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07. 2023 - 2024 CIP Approved Expenses Staff Report Date of Meeting: May 1, 2024 For: Honorable Mayor and Council From: Kyle Morell, City Administrator Subject: 2023/2024 CIP Approved Expenses Review Background: During earlier discussions about equipment purchases and the 2024 road project, I offered to compile a list of approved CIP expenses dating back to the summer of 2023 so the Council could see what has been approved, is waiting to be approved, and how the City plans to pay for it. Since last summer, the City has discussed 13 purchases/projects to be completed within the 401, 404, 406, and 408 CIP Funds. Ten purchases/projects have been approved, and the items have been ordered or delivered. The 2024 Street Project and the Sealing Coating and Crack Sealing Project are two of those ten projects. Bonds are being sold on Wednesday morning to pay for those projects. The remaining three projects are the tennis court reconstruction, the purchase of a new fire engine, and the City Hall renovations. A list of the discussed projects is attached, titled “2023 – 2024 Approved Expenses”. Also included below are the CIP Fund spreadsheets and the Summary Budget spreadsheet. This list shows the budgeted amount versus the approved amount, the means of payment, and when payments are expected. Bids and quotes have been favorable, allowing the City to save $338,537.86 over the budgeted amount. We believe this trend will continue with the last three projects on the list. I will detail those projects below. Tennis Court Reconstruction The amount listed, $557,520, is the engineer's estimated cost for reconstructing the existing courts (base bid), adding a tennis court at City Hall (alternate 1), and reconstructing the Barton Johnson court (alternate 2). Given the cost, the City cannot afford to complete the base bid plus both alternates. Completing the base bid plus alternate 2 would reduce the project cost by $50,000. Completing the base bid plus alternate 1 would reduce the project cost even more. This project is proposed to be paid for with cash, using funds already in the 404 Park CIP Fund and transferring $125,000 in excess fund balance and $200,000 from the 401 General CIP Fund into the 404 Park CIP Fund. The transfer of excess fund balance will leave the City with just over 55.5% excess fund balance, above the 35% - 50% recommended by the City’s auditor. The 401 General CIP Fund ended 2023 with a healthy fund balance. The 2024 tax levy amount for the fund exceeds the planned expenditures within the Fund. The Fund can withstand a transfer out of $200,000 and still be able to cashflow expenses for the foreseeable future. Fire Engine The Department is requesting the purchase of a new fire engine, replacing an engine that will be over 20 years old when the new engine arrives. The purchase is currently scheduled for 2026, but the lead time on the purchase is 24-36 months. The Department is currently working with suppliers to keep the engine cost under $800,000, which is $50,000 under the budgeted amount. Ordering the engine in 2024 will likely see it arrive in 2026 or 2027. A down payment may be required (a $10,000 downpayment was required on the tanker ordered last year). The bulk of the cost will be owed in 2025 or 2026, depending on the assembly schedule. The engine will be paid primarily with an equipment certificate, allowing the City to spread the cost over ten years. City Hall Renovations. Staff is working to gather cost estimates for the various improvements and repairs discussed at the April work session. We have asked the contractors to individually quote each project so that we can prioritize their needs with an understanding of each project's cost. We will discuss this item again at the June work session. These renovations will be paid for with cash from the 401 General CIP Fund, which, as currently presented, remains cash-positive until 2032. Financial Impact: As long as the Council remains committed to allocating levy funds to the CIP funds, there will be no adverse financial impact beyond what the attached documents show. CIP needs are evaluated, and costs are updated annually. The CIP Committee will meet in May to review the proposed 2025 projects and beyond. As for Fund Balance, I do not see the need to use this as a mechanism for project funding once the tennis court project is complete. If $125,000 is used to complete the tennis courts, the City will have used $272,000 in excess fund balance to upgrade the park and recreation amenities at City Hall in the last 12 months. Of all the projects reviewed, the tennis courts and the hockey rink are the two best projects to use fund balance for, as they are available for use by all taxpayers. I believe the purchases/projects listed are all needed and should be allowed to be completed. The City has the funds and a solid plan to pay for each of them. Do not hesitate to ask if you have any questions before the Wednesday meeting or want additional information. Attachments: 2023-2024 Approved Expenses 401 CIP 404 CIP 406 CIP 408 CIP Summary Budget Items Approved for Purchase Date Approved Amount Approved Budgeted Amount Difference (+/-) Means of Payment Amount Paid to Date Payment 1 Date Payment 1 Date Plow Truck 8/2/2023 305,508.29$ 325,000.00$ 19,491.71$ Equipment Certificate -$ 133,655.00$ 4th Q $172,000.00 1st Q Hockey Rink Boards 9/6/2023 146,620.00$ 146,620.00$ -$ Excess Fund Balance 146,620.00$ FD Truck - F350 9/19/2023 64,785.95$ 86,500.00$ 21,714.05$ Cash - 406 Fund in 2024 -$ 64,785.95$ Upon Delivery Rescue Boat 10/17/2023 50,869.00$ 38,000.00$ (12,869.00)$ Cash - 406 Fund in 2024 -$ 50,869.00$ Upon Delivery Tender 2 12/19/2023 396,304.40$ 425,000.00$ 28,695.60$ Cash & Equipment Certificate 10,000.00$ 100,879.00$ Nov / Dec $286,787.00 November PW Truck 2/7/2024 96,526.86$ 84,356.00$ (12,170.86)$ Cash - 406 Fund in 2024 -$ 96,526.86$ Upon Delivery Skid Steer 2/7/2024 60,367.64$ 90,000.00$ 29,632.36$ Cash - 406 Fund in 2024 -$ 60,367.64$ Upon Delivery Skid Steer Attachment 2/20/2024 22,956.00$ 27,000.00$ 4,044.00$ Cash - 406 Fund in 2024 -$ 22,956.00$ Upon Delivery 2024 Street Project 2/20/2024 3,480,000.00$ 3,575,000.00$ 95,000.00$ GO Bond -$ 2024-2025 2024 Crack Fill & Seal Coat 455,000.00$ 620,000.00$ 165,000.00$ Abatement Bond -$ 2024 Tennis Court Reconstruction -$ 557,520.00$ Cash from 404 and 401 -$ 450,000.00$ Fall 2024 $107,520.00 Summer 2025 FD Engine -$ 850,000.00$ Equipment Certificate -$ 2026 2027 City Hall Renovations -$ 67,548.00$ Cash - 401 Fund -$ 2024 Totals 5,078,938.14$ 6,824,996.00$ Total Cash Expense (+/-) 338,537.86$ 2024 2025 Inflation Assumptions 1 Revenue (Non-property tax) 0.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2 Interest Earnings 0.00% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3 Expenses 0.00% 4 CIP Inflation Factor 0.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 2022 2023 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 ACTUAL ACTUAL Projected REVENUE 5 Property taxes 217,336 293,791 235,000 120,000 130,000 135,200 140,608 146,232 152,082 158,165 164,491 6 Intergovernmental - - - - - - - - 7 Capital Improvement Debt Levy - - - - - - - - 8 Special assessments - - - - - - - - - - - 9 Investment Income 3,126 2,300 1,500 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10 Refunds and Reimbursements 11 Park Dedication Fees 12 Rental and lease income - - - - - - - - - - - 13 Miscellaneous Revenue - - - - - - - - - - 14 Total Revenue 220,462 296,091 236,500 121,000 131,000 136,200 141,608 147,232 153,082 159,165 165,491 EXPENSES 15 Total Current - - - - - - - - - - - 16 Payables internet - - - - - - - - - - - 17 Debt service - - - - - - - - - - - 18 Total Capital Projects 296,733 198,059 190,073 235,001 645,072 135,000 108,000 112,072 208,135 169,859 618,083 19 Total Expenses 296,733 198,059 190,073 235,001 645,072 135,000 108,000 112,072 208,135 169,859 618,083 20 Revenue Over / (Under) Expenses (76,271) 98,032 46,427 (114,001) (514,072) 1,200 33,608 35,160 (55,053) (10,695) (452,592) OTHER FINANCING SOURCES / (USES) 21 Bond Proceeds 22 Transfers In - 8,000 - - - - - - - - - 23 Transfers Out to Sewer Fund (2,640) 24 Transfers Out- (200,000) 25 Total Other Sources / (Uses) - 5,360 (200,000) - - - - - - - - 26 accounts payable 27 Prior Period Adjustments 28 Ending Fund Balance 564,735 782,892 629,319 515,318 1,246 2,446 36,054 71,215 16,162 5,467 (281,634) CITY OF SCANDIA CITY OF SCANDIA Capital Improvement Plan Capital Improvement Plan Capital Improvement Fund 401 Capital Improvement Fund 401 CA S H F L O W A N A L Y S I S 2022 2023 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Capital Project Name Year ACTUAL ACTUAL PROJECTED 29 12,000 30 Broadband Development Grants to MIDCO 2022 236,700 31 Development Code Update 2022 5,771 32 Community Center Improvements-Doors & security 2022 16,609 33 Council Chambers remodel 2022 5,103 7,476 34 Gateway Trail 2025 15,000 160,000 35 Broadband Development Grants to MIDCO 2023 12,750 119,500 92,000 300,000 108,000 36 County Ped & Bicycle Accomodations 2023 50,000 37 Wall Panel Joint Replacement Fire Hall-leaking 2023 16,250 38 Council Chambers remodel 2023 12,309 39 Security Improvements CCTV for Park 2024 14,000 40 Bliss Additions Stormwater plan 2023 122,525 135,000 41 new Exhaust removal system for truck bays 2024 58,399 42 new Warning Sirens 2025 31,633 43 Arts & Heritage Center Amphitheater 2027 0 44 Arts & Heritage Center Sidewalk and Walkways 2027 45 CC AC Condenser Replacement 2025 37,960 46 Lobbying 2025 47 Fire/PW Potable Well Pump (2000) Replacement 2026 11,699 48 2010 Fire Radios Replace 3 unspupported radios 2030 17,548 24,016 49 2010 Homatro Cutter Twin Line R-1(Jaws of Life)2030 40,945 56,036 50 2015 Lucas CPR Device-replacement 2030 17,548 24,016 51 Cold Storage Building 2030 112,072 52 Additional Comm Cent Elec Locks 2030 17,548 24,016 53 Large Hall and Heritage Room Carpeting 2030 80,052 54 2000 Station Bay floor epoxy coating-maintenance 2031 21,900 31,171 55 2010 Washer/Extractor-replacement 2031 9,125 12,988 56 2012 UTV & Trailer replacement-off road rescue 2031 42,583 60,609 57 2017 Thermal Imaging Cameras (1of3) find hot spots 2031 9,733 13,853 58 Zoll Monitor/Defib 2031 51,239 59 Second Fire Station 2032 337,136 60 Community Center Design & Planning 2032 280,947 61 Air Containment Unit 2033 62 Community Center Improvements-Front Office + Equip Room 50,000 63 CIP placeholder - SERVER REPLACEMENT 2035 7,800 Total Capital Projects 296,733 7,476 198,059 190,073 235,001 645,072 135,000 108,000 112,072 208,135 169,859 618,083 PROJECTED NEW DEBT TERMS Updated KHM As of Date:6/27/2023 1 Par Amount (Line 14) - - - - - - - - - - - 2 Number of Years 15 15 15 15 15 15 15 15 15 15 15 3 Interest Rate 0 0 0 0 0 0 0 0 0 0 0 4 New Debt Levy - - - - - - - - - - - Ca p i t a l P r o j e c t O u t l a y Ca p i t a l P r o j e c t O u t l a y Project CITY OF SCANDIA Financial Management Plan Park Capital Improvement Fund Inflation Assumptions 4 CIP Inflation Factor 4.00% 0.00% 2.00% 4.00% 4.00% 4.00%4.00% 4.00% 4.00% 4.00% 4.00% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 ACTUAL Proposed REVENUE 5 Property taxes 20,000 20,000 60,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 6 Intergovernmental 10,125 112,500 7 Charges for services 8 Investment Income 620 66 66 66 66 66 66 66 66 66 66 9 Sale of capital assets 10 Park Dedication Fees 24,000 24,000 - - - - - - - - 11 Rental and lease income - - - - - - - - - - - Transfer from General Fund 150,000 125,000 12 Miscellaneous Revenue 7,949 8,068 13 Total Revenue 38,694 314,634 209,066 50,066 50,066 50,066 50,066 50,066 50,066 50,066 50,066 EXPENSES 14 Total Current 15 Debt service 16 Total Capital Projects 48,113 333,739 450,000 107,520 25,000 64,042 - - 17 Total Expenses 48,113 333,739 450,000 107,520 25,000 64,042 - - - - - 18 Revenue Over / (Under) Expenses (9,419) (19,105) (240,934) (57,454) 25,066 (13,976) 50,066 50,066 50,066 50,066 50,066 OTHER FINANCING SOURCES / (USES) 19 Bond Proceeds 20 Transfers In 200,000 21 Transfers Out 8,000 22 Transfers Out- 22 Total Other Sources / (Uses)- 8,000 200,000 - - - - - - - - 23 Prior Period Adjustments 24 Ending Fund Balance 138,798 63,927 22,993 (34,462)(9,396)(23,373)26,693 76,758 126,824 176,889 226,955 CITY OF SCANDIA Financial Management Plan Park Capital Improvement Fund 404 CA S H F L O W A N A L Y S I S 2021 2016 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Capital Project Name Year Costs ACTUAL Proposed 25 25 Park Planning 2022 15000 10,500 4,500 26 Community Center Park-concrete, grill, table, benches 2022 112500 33,488 27 Playground Equipment - Community Center Park 2022 122500 180,319 28 Lilleskogen Park Picnic Shelter 2024 43700 3,000 29 Gateway Trail Improvements @ Annex 2024 0 25,000 30 Hay Lake Park - sign 2023 8653 1,500 31 Park signage at Orwell Park (Liten)2023 8653 800 32 Replace rink boards 2024 134984 146,620 33 Lilleskogen Praire/Wetland Restoration Project 2025 12878 1,125 34 Nature park trails 2025 42700 35 Playground Equipment - Erickson ballfield 2028 66682 80,000 36 Tennis Court/Pickle Ball - repaint 2024 60533 450,000 107,520 37 Expanded Pleasure Rink 2027 12653 16,010 38 Hay Lake Park Shelter water & doors 2027 101226 128,083 39 New Ballfield to Replace South Ball Field 2027 44286 56,036 40 Settlers MonutPossible Reloc/Imp 2027 37960 48,032 41 CIP Place Holder 2031 50000 42 Total Capital Projects 874,908 - 48,113 333,739 450,000 107,520 25,000 64,042 208,083 56,036 - - - PROJECTED NEW DEBT TERMS 43 Par Amount (Line 19) - - - - - - - - - - - - 44 Number of Years 10 10 10 10 10 10 10 10 10 10 10 10 45 Interest Rate 2.00% 2.50% 3.00% 3.00% 3.00% 3.00%3.00% 3.00% 3.00% 3.00% 3.00% 46 New Debt Levy 0 0 0 0 0 0 0 0 0 0 0 0 CA P I T A L O U T L A Y Project CA P I T A L O U T L A Y Inflation Assumptions 1 Revenue (Non-property tax)2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% 2 Interest Earnings 1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50%1.50% 3 Expenses 3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00% 4 CIP Inflation Factor 0.00%0.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00% 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Budget Projected REVENUE 5 Property taxes 87,800 - 110,000 115,000 120,000 125,000 130,000 135,200 140,608 146,232 152,082 158,165 6 Debt service levy - 36,928 83,703 182,176 222,181 222,181 268,341 268,341 342,196 268,341 7 Intergovernmental - - - - - - - - - - - - 8 Sale of capital assets 19,500 - - - - - - - - - 9 Investment Income 1,015 1,030 1,045 1,061 1,077 1,093 1,109 1,126 1,143 1,160 1,177 1,195 10 Refunds and Reimbursements 11 Park Dedication Fees 12 Rental and lease income - - - - - - - - - - - - 13 Miscellaneous Revenue - 176,000 - 14 Total Revenue 88,815 196,530 111,045 152,989 204,780 308,269 353,290 358,507 410,092 415,733 495,454 427,701 EXPENSES 15 Total Current - - - - - - - - - - - 16 Debt service - - - 35,169 79,717 173,501 211,601 211,601 255,563 255,563 325,901 255,563 17 Total Capital Projects 198,500 101,967 515,738 533,658 910,000 478,999 57,901 446,166 449,767 699,128 - - 18 Total Expenses 198,500 101,967 515,738 568,827 989,717 652,500 269,502 657,767 705,329 954,691 325,901 255,563 19 Revenue Over / (Under) Expenses (109,685) 94,563 (404,693) (415,839) (784,937) (344,231) 83,788 (299,260) (295,237) (538,958) 169,554 172,138 OTHER FINANCING SOURCES / (USES) 20 Bond Proceeds 300,000 380,000 800,000 325,000 375,000 600,000 - 21 Transfers In 22 Transfers Out 23 Transfers Out- 24 Total Other Sources / (Uses)- - 300,000 380,000 800,000 325,000 - 375,000 - 600,000 - - 25 Prior Period Adjustments 26 Ending Fund Balance 206,748 147,651 42,958 7,119 22,182 2,951 86,739 162,480 (132,758)(71,715)97,838 269,976 CITY OF SCANDIA Capital Improvement Plan Equipment Replacement Fund 406 CA S H F L O W A N A L Y S I S 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Capital Project Name First Year Last Year Costs Budget Projected 27 312-08 Asphalt Patching Equipment Trailer (2008) 2025 39000 45,624 28 2000 Engine 1 - 5176 Replacement 2026 650000 850,000 29 2003 Tanker 5178 Tender 2 Replacement 2025 292000 10,000 100,879 286,787 30 201-14 Mack Single Axle w/Plow (2014) 2029 275000 375,000 31 202-17 Western Star Single Axle Truck/Plow (2017) 2027 350000 478,999 32 203-11 Mack Dump Truck/Plow Replacement (2011) 2023 325000 133,655 172,000 33 301-98 John Deere Motor Grader (1998) 2031 480000 607,353 34 302-22 JD-6410 Tractor w/flail attachments (2022) 2022 198500 198,500 35 308-12 New Holland Skid Steer (2012) 2024 65000 60,368 36 Motor Grader 2022 0 37 Wall Panel Joint Replacement Fire Hall-leaking 2023 16250 16,250 37 101-18 Chev 1/2 ton pickup (2018) 2028 44000 57,901 38 102-19 Dodge 3500 SRW w/plow (2019) 2029 52000 71,166 39 103-21 Dodge 2500 w/plow (2021) 2031 62000 91,775 40 104-13 Ford F550 w/sander, plow mount, compressor 2024 75000 96,527 41 1995 Utility 1misc purpose truck - replacement 2023 86500 63,202 42 2003 Boat & Trailer - water rescues 2023 38000 12,717 38,152 43 303-17 Kubota F39000 Mower w/Broom & Blower (2017) 2023 65000 63,000 44 303-17 Kubota F39000 Mower w/Broom & Blower (2017) 2030 75000 106,748 45 304-21 Kubota UTV (2021) 2030 16000 22,773 46 Addition Vehicle (truck for addl FT or PT staff) 2025 50500 60,000 47 Equipment Attachments (fit skid, loader, tractor) 2024 10000 22,956 48 PJ Skid Trailer 14,000 lbs (2012) 2025 17000 19,888 49 Rescue 5179 Replacement 2030 225000 320,245 50 Utility Trailer 3,500 lbs (1998)2025 8000 9,359 52 Total Capital Projects 3,514,750 198,500 101,967 515,738 533,658 910,000 478,999 57,901 446,166 449,767 699,128 - - PROJECTED NEW DEBT TERMS KHM As of Date:6/27/2023 53 Par Amount (Line 14)- - 300,000 380,000 800,000 325,000 - 375,000 - 600,000 - - 54 Number of Years 10 10 10 10 10 10 10 10 10 10 10 10 55 Interest Rate 2.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00% 56 New Debt Levy 0 0 0 36,928 83,703 182,176 222,181 222,181 268,341 268,341 342,196 268,341 Ca p i t a l E q u i p m e n t O u t l a y Project CITY OF SCANDIA CAPITAL IMPROVEMENT PLAN LOCAL ROAD IMPROVEMENT FUND 408 Inflation Assumptions 1 Revenue (Non-property tax)2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% 2 Interest Earnings 1.50%3.50%3.50%3.50%3.50%3.50%1.50%1.50%1.50% 3 Expenses 3.00%3.00%3.00% 4 CIP Inflation Factor 0.00%4.00%4.00%4.00%4.00%4.00%3.00%4.00%4.00% 2022 2023 2024 2025 2026 2027 2028 2029 2030 Actual Projected REVENUE 5 Property taxes 216,860 212,012 375,000 400,000 416,000 432,640 449,946 467,943 486,661 6 Debt levy - 362,386 362,386 362,386 362,386 362,386 634,346 7 Special assessments 8 Investment Income 4,655 12,115 5,447 19,961 14,264 9,697 1,913 (8,816) (18,170) 9 Refunds and Reimbursements 10 Intergovermental 17,744 11 Rental and lease income - - - - - - - - - 12 Miscellaneous Revenue - - - - - - - - - 13 Total Revenue 239,259 224,127 380,447 782,347 792,650 804,723 814,245 821,514 1,102,837 EXPENSES 14 Total Current 15 Debt service 345,130 345,130 345,130 345,130 345,130 345,130 16 Principal 17 Interest 18 Total Capital Projects 595,069 815,000 3,940,745 600,000 578,000 609,120 1,184,365 1,100,000 1,100,000 19 Total Expenses 595,069 815,000 3,940,745 945,130 923,130 954,250 1,529,494 1,445,130 1,445,130 20 Revenue Over / (Under) Expenses (355,810) (590,873) (3,560,298) (162,782) (130,480) (149,526) (715,250) (623,616) (342,293) OTHER FINANCING SOURCES / (USES) 21 Bond Proceeds 3,975,000 1,000,000 22 Bond premium 23 Transfers In 24 Transfers Out 25 Transfers Out- 25 Total Other Sources / (Uses)- - 3,975,000 - - - - 2,000,000 26 Prior Period Adjustments 27 Ending Fund Balance 896,739 155,620 570,322 407,539 277,060 127,533 (587,716)(1,211,332)446,375 CITY OF SCANDIA Financial Management Plan Local Road Improvement Fund 408 CA S H F L O W A N A L Y S I S Project Multiple 2022 2022 2023 2024 2025 2026 2027 2028 2029 2030 Capital Project Name Number Year?First Year Last Year Costs Actual Proposed Est. 28 28 Soil Borings for 2024 & 2025 PW-061 2023 20000 25,000 29 Soil Borings for 2026 & 2027 PW-062 2025 20000 25,000 30 Soil Borings for 2028 & 2029 PW-069 2027 20000 28,000 31 Engineering Fees PW-070 100000 100,000 75,000 78,000 81,120 84,365 32 2022 Local Road Improvement Project PW-043 2022 707200 707,200 33 2023 Local Road Improvement Project PW-043 2023 671745 671,745 34 2023 Seal Coat & Crack Filling Project PW-050 2023 168374 168,374 2024 Seal Coat & Crack Filling PW-2024 455,000 35 2024 Local Road Improvement Project PW-056 2024 2755745 3,385,745 36 2025 Local Road Improvement Project PW-053 2025 540000 500,000 37 2025 Seal Coat & Crack Filling PW-052 2025 252000 38 2026 Local Road Improvement Project PW-035 2027 870000 500,000 39 2026 Seal Coat & Crack Filling Project PW-051 2027 335000 40 2027 Local Road Improvement Project PW-057 2028 900000 500,000 41 2027 Seal Coat & Crack Filling PW-060 2028 78000 42 2028 Local Road Improvement Project PW-036 2029 1000000 1,100,000 43 2029 Local Road Improvement Project PW-060 2030 860000 - 1,100,000 44 2030 Local Road Improvement Project PW-072 2031 880000 - 1,100,000 45 2031 Local Road Improvement Project PW-073 2032 1000000 - 46 Total Capital Projects 11,178,064 - 707,200 865,119 3,940,745 600,000 578,000 609,120 1,184,365 1,100,000 1,100,000 PROJECTED NEW DEBT TERMS 47 Par Amount (Line 14)- - - 3,975,000 - - - - 2,000,000 48 Number of Years 9 15 15 15 15 15 15 15 15 10 49 Interest Rate 2.00%2.50%3.50%5.00%5.00%5.00%5.00%5.00%5.00% 50 New Debt Levy 0 0 0 0 362,386 362,386 362,386 362,386 362,386 362,386 Lo c a l R o a d P r o j e c t O u t l a y Project CITY OF SCANDIA SUMMARY BUDGET 6/20/2023 Inflation Assumptions 677,171 810,813 807,951 832,190 857,155 882,870 Revenue (Non-property tax) 1.00% 1.00% 1.00% 1.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Interest Earnings 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% Expenses 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Audited Budgeted Budgeted Projected Projected Projected Projected Projected Projected Projected GENERAL FUND 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 REVENUE 1 General Property Tax-Current 1,607,142 1,865,918 1,865,918 1,921,896 1,979,552 2,038,939 2,100,107 2,163,110 2,228,004 2,294,844 2 Other taxes 4,115 149,697 134,357 135,701 138,415 141,183 144,007 146,887 149,824 152,821 3 Intergovernmental 69,875 61,000 71,674 72,391 73,839 75,315 76,822 78,358 79,925 81,524 4 Grants 11,700 5 Franchise fees - 6 Licenses and Permits 182,640 161,100 179,100 180,891 184,509 188,199 191,963 195,802 199,718 203,713 7 Charges for Services 53,383 53,000 53,565 54,101 55,183 56,287 57,412 58,560 59,732 60,926 8 Fines & Forfeits 6,027 7,400 7,000 7,070 7,282 7,501 7,726 7,957 8,196 8,442 9 Interest Earnings 5,459 12,100 5,636 5,819 5,994 6,174 6,359 6,550 6,746 6,949 10 Miscellaneous Revenues 13,452 9,900 11,000 11,358 11,698 12,049 12,411 12,783 13,166 13,561 11 - - - - - - - - - - 12 Total Revenue 1,942,093 2,331,815 2,328,250 2,389,226 2,456,471 2,525,646 2,596,806 2,670,008 2,745,312 2,822,779 EXPENSES 13 Current 14 General Government 667,685 754,700 728,420 750,273 772,781 795,964 819,843 844,438 869,772 895,865 15 Public Safety 458,856 504,399 547,726 564,158 581,083 598,515 616,471 634,965 654,014 673,634 16 Public Works 636,351 732,450 826,092 850,875 876,401 902,693 929,774 957,667 986,397 1,015,989 17 Park and Recreation 171,884 175,060 206,193 212,379 218,750 225,313 232,072 239,034 246,205 253,592 18 Applied to Federal Grant 19 Federal fund returned 20 Capital Outlay - 150,000 21 - 22 - 23 - 24 - 25 Total Expenses 1,934,776 2,316,609 2,308,432 2,377,685 2,449,015 2,522,485 2,598,160 2,676,105 2,756,388 2,839,080 26 Revenues Over / (Under) Expenses 7,317 15,206 19,819 11,541 7,456 3,161 (1,354) (6,097) (11,076) (16,300) 38 Ending General Fund Balance (FB) 1,349,787 1,364,993 1,384,812 1,396,353 1,403,809 1,406,970 1,405,615 1,399,518 1,388,442 1,372,142 39 Restricted - - - - - - - - - - 40 Unassigned 1,349,787 1,364,993 1,384,812 1,396,353 1,403,809 1,406,970 1,405,615 1,399,518 1,388,442 1,372,142 41 Fund Balance as a % of Next Year's Expenditures (net of contingency) 58.3% 59.1% 58.2% 57.0% 55.7% 54.2% 52.5% 50.8% 48.9% #DIV/0! Preliminary Projected Levy by Type 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 41 General Fund Operating Tax Levy 1,607,142 1,865,918 1,865,918 1,921,896 1,979,552 2,038,939 2,100,107 2,163,110 2,228,004 2,294,844 42 Annual Increase 16.3% 16.1% 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% ANNUAL DEBT LEVIES BY BOND ISSUE-FUTURE 43 44 BONDS ISSUED 3,975,000 4,000,000 2,000,000 45 EQUIPMENT CERTIFICATES 300,000 380,000 800,000 325,000 375,000 600,000 46 47 - 48 Total Annual Debt Issuance - - 4,275,000 380,000 800,000 4,325,000 - 375,000 2,000,000 600,000 OTHER SPECIAL TAX LEVIES 49 Debt service 50 2013 Certificates 67,000 64,000 51 2015 Certificates 52 2017 Certificates 34,524 53 2018 GO Bonds 344,531 342,536 345,634 343,166 340,541 343,009 345,161 341,749 343,429 344,794 54 Capital Improvement Debt Levy 55 Equipment Replacement Debt Levy - 36,928 83,703 182,176 222,181 222,181 268,341 268,341 56 Local road improvement Debt Levy 362,386 362,386 362,386 362,386 362,386 634,346 634,346 57 Total Annual Debt Levies 446,055 406,536 345,634 742,480 786,630 887,571 929,729 926,316 1,246,115 1,247,480 ANNUAL CAPITAL PROJECTS LEVIES 58 Capital Improvement 217,336 293,791 235,000 120,000 130,000 135,200 140,608 146,232 152,082 158,165 59 Park Improvement 20,000 20,000 60,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 60 Equipment Replacement 87,800 - 110,000 115,000 120,000 125,000 130,000 135,200 140,608 146,232 61 Local Road Improvement 216,860 212,012 375,000 400,000 416,000 432,640 449,946 467,943 486,661 506,128 62 63 64 EDA 8,000 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 65 66 67 Total Other Special Levies 549,996 531,103 785,300 690,300 721,300 748,140 775,854 804,676 834,651 865,825 68 Total Tax Levy 2,603,193 2,803,557 2,996,852 3,354,676 3,487,482 3,674,650 3,805,689 3,894,102 4,308,770 4,408,149 69 Increase/(Decrease) in Total Tax Levy 14.67% 7.70% 6.89% 11.94% 3.96% 5.37% 3.57% 2.32% 10.65% 2.31% 70 Less: Fiscal Disparities (132,739) (123,279) (107,857) (104,864) (119,515) (123,860) (129,291) (132,539) (134,266) (147,531) 71 Net Levy to Taxpayers 2,470,454 2,680,278 2,888,995 3,249,812 3,367,968 3,550,790 3,676,399 3,761,564 4,174,503 4,260,618 72 73 Existing Tax Base 8,336,001 10,129,722 10,847,248 10,706,234 10,706,234 10,813,296 10,921,429 11,030,643 11,140,949 11,252,358 83 5.37% 21.52% 7.08% -1.30% 84 New Net Tax Capacity 0 0 0 0 0 0 0 0 0 0 85 Total Net Tax Capacity 8,336,001 10,129,722 10,847,248 10,706,234 10,706,234 10,813,296 10,921,429 11,030,643 11,140,949 11,252,358 86 Tax Rate on Tax Capacity 29.636% 26.460% 26.633% 30.354% 31.458% 32.837% 33.662% 34.101% 37.470% 37.864% 87 Tax Rate % Change 9.24063% -10.72% 0.66% 13.97% 3.64% 4.38% 2.51% 1.30% 9.88% 1.05%