12-14-2022 Council Packet - Laserfiche WebLink

Home Browse Search

Debt Service Levy: The City issued the 2014A Bonds for building the Public Works facility. These bonds contain a levy component. Since the City has been using the Water & Sewer Capital Replacement Fund to pay these bonds instead of the levy, a motion must be passed each year to waive the debt service levy. Bond Issue Original Principal Date Issued 2023 Levy Portion per Bond Register Reduction in Levy 2023 Certified Debt Levy 2014A Bonds $3,400,000 03-11-14 $180,468.75 ($180,468.75) $0 Changes in Other Funds since Preliminary Budget: Few changes were needed to be made in the other funds since the preliminary budget/levy was discussed in September. Only one of these changes affected the property tax levy, transfer from Fund 463 Fleur Royale for approximately $6,000. Those changes are summarized below: • Special Revenue Funds o The final recycling and disposal fees have been finalized for the Recycling & Disposal Fund 203. The 2023 fees follow the 2022-2024 refuse & recycling service contract. o Approximately $670,000 will be transferred in 2022 to the EDA fund 105 from the Owasso/Woodlyn Redevelopment fund 474. o Housing Study & Trade Analysis 2022 budget moved to 2023 in the EDA fund 105. • Capital Project Funds-Other o Budgets were updated to match the 2023 projects identified in the 2023-2032 Capital Improvement Plan approved in November. o The Owasso/Woodlyn Redevelopment (Fund 474) fund balance of approximately $670,000 will be transferred to the EDA fund 105 in 2022. This fund balance resulted due to sale of land/assets purchased with EDA funds for the redevelopment of the Owasso/Woodlyn area. o Transfer from Fund 463 Fleur Royale for approximately $6,000 to the General Fund. • Capital Projects-TIF o A transfer of funds for $1,000,000 was set up in 2022 from TIF 3-3 and TIF 5-1. This transfer of funds represents a loan to the developer for the Twin Lake Apartments Project. The loan interest payments and principal payments will be traced separately in fund 476 Twin Lake Apartments Loan. • Enterprise Funds o In the Water Fund, the cost of water was increased due to the rate increase of 9.85% that has been adopted by St Paul Regional Water Services. To offset a portion of the increase, water rates were increased 7.5%. o In the Sewer Fund, sewer rates were increased by 4.5% to offset the rate increase in the Water Fund.