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2017 Annual Report • Finance Department • St. Anthony Village, Minnesota
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<br />FINALIZED OPERATING AGREEMENT FOR
<br />REGIONAL STORMWATER TREATMENT FACILITY
<br />The Finance Director worked with MWMO staff finalize
<br />the “Cooperative agreement between the City of St.
<br />Anthony Village and the Mississippi Watershed
<br />Management Organization for the St. Anthony
<br />stormwater research facility” in July of 2017. Highlights
<br />of the agreement include:
<br />
<br />• MWMO will be responsible maintaining the
<br />primary and secondary treatment system through
<br />12/31/2020.
<br />• On 1/1/2021 the City of St Anthony will assume
<br />responsibility of maintaining the primary treatment system.
<br />It is contemplated by the agreement that operations of the
<br />secondary treatment system will be discontinued by the
<br />MWMO as of 12/31/2020.
<br />• MWMO retains the right to start up the secondary
<br />treatment system if future research opportunities arise.
<br />STRUCTURED 2017 BONDING TO
<br />INCLUDE FINANCING FOR 2018 FIRE
<br />ENGINE PURCHASE
<br />The 1985 Fire Engine was up for replacement
<br />in 2017. Given the favorable interest rates
<br />available the 2017 debt issuance included
<br />financing for $520,000 in expected
<br />replacement costs for the fire engine. The 10
<br />year repayment of the bond will be absorbed
<br />by the Capital Equipment Fund with no levy
<br />impact included in the 2018 budget.
<br />Fiscal Year 2017
<br />SOURCES 2016
<br />Est. Actual
<br />2016 2017 2018 2019 2020 2021 2022-2027 2028-2033
<br />Capital Improvement Levy 80,990$ 79,823$ 233,200$ 258,200$ 283,200$ 308,200$ 308,200$ 1,849,200$ 1,849,200$
<br />MSA/Revolving Funds 90,000 90,000 90,000 90,000 90,000 90,000 90,000 540,000 540,000
<br />Water Filtration Closing Transfer 50,000 400,000 - - - - - - -
<br />Utility Fund Transfer 25,000 25,000 330,000 - - - - - -
<br />Liquor Fund Transfer (retired in 2016)92,653 92,653 - - - - - - -
<br /> Trade/Sale of Equipment 7,500 15,185 3,500 3,500 3,500 3,500 3,500 21,000 21,000
<br /> Donations/ Army reimbursement/ Bond proceeds - 83,275 544,230 - - - - - -
<br /> Investment Earnings - 8,932 7,500 7,500 5,000 2,500 1,500 - -
<br />TOTAL 346,143$ 794,868$ 1,208,430$ 359,200$ 381,700$ 404,200$ 403,200$ 2,410,200$ 2,410,200$
<br />Uses
<br />Police 139,121$ 97,230$ 306,099$ 207,995$ 150,090$ 192,976$ 261,352$ 1,376,407$ 1,538,897$
<br />Fire 59,372 137,039 46,033 71,149 39,797 93,989 73,804 680,179 537,926
<br />Fire truck debt service - - - 10,963 65,600 69,100 67,450 399,000 -
<br />Administration/Finance 3,250 1,503 33,609 29,944 14,557 24,840 19,178 245,978 91,054
<br />Streets 16,708 18,471 89,019 76,981 113,332 35,388 62,770 422,942 200,041
<br />Parks 48,462 42,232 64,551 31,560 13,525 93,807 123,434 267,322 350,343
<br />DAILY OPERATIONS-MINIMAL EQUIPMENT NEEDS 266,913 296,474 539,312 428,591 396,901 510,100 607,988 3,391,828 2,718,260
<br />MINIMAL SHORTFALL 79,230$ 498,394$ 669,118$ (69,391)$ (15,201)$ (105,900)$ (204,788)$ (981,628)$ (308,060)$
<br />SPECIFIC OPERATIONS - EQUIPMENT NEEDS*
<br />Scheduled Items
<br />Fire Engines - - 500,000 - - - - 450,000 500,000
<br />Dump Trucks - - 195,075 - - - - - 573,815
<br />1995 Street 444G Front-End Loader - - - - 174,887 - - - -
<br />1999 Parks 4500 Tractor - - - - - 39,802 - - -
<br />- - 695,075 - 174,887 39,802 - 450,000 1,073,815
<br />OVERALL SHORTFALL 79,230$ 498,394$ (25,957)$ (69,391)$ (190,088)$ (145,703)$ (204,788)$ (1,431,628)$ (1,381,875)$
<br />NET CHANGE 79,230$ 498,394$ (25,957)$ (69,391)$ (190,088)$ (145,703)$ (204,788)$ (1,431,628)$ (1,381,875)$
<br />BEGINNING CASH BALANCE 177,735$ 177,735$ 676,129$ 650,172$ 580,780$ 390,692$ 244,990$ 40,202$ (1,391,426)$
<br />ENDING CASH BALANCE 256,965$ 676,129$ 650,172$ 580,780$ 390,692$ 244,990$ 40,202$ (1,391,426)$ (2,773,301)$
<br />* CURRENTLY DEFERRING AS ALLOWED, FUTURE FUNDING SOURCE WILL COME FROM POST 2023 DEBT LEVY NEEDS
<br />CAPITAL EQUIPMENT 2017 - 2033 Budgeted for 25,000 Levy increase
<br />2018-2020. Additional 75k in total.
<br />Fire truck financing is included in
<br />the 2017A bonding.
<br />Proceeds of 544k to be received
<br />in May,2017. Includes bond
<br />premium and capitalized interest.
<br />Debt service on Fire truck @
<br />1.92% true interest cost.
<br />Timing of next Fire truck
<br />replacement may allow for
<br />opportunity to continue
<br />financing use.
<br />Assumes FireTruck oulay
<br />would occur in
<br />2017/2018.
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