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HomeMy WebLinkAbout2019 Financial Mgmt Plan8/22/2018CITY OF Lake Elmo Tax Rate at 0% Increase Financial Management Plan Summary DRAFT ONLY Revenue Inflation Rate 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% Expenses Inflation Rate 4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00% ** 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Actual Actual Actual Actual Budget Budget REVENUE 1 PROPERTY TAX LEVY 2,237,110 2,206,350 2,019,331 1,643,358 2,202,698 2,894,850 3,068,850 2,993,546 3,161,906 3,330,965 3,500,370 3,714,682 3,939,357 4,174,873 4,421,730 5,468,804 2 Adjust for Fiscal Disparities 140,432 179,607 157,096 159,325 149,615 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 Other Taxes (Delinq., Mobile Home, Penalties)39,696 48,272 28,097 38,529 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 3 LICENSE AND PERMIT 451,953 828,494 1,210,619 1,477,918 994,400 1,056,900 1,078,038 1,099,599 1,121,591 1,144,023 1,166,903 1,190,241 1,214,046 1,238,327 1,263,093 500,000 4 INTERGOVERNMENTAL (excludes Fiscal Disparities)190,148 222,352 209,373 206,185 238,026 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 5 CHARGES FOR SERVICES 30,192 35,796 543,973 738,580 611,595 626,600 639,132 651,915 664,953 678,252 691,817 705,653 719,766 734,162 748,845 763,822 6 FINES/FOREFEITS 48,647 48,739 49,505 41,418 49,000 49,000 49,980 50,980 51,999 53,039 54,100 55,182 56,286 57,411 58,560 59,731 7 INTEREST EARNINGS 71,813 23,501 20,437 27,665 40,000 40,000 40,800 41,616 42,448 43,297 44,163 45,046 45,947 46,866 47,804 48,760 8 MISC. (See note 1 below)192,355 74,772 146,102 220,280 160,900 233,048 237,709 242,463 247,312 252,259 257,304 262,450 267,699 273,053 278,514 284,084 9 SALE OF ASSETS 0 0 0 0 0 0 0 0 0 0 0 0 0 10 TOTAL REVENUE 3,402,346 3,667,883 4,384,533 4,553,258 4,476,734 5,397,933 5,612,044 5,577,653 5,787,745 5,999,370 6,212,192 6,470,790 6,740,636 7,022,227 7,316,081 7,622,736 11 12 EXPENDITURES 13 GENERAL GOVERNMENT 1,046,906 1,025,320 1,290,461 1,473,094 1,236,966 1,218,790 1,267,542 1,318,243 1,370,973 1,425,812 1,482,844 1,542,158 1,603,844 1,667,998 1,734,718 1,804,107 14 PUBLIC SAFETY 1,198,546 1,203,765 1,258,609 1,481,443 1,733,118 1,847,798 1,921,710 1,998,578 2,078,521 2,161,662 2,248,129 2,338,054 2,431,576 2,528,839 2,629,993 2,735,192 15 PUBLIC WORKS 585,071 686,401 856,548 1,193,408 1,255,770 1,418,935 1,489,882 1,564,376 1,642,595 1,724,724 1,810,961 1,901,509 1,996,584 2,096,413 2,201,234 2,311,296 16 CULTURE AND RECREATION 208,204 229,595 170,066 174,456 250,880 386,518 401,979 418,058 434,780 452,171 470,258 489,069 508,631 528,977 550,136 572,141 18 MISCELLANEOUS 69,403 107,094 7,966 54,892 0 0 0 0 0 0 0 0 0 0 19 CAPITAL OUTLAY 0 0 0 0 0 0 0 0 0 0 20 GENERAL GOVERNMENT 70,000 0 0 0 0 0 0 0 0 0 0 21 PUBLIC SAFETY 2,602 24,000 24,000 0 0 0 60,000 0 0 0 0 0 0 22 PUBLIC WORKS 145,000 0 0 60,000 0 0 0 0 0 0 0 23 CULTURE AND RECREATION 25,000 0 0 0 0 0 0 0 0 0 0 24 TRANSFER OUT 360,000 447,118 0 0 0 0 0 0 0 0 0 0 25 CAPITAL EQUIPMENT 75,000 100,000 125,000 150,000 175,000 200,000 200,000 200,000 200,000 200,000 200,000 Additional Transfer to Capital Equipment 426,000 430,932 153,398 50,875 29 0 0 0 0 0 0 0 0 0 0 30 TOTAL EXPENDITURES 3,398,727 3,661,602 3,682,778 4,332,969 4,670,734 5,521,933 5,612,044 5,577,653 5,787,744 5,999,370 6,212,192 6,470,789 6,740,636 7,022,227 7,316,080 7,622,736 31 32 REVENUE OVER (UNDER) EXPENSES 3,619 6,281 701,755 220,289 (194,000) (124,000) (0) (0) 0 (0) 0 0 0 (0) 0 (0) 33 34 BEGINNING FUND BALANCE 3,177,382 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,327 3,791,327 3,791,327 3,791,327 38 ENDING FUND BALANCE 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,327 3,791,327 3,791,327 3,791,327 3,791,326 41 42 43 GENERAL FUND OPERATING TAX LEVY 2,421,588 2,421,588 2,190,706 1,818,847 2,382,813 2,894,850 3,068,850 2,993,546 3,161,906 3,330,965 3,500,370 3,714,682 3,939,357 4,174,873 4,421,730 5,468,804 44 ANNUAL INCREASE 0.0%-9.5%-17.0%31.0%21.5%6.0%-2.5%5.6%5.3%5.1%6.1%6.0%6.0%5.9%23.7% 45 48 TOTAL OTHER GENERAL LEVIES 256,957 231,261 256,957 256,957 0 0 0 0 0 0 0 0 0 0 0 0 49 50 EXISTING DEBT SERVICE LEVIES 484,814 484,814 664,541 874,622 1,213,788 1,215,932 1,215,932 1,158,723 1,022,051 1,025,432 937,558 834,293 706,568 711,996 486,825 179,314 51 55 TOTAL EXISTING TAX LEVIES 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,110,782 4,284,782 4,152,269 4,183,957 4,356,397 4,437,928 4,548,975 4,645,925 4,886,869 4,908,555 5,648,118 56 64 TOTAL NEW ADDITIONS TO TAX LEVY 0 0 0 0 0 0 100,000 513,915 771,083 1,646,946 2,305,598 2,583,745 2,739,539 2,890,325 2,888,871 2,966,596 65 66 GROSS LEVY TO TAXPAYERS 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,110,782 4,384,782 4,666,184 4,955,040 6,003,343 6,743,526 7,132,719 7,385,464 7,777,194 7,797,426 8,614,714 67 FISCAL DISPARITIES -161,313 -187,743 -157,509 -161,272 -149,615 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 68 NET LEVY TO TAXPAYERS 3,002,046 2,949,920 2,954,695 2,789,154 3,446,986 3,911,582 4,185,582 4,466,984 4,755,840 5,804,143 6,544,326 6,933,519 7,186,264 7,577,994 7,598,226 8,415,514 69 70 EXISTING TAX BASE 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 17,690,943 18,930,679 20,203,627 21,510,503 22,852,041 24,228,984 25,642,095 27,092,147 28,579,931 30,106,253 71 NEW CONSTRUCTION TAX CAP (from lines 86-89)0 959,973 974,372 988,988 1,003,822 1,018,880 1,034,163 1,049,675 1,065,421 1,081,402 1,097,623 73 TOTAL TAX CAPACITY 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 18,650,915 19,905,051 21,192,614 22,514,326 23,870,921 25,263,147 26,691,770 28,157,567 29,661,333 31,203,876 74 75 TAX RATE ON TAX CAPACITY 27.761%23.798%23.121%20.018%22.442%22.442%22.442%22.441%22.441%25.780%27.415%27.445%26.923%26.913%25.617%26.969% 76 TAX RATE % CHANGE -14.28%-2.84%-13.42%12.11%0.00%0.00%0.00%0.00%14.88%6.34%0.11%-1.90%-0.04%-4.82%5.28% 77 91 Existing $382,800 home Market Value (inflated by line 81)331,100 370,500 370,500 378,300 382,800 388,542 394,370 400,286 406,290 412,384 418,570 424,849 431,221 437,690 444,255 450,919 78 City Taxes (with inflation on value)904 878 853 748 853 867 881 896 910 1,063 1,148 1,166 1,161 1,178 1,138 1,216 79 Percentage City tax increase in home ($382,800 inflated from 2017)-2.91%-2.84%-12.27%13.97%1.66%1.62%1.70%1.56%16.80%7.97%1.59%-0.42%1.47%-3.38%6.84% 80 81 Existing Tax Base Inflation -0.6%11.9%0.0%2.1%1.2%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 82 Total Tax Base Increase 0.8%14.6%3.1%9.0%10.2%13.5%7.0%6.7%6.5%6.2%6.0%5.8%5.7%5.5%5.3%5.2% 83 % from New Growth 1.4%2.7%3.1%6.9%9.0%12.0%5.5%5.2%5.0%4.7%4.5%4.3%4.2%4.0%3.8%3.7% 84 85 New tax capacity assumptions 86 Residential units completed in beginning of year 0 250 250 250 250 250 250 250 250 250 250 250 87 New home average value ($383,989 in 2018 inflated)0 383,989 389,749 395,595 401,529 407,552 413,665 419,870 426,168 432,561 439,049 445,635 88 Commercial - New construction (15,000 s.f./year)0 0 0 0 0 0 0 0 0 0 0 89 New Home Value Construction Inflation 0.0%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 90 Percentage of Tax Levy for Debt 16.15%16.43%22.49%31.36%35.21%31.09%31.44%37.44%36.40%44.93%48.53%47.26%45.91%45.52%42.33%35.41% Projected 8/22/2018CITY OF Lake Elmo Tax Rate at 1% Increase Financial Management Plan Summary DRAFT ONLY Revenue Inflation Rate 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% Expenses Inflation Rate 4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00% ** 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Actual Actual Actual Actual Budget Budget REVENUE 1 PROPERTY TAX LEVY 2,237,110 2,206,350 2,019,331 1,643,358 2,202,698 2,934,850 3,154,910 3,131,546 3,358,348 3,330,965 3,500,370 3,714,682 3,939,357 4,174,873 4,421,730 5,468,804 2 Adjust for Fiscal Disparities 140,432 179,607 157,096 159,325 149,615 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 Other Taxes (Delinq., Mobile Home, Penalties)39,696 48,272 28,097 38,529 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 3 LICENSE AND PERMIT 451,953 828,494 1,210,619 1,477,918 994,400 1,056,900 1,078,038 1,099,599 1,121,591 1,144,023 1,166,903 1,190,241 1,214,046 1,238,327 1,263,093 500,000 4 INTERGOVERNMENTAL (excludes Fiscal Disparities)190,148 222,352 209,373 206,185 238,026 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 5 CHARGES FOR SERVICES 30,192 35,796 543,973 738,580 611,595 626,600 639,132 651,915 664,953 678,252 691,817 705,653 719,766 734,162 748,845 763,822 6 FINES/FOREFEITS 48,647 48,739 49,505 41,418 49,000 49,000 49,980 50,980 51,999 53,039 54,100 55,182 56,286 57,411 58,560 59,731 7 INTEREST EARNINGS 71,813 23,501 20,437 27,665 40,000 40,000 40,800 41,616 42,448 43,297 44,163 45,046 45,947 46,866 47,804 48,760 8 MISC. (See note 1 below)192,355 74,772 146,102 220,280 160,900 233,048 237,709 242,463 247,312 252,259 257,304 262,450 267,699 273,053 278,514 284,084 9 SALE OF ASSETS 0 0 0 0 0 0 0 0 0 0 0 0 0 10 TOTAL REVENUE 3,402,346 3,667,883 4,384,533 4,553,258 4,476,734 5,437,933 5,698,104 5,715,653 5,984,187 5,999,370 6,212,192 6,470,790 6,740,636 7,022,227 7,316,081 7,622,736 11 12 EXPENDITURES 13 GENERAL GOVERNMENT 1,046,906 1,025,320 1,290,461 1,473,094 1,236,966 1,218,790 1,267,542 1,318,243 1,370,973 1,425,812 1,482,844 1,542,158 1,603,844 1,667,998 1,734,718 1,804,107 14 PUBLIC SAFETY 1,198,546 1,203,765 1,258,609 1,481,443 1,733,118 1,847,798 1,921,710 1,998,578 2,078,521 2,161,662 2,248,129 2,338,054 2,431,576 2,528,839 2,629,993 2,735,192 15 PUBLIC WORKS 585,071 686,401 856,548 1,193,408 1,255,770 1,418,935 1,489,882 1,564,376 1,642,595 1,724,724 1,810,961 1,901,509 1,996,584 2,096,413 2,201,234 2,311,296 16 CULTURE AND RECREATION 208,204 229,595 170,066 174,456 250,880 386,518 401,979 418,058 434,780 452,171 470,258 489,069 508,631 528,977 550,136 572,141 18 MISCELLANEOUS 69,403 107,094 7,966 54,892 0 0 0 0 0 0 0 0 0 0 19 CAPITAL OUTLAY 0 0 0 0 0 0 0 0 0 0 20 GENERAL GOVERNMENT 70,000 0 0 0 0 0 0 0 0 0 0 21 PUBLIC SAFETY 2,602 24,000 24,000 0 0 0 60,000 0 0 0 0 0 0 22 PUBLIC WORKS 145,000 0 0 60,000 0 0 0 0 0 0 0 23 CULTURE AND RECREATION 25,000 0 0 0 0 0 0 0 0 0 0 24 TRANSFER OUT 360,000 447,118 0 0 0 0 0 0 0 0 0 0 25 CAPITAL EQUIPMENT 75,000 100,000 125,000 150,000 175,000 200,000 200,000 200,000 200,000 200,000 200,000 Additional Transfer to Capital Equipment 466,000 516,992 291,398 247,317 29 0 0 0 0 0 0 0 0 0 0 30 TOTAL EXPENDITURES 3,398,727 3,661,602 3,682,778 4,332,969 4,670,734 5,561,933 5,698,104 5,715,653 5,984,186 5,999,370 6,212,192 6,470,789 6,740,636 7,022,227 7,316,080 7,622,736 31 32 REVENUE OVER (UNDER) EXPENSES 3,619 6,281 701,755 220,289 (194,000) (124,000) (0) (0) 0 (0) 0 0 0 (0) 0 (0) 33 34 BEGINNING FUND BALANCE 3,177,382 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,327 3,791,327 3,791,327 3,791,327 38 ENDING FUND BALANCE 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,327 3,791,327 3,791,327 3,791,327 3,791,326 41 42 43 GENERAL FUND OPERATING TAX LEVY 2,421,588 2,421,588 2,190,706 1,818,847 2,382,813 2,934,850 3,154,910 3,131,546 3,358,348 3,330,965 3,500,370 3,714,682 3,939,357 4,174,873 4,421,730 5,468,804 44 ANNUAL INCREASE 0.0%-9.5%-17.0%31.0%23.2%7.5%-0.7%7.2%-0.8%5.1%6.1%6.0%6.0%5.9%23.7% 45 48 TOTAL OTHER GENERAL LEVIES 256,957 231,261 256,957 256,957 0 0 0 0 0 0 0 0 0 0 0 0 49 50 EXISTING DEBT SERVICE LEVIES 484,814 484,814 664,541 874,622 1,213,788 1,215,932 1,215,932 1,158,723 1,022,051 1,025,432 937,558 834,293 706,568 711,996 486,825 179,314 51 55 TOTAL EXISTING TAX LEVIES 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,150,782 4,370,842 4,290,269 4,380,399 4,356,397 4,437,928 4,548,975 4,645,925 4,886,869 4,908,555 5,648,118 56 64 TOTAL NEW ADDITIONS TO TAX LEVY 0 0 0 0 0 0 100,000 513,915 771,083 1,646,946 2,305,598 2,583,745 2,739,539 2,890,325 2,888,871 2,966,596 65 66 GROSS LEVY TO TAXPAYERS 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,150,782 4,470,842 4,804,184 5,151,482 6,003,343 6,743,526 7,132,719 7,385,464 7,777,194 7,797,426 8,614,714 67 FISCAL DISPARITIES -161,313 -187,743 -157,509 -161,272 -149,615 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 68 NET LEVY TO TAXPAYERS 3,002,046 2,949,920 2,954,695 2,789,154 3,446,986 3,951,582 4,271,642 4,604,984 4,952,282 5,804,143 6,544,326 6,933,519 7,186,264 7,577,994 7,598,226 8,415,514 69 70 EXISTING TAX BASE 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 17,690,943 18,930,679 20,203,627 21,510,503 22,852,041 24,228,984 25,642,095 27,092,147 28,579,931 30,106,253 71 NEW CONSTRUCTION TAX CAP (from lines 86-89)0 959,973 974,372 988,988 1,003,822 1,018,880 1,034,163 1,049,675 1,065,421 1,081,402 1,097,623 73 TOTAL TAX CAPACITY 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 18,650,915 19,905,051 21,192,614 22,514,326 23,870,921 25,263,147 26,691,770 28,157,567 29,661,333 31,203,876 74 75 TAX RATE ON TAX CAPACITY 27.761%23.798%23.121%20.018%22.442%22.672%22.903%23.135%23.368%25.780%27.415%27.445%26.923%26.913%25.617%26.969% 76 TAX RATE % CHANGE -14.28%-2.84%-13.42%12.11%1.02%1.02%1.01%1.01%10.32%6.34%0.11%-1.90%-0.04%-4.82%5.28% 77 91 Existing $382,800 home Market Value (inflated by line 81)331,100 370,500 370,500 378,300 382,800 388,542 394,370 400,286 406,290 412,384 418,570 424,849 431,221 437,690 444,255 450,919 78 City Taxes (with inflation on value)904 878 853 748 853 876 899 923 948 1,063 1,148 1,166 1,161 1,178 1,138 1,216 79 Percentage City tax increase in home ($382,800 inflated from 2017)-2.91%-2.84%-12.27%13.97%2.70%2.63%2.67%2.71%12.12%7.97%1.59%-0.42%1.47%-3.38%6.84% 80 81 Existing Tax Base Inflation -0.6%11.9%0.0%2.1%1.2%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 82 Total Tax Base Increase 0.8%14.6%3.1%9.0%10.2%13.5%7.0%6.7%6.5%6.2%6.0%5.8%5.7%5.5%5.3%5.2% 83 % from New Growth 1.4%2.7%3.1%6.9%9.0%12.0%5.5%5.2%5.0%4.7%4.5%4.3%4.2%4.0%3.8%3.7% 84 85 New tax capacity assumptions 86 Residential units completed in beginning of year 0 250 250 250 250 250 250 250 250 250 250 250 87 New home average value ($383,989 in 2018 inflated)0 383,989 389,749 395,595 401,529 407,552 413,665 419,870 426,168 432,561 439,049 445,635 88 Commercial - New construction (15,000 s.f./year)0 0 0 0 0 0 0 0 0 0 0 89 New Home Value Construction Inflation 0.0%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 90 Percentage of Tax Levy for Debt 16.15%16.43%22.49%31.36%35.21%30.77%30.81%36.32%34.96%44.93%48.53%47.26%45.91%45.52%42.33%35.41% Projected 8/22/2018CITY OF Lake Elmo Tax Rate at 2% Increase Financial Management Plan Summary DRAFT ONLY Revenue Inflation Rate 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% Expenses Inflation Rate 4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00% ** 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Actual Actual Actual Actual Budget Budget REVENUE 1 PROPERTY TAX LEVY 2,237,110 2,206,350 2,019,331 1,643,358 2,202,698 2,973,350 3,238,410 3,267,546 3,554,848 3,330,965 3,500,370 3,714,682 3,939,357 4,174,873 4,421,730 5,468,804 2 Adjust for Fiscal Disparities 140,432 179,607 157,096 159,325 149,615 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 Other Taxes (Delinq., Mobile Home, Penalties)39,696 48,272 28,097 38,529 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 3 LICENSE AND PERMIT 451,953 828,494 1,210,619 1,477,918 994,400 1,056,900 1,078,038 1,099,599 1,121,591 1,144,023 1,166,903 1,190,241 1,214,046 1,238,327 1,263,093 500,000 4 INTERGOVERNMENTAL (excludes Fiscal Disparities)190,148 222,352 209,373 206,185 238,026 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 5 CHARGES FOR SERVICES 30,192 35,796 543,973 738,580 611,595 626,600 639,132 651,915 664,953 678,252 691,817 705,653 719,766 734,162 748,845 763,822 6 FINES/FOREFEITS 48,647 48,739 49,505 41,418 49,000 49,000 49,980 50,980 51,999 53,039 54,100 55,182 56,286 57,411 58,560 59,731 7 INTEREST EARNINGS 71,813 23,501 20,437 27,665 40,000 40,000 40,800 41,616 42,448 43,297 44,163 45,046 45,947 46,866 47,804 48,760 8 MISC. (See note 1 below)192,355 74,772 146,102 220,280 160,900 233,048 237,709 242,463 247,312 252,259 257,304 262,450 267,699 273,053 278,514 284,084 9 SALE OF ASSETS 0 0 0 0 0 0 0 0 0 0 0 0 0 10 TOTAL REVENUE 3,402,346 3,667,883 4,384,533 4,553,258 4,476,734 5,476,433 5,781,604 5,851,653 6,180,687 5,999,370 6,212,192 6,470,790 6,740,636 7,022,227 7,316,081 7,622,736 11 12 EXPENDITURES 13 GENERAL GOVERNMENT 1,046,906 1,025,320 1,290,461 1,473,094 1,236,966 1,218,790 1,267,542 1,318,243 1,370,973 1,425,812 1,482,844 1,542,158 1,603,844 1,667,998 1,734,718 1,804,107 14 PUBLIC SAFETY 1,198,546 1,203,765 1,258,609 1,481,443 1,733,118 1,847,798 1,921,710 1,998,578 2,078,521 2,161,662 2,248,129 2,338,054 2,431,576 2,528,839 2,629,993 2,735,192 15 PUBLIC WORKS 585,071 686,401 856,548 1,193,408 1,255,770 1,418,935 1,489,882 1,564,376 1,642,595 1,724,724 1,810,961 1,901,509 1,996,584 2,096,413 2,201,234 2,311,296 16 CULTURE AND RECREATION 208,204 229,595 170,066 174,456 250,880 386,518 401,979 418,058 434,780 452,171 470,258 489,069 508,631 528,977 550,136 572,141 18 MISCELLANEOUS 69,403 107,094 7,966 54,892 0 0 0 0 0 0 0 0 0 0 19 CAPITAL OUTLAY 0 0 0 0 0 0 0 0 0 0 20 GENERAL GOVERNMENT 70,000 0 0 0 0 0 0 0 0 0 0 21 PUBLIC SAFETY 2,602 24,000 24,000 0 0 0 60,000 0 0 0 0 0 0 22 PUBLIC WORKS 145,000 0 0 60,000 0 0 0 0 0 0 0 23 CULTURE AND RECREATION 25,000 0 0 0 0 0 0 0 0 0 0 24 TRANSFER OUT 360,000 447,118 0 0 0 0 0 0 0 0 0 0 25 CAPITAL EQUIPMENT 75,000 100,000 125,000 150,000 175,000 200,000 200,000 200,000 200,000 200,000 200,000 Additional Transfer to Capital Equipment 504,500 600,492 427,398 443,817 29 0 0 0 0 0 0 0 0 0 0 30 TOTAL EXPENDITURES 3,398,727 3,661,602 3,682,778 4,332,969 4,670,734 5,600,433 5,781,604 5,851,653 6,180,686 5,999,370 6,212,192 6,470,789 6,740,636 7,022,227 7,316,080 7,622,736 31 32 REVENUE OVER (UNDER) EXPENSES 3,619 6,281 701,755 220,289 (194,000) (124,000) (0) (0) 0 (0) 0 0 0 (0) 0 (0) 33 34 BEGINNING FUND BALANCE 3,177,382 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,327 3,791,327 3,791,327 3,791,327 38 ENDING FUND BALANCE 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,327 3,791,327 3,791,327 3,791,327 3,791,326 41 42 43 GENERAL FUND OPERATING TAX LEVY 2,421,588 2,421,588 2,190,706 1,818,847 2,382,813 2,973,350 3,238,410 3,267,546 3,554,848 3,330,965 3,500,370 3,714,682 3,939,357 4,174,873 4,421,730 5,468,804 44 ANNUAL INCREASE 0.0%-9.5%-17.0%31.0%24.8%8.9%0.9%8.8%-6.3%5.1%6.1%6.0%6.0%5.9%23.7% 45 48 TOTAL OTHER GENERAL LEVIES 256,957 231,261 256,957 256,957 0 0 0 0 0 0 0 0 0 0 0 0 49 50 EXISTING DEBT SERVICE LEVIES 484,814 484,814 664,541 874,622 1,213,788 1,215,932 1,215,932 1,158,723 1,022,051 1,025,432 937,558 834,293 706,568 711,996 486,825 179,314 51 55 TOTAL EXISTING TAX LEVIES 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,189,282 4,454,342 4,426,269 4,576,899 4,356,397 4,437,928 4,548,975 4,645,925 4,886,869 4,908,555 5,648,118 56 64 TOTAL NEW ADDITIONS TO TAX LEVY 0 0 0 0 0 0 100,000 513,915 771,083 1,646,946 2,305,598 2,583,745 2,739,539 2,890,325 2,888,871 2,966,596 65 66 GROSS LEVY TO TAXPAYERS 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,189,282 4,554,342 4,940,184 5,347,982 6,003,343 6,743,526 7,132,719 7,385,464 7,777,194 7,797,426 8,614,714 67 FISCAL DISPARITIES -161,313 -187,743 -157,509 -161,272 -149,615 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 68 NET LEVY TO TAXPAYERS 3,002,046 2,949,920 2,954,695 2,789,154 3,446,986 3,990,082 4,355,142 4,740,984 5,148,782 5,804,143 6,544,326 6,933,519 7,186,264 7,577,994 7,598,226 8,415,514 69 70 EXISTING TAX BASE 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 17,690,943 18,930,679 20,203,627 21,510,503 22,852,041 24,228,984 25,642,095 27,092,147 28,579,931 30,106,253 71 NEW CONSTRUCTION TAX CAP (from lines 86-89)0 959,973 974,372 988,988 1,003,822 1,018,880 1,034,163 1,049,675 1,065,421 1,081,402 1,097,623 73 TOTAL TAX CAPACITY 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 18,650,915 19,905,051 21,192,614 22,514,326 23,870,921 25,263,147 26,691,770 28,157,567 29,661,333 31,203,876 74 75 TAX RATE ON TAX CAPACITY 27.761%23.798%23.121%20.018%22.442%22.893%23.351%23.818%24.295%25.780%27.415%27.445%26.923%26.913%25.617%26.969% 76 TAX RATE % CHANGE -14.28%-2.84%-13.42%12.11%2.01%2.00%2.00%2.00%6.11%6.34%0.11%-1.90%-0.04%-4.82%5.28% 77 91 Existing $382,800 home Market Value (inflated by line 81)331,100 370,500 370,500 378,300 382,800 388,542 394,370 400,286 406,290 412,384 418,570 424,849 431,221 437,690 444,255 450,919 78 City Taxes (with inflation on value)904 878 853 748 853 884 917 951 985 1,063 1,148 1,166 1,161 1,178 1,138 1,216 79 Percentage City tax increase in home ($382,800 inflated from 2017)-2.91%-2.84%-12.27%13.97%3.66%3.73%3.71%3.58%7.91%7.97%1.59%-0.42%1.47%-3.38%6.84% 80 81 Existing Tax Base Inflation -0.6%11.9%0.0%2.1%1.2%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 82 Total Tax Base Increase 0.8%14.6%3.1%9.0%10.2%13.5%7.0%6.7%6.5%6.2%6.0%5.8%5.7%5.5%5.3%5.2% 83 % from New Growth 1.4%2.7%3.1%6.9%9.0%12.0%5.5%5.2%5.0%4.7%4.5%4.3%4.2%4.0%3.8%3.7% 84 85 New tax capacity assumptions 86 Residential units completed in beginning of year 0 250 250 250 250 250 250 250 250 250 250 250 87 New home average value ($383,989 in 2018 inflated)0 383,989 389,749 395,595 401,529 407,552 413,665 419,870 426,168 432,561 439,049 445,635 88 Commercial - New construction (15,000 s.f./year)0 0 0 0 0 0 0 0 0 0 0 89 New Home Value Construction Inflation 0.0%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 90 Percentage of Tax Levy for Debt 16.15%16.43%22.49%31.36%35.21%30.47%30.22%35.28%33.62%44.93%48.53%47.26%45.91%45.52%42.33%35.41% Projected 8/22/2018CITY OF Lake Elmo Tax Rate at 3% Increase Financial Management Plan Summary DRAFT ONLY Revenue Inflation Rate 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% Expenses Inflation Rate 4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00%4.00% ** 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Actual Actual Actual Actual Budget Budget REVENUE 1 PROPERTY TAX LEVY 2,237,110 2,206,350 2,019,331 1,643,358 2,202,698 3,012,350 3,323,910 3,408,046 3,759,348 3,384,717 3,494,287 3,708,355 3,932,777 4,168,030 4,414,613 5,461,403 2 Adjust for Fiscal Disparities 140,432 179,607 157,096 159,325 149,615 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 199,200 Other Taxes (Delinq., Mobile Home, Penalties)39,696 48,272 28,097 38,529 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 30,500 3 LICENSE AND PERMIT 451,953 828,494 1,210,619 1,477,918 994,400 1,056,900 1,078,038 1,099,599 1,121,591 1,144,023 1,166,903 1,190,241 1,214,046 1,238,327 1,263,093 500,000 4 INTERGOVERNMENTAL (excludes Fiscal Disparities)190,148 222,352 209,373 206,185 238,026 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 267,835 5 CHARGES FOR SERVICES 30,192 35,796 543,973 738,580 611,595 626,600 639,132 651,915 664,953 678,252 691,817 705,653 719,766 734,162 748,845 763,822 6 FINES/FOREFEITS 48,647 48,739 49,505 41,418 49,000 49,000 49,980 50,980 51,999 53,039 54,100 55,182 56,286 57,411 58,560 59,731 7 INTEREST EARNINGS 71,813 23,501 20,437 27,665 40,000 40,000 40,800 41,616 42,448 43,297 44,163 45,046 45,947 46,866 47,804 48,760 8 MISC. (See note 1 below)192,355 74,772 146,102 220,280 160,900 233,048 237,709 242,463 247,312 252,259 257,304 262,450 267,699 273,053 278,514 284,084 9 SALE OF ASSETS 0 0 0 0 0 0 0 0 0 0 0 0 0 10 TOTAL REVENUE 3,402,346 3,667,883 4,384,533 4,553,258 4,476,734 5,515,433 5,867,104 5,992,153 6,385,187 6,053,122 6,206,109 6,464,463 6,734,056 7,015,384 7,308,964 7,615,335 11 12 EXPENDITURES 13 GENERAL GOVERNMENT 1,046,906 1,025,320 1,290,461 1,473,094 1,236,966 1,213,790 1,262,342 1,312,835 1,365,349 1,419,963 1,476,761 1,535,832 1,597,265 1,661,155 1,727,602 1,796,706 14 PUBLIC SAFETY 1,198,546 1,203,765 1,258,609 1,481,443 1,733,118 1,847,798 1,921,710 1,998,578 2,078,521 2,161,662 2,248,129 2,338,054 2,431,576 2,528,839 2,629,993 2,735,192 15 PUBLIC WORKS 585,071 686,401 856,548 1,193,408 1,255,770 1,418,935 1,489,882 1,564,376 1,642,595 1,724,724 1,810,961 1,901,509 1,996,584 2,096,413 2,201,234 2,311,296 16 CULTURE AND RECREATION 208,204 229,595 170,066 174,456 250,880 386,518 401,979 418,058 434,780 452,171 470,258 489,069 508,631 528,977 550,136 572,141 18 MISCELLANEOUS 69,403 107,094 7,966 54,892 0 0 0 0 0 0 0 0 0 0 19 CAPITAL OUTLAY 0 0 0 0 0 0 0 0 0 0 20 GENERAL GOVERNMENT 70,000 0 0 0 0 0 0 0 0 0 0 21 PUBLIC SAFETY 2,602 24,000 24,000 0 0 0 60,000 0 0 0 0 0 0 22 PUBLIC WORKS 145,000 0 0 60,000 0 0 0 0 0 0 0 23 CULTURE AND RECREATION 25,000 0 0 0 0 0 0 0 0 0 0 24 TRANSFER OUT 360,000 447,118 0 0 0 0 0 0 0 0 0 0 25 CAPITAL EQUIPMENT 75,000 100,000 125,000 150,000 175,000 200,000 200,000 200,000 200,000 200,000 200,000 Additional Transfer to Capital Equipment 548,500 691,192 573,306 653,942 59,601 29 0 0 0 0 0 0 0 0 0 0 30 TOTAL EXPENDITURES 3,398,727 3,661,602 3,682,778 4,332,969 4,670,734 5,639,433 5,867,104 5,992,153 6,385,187 6,053,122 6,206,109 6,464,463 6,734,056 7,015,384 7,308,964 7,615,335 31 32 REVENUE OVER (UNDER) EXPENSES 3,619 6,281 701,755 220,289 (194,000) (124,000) (0) (0) (0) (0) 0 0 (0) (0) (0) (0) 33 34 BEGINNING FUND BALANCE 3,177,382 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,325 38 ENDING FUND BALANCE 3,181,001 3,187,282 3,889,037 4,109,326 3,915,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,326 3,791,325 3,791,325 41 42 43 GENERAL FUND OPERATING TAX LEVY 2,421,588 2,421,588 2,190,706 1,818,847 2,382,813 3,012,350 3,323,910 3,408,046 3,759,348 3,384,717 3,494,287 3,708,355 3,932,777 4,168,030 4,414,613 5,461,403 44 ANNUAL INCREASE 0.0%-9.5%-17.0%31.0%26.4%10.3%2.5%10.3%-10.0%3.2%6.1%6.1%6.0%5.9%23.7% 45 48 TOTAL OTHER GENERAL LEVIES 256,957 231,261 256,957 256,957 0 0 0 0 0 0 0 0 0 0 0 0 49 50 EXISTING DEBT SERVICE LEVIES 484,814 484,814 664,541 874,622 1,213,788 1,215,932 1,215,932 1,158,723 1,022,051 1,025,432 937,558 834,293 706,568 711,996 486,825 179,314 51 55 TOTAL EXISTING TAX LEVIES 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,228,282 4,539,842 4,566,769 4,781,399 4,410,149 4,431,845 4,542,648 4,639,345 4,880,026 4,901,438 5,640,717 56 64 TOTAL NEW ADDITIONS TO TAX LEVY 0 0 0 0 0 0 100,000 513,915 771,083 1,646,946 2,305,598 2,583,745 2,739,539 2,890,325 2,888,871 2,966,596 65 66 GROSS LEVY TO TAXPAYERS 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,228,282 4,639,842 5,080,684 5,552,482 6,057,095 6,737,443 7,126,392 7,378,884 7,770,351 7,790,309 8,607,313 67 FISCAL DISPARITIES -161,313 -187,743 -157,509 -161,272 -149,615 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 -199,200 68 NET LEVY TO TAXPAYERS 3,002,046 2,949,920 2,954,695 2,789,154 3,446,986 4,029,082 4,440,642 4,881,484 5,353,282 5,857,895 6,538,243 6,927,192 7,179,684 7,571,151 7,591,109 8,408,113 69 70 EXISTING TAX BASE 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 17,690,943 18,930,679 20,203,627 21,510,503 22,852,041 24,228,984 25,642,095 27,092,147 28,579,931 30,106,253 71 NEW CONSTRUCTION TAX CAP (from lines 86-89)0 959,973 974,372 988,988 1,003,822 1,018,880 1,034,163 1,049,675 1,065,421 1,081,402 1,097,623 73 TOTAL TAX CAPACITY 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,429,500 18,650,915 19,905,051 21,192,614 22,514,326 23,870,921 25,263,147 26,691,770 28,157,567 29,661,333 31,203,876 74 75 TAX RATE ON TAX CAPACITY 27.761%23.798%23.121%20.018%22.442%23.116%23.809%24.524%25.260%26.019%27.390%27.420%26.898%26.889%25.593%26.946% 76 TAX RATE % CHANGE -14.28%-2.84%-13.42%12.11%3.00%3.00%3.00%3.00%3.00%5.27%0.11%-1.90%-0.03%-4.82%5.29% 77 91 Existing $382,800 home Market Value (inflated by line 81)331,100 370,500 370,500 378,300 382,800 388,542 394,370 400,286 406,290 412,384 418,570 424,849 431,221 437,690 444,255 450,919 78 City Taxes (with inflation on value)904 878 853 748 853 893 935 979 1,025 1,074 1,148 1,166 1,161 1,178 1,138 1,216 79 Percentage City tax increase in home ($382,800 inflated from 2017)-2.91%-2.84%-12.27%13.97%4.71%4.70%4.71%4.70%4.78%6.85%1.59%-0.42%1.47%-3.38%6.84% 80 81 Existing Tax Base Inflation -0.6%11.9%0.0%2.1%1.2%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 82 Total Tax Base Increase 0.8%14.6%3.1%9.0%10.2%13.5%7.0%6.7%6.5%6.2%6.0%5.8%5.7%5.5%5.3%5.2% 83 % from New Growth 1.4%2.7%3.1%6.9%9.0%12.0%5.5%5.2%5.0%4.7%4.5%4.3%4.2%4.0%3.8%3.7% 84 85 New tax capacity assumptions 86 Residential units completed in beginning of year 0 250 250 250 250 250 250 250 250 250 250 250 87 New home average value ($383,989 in 2018 inflated)0 383,989 389,749 395,595 401,529 407,552 413,665 419,870 426,168 432,561 439,049 445,635 88 Commercial - New construction (15,000 s.f./year)0 0 0 0 0 0 0 0 0 0 0 89 New Home Value Construction Inflation 0.0%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5%1.5% 90 Percentage of Tax Levy for Debt 16.15%16.43%22.49%31.36%35.21%30.18%29.63%34.26%32.34%44.52%48.58%47.30%45.95%45.56%42.37%35.45% Projected