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HomeMy WebLinkAboutItem 4Memorandum To: Mayor and City Council From: Justin Miller, City Administrator Jerilyn Erickson, Finance Director John Hennen, Parks & Recreation Director Date: March 21, 2018 Subject: Indoor Athletic Facility Update BACKGROUND At the October 30, 2017 Special City Council Work Session, the Mayor and City Council received an update regarding the work done by the Indoor Athletic Facility Task Force. The Task Force identified potential locations for a dome facility and then Staff contracted with Tushie Montgomery Architects to prepare estimates to construct the facility at three locations as noted below: •Lakeville North High School – Approximate Cost: $5.6-5.7 million •Lakeville South High School – Approximate Cost: $5.9-6 million •Lakeville Hasse Arena – Approximate Cost $4.9-5 million At that meeting City Council directed Staff to conduct a detailed Pro-Forma Analysis to determine the costs to construct, manage, maintain and operate a sports dome facility if one were to be constructed. MAJOR ASSUMPTIONS INCLUDED PRO- FORMA ANALYSIS •The dome will be open from November through April (6 months each year) •The dome will be at the Hasse Arena site and share entrance/restrooms/concessions with the arena. A dome at another site would be more expensive. •Revenue assumptions o Year 1 revenues of $410K are estimated as halfway between the Savage Dome’s 2017 budgeted revenues of $530K, and the estimated annual revenue fees paid by area associations of $290K. The assumption is that revenues would increase 1.5% per year thereafter. o Naming rights of $125K are included in 2019 revenues. •Cost assumptions o Debt is estimated using a 10-year term. Increasing the term to 15 years could reduce payments by approximately $80K per year for 10 years, however, would add approximately $500K in total interest cost over the debt term. o Labor: The model assumes the facility would be open from 6am to 10:30pm daily, and that we would share Hasse Arena staff when possible. This would result in adding only two facility attendants to cover busier times and times when the Arena isn’t normally open. •Additional facility attendant needed on weeknights from 4- 10:30pm •Additional facility attendant needed on week days from 6am to 2pm The model assumes we will allocate cost for a .25FTE employee to supervise the dome operations, though we may leverage current staff to perform this role. o Capital improvements Model assumes turf replacement would be needed every 12 years, at a cost of $500K plus inflation. Model assumes dome fabric replacement would be needed every 20 years, at a cost of $550K plus inflation. SCENARIOS On March 15, Staff presented four scenarios to the Indoor Athletic Facility Task Force which are noted in the attached spreadsheet and include the following: •Scenario 1 – City of Lakeville pays on 100% of the costs of the project, through 10-year bonds. •Scenario 2 – City of Lakeville and School District 194 split the costs of the project 50%- 50% (assumes 10-year bonds will be issued for the costs and payments split 50%-50%). •Scenario 3 – Area athletic associations contribute $600K (in total) to the construction costs; City of Lakeville and School District 194 split the remaining construction costs 50%-50% (assumes 10-year bonds will be issued for the remaining costs and payments split 50%-50%). •Scenario 4 – Area athletic associations contribute $400K (in total) to the construction costs; City of Lakeville and School District 194 split the remaining construction costs 50%-50% (assumes 10-year bonds will be issued for the remaining costs and payments split 50%-50%). Since the meeting with the Task Force, Staff has also looked at additional scenarios 5-7 which include the following: •Scenario 5 – City of Lakeville pays 100% of the costs of the project, through 10-year bonds with the construction cost reduced from $5.5 million to 4.0 million. •Scenario 6 – City of Lakeville pays 100%, construction costs are $5.5 million, bonds $3.6 million for 15-year term and City makes initial contribution of $1.9 million (source of funds to be determined). •Scenario 7 – City of Lakeville pays 100%, construction costs are $5.5 million, bonds $2.7 million for 10-year term and City makes initial contribution of $2.8 million (source of funds to be determined). As a point of reference, if the City were to subsidize the operation of the facility at a cost of $275,00 annually, this equates to roughly a 1% increase in our current tax levy. Scenarios six and seven achieve this level of subsidy. SUPPORTING INFORMATION March 15th Indoor Athletic Facility Task Force Meeting Minutes Pro-Forma Analysis of the seven scenarios including the Pro-Forma Details of the costs to operate the facility DIRECTION Staff is seeking direction from the City Council regarding next steps. o ▪ ▪ o ▪ o ▪ o ▪ o o ▪ o ▪ o ▪ ▪ o o ▪ o ▪ ▪ o o ▪ City of LakevilleSports Dome (at Hasse Arena site)Pro Forma‐ revised 3/20/18Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 202019 (Build) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget BudgetScenario 1 (Lakeville pays 100%/ bond 100%)Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay 5,556,870         5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest 111,137           766,848           744,621           722,393         700,166            677,938       655,711       633,483       611,256       589,028       566,801        ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Transfers from other fundsIssuance of debt 5,556,870        Other sources/uses 125,000            ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance54,144              (665,872)           (646,772)           (627,859)        (609,140)           (590,620)       (572,308)       (554,212)       (536,339)       (518,698)       (501,297)       60,428          (657,786)       49,494          43,617          37,453          30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 10 54,144              (611,728)           (1,258,500)     (1,886,360)        (2,495,499)   (3,086,119)   (3,658,428)   (4,212,640)   (4,748,979)   (5,267,678)   (5,768,975)   (5,708,547)   (6,366,333)   (6,316,838)   (6,273,221)   (6,235,767)   (6,204,775)   (6,180,551)   (6,163,414)   (6,153,694)    Fund balance‐ Dec 3154,144              (611,728)           (1,258,500)        (1,886,360)     (2,495,499)        (3,086,119)   (3,658,428)   (4,212,640)   (4,748,979)   (5,267,678)   (5,768,975)   (5,708,547)   (6,366,333)   (6,316,838)   (6,273,221)   (6,235,767)   (6,204,775)   (6,180,551)   (6,163,414)   (6,153,694)   (7,145,094)    ‐                ‐                ‐                ‐                ‐                 Scenario 2 (Lakeville & School District each pay 50% construction; School District pays half of bond payments for 10 year‐term) Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay2,778,435        5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest55,569             383,424           372,310           361,197         350,083            338,969       327,855       316,742       305,628       294,514       283,400        ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Transfers from other fundsIssuance of debt2,778,435        ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Other sources/uses 125,000            ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance109,713            (282,448)           (274,462)           (266,663)        (259,057)           (251,651)       (244,453)       (237,471)       (230,712)       (224,184)       (217,897)       60,428          (657,786)       49,494          43,617          37,453          30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 10 109,713            (172,735)           (447,197)        (713,860)           (972,917)       (1,224,568)   (1,469,021)   (1,706,491)   (1,937,203)   (2,161,387)   (2,379,284)   (2,318,856)   (2,976,642)   (2,927,147)   (2,883,530)   (2,846,077)   (2,815,084)   (2,790,860)   (2,773,724)   (2,764,004)    Fund balance‐ Dec 31109,713            (172,735)           (447,197)           (713,860)        (972,917)           (1,224,568)   (1,469,021)   (1,706,491)   (1,937,203)   (2,161,387)   (2,379,284)   (2,318,856)   (2,976,642)   (2,927,147)   (2,883,530)   (2,846,077)   (2,815,084)   (2,790,860)   (2,773,724)   (2,764,004)   (3,755,403)    Scenario 3 (50%‐50% split for construction plus capital contributions of $600K total from athletic associations; School District pays half of bond payments for 10‐year term)Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay2,478,435        5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest49,569             342,024           332,110           322,197         312,283            302,369       292,455       282,542       272,628       262,714       252,800        ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Transfers from other fundsIssuance of debt2,478,435        ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Other sources/uses 125,000            ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance115,713            (241,048)           (234,262)           (227,663)        (221,257)           (215,051)       (209,053)       (203,271)       (197,712)       (192,384)       (187,297)       60,428          (657,786)       49,494          43,617          37,453          30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 1‐                   115,713            (125,335)           (359,597)        (587,260)           (808,517)       (1,023,568)   (1,232,621)   (1,435,891)   (1,633,603)   (1,825,987)   (2,013,284)   (1,952,856)   (2,610,642)   (2,561,147)   (2,517,530)   (2,480,077)   (2,449,084)   (2,424,860)   (2,407,724)   (2,398,004)    Fund balance‐ Dec 31115,713            (125,335)           (359,597)           (587,260)        (808,517)           (1,023,568)   (1,232,621)   (1,435,891)   (1,633,603)   (1,825,987)   (2,013,284)   (1,952,856)   (2,610,642)   (2,561,147)   (2,517,530)   (2,480,077)   (2,449,084)   (2,424,860)   (2,407,724)   (2,398,004)   (3,389,403)    Scenario 4 (50%‐50% split for construction plus capital contributions of $400K total from athletic associations; School District pays half of bond payments for 10‐year term)Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay2,578,435         5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest51,569             355,824           345,510           335,197         324,883            314,569       304,255       293,942       283,628       273,314       263,000        ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Transfers from other fundsIssuance of debt2,578,435         ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Other sources/uses 125,000            ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance113,713            (254,848)           (247,662)           (240,663)        (233,857)           (227,251)       (220,853)       (214,671)       (208,712)       (202,984)       (197,497)       60,428          (657,786)       49,494          43,617          37,453          30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 1‐                   113,713            (141,135)           (388,797)        (629,460)           (863,317)       (1,090,568)   (1,311,421)   (1,526,091)   (1,734,803)   (1,937,787)   (2,135,284)   (2,074,856)   (2,732,642)   (2,683,147)   (2,639,530)   (2,602,077)   (2,571,084)   (2,546,860)   (2,529,724)   (2,520,004)    Fund balance‐ Dec 31113,713            (141,135)           (388,797)           (629,460)        (863,317)           (1,090,568)   (1,311,421)   (1,526,091)   (1,734,803)   (1,937,787)   (2,135,284)   (2,074,856)   (2,732,642)   (2,683,147)   (2,639,530)   (2,602,077)   (2,571,084)   (2,546,860)   (2,529,724)   (2,520,004)   (3,511,403)    Scenario 5 (Lakeville pays 100%/ bond 100%; CONSTRUCTION COSTS REDUCED TO $4 MILLION)Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay4,056,870         5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest81,137             559,848           543,621           527,393         511,166            494,938       478,711       462,483       446,256       430,028       413,801        ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Transfers from other funds ‐                   Issuance of debt4,056,870         ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Other sources/uses 125,000            ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance84,144              (458,872)           (445,772)           (432,859)        (420,140)           (407,620)       (395,308)       (383,212)       (371,339)       (359,698)       (348,297)       60,428          (657,786)       49,494          43,617          37,453          30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 1‐                    84,144              (374,728)           (820,500)        (1,253,360)        (1,673,499)   (2,081,119)   (2,476,428)   (2,859,640)   (3,230,979)   (3,590,678)   (3,938,975)   (3,878,547)   (4,536,333)   (4,486,838)   (4,443,221)   (4,405,767)   (4,374,775)   (4,350,551)   (4,333,414)   (4,323,694)    G:\CIP\Sports Dome\Sports Dome Pro Forma 3.20.18 : Summary3/22/2018 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 202019 (Build) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget BudgetFund balance‐ Dec 3184,144              (374,728)           (820,500)           (1,253,360)     (1,673,499)        (2,081,119)   (2,476,428)   (2,859,640)   (3,230,979)   (3,590,678)   (3,938,975)   (3,878,547)   (4,536,333)   (4,486,838)   (4,443,221)   (4,405,767)   (4,374,775)   (4,350,551)   (4,333,414)   (4,323,694)   (5,315,094)    Scenario 6 (Lakeville pays 100%; CONSTRUCTION COSTS $5.5M; BONDS $3.6 MILLION (15‐YEAR TERM); INITIAL CITY CONTRIBUTION OF $1.9M)Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay5,500,000         5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest72,000             379,200           369,600           360,000         350,400            340,800       331,200       321,600       312,000       302,400       292,800       283,200       273,600       264,000       254,400       244,800        ‐                ‐                ‐                ‐                ‐                 Transfers from (to) other funds (56,870)            Issuance of debt3,600,000         ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Other sources/uses 2,025,000         ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance36,412              (278,224)           (271,752)           (265,466)        (259,374)           (253,482)       (247,798)       (242,329)       (237,084)       (232,070)       (227,297)       (222,772)       (931,386)       (214,506)       (210,783)       (207,347)       30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 1‐                    36,412              (241,812)           (513,564)        (779,030)           (1,038,404)   (1,291,886)   (1,539,684)   (1,782,013)   (2,019,097)   (2,251,167)   (2,478,464)   (2,701,236)   (3,632,621)   (3,847,127)   (4,057,909)   (4,265,256)   (4,234,264)   (4,210,040)   (4,192,903)   (4,183,183)    Fund balance‐ Dec 3136,412              (241,812)           (513,564)           (779,030)        (1,038,404)        (1,291,886)   (1,539,684)   (1,782,013)   (2,019,097)   (2,251,167)   (2,478,464)   (2,701,236)   (3,632,621)   (3,847,127)   (4,057,909)   (4,265,256)   (4,234,264)   (4,210,040)   (4,192,903)   (4,183,183)   (5,174,583)    Scenario 7 (Lakeville pays 100%; CONSTRUCTION COSTS $5.5M; BONDS $2.7 MILLION (10‐YEAR TERM); INITIAL CITY CONTRIBUTION OF $2.8M)Total operating revenues 102,625           410,500           416,658           422,907         429,251            435,690       442,225       448,858       455,591       462,425       469,362       476,402       483,548       490,801       498,163       505,636       513,220       520,919       528,732       536,663       544,713         Total operating expenditures 62,343             304,524           313,659           323,069         332,761            342,744       353,026       363,617       374,526       385,762       397,334       409,254        1,134,412    434,178       447,203       460,619       474,438       488,671       503,331       518,431        1,527,345      Capital outlay5,500,000         5,000                5,150                5,305              5,464                 5,628            5,796            5,970            6,149            6,334            6,524            6,720            6,921            7,129            7,343            7,563            7,790            8,024            8,264            8,512            8,768             Debt principal/interest54,000             372,600           361,800           351,000         340,200            329,400       318,600       307,800       297,000       286,200       275,400        ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Transfers from other funds (56,870)             ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Issuance of debt2,700,000         ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Other sources/uses 2,925,000         ‐                    ‐                    ‐                  ‐                     ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                ‐                 Net change in fund balance54,412              (271,624)           (263,952)           (256,466)        (249,174)           (242,082)       (235,198)       (228,529)       (222,084)       (215,870)       (209,897)       60,428          (657,786)       49,494          43,617          37,453          30,992          24,224          17,137          9,720            (991,400)        Fund balance‐ Jan 1‐                    54,412              (217,212)           (481,164)        (737,630)           (986,804)       (1,228,886)   (1,464,084)   (1,692,613)   (1,914,697)   (2,130,567)   (2,340,464)   (2,280,036)   (2,937,821)   (2,888,327)   (2,844,709)   (2,807,256)   (2,776,264)   (2,752,040)   (2,734,903)   (2,725,183)    Fund balance‐ Dec 3154,412              (217,212)           (481,164)           (737,630)        (986,804)           (1,228,886)   (1,464,084)   (1,692,613)   (1,914,697)   (2,130,567)   (2,340,464)   (2,280,036)   (2,937,821)   (2,888,327)   (2,844,709)   (2,807,256)   (2,776,264)   (2,752,040)   (2,734,903)   (2,725,183)   (3,716,583)    Major Assumptions:1) Labor‐ Costs currently include allocation of .25FTE for recreation supervisor, and incremental staff time (Additional attendant for 4‐10:30pm on weeknights; Additional attendant for M‐F 6am‐2pm for Senior/other rec day time classes during the week).2) Turf Replacement‐ Costs currently assume turf replacement would be needed ever 12 years, at a cost of $500K (in 2018) plus 3% inflation per year (12‐14 years advised by Greystone). 2) Dome Fabric Replacement‐ Costs currently assume dome fabric replacement would be needed ever 20 years, at a cost of $550K (in 2018) plus 3% inflation per year (range of 20‐23 years advised by Greystone). 4) Revenues‐ Revenue assumptions are inbetween the Savage dome's 2017 budget and the current total estimated facility rental fees paid by area athletic associations). Lakeville dome revenues could vary significantly depending on customer types and desired schedules.5) Construction Costs‐ Scenarios 1‐4, 6 and 7 are based on construction costs of $5.5M; Scenario 5 is based on construction cost of $4M. G:\CIP\Sports Dome\Sports Dome Pro Forma 3.20.18 : Summary3/22/2018 City of LakevilleSports Dome (at Hasse Arena site)Pro Forma‐ DETAILS1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 202019 (Build) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget BudgetNotes on assumptionsRevenues:Rental Income‐ Exempt 85,000           340,000      345,100         350,277         355,531          360,864         366,277          371,771         377,347         383,007         388,753              394,584         400,503         406,510         412,608         418,797         425,079         431,455         437,926.91     444,496         451,163         Average of  Savage 2017 budget and estimate annual athletic assn rental costs, plus 1.5% inflation per year Rental Income‐ Taxable 10,000           40,000        40,600           41,209           41,827            42,455           43,091            43,738           44,394           45,060           45,736                46,422           47,118           47,825           48,542           49,270           50,009           50,759           51,521            52,294           53,078           Average of  Savage 2017 budget and estimate annual athletic assn rental costs, plus 1.5% inflation per year Daily User Fees 3,750              15,000        15,225           15,453           15,685            15,920           16,159            16,402           16,648           16,897           17,151                17,408           17,669           17,934           18,203           18,476           18,753           19,035           19,320            19,610           19,904           Average of  Savage 2017 budget and estimate annual athletic assn rental costs, plus 1.5% inflation per year Advertising 3,750              15,000        15,225           15,453           15,685            15,920           16,159            16,402           16,648           16,897           17,151                17,408           17,669           17,934           18,203           18,476           18,753           19,035           19,320            19,610           19,904           Average of  Savage 2017 budget and estimate annual athletic assn rental costs, plus 1.5% inflation per year Concessions 125                 500             508                 515                 522.84            531                 538.64            547                 555                 563                 572                      580                 589                 598                 607                 616                 625                 634                 644.01            654                 663.48           Average of  Savage 2017 budget and estimate annual athletic assn rental costs, plus 1.5% inflation per year Donations ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Investment/interest income ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Other/Miscellaneous ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Total Revenues102,625         410,500      416,658         422,907         429,251          435,690         442,225          448,858         455,591         462,425         469,362              476,402         483,548         490,801         498,163         505,636         513,220         520,919         528,732          536,663         544,713        102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102% 102%27,236                  Expenditures (Current):3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%  Annual COLA applied to expenses below 6012 Salaries ‐ regular ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6015 Salaries ‐ overtime ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6020 Salaries ‐ part time ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Recreation Supervisor (.25 FTE) 5,199              20,797        21,420           22,063           22,725            23,407           24,109            24,832           25,577           26,344           27,135                27,949           28,787           29,651           30,540           31,457           32,400           33,372           34,373            35,405           36,467            Grade 25, Cost in 2020 (at top) with 2.5% annual increases from current 2018 rate (73,186). Per Shayne, we wouldn't need to ADD any supervisor time… but we might want to allocate some of Shayne's time from Arenas (?) Facility Attendants (2 part time employees November‐ April)6,302              25,207        25,963           26,742           27,544            28,371           29,222            30,098           31,001           31,931           32,889                33,876           34,892           35,939           37,017           38,128           39,272           40,450           41,663            42,913           44,201            Amounts from Shayne on 2/13/18‐ incremental time to add an attendant on weeknights from 4‐10:30pm, plus an attendant during possible weekday usage.  6030 Temporary labor ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                  Savage 2017 budget (2 staff per shift)‐ had $45K… Per Shayne, we wouldn't need this if next to Hasse site. 6041 PERA  863                 3,450          3,554              3,660              3,770               3,883              4,000               4,120              4,243              4,371              4,502                  4,637              4,776              4,919              5,067              5,219              5,375              5,537              5,703               5,874              6,050               No PERA on temporary labor 6044 FICA/Medicare 880                 3,519          3,625              3,734              3,846               3,961              4,080               4,202              4,328              4,458              4,592                  4,730              4,871              5,018              5,168              5,323              5,483              5,647              5,817               5,991              6,171               Formula, based on current rates 6051 Hospitalization insurance ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   N/A‐ all temporary &/or part‐time employees 6052 Life and disability ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   N/A‐ all temporary &/or part‐time employees 6054 Dental insurance ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   N/A‐ all temporary &/or part‐time employees 6055 Workers compensation 300                 1,201          1,237              1,274              1,312               1,351              1,392               1,434              1,477              1,521              1,567                  1,614              1,662              1,712              1,763              1,816              1,871              1,927              1,985               2,044              2,105               W/C rate from 2018 budget for facility attendant 6056 Unemployment compensation ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6057 Cafeteria plan ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   N/A‐ all temporary &/or part‐time employees 6058 OPEB/Pension Expense ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Total personnel 13,543           54,174        55,799           57,473           59,197            60,973           62,802            64,686           66,627           68,626           70,684                72,805           74,989           77,239           79,556           81,943           84,401           86,933           89,541            92,227           94,994          6110 Office supplies 125                 500             515                 530                 546                  563                 580                  597                 615                 633                 652                      672                 692                 713                 734                 756                 779                 802                 826                  851                 877                  Savage dome 2017 budget 6120 Operating supplies 1,250              5,000          5,150              5,305              5,464               5,628              5,796               5,970              6,149              6,334              6,524                  6,720              6,921              7,129              7,343              7,563              7,790              8,024              8,264               8,512              8,768               Savage dome 2017 budget 6121 Motor fuels ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6123 Cleaning supplies 250                 1,000          1,030              1,061              1,093               1,126              1,159               1,194              1,230              1,267              1,305                  1,344              1,384              1,426              1,469              1,513              1,558              1,605              1,653               1,702              1,754               Savage dome 2017 budget 6124 Clothing 25                   100             103                 106                 109                  113                 116                  119                 123                 127                 130                      134                 138                 143                 147                 151                 156                 160                 165                  170                 175                6131 Equipment parts ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6133 Building repair supplies 175                 700             721                 743                 765                  788                 811                  836                 861                 887                 913                      941                 969                 998                 1,028              1,059              1,091              1,123              1,157               1,192              1,227               Savage dome 2017 budget 6139 Paper supplies ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6150 Promotions ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6180 Computer supplies ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Total commodities 1,825              7,300          7,519              7,745              7,977               8,216              8,463               8,717              8,978              9,247              9,525                  9,811              10,105           10,408           10,720           11,042           11,373           11,714           12,066            12,428           12,801           Savage dome 2017 budget approximates $7K total "commodities" 6210 Professional services 500                 2,000          2,060              2,122              2,185               2,251              2,319               2,388              2,460              2,534              2,610                  2,688              2,768              2,852              2,937              3,025              3,116              3,209              3,306               3,405              3,507               Savage dome 2017 budget 6221 Audit 375                 1,500          1,545              1,591              1,639               1,688              1,739               1,791              1,845              1,900              1,957                  2,016              2,076              2,139              2,203              2,269              2,337              2,407              2,479               2,554              2,630               Savage dome 2017 budget 6218 Bank charges & credit card fees 1,050              4,200          4,326              4,456              4,589               4,727              4,869               5,015              5,165              5,320              5,480                  5,644              5,814              5,988              6,168              6,353              6,543              6,740              6,942               7,150              7,365               Savage dome 2017 budget 6234 Use of personal auto ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6255 Advertising 500                 2,000          2,060              2,122              2,185               2,251              2,319               2,388              2,460              2,534              2,610                  2,688              2,768              2,852              2,937              3,025              3,116              3,209              3,306               3,405              3,507               Savage 2017 budget (Cost for sponsorships‐ banners) 6261General liability/property insurance 625                 2,500          2,575              2,652              2,732               2,814              2,898               2,985              3,075              3,167              3,262                  3,360              3,461              3,564              3,671              3,781              3,895              4,012              4,132               4,256              4,384              Savage dome 2017 budget (rounded up) 6271 Electric 13,750           55,000        56,650           58,350           60,100            61,903           63,760            65,673           67,643           69,672           71,763                73,915           76,133           78,417           80,769           83,192           85,688           88,259           90,907            93,634           96,443            Savage dome 2017 budget 6272 Gas 27,500           110,000      113,300         116,699         120,200          123,806         127,520          131,346         135,286         139,345         143,525              147,831         152,266         156,834         161,539         166,385         171,376         176,518         181,813          187,268         192,886          Savage dome 2017 budget 6274 Water  125                 500             515                 530                 546                  563                 580                  597                 615                 633                 652                      672                 692                 713                 734                 756                 779                 802                 826                  851                 877                  Savage dome 2017 budget 6275 Waste disposal 100                 400             412                 424                 437                  450                 464                  478                 492                 507                 522                      538                 554                 570                 587                 605                 623                 642                 661                  681                 701                  Savage dome 2017 budget 6276 Telephone 150                 600             618                 637                 656                  675                 696                  716                 738                 760                 783                      806                 831                 855                 881                 908                 935                 963                 992                  1,021              1,052               Savage dome 2017 budget 6277 Postage ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6280Other contractual‐ Dome tear down and put back up once per year ‐                  22,500        23,175           23,870           24,586            25,324           26,084            26,866           27,672           28,502           29,357                30,238           31,145           32,080           33,042           34,033           35,054           36,106           37,189            38,305           39,454           Cost to tear down/put back up estimate of $22,500 per John Hennen 2/9/18  1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 202019 (Build) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget BudgetNotes on assumptions6280Other contractual (shared with Arena) ‐                  20,000        20,600           21,218           21,855            22,510           23,185            23,881           24,597           25,335           26,095                26,878           27,685           28,515           29,371           30,252           31,159           32,094           33,057            34,049           35,070           Per Shayne, Arena incurs $60K‐70K per year on building repair/contractual items for 3 ice sheets, locker rooms, lobbies, bathrooms, etc. Assume some allocation of these costs if the sports dome shares the common areas (1/3 of $60K per year estimated). 6282 Contract equipment repair ‐                  2,650          2,730              2,811              2,896               2,983              3,072               3,164              3,259              3,357              3,458                  3,561              3,668              3,778              3,892              4,008              4,129              4,252              4,380               4,511              4,647               WSP 2016 actual 6283 Contract building repair ‐                  10,000        10,300           10,609           10,927            11,255           11,593            11,941           12,299           12,668           13,048                13,439           13,842           14,258           14,685           15,126           15,580           16,047           16,528            17,024           17,535           Savage dome 2017 budget was $30K, however included several one‐time items/improvements. Actuals in prior years were less than $5K. Should be safe with $10K average per year. 6285 Contract landscaping ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6286 Contract cleaning ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6288 Contract data processing ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6290 Rents ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6291 Rents building ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6295Major Maintenance‐ TURF REPLACEMENT ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  712,880         ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                  Cost of turf replacement every 12 years ($500K estimate per Savage model… assumes 3% inflation per year)6295Major Maintenance‐ DOME FABRIC REPLACEMENT ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  993,361         Cost of dome fabric replacement every 20 years ($550K estimate cost in 2018 per Greystone construction)… assume inflation of 3% per year 6309 Pan‐O‐Prog Fireworks ‐                  ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6310 Miscellaneous 1,250              5,000          5,150              5,305              5,464               5,628              5,796               5,970              6,149              6,334              6,524                  6,720              6,921              7,129              7,343              7,563              7,790              8,024              8,264               8,512              8,768               Savage dome 2017 budget (equipment rental) 6311 Schools and conferences ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6313 Dues and subscriptions ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6314 Licenses  ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6317 Property taxes ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6320 Pest control ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6322 Snow removal ‐                  ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6370 Credit card fees 1,050              4,200          4,326              4,456              4,589               4,727              4,869               5,015              5,165              5,320              5,480                  5,644              5,814              5,988              6,168              6,353              6,543              6,740              6,942               7,150              7,365               Savage dome 2017 budget ‐                 Total contractual 46,975           243,050      250,342         257,852         265,587          273,555         281,762          290,214         298,921         307,888         317,125              326,639         1,049,318      346,531         356,927         367,635         378,664         390,024         401,725          413,776         1,419,551     Total expenditures‐operating 62,343           304,524      313,659         323,069         332,761          342,744         353,026          363,617         374,526         385,762         397,334              409,254         1,134,412      434,178         447,203         460,619         474,438         488,671         503,331          518,431         1,527,345     Expenditures‐capital/debt6540 Capital outlay 5,556,870      5,000          5,150              5,305              5,464               5,628              5,796               5,970              6,149              6,334              6,524                  6,720              6,921              7,129              7,343              7,563              7,790              8,024              8,264               8,512              8,768               Savage dome 2017 budget had $15K in 2016 budget, but nothing in any other years. $5K per year seems conservative. Interest on debt 111,137         211,161      188,934         166,706         144,479          122,251         100,024          77,796           55,569           33,341           11,114                ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Principal bond maturities ‐                  555,687      555,687         555,687         555,687          555,687         555,687          555,687         555,687         555,687         555,687              ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Total expenditures‐capital/debt 5,668,007      771,848      749,771         727,698         705,629          683,566         661,507          639,453         617,405         595,362         573,325              6,720              6,921              7,129              7,343              7,563              7,790              8,024              8,264               8,512              8,768             Excess (deficiency) of revenues over expenditures (5,627,726)    (665,872)    (646,772)        (627,859)        (609,140)         (590,620)        (572,308)         (554,212)        (536,339)        (518,698)        (501,297)             60,428           (657,786)        49,494           43,617           37,453           30,992           24,224           17,137            9,720              (991,400)       Other financing sources (uses)4910 Transfers from other funds ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Issuance of debt 5,556,870     6611 Bond Discount/Issue Costs ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 5455 Bond Premium ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 6610 Bond Interest payment ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 4350 PERA/Other income ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 XXXX Naming rights revenue 125,000         ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 5010 Adjust for disposal of assets ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Total other financing sources (uses)5,681,870      ‐              ‐                  ‐                  ‐                   ‐                  ‐                   ‐                  ‐                  ‐                  ‐                       ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                  ‐                   ‐                  ‐                 Net change in fund balance54,144           (665,872)    (646,772)        (627,859)        (609,140)         (590,620)        (572,308)         (554,212)        (536,339)        (518,698)        (501,297)             60,428           (657,786)        49,494           43,617           37,453           30,992           24,224           17,137            9,720              (991,400)       Fund balance‐ Jan 154,144        (611,728)        (1,258,500)    (1,886,360)     (2,495,499)    (3,086,119)     (3,658,428)    (4,212,640)    (4,748,979)    (5,267,678)         (5,768,975)    (5,708,547)    (6,366,333)    (6,316,838)    (6,273,221)    (6,235,767)    (6,204,775)    (6,180,551)     (6,163,414)    (6,153,694)   Fund balance‐ Dec 3154,144           (611,728)    (1,258,500)    (1,886,360)    (2,495,499)     (3,086,119)    (3,658,428)     (4,212,640)    (4,748,979)    (5,267,678)    (5,768,975)         (5,708,547)    (6,366,333)    (6,316,838)    (6,273,221)    (6,235,767)    (6,204,775)    (6,180,551)    (6,163,414)     (6,153,694)    (7,145,094)