HomeMy WebLinkAboutItem 11
December 3, 2018 Item No.
PUBLIC BUDGET MEETING (TRUTH IN TAXATION) FOR
2019 PROPERTY TAX LEVY AND 2019 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 2019 Property Tax Levy and the Resolution Adopting the 2019
Budget.
Approval of the motion adopts the 2019 property tax levy and the 2018 budget.
Overview
Minnesota Statutes require a public hearing prior to adoption of the 2019 budget and tax levy. The
purpose of the hearing is to present the proposed 2019 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 2019 budget and tax levy were presented at Council work sessions held on August 27, September
10 and November 26 and the council meeting held on September 17. The attached resolutions are
consistent with the direction provided by the City Council at the November 26 worksession.
Per Council direction to reduce the tax levy increase to 7.00% or less, the following changes were
made to the 2019 budget to achieve this reduction:
The $200,000 General Fund transfer to the Building Fund was eliminated;
A $200,000 General Fund transfer to the Equipment Fund was added;
$35,000 grant revenue (1/3 of anticipated grant proceeds for the Police Department body-
worn cameras/in-car video) was added the Equipment Fund;
The Equipment Fund tax levy was reduced by $223,000.
The following chart reflects the proposed 2019 levy as compared to the 2018 levy:
Fund Proposed
2019
Levy
Change
from 2018
Adopted Levy
General Fund $21,344,070 $1,264,688
Street Reconstruction 0 (50,000)
Pavement Management Fund 1,100,000 (91,550)
Building Fund 0 (400,000)
Equipment Fund 252,000 (273,000)
Park Improvement Fund 175,000 0
Trail Improvement Fund 0 (111,200)
Debt Service Funds 7,077,820 1,608,402
TOTAL LEVY $29,948,890 $1,947,340
The proposed 2019 tax levy ($29,948,890) is $292,930 less than the preliminary tax levy approved
September 17, 2018 and results in a 6.95% increase from 2018 to 2019.
The City portion of the property taxes of the median valued home ($307,400) is estimated to increase
by $75 when considering the increase in market value and a 6.95% increase in the City property tax
levy. This is approximately $8 less than the impact of a 7.75% levy increase discussed at the council
workshop.
Existing commercial properties in Lakeville, in the aggregate, decreased in market value by 14.6%.
The proposed City tax levy will result in an estimated $1,212 decrease in the City portion of the
property taxes on a commercial property valued at $1 million with a 14.6% increase in value. This is
an approximate $48 greater decrease than the impact of a 7.75% levy increase discussed at the council
workshop.
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 17, 2018. The City
Council may not, however, adopt a final tax levy that is greater than the preliminary tax levy.
Supporting Information
Resolution adopting the 2019 Tax Levy
Resolution adopting the 2019 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
$29,948,890 Various Funds
Proposed 2019 Budget
CITY OF LAKEVILLE
RESOLUTION NO. ________
RESOLUTION ADOPTING THE 2019 PROPERTY TAX LEVY
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the
following 2019 property tax levy is hereby approved and adopted.
TOTAL
Debt
Street improvements 5,223,008$
Police Station 556,718
Central Maintenance Facility 1,005,994
Ice Arena 292,100
Total Debt Levy 7,077,820
General Fund 21,344,070
Pavement Management Fund 1,100,000
Equipment Fund 252,000
Park Improvement Fund 175,000
Total tax levy 29,948,890$
Purpose
ADOPTED by the Lakeville City Council this 3rd day of December 2018.
________________________________
Douglas P. Anderson, Mayor
________________________________
Charlene Friedges, City Clerk
Schedule A – Debt Service
REQUIRED
PAYMENT PER 2019
DEBT CERTIFIED
BOND DESCRIPTION SERIES SCHEDULE DEBT LEVY
STREET RECONSTRUCTION 2009A 419,543$ -$
REFUNDING 2009B 167,633$ 223,415$
IMPROVEMENT 2011A 148,357$ 128,357$
REFUNDING 2011B 82,249$ -$
IMPROVEMENT 2012A 500,109$ 466,680$
IMPROVEMENT 2012B 2,105,985$ 2,001,804$
IMPROVEMENT 2013A 328,134$ 308,134$
IMPROVEMENT 2014A 964,871$ 434,055$
REFUNDING 2014B 1,229,827$ 704,827$
IMPROVEMENT 2015A 671,236$ 354,556$
ICE ARENA LEASE REVENUE BOND 2016A -$ 292,100$
GENERAL OBLIGATION 2016B 812,420$ 711,733$
GENERAL OBLIGATION 2017A 675,686$ 508,211$
GENERAL OBLIGATION 2018A 627,401$ 540,400$
GENERAL OBLIGATION 2018B 348,548$ 348,548$
GENERAL OBLIGATION 2019 -$ 55,000$
9,081,999$ 7,077,820$
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 2019. 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 2019 BUDGET
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the
following 2019 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 3rd day of December 2018.
________________________________
Douglas P. Anderson, Mayor
________________________________
Charlene Friedges, City Clerk
Enterprise Debt/Capital
Fund/Department Revenues Expenditures Bond Proceeds Acquisitions
General Fund 27,954,927$ 28,796,909$
General Fund - Transfers 766,482 630,000
Total General Fund 28,721,409 29,426,909
Special Revenue Funds
Communications 888,604 927,676
Economic Development 179 12,800
Debt Service Funds 12,269,515 12,098,800
Capital Projects Funds
Municipal state-aid 3,946,202 4,698,325
Pavement Management 1,223,200 1,249,494
Improvement Construction 15,014,658 15,014,658
Building 453,876 552,335
Equipment 1,310,631 1,621,835
Park Dedication 1,546,049 2,453,500
Park Improvement 349,916 225,000
Trail Improvement 5,300 429,058
Storm Sewer 1,086,662 966,132
Water 2,034,022 1,278,785
Sanitary Sewer 357,600 75,000
Tax Increment 282,697 251,268
Tax Abatement - 13,125
Internal Service - Municipal
Reserves Fund 450,699 596,249
Enterprise - Liquor Fund 15,386,732 15,907,837 - 79,785
Enterprise - Utility Fund 15,987,853 19,788,194 1,430,000 599,268
Grand Total 101,315,804$ 107,586,980$ 1,430,000$ 679,053$
2018 2018 2019 Percent
2017 Adopted Amended 2018 Preliminary of
Actual Budget Budget Estimate Budget Total
Revenues (Amount) (Percent) (Amount) (Percent)
General property taxes 18,967,562$ 20,055,586$ 20,055,586$ 20,060,167$ 21,327,427$ 76.3% 1,271,841$ 6.3% 1,267,260$ 6.3%
Licenses and permits 3,306,526 2,356,882 2,356,882 2,939,597 2,390,498 8.6% 33,616 1.4% (549,099) -18.7%
Intergovernmental 1,143,174 1,005,921 1,005,921 1,114,566 989,590 3.5% (16,331) -1.6% (124,976) -11.2%
Charges for services 2,733,938 2,926,300 2,926,300 3,273,049 2,734,249 9.8% (192,051) -6.6% (538,800) -16.5%
Court fines 392,514 425,000 425,000 331,000 346,000 1.2% (79,000) -18.6% 15,000 4.5%
Investment income 116,686 90,071 90,071 108,000 120,000 0.4% 29,929 33.2% 12,000 11.1%
Miscellaneous 75,639 47,303 57,303 68,333 47,163 0.2%(10,140) -17.7%(21,170) -31.0%
Total revenues 26,736,039 26,907,063 26,917,063 27,894,712 27,954,927 100.0%1,037,864 3.9%60,215 0.2%
Expenditures
General government
Mayor and council 97,636 107,230 107,230 99,467 113,250 0.4% 6,020 5.6% 13,783 13.9%
Committees and commissions 93,156 87,600 97,600 93,718 68,218 0.2% (29,382) -30.1% (25,500) -27.2%
City administration 407,945 478,570 478,570 478,413 477,506 1.7% (1,064) -0.2% (907) -0.2%
City clerk 136,540 201,157 201,157 208,412 148,586 0.5% (52,571) -26.1% (59,826) -28.7%
Legal counsel 77,936 80,000 80,000 78,296 81,000 0.3% 1,000 1.3% 2,704 3.5%
Planning 504,577 585,768 585,768 584,833 580,515 2.0% (5,253) -0.9% (4,318) -0.7%
Community and econ. development 318,925 366,222 366,222 380,724 375,237 1.3% 9,015 2.5% (5,487) -1.4%
Inspections 1,166,972 1,225,953 1,225,953 1,233,038 1,273,544 4.4% 47,591 3.9% 40,506 3.3%
General government facilities 512,854 557,962 557,962 572,346 607,324 2.1% 49,362 8.8% 34,978 6.1%
Finance 738,472 781,534 781,534 780,120 804,429 2.8% 22,895 2.9% 24,309 3.1%
Information technology 541,210 673,236 673,236 667,261 788,545 2.7%115,309 17.1%121,284 18.2%
Human resources 460,502 511,685 511,685 527,906 527,997 1.8% 16,312 3.2% 91 0.0%
Insurance 285,000 285,000 285,000 425,000 285,000 1.0% - 0.0% (140,000) -32.9%
Public safety - 0%
Police 10,398,139 11,259,374 11,259,374 11,225,440 11,628,288 40.4%368,914 3.3%402,848 3.6%
Fire 1,817,520 1,855,127 1,855,127 1,881,284 2,034,937 7.1%179,810 9.7%153,653 8.2%
Public works - 0%
Engineering 802,194 974,588 974,588 859,429 881,757 3.1% (92,831) -9.5% 22,328 2.6%
Construction services 473,480 587,152 587,152 497,083 573,870 2.0% (13,282) -2.3% 76,787 15.4%
Streets 2,994,968 3,194,298 3,194,298 3,306,350 3,288,617 11.4% 94,319 3.0% (17,733) -0.5%
Parks and recreation - 0%
Parks 2,471,209 2,643,982 2,643,982 2,604,956 2,744,963 9.5%100,981 3.8%140,007 5.4%
Recreation 653,443 700,028 700,028 709,786 745,137 2.6% 45,109 6.4% 35,351 5.0%
Heritage center 114,983 129,549 129,549 128,307 138,674 0.5% 9,125 7.0% 10,367 8.1%
Arts center 539,879 510,370 510,370 518,362 550,049 1.9% 39,679 7.8% 31,687 6.1%
Other - (43,090) (43,090) - 79,466 0.3%122,556 -284.4%79,466 0%
Total expenditures 25,607,540 27,753,295 27,763,295 27,860,531 28,796,909 100.0%1,033,614 3.7%936,378 3.4%
Excess (deficiency) of revenues
over expenditures 1,128,499 (846,232) (846,232) 34,181 (841,982) 4,250 -0.5%(876,163) -2563.3%
Other financing sources (uses)
Transfer from other funds 782,654 765,232 765,232 765,232 766,482 1,250 0.2% 1,250 0.2%
Transfer to other funds (1,858,730) (660,864) (785,864) (958,026) (630,000) 155,864 -19.8%328,026 -34.2%
Total other financing sources (uses) (1,076,076) 104,368 (20,632) (192,794) 136,482 157,114 -761.5%329,276 -170.8%
Net change in fund balance 52,423 (741,864) (866,864) (158,613) (705,500) 161,364 -18.6% (546,887) 344.8%
Fund balance, January 1 15,076,500 14,288,353 14,288,353 15,128,923 14,970,310 681,957 4.8%(158,613) -1.0%
Committed Fund Balance - - - - - - 0%- 0%
Fund balance, December 31 15,128,923$ 13,546,489$ 13,421,489$ 14,970,310$ 14,264,810$ 843,321$ 6.3%(705,500) -4.7%
Adj Fund Balance, Dec 31 (net of restricted)14,214,548$ 12,850,659$ 12,725,659$ 13,855,935$ 13,150,435$
Ratio: Fund balance to CY expenditures 54.8%46.3%45.8%49.7%45.7%
Ratio: Fund balance to NY expenditures 51.0%44.6%44.2%48.1%44.3%
CITY OF LAKEVILLE, MINNESOTA
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
For the Year Ending December 31, 2019
Change from Change from
2018 Amended
Budget
2018
Estimate
2018 2019
2017 Amended 2018 Adopted
Actual Budget Estimate Budget
Revenues
Licenses 681,664$ 688,473$ 684,418$ 687,840$
Intergovernmental 516 516 516 516
Charges for services 64,601 63,358 58,308 57,948
Investment income 2,822 3,468 1,924 2,237
Total revenues 749,603 755,815 745,166 748,541
Expenditures
General government 520,726 957,937 978,528 800,110
Capital outlay 112,827 51,350 60,000 59,500
Total expenditures 633,553 1,009,287 1,038,528 859,610
Excess (deficiency) of revenues
over expenditures 116,050 (253,472) (293,362) (111,069)
Other financing sources (uses)
Transfer from other funds 238,912 429,985 429,266 140,242
Transfer to other funds (85,213) (253,663) (253,663) (80,866)
Net change in fund balance 269,749 (77,150) (117,759) (51,693)
Fund balance, January 1 364,709 357,696 634,458 516,699
Fund balance, December 31 634,458$ 280,546$ 516,699$ 465,006$
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, 2019
Economic
Communications Development Total
Revenues
Licenses 687,840$ -$ 687,840$
Intergovernmental 516 - 516
Charges for services 57,948 - 57,948
Investment income 2,058 179 2,237
Total revenues 748,362 179 748,541
Expenditures
General government 787,310 12,800 800,110
Capital outlay 59,500 - 59,500
Total expenditures 846,810 12,800 859,610
Excess (deficiency) of revenues
over expenditures (98,448) (12,621) (111,069)
Other financing sources (uses)
Transfer from other funds 140,242 - 140,242
Transfer to other funds (80,866) - (80,866)
Net change in fund balance (39,072) (12,621) (51,693)
Fund balance, January 1 498,704 17,995 516,699
Fund balance, December 31 459,632$ 5,374$ 465,006$
2019 Preliminary 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, 2019
2018 2019
2017 Adopted 2018 Preliminary
Actual Budget Estimate Budget
Revenues
General property taxes 5,809,864$ 5,469,418$ 5,469,417$ 7,077,820$
Tax increment 411,366 404,000 404,000 404,000
Intergovernmental 1,248,595 1,234,234 980,196 731,339
Charges for services 375,220 427,744 381,126 292,100
Special assessments 2,737,377 1,651,164 1,549,867 1,858,235
Investment income 137,497 70,728 95,430 91,237
Donations 95,000 95,000 142,500 -
Miscellaneous (188) - - -
Total revenues 10,814,731 9,352,288 9,022,536 10,454,731
Expenditures - debt service
Principal maturities 6,885,000 7,680,000 7,680,000 8,135,000
Interest on debt 4,064,324 3,925,190 3,948,998 3,936,413
Fiscal charges 2,384,157 27,503 83,397 27,387
Total expenditures 13,333,481 11,632,693 11,712,395 12,098,800
Excess (deficiency) of revenues
over expenditures (2,518,750) (2,280,405) (2,689,859) (1,644,069)
Other financing sources (uses)
Transfer from other funds 3,599,458 1,436,869 1,598,789 1,814,784
Transfer to other funds (256,078) - (260) -
Issuance of debt 1,530,000 - 115,645 -
Refunding bonds issued 2,255,000 - 3,115,000 -
Payment on refunded bonds (11,185,000) (1,740,000) (5,060,000) -
Premium on bonds issued 327,887 - 283,652 -
Total other financing sources (uses)(3,728,733) (303,131) 52,826 1,814,784
Net change in fund balance (6,247,483) (2,583,536) (2,637,033) 170,715
Fund balance, January 1 26,130,838 18,168,417 19,883,355 17,246,322
Fund balance, December 31 19,883,355 15,584,881$ 17,246,322$ 17,417,037$
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, 2019
General G.O. Tax Water Arena HRA Lease
Obligation Improvement Increment State-aid Revenue Revenue Revenue Total
Revenues
General property taxes 3,238,879$ 3,546,841$ -$ -$ -$ -$ 292,100$ 7,077,820$
Tax increment - - 404,000 - - - 404,000
Intergovernmental - - - 731,339 - - - 731,339
Charges for services - - - - - - 292,100 292,100
Special assessments 14,258 1,843,977 - - - - - 1,858,235
Investment income 13,215 59,512 10,057 3,685 - 916 3,852 91,237
Total revenues 3,266,352 5,450,330 414,057 735,024 - 916 588,052 10,454,731
Expenditures - debt service
Principal maturities 2,445,000 3,790,000 240,000 550,000 365,000 170,000 575,000 8,135,000
Interest on debt 1,191,304 1,990,704 36,761 180,889 249,325 9,180 278,250 3,936,413
Fiscal charges 2,057 17,902 2,750 1,290 546 450 2,392 27,387
Total expenditures 3,638,361 5,798,606 279,511 732,179 614,871 179,630 855,642 12,098,800
Excess (deficiency) of revenues
over expenditures (372,009) (348,276) 134,546 2,845 (614,871) (178,714) (267,590) (1,644,069)
Other financing sources (uses)
Transfer from other funds 400,000 525,813 - - 614,871 - 274,100 1,814,784
Net change in fund balance 27,991 177,537 134,546 2,845 - (178,714) 6,510 170,715
Fund balance, January 1 3,327,667 9,251,094 2,904,315 490,959 - 184,462 1,087,825 17,246,322
Fund balance, December 31 3,355,658$ 9,428,631$ 3,038,861$ 493,804$ -$ 5,748$ 1,094,335$ 17,417,037$
Debt Supported Primarily by
2019 Preliminary 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, 2019
2018 2019
2017 Amended 2018 Adopted
Actual Budget Estimate Budget
Revenues
General property taxes 2,051,417$ 2,452,750$ 2,452,750$ 1,527,000$
Tax increment 160,986 160,406 147,314 282,497
Intergovernmental 1,379,601 1,621,098 1,922,272 4,740,892
Charges for services 6,838,068 4,493,134 5,752,027 4,524,213
Special assessments 75,210 76,259 75,096 254,120
Investment income 340,695 194,080 227,519 216,066
Donations 87,387 100,000 143,181 97,500
Miscellaneous 926,947 1,241,374 1,060,540 1,240,522
Total revenues 11,860,311 10,339,101 11,780,699 12,882,810
Expenditures - Capital outlay
General government 668,804 835,581 770,613 169,020
Public safety
Police 297,432 891,430 904,802 904,766
Fire 330,060 218,502 213,897 15,300
Public works 14,740,021 19,494,899 17,865,433 22,913,998
Parks and recreation 1,654,415 4,703,045 3,260,333 3,631,646
Total expenditures 17,690,732 26,143,457 23,015,078 27,634,730
Excess (deficiency) of revenues
over expenditures (5,830,421) (15,804,356) (11,234,379) (14,751,920)
Other financing sources (uses)
Transfer from other funds 2,947,241 2,213,820 2,856,522 1,619,914
Transfer to other funds (3,674,610) (1,824,154) (2,285,374) (1,193,785)
Issuance of debt 8,202,171 11,007,698 8,296,038 13,108,089
Premium on bonds issued 982,020 - - -
Total other financing sources (uses)8,456,822 11,397,364 8,867,186 13,534,218
Net change in fund balance 2,626,401 (4,406,992) (2,367,193) (1,217,702)
Fund balance, January 1 32,351,866 28,662,205 34,978,267 32,611,074
Fund balance, December 31 34,978,267$ 24,255,213$ 32,611,074$ 31,393,372$
CITY OF LAKEVILLE, MINNESOTA
Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ending December 31, 2019
Budgetary Summary for All Capital Projects Funds
Municipal Pavement Improvement Storm Sanitary Park Park Trail Tax TaxState-aidManagementConstructionSewerWaterSewerDedicationImprovementImprovementIncrementAbatementBuildingEquipmentTotalRevenuesGeneral property taxes -$ 1,100,000$ -$ -$ -$ -$ -$ 175,000$ -$ -$ -$ -$ 252,000$ 1,527,000$ Tax increment - - - - - - - - - 282,497 - - - 282,497 Intergovernmental 3,508,892 120,000 1,077,000 - - - - - - - - - 35,000 4,740,892 Charges for services - - - 1,052,264 1,734,300 306,900 1,430,749 - - - - - - 4,524,213 Special assessments - - - 198 239,922 14,000 - - - - - - - 254,120 Investment income 15,800 3,200 - 34,200 59,800 36,700 17,800 - 5,300 200 - 24,735 18,331 216,066 Donations - - - - - - 97,500 - - - - - - 97,500 Miscellaneous231,510 - 460,655 - - - - 24,916 - - - 429,141 94,300 1,240,522 Total revenues3,756,202 1,223,200 1,537,655 1,086,662 2,034,022 357,600 1,546,049 199,916 5,300 282,697 - 453,876 399,631 12,882,810 Expenditures - Capital outlayGeneral government - - - - - - - - - - 13,125 48,245 107,650 169,020 Public safety- Police - - - - - - - - - - - 140,935 763,831 904,766 Fire - - - - - - - - - - - 15,300 - 15,300 Public works 4,698,325 1,249,494 15,014,658 651,132 400,000 75,000 - - - - - 246,325 579,064 22,913,998 Parks and recreation- - - - - - 2,453,500 225,000 429,058 251,268 - 101,530 171,290 3,631,646 Total expenditures4,698,325 1,249,494 15,014,658 651,132 400,000 75,000 2,453,500 225,000 429,058 251,268 13,125 552,335 1,621,835 27,634,730 Excess (deficiency) of revenuesover expenditures(942,123) (26,294) (13,477,003) 435,530 1,634,022 282,600 (907,451) (25,084) (423,758) 31,429 (13,125) (98,459) (1,222,204) (14,751,920) Other financing sources (uses)Transfer from other funds 190,000 - 368,914 - - - - 150,000 - - - - 911,000 1,619,914 Transfer to other funds - - - (315,000) (878,785) - - - - - - - - (1,193,785) Issuance of debt- - 13,108,089 - - - - - - - - - - 13,108,089 Total other financing sources (uses)190,000 - 13,477,003 (315,000) (878,785) - - 150,000 - - - - 911,000 13,534,218 Net change in fund balance (752,123) (26,294) - 120,530 755,237 282,600 (907,451) 124,916 (423,758) 31,429 (13,125) (98,459) (311,204) (1,217,702) Fund balance, January 12,043,144 633,077 478,284 7,679,028 7,968,108 7,343,311 3,551,828 143,758 1,097,980 27,059 (415,576) 1,198,111 862,962 32,611,074 Fund balance, December 311,291,021$ 606,783$ 478,284$ 7,799,558$ 8,723,345$ 7,625,911$ 2,644,377$ 268,674$ 674,222$ 58,488$ (428,701)$ 1,099,652$ 551,758$ 31,393,372$ CITY OF LAKEVILLE, MINNESOTABudgetary Summary for Capital Projects FundsCombined Schedule of Revenues, Expenditures, and Changes in Fund BalancesFor the Year Ending December 31, 20192019 Adopted Budget
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Sales and cost of sales
Sales 14,583,514$ 15,003,435$ 15,089,651$ 15,360,906$
Cost of sales 11,005,245 11,307,073 11,374,268 11,583,628
Gross profit 3,578,269 3,696,362 3,715,383 3,777,278
Operating expenses
Personnel services 1,540,328 1,693,665 1,645,269 1,736,357
Commodities 56,273 77,818 77,110 79,362
Other charges and services 786,194 1,037,408 990,940 1,087,236
Total operating expenses 2,382,795 2,808,891 2,713,319 2,902,955
Operating income 1,195,474 887,471 1,002,064 874,323
Non-operating revenue (expense)
Intergovernmental 6,716 3,900 3,900 3,900
Investment income 5,935 19,110 19,110 19,110
Miscellaneous - 3,600 2,816 2,816
Disposal of assets (net)(7,340) 1,799,601 1,585,332 -
Total non-operating (net)5,311 1,826,211 1,611,158 25,826
1,200,785 2,713,682 2,613,222 900,149
Transfers to other funds (1,345,322) (848,577) (921,818) (1,335,968)
Transfers from other funds 809,069 - - -
Bond expense (105,176) - - -
Depreciation (135,482) (93,345) (100,088) (85,286)
(776,911) (941,922) (1,021,906) (1,421,254)
Change in net position 423,874 1,771,760 1,591,316 (521,105)
Net position, January 1 3,942,455 4,016,905 4,366,329 5,957,645
Net position, December 31 4,366,329$ 5,788,665$ 5,957,645$ 5,436,540$
Capital outlay acquisitions 56,272$ 7,300$ -$ 79,785$
Bond proceeds -$ -$ -$ -$
Debt principal payments (190,000)$ -$ -$ -$
Income before transfers, bond expense,
and depreciation
Total transfers, bond expense and
depreciation
CITY OF LAKEVILLE, MINNESOTA
Schedule of Revenues, Expenses and Changes in Net Position
Enterprise - Liquor Fund
For the Year Ending December 31, 2019
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Operating revenues
User charges for services 12,369,308$ 12,575,067$ 12,951,630$ 14,264,978$
Other 216,142 153,137 231,830 231,830
Total operating revenue 12,585,450 12,728,204 13,183,460 14,496,808
Operating expenses
Personnel services 2,237,784 2,425,036 2,356,018 2,514,460
Commodities 358,807 446,389 439,618 470,650
Other charges and services 3,053,876 3,219,246 3,133,276 3,567,180
Disposal charges 3,509,576 4,018,012 4,018,840 4,174,432
Major maintenance 463,436 2,571,515 3,023,510 3,163,114
Total operating expenses 9,623,479 12,680,198 12,971,262 13,889,836
Operating income (expense)2,961,971 48,006 212,198 606,972
Non-operating revenue
Intergovernmental 166,226 236,264 47,446 275,924
Investment income 85,537 56,228 63,473 66,431
Disposal of assets (10,388) 9,750 (20,000) (20,000)
Total non-operating revenue 241,375 302,242 90,919 322,355
3,203,346 350,248 303,117 929,327
Contributed capital 9,256,100 1,100,000 1,100,000 1,100,000
Transfers from other funds 23,341 278,872 232,445 48,690
Transfers to other funds (1,127,665) (1,362,520) (1,413,113) (1,099,493)
Bond expense (202,735) (294,286) (306,468) (325,514)
Depreciation (4,295,521) (3,460,231) (4,372,649) (4,453,351)
3,653,520 (3,738,165) (4,759,785) (4,729,668)
Change in net position 6,856,866 (3,387,917) (4,456,668) (3,800,341)
Net position, January 1 135,052,446 132,265,061 141,909,312 137,452,644
Net position, December 31 141,909,312$ 128,877,144$ 137,452,644$ 133,652,303
Capital outlay acquisitions 348,274$ 249,267$ 130,886$ 119,268$
Bond proceeds 1,665,000$ 1,066,190$ 445,000$ 1,430,000$
Debt principal payments -$ 380,000$ 380,000$ 480,000$
CITY OF LAKEVILLE, MINNESOTA
For the Year Ending December 31, 2019
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
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Operating revenues
User charges for services 4,782,687$ 4,536,178$ 4,860,843$ 5,144,657$
Other 216,142 153,137 231,830 231,830
Total operating revenue 4,998,829 4,689,315 5,092,673 5,376,487
Operating expenses
Personnel services 1,091,559 1,197,884 1,140,819 1,215,031
Commodities 279,825 326,274 318,976 350,868
Other charges and services 1,029,288 1,233,995 1,253,879 1,253,016
Major maintenance 463,436 1,901,515 1,945,226 1,958,114
Total operating expenses 2,864,108 4,659,668 4,658,900 4,777,029
Operating income (loss)2,134,721 29,647 433,773 599,458
Non-operating revenue
Intergovernmental 11,144 1,632 1,632 1,632
Investment income 48,078 31,486 32,386 36,308
Disposal of assets (56,497) 4,500 (10,000) (10,000)
Total non-operating revenue 2,725 37,618 24,018 27,940
2,137,446 67,265 457,791 627,398
Contributed capital 6,663,753 600,000 600,000 600,000
Bond expense (187,359) (259,886) (271,674) (294,667)
Transfers from other funds - - 137,445 -
Transfers to other funds (722,299) (950,024) (959,006) (695,339)
Depreciation (2,672,221) (2,200,000) (2,720,852) (2,770,617)
3,081,874 (2,809,910) (3,214,087) (3,160,623)
Change in net position 5,219,320 (2,742,645) (2,756,296) (2,533,225)
Net position, January 1 86,162,555 84,173,321 91,381,875 88,625,579
Net position, December 31 91,381,875$ 81,430,676$ 88,625,579$ 86,092,354$
Capital outlay acquisitions 107,242$ 139,078$ 52,072$ 67,739$
Bond proceeds 835,000$ 1,066,190$ 445,000$ 1,430,000$
Debt principal payments -$ 325,000$ 325,000$ 395,000$
CITY OF LAKEVILLE, MINNESOTA
For the Year Ending December 31, 2019
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
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Operating revenue
User charges for services 5,711,695$ 6,046,862$ 6,069,287$ 6,608,063$
Operating expenses
Personnel services 753,107 782,828 765,977 834,639
Commodities 53,018 86,715 85,976 85,471
Other charges and services 298,780 349,770 369,254 391,263
Disposal charges 3,509,576 4,018,012 4,018,840 4,174,432
Major maintenance - 670,000 1,078,284 1,205,000
Total operating expenses 4,614,481 5,907,325 6,318,331 6,690,805
Operating income (loss)1,097,214 139,537 (249,044) (82,742)
Non-operating revenue
Intergovernmental 2,969 26,632 1,632 154,000
Investment income 23,717 15,015 23,883 24,050
Disposal of assets 42,814 5,250 (10,000) (10,000)
Total non-operating revenue 69,500 46,897 15,515 168,050
1,166,714 186,434 (233,529) 85,308
Contributed capital 2,592,347 500,000 500,000 500,000
Bond expense (12,223) (19,325) (18,222) (15,472)
Transfer from other funds 23,873 23,822 23,822 24,165
Transfer to other funds (201,888) (200,012) (199,393) (174,527)
Depreciation (1,609,047) (1,248,027) (1,635,557) (1,666,494)
793,062 (943,542) (1,329,350) (1,332,328)
Change in net position 1,959,776 (757,108) (1,562,879) (1,247,020)
Net position, January 1 47,458,058 46,544,802 49,417,834 47,854,955
Net position, December 31 49,417,834$ 45,787,694$ 47,854,955$ 46,607,935$
Capital outlay acquisitions 241,032$ 52,072$ 52,072$ 51,529$
Bond proceeds 495,000$ -$ -$ -$
Debt principal payments -$ 55,000$ 55,000$ 55,000$
CITY OF LAKEVILLE, MINNESOTA
For the Year Ending December 31, 2019
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
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Operating revenue
User charges for services 864,736$ 850,000$ 869,032$ 875,355$
Operating expenses
Personnel services 19,059 19,038 19,538 19,855
Commodities 49 33 33 63
Other charges and services 1,120,041 740,903 730,766 761,901
Major maintenance projects - - - -
Total operating expenses 1,139,149 759,974 750,337 781,819
Operating income (loss)(274,413) 90,026 118,695 93,536
Non-operating revenue
Investment income 3,740 2,576 2,613 2,933
Income(loss) before transfers (270,673) 92,602 121,308 96,469
Bond Expense (3,153) (15,075) (16,572) (15,375)
Transfers to other funds (4,384) (4,407) (4,407) (5,001)
Change in net position (278,210) 73,120 100,329 76,093
Net position, January 1 318,786 415,244 40,576 140,905
Net position, December 31 40,576$ 488,364$ 140,905$ 216,998$
Capital outlay acquisitions -$ -$ -$ -$
Bond proceeds 335,000$ -$ -$ -$
Debt principal payments -$ -$ -$ 30,000$
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, 2019
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Operating revenue
User charges for services 1,010,190$ 1,142,027$ 1,152,468$ 1,636,903$
Operating expenses
Personnel services 374,059 425,286 429,684 444,935
Commodities 25,915 33,367 34,633 34,248
Other charges and services 605,767 894,578 779,377 1,161,000
Total operating expenses 1,005,741 1,353,231 1,243,694 1,640,183
Operating income 4,449 (211,204) (91,226) (3,280)
Non-operating revenue
Intergovernmental 152,113 208,000 44,182 120,292
Investment income 10,002 7,151 4,591 3,140
Disposal of assets 3,295 - - -
Total non-operating revenue 165,410 215,151 48,773 123,432
Income before transfers and
depreciation 169,859 3,947 (42,453) 120,152
Contributed capital - - - -
Transfers from other funds (532) 255,050 71,178 24,525
Transfers to other funds (199,094) (208,077) (250,307) (224,626)
Depreciation (14,253) (12,204) (16,240) (16,240)
(213,879) 34,769 (195,369) (216,341)
Change in net position (44,020) 38,716 (237,822) (96,189)
Net position, January 1 1,113,047 1,131,694 1,069,027 831,205
Net position, December 31 1,069,027$ 1,170,410$ 831,205$ 735,016$
Capital outlay acquisitions -$ 58,117$ 26,742$ -$
CITY OF LAKEVILLE, MINNESOTA
For the Year Ending December 31, 2019
Total transfers and depreciation
(net)
Enterprise - Utility Fund (Environmental Resources)
Schedule of Revenues, Expenses and Changes in Net Position
2018 2019
2017 Adopted 2018 Adopted
Actual Budget Estimate Budget
Operating revenues
Charges for services 400,618$ 414,931$ 554,931$ 402,729$
Other 178,768 155,000 40,000 45,000
Total operating revenues 579,386 569,931 594,931 447,729
Operating expenses
Other charges and services 606,411 639,737 541,093 546,249
Operating income (27,025) (69,806) 53,838 (98,520)
Non-operating revenue (expense)
Investment income (213) 2,732 2,935 2,970
Transfer to General Fund (53,057) (50,000) (50,000) (50,000)
Total non-operating (net)(53,270) (47,268) (47,065) (47,030)
Change in net position (80,295) (117,074) 6,773 (145,550)
Net position, January 1 667,424 546,393 587,129 593,902
Net position, December 31 587,129$ 429,319$ 593,902$ 448,352$
CITY OF LAKEVILLE, MINNESOTA
Schedule of Revenues, Expenses and Changes in Net Position
Internal Service - Municipal Reserves Fund
For the Year Ending December 31, 2019