2013 Adopted Budget
Other Funds
212
Operating Budget
2013 Adopted Budget
Operating Budget
Other Funds – Park Systems Development and Renewal & Replacement Fund (328)
PURPOSE & DESCRIPTION
The purpose and description of the Park Systems Development and Renewal & Replacement Fund is as follows: This fund, formerly the Park Site Acquisition and Development Fund, was renamed for 2012 when the Council instituted an annual levy to fund primarily the renewal and replacement of existing park infrastructure assets. In the past, this fund was supported solely by park dedication fees collected at the time of new development. As the City is approaching full development, park dedication fees are declining. The budget for this fund is approved by way of the five‐year Parks Capital Improvement Program adopted by the City Council. The Park Systems Development and Renewal and Replacement Fund is responsible for the following functions: To account for the annual (beginning 2012) property tax levy dedicated to park systems development and renewal and replacement of existing park infrastructure. To account for park dedication fees obtained from developers for acquiring and developing parklands. To account for revenues and expenditures related to grant proceeds that may be obtained from the State and/or County.
213
2013 Adopted Budget
Operating Budget
Other Funds – Park Systems Development and Renewal & Replacement Fund (328) REVENUE & EXPENDITURE SUMMARY
2010 Actual
2011 Actual
2012 Budget
2013 Budget
$ 1,439,600
$ 1,123,065
$ 799,062
$ 886,062
‐ 100,000 21,747 1,447 20,436 (1,176)
‐ ‐ ‐ 150 5,766 6,888
400,000 ‐ 20,000 ‐ 15,000 ‐
400,000 ‐ 50,000 ‐ 2,610 ‐
142,454
12,804
435,000
452,610
Total Available
1,582,054
1,135,869
1,234,062
1,338,672
Expenditures: Professional Services Park improvements Other Total Expenditures
900 458,089 ‐ 458,989
400 269,669 66,738 336,807
‐ 348,000 ‐ 348,000
‐ 475,000
Transfer Out Total Other Financing Use
‐ ‐
‐ ‐
‐ ‐
‐ ‐
Ending Fund Balance
$ 1,123,065
$ 799,062
$ 886,062
$ 863,672
Beginning Fund Balance Revenues & Other Financing Sources: Property Taxes State grant Park dedication fees Facility rental Interest Other Total Revenues and Other Financing Sources
214
475,000
2013 Adopted Budget
Operating Budget
Other Funds – Equipment Revolving Fund (335) PURPOSE & DESCRIPTION
The purpose and description of the Equipment Revolving Fund is as follows: In 1989, the City implemented the Equipment Revolving Fund with the long‐ range objective of funding capital equipment purchases with a dedicated portion of the operating levy, thus eliminating the need to borrow via equipment certificates. A secondary objective was to remove operating budget fluctuations from the General Fund departments caused by large capital equipment purchases. The use of this fund better facilitates overall planning for these large capital expenditures. The Equipment Revolving Fund is responsible for the following functions: To account for and provide funding for capital equipment purchases in non‐enterprise, non‐firefighting operating units. Enterprise fund purchases are made out of the respective enterprise funds; fire apparatus purchases are made out of the Fire Apparatus Fund (346).
REVENUE & EXPENDITURE SUMMARY 2010 Actual
2011 Actual
2012 Budget
2013 Budget
$ 1,348,297
$ 1,522,711
$ 1,394,124
$ 1,261,324
974,684 16,608 ‐ 991,292
1,031,128 6,980 ‐ 1,038,108
1,053,500 15,000 ‐ 1,068,500
1,121,000 8,000
Other Financing Sources: Sale of City Property Transfer In
71,879 265,237
37,545 87,780
‐ ‐
12,000 30,000
Total Revenues & Other Financing Sources
1,328,408
1,163,433
1,068,500
1,129,000
Total Expenditures and Other Financing Uses
1,153,994
1,292,020
1,201,300
1,646,500
Fund Balance, End of Year
$ 1,522,711
$ 1,394,124
$ 1,261,324
$ 743,824
Fund Balance, Beginning of Year Revenues: Taxes/Fiscal Disparities Interest on Investments Other
215
1,129,000
2013 Adopted Budget
Operating Budget
Other Funds – Equipment Revolving Fund (335) DETAIL OF EXPENDITURES IT
Cisco firewall ASA 5500 replacement Police Cisco 4507 Chassis switch replace City Hall Cisco 4507 Chassis switch replace City Hall Cisco 4507 Chassis switch replace New Server for Dictation Software Sharepoint Consulting Cisco 3560 Switch replace E‐TV Comcast Headend replace
$ 11,500 30,000 22,500 47,000 7,000 8,500 4,000 11,000
CITY CLERK
Election ballot tabulators replace (23)
50,000
COMM. DEVELOPMENT 2001 Chevrolet Truck TZ (replace unit 500)
19,000
POLICE
2 Job assist vehicles replace (supervisor) 4 Job assist vehicles replace (patrol) Vehicle used to pull SWAT trailer replacement 2 Job assist vehicles new (admin) 2 Job assist vehicles replace (detective)
72,000 144,000 175,000 36,000 36,000
FIRE
SCBA replacement: 65 SCBA units SCBA replacement: bottles SCBA replacement: masks SCBA replacement: RIT kits
325,000 145,000 50,000 36,000
ENGINEERING
Document imaging work station
10,000
STREETS
Single Axle Dump Truck (replace unit 147) 5 Ton Vibratory Roller (replace unit 131)
220,000 45,000
PARKS
Chev 2500 3/4 t 4x4 (replace unit 313, 313‐>350) 2006 Toro fine cut mower (replace unit 327) Chev 2500 3/4 t 4x4 (replace unit 316)
30,000 70,000 32,000
TOTAL
216
$ 1,636,500
2013 Adopted Budget
Operating Budget
Other Funds – Fire Apparatus Fund (346) PURPOSE & DESCRIPTION The purpose and description of the Fire Apparatus is as follows: The fund was established in 2009. As part of a long‐term financing plan, the city council will levy $400,000 annually for fire apparatus and/or debt service related thereto. The fire apparatus purchases will be financed by a combination of equipment certificates and cash. The use of this fund helps facilitate overall planning for these large capital expenditures. The Fire Apparatus Fund is responsible for the following functions: To account for and provide public safety funding for capital equipment purchases in non‐enterprise facilities.
REVENUE & EXPENDITURE SUMMARY 2010 Actual
2011 Actual
2012 Budget
2013 Budget
325,905.00
$ 1,055,990
$ 961,753
$ 645,853
328,588 415,000 6,935 14,021 764,544
273,120 ‐ 2,924 42,211 318,255
266,500 ‐ 5,000 ‐ 271,500
198,000
30,959 ‐ ‐ ‐ ‐
‐ 405,604 ‐ ‐ 4,388
‐ ‐ 567,400 20,000 ‐
30,959
409,992
587,400
Other Expenditures
3,500
2,500
TOTAL EXPENDITURES
34,459
412,492
587,400
400,000
Fund Balance, End of Year
1,055,990.00
$ 961,753
$ 645,853
$ 526,853
Fund Balance, Beginning of Year Revenues: Taxes/Fiscal Disparities Bond Proceeds Interest on Investments Other
Expenditures: Replace unit 1223 with 2011 Ford F350 Pickup Replace unit 1222 with 2011 Pierce Peterbilt Replace unit 1220 (1988 Peterbilt) Replace unit 1214 (2002 Ford Explorer) Replace unit 1211 with 2012 Silverado Replace fire unit TOTAL CAPITAL
217
3,000 80,000 281,000
400,000 400,000 ‐
2013 Adopted Budget
Operating Budget
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218
2013 Adopted Budget
Operating Budget
Other Funds – General Facilities Renewal & Replacement Fund (336) PURPOSE & DESCRIPTION
The purpose and description of the General Facilities Renewal & Replacement Fund is as follows: The Fund was established in 1999 and modeled after the Equipment Revolving Fund. The objective of this fund is to provide funding for major non‐enterprise facility repairs and other property improvements by way of a dedicated portion of the operating levy. A secondary reason for establishing this fund was to eliminate operating budget fluctuations from year to year caused by major facility repairs and improvements. The General Facilities Renewal & Replacement Fund is responsible for the following functions: To account for and provide funding for major facility repairs and improvements in non‐enterprise facilities
REVENUE & EXPENDITURE SUMMARY
Fund Balance, Beginning of Year Revenues & Other Financing Sources: Taxes/Fiscal Disparities Interest on Investments Other Financing Sources Total Revenues & Other Financing Sources
2010 Actual
2011 Actual
2012 Budget
2013 Budget
$ 319,664
$ 474,207
$ 298,020
$ 311,020
267,548 5,752
283,042 2,241 5,204
289,200 2,000
308,000 2,000
273,300
290,487
291,200
310,000
118,758
466,674
278,200
142,946
$ 474,207
$ 298,020
$ 311,020
$ 478,074
Total Expenditures & Other Financing Uses Fund Balance, End of Year
219
2013 Adopted Budget
Operating Budget
Other Funds – General Facilities Renewal & Replacement Fund (336) DETAIL OF EXPENDITURES CITY HALL
Workstation remodel for Admin/Finance
$ 4,000
MAINTENANCE FACILITY
Carpet Replacement Replace Exterior door #12 Replace Damaged siding at garage Replace tables and chairs for Conference Room Replace overhead garage door Storage and Space needs
2,500 2,000 7,500 8,200 5,000 45,000
GENERAL FACILITIES
Safety yellow plastic sleeves Roof Inspections
2,000 6,500
SPECIAL ASSESSMENTS
Cedar Grove, Wilderness Run, Manor Lake, Civic Ctr Dr 60,246 TOTAL
220
$ 142,946
2013 Adopted Budget
Operating Budget
Other Funds – Debt Service Funds DEBT MANAGEMENT POLICY
Purpose: The debt management policies ensure that the City maintains its ability to incur present and future debt at minimal interest rates for infrastructure and economic development, without endangering essential City services. Objectives: Maintain moderate debt and debt service payments with effective planning and coordination with City departments. Meet significant capital demands through debt financing. Achieve the highest practical credit ratings. Policies: The City may utilize long‐term borrowing for capital improvements or developments that have a life‐span of more than 4 years or when authorized by referendum. The City will avoid the issuance of short‐term debt. The City will not use long‐term debt to fund current operating costs. The total maturity of the bonds issued must be less than the total life‐span of the asset or project. The City will incur no more than 3% of the total fair market value of taxable property in the City worth of debt in accordance with Minnesota Statute 475.53. The City may use general obligation bonds, lease revenue bonds, special assessment bonds, and occasional equipment certificates as municipal debt obligations to finance long‐term capital projects. The City will use Tax Increment Financing only when it is shown that the benefits outweigh the costs of the project. Specific Debt Service Funds may be used by the City to make principal and interest payments on their attached general obligation, special assessment, or revenue bonds annually. For example, the 2005A Special Assessment Bond is attached to the 9459 Debt Service Fund. The City will maintain regular and frequent communication with bond rating agencies, including Moody’s Investors’ Service and Standard & Poors. The City will remain compliant with the regulations set forth by the Securities Exchange Commission (SEC) and will remain as transparent as possible. Additionally, the City will follow a policy of full disclosure with all financial reports and its bond prospectus. Tax levies may be used by the City to help repay general obligation bonds.
221
2013 Adopted Budget
Operating Budget
Other Funds – Debt Service Funds The purpose and description of the Debt Service Funds is as follows: Principal and interest payments on General Obligation and Special Assessment Bonds are made from these funds. Financing sources include general and ad valorem property tax levies, special assessment levies, and tax increments. Debt service on the MSA Bond is paid through the State and its allotment process. The City receives an Aaa credit rating from Moody’s Investors’ Service and an AA+ rating from Standard & Poors. The Debt Service Funds are responsible for the following functions: To account for the resources accumulated and payments made for principal and interest on General Obligation and Special Assessment Bonds. Debt Service Schedule Principal Only as of 12/31/2012 G.O
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
G.O. Special Assessment
G.O. Equip Cert
G.O. Housing Imp.
G.O. State‐Aid
Central Park 2009B 1‐Feb
Fd 9459 2005A 1‐Feb
Fd 9456 2005C 1‐Feb
Equipment 2009A 1‐Feb
Equipment 2010A 1‐Feb
Equipment 2012B 1‐Jun
Coachman Oaks HIA 2012A 1‐Feb
Street 2008A 1‐Apr
$ 830,000 840,000 855,000 875,000 900,000 930,000 960,000 980,000 1,025,000
360,000 350,000 310,000 305,000 300,000 300,000 290,000 280,000 75,000
180,000 180,000 105,000
55,000 55,000 60,000 60,000 65,000 70,000 70,000
45,000 45,000 45,000 45,000 45,000 50,000 50,000 50,000
60,000 60,000 60,000 65,000 65,000 65,000 65,000 65,000 70,000
‐ 95,000 100,000 100,000 100,000 100,000 105,000 105,000 105,000 110,000 115,000 115,000 120,000 125,000 130,000 135,000
210,000 205,000 210,000 210,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 200,000 200,000
1,740,000 1,830,000 1,745,000 1,660,000 1,680,000 1,720,000 1,745,000 1,685,000 1,480,000 315,000 320,000 320,000 325,000 330,000 335,000 335,000 200,000
$ 8,195,000
$ 2,570,000
$ 465,000
$ 435,000
$ 375,000
$ 575,000
$ 1,660,000
$ 3,490,000
$ 17,765,000
222
Total All Bonds
2013 Adopted Budget
Operating Budget
Other Funds – Debt Service Funds Annual Debt Service by Bond Type Year
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Principal
Interest
Total
1,740,000 1,830,000 1,745,000 1,660,000 1,680,000 1,720,000 1,745,000 1,685,000 1,480,000 315,000 320,000 320,000 325,000 330,000 335,000 335,000 200,000
531,509 494,821 446,595 396,988 344,834 291,132 234,311 176,316 122,908 92,024 80,711 68,754 56,643 43,928 31,050 17,783 4,375
2,271,509 2,324,821 2,191,595 2,056,988 2,024,834 2,011,132 1,979,311 1,861,316 1,602,908 407,024 400,711 388,754 381,643 373,928 366,050 352,783 204,375
$ 17,765,000
$ 3,434,678
$ 21,199,678
General Obligation
G.O Special Assessment
G.O Equip Cert
G.O. State‐Aid
G.O. Housing Imp.
Total
830,000 840,000 855,000 875,000 900,000 930,000 960,000 980,000 1,025,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
540,000 530,000 415,000 305,000 300,000 300,000 290,000 280,000 75,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
160,000 160,000 165,000 170,000 175,000 185,000 185,000 115,000 70,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
210,000 205,000 210,000 210,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 205,000 200,000 200,000
‐ 95,000 100,000 100,000 100,000 100,000 105,000 105,000 105,000 110,000 115,000 115,000 120,000 125,000 130,000 135,000 ‐
$ 8,195,000
$ 3,035,000
$ 1,385,000
$ 3,490,000
$ 1,660,000
Legal Debt Limit computation: 2011 Estimated market value
$ 6,559,565,000
3% of Estimated MV allowed for net debt per MN Statutes 475.53 Gross debt as of 12/31/2012 Less revenue supported debt Net debt applicable to debt limit Legal Debt Margin
223
$ 196,786,950 $ (17,765,000) 8,185,000 (9,580,000) $ 187,206,950