HomeMy WebLinkAbout#04 - City Debt Discussion
STAFF REPORT
DATE: July 9, 2024
WORKSHOP
AGENDA ITEM: City Debt Discussion FROM: Clarissa Hadler, Finance Director REVIEWED BY: Nicole Miller, City Administrator
BACKGROUND:
The City currently issues debt for the majority of large street and infrastructure projects. The discussion below will outline existing and projected future debt and levies and provide a comparison to an alternate funding structure. This alternate is provided as a comparison only; the possibilities are many and funding structures would be determined annually based on the projects, financial status of the city, interest rates, etc. ISSUE BEFORE THE CITY COUNCIL: 1) Should the city contemplate changes to its project funding practices? DISCUSSION:
The charts on later pages provide insight into the City’s existing and projected debt. The City currently funds the majority of large projects via debt through the issuance of bonds. Our average
since 2010 is approximately $7 million per year, which includes the City Hall project, which accounted for about $10 million in debt in 2021. Current debt load sits at just under $60 million.
The City’s debt load is high in comparison to some of our neighboring cities, as evidenced by some of the comparisons charts at the end of this report, a couple of which are shown here.
This is not inherently bad, per se, from a policy/practice standpoint, as we are still viewed as having a strong financial status by our auditors and by Moody’s. However, it does leave us highly leveraged, which does impact our bond rating in that category; A, instead of Aa or Aaa, as we have in other categories. (See chart on later pages.) It also requires that we hold more cash to maintain our Liquidity Ratio in our rating
“scorecard”. And it makes us less resilient to economic or environmental upheaval, and begs the question of how sustainable our financial position is long-term.
Staff projections for this discussion are based on the most recent updates to the streets and infrastructure CIP, provided by City Engineer Jack Griffin in June 2024. These are early projections and models and
should be reviewed as such. Funding sources and need can change year-to-year. Projects are budgeted in 2024 dollars, so inflation will also affect future projections. For simplicity’s sake in developing the model, the following assumptions were made for new debt; interest rate: 4%, term: 15 years, and flat-line payment schedule. Projects beyond the 10-year CIP are estimated at an average of $7.5 million per year, based very roughly on the draft CIP averages. [Please refer to charts to review projected debt at this time.] Based on the above, I estimate that our debt level will continue to hold at the $50-$60 million level for the next 20 years and beyond without a change in practice. The alternative model I reviewed assumes instead that we move to “35% Cash” model; aiming to provide
a minimum of 35% cash funding to all projects by 2034, starting at 3% in 2025 and increasing steadily from there. I used this particular model because I like the balance of using “past, present, and future” dollars to fund projects. So, a street project in 2034 may be funded as follows;
Past Dollars Present Dollars Future Dollars
Prior Year Infrastructure Levies (35%) Special Assessments (30%) Future Debt Levies (35%)
Again, actual funding of any individual project will vary greatly depending on a number of factors and this model is simply for discussion and comparison purposes.
In looking at projected debt balances using the above model, I estimate we would level out at closer to $30 to $40 million in debt. This is, of course, approximately 2/3 of what we would have in the “all debt” model, given that we would be funding roughly 1/3 of all projects with cash. To start funding projects with cash without decreasing our current cash (and therefore our Liquidity Ratio), one option would be to implement a separate Infrastructure Levy for street improvements. We currently
have a General Fund Levy and Debt Service Levy. A specific levy would set the funds aside for that purpose and provide transparency regarding the use of those funds. Money could not be transferred to other funds without a resolution of Council. This is similar to what we do with the Vehicle Fund, the new Street Maintenance Fund (used for smaller street projects), and the proposed Fire Equipment & Project Fund, but we implement those with transfers out of the General Fund Budget. This method also provides clear intent for those funds to rating agencies and bond purchasers. Incorporating a comparison of the projected Levy and Tax Rate over time is a bit more complicated because
of all of the variables and additional assumptions about growth. Instead, it may be helpful to think of it as follows. The current portion of the tax rate associated with the Debt Service Levy is 8.5% (the total tax rate is 24.55%).
That debt service tax rate is expected to grow in the coming years in the no-cash model, possibly even surpassing 14% in the next decade. The “debt service PLUS infrastructure levy” tax rate may increase slightly faster, but then is expected to decrease over time as the fund grows and debt service shrinks. In comparison, the no-cash model would likely level out at a higher rate and would be subject to more fluctuations depending on interest rates.
Below is what the levy might look like for next year if we started to incorporate an Infrastructure Levy.
2024 2025 (example)
Levy $ Tax Rate* Levy $ Tax Rate*
General Fund Levy 5,998,212 17.26% 6,250,000 17.36%
Debt Service Levy 2,923,830 8.41% 3,000,000 8.33%
Infrastructure Levy n/a n/a 500,000 1.39% Total 8,922,042 25.67% 9,750,000 27.08%
* Tax Rate prior to Fiscal Disparity distribution.
Effective Tax Rate after Fiscal Disp. 24.547% FD est. $400,000 26.92%
Tax Capacity $ 34,758,875 $ 36,050,449
It is unlikely that we would be able to incorporate this strategy to any effect within the parameters of
Council’s earlier “2% over prior year” tax rate goal. Early estimates from the county and long-term financial plan projections from last fall suggest the possibility that the current operations and debt service would fall in line with that goal, though it is too early to say with any certainty. Any additional infrastructure levy should be contemplated as being in addition to that earlier goal. That said, our tax rate is lower than many Washington County communities. The rate in 2014 was 27.761%, jumped in 2022 to 30%, but is now down to 24.55%. Also, a brief review of that rate shows that the tax rate associated with operations has decreased; due largely to increased revenues from development off-setting increasing expenses as the organization has grown.
The last few of paragraphs deal mostly with street projects, which are funded via the property tax levy. There are also utility projects, funded via the Water, Sewer, and Stormwater Funds. The effects on these funds would be similar, except that the additional cash would need to be raised via User Fees. Staff will
begin updating the Utility Long-term Financial Plan this summer, and if Council directs, can incorporate more cash funding of projects in that modeling, as well. Once established at a minimum of 35% cash for all projects, we would expect to save over $100,000 in interest for every $350,000 that is not borrowed, over the life of the bond, effectively decreasing our overall infrastructure costs by 8.5%.
$1,000,000 Project
Bond Amount
Total Interest
Paid (15 yr term) Savings
100% debt $ 1,000,000 $ 320,000
35% cash $ 650,000 $ 208,000 $112,000 35% interest savings 8.5% overall project savings
Again, all of this is simply one of many options to contemplate in our long-term financial planning to ensure financial sustainability and resiliency, and to address some interest from councilmembers to discuss our current debt levels. RECOMMENDATION: If Council is interested in moving toward a similar model to the above, staff will work that goal into our upcoming budget drafts and narratives. In that case, staff would appreciate direction at this workshop as we will be moving forward with budget preparation in the coming weeks.
Current – No Cash Model
$-
$2,000,000.00
$4,000,000.00
$6,000,000.00
$8,000,000.00
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
Debt Levies -Existing & New Debt
Debt Levy - Current Debt Levy - New Debt
Alternative – 3% to 35% Cash Model
$710
$304
$166
$348
$293
$465
$686
$-
$100
$200
$300
$400
$500
$600
$700
$800
Lake Elmo Stillwater Mahtomedi Oakdale Hugo Forest Lake Cottage Grove
2022 Net Debt/Per Capita Income
Net Debt/Per Capita Income Average
Average = $377
38.38%36.27%35.6%33.74%34.38%49.51%24? 30?.
$4,204
$857
$1,376
$544
$984 $986
$765
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
Lake Elmo Stillwater Mahtomedi Oakdale Hugo Forest Lake Cottage Grove
2022 Net Debt/Capita
Net Debt/Capita Average
Average = $919
$25.34
$5.64
$8.86
$4.80
$7.45 $8.06 $7.38
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
Lake Elmo Stillwater Mahtomedi Oakdale Hugo Forest Lake Cottage Grove
2022 Net Debt/$1,000 Taxable MV
Net Debt/$1,000 Taxable MV Average
Average = $7.03
$2,407
$504
$864
$418
$723 $686 $679
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Lake Elmo Stillwater Mahtomedi Oakdale Hugo Forest Lake Cottage Grove
2022 Net Debt/$1,000 Tax Capacity
Net Debt/$1,000 Tax Capacity Average
Average = $646
30.30%
29.08%
0.00%
23.15%
12.03%
17.90%
12.79%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Lake Elmo Stillwater Mahtomedi Oakdale Hugo Forest Lake Cottage Grove
2022 Debt Service Levy As A Percent of General Fund Revenues
2022 Debt Service Levy as a Percent of General Fund Revenues Average
Average = 15.83%
Revision date: 7/3/2024
CITY OF LAKE ELMO Finance Dept Columns
2025-2034 CAPTIAL IMPROVEMENT PLAN
Incremental
Increase Cash Goal from Jack 6/12/2024
3%35%209,600.02$
RESIDENTIAL STREET IMPROVEMENTS Grant %
Assessment
funded Debt
Levy Funded
Bond %Cash % 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 COMMENTS
3M SETTLEMENT GRANT FUNDED STREET IMPROVEMENTS
3M GRANT 2025 STREET IMPROVEMENTS: Homestead 100%1,315,000$ 1,315,000$ 1,315,000$ 3M-Grant (CDWSP Approved Neighborhood)
3M GRANT 2026 STREET IMPROVEMENTS: Packard Park + Eden Park + 20th Street Circle 100%4,550,000$ 4,550,000$ 4,550,000$ 3M-Grant (CDWSP Approved Neighborhood)
3M GRANT 2027 STREET IMPROVEMENTS: Tartan Meadows + Klondike 100%3,500,000$ 3,500,000$ 3,500,000$ 3M-Grant Required: Not included in current CDWSP
3M GRANT 2028 STREET IMPROVEMENTS: Downs Lake Estates + Sunfish Ponds + The Forest 100%3,400,000$ 3,400,000$ 3,400,000$ 3M-Grant Required: Not included in current CDWSP
-$
ANNUAL STREET CAPITAL IMPROVEMENT PROJECTS -$
2025 STREET AND UTILITY IMPROVEMENTS: 59th St Ct/55th St/Julep Way & 57th St/Jasper/Jerome/Irish Ct Street 30%62%8%2,620,000$ 2,620,000$ 786,000$ Assessment Revenue
2026 STREET AND UTILITY IMPROVEMENTS: Lake Elmo Heights + Innsdale CDS + Inwood CDS Street 30%59%11%2,740,000$ 2,740,000$ 822,000$ Assessment Revenue
2027 STREET IMPROVEMENTS: OACE Acres: Hidden Bay Tr/Birchwood/Cherrywood/Windbreak/Jack Pine/Deer Pond Street 30%56%14%2,755,000$ 2,755,000$ 826,500$ Assessment Revenue
2028 STREET AND UTILITY IMPROVEMENTS: St. Croix's Sanctuary Street 30%53%17%2,450,000$ 2,450,000$ 735,000$ Assessment Revenue
2029 STREET AND UTILITY IMPROVEMENTS: 50th Street + Hill Trail (combine with Low Pressure sewer ext. to Oakdale)Street 30%50%20%2,175,000$ 2,175,000$ 652,500$ Assessment Revenue
2030 STREET AND UTILITY IMPROVEMENTS: Discover Crossing + Hilltop Street 30%47%23%2,200,000$ 2,200,000$ 660,000$ Assessment Revenue
2031 STREET AND UTILITY IMPROVEMENTS: Tablyn Park Street 30%44%26%2,000,000$ 2,000,000$ 600,000$ Assessment Revenue
2032 STREET AND UTILITY IMPROVEMENTS: Tapestry at Charlotte's Grove Street 30%41%29%3,915,000$ 3,915,000$ 1,174,500$ Assessment Revenue
2033 STREET AND UTILITY IMPROVEMENTS: 36th & 37th Street + Irwin Ave; 47th/50th/Kimbro (Keats to Lake Elmo)Street 30%38%32%3,000,000$ 3,000,000$ 900,000$ Assessment Revenue
2034 STREET IMPROVEMENTS: DeMontreville-Highlands Street 30%35%35%3,200,000$ 3,200,000$ 960,000$ Assessment Revenue
-$
RESIDENTIAL STREET IMPROVEMENT TOTALS 39,820,001$ 3,935,000$ 7,290,000$ 6,255,000$ 5,850,000$ 2,175,000$ 2,200,000$ 2,000,000$ 3,915,000$ 3,000,000$ 3,200,000$ 39,820,001$
2,705,500$ 2,705,500$ 20%27,055,001$
-$
TRANSPORTATION IMPROVEMENTS 20,295$ 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 COMMENTS
CITY STREETS/PROJECTS -$
VILLAGE PARKWAY UP RAILROAD CROSSING & PRIVATE DRIVE CLOSURE (DOT 183913SD) & DOT 183811D UPGRADES Street 0%100%1,040,000$ 1,040,000$ 1,040,000$ New UPRR Crossing (Partial Developer XING Fees)
HUDSON BLVD (MSA ROUTE) - GAP SEGMENT (Vahli-Hi -Bus Facility)Street 50%39%11%560,000$ 560,000$ 560,000$ Reconstruction ( MSA Fund use eligible) - Trail Connection
HUDSON BLVD (MSA ROUTE) - GAP SEGMENT (Keats to Kramer Lake Overlook)Street 50%36%14%2,100,000$ 2,100,000$ 2,100,000$ Reconstruction ( MSA Fund use eligible) - Trail Connection
SOUTH FRONTAGE ROAD (DEMONTREVILLE TRAIL TO KEATS AVENUE)Street 74%26%5,760,000$ 5,760,000$ 5,760,000$ SRF EOC -2019
5TH STREET NORTH (KEATS AVENUE TO LAKE ELMO AVENUE)Street 30%47%23%4,600,000$ 4,600,000$ 4,600,000$ Partial Developer Paid or Reimbursement?
-$
COUNTY PROJECTS/CITY COST PARTICIPATION -$
TH36-LAKE ELMO AVENUE (CSAH 17) INTERSECTION IMPROVEMENTS Street 89%11%5,000,000$ 2,500,000$ 2,500,000$ 5,000,000$ Cost Share Agreement pending. 2026-2027 Construction
SOUTH FRONTAGE ROAD (KEATS AVENUE TO LAKE ELMO AVENUE)Street 86%14%3,000,000$ 1,000,000$ 2,000,000$ 3,000,000$ Potential MnDOT Funding TBD. 2026-2027 Construction
MANNING AVENUE (CSAH 15)/HUDSON BOULEVARD SIGNAL IMPROVEMENTS Street 89%11%300,000$ 300,000$ 300,000$ Traffic Signal required when Hudson Boulevard intersection realigned.
CSAH 13 -IDEAL AVENUE IMPROVEMENTS: PHASE 3 Street 86%14%1,000,000$ 1,000,000$ 1,000,000$ EOC TBD. No estimate completed. Cost share with developer needed
CSAH 14 (KLONDIKE AVENUE to 39TH STREET)Street 80%20%1,000,000$ 1,000,000$ 1,000,000$ Monitor County CIP status. County Planning/Design in 2027
CSAH 17 (CSAH 14 to 43RD STREET)Street 77%23%1,000,000$ 1,000,000$ 1,000,000$ Monitor County CIP status. County Planning/Design in 2028
LAKE ELMO AVENUE & 39TH STREET TRAFFIC SIGNAL Street 77%23%500,000$ 500,000$ 500,000$ Project timing by County
CSAH 6 AND INWOOD TRAFFIC SIGNAL IMPROVEMENTS Street 68%32%500,000$ 500,000$ 500,000$ Signal to replace 3-All way stop
CENTRAL GREENWAY REGIONAL TRAIL (Hagberg: $120 + Keats/CSAH10)Street 100%0%-$ -$ Park Dedication Funds - Timing based on County
CSAH 15 -MANNING AVENUE IMPROVEMENTS: CSAH 14 to 10th Street Street 65%35%1,002,500$ 2,500$ 1,000,000$ 1,002,500$ 2025 Construction (Rehab Project): Future 4-Lane Expansion TBD
CSAH 15 -MANNING AVENUE IMPROVEMENTS: CSAH 14 to 58th Street Street 65%35%1,000,000$ 1,000,000$ 1,000,000$ Future 4-Lane Expansion TBD
-$
TRANSPORTATION IMPROVEMENT TOTALS 28,362,500$ 1,042,500$ 4,360,000$ 7,600,000$ -$ 1,000,000$ 6,100,000$ 5,760,000$ -$ 500,000$ 2,000,000$ 28,362,500$
45,897,250$ 2,876,500$ 6,278,000$ 9,528,500$ 1,715,000$ 2,522,500$ 7,640,000$ 7,160,000$ 2,740,500$ 2,600,000$ 2,836,250$ 5,541,750$ 55,417,501$
-$ 12%14%
SANITARY SEWER IMPROVEMENTS 20,295$ 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 COMMENTS
-$
3M GRANT 2028 STREET AND UTILITY IMPROVEMENTS: SANITARY SEWER: Sunfish Ponds 100%380,000$ 380,000$ 380,000$ 100% Assessment for Sewer Costs
2029 STREET AND UTILITY IMPROVEMENTS: 50th Street + Hill Trail (combine with Low Pressure sewer ext. to Oakdale)Sewer 100%1,685,000$ 1,685,000$ 1,685,000$ 100% Assessment for Sewer Costs
2032 STREET AND UTILITY IMPROVEMENTS: Tapestry at Charlotte's Grove Sewer 100%1,000,000$ 1,000,000$ 1,000,000$ 100% Assessment for Sewer Costs
I-94 LIFT STATION AND FORCEMAIN UPGRADE* (to be revised pending MetCo Final design)Sewer 86%14%900,000$ 900,000$ 900,000$ Schedule pending Met Council final design: Sewer Core Fund
LAKE JANE TRAIL / JANE ROAD SANITARY SEWER EXTENSION - PHASE 1 Sewer 89%11%-$ TBD -$ Petition submitted / Scope and Cost TBD
LAKE JANE TRAIL / JANE ROAD SANITARY SEWER EXTENSION - PHASE 2 Sewer 86%14%-$ TBD -$ Petition submitted / Scope and Cost TBD
SE-5 LIFT STATION AND OVERSIZE + SE-6 LIFT STATION AND OVERSIZE Sewer 80%20%-$ SE-6 TBD SE-5 TBD -$ 100% Developer Paid if < 2030 Growth Area
INWOOD AVENUE LIFT STATION AND FORCEMAIN IMPROVEMENTS Sewer 77%23%-$ -$ $6,800,000: Alternative Sewer to Oakdale Connection
SANITARY SEWER OVERSIZING FOR SECTION 16 TRUNK SEWER EXTENSION Sewer 0%100%200,000$ 200,000$ 200,000$ Developer driven schedule (Sewer Core Fund)
SANITARY SEWER OVERSIZING Sewer 0%100%386,400$ 25,920$ 40,000$ 50,000$ 38,640$ 38,640$ 38,640$ 38,640$ 38,640$ 38,640$ 38,640$ 386,400$ Sewer Core Fund
SANITARY SEWER SYSTEM TOTALS 4,551,400$ 25,920$ 40,000$ 1,150,000$ 418,640$ 1,723,640$ 38,640$ 38,640$ 1,038,640$ 38,640$ 38,640$ 4,551,400$
Total Assessment Revenue: $8,116,500
Total Grant Funds: $12,765,000
PAGE 1 OF 2
DRAFT
Revision date: 7/3/2024
CITY OF LAKE ELMO Finance Dept Columns
2025-2034 CAPTIAL IMPROVEMENT PLAN
Incremental
Increase Cash Goal from Jack 6/12/2024
3%35%209,600.02$
-$
WATER SYSTEM IMPROVEMENTS Grant %
Assessment
funded Debt
Levy Funded
Bond %Cash % 20,295$ 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 COMMENTS
-$
3M GRANT 2025 STREET AND UTILITY IMPROVEMENTS: WATERMAIN: Homestead 100%935,000$ 935,000$ 935,000$ 3M-Grant (CDWSP Approved Neighborhood)
3M GRANT 2026 STREET AND UTILITY IMPROVEMENTS: WATERMAIN: Packard Park + Eden Park + 20th Street Circle 100%2,500,000$ 2,500,000$ 2,500,000$ 3M-Grant (CDWSP Approved Neighborhood)
3M GRANT 2027 STREET AND UTILITY IMPROVEMENTS: WATERMAIN: Tartan Meadows + Klondike 100%1,900,000$ 1,900,000$ 1,900,000$ 3M-Grant Required: Not included in current CDWSP
3M GRANT 2028 STREET AND UTILITY IMPROVEMENTS: WATERMAIN: Downs Lake Estates + Sunfish Ponds+The Forest 100%2,200,000$ 2,200,000$ 2,200,000$ 3M-Grant Required: Not included in current CDWSP
9757, 9759 & 9765 45TH STREET WATERMAIN EXTENSION (BLACKFORD EXTENSION)100%450,000$ 450,000$ 450,000$ 3M-Grant Required: Not included in current CDWSP
-$
2025 STREET AND UTILITY IMPROVEMENTS: 59th St Ct (1500 ft 8") /55th St/Julep Way & 57th St/Jasper/Jerome/Irish Ct (620 ft 8")Water 100%320,000$ 320,000$ 320,000$ 100% Assessed
2026 STREET AND UTILITY IMPROVEMENTS: Lake Elmo Heights + Innsdale CDS + Inwood CDS Water 89%11%327,000$ 327,000$ 327,000$ Water Core Fund (includes $145,000 for PRV)
2027 STREET IMPROVEMENTS: OACE Acres: Hidden Bay Tr/Birchwood/Cherrywood/Windbreak/Jack Pine/Deer Pond Water 86%14%-$ -$ -$ No watermain in improvement area
2028 STREET AND UTILITY IMPROVEMENTS: St. Croix's Sanctuary Water 83%17%150,000$ 150,000$ 150,000$ Water Core Fund
2029 STREET AND UTILITY IMPROVEMENTS: 50th Street + Hill Trail (combine with Low Pressure sewer ext. to Oakdale)Water 80%20%-$ -$ -$ No watermain in improvement area
2030 STREET AND UTILITY IMPROVEMENTS: Discover Crossing + Hilltop Water 77%23%100,000$ 100,000$ 100,000$ Water Core Fund
2031 STREET AND UTILITY IMPROVEMENTS: Tablyn Park Water 74%26%130,000$ 130,000$ 130,000$ Water Core Fund
2032 STREET AND UTILITY IMPROVEMENTS: Tapestry at Charlotte's Grove Water 71%29%210,000$ 210,000$ 210,000$ Water Core Fund
2033 STREET AND UTILITY IMPROVEMENTS: 36th & 37th Street + Irwin Ave; 47th/50th/Kimbro (Keats to Lake Elmo)Water 68%32%550,000$ 550,000$ 550,000$ Water Core Fund
2034 STREET IMPROVEMENTS: DeMontreville-Highlands Water 65%35%-$ -$ No watermain in improvement area
Water -$
TEMPORARY PFAS TREATMENT PLANT FOR WELL #2 Water 100%0%0%2,500,000$ 2,500,000$ 2,500,000$ 3M Settlemetn Funds
PRODUCTION WELL 6 AND SITE ACQUISITION Water 92%8%750,000$ 750,000$ 750,000$ Water Core Fund
TREATMENT PLANT & RAW WATERMAIN Grant? 100%0%0%49,000,000$ 24,500,000$ 24,500,000$ 49,000,000$ 3m Settlement Funds. Improved EOC needed
PRODUCTION WELL 7 (TEST WELL AND SITE ACQUISITION)Water 89%11%750,000$ 750,000$ 750,000$ Water Core Fund
Water -$
VILLAGE EAST UPRR TRUNK WATERMAIN CROSSING + PRV Water 100%0%566,000$ 336,000$ 230,000$ 566,000$ 12-inch Boring with Xing Imp./ PRV with Development
HUDSON BOULEVARD TRUNK WATERMAIN EXTENSION (Keats Avenue to Lake Elmo Avenue)Water 86%14%1,800,000$ 1,800,000$ 1,800,000$ Water Core Fund
5TH STREET NORTH (KEATS AVENUE TO LAKE ELMO AVENUE)Water 77%23%1,700,000$ 1,700,000$ 1,700,000$ Water Core Fund
WATERMAIN TRUNK WATERMAINS Water 100%0%4,500,000$ 1,500,000$ 1,500,000$ 1,500,000$ 4,500,000$ Water Core Fund
PAINT WATER TOWER #2 (PUBLIC WORKS BUILDING)Water 86%14%800,000$ 800,000$ 800,000$ Water Core Fund
PAINT WATER TOWER #4 (INWOOD)Water 68%32%800,000$ 800,000$ 800,000$ Water Core Fund
DECOMMISSION WATER TOWER #1 Water 0%100%50,000$ 50,000$ 50,000$ Water Core Fund
WELL #5 PUMP MAINTENANCE Water 0%100%50,000$ 50,000$ 50,000$ Water Core Fund
WELL #4 PUMP MAINTENANCE Water 0%100%50,000$ 50,000$ 50,000$ Water Core Fund
WATERMAIN OVERSIZING Water 470,475$ 150,475$ 130,000$ 190,000$ -$ -$ -$ -$ 470,475$ Water Core Fund
WATER SYSTEM TOTALS 73,558,475$ 29,541,475$ 28,437,000$ 4,690,000$ 4,300,000$ 1,500,000$ 1,850,000$ 1,680,000$ 210,000$ 1,350,000$ -$ 73,558,475$
-$
-$
STORMWATER MANAGEMENT / STORM SEWER SYSTEM IMPROVEMENTS 20,295$ 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 COMMENTS
PHASE 2 REGIONAL DRAINAGE IMPROVEMENTS: NORTHSTAR POND OVERSIZE Storm 0%100%285,405$ 285,405$ 285,405$ Stormwater Enterprise Fund: Oversize Payment to Northstar 1st Addition
PHASE 3 REGIONAL DRAINAGE IMPROVEMENTS: LIONS PARK DRAINAGE RETENTION Storm 100%0%575,000$ 575,000$ 575,000$ Stormwater Enterprise Fund. Potential developer cost-share
STORMWATER REUSE IRRIGATION SYSTEMS: LIONS PARK BALLFIELDS Storm 0%100%76,000$ 76,000$ 76,000$ Pursue VBWD Grant / Partnership
STORMWATER REUSE IRRIGATION SYSTEMS: FUTURE CITY BALLFIELDS Storm 0%100%80,000$ 40,000$ 40,000$ 80,000$ Pursue VBWD Grant / Partnership with BallField Construction
STORMWATER REUSE IRRIGATION SYSTEMS: DEVELOPMENT CONVERSION (Wildflower; Legacy at North Star)Storm 100%0%-$ TBD TBD -$ Pursue VBWD Grant / Partnership with BallField Construction
STORM SEWER SYSTEM IMPROVEMENTS/REPAIRS/REPLACEMENTS (Future Unidentified)Storm 100%350,000$ -$ -$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 350,000$ Repair costs pending Public Works MS4 inspections
STORMWATER SYSTEM TOTALS 285,405$ 40,000$ 741,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ -$ 1,366,405$
TOTALS 34,830,300$ 40,167,000$ 20,436,000$ 10,618,640$ 6,448,640$ 10,238,640$ 9,528,640$ 5,213,640$ 4,938,640$ 5,238,640$ 147,658,781$
PARK IMPROVEMENTS 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 COMMENTS
NEW OR REFURBISHED BALLFIELDS -$ Parks Fund
TRAIL ADDITIONS -$ Parks Fund
CENTRAL GREENWAY REGIONAL TRAIL -$ Parks Fund
PARK IMPROVEMENT TOTALS -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
CAPITAL IMPROVEMENT TOTALS 34,830,300$ 40,167,000$ 20,436,000$ 10,618,640$ 6,448,640$ 10,238,640$ 9,528,640$ 5,213,640$ 4,938,640$ 5,238,640$
112,500,581$ 147,658,781$
SEE PLANNING/ PUBLIC WORKS CIP RECOMMENDATIONS
Total Grant Funds: $7,985,000
Total Grant Funds: $51,500,000
PAGE 2 OF 2
DRAFT