07-13-2020 Council Packet - Laserfiche WebLink

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•The annual tax amount for the Median Home is projected to increase from $884 (2019 adopted) to $1,460 (2030) over the duration of this Plan. A decrease in the tax levy or applicable tax rate is not anticipated, given the capital needs outlined in our report. •Total debt outstanding is projected to decrease from $17.2 million (2018 actual) to $4.6 million (2020 projected) over the duration of this Plan. The decrease includes anticipated debt issuance for the police department expansion in 2021 at an estimated $8 million dollars. As a result, the debt per capita will fall from an estimated $752 (2018 actual) per household to an estimated $188 (2030 projected) over the duration of this Plan. •Due to planned capital projects, the total cash position of the City is projected to decrease from $46.1 million (2018 actual) to $40.1 million over the duration of this Plan. Several funds were not analyzed for the purposes of this report and include a 1 percent interest rate earnings assumption the cash balance. These funds include: TIF Districts, Special Projects, Cable TV Equipment, Recycling, Self Insurance and Hennepin Recycling Group. The actual cash results for the years 2018 - 2030 will vary from the results estimated in this report. 7 Sample