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Home My WebLink AboutItem 08 December Proposed Conduct a Following Move to a the 2016 B Approval o Overview Minnesota The purpo taxpayers At the hea have had budget an The 2016 Septembe direction p The follow r 7, 2015 d Action a public bud the public approve the Budget. of the motio w a Statutes re ose of the h the opportu aring, a brie an opportu nd tax levy w budget an er 14, Octob provided by wing chart re General Fun Street Reco Pavement M Building Fu Equipment Park Improv Trail Improv Debt Servic TOTAL LEV Public Bu 2016 P dget meeting c budget m Resolution on adopts th equire a pub hearing is to unity to ask ef overview unity to spe will follow th d tax levy w ber 26 and N y the City Co eflects the p Fund nd nstruction Management nd Fund vement Fund vement Fund ce Funds VY udget Meet Property Ta g (Truth in T eeting, Staf Adopting th he 2016 tax blic hearing o present th questions a of the budg ak, the City he public bu were prese November 2 ouncil at the roposed 20 t Fund d d ting (Truth ax Levy and Taxation). ff recomme he 2016 Pro levy and 20 g prior to ad he proposed nd present get and tax y Council sh dget meetin nted at Cou 23. The atta November 16 levy as co Propose 2016 Levy $18,553,7 50,0 1,191,5 51,0 250,0 50,0 78,2 5,455,0 $25,679,6 in Taxation d 2016 Budg ends adopti operty Tax L 16 budget. doption of th d 2016 budg comments. levy will be hould close ng. uncil work ached resolu 23 worksess ompared to ed Chan from 2 ($ 795 $79 000 550 000 000 (5 000 5 200 074 15 619 $95 Item N n) for get ion of the f Levy and Res he 2016 bud get and tax e presented. the hearing sessions he utions are co sion. o the 2015 le nge 2015 $) Ch from 93,318 0 0 0 50,000) (1 50,000 0 57,752 51,070 No. ______ following m solution Ado dget and ta x levy and p . After all p g. Adoption eld on Augu onsistent w evy: hange m 2015 (%) 4.47% 0.00% 0.00% 0.00% 16.67%) n/a 0.00% 2.98% 3.85% ___ motion: opting ax levy. provide persons of the ust 24, ith the In addition, the proposed 2016 tax levy ($25,679,619) is $260,629 less than the preliminary tax levy approved September 21, 2015. The City portion of the property taxes of the average valued home is estimated to increase by $15 when taking into account the increase in market value and a 3.85% increase in the City property tax levy. Primary Issues to Consider  Adjustments to the Proposed Tax Levy. The City Council has the ability to adopt a final tax levy in December that is equal to or less than the preliminary tax levy approved on September 21, 2015. The City Council may not, however, adopt a final tax levy that is greater than the preliminary tax levy.  Adjustments to the Proposed Budgets. The budgets reflect the proposed revenues and expenditures as discussed during City Council budget and Capital Improvement Program (CIP) work sessions. Supporting Information  Budget Overview  Resolution adopting the 2016 Tax Levy  Resolution adopting the 2016 Budget ______________ Jerilyn Erickson, Finance Director Financial Impact: $25,679,619 Budgeted:__Yes_______ Source: __Various___________ Related Documents: _Proposed 2016 Budget; Proposed 2016-2020 CIP._______________________ Community Value: Good Value for Public Services Notes: ______________________________________________________________________ 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Revenues General property taxes 23,698,771$ 24,286,956$ 24,780,394$ 25,679,362$ Tax increment 828,050 370,722 349,000 349,000 Licenses and permits 2,901,053 2,687,004 3,271,729 2,611,474 Intergovernmental 5,092,986 4,514,785 5,572,193 6,862,888 Charges for services 18,119,615 17,817,624 20,967,700 18,204,910 Court fines 223,642 288,001 314,913 315,000 Special assessments 1,636,267 694,059 890,461 1,050,496 Investment income 702,754 323,541 372,086 336,818 Donations 4,716,138 1,176,724 1,374,693 1,415,224 Miscellaneous 3,154,306 618,531 900,739 2,774,154 Gross profit 3,804,972 3,670,775 3,312,996 3,385,006 Total revenues 64,878,554 56,448,722 62,106,904 62,984,332 Expenditures and expenses General government 5,455,905 5,305,615 5,368,119 5,625,317 Public safety 10,305,450 10,899,533 10,943,930 11,706,573 Public works 3,805,470 4,171,780 4,107,846 4,818,999 Parks and recreation 3,330,488 3,539,684 3,580,708 3,719,420 Debt service 10,025,359 10,961,805 11,289,667 10,110,133 Capital outlay 21,420,875 47,261,306 39,926,652 34,039,403 Operating expenses 14,245,217 23,543,038 19,606,059 24,630,127 Total expenditures and expenses 68,588,764 105,682,761 94,822,981 94,649,972 Other financing sources (uses) Transfer from other funds 3,511,259 5,956,776 7,014,617 3,869,883 Transfer to other funds (3,511,259) (5,956,776) (7,014,617) (3,869,883) Disposal of assets 34,362 9,000 9,000 119,000 Issuance of debt 8,520,000 42,465,653 17,549,193 26,337,574 Refunding bonds issued 12,660,000 - - - Return of increment (203,623) - - - Payment on refunded bonds called (10,035,000) (12,820,000) (12,460,000) (1,950,000) Premium on bonds issued 1,981,519 - - - Total other financing sources (uses)12,957,258 29,654,653 5,098,193 24,506,574 Net change in fund balance and net position 9,247,048 (19,579,386) (27,617,884) (7,159,066) Fund balance and net position, January 1 184,402,042 188,988,184 193,649,090 166,031,206 Fund balance and net position, December 31 193,649,090$ 169,408,798$ 166,031,206$ 158,872,140$ Enterprise capital outlay acquisitions 5,156,944$ 176,647$ 262,815$ 695,089$ Enterprise bond proceeds -$ -$ -$ 7,473,720$ Enterprise debt principal 175,000$ 180,000$ 180,000$ 190,000$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Appropriated Fund Types Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net Assets For the Years Ending December 31, 2016 1 (continued on following page) General Special Debt Capital Fund Revenue Service Projects Revenues General property taxes 18,553,538$ -$ 5,455,074$ 1,670,750$ Tax increment - - 349,000 - Licenses and permits 1,855,528 755,946 - - Intergovernmental 988,816 516 1,075,739 4,713,361 Charges for services 3,149,629 2,500 403,132 3,898,084 Court fines 315,000 - - - Special assessments - - 1,017,213 33,283 Investment income 40,376 4,395 133,324 95,247 Donations - - 95,000 247,000 Miscellaneous 41,645 - - 2,728,909 Gross profit - - - - Total revenues 24,944,532 763,357 8,528,482 13,386,634 Expenditures and expenses General government 5,072,153 553,164 - - Public safety 11,706,573 - - - Public works 4,818,999 - - - Parks and recreation 3,719,420 - - - Debt service - - 9,974,716 - Capital outlay 71,546 48,262 - 33,919,595 Operating expenses - - - - Total expenditures and expenses 25,388,691 601,426 9,974,716 33,919,595 Other financing sources (uses) Transfer from other funds 806,513 - 973,893 2,068,250 Transfer to other funds (50,000) (384,978) (607,500) (803,750) Disposal of assets - - - - Issuance of debt - - - 26,337,574 Payment on refunded bonds called - - (1,950,000) - Total other financing sources (uses)756,513 (384,978) (1,583,607) 27,602,074 Net change in fund balance and net assets 312,354 (223,047) (3,029,841) 7,069,113 Fund balance and net assets, January 1 11,406,277 543,133 26,947,672 12,624,445 Fund balance and net assets, December 31 11,718,631$ 320,086$ 23,917,831$ 19,693,558$ Enterprise capital outlay acquisitions - - - - Enterprise bond proceeds - - - - Enterprise debt principal - - - - Governmental Funds Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net Assets For the Year Ending December 31, 2016 2016 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Appropriated Fund Types 2 (continued from previous page) Internal Service Liquor Utility Municipal Res.Total Revenues General property taxes -$ -$ -$ 25,679,362$ Tax increment - - - 349,000 Licenses and permits - - - 2,611,474 Intergovernmental 3,900 80,556 - 6,862,888 Charges for services - 10,391,136 360,429 18,204,910 Court fines - - - 315,000 Special assessments - - - 1,050,496 Investment income 17,115 42,616 3,745 336,818 Donations - 1,073,224 - 1,415,224 Miscellaneous 3,600 - - 2,774,154 Gross profit 3,385,006 - - 3,385,006 Total revenues 3,409,621 11,587,532 364,174 62,984,332 Expenditures and expenses General government - - - 5,625,317 Public safety - - - 11,706,573 Public works - - - 4,818,999 Parks and recreation - - - 3,719,420 Debt service 135,417 - - 10,110,133 Capital outlay - - - 34,039,403 Operating expenses 2,391,961 21,747,069 491,097 24,630,127 Total expenditures and expenses 2,527,378 21,747,069 491,097 94,649,972 Other financing sources (uses) Transfer from other funds - 21,227 - 3,869,883 Transfer to other funds (1,074,937) (897,206) (51,512) (3,869,883) Disposal of assets - 119,000 - 119,000 Issuance of debt - - - 26,337,574 Payment on refunded bonds called - - - (1,950,000) Total other financing sources (uses)(1,074,937) (756,979) (51,512) 24,506,574 Net change in fund balance and net assets (192,694) (10,916,516) (178,435) (7,159,066) Fund balance and net assets, January 1 4,967,463 108,793,305 748,911 166,031,206 Fund balance and net assets, December 31 4,774,769$ 97,876,789$ 570,476$ 158,872,140$ Enterprise capital outlay acquisitions 107,915$ 587,174$ -$ 695,089$ Enterprise bond proceeds -$ 7,473,720$ -$ 7,473,720$ Enterprise debt principal 190,000$ -$ -$ 190,000$ Enterprise CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Appropriated Fund Types Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net Assets For the Year Ending December 31, 2016 2016 Proposed Budget Proprietary Funds 3 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Revenues (Amount) (Percent) General property taxes 16,844,083$ 17,811,502$ 17,811,502$ 18,553,538$ 742,036$ 4.2% Licenses and permits 2,159,364 1,968,416 2,523,267 1,855,528 (112,888) -5.7% Intergovernmental 809,596 827,661 1,131,362 988,816 161,155 19.5% Charges for services 2,499,340 2,939,577 3,058,073 3,149,629 210,052 7.1% Court fines 223,642 288,001 314,913 315,000 26,999 9.4% Investment income 99,179 40,376 40,376 40,376 - 0.0% Miscellaneous 71,484 46,145 40,879 41,645 (4,500) -9.8% Total revenues 22,706,688 23,921,678 24,920,372 24,944,532 1,022,854 4.3% Expenditures General government Mayor and Council 93,122 97,411 98,117 99,866 2,455 2.5% Committees and Commissions 70,622 71,096 70,694 71,284 188 0.3% City administration 386,351 414,285 400,363 413,336 (949) -0.2% City Clerk 183,285 127,401 127,731 195,441 68,040 53.4% Legal counsel 53,495 82,351 78,178 78,178 (4,173) -5.1% Planning 418,192 429,809 440,360 458,036 28,227 6.6% Community and econ. development 272,594 300,526 292,679 297,952 (2,574) -0.9% Inspections 893,563 854,922 943,812 1,000,761 145,839 17.1% General government facilities 392,356 433,123 417,500 427,117 (6,006) -1.4% Finance 639,522 665,298 710,963 718,826 53,528 8.0% Information systems 472,685 530,931 535,149 543,979 13,048 2.5% Human resources 344,028 378,472 473,262 490,511 112,039 29.6% Insurance 289,075 322,100 322,100 182,180 (139,920) -43.4% Public safety Police 8,790,329 9,211,309 9,365,738 9,693,385 482,076 5.2% Fire 1,519,138 1,639,147 1,678,791 1,753,089 113,942 7.0% Public works Engineering 715,285 712,273 702,200 785,343 73,070 10.3% Operations and Maintenance 144,811 553,796 574,486 652,545 98,749 17.8% Streets 3,040,942 2,994,209 2,936,529 3,321,247 327,038 10.9% Parks and recreation Parks 2,212,461 2,388,645 2,377,622 2,442,197 53,552 2.2% Recreation 602,430 608,476 661,393 622,974 14,498 2.4% Heritage Center 101,236 104,516 97,475 98,770 (5,746) -5.5% Arts Center 425,771 448,505 476,373 479,173 30,668 6.8% Other - 105,000 - 562,501 457,501 435.7% Total expenditures 22,061,293 23,473,601 23,781,515 25,388,691 1,915,090 8.2% Excess (deficiency) of revenues over expenditures 645,395 448,077 1,138,857 (444,159) (892,236) -199.1% Other financing sources (uses) Transfer from other funds 759,814 809,935 807,651 806,513 (3,422) -0.4% Transfer to other funds - (727,000) (1,612,000) (50,000) 677,000 -93.1% Total other financing sources (uses) 759,814 82,935 (804,349) 756,513 673,578 812.2% Net change in fund balance 1,405,209 531,012 334,508 312,354 (218,658) -41.2% Fund balance, January 1 9,666,560 9,754,037 11,071,769 11,406,277 1,652,240 16.9% Fund balance, December 31 11,071,769$ 10,285,049$ 11,406,277$ 11,718,631$ 1,433,582$ 13.9% Ratio: Fund balance to CY expenditures 50.2%43.8%48.0%46.2% Ratio: Fund balance to NY expenditures 47.2%44.9%44.8% CITY OF LAKEVILLE, MINNESOTA General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances For the Year Ending December 31, 2016 Change from 2015 Adopted Budget 4 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Revenues Licenses 741,689 $ 718,588 $ 748,462 $ 755,946 $ Intergovernmental 468,702 516 516 516 Charges for services 2,500 2,500 2,500 2,500 Investment income 11,438 2,806 3,650 4,395 Miscellaneous 1,393 - - - Total revenues 1,225,722 724,410 755,128 763,357 Expenditures General government 971,592 597,267 485,701 553,164 Capital outlay 87,777 78,451 74,921 48,262 Total expenditures 1,059,369 675,718 560,622 601,426 Excess (deficiency) of revenues over expenditures 166,353 48,692 194,506 161,931 Other financing sources (uses) Transfer to other funds (122,924) (647,933) (648,936) (384,978) Net change in fund balance 43,429 (599,241) (454,430) (223,047) Fund balance, January 1 954,134 836,700 997,563 543,133 Fund balance, December 31 997,563 $ 237,459$ 543,133$ 320,086$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Special Revenue Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 5 Economic Communications Development Total Revenues Licenses 755,946$ - $ 755,946 $ Intergovernmental 516 - 516 Charges for services - 2,500 2,500 Investment income 4,182 213 4,395 Total revenues 760,644 2,713 763,357 Expenditures General government 540,664 12,500 553,164 Capital outlay 48,262 - 48,262 Total expenditures 588,926 12,500 601,426 Excess (deficiency) of revenues over expenditures 171,718 (9,787) 161,931 Other financing sources (uses) Transfer to other funds (384,978) - (384,978) Net change in fund balance (213,260) (9,787) (223,047) Fund balance, January 1 500,456 42,677 543,133 Fund balance, December 31 287,196$ 32,890$ 320,086$ 2016 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Special Revenue Funds Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 6 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Revenues General property taxes 5,305,982$ 4,804,704$ 5,298,142$ 5,455,074$ Tax increment 638,312 370,722 349,000 349,000 Intergovernmental 905,337 906,430 907,428 1,075,739 Charges for services 395,838 411,901 403,951 403,132 Special assessments 1,592,106 674,934 854,532 1,017,213 Investment income 143,259 196,064 183,035 133,324 Donations 95,000 95,000 95,000 95,000 Miscellaneous 2,230,000 480 - - Total revenues 11,305,834 7,460,235 8,091,088 8,528,482 Expenditures - debt service Principal maturities 5,995,000 7,025,000 7,385,000 5,935,000 Interest on debt 3,700,590 3,775,720 3,735,120 4,014,265 Fiscal charges 176,789 16,739 25,201 25,451 Total expenditures 9,872,379 10,817,459 11,145,321 9,974,716 Excess (deficiency) of revenues over expenditures 1,433,455 (3,357,224) (3,054,233) (1,446,234) Other financing sources (uses) Transfer from other funds 1,505,236 2,555,100 2,584,021 973,893 Transfer to other funds - - - (607,500) Issuance of debt 202,622 - 143,082 - Refunding bonds issued 12,660,000 - - - Payment on refunded bonds called (10,035,000) (12,820,000) (12,460,000) (1,950,000) Return of increment (203,623) - - Premium on bonds issued 1,346,531 - - - Total other financing sources (uses)5,475,766 (10,264,900) (9,732,897) (1,583,607) Net change in fund balance 6,909,221 (13,622,124) (12,787,130) (3,029,841) Fund balance, January 1 32,825,581 45,687,077 39,734,802 26,947,672 Fund balance, December 31 39,734,802$ 32,064,953$ 26,947,672$ 23,917,831$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Debt Service Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 7 (continued on following page) General G.O. Tax Obligation Improvement Increment State-aid Revenues General property taxes 3,058,055$ 2,082,513$ -$ -$ Tax increment - - 349,000 Intergovernmental 63,837 - - 1,011,902 Charges for services - - - - Special assessments 74,148 943,065 - - Investment income 99,901 24,929 4,167 171 Donations - - - - Miscellaneous - - - - Total revenues 3,295,941 3,050,507 353,167 1,012,073 Expenditures - debt service Principal maturities 2,210,000 2,340,000 220,000 750,000 Interest on debt 2,092,979 1,036,308 63,961 261,527 Fiscal charges 5,925 14,656 1,115 1,350 Total expenditures 4,308,904 3,390,964 285,076 1,012,877 Excess (deficiency) of revenues over expenditures (1,012,963) (340,457) 68,091 (804) Other financing sources (uses) Transfer from other funds 400,000 399,893 - - Transfer to other funds - - (607,500) - Payment on refunded bonds called (1,950,000) - - - Total other financing sources (uses)(1,550,000) 399,893 (607,500) - Net change in fund balance (2,562,963) 59,436 (539,409) (804) Fund balance, January 1 17,465,040 4,874,300 3,363,545 22,920 Fund balance, December 31 14,902,077$ 4,933,736$ 2,824,136$ 22,116$ 2016 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Debt Service Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 8 (continued from previous page) Water Arena HRA Lease Revenue Revenue Revenue Total Revenues General property taxes -$ -$ 314,506$ 5,455,074$ Tax increment - - - 349,000 Intergovernmental - - - 1,075,739 Charges for services - 88,626 314,506 403,132 Special assessments - - - 1,017,213 Investment income - 422 3,734 133,324 Donations - 95,000 - 95,000 Miscellaneous - - - - Total revenues - 184,048 632,746 8,528,482 Expenditures - debt service Principal maturities - 145,000 270,000 5,935,000 Interest on debt 174,000 33,990 351,500 4,014,265 Fiscal charges - 325 2,080 25,451 Total expenditures 174,000 179,315 623,580 9,974,716 Excess (deficiency) of revenues over expenditures (174,000) 4,733 9,166 (1,446,234) Other financing sources (uses) Transfer from other funds 174,000 - - 973,893 Transfer to other funds - - - (607,500) Payment on refunded bonds called - - - (1,950,000) Total other financing sources (uses)174,000 - - (1,583,607) Net change in fund balance - 4,733 9,166 (3,029,841) Fund balance, January 1 - 126,450 1,095,417 26,947,672 Fund balance, December 31 -$ 131,183$ 1,104,583$ 23,917,831$ 2016 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Debt Service Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 9 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Revenues General property taxes 1,548,706$ 1,670,750$ 1,670,750$ 1,670,750$ Tax increment 189,738 - - - Intergovernmental 2,793,408 2,728,122 3,473,431 4,713,361 Charges for services 5,462,369 3,983,084 7,578,140 3,898,084 Special assessments 44,161 19,125 35,929 33,283 Investment income (charges)294,966 9,400 72,300 95,247 Donations 117,373 - 202,969 247,000 Miscellaneous 865,176 576,806 859,760 2,728,909 Total revenues 11,315,897 8,987,287 13,893,279 13,386,634 Expenditures - Capital outlay General government 182,059 408,093 482,681 927,451 Public safety Police 767,997 308,541 419,242 240,021 Fire 685,977 882,134 1,169,905 761,834 Public works 16,934,408 42,025,395 34,390,866 28,333,488 Parks and recreation 2,627,085 3,404,436 3,122,424 3,656,801 Total expenditures 21,197,526 47,028,599 39,585,118 33,919,595 Excess (deficiency) of revenues over expenditures (9,881,629) (38,041,312) (25,691,839) (20,532,961) Other financing sources (uses) Transfer from other funds 1,224,175 2,571,812 3,601,812 2,068,250 Transfer to other funds (1,521,700) (2,679,100) (2,786,337) (803,750) Issuance of debt 8,317,378 42,465,653 17,406,111 26,337,574 Premium on bonds issued 634,988 - - - Total other financing sources (uses)8,654,841 42,358,365 18,221,586 27,602,074 Net change in fund balance (1,226,788) 4,317,053 (7,470,253) 7,069,113 Fund balance, January 1 21,321,486 17,424,661 20,094,698 12,624,445 Fund balance, December 31 20,094,698$ 21,741,714$ 12,624,445$ 19,693,558$ CITY OF LAKEVILLE, MINNESOTA Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 Budgetary Summary for All Capital Projects Funds 10 (continued on following page) Municipal Pavement Improvement Storm Sanitary State-aid Management Construction Sewer Water Sewer Revenues General property taxes -$ 1,191,550$ 50,000$ -$ -$ -$ Tax increment - - - - - - Intergovernmental 3,721,111 120,000 822,250 - - - Charges for services - - - 1,052,264 1,320,200 267,300 Special assessments - - - 226 17,000 16,000 Investment income 9,300 6,400 - 2,500 1,600 2,100 Donations - - Miscellaneous 452,000 60,000 - - 344,596 - Total revenues 4,182,411 1,377,950 872,250 1,054,990 1,683,396 285,400 Expenditures - Capital outlay General government - - - - - - Public safety Police - - - - - - Fire - - - - - - Public works 3,206,172 1,668,580 19,687,574 526,132 1,595,000 139,000 Parks and recreation - - - - - - Total expenditures 3,206,172 1,668,580 19,687,574 526,132 1,595,000 139,000 Excess (deficiency) of revenues over expenditures 976,239 (290,630) (18,815,324) 528,858 88,396 146,400 Other financing sources (uses) Transfer from other funds - - 1,057,500 - - - Transfer to other funds - (100,000) (79,750) (150,000) (324,000) (150,000) Issuance of debt - - 17,637,574 - 8,700,000 - Total other financing sources (uses)- (100,000) 18,615,324 (150,000) 8,376,000 (150,000) Net change in fund balance 976,239 (390,630) (200,000) 378,858 8,464,396 (3,600) Fund balance, January 1 1,861,941 1,275,214 1,277,791 4,507,468 (7,684,016) 4,422,958 Fund balance, December 31 2,838,180$ 884,584$ 1,077,791$ 4,886,326$ 780,380$ 4,419,358$ 2016 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Capital Projects Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 11 Park Park Trail Tax Dedication Improvement Improvement Increment Building Equipment Total -$ 50,000$ 78,200$ -$ 51,000$ 250,000$ 1,670,750$ - - - - - - - - 50,000 - - - - 4,713,361 1,258,320 - - - - - 3,898,084 57 - - - - - 33,283 13,500 - - 500 - 59,347 95,247 - 247,000 - - - 247,000 972,138 - - - 650,000 250,175 2,728,909 2,244,015 347,000 78,200 500 701,000 559,522 13,386,634 - - - - 339,450 588,001 927,451 - - - - 19,050 220,971 240,021 - - - - 83,050 678,784 761,834 - - - - 102,300 1,408,730 28,333,488 2,460,739 312,500 251,520 - 296,950 335,092 3,656,801 2,460,739 312,500 251,520 - 840,800 3,231,578 33,919,595 (216,724) 34,500 (173,320) 500 (139,800) (2,672,056) (20,532,961) - - - 79,750 150,000 781,000 2,068,250 - - - - - - (803,750) - - - - - - 26,337,574 - - - 79,750 150,000 781,000 27,602,074 (216,724) 34,500 (173,320) 80,250 10,200 (1,891,056) 7,069,113 2,690,167 39,000 594,334 98,429 573,827 2,967,332 12,624,445 2,473,443$ 73,500$ 421,014$ 178,679$ 584,027$ 1,076,276$ 19,693,558$ 2016 Proposed Budget Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2016 CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Capital Projects Funds 12 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Sales and cost of sales Sales 14,883,888$ 14,764,135$ 13,561,103$ 13,882,928$ Cost of sales 11,078,916 11,093,360 10,248,107 10,497,922 Gross profit 3,804,972 3,670,775 3,312,996 3,385,006 Operating expenses Personnel services 1,317,782 1,288,667 1,272,626 1,358,238 Commodities 52,476 66,420 56,582 72,276 Other charges and services 866,128 875,561 907,904 846,686 Total operating expenses 2,236,386 2,230,648 2,237,112 2,277,200 Operating income 1,568,586 1,440,127 1,075,884 1,107,806 Non-operating revenue (expense) Intergovernmental 3,762 3,900 3,900 3,900 Investment income (charges)49,005 19,800 20,559 17,115 Miscellaneous 7,261 3,600 3,600 3,600 Disposal of assets 84 - - - Total non-operating (net)60,112 27,300 28,059 24,615 1,628,698 1,467,427 1,103,943 1,132,421 Transfers to other funds (1,369,063) (1,391,859) (1,398,702) (1,074,937) Bond expense (152,980) (144,346) (144,346) (135,417) Depreciation (117,984) (118,997) (114,761) (114,761) (1,640,027) (1,655,202) (1,657,809) (1,325,115) Change in net position (11,329) (187,775) (553,866) (192,694) Net position, January 1 5,532,658 5,411,228 5,521,329 4,967,463 Net position, December 31 5,521,329$ 5,223,453$ 4,967,463$ 4,774,769$ Capital outlay acquisitions 2,031,404$ 39,399$ 62,338$ 107,915$ Debt - Principal 175,000$ 180,000$ 180,000$ 190,000$ Income before transfers, bond expense, and depreciation Total transfers, bond expense and depreciation CITY OF LAKEVILLE, MINNESOTA Schedule of Revenues, Expenses and Changes in Net Position Enterprise - Liquor Fund For the Year Ending December 31, 2016 13 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 9,143,659$ 9,827,132$ 9,258,410$ 10,227,133$ Other 152,459 164,003 164,003 164,003 Total operating revenue 9,296,118 9,991,135 9,422,413 10,391,136 Operating expenses Personnel services 1,847,945 1,961,432 1,946,511 2,176,820 Commodities 393,977 480,954 468,773 471,177 Other charges and services 2,240,032 2,770,320 2,546,841 3,026,084 Disposal charges 3,297,982 3,253,486 3,253,486 3,263,530 Major maintenance 425,827 8,878,803 5,139,187 9,393,270 Total operating expenses 8,205,763 17,344,995 13,354,798 18,330,881 Operating income (expense)1,090,355 (7,353,860) (3,932,385) (7,939,745) Non-operating revenue Intergovernmental 112,181 48,156 55,556 80,556 Investment income 100,155 51,486 48,300 42,616 Disposal of assets 34,278 9,000 9,000 119,000 Total non-operating revenue 246,614 108,642 112,856 242,172 1,336,969 (7,245,218) (3,819,529) (7,697,573) Contributed capital 4,482,757 1,073,224 1,073,224 1,073,224 Transfers from other funds 22,034 19,929 21,133 21,227 Transfers to other funds (449,017) (460,872) (518,630) (897,206) Depreciation (3,296,855) (3,408,983) (3,418,663) (3,416,188) 758,919 (2,776,702) (2,842,936) (3,218,943) Change in net position 2,095,888 (10,021,920) (6,662,465) (10,916,516) Net position, January 1 113,359,882 109,152,641 115,455,770 108,793,305 Net position, December 31 115,455,770$ 99,130,721$ 108,793,305$ 97,876,789 Capital outlay acquisitions 3,125,540$ 137,248$ 200,477$ 587,174$ Bond proceeds -$ -$ -$ 7,473,720$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2016 Income (loss) before contributions, transfers, and depreciation Total contributions, transfers, and depreciation (net) Enterprise - Utility Fund Schedule of Revenues, Expenses and Changes in Net Position 14 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 2,985,043$ 3,423,662$ 3,062,451$ 3,526,004$ Other 152,459 164,003 164,003 164,003 Total operating revenue 3,137,502 3,587,665 3,226,454 3,690,007 Operating expenses Personnel services 960,734 986,129 964,446 1,066,234 Commodities 302,106 366,252 324,565 337,082 Other charges and services 1,032,375 1,254,657 1,156,197 1,235,537 Major maintenance 414,391 8,322,333 4,631,181 7,446,360 Total operating expenses 2,709,606 10,929,371 7,076,389 10,085,213 Operating income (loss)427,896 (7,341,706) (3,849,935) (6,395,206) Non-operating revenue Intergovernmental 10,560 1,632 1,632 1,632 Investment income 48,774 28,988 24,336 21,424 Infrastructure contributed - - - - Disposal of assets 22,946 4,500 4,500 4,500 Total non-operating revenue 82,280 35,120 30,468 27,556 510,176 (7,306,586) (3,819,467) (6,367,650) Contributed capital 2,271,984 604,082 604,082 604,082 Transfers to other funds (143,107) (146,652) (209,677) (548,511) Depreciation (2,046,629) (2,160,956) (2,160,956) (2,160,956) 82,248 (1,703,526) (1,766,551) (2,105,385) Change in net position 592,424 (9,010,112) (5,586,018) (8,473,035) Net position, January 1 72,931,858 69,723,599 73,524,282 67,938,264 Net position, December 31 73,524,282$ 60,713,487$ 67,938,264$ 59,465,229$ Capital outlay acquisitions 2,414,170$ 68,624$ 131,193$ 68,624$ Bond proceeds -$ -$ -$ 6,753,720$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2016 Income (loss) before contributions, transfers, and depreciation Total contributions, transfers, and depreciation (net) Enterprise - Utility Fund (Water Operation) Schedule of Revenues, Expenses and Changes in Net Position 15 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 4,707,611$ 4,966,743$ 4,712,496$ 5,130,765$ Operating expenses Personnel services 641,555 711,807 713,677 794,026 Commodities 63,253 88,484 96,041 99,067 Other charges and services 273,738 303,401 276,517 349,557 Disposal charges 3,297,982 3,253,486 3,253,486 3,263,530 Major maintenance 11,436 460,270 383,270 1,946,910 Total operating expenses 4,287,964 4,817,448 4,722,991 6,453,090 Operating income (loss)419,647 149,295 (10,495) (1,322,325) Non-operating revenue Intergovernmental 49,516 1,632 1,632 26,632 Investment income 37,639 18,187 19,087 16,750 Disposal of assets 11,332 4,500 4,500 114,500 Total non-operating revenue 98,487 24,319 25,219 157,882 518,134 173,614 14,724 (1,164,443) Contributed capital 2,210,773 469,142 469,142 469,142 Transfer from other funds 19,045 19,055 19,235 19,260 Transfer to other funds (146,543) (150,220) (146,471) (152,157) Depreciation (1,243,021) (1,248,027) (1,248,027) (1,248,027) 840,254 (910,050) (906,121) (911,782) Change in net position 1,358,388 (736,436) (891,397) (2,076,225) Net position, January 1 39,265,594 38,477,897 40,623,982 39,732,585 Net position, December 31 40,623,982$ 37,741,461$ 39,732,585$ 37,656,360$ Capital outlay acquisitions 593,376$ 68,624$ 68,624$ 501,282$ Bond proceeds -$ -$ -$ 720,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2016 Total contributions, transfers, and depreciation (net) Income (loss) before contributions, transfers and depreciation Enterprise - Utility Fund (Sanitary Sewer Operation) Schedule of Revenues, Expenses and Changes in Net Position 16 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 748,009 $ 739,621$ 760,472$ 778,918$ Operating expenses Personnel services 16,652 18,238 17,738 17,738 Commodities 41 31 31 31 Other charges and services 656,345 681,805 706,074 738,330 Major maintenance projects - 96,200 124,736 - Total operating expenses 673,038 796,274 848,579 756,099 Operating income (loss)74,971 (56,653) (88,107) 22,819 Non-operating revenue Investment income 327 499 1,371 996 Income(loss) before transfers 75,298 (56,154) (86,736) 23,815 Transfers to other funds (3,436) (3,568) (3,479) (3,538) Change in net position 71,862 (59,722) (90,215) 20,277 Net position, January 1 182,837 245,502 254,699 164,484 Net position, December 31 254,699 $ 185,780$ 164,484$ 184,761$ Enterprise - Utility Fund (Street Light Operation) Schedule of Revenues, Expenses and Changes in Net Position CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2016 17 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 702,996$ 697,106$ 722,991$ 791,446$ Operating expenses Personnel services 229,004 245,258 250,650 298,822 Commodities 28,577 26,187 48,136 34,997 Other charges and services 277,574 530,457 408,053 702,660 Total operating expenses 535,155 801,902 706,839 1,036,479 Operating income 167,841 (104,796) 16,152 (245,033) Non-operating revenue Intergovernmental 52,105 44,892 52,292 52,292 Investment income 13,415 3,812 3,506 3,446 Total non-operating revenue 65,520 48,704 55,798 55,738 Income before transfers and depreciation 233,361 (56,092) 71,950 (189,295) Transfers from other funds 2,989 874 1,898 1,967 Transfers to other funds (155,931) (160,432) (159,003) (193,000) Depreciation (7,205) - (9,680) (7,205) (160,147) (159,558) (166,785) (198,238) Change in net position 73,214 (215,650) (94,835) (387,533) Net position, January 1 979,593 705,643 1,052,807 957,972 Net position, December 31 1,052,807$ 489,993$ 957,972$ 570,439$ Capital outlay acquisitions 117,994$ -$ 660$ 17,268$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2016 Total transfers and depreciation (net) Enterprise - Utility Fund (Environmental Resources) Schedule of Revenues, Expenses and Changes in Net Position 18 2015 2016 2014 Adopted 2015 Proposed Actual Budget Estimate Budget Operating revenues Charges for services 381,324 $ 415,277$ 415,277$ 286,933 $ Other 82,126 74,150 87,346 73,496 Total operating revenues 463,450 489,427 502,623 360,429 Operating expenses Other charges and services 388,229 439,415 480,725 491,097 Operating income 75,221 50,012 21,898 (130,668) Non-operating revenue (expense) Investment income 4,752 3,609 3,866 3,745 Transfer to General Fund (48,555) (50,012) (50,012) (51,512) Total non-operating (net)(43,803) (46,403) (46,146) (47,767) Change in net assets 31,418 3,609 (24,248) (178,435) Net position, January 1 741,741 721,840 773,159 748,911 Net position, December 31 773,159 $ 725,449$ 748,911$ 570,476$ CITY OF LAKEVILLE, MINNESOTA Schedule of Revenues, Expenses and Changes in Net Position Internal Service - Municipal Reserves Fund For the Year Ending December 31, 2016 19 CITY OF LAKEVILLE RESOLUTION NO. ________ RESOLUTION ADOPTING THE 2016 PROPERTY TAX LEVY BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2016 property tax levy is hereby approved and adopted. TOTAL Debt Street improvements 3,657,286 Police Station 659,740 Central Maintenance Facility 823,542 Ice Arena 314,506 Total Debt Levy 5,455,074 General Fund 18,553,795 Pavement Management Fund 1,191,550 Street Reconstruction Fund 50,000 Equipment Fund 250,000 Building Fund 51,000 Park Improvement Fund 50,000 Trail Improvement Fund 78,200 Total tax levy 25,679,619$ Purpose ADOPTED by the Lakeville City Council this 7th day of December, 2015. CITY OF LAKEVILLE, MINNESOTA By: ________________________________ Matt Little, Mayor ATTEST: ________________________________ Charlene Friedges, City Clerk Schedule A – Debt Service Bond Description Debt Schedule Certified Levy (A) (B) Ice Arena Lease Revenue Bonds 2006 -$ 314,506$ Capital Improvement Bonds 2007D 1,140,156 659,740 Improvement Bonds 2007F 57,908 Improvement Bonds 2008A 35,044 - Improvement Refunding Bonds 2009B 431,983 258,415 Improvement Bonds 2010A 290,000 Improvement Bonds 2011A 152,292 132,292 Improvement Bonds 2012A 742,534 491,053 Improvement Bonds 2013A 490,823 309,190 Improvement Bonds 2014A 982,406 483,525 Improvement Bonds 2015A 674,311 408,038 Street Reconstruction Bonds 2005A 239,416 - Street Reconstruction Bonds 2007H 226,217 188,967 Street Reconstruction Bonds 2009A 428,481 316,525 Refunding Bonds 2011B 85,990 - Refunding Bonds 2012B 1,961,190 1,705,105 Refunding Bonds 2014B 653,773 187,718 Debt Service Total **8,592,524$ 5,455,074$ The following is a schedule of all debt which, at the time of issuance, included a certification of future property tax levy. The following schedule - column B - provides a list of debt listing actual tax levies for taxes payable 2016. The difference between certification and actual is due to changes in funding sources such as interest on investments, Liquor Fund contributions, special assessments, General Fund (operating levies) and other contributing factors. CITY OF LAKEVILLE RESOLUTION NO. ________ RESOLUTION ADOPTING THE 2016 BUDGET BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2016 budget, a copy of which is on file in the Finance Directors Office, is hereby approved and adopted. Fund/Department Revenues Expenditures General Fund General property taxes 18,553,538$ Licenses and permits 1,855,528 Intergovernmental revenue 988,816 Charges for services 3,149,629 Court fines 315,000 Investment income 40,376 Miscellaneous 41,645 Transfers from other funds 806,513 Mayor and Council 99,866$ Committees/Commissions 71,284 City administration 413,336 City Clerk 195,441 Legal counsel 78,178 Planning 458,036 Community and econ. development 297,952 Inspection 1,000,761 General government facilities 427,117 Finance 718,826 Information systems 543,979 Human resources 490,511 Insurance 182,180 Police 9,693,385 Fire 1,753,089 Engineering 785,343 Operations and Maintenance 652,545 Streets 3,321,247 Parks 2,442,197 Recreation 622,974 Heritage Center 98,770 Arts Center 479,173 Other 562,501 Transfers to other funds 50,000 Total General Fund 25,751,045 25,438,691 RESOLUTION ADOPTING THE 2016 BUDGET (continued) ADOPTED by the Lakeville City Council this 7th day of December 2015. CITY OF LAKEVILLE, MINNESOTA By: _________________________________ Matt Little, Mayor ATTEST: ________________________________ Charlene Friedges, City Clerk Enterprise Enterprise Debt/Capital Fund/Department Revenues Expenditures Bond Proceeds Acquisitions Special Revenue Funds Communications 760,644 973,904 Economic Development 2,713 12,500 Total Special Revenue Funds 763,357 986,404 Debt Service Funds 9,502,375 12,532,216 Capital Projects Funds Municipal state-aid 4,182,411 3,206,172 Pavement Management 1,377,950 1,768,580 Improvement Construction 19,567,324 19,767,324 Storm Sewer 1,054,990 676,132 Water 10,383,396 1,919,000 Sanitary Sewer 285,400 289,000 Park Dedication 2,244,015 2,460,739 Park Improvement 347,000 312,500 Trail Improvement 78,200 251,520 Tax Increment 80,250 - Building 851,000 840,800 Equipment 1,340,522 3,231,578 Total Capital Projects Funds 41,792,458 34,723,345 Internal Service - Municipal Reserves Fund 364,174 542,609 Enterprise - Liquor Fund 13,907,543 14,100,237 - 297,915 Enterprise - Utility Fund 11,727,759 22,644,275 7,473,720 587,174 Grand Total 103,808,711$ 110,967,777$ 7,473,720$ 885,089$