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08-08-11 WSGeneral Fund Pubic Works Capital Equipment Pavement Management Trail Management Park Capital Equipment Subtotal Levy Limit Levy 2003 Imp. Bond 2006 Imp. Bond 2007 Public Works Bond Subtotal Debt Levy Total Levy Fire Levy/Assessment Reduce by MVHC Total Levy/Assessment Funds General Fund Change 8/8/2011 2012 Tax Levy Summary 2012 2011 Variance $ 2,781,900 $ 2,780,000 $ 1,900 150,000 160,000 (10,000) 300,000 420,000 (120,000) 25,000 42,000 (17,000) 50,000 98,000 (48,000) 3,306,900 3,500,000 (193,100) - 138,000 (138,000) 1 275,000 178,000 97,000 Jr 150,000 150,000 - 425,000 466,000 (41, 000) 3,731,900 3,966,000 (234,100) 480,000 480,000 - - (237,000) 237,000 4,211,900 4,209,000 2,900 $ 2,781,900 $ 2,543,000 238,900 (41,000) City of Otsego Comparison of Property Tax Bills With Fire Service Assessed and Included in Property Tax Levy Tax Tax Capacity Levies Value 2011 Tax Levy $ 3,966,000 2011 Tax Levy Including Fire $ 4,212,000 With With $75.50 Fire Fire In Assessment Tax Levy Example A Taxable Market Value $ 255,100 $ 255,101 Conversion is 1% $ 2,551 $ 2,551 Property Tax Levy $ 867.61 $ 921.43 Add Fire Special Assessment $ 75.50 $ - Total City Tax Bill $ 943.11 $ 921.43 Example B Taxable Market Value $ 175,600 $ 175,600 Conversion is 1% $ 1,756 $ 1,756 Property Tax Levy $ 597.23 $ 634.27 Add Fire Special Assessment $ 75.50 $ - Total City Tax Bill $ 672.73 $ 634.27 Tax Capacity Rate $ 11,661,088 34.011% $ 11,661,088 36.120% Savings $ 21.68 $ 38.46 Budget Discussion August 8, 2011 Saa-ce-ty, Debt Serv�ce ca B', L City of Otsego Analysis of Building Department Operating Costs 2012/2011 Projection Expenses Total Salaries and Benefits - Direct Inspection Services Administrative Salary and Benefits- Indirect - ($138,800 for 2011 and $25,000 for 2012) Total Salaries and Benefits Office Supplies and Expenses (Primarily computer maintenance) Vehicle Operating Expenses (Based on Jan. to June allocation) Insurance (Auto and other) Professional Services (Legal, Planning & Engineering) (Includes code enforcement) Telephone Printing and Binding Dues and Memberships Education and Training (MMUA safety program) Contracted Services TR Computers for Permit Works software - support and licenses Softronics Rentals (Rental of large Ricoh printer) Vehicle Replacement Transfer to General Fund Total Expenses and Transfers ($5,000 per year) Total Expenses Projected/Actual Building Safety Revenue Projected Operating Deficit - 2012 Projected Operating Deficit - 2011 2012 $ 94,441 85,000 25,000 1,500 4,040 2,850 15,000 8,000 500 1,500 2,170 1,410 300 3,656 5,000 Actual Thru June, 2011 $ 41,291 43,950 69,400 204,441 154,641 1,262 2,020 6,385 2,992 1,465 1,084 1,410 2,213 1,828 37,500 45,926 58,159 250,367 212,800 $ 217,250 $ 110,150 $ (33,117) (102,650) X2 $ (205„300) City of Otsego Combination of 2003/2004/2006 G.O. Improvement Bonds Assessment Revenue Payments Tax Year 2003 2004 2006 2003 2004 2006 levies Reserve 2011 $ 53,000 2012 49,000 2013 30,000 2014 12,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 $ 107,000 100,000 95,000 57,000 55,000 49,000 144,000 463,000 $ 70,000 $ 190,000 $ 202,415 $ 319,000 $ 316,000 77,000 189,000 206,290 218,000 275,000 73,000 189,000 204,630 218,000 275,000 77,000 193,000 207,600 523,000 275,000 75,000 601,000 500,000 72,000 602,000 500,000 70,000 602,000 500,000 66,000 607,000 525,000 63,000 605,000 550,000 60,000 613,000 550,000 58,000 619,000 575,000 55,000 613,000 550,000 5,000 372,000 375,000 4,600 370,000 375,000 4,500 372,000 350,000 4,300 379,000 375,000 4,000 375,000 355,566 838,400 761,000 820,935 8,008,000 7,221,566 The above analysis at least in the short-term will deplete the Revolving Capital Improvement Fund. Analysis includes the 2004 Quaday Improvement Bond (2004) also. Analysis includes no special assessments from GRC/Apello Analysis assumes no deferred/inactive special assessments are paid. Analysis does not assume any prepaid special assessments $ 972,969 807,554 695,264 556,634 54,034 83,034 102,034 70,034 54,034 62,034 59,034 73,034 65,034 73,034 82,634 65,134 65,434 50,000 City of Otsego Public Works Building Analysis of Debt Service Fund and Required City Contributions Cash on Hand at December 31, 2010 - Fund 385 Cash on Hand at December 31, 2010 - Fund 441 Cash on Hand for other projects Projected City annual tax levy Estimated interest earnings Total Assets Bond Principal Due for 2011 - 2021 Interest Due for 2011- 2021 Updated 6/01/11 Municipal Bldg Debt Fund $ 178,697 Municipal Bldg Project Fund 565,171 (City hall $18,708; PW $50,000) (68,708) 3,612,347 94,689 $4,382,196 $3,705,000 677,196 4,382,196 3,612,347 94,689 »»»> A cash balance exists in the Municipal Building Fund. The City Tax Levy is a computation of a reasonable annual levy to service the debt taking into consideration the cash on hand at December 31, 2010. Analysis does not include the money transferred from 2009 budget for carryover items totaling $68,708. This analysis assumes the City Council has determined that all monies remaining in the City Campus Fund should be used for debt service. Other scenarios can be prepared as determined by Council direction. Debt Service schedule is based on the refunding bonds issued in 2010. Total Liabilities $4,382,196 Other City Sources or Available Total Tax Additional Estimated Cash Year Debt Levy Levy Interest Balance 2010 $ 675,160 2011 220,141 150,000 16,879 $ 621,898 2012 235,323 150,000 15,547 $ 552,123 2013 232,323 175,000 13,803 $ 508,603 2014 229,323 225,000 12,715 $ 516,996 2015 496,323 300,000 12,925 $ 333,598 2016 492,923 350,000 8,340 $ 199,016 2017 494,423 400,000 4,975 $ 109,569 2018 495,070 450,000 2,739 $ 67,238 2019 494,390 500,000 1,681 $ 74,529 2020 497,560 550,000 1,863 $ 128,832 2021 494,400 362,347 3,221 $ 0 4,382,196 3,612,347 94,689 »»»> A cash balance exists in the Municipal Building Fund. The City Tax Levy is a computation of a reasonable annual levy to service the debt taking into consideration the cash on hand at December 31, 2010. Analysis does not include the money transferred from 2009 budget for carryover items totaling $68,708. This analysis assumes the City Council has determined that all monies remaining in the City Campus Fund should be used for debt service. Other scenarios can be prepared as determined by Council direction. Debt Service schedule is based on the refunding bonds issued in 2010. City of Otsego Expenditures of the General Fund and Reserves Pavement Park Park Public Works Fire Total Operations Management Trail Equipment & Other Services Projected Fund Balance 12/31/11 $ 4,257,404 $ 1,713,440 $ 908,193 $ 26,569 $ 98,000 $ 444,202 $ 1,067,000 Add: Tax Levy 3,720,000 2,715,000 300,000 25,000 50,000 150,000 480,000 Other Revenue 434,000 434,000 Projected Interest Allocation 2.50% 136,924 100,000 22,705 664 2,450 11,105 - Balance and Additions 4,290,924 3,249,000 322,705 25,664 52,450 161,105 480,000 Less Projected 2012 Expenditures 4,577,759 3,245,800 484,217 - - 367,742 480,000 Projected Fund Balance 12/31/12 $ 3,970,569 $ 1,716,640 $ 746,681 # $ 52,233 $150,450 $ 237,565 $ 1,067,000 City of Otsego General Fund Revenue Budget Source Description 31010 Property Taxes - Curr. Yr. 98% Collection State Aid reduction 2009 2010 Actual Actual $ 3,232,926 $ 3,295,917 3,232,926 3,295,917 34150 Topo Sales 34303 P.W. - charges to other departments 34330 Est. Tax Revenue 3,232,926 32100 Business Licenses 23,570 32210 Dog Licenses 330 32250 Sign Permits 950 32260 Building Permits 75,000 32270 Septic Permits 7,000 33405 Police Aid 47,529 33406 MSA Maintenance 134,176 33404 Other State Aid 1,872 34050 Administrative fees 7,892 34107 Assessment searches 630 34105 Maps/copies 122 34150 Topo Sales 34303 P.W. - charges to other departments 34330 Grading Reviews 34201 Mining Fees 34710 Recreation Fees 36100 Special Assessments 36210 Interest Earnings 36230 Donations 37165 Antenna Rental 38000 Rent 38050 Franchise Fees 39000 Other Total Revenue Operating Transfers Public works building reserve 628 27,753 250 7,162 108,353 500 40,493 44,200 87,807 13,308 3,866,903 (237,694) 3,058,223 15,034 124 550 75,000 7,000 46,822 138,428 6,534 2,700 650 108 1,560 (100) 360 31,658 97,904 6,600 60,133 28,200 97,228 3,317 $ 3,678,033 $ 3,866,903 $ 3,678,033 Final 2011 Budaet $ 3,360,000 3,360,000 (237,319) 3,122,681 17,500 250 500 75,000 7,000 47,000 135,625 1,854 8,000 50,000 100,000 500 54,890 24,000 85,000 75,000 $3,804,800 Six month Proposed Actual 2012 6/30/2011 Budget $2,782,000 2,782,000 (67,000) 1,268,600 2,715,000 13,450 15,000 50 47,000 147,633 145,000 1,872 287 140 475 2,520 00f 169,512 3,000 25,522 24,815 68,291 1,724,655 25,000 2,500 30,000 100,000 3,000 62,500 100,000 2,128 3,249,000 50,000 $3,854,800 $1,724,655 $3,249,000 City of Otsego General Fund Expenditures Budget Dep't Activit Total General Government 41100 Mayor & Council 41400 Administration 41410 Elections 41600 Finance 41550 Assessing 41700 Legal 41530 Planning Commission 41570 Planner 41900 EDA 41940 City Hall 41950 Peavey House/OTH Total Total Public Works 41560 Engineering 43160 Street Lighting 43100 Street Maintenance Total Public Safety 42100 Police 42150 Police Commission 42200 Fire Protection 42710 Animal Control Total Public Works 41560 Engineering 43160 Street Lighting 43100 Street Maintenance Total Community Services 43620 Clean Up Day 45200 Park Maintenance 45250 Recreation Services 45300 Heritage Preservation Actual Total 2011 Other Uses 49360 Transfers - capital outlay Total Expenditures Final Proposed Notes/Cost 2009 2010 Budget Budget Per Percentage Actual Actual 2011 2012 Capita Change $ 49,525 $ 25,665 $ 47,392 $ 52,392 Moved Festival support 435,478 387,847 384,467 470,319 $16,000 allocated to Building Safety 364 9,342 1,000 10,000 Election in 2012 142,482 142,629 183,682 240,906 $9,000 allocated to Building Safety 67,568 67,557 70,000 70,000 63,090 69,366 65,000 65,000 620 780 2,368 861 56,785 60,912 65,000 90,000 Includes $25K comp plan update 58,292 17,096 16,500 23,635 Apex abatements completed in 2012 58,255 38,223 57,920 51,920 941 723 2,000 1,000 933,399 820,140 895,329 1,076,033 $ 76.86 20.18% 817,600 840,892 861,400 872,350 1,387 2,129 2,710 2,710 8,243 11,725 9,000 12,000 827,229 854,746 873,110 887,060 $ 63.36 1.60% 74,180 82,136 65,000 65,000 118,404 102,093 105,000 105,000 724,286 764,024 805,277 804,743 916,870 948,253 975,277 974,743 $ 69.62 -0.05% 161,123 158,783 223,112 238,764 49,139 40,682 56,500 67,500 190 1,610 1,700 1,700 210,452 201,075 281,312 307,964 $ 22.00 9.47% - - - - $ - 0.00% $ 2,887,950 $ 2,824,215 $ 3,025,028 $ 3,245,800 $ 231.84 7.30% City of Otsego 2012 Property Tax Levy Levy Subject to Levy Limits General Government Fire Service Levy Pavement management levy Park trail management levy Public works capital equipment levy Park capital equipment levy Total General Fund Special Levies 2003 Debt Service DS Sec., pg 2 2006 Street Improvement DS Sec., pg 5 Quaday Public Works Building DS Sec., pg 7 Total Total General Fund Collected percentage General Fund Budgeted Tax Revenue 277,806 140,900 138,000 138,000 - - 177,700 178,000 178,000 275,000 - 250,000 150,000 150,000 $ 3,424,716 $3,720,690 $ 3,818,000 $ 3,966,000 $ 4,212,000 3,146,910 3,402,090 3,252,000 3,500,000 3,787,000 95% 95% 96% 96% 98% 2,989,565 3,231,986 3,121,920 3,360,000 3,720,000 Final Final Final Final Proposed 2008 2009 2010 2011 2012 $ 2,641,910 $2,887,090 $ 2,612,000 $ 2,670,228 $ 2,782,000 $ - $ - $ - $ - $ 480,000 $ 300,000 $ 300,000 $ 400,000 $ 529,772 $ 300,000 $ 25,000 $ 25,000 $ 40,000 $ 42,000 $ 25,000 $ 180,000 $ 190,000 $ 200,000 $ 160,000 $ 150,000 $ 98,000 $ 50,000 3,146,910 3,402,090 3,252,000 3,500,000 $ 3,787,000 277,806 140,900 138,000 138,000 - - 177,700 178,000 178,000 275,000 - 250,000 150,000 150,000 $ 3,424,716 $3,720,690 $ 3,818,000 $ 3,966,000 $ 4,212,000 3,146,910 3,402,090 3,252,000 3,500,000 3,787,000 95% 95% 96% 96% 98% 2,989,565 3,231,986 3,121,920 3,360,000 3,720,000 City of Otsego Comparative Levy Information Total City of Otsego General Property Tax Levy Add: Fire Service Paid By Assessments Less Market Value Homestead Credit to be paid by State of MN (Estimated) 2009 2010 2011 2012 $ 3,720,690 3,818,000 $ 3,966,000 $ 4,212,000 477,100 478,570 479,325 (237,000) (237,000) (237,000) Net Taxes and Assessments paid for City of Otsego Services $ 3,960,790 4,059,570 $ 4,208,325 $ 4,212,000