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2015 Annual Report • Finance Department • St. Anthony Village, Minnesota <br /> <br /> <br /> <br />14 <br /> <br />V. Long Term Financial Management <br />REFINANCE 2006 TIF REVENUE BONDS <br />During 2015 the HRA's Tax Increment Revenue Bonds <br />(Silver Lake Village Project), Series 2006 (Commercial <br />TIF Revenue Bonds) were refinanced with General <br />Obligation TIF Revenue refunding bonds 2015B. TIF <br />revenues generated from the commercial development <br />are used to fund the bond debt service. This refunding <br />was done to take advantage of the low rates of interest <br />available in the market at the end of 2015. The Net <br />Present Value Benefit of the refunding was $919,595 or <br />approximately $67,000 a year for sixteen years. The <br />lower debt requirement <br />enhances the TIF <br />district’s potential to <br />provided funding for <br />future infrastructure <br />projects following TIF <br />pooling guidelines. <br /> <br />SUCCESSION PLANNING <br />With the likely retirement of senior Police <br />Department personnel, the Finance <br />Department worked with both Administration <br />and the Police Departments to visualize a <br />succession plan model during 2015. The <br />planning defined transition costs, training <br />periods and recruiting timeframes. This <br />readied the City to ensure the future leadership of the Police Department. Coming in the middle <br />of 2016, the Police Department will see the anticipated shift in staffing with retirements, <br />promotions, and new-hires taking place in a short amount of time.