX INCREMENTS 173,111$ 205,957$ -$ 212,838$ 232,686$ TOTAL TAXES 173,111 205,957 - 212,838 232,686 TOTAL REVENUES 173,111 205,957 - 212,838 232,686 Expenditures 262 46580 119 PAYROLL ALLOCATION 1,031 1,111 - 1,100 1,100 TOTAL - PERSONAL SERVICES 1,031 1,111 - 1,100 1,100 262 46580 339 DEVELOPMENT INCENTIVES 157,041 170,581 92,681 188,457 194,370 262 46580 350 PRINT & PUBLISHING 58 69 - 100 100 262 46580 390 CONTRACTED SERVICES 1,300 1,148 - 1,400 1,400 TOTAL - SERVICES & OTHER CHARGES 158,398 171,797 92,681 189,957 195,870 TOTAL EXPENDITURES 159,429 172,908 92,681 191,057 196,970 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 13,682$ 33,049$ (92,681)$ 21,781$ 35,716$ Fund 262 - Tax Increment District No. 3 (Guardian Angels Riverview Landing) Account Number City of Otsego Special Revenue Fund Budget - 2025 Fund 263 - Tax Increment District #4 Fund Details Unaudited Actual Actual Year-to-Date Budget Budget Fund Department Object Account Description 2022 2023 2024 2024 2025 Revenues 263 46580 31050 TAX INCREMENTS 169,740$ 198,676$ -$ 225,934$ 244,033$ TOTAL TAXES 169,740 198,676 - 225,934 244,033 TOTAL REVENUES 169,740 198,676 - 225,934 244,033 Expenditures 263 46580 119 PAYROLL ALLOCATION 1,247 1,417 - 1,200 1,200 TOTAL - PERSONAL SERVICES 1,247 1,417 - 1,200 1,200 263 46580 339 DEVELOPMENT INCENTIVES 158,554 117,421 93,658 202,198 216,382 263 46580 350 PRINT & PUBLISHING 58 69 - 100 100 263 46580 390 CONTRACTED SERVICES 1,300 1,149 - 1,400 1,400 TOTAL - SERVICES & OTHER CHARGES 159,912 118,639 93,658 203,698 217,882 TOTAL EXPENDITURES 161,159 120,055 93,658 204,898 219,082 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 8,582$ 78,621$ (93,658)$ 21,036$ 24,951$ Fund 263 - Tax Increment District No. 4 (Riverbend North) Account Number City of Otsego Special Revenue Fund Budget - 2025 Revenue & Expenditure Summary Unaudited Actual Actual Year-to-Date Budget Budget 2022 2023 2024 2024 2025 Revenues Tax Increments 436,817$ 490,045$ -$ 532,815$ 574,258$ Subtotal 436,817 490,045 - 532,815 574,258 Expenditures Personal Services 3,165 3,330 - 3,200 3,200 Services & Other Charges 4,074 3,651 - 4,500 4,500 Development Incentives 400,514 330,286 263,209 471,410 494,262 Subtotal 407,752 337,267 263,209 479,110 501,962 Excess (Deficiency) of Revenues Over (Under) Expenditures 29,065$ 152,778$ (263,209)$ 53,705$ 72,296$ Description - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2022 2023 2024 2024 2025 Actual Actual Year-to-Date Budget Budget Expenditures Revenues City of Otsego Insurance Reserves Fund Cash Flow Summary Revised: May 21, 2024 Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenues Refunds & Reimbursements 26,204$ 42,751$ 11,013$ 5,344$ 6,864$ 12,471$ 34,243$ 23,239$ 7,233$ -$ Investment Interest 609 1,011 1,645 2,798 7,232 6,564 (1,777) (8,240) 10,162 - Miscellaneous - - - - - - - - - - Transfers In - - - - - - - - - - Total 26,813 43,762 12,658 8,142 14,096 19,035 32,466 14,999 17,395 - Expenses Supplies - - - - - - - - - - Other Charges & Services - - - - 11,596 - 1,451 - 855 8,441 Capital Outlay - - - - - - - - - - Capital Outlay (CIP)- - - - - - - - - - Transfers Out - - - - - - - - - - Total - - - - 11,596 - 1,451 - 855 8,441 Cash Balance - Beginning 101,833 128,646 172,408 185,066 193,208 195,708 214,743 245,758 260,757 277,297 Balance Sheet Effects - - - - - - - - - - Revenues 26,813 43,762 12,658 8,142 14,096 19,035 32,466 14,999 17,395 - Expenditures - - - - (11,596) - (1,451) - (855) (8,441) Cash Balance - Ending 128,646$ 172,408$ 185,066$ 193,208$ 195,708$ 214,743$ 245,758$ 260,757$ 277,297$ 268,856$ Y:\Budget\2025\Cash Flows\Special Revenue Funds 204-Insurance Reserve City of Otsego Vireo Health Donations Fund Cash Flow Summary Revised: May 21, 2024 Actual Actual Actual Actual Actual Actual Actual Actual Forecast 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenues Donations 20,000$ -$ -$ 20,000$ -$ -$ 40,000$ -$ -$ Investment Interest - 191 276 538 909 (228) (1,848) 2,575 - Rain Barrel Sales - - 2,096 2,580 1,440 3,300 1,380 2,280 1,020 Transfers In - - - - - - - - - Total 20,000 191 2,372 23,118 2,349 3,072 39,532 4,855 1,020 Expenses Supplies - - 10,322 7,327 2,339 4,071 - 5,866 305 Other Charges & Services - - - - - - - - - Capital Outlay - - - - - - - - - Capital Outlay (CIP)- - - - - - - - - Transfers Out - - - - - - - - - Total - - 10,322 7,327 2,339 4,071 - 5,866 305 Cash Balance - Beginning - 20,000 20,191 12,241 28,032 28,042 27,043 66,575 65,564 Balance Sheet Effects - - - - - - - - - Revenues 20,000 191 2,372 23,118 2,349 3,072 39,532 4,855 1,020 Expenditures - - (10,322) (7,327) (2,339) (4,071) - (5,866) (305) Cash Balance - Ending 20,000$ 20,191$ 12,241$ 28,032$ 28,042$ 27,043$ 66,575$ 65,564$ 66,279$ Y:\Budget\2025\Cash Flows\Special Revenue Funds 215-Vireo Health City of Otsego Lawful Gambling Fund Cash Flow Summary Revised: May 21, 2024 Actual Actual Forecast 2022 2023 2024 Revenues Lawful Gambling 57,686$ 54,037$ 11,948$ Investment Interest (3,039) 4,932 - Transfers In 82,349 - - Total 136,996 58,969 11,948 Expenses Supplies - - - Other Charges & Services - - - Capital Outlay - 57,944 - Capital Outlay (CIP)- - - Transfers Out - - - Total - 57,944 - Cash Balance - Beginning - 122,644 123,052 Balance Sheet Effects (14,352) (617) 14,968 Revenues 136,996 58,969 11,948 Expenditures - (57,944) - Cash Balance - Ending 122,644$ 123,052$ 149,968$ LAWFUL GAMBLING TRACKING Rogers Youth Hockey 53,758 49,034 9,908 Rogers Lions 3,928 5,003 2,040 Total 57,686 54,037 11,948 Difference (0) - - Y:\Budget\2025\Cash Flows\Special Revenue Funds 216-Lawful Gambling City of Otsego Street Light District Cash Flow Summary Revised: May 21, 2024 Actual Actual Actual Actual Forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Revenues Charges for Services -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Development Fees 55,650 35,190 - 5,300 - - - - - - Special Assessments - - - 3,690 3,827 3,703 3,580 3,456 3,333 3,209 Investment Interest 2,824 (711) (2,137) 2,373 - - - - - - Miscellaneous - - - - - - - - - - Transfers In - - - - - - - - - - Total 58,474 34,479 (2,137) 11,363 3,827 3,703 3,580 3,456 3,333 3,209 Expenses Personal Servcies - - - - - - - - - - Supplies - - - - - - - - - - Utility Fees - - - - - - - - - - Services & Other Charges - - - - - - - - - - Capital Outlay 26,500 68,900 - 10,600 - - - - - - Capital Outlay (CIP)- - - - - - - - - - Transfers Out - - - - - - - - - - Total 26,500 68,900 - 10,600 - - - - - - Cash Balance - Beginning 65,044 97,266 64,772 62,635 63,398 67,225 70,928 74,508 77,964 81,297 Balance Sheet Effects 248 1,927 - - - - - - - - Revenues 58,474 34,479 (2,137) 11,363 3,827 3,703 3,580 3,456 3,333 3,209 Expenditures (26,500) (68,900) - (10,600) - - - - - - Cash Balance - Ending 97,266$ 64,772$ 62,635$ 63,398$ 67,225$ 70,928$ 74,508$ 77,964$ 81,297$ 84,506$ Projected Y:\Budget\2025\Cash Flows\Special Revenue Funds 225-Street Lights City of Otsego Development Revolving Fund Cash Flow Summary Revised: May 21, 2024 Actual Actual Actual Actual Actual Actual Actual Actual Actual Forecast 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenues Property Taxes 23,000$ 88,814$ 81,385$ 65,546$ 60,816$ 56,491$ 45,874$ -$ -$ -$ Intergovernmental - - - - - - - - 52,757 52,757 Investment Interest 1,710 2,285 2,829 5,300 13,669 12,426 (2,744) (9,341) 10,628 - Conduit Debt Issuance Fees - - 50,000 - - - - - - - Transfers In - - - - - - - - - - Total 24,710 91,099 134,214 70,846 74,485 68,917 43,130 (9,341) 63,385 52,757 Expenses Abatement - Boondox 2,600 - - - - - - - - - Abatement - Gateway 2nd 15,155 14,930 14,904 - - - - - - - Abatement - Family Speech 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 - - - Total 22,885 81,931 81,237 63,302 60,039 54,985 145,874 - - - Cash Balance - Beginning 285,615 287,322 296,490 349,467 357,011 371,457 385,389 282,645 273,304 336,689 Balance Sheet Effects (118) - - - - - - - - - Revenues 24,710 91,099 134,214 70,846 74,485 68,917 43,130 (9,341) 63,385 52,757 Expenditures (22,885) (81,931) (81,237) (63,302) (60,039) (54,985) (145,874) - - - Cash Balance - Ending 287,322$ 296,490$ 349,467$ 357,011$ 371,457$ 385,389$ 282,645$ 273,304$ 336,689$ 389,446$ Y:\Budget\2025\Cash Flows\Special Revenue Funds 255-Development Revolving City of Otsego Tax Increment District No. 1 Great River Center Cash Flow Summary Revised: May 21, 2024 Actual Actual Forecast Budget 2022 2023 2024 2025 2026 2027 Comments Revenues Tax Increments 93,966$ 85,412$ 88,038$ 97,539$ 97,539$ -$ 2025 Estimated by Staff; then Stable Investment Interest - - - - - - Miscellaneous - - - - - - Transfers In - - - - - - Total 93,966 85,412 88,038 97,539 97,539 - Expenses Personal Services 887 802 900 900 900 900 Administrative Reimbursement Services & Other Charges 1,358 1,217 1,500 1,500 1,500 1,500 TIF Reporting & Publishing PAYGO Note Payment 84,919 42,285 116,488 83,510 87,785 43,893 90% PAYGO Note Through 2/1/2027 Transfers Out - - - - - - Total 87,164 44,304 118,888 85,910 90,185 46,293 Cash Balance - Beginning 57,233 64,034 105,143 74,293 85,922 93,276 Balance Sheet Effects (1) 1 Revenues 93,966 85,412 88,038 97,539 97,539 - Expenditures (87,164) (44,304) (118,888) (85,910) (90,185) (46,293) Cash Balance - Ending 64,034$ 105,143$ 74,293$ 85,922$ 93,276$ 46,983$ Projected Y:\Budget\2025\Cash Flows\Special Revenue Funds 261-Tax Increment (P&F) City of Otsego Tax Increment District No. 3 Riverview Landing Cash Flow Summary Revised: May 21, 2024 Actual Forecast Budget 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Comments Revenues Tax Increments 205,957$ 199,248$ 232,686$ 232,686$ 232,686$ 232,686$ 232,686$ 232,686$ 232,686$ 232,686$ 2025 Estimated by Staff; then Stable Investment Interest - - - - - - - - - - Miscellaneous - - - - - - - - - - Transfers In - - - - - - - - - - Total 205,957 199,248 232,686 232,686 232,686 232,686 232,686 232,686 232,686 232,686 Expenses Personal Services 1,111 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 Administrative Reimbursement Services & Other Charges 1,217 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 TIF Reporting & Publishing PAYGO Note Payment 170,581 182,342 194,370 209,418 209,418 209,418 209,418 209,418 209,418 209,418 90% PAYGO Note Through 2/1/2046 Transfers Out - - - - - - - - - - Total 172,909 184,942 196,970 212,018 212,018 212,018 212,018 212,018 212,018 212,018 Cash Balance - Beginning 122,214 155,263 169,569 205,285 225,953 246,622 267,290 287,958 308,626 329,294 Balance Sheet Effects 1 Revenues 205,957 199,248 232,686 232,686 232,686 232,686 232,686 232,686 232,686 232,686 Expenditures (172,909) (184,942) (196,970) (212,018) (212,018) (212,018) (212,018) (212,018) (212,018) (212,018) Cash Balance - Ending 155,263$ 169,569$ 205,285$ 225,953$ 246,622$ 267,290$ 287,958$ 308,626$ 329,294$ 349,962$ Projected Y:\Budget\2025\Cash Flows\Special Revenue Funds 262-Tax Increment (GA) City of Otsego Tax Increment District No. 4 Riverbend North Cash Flow Summary Revised: May 21, 2024 Actual Forecast Budget 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Comments Revenues Tax Increments 198,676$ 211,508$ 244,033$ 244,033$ 244,033$ 244,033$ 244,033$ 244,033$ 244,033$ 244,033$ 2025 Estimated by Staff; then Stable Investment Interest - - - - - - - - - - Miscellaneous - - - - - - - - - - Transfers In - - - - - - - - - - Total 198,676 211,508 244,033 244,033 244,033 244,033 244,033 244,033 244,033 244,033 Expenses Personal Services 1,417 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 Administrative Reimbursement Services & Other Charges 1,218 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 TIF Reporting & Publishing PAYGO Note Payment (A)58,710 97,419 108,191 115,916 115,916 115,916 115,916 115,916 115,916 115,916 50% PAYGO Note A Through 2/1/2046 PAYGO Note Payment (B)58,710 97,419 108,191 115,916 115,916 115,916 115,916 115,916 115,916 115,916 50% PAYGO Note B Through 2/1/2046 Transfers Out - - - - - - - - - - Total 120,055 197,537 219,082 234,531 234,531 234,531 234,531 234,531 234,531 234,531 Cash Balance - Beginning 34,852 113,474 127,445 152,396 161,898 171,399 180,901 190,403 199,904 209,406 Balance Sheet Effects 1 Revenues 198,676 211,508 244,033 244,033 244,033 244,033 244,033 244,033 244,033 244,033 Expenditures (120,055) (197,537) (219,082) (234,531) (234,531) (234,531) (234,531) (234,531) (234,531) (234,531) Cash Balance - Ending 113,474$ 127,445$ 152,396$ 161,898$ 171,399$ 180,901$ 190,403$ 199,904$ 209,406$ 218,908$ Projected Y:\Budget\2025\Cash Flows\Special Revenue Funds 263-Tax Increment (Riverbend) City of Otsego Debt Service Fund Budget - 2025 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 2022 2023 2024 2024 2025 Revenues 376 47000 31010 CURRENT AD VALOREM TAXES 97,187$ 94,416$ -$ 102,144$ 104,308$ 376 47000 36100 SPECIAL ASSESSMENTS 155,356 133,968 2,426 121,866 116,063 TOTAL 252,543 228,384 2,426 224,010 220,371 Expenditures 376 47000 601 PRINCIPAL 185,000 190,000 190,000 190,000 200,000 376 47000 602 INTEREST 56,131 50,506 23,828 44,806 38,956 376 47000 620 FISCAL AGENT FEE'S 674 839 - 500 500 TOTAL 241,805 241,345 213,828 235,306 239,456 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 10,738$ (12,961)$ (211,403)$ (11,296)$ (19,085)$ Fund 376 - G.O. Improvement Bonds, Series 2018A Account Number City of Otsego Debt Service Fund Budget - 2025 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 2022 2023 2024 2024 2025 Revenues 380 47000 31010 CURRENT AD VALOREM TAXES 450,000$ 450,000$ -$ 197,000$ 186,000$ 380 47000 36100 SPECIAL ASSESSMENTS 108,238 88,776 - 54,373 52,270 TOTAL 558,238 538,776 - 251,373 238,270 Expenditures 380 47000 601 PRINCIPAL 475,000 495,000 270,000 270,000 280,000 380 47000 602 INTEREST 88,300 68,900 29,500 53,600 42,600 380 47000 620 FISCAL AGENT FEE'S 674 839 495 500 500 TOTAL 563,974 564,739 299,995 324,100 323,100 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES (5,735)$ (25,963)$ (299,995)$ (72,727)$ (84,830)$ Fund 380 - G.O. Improvement Refunding Bonds, Series 2020A Account Number City of Otsego Debt Service Fund Budget - 2025 Revenue & Expenditure Summary Unaudited Actual Actual Year-to-Date Budget Budget 2022 2023 2024 2024 2025 Revenues Taxes 547,187$ 544,416$ -$ 299,144$ 290,308$ Special Assessments 263,594 222,744 2,426 176,239 168,333 Subtotal 810,781 767,160 2,426 475,383 458,641 Expenditures Principal 660,000 685,000 460,000 460,000 480,000 Interest 144,431 119,406 53,328 98,406 81,556 Fiscal Agent Fee's 1,347 1,678 495 1,000 1,000 Subtotal 805,778 806,084 513,823 559,406 562,556 Excess (Deficiency) of Revenues Over (Under) Expenditures 5,003$ (38,924)$ (511,398)$ (84,023)$ (103,915)$ Description - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 2022 2023 2024 2024 2025 Actual Actual Year-to-Date Budget Budget Principal Interest Revenues City of Otsego Debt Service Fund Budget - 2025 Summary of Bonds Outstanding Original 2024 Maturity Issue Balance Due Principal Balance Due Date Amount 12/31/2023 Payment 12/31/2024 Improvement Bonds 2018A General Obligation Improvement 2/1/2034 2,305,000$ 1,580,000$ 190,000$ 1,390,000$ 2020A General Obligation Improvement Refunding 2/1/2028 2,950,000 1,475,000 270,000 1,205,000 Grand Total 5,255,000$ 3,055,000$ 460,000$ 2,595,000$ Description of Bond Issue - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 - 100,000 200,000 300,000 400,000 500,000 600,000 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Principal Payments Bonds Outstanding City of Otsego Debt Service Funds - Cash Flows Analysis Fund 376 - G.O. Improvement Bonds, Series 2018A Mississippi Shores Renewal & Kadler Avenue Construction Revised: May 21, 2024 Actual Forecast Budget 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Comments Revenues: Property Taxes 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 Documents Special Assessments 133,968 119,728 116,063 112,398 108,733 105,068 56,120 54,040 51,960 49,879 47,799 - Not included: Delinquents ($1,039) Interest on Investments - - - - - - - - - - - - Bond Proceeds - - - - - - - - - - - - Transfers In - - - - - - - - - - - - Total 228,384 221,872 220,371 218,711 222,145 220,014 65,352 66,632 62,504 63,541 59,164 - Expenditures: Principal 190,000 190,000 200,000 205,000 210,000 220,000 225,000 60,000 65,000 65,000 70,000 70,000 Interest 50,506 44,806 38,956 32,881 26,656 20,206 13,531 9,256 7,381 5,391 3,282 1,094 Fiscal Agent Fees 839 500 500 500 500 500 500 500 500 500 500 500 Transfers Out - - - - - - - - - - - - Total 241,345 235,306 239,456 238,381 237,156 240,706 239,031 69,756 72,881 70,891 73,782 71,594 Cash Balance - Beginning 440,134 427,743 414,309 395,224 375,554 360,543 339,851 166,172 163,048 152,671 145,321 130,703 Change in Accruals 570 Revenues 228,384 221,872 220,371 218,711 222,145 220,014 65,352 66,632 62,504 63,541 59,164 - Expenditures (241,345) (235,306) (239,456) (238,381) (237,156) (240,706) (239,031) (69,756) (72,881) (70,891) (73,782) (71,594) Cash Balance - Ending 427,743$ 414,309$ 395,224$ 375,554$ 360,543$ 339,851$ 166,172$ 163,048$ 152,671$ 145,321$ 130,703$ 59,109$ Debt Service Until 2034 Principal Balance 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. Projected Y:\Budget\2025\Cash Flows\Debt Service Funds 376-IMP 2018A City of Otsego Debt Service Funds - Cash Flows Analysis Fund 380 - G.O. Improvement Refunding Bonds, Series 2020A Queens Avenue & CSAH 42 Revised: May 21, 2024 Actual Forecast Budget 2023 2024 2025 2026 2027 2028 Comments Revenues: Property Taxes 450,000$ 197,000$ 186,000$ 186,000$ 186,000$ -$ Alternative Levy - Calculated by Staff Special Assessments 88,776 54,373 52,270 50,168 - - Interest on Investments - - - - - - Bond Proceeds - - - - - - Transfers In - - - - - - Total 538,776 251,373 238,270 236,168 186,000 - Expenditures: Principal 495,000 270,000 280,000 290,000 315,000 320,000 Interest 68,900 53,600 42,600 31,200 19,100 6,400 Fiscal Agent Fees 839 500 500 500 500 500 Transfers Out - - - - - - Total 564,739 324,100 323,100 321,700 334,600 326,900 Cash Balance - Beginning 746,193 720,396 647,669 562,839 477,307 328,707 Change in Accruals 166 Revenues 538,776 251,373 238,270 236,168 186,000 - Expenditures (564,739) (324,100) (323,100) (321,700) (334,600) (326,900) Cash Balance - Ending 720,396$ 647,669$ 562,839$ 477,307$ 328,707$ 1,807$ Debt Service Until 2028 Principal Balance 1,475,000 1,205,000 925,000 635,000 320,000 - Blue cells = projections. Projected Y:\Budget\2025\Cash Flows\Debt Service Funds 380-IMP 2020A