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HomeMy WebLinkAboutItem 2bDecember 4, 2017 Item No. PUBLIC BUDGET MEETING (TRUTH IN TAXATION) FOR 2018 PROPERTY TAX LEVY AND 2018 BUDGET Proposed Action Conduct a public budget meeting (Truth in Taxation). Following the public budget meeting, Staff recommends adoption of the following motion: Move to approve the Resolution Adopting the 2018 Property Tax Levy and the Resolution Adopting the 2018 Budget. Approval of the motion adopts the 2018 property tax levy and the 2018 budget. Overview Minnesota Statutes require a public hearing prior to adoption of the 2018 budget and tax levy. The purpose of the hearing is to present the proposed 2018 budget and tax levy and provide taxpayers the opportunity to ask questions and present comments. At the hearing, a brief overview of the budget and tax levy will be presented. After all persons have had an opportunity to speak, the City Council should close the hearing. Adoption of the budget and tax levy will follow the public budget meeting. The 2018 budget and tax levy were presented at Council work sessions held on August 28 and November 27 and the council meeting held on September 18. The attached resolutions are consistent with the direction provided by the City Council at the November 27 worksession. The following chart reflects the proposed 2018 levy as compared to the 2017 levy: Fund Proposed Change 2018 from 2017 Levy ($) General Fund 20,079,382$ 1,237,382$ Street Reconstruction 50,000 - Pavement Management Fund 1,191,550 - Building Fund 400,000 250,000 Equipment Fund 525,000 175,000 Park Improvement Fund 175,000 - Trail Improvement Fund 111,200 - Debt Service Funds 5,469,418 (340,446) TOTAL LEVY 28,001,550$ 1,321,936$ The proposed 2018 tax levy ($28,001,550) is $252,718 less than the preliminary tax levy approved September 18, 2017 and results in a 4.95% increase from 2017 to 2018. The City portion of the property taxes of the median valued home ($283,150) is estimated to increase by $35 when considering the increase in market value and a 4.95% increase in the City property tax levy. Existing commercial properties in Lakeville, in the aggregate, increased in market value by 3%. The proposed City tax levy will result in an estimated $16 decrease in the City portion of the property taxes on a commercial property valued at $1 million with a 3% increase in value. Primary Issues to Consider Adjustments to the Proposed Tax Levy. The City Council can adopt a final tax levy in December that is equal to or less than the preliminary tax levy approved on September 18, 2017. The City Council may not, however, adopt a final tax levy that is greater than the preliminary tax levy. Supporting Information Resolution adopting the 2018 Tax Levy Resolution adopting the 2018 Budget Budget Overview Financial Impact: Budgeted: Y N Source: Related Documents: (CIP, ERP, etc.): Envision Lakeville Community Values: Good Value for Public Services Report Completed by: Jerilyn Erickson, Finance Director 28,001,550 Various Funds Proposed 2018 Budget CITY OF LAKEVILLE RESOLUTION NO. ________ RESOLUTION ADOPTING THE 2018 PROPERTY TAX LEVY BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2018 property tax levy is hereby approved and adopted. TOTAL Debt Street improvements 3,650,417 Police Station 555,918 Central Maintenance Facility 970,583 Ice Arena 292,500 Total Debt Levy 5,469,418 General Fund 20,079,382 Pavement Management Fund 1,191,550 Street Reconstruction Fund 50,000 Equipment Fund 525,000 Building Fund 400,000 Park Improvement Fund 175,000 Trail Improvement Fund 111,200 Total tax levy 28,001,550$ Purpose ADOPTED by the Lakeville City Council this 4th day of December 2017. CITY OF LAKEVILLE, MINNESOTA By: ________________________________ Douglas P. Anderson, Mayor ATTEST: Charlene Friedges, City Clerk Schedule A – Debt Service REQUIRED PAYMENT PER 2018 DEBT CERTIFIED BOND DESCRIPTION SERIES SCHEDULE DEBT LEVY STREET RECONSTRUCTION 2009A 425,161$ 341,880$ REFUNDING 2009B 394,223$ 223,415$ IMPROVEMENT 2011A 150,135$ 130,135$ REFUNDING 2011B 83,627$ -$ IMPROVEMENT 2012A 507,441$ 23,438$ IMPROVEMENT 2012B 2,086,035$ 1,950,897$ IMPROVEMENT 2013A 327,258$ 127,258$ IMPROVEMENT 2014A 974,426$ 84,470$ REFUNDING 2014B 1,235,524$ 745,524$ IMPROVEMENT 2015A 679,209$ 350,048$ ICE ARENA LEASE REVENUE BOND 2016A -$ 292,500$ GENERAL OBLIGATION 2016B 638,708$ 548,294$ GENERAL OBLIGATION 2017A 676,559$ 651,559$ 8,178,305$ 5,469,418$ 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 provides a list of debt listing actual tax levies for taxes payable 2018. The difference between required and certified 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 2018 BUDGET BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2018 budget, a copy of which is on file in the Finance Director’s office, is hereby approved and adopted. ADOPTED by the Lakeville City Council this 4th day of December 2017. CITY OF LAKEVILLE, MINNESOTA By: _________________________________ Douglas P. Anderson, Mayor ATTEST: Charlene Friedges, City Clerk Enterprise Debt/Capital Fund/Department Revenues Expenditures Bond Proceeds Acquisitions General Fund 26,907,063$ 27,753,295$ General Fund - Transfers 765,232 660,864 Total General Fund 27,672,295 28,414,159 Special Revenue Funds Communications 1,182,987 1,249,950 Economic Development 2,765 13,000 Debt Service Funds 10,789,157 13,372,693 Capital Projects Funds Municipal state-aid 1,481,252 3,995,078 Pavement Management 1,315,750 1,516,155 Improvement Construction 12,086,013 12,086,013 Building 714,076 714,971 Equipment 1,195,520 2,079,694 Park Dedication 1,492,271 3,592,000 Park Improvement 199,916 190,000 Trail Improvement 212,800 294,200 Storm Sewer 1,230,972 1,188,336 Water 2,188,793 912,450 Sanitary Sewer 393,150 230,875 Tax Increment 160,606 155,172 Tax Abatement - 13,125 Internal Service - Municipal Reserves Fund 572,663 689,737 Enterprise - Liquor Fund 16,829,646 15,057,886 7,300 Enterprise - Utility Fund 14,409,318 17,797,235 1,066,190 629,267 Grand Total 94,129,950$ 103,562,729$ 1,066,190$ 636,567$ 2017 2017 2018 2015 2016 Adopted Amended 2017 Proposed Actual Actual Budget Budget Estimate Budget Revenues (Amount) (Percent) (Amount) (Percent) General property taxes 17,853,892$ 18,474,652$ 18,833,557$ 18,833,557$ 18,829,967$ 20,055,586$ 1,222,029$ 6.5% 1,225,619$ 6.5% Licenses and permits 2,655,873 3,008,050 2,202,952 2,268,952 3,195,930 2,356,882 87,930 3.9% (839,048) -26.3% Intergovernmental 982,072 1,024,004 1,021,685 1,021,685 1,064,718 1,005,921 (15,764) -1.5% (58,797) -5.5% Charges for services 3,388,546 3,572,203 2,666,697 2,666,697 2,726,644 2,926,300 259,603 9.7% 199,656 7.3% Court fines 369,356 406,269 466,000 466,000 400,193 425,000 (41,000) -8.8% 24,807 6.2% Investment income 55,883 71,327 90,071 90,071 81,000 90,071 - 0.0% 9,071 11.2% Miscellaneous 67,495 75,676 37,860 59,401 43,680 47,303 (12,098) -20.4%3,623 8.3% Total revenues 25,373,117 26,632,181 25,318,822 25,406,363 26,342,132 26,907,063 1,500,700 5.9%564,931 2.1% Expenditures - - General government Mayor and Council 95,965 97,000 101,090 101,090 100,193 107,230 6,140 6.1% 7,037 7.0% Committees and Commissions 73,175 83,944 75,660 75,660 93,029 87,600 11,940 15.8% (5,429) -5.8% City administration 393,910 414,387 423,147 423,147 418,111 478,570 55,423 13.1% 60,459 14.5% City Clerk 139,779 193,838 139,774 139,774 139,009 201,157 61,383 43.9% 62,148 44.7% Legal counsel 68,990 56,533 57,000 57,000 80,000 80,000 23,000 40.4% - 0.0% Planning 427,404 452,198 564,262 564,262 530,792 585,768 21,506 3.8% 54,976 10.4% Community and econ. development 288,720 292,609 358,272 358,272 308,279 366,222 7,950 2.2% 57,943 18.8% Inspections 943,737 1,156,351 1,061,584 1,127,584 1,198,108 1,225,953 98,369 8.7% 27,845 2.3% General government facilities 396,713 479,464 529,611 529,611 527,320 557,962 28,351 5.4% 30,642 5.8% Finance 684,386 681,109 759,615 759,615 745,547 781,534 21,919 2.9% 35,987 4.8% Information systems 537,181 565,595 620,742 620,742 563,912 673,236 52,494 8.5% 109,324 19.4% Human resources 433,294 502,406 520,626 520,626 490,037 511,685 (8,941) -1.7% 21,648 4.4% Insurance 322,100 182,180 182,180 182,180 285,000 285,000 102,820 56.4% - 0.0% Public safety - 0% Police 9,310,676 9,824,511 10,493,244 10,493,244 10,461,156 11,259,374 766,130 7.3% 798,218 7.6% Fire 1,649,260 1,714,102 1,788,770 1,810,311 1,810,007 1,855,127 44,816 2.5% 45,120 2.5% Public works - 0% Engineering 659,432 673,021 1,005,397 1,005,397 812,335 974,588 (30,809) -3.1% 162,253 20.0% Construction Services 531,754 479,351 664,477 664,477 487,538 587,152 (77,325) -11.6% 99,614 20.4% Streets 2,753,580 2,788,385 3,276,483 3,276,483 3,180,614 3,194,298 (82,185) -2.5% 13,684 0.4% Parks and recreation - 0% Parks 2,362,566 2,310,223 2,541,925 2,541,925 2,514,729 2,643,982 102,057 4.0% 129,253 5.1% Recreation 635,489 598,885 672,981 672,981 664,904 700,028 27,047 4.0% 35,124 5.3% Heritage Center 85,516 96,594 95,822 95,822 125,814 129,549 33,727 35.2% 3,735 3.0% Arts Center 474,266 499,436 502,337 502,337 549,543 510,370 8,033 1.6% (39,173) -7.1% Other - - - - - (43,090) (43,090) 0%(43,090) 0% Total expenditures 23,267,893 24,142,122 26,434,999 26,522,540 26,085,977 27,753,295 1,230,755 4.6%1,667,318 6.4% Excess (deficiency) of revenues over expenditures 2,105,224 2,490,059 (1,116,177) (1,116,177) 256,155 (846,232) 269,945 -24.2%(1,102,387) -430.4% Other financing sources (uses) Transfer from other funds 809,935 806,513 782,655 782,655 782,655 765,232 (17,423) -2.2% (17,423) -2.2% Transfer to other funds (1,612,000) (595,000) (1,145,000) (1,826,957) (1,826,957) (660,864) 1,166,093 -63.8%1,166,093 -63.8% Total other financing sources (uses) (802,065) 211,513 (362,345) (1,044,302) (1,044,302) 104,368 1,148,670 -110.0%1,148,670 -110.0% Net change in fund balance 1,303,159 2,701,572 (1,478,522) (2,160,479) (788,147) (741,864) 1,418,615 -65.7% 46,283 -5.9% Fund balance, January 1 11,071,769 12,374,928 14,121,784 14,121,784 15,076,500 14,288,353 166,569 1.2%(788,147) -5.2% Committed Fund Balance 45,000 - - - - - - 0%- 0% Fund balance, December 31 12,374,928$ 15,076,500$ 12,643,262$ 11,961,305$ 14,288,353$ 13,546,489$ 1,585,184$ 13.3%(741,864) -5.2% Adj Fund Balance, Dec 31 (net of restricted)11,927,644$ 14,380,670$ 11,947,432$ 11,265,475$ 13,592,523$ 12,850,659$ Ratio: Fund balance to CY expenditures 51.3%58.8%45.2%42.5%52.1%46.3% Ratio: Fund balance to NY expenditures 45.0%55.1%43.9%40.6%49.0%44.5% CITY OF LAKEVILLE, MINNESOTA General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances For the Year Ending December 31, 2018 Change from 2017 Estimate Change from 2017 Amended Budget 2017 2018 2016 Amended 2017 Proposed Actual Budget Estimate Budget Revenues Licenses 698,517$ 676,131$ 685,047$ 688,473$ Intergovernmental 516 516 516 516 Charges for services 128,986 63,796 63,589 63,358 Investment income 1,390 3,702 4,004 3,420 Miscellaneous - - - - Total revenues 829,409 744,145 753,156 755,767 Expenditures General government 607,802 819,053 777,074 957,937 Capital outlay 34,242 107,579 132,489 51,350 Total expenditures 642,044 926,632 909,563 1,009,287 Excess (deficiency) of revenues over expenditures 187,365 (182,487) (156,407) (253,520) Other financing sources (uses) Transfer from other funds - 238,872 274,607 429,985 Transfer to other funds (384,978) (115,429) (125,213) (253,663) Net change in fund balance (197,613) (59,044) (7,013) (77,198) Fund balance, January 1 562,322 326,463 364,709 357,696 Fund balance, December 31 364,709$ 267,419$ 357,696$ 280,498$ 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, 2018 Economic Communications Development Total Revenues Licenses 688,473$ -$ 688,473$ Intergovernmental 516 - 516 Charges for services 60,858 2,500 63,358 Investment income 3,155 265 3,420 Total revenues 753,002 2,765 755,767 Expenditures General government 944,937 13,000 957,937 Capital outlay 51,350 - 51,350 Total expenditures 996,287 13,000 1,009,287 Excess (deficiency) of revenues over expenditures (243,285) (10,235) (253,520) Other financing sources (uses) Transfer from other funds 429,985 - 429,985 Transfer to other funds (253,663) - (253,663) Net change in fund balance (66,963) (10,235) (77,198) Fund balance, January 1 331,226 26,470 357,696 Fund balance, December 31 264,263$ 16,235$ 280,498$ 2018 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, 2018 2017 2018 2016 Adopted 2017 Proposed Actual Budget Estimate Budget Revenues General property taxes 5,527,790$ 5,809,864$ 5,809,864$ 5,469,418$ Tax increment 404,339 404,000 404,000 404,000 Intergovernmental 1,324,637 1,242,331 1,242,331 1,234,234 Charges for services 415,510 382,176 382,176 427,744 Special assessments 2,261,783 1,403,888 1,890,949 1,651,164 Investment income 136,734 94,448 102,586 70,728 Donations 95,000 95,000 95,000 95,000 Miscellaneous 880 - - - Total revenues 10,166,673 9,431,707 9,926,906 9,352,288 Expenditures - debt service Principal maturities 5,935,000 7,200,000 6,885,000 7,680,000 Interest on debt 3,970,010 4,237,203 3,948,272 3,925,190 Fiscal charges 327,106 21,575 26,437 27,503 Total expenditures 10,232,116 11,458,778 10,859,709 11,632,693 Excess (deficiency) of revenues over expenditures (65,443) (2,027,071) (932,803) (2,280,405) Other financing sources (uses) Transfer from other funds 1,061,632 1,609,729 2,664,872 1,436,869 Transfer to other funds (802,505) - (170,820) - Issuance of debt 280,140 - - - Refunding bonds issued 7,792,694 - 1,761,329 - Payment on refunded bonds (9,535,000) (18,455,000) (11,185,000) (1,740,000) Total other financing sources (uses)(1,203,039) (16,845,271) (6,929,619) (303,131) Net change in fund balance (1,268,482) (18,872,342) (7,862,422) (2,583,536) Fund balance, January 1 27,299,321 31,540,091 26,030,839 18,168,417 Fund balance, December 31 26,030,839$ 12,667,749$ 18,168,417$ 15,584,881$ 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, 2018 General G.O. Tax Water Arena HRA Lease Obligation Improvement Increment State-aid Revenue Revenue Revenue Total Revenues General property taxes 3,244,731$ 1,932,187$ -$ -$ -$ -$ 292,500$ 5,469,418$ Tax increment - - 404,000 - - - 404,000 Intergovernmental 58,302 - - 1,175,932 - - - 1,234,234 Charges for services - - - - - 88,626 339,118 427,744 Special assessments 15,467 1,635,697 - - - - - 1,651,164 Investment income 13,563 43,668 8,958 159 - 1,216 3,164 70,728 Donations - - - - - 95,000 - 95,000 Total revenues 3,332,063 3,611,552 412,958 1,176,091 - 184,842 634,782 9,352,288 Expenditures - debt service Principal maturities 2,355,000 3,260,000 230,000 970,000 345,000 165,000 355,000 7,680,000 Interest on debt 1,385,594 1,729,370 46,161 205,932 267,075 18,090 272,968 3,925,190 Fiscal charges 2,069 16,258 2,600 1,623 375 178 4,400 27,503 Total expenditures 3,742,663 5,005,628 278,761 1,177,555 612,450 183,268 632,368 11,632,693 Excess (deficiency) of revenues over expenditures (410,600) (1,394,076) 134,197 (1,464) (612,450) 1,574 2,414 (2,280,405) Other financing sources (uses) Transfer from other funds 300,000 524,419 - - 612,450 - - 1,436,869 Payment on refunded bonds called (1,740,000) - - - - - - (1,740,000) Total other financing sources (uses)(1,440,000) 524,419 - - 612,450 - - (303,131) Net change in fund balance (1,850,600) (869,657) 134,197 (1,464) - 1,574 2,414 (2,583,536) Fund balance, January 1 5,155,734 8,676,092 2,723,940 269,974 - 135,473 1,207,204 18,168,417 Fund balance, December 31 3,305,134$ 7,806,435$ 2,858,137$ 268,510$ -$ 137,047$ 1,209,618$ 15,584,881$ Debt Supported Primarily by 2018 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, 2018 2017 2018 2016 Amended 2017 Proposed Actual Budget Estimate Budget Revenues General property taxes 1,672,228$ 2,027,750$ 2,027,750$ 2,452,750$ Tax increment 52,560 52,561 160,406 160,406 Intergovernmental 6,682,091 120,000 822,493 1,621,098 Charges for services 9,179,199 3,909,549 4,442,041 4,493,134 Special assessments 46,440 32,271 53,271 76,259 Investment income 178,207 176,870 180,708 194,080 Donations 400,186 25,000 38,648 100,000 Miscellaneous 2,373,544 876,601 982,329 1,241,374 Total revenues 20,584,455 7,220,602 8,707,646 10,339,101 Expenditures - Capital outlay General government 1,796,301 730,731 767,787 680,409 Public safety Police 482,033 283,433 309,427 656,388 Fire 1,219,815 340,043 334,333 218,502 Public works 31,285,838 15,949,156 17,543,662 19,494,899 Parks and recreation 3,072,136 3,431,580 1,689,288 4,858,217 Total expenditures 37,856,123 20,734,943 20,644,497 25,908,415 Excess (deficiency) of revenues over expenditures (17,271,668) (13,514,341) (11,936,851) (15,569,314) Other financing sources (uses) Transfer from other funds 3,311,523 2,594,500 3,370,740 1,324,320 Transfer to other funds (1,439,754) (2,052,075) (3,570,570) (1,059,654) Issuance of debt 24,251,119 9,592,981 8,447,020 11,007,698 Premium on bonds issued 1,376,898 - - - Total other financing sources (uses)27,499,786 10,135,406 8,247,190 11,272,364 Net change in fund balance 10,228,118 (3,378,935) (3,689,661) (4,296,950) Fund balance, January 1 22,123,748 29,197,079 32,351,866 28,662,205 Fund balance, December 31 32,351,866$ 25,818,144$ 28,662,205$ 24,365,255$ CITY OF LAKEVILLE, MINNESOTA Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2018 Budgetary Summary for All Capital Projects Funds 2017 2018 2016 Adopted 2017 Proposed Actual Budget Estimate Budget Sales and cost of sales Sales 14,130,830$ 14,045,802$ 14,659,714$ 15,003,435$ Cost of sales 10,666,687 10,605,816 11,048,784 11,307,073 Gross profit 3,464,143 3,439,986 3,610,930 3,696,362 Operating expenses Personnel services 1,503,604 1,443,341 1,566,724 1,693,665 Commodities 55,896 70,710 64,790 77,818 Other charges and services 767,544 857,233 849,676 1,037,408 Total operating expenses 2,327,044 2,371,284 2,481,190 2,808,891 Operating income 1,137,099 1,068,702 1,129,740 887,471 Non-operating revenue (expense) Intergovernmental 3,762 3,900 3,900 3,900 Investment income 2,905 3,744 8,511 19,110 Miscellaneous - 3,600 3,600 3,600 Disposal of assets (net)(1,232) - - 1,799,601 Total non-operating (net)5,435 11,244 16,011 1,826,211 1,142,534 1,079,946 1,145,751 2,713,682 Transfers to other funds (1,074,318) (556,617) (592,559) (848,577) Bond expense (135,383) (125,959) (121,881) - Depreciation (126,284) (116,465) (128,718) (93,345) 1,335,985) (799,041) (843,158) (941,922) Change in net position (193,451) 280,905 302,593 1,771,760 Net position, January 1 4,135,906 4,016,905 3,942,455 4,245,048 Net position, December 31 3,942,455$ 4,297,810$ 4,245,048$ 6,016,808$ Capital outlay acquisitions 72,382$ 205,000$ 48,577$ 7,300$ Debt - Principal payment 180,000$ 190,000$ 2,715,000$ -$ Debt -Bond Proceeds -$ -$ 2,276,860$ -$ 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, 2018 2017 2018 2016 Amended 2017 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 10,506,482$ 11,813,285$ 11,999,512$ 12,575,067$ Other 185,703 160,488 153,137 153,137 Total operating revenue 10,692,185 11,973,773 12,152,649 12,728,204 Operating expenses Personnel services 2,158,653 2,237,660 2,304,389 2,425,036 Commodities 376,562 470,850 447,194 446,389 Other charges and services 2,450,659 3,144,924 3,108,641 3,219,246 Disposal charges 3,263,530 3,509,576 3,509,576 4,018,012 Major maintenance 484,717 2,276,019 2,478,353 2,571,515 Total operating expenses 8,734,121 11,639,029 11,848,153 12,680,198 Operating income (expense)1,958,064 334,744 304,496 48,006 Non-operating revenue Intergovernmental 306,572 128,264 128,264 236,264 Investment income (17,239) 36,978 59,895 56,228 Disposal of assets (852,719) 34,000 34,000 9,750 Total non-operating revenue (563,386) 199,242 222,159 302,242 1,394,678 533,986 526,655 350,248 Contributed capital 17,663,028 1,100,000 1,100,000 1,100,000 Transfers from other funds 65,608 461,148 391,355 278,872 Transfers to other funds (897,209) (1,082,769) (1,145,053) (1,362,520) Bond expense - (256,299) (239,155) (294,286) Depreciation (3,847,385) (3,364,474) (3,421,187) (3,460,231) 12,984,042 (3,142,394) (3,314,040) (3,738,165) Change in net position 14,378,720 (2,608,408) (2,787,385) (3,387,917) Net position, January 1 120,673,726 110,374,241 135,052,446 132,265,061 Net position, December 31 135,052,446$ 107,765,833$ 132,265,061$ 128,877,144 Capital outlay acquisitions 523,621$ 440,189$ 841,189$ 249,267$ Bond proceeds 6,570,000$ 1,094,952$ 1,230,549$ 1,066,190$ Debt Principal Payments -$ -$ -$ 380,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2018 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 2017 2018 2016 Amended 2017 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 3,554,694$ 4,377,242$ 4,538,802$ 4,536,178$ Other 185,703 160,488 153,137 153,137 Total operating revenue 3,740,397 4,537,730 4,691,939 4,689,315 Operating expenses Personnel services 1,169,439 1,090,312 1,136,859 1,197,884 Commodities 281,047 348,183 327,095 326,274 Other charges and services 1,123,431 1,239,664 1,239,435 1,233,995 Major maintenance 484,717 1,731,019 1,524,671 1,901,515 Total operating expenses 3,058,634 4,409,178 4,228,060 4,659,668 Operating income (loss)681,763 128,552 463,879 29,647 Non-operating revenue Intergovernmental 1,632 1,632 1,632 1,632 Investment income (44,853) 18,016 33,117 31,486 Disposal of assets (778,905) 10,000 10,000 4,500 Total non-operating revenue (822,126) 29,648 44,749 37,618 140,363) 158,200 508,628 67,265 Contributed capital 12,614,363 600,000 600,000 600,000 Bond expense - (234,874) (217,850) (259,886) Transfers from other funds - - - - Transfers to other funds (548,514) (687,914) (719,056) (950,024) Depreciation (2,375,428) (2,160,956) (2,160,956) (2,200,000) 9,690,421 (2,483,744) (2,497,862) (2,809,910) Change in net position 9,550,058 (2,325,544) (1,989,234) (2,742,645) Net position, January 1 76,612,497 68,558,699 86,162,555 84,173,321 Net position, December 31 86,162,555$ 66,233,155$ 84,173,321$ 81,430,676$ Capital outlay acquisitions 27,107$ 107,242$ 107,242$ 139,078$ Bond proceeds 6,075,000$ 1,094,952$ 835,000$ 1,066,190$ Debt Principal Payments -$ -$ -$ 325,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2018 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 2017 2018 2016 Amended 2017 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 5,179,048$ 5,638,031$ 5,625,501$ 6,046,862$ Operating expenses Personnel services 676,088 817,174 743,412 782,828 Commodities 47,255 89,742 90,234 86,715 Other charges and services 284,394 322,728 341,463 349,770 Disposal charges 3,263,530 3,509,576 3,509,576 4,018,012 Major maintenance - 545,000 953,682 670,000 Total operating expenses 4,271,267 5,284,220 5,638,367 5,907,325 Operating income (loss)907,781 353,811 (12,866) 139,537 Non-operating revenue Intergovernmental 46,648 1,632 1,632 26,632 Investment income 20,917 11,388 18,082 15,015 Disposal of assets (73,814) 24,000 24,000 5,250 Total non-operating revenue (6,249) 37,020 43,714 46,897 901,532 390,831 30,848 186,434 Contributed capital 5,265,237 500,000 500,000 500,000 Bond expense (21,425) (21,305) (19,325) Transfer from other funds 19,260 23,873 23,873 23,822 Transfer to other funds (152,157) (167,504) (198,645) (200,012) Depreciation (1,459,753) (1,203,516) (1,248,027) (1,248,027) 3,672,587 (868,572) (944,104) (943,542) Change in net position 4,574,119 (477,741) (913,256) (757,108) Net position, January 1 42,883,939 40,836,449 47,458,058 46,544,802 Net position, December 31 47,458,058$ 40,358,708$ 46,544,802$ 45,787,694$ Capital outlay acquisitions 496,514$ 332,947$ 332,947$ 52,072$ Bond proceeds 495,000$ -$ -$ -$ Debt principal payments -$ -$ -$ 55,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2018 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 2017 2018 2016 Adopted 2017 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 829,538$ 810,000$ 840,000$ 850,000$ Operating expenses Personnel services 17,789 18,262 18,467 19,038 Commodities 19 31 165 33 Other charges and services 696,460 723,984 721,659 740,903 Major maintenance projects - - - - Total operating expenses 714,268 742,277 740,291 759,974 Operating income (loss)115,270 67,723 99,709 90,026 Non-operating revenue Investment income 1,118 1,609 1,134 2,576 Transfers from (to) General Fund - - - - Total non-operating revenue - - - - Income(loss) before transfers 116,388 69,332 100,843 92,602 Bond Expense - - - (15,075) Transfers to other funds (3,538) (4,384) (4,385) (4,407) Change in net position 112,850 64,948 96,458 73,120 Net position, January 1 205,936 271,333 318,786 415,244 Net position, December 31 318,786$ 336,281$ 415,244$ 488,364$ Capital outlay acquisitions -$ -$ 400,000$ -$ Bond proceeds -$ -$ 395,549$ -$ Debt principal payments -$ -$ -$ -$ 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, 2018 2017 2018 2016 Adopted 2017 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 943,202$ 988,012$ 995,209$ 1,142,027$ Operating expenses Personnel services 295,337 311,912 405,651 425,286 Commodities 48,241 32,894 29,700 33,367 Other charges and services 346,374 858,548 806,084 894,578 Total operating expenses 689,952 1,203,354 1,241,435 1,353,231 Operating income 253,250 (215,342) (246,226) (211,204) Non-operating revenue Intergovernmental 258,292 125,000 125,000 208,000 Investment income 5,579 5,965 7,562 7,151 Total non-operating revenue 263,871 130,965 132,562 215,151 Income before transfers and depreciation 517,121 (84,377) (113,664) 3,947 Contributed capital (216,572) - - - Transfers from other funds 46,348 437,275 367,482 255,050 Transfers to other funds (193,000) (222,967) (222,967) (208,077) Depreciation (12,204) (2) (12,204) (12,204) 375,428) 214,306 132,311 34,769 Change in net position 141,693 129,929 18,647 38,716 Net position, January 1 971,354 707,760 1,113,047 1,131,694 Net position, December 31 1,113,047$ 837,689$ 1,131,694$ 1,170,410$ Capital outlay acquisitions -$ -$ 1,000$ 58,117$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2018 Total transfers and depreciation net) Enterprise - Utility Fund (Environmental Resources) Schedule of Revenues, Expenses and Changes in Net Position 2017 2018 2016 Adopted 2017 Proposed Actual Budget Estimate Budget Operating revenues Charges for services 286,932$ 297,799$ 400,618$ 414,931$ Other 180,633 73,000 155,000 155,000 Total operating revenues 467,565 370,799 555,618 569,931 Operating expenses Other charges and services 585,122 501,340 626,929 639,737 Operating income (117,557) (130,541) (71,311) (69,806) Non-operating revenue (expense) Investment income 1,682 3,359 3,337 2,732 Transfer to General Fund (51,512) (53,057) (53,057) (50,000) Total non-operating (net)(49,830) (49,698) (49,720) (47,268) Change in net assets (167,387) (180,239) (121,031) (117,074) Net position, January 1 834,811 671,782 667,424 546,393 Net position, December 31 667,424$ 491,543$ 546,393$ 429,319$ CITY OF LAKEVILLE, MINNESOTA Schedule of Revenues, Expenses and Changes in Net Position Internal Service - Municipal Reserves Fund For the Year Ending December 31, 2018