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HomeMy WebLinkAbout2020 Financial Mgmt Plan-Prelim Budget8/23/201912:16 PM Page 1 CITY OF Lake Elmo Financial Management Plan Summary DRAFT ONLY 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 2030 Actual Actual Actual Actual Actual Budget Budget REVENUE 1 PROPERTY TAX LEVY 2,237,110 2,206,350 2,019,331 1,643,358 2,216,047 2,963,905 3,362,703 3,607,703 3,315,706 3,525,763 3,713,763 4,189,445 4,442,194 4,907,749 5,523,376 6,052,309 6,765,441 2 Adjust for Fiscal Disparities 140,432 179,607 157,096 159,325 148,090 199,221 249,327 249,327 249,327 249,327 249,327 249,327 249,327 249,327 249,327 249,327 249,327 Other Taxes (Delinq., Mobile Home, Penalties)39,696 48,272 28,097 38,529 32,583 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 1,317,647 1,056,900 1,051,375 1,072,403 1,093,851 1,115,728 1,138,042 1,160,803 1,184,019 1,207,699 1,231,853 500,000 510,000 4 INTERGOVERNMENTAL (excludes Fiscal Disparities)190,148 222,352 209,373 206,185 264,384 267,835 281,830 281,830 281,830 281,830 281,830 281,830 281,830 281,830 281,830 281,830 281,830 5 CHARGES FOR SERVICES 30,192 35,796 543,973 738,580 736,216 626,600 630,950 643,569 656,440 669,569 682,961 696,620 710,552 724,763 739,258 754,044 769,125 6 FINES/FOREFEITS 48,647 48,739 49,505 41,418 49,202 49,000 50,000 51,000 52,020 53,060 54,122 55,204 56,308 57,434 58,583 59,755 60,950 7 INTEREST EARNINGS 71,813 23,501 20,437 27,665 78,634 40,000 80,000 81,600 83,232 84,897 86,595 88,326 90,093 91,895 93,733 95,607 97,520 8 MISC. (See note 1 below)192,355 74,772 146,102 220,280 192,091 233,048 256,231 261,356 266,583 271,914 277,353 282,900 288,558 294,329 300,215 306,220 312,344 9 Prior Period Adjustments 0 32,332 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 5,067,226 5,467,009 5,992,916 6,279,287 6,029,489 6,282,588 6,514,492 7,034,955 7,333,381 7,845,527 8,508,676 8,329,591 9,077,036 11 12 EXPENDITURES 13 GENERAL GOVERNMENT 1,046,906 1,025,320 1,290,461 1,473,094 1,208,141 1,179,538 1,201,751 1,249,821 1,299,814 1,351,806 1,405,879 1,462,114 1,520,598 1,581,422 1,644,679 1,710,466 1,778,885 14 PUBLIC SAFETY 1,198,546 1,203,765 1,258,609 1,481,443 1,644,163 1,841,679 2,005,315 2,085,528 2,168,949 2,255,707 2,345,935 2,439,772 2,537,363 2,638,858 2,744,412 2,854,189 2,968,356 15 PUBLIC WORKS 585,071 686,401 856,548 1,193,408 1,115,691 1,408,134 1,506,912 1,567,188 1,629,876 1,695,071 1,762,874 1,833,389 1,906,724 1,982,993 2,062,313 2,144,806 2,230,598 16 CULTURE AND RECREATION 208,204 229,595 170,066 174,456 259,450 385,935 381,799 397,071 412,954 429,472 446,651 464,517 483,098 502,421 522,518 543,419 565,156 17 ECONOMIC DEVELOPMENT 0 0 0 0 0 0 0 0 0 0 18 MISCELLANEOUS 69,403 107,094 7,966 3,788 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 35,000 0 0 0 0 0 0 0 0 0 0 21 PUBLIC SAFETY 2,602 24,000 0 0 60,000 0 0 0 0 0 0 0 22 PUBLIC WORKS 82,431 132,000 0 60,000 0 0 0 0 0 0 0 0 23 CULTURE AND RECREATION 0 0 0 0 0 0 0 0 0 0 24 OPERATING TRANSFERS OUT 360,000 447,118 0 0 0 0 0 0 0 0 0 0 25 CAPITAL EQUIPMENT 75,000 100,000 125,000 150,000 175,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 Additional Transfer to Capital Equipment 570,076 665,139 669,679 187,300 224,500 435,290 810,030 331,000 741,500 26 Bond Accts 67,859 0 0 0 0 0 0 0 0 0 0 EDA 25,225 0 0 0 0 0 0 0 0 0 0 27 Project Funds 117,820 0 0 0 0 0 0 0 0 0 0 NEW ADDITIONS TO OPERATING LEVY NEW PERSONNEL 0 66,476 64,455 67,033 146,063 147,225 153,114 159,239 165,608 172,233 NEW OPERATING COSTS 85,000 91,420 95,077 123,880 132,233 137,522 168,023 174,744 181,734 214,003 28 ADDITIONAL SHERIFF DEPUTY 100,000 150,000 156,000 162,240 169,568 176,350 183,404 190,740 198,370 206,305 29 Prior Period Adjustments -52,015 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 4,400,906 5,591,009 5,992,916 6,279,287 6,029,488 6,282,588 6,514,491 7,034,955 7,333,381 7,845,527 8,508,676 8,329,592 9,077,036 31 32 REVENUE OVER (UNDER) EXPENSES 3,619 6,281 701,755 220,289 666,320 (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 4,775,646 4,651,646 4,651,646 4,651,646 4,651,647 4,651,647 4,651,647 4,651,647 4,651,646 4,651,647 4,651,647 4,651,646 38 ENDING FUND BALANCE 3,181,001 3,187,282 3,889,037 4,109,326 4,775,646 4,651,646 4,651,646 4,651,646 4,651,647 4,651,647 4,651,647 4,651,647 4,651,646 4,651,647 4,651,647 4,651,646 4,651,647 41 42 43 GENERAL FUND OPERATING TAX LEVY 2,421,588 2,421,588 2,190,706 1,818,847 2,382,813 2,963,905 3,362,703 3,607,703 3,315,706 3,525,763 3,713,763 4,189,445 4,442,194 4,907,749 5,523,376 6,052,309 6,765,441 44 ANNUAL INCREASE 0.0%-9.5%-17.0%31.0%24.4%13.5%7.3%-8.1%6.3%5.3%12.8%6.0%10.5%12.5%9.6%11.8% 45 46 OTHER GENERAL LEVIES 256,957 231,261 256,957 256,957 0 0 0 0 0 0 0 0 0 0 0 0 0 47 50 EXISTING DEBT SERVICE LEVIES 484,814 484,814 664,541 874,622 1,213,788 1,215,932 1,287,719 1,145,898 1,151,836 1,061,127 960,277 834,825 837,135 614,096 303,324 179,314 0 54 55 TOTAL EXISTING TAX LEVIES 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,179,837 4,650,422 4,753,601 4,467,542 4,586,890 4,674,040 5,024,270 5,279,329 5,521,845 5,826,700 6,231,623 6,765,441 56 60 TOTAL NEW DEBT LEVY ADDTIONS TO TAX LEVY 0 299,401 657,994 1,438,509 2,428,402 3,065,659 3,210,516 3,467,334 3,753,972 3,995,878 4,156,052 4,206,320 61 62 GROSS LEVY TO TAXPAYERS 3,163,359 3,137,663 3,112,204 2,950,426 3,596,601 4,179,837 4,949,823 5,411,595 5,906,051 7,015,292 7,739,699 8,234,786 8,746,663 9,275,817 9,822,578 10,387,675 10,971,761 63 FISCAL DISPARITIES -161,313 -187,743 -157,509 -161,272 -149,615 -199,221 -249,327 -249,327 -249,327 -249,327 -249,327 -249,327 -249,327 -249,327 -249,327 -249,327 -249,327 64 NET LEVY TO TAXPAYERS 3,002,046 2,949,920 2,954,695 2,789,154 3,446,986 3,980,616 4,700,496 5,162,268 5,656,724 6,765,965 7,490,372 7,985,459 8,497,336 9,026,490 9,573,251 10,138,348 10,722,434 65 66 EXISTING TAX BASE 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,361,919 20,091,583 20,493,415 22,056,199 23,673,298 25,346,258 27,076,667 28,866,154 30,716,389 32,629,088 34,606,008 36,648,953 67 NEW CONSTRUCTION TAX CAP (from lines 86-89)0 1,130,310 1,152,916 1,175,975 1,199,494 1,223,484 1,247,954 1,272,913 1,298,371 1,324,338 1,350,825 69 TOTAL TAX CAPACITY 10,814,010 12,395,813 12,779,339 13,933,542 15,359,350 17,361,919 20,091,583 21,623,725 23,209,115 24,849,272 26,545,752 28,300,151 30,114,107 31,989,302 33,927,459 35,930,346 37,999,778 70 71 TAX RATE ON TAX CAPACITY 27.761%23.798%23.121%20.018%22.442%22.927%23.395%23.873%24.373%27.228%28.217%28.217%28.217%28.217%28.217%28.217%28.217% 72 TAX RATE % CHANGE -14.3%-2.8%-13.4%12.1%2.2%2.0%2.0%2.1%11.7%3.6%0.0%0.0%0.0%0.0%0.0%0.0% 73 91 Existing $416,812 home Market Value (inflated by line 81)314,200 351,600 351,600 364,600 382,800 396,964 416,812 425,148 433,651 442,324 451,171 460,194 469,398 478,786 488,362 498,129 508,092 94 City Taxes (with inflation on value)899 872 848 751 853 907 975 1,015 1,051 1,198 1,267 1,299 1,325 1,351 1,378 1,405 1,439 95 Percentage City tax increase in home ($396,964 inflated from 2018)-2.91%-2.84%-11.41%13.57%6.33%7.54%4.08%3.51%14.03%5.76%2.49%2.00%2.00%2.01%1.99%2.41% 96 97 Existing Tax Base Inflation -0.6%11.9%0.0%2.1%1.2%3.7%5.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0% 98 Total Tax Base Increase 0.8%14.6%3.1%9.0%10.2%24.6%15.7%7.6%7.3%7.1%6.8%6.6%6.4%6.2%6.1%5.9%5.8% 99 % from New Growth 1.4%2.7%3.1%6.9%9.0%20.9%10.7%5.6%5.3%5.1%4.8%4.6%4.4%4.2%4.1%3.9%3.8% 100 101 New tax capacity assumptions 102 Residential units completed in beginning of year 0 250 250 250 250 250 250 250 250 250 250 250 103 New home average value ($452,124)0 452,124 461,166 470,390 479,798 489,394 499,181 509,165 519,348 529,735 540,330 551,137 104 Commercial - New construction (15,000 s.f./year)0 0 0 0 0 0 0 0 0 0 0 105 New Home Value Construction Inflation 0.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0% 106 Percentage of Tax Levy for Debt 16.15%16.43%22.49%31.36%35.21%30.55%33.76%34.94%45.79%51.57%53.75%50.66%50.66%48.39%44.91%42.76%39.23% Projected 8/23/2019 Exhibit B CITY OF Lake Elmo Financial Management Plan Summary DRAFT ONLY Real City Taxes Paid by Average Homes 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 A. Property Tax Levy Operating Levy $2,421,588 $2,421,588 $2,190,706 $1,818,847 $2,382,813 $2,963,905 $3,362,703 $3,607,703 $3,280,709 $3,490,066 $3,677,352 $4,189,445 $4,442,194 $4,907,749 $5,523,376 $6,052,309 $6,765,441 Existing Debt $484,814 $484,814 $664,541 $874,622 $1,213,788 $1,215,932 $1,287,719 $1,145,898 $1,151,836 $1,061,127 $960,277 $834,825 $837,135 $614,096 $303,324 $179,314 $0 New Debt and Operating $0 $0 $0 $0 $0 $0 $299,401 $657,994 $1,438,509 $2,428,402 $3,065,659 $3,210,516 $3,467,334 $3,753,972 $3,995,878 $4,156,052 $4,206,320 Total Tax Levy $2,906,402 $2,906,402 $2,855,247 $2,693,469 $3,596,601 $4,179,837 $4,949,823 $5,411,595 $5,871,054 $6,979,595 $7,703,288 $8,234,786 $8,746,663 $9,275,817 $9,822,578 $10,387,675 $10,971,761 B. Taxes Paid-City Only Market value 119,200 133,400 133,400 136,200 137,800 142,900 150,000 153,000 156,060 159,181 162,365 165,612 168,924 172,302 175,748 179,263 182,848 Market Value Exclusion 26,512 25,234 25,234 24,982 24,838 24,379 23,740 23,470 23,195 22,914 22,627 22,335 22,037 21,733 21,423 21,106 20,784 Taxable Market Value 92,688 108,166 108,166 111,218 112,962 118,521 126,260 129,530 132,865 136,267 139,738 143,277 146,887 150,569 154,325 158,157 162,064 Tax capacity 927 1,082 1,082 1,112 1,130 1,185 1,263 1,295 1,329 1,363 1,397 1,433 1,469 1,506 1,543 1,582 1,621 Property taxes $257.34 $257.49 $250.17 $222.60 $253.59 $271.68 $295.48 $309.16 $321.91 $369.15 $392.28 $404.35 $414.51 $424.95 $435.39 $446.39 $457.40 Market value 158,900 177,800 177,800 181,500 183,700 190,500 200,000 204,000 208,080 212,242 216,487 220,817 225,233 229,738 234,333 239,020 243,800 Market Value Exclusion 22,939 21,238 21,238 20,905 20,707 20,095 19,240 18,880 18,513 18,138 17,756 17,366 16,969 16,564 16,150 15,728 15,298 Taxable Market Value 135,961 156,562 156,562 160,595 162,993 170,405 180,760 185,120 189,567 194,104 198,731 203,451 208,264 213,174 218,183 223,292 228,502 Tax capacity 1,360 1,566 1,566 1,606 1,630 1,704 1,808 1,851 1,896 1,941 1,987 2,035 2,083 2,132 2,182 2,233 2,285 Property taxes $377.55 $372.68 $362.07 $321.49 $365.80 $390.68 $422.98 $441.89 $459.25 $525.70 $557.95 $574.22 $587.76 $601.59 $615.69 $630.09 $644.76 Market value 331,100 370,500 370,500 378,300 382,800 397,000 416,812 425,148 433,651 442,324 451,170 460,193 469,397 478,785 488,361 498,128 508,091 Market Value Exclusion 7,441 3,895 3,895 3,193 2,788 1,510 - - - - - - - - - - - Taxable Market Value 323,659 366,605 366,605 375,107 380,012 395,490 416,812 425,148 433,651 442,324 451,170 460,193 469,397 478,785 488,361 498,128 508,091 Tax capacity 3,237 3,666 3,666 3,751 3,800 3,955 4,168 4,251 4,337 4,423 4,512 4,602 4,694 4,788 4,884 4,981 5,101 Property taxes $898.62 $872.43 $847.62 $750.88 $852.80 $906.76 $975.10 $1,014.84 $1,050.51 $1,197.93 $1,266.97 $1,298.55 $1,324.51 $1,351.03 $1,378.12 $1,405.49 $1,439.35 Market value 397,200 444,500 444,500 453,800 459,200 476,200 500,000 510,000 520,200 530,604 541,216 552,040 563,081 574,343 585,830 597,547 609,498 Market Value Exclusion 1,492 - - - - - - - - - - - - - - - - Taxable Market Value 395,708 444,500 444,500 453,800 459,200 476,200 500,000 510,000 520,200 530,604 541,216 552,040 563,081 574,343 585,830 597,547 609,498 Tax capacity 3,957 4,445 4,445 4,538 4,592 4,762 5,000 5,125 5,253 5,383 5,515 5,651 5,789 5,929 6,073 6,219 6,369 Property taxes $1,098.50 $1,057.82 $1,027.73 $908.42 $1,030.54 $1,091.78 $1,169.75 $1,223.49 $1,272.38 $1,457.93 $1,548.61 $1,594.54 $1,633.48 $1,672.99 $1,713.62 $1,754.82 $1,797.14 Tax Rate 27.76100%23.79800%23.12100%20.01800%22.44200%22.92700%23.39500%23.87300%24.22200%27.08400%28.08000%28.21700%28.21700%28.21700%28.21700%28.21700%28.21700%