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Home My WebLink AboutItem 08 December 2, 2019 Item No. PUBLIC BUDGET MEETING (TRUTH IN TAXATION) FOR 2020 PROPERTY TAX LEVY AND 2020 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 three Resolutions: 1) Adopting the 2020 Property Tax Levy, 2) Adopting the 2020 Budget and 3) Committing General Fund Balance for Specific Purposes. Approval of the motion adopts the 2020 property tax levy and the 2020 budget and commits General Fund reserves to partially fund the projected compensated leave liability. Overview Minnesota Statutes require a public hearing prior to adoption of the 2020 budget and tax levy. The purpose of the hearing is to present the proposed 2020 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 2020 budget and tax levy were presented at Council work sessions held on August 26, October 28 and November 25 and the council meeting held on September 16. The City Council did not make any changes to the proposed budget or tax levy at the November 25 workshop. The City Council was supportive of committing $100,000 of General Fund reserves in 2019 to partially fund the projected compensated leave liability. The following chart reflects the proposed 2020 levy as compared to the 2019 levy: Fund Proposed 2020 Levy Change from 2019 Adopted Levy General Fund $22,535,635 $1,191,565 Pavement Management Fund 1,100,000 0 Building Fund 0 0 Equipment Fund 675,000 423,000 Park Improvement Fund 350,000 175,000 Trail Improvement Fund 30,000 30,000 Debt Service Funds 7,340,365 262,545 TOTAL LEVY $32,031,000 $2,082,110 The proposed 2020 tax levy ($32,031,000) is $215,765 less than the preliminary tax levy approved September 16, 2019 and results in a 6.95% increase from 2019 to 2020. The City portion of the property taxes of the median valued home ($328,500) is estimated to increase by $60 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 7.67% levy increase approved in September. Existing commercial properties in Lakeville, in the aggregate, increased in market value by 3.7%. The proposed City tax levy will result in an estimated $56 increase in the City portion of the property taxes on a commercial property valued at $1 million with a 3.7% increase in value. This is an approximate $52 decrease than the impact of a 7.67% levy increase approved in September. 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 16, 2019. The City Council may not, however, adopt a final tax levy that is greater than the preliminary tax levy. Supporting Information  Resolution adopting the 2020 Tax Levy  Resolution adopting the 2020 Budget  Resolution committing General Fund Balance for Specific Purposes  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 $32,031,000 Various Funds Proposed 2020 Budget CITY OF LAKEVILLE RESOLUTION NO. ________ RESOLUTION ADOPTING THE 2020 PROPERTY TAX LEVY BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2020 property tax levy is hereby approved and adopted. TOTAL Debt Street improvements 5,451,151$ Police Station 556,456 Central Maintenance Facility 1,038,708 Ice Arena 294,050 Total Debt Levy 7,340,365 General Fund 22,535,635 Pavement Management Fund 1,100,000 Equipment Fund 675,000 Park Improvement Fund 350,000 Trail Improvement Fund 30,000 Total tax levy 32,031,000$ Purpose ADOPTED by the Lakeville City Council this 2nd day of December 2019. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk Schedule A – Debt Service REQUIRED PAYMENT PER 2020 DEBT CERTIFIED BOND DESCRIPTION SERIES SCHEDULE DEBT LEVY STREET RECONSTRUCTION 2009A 418,569$ -$ IMPROVEMENT 2011A 151,431$ 131,431$ REFUNDING 2011B 85,806$ -$ IMPROVEMENT 2012A 497,869$ 464,773$ IMPROVEMENT 2012B 2,159,535$ 2,032,294$ IMPROVEMENT 2013A 328,905$ 312,905$ IMPROVEMENT 2014A 963,506$ 434,900$ REFUNDING 2014B 1,233,055$ 748,056$ IMPROVEMENT 2015A 673,856$ 354,406$ GENERAL OBLIGATION 2016B 813,669$ 712,923$ GENERAL OBLIGATION 2017A 673,052$ 650,627$ GENERAL OBLIGATION 2018A 633,751$ 540,385$ GENERAL OBLIGATION 2018B 352,118$ 352,118$ IMPROVEMENT 2019A 456,497$ 206,497$ GENERAL OBLIGATION 2016A -$ 294,050$ IMPROVEMENT 2020 -$ 105,000$ 9,441,619$ 7,340,365$ 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 2020. 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 2020 BUDGET BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2020 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 2nd day of December 2019. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk Enterprise Debt/Capital Fund/Department Revenues Expenditures Bond Proceeds Acquisitions General Fund 29,726,551$ 30,756,597$ General Fund - Transfers 830,371 550,000 Total General Fund 30,556,922 31,306,597 Special Revenue Funds Communications 759,096 825,168 Economic Development 50 8,335 Debt Service Funds 12,749,833 13,098,167 Capital Projects Funds Municipal state-aid 14,359,577 14,296,297 Pavement Management 1,227,200 1,772,953 Improvement Construction 15,956,113 15,956,113 Building 651,606 910,048 Equipment 1,865,856 1,383,514 Technology 96,377 136,906 Park Dedication 1,520,050 3,302,547 Park Improvement 375,663 540,000 Trail Improvement 33,700 497,750 Storm Sewer 1,090,462 1,695,648 Water 1,960,700 2,834,751 Sanitary Sewer 357,475 226,796 Tax Increment 396,163 353,564 Tax Abatement - 13,125 Internal Service - Municipal Reserves Fund 488,347 605,184 Enterprise - Liquor Fund 15,917,714 16,714,988 - 49,790 Enterprise - Utility Fund 17,666,124 20,239,501 3,470,000 3,442,069 Grand Total 118,029,028$ 126,717,952$ 3,470,000$ 3,491,859$ CITY OF LAKEVILLE RESOLUTION No______ RESOLUTION COMMITTING GENERAL FUND BALANCE FOR SPECIFIC PURPOSES WHEREAS, the Governmental Accounting Standards Board’s Statement No. 54 defines committed fund balance as amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the Council; and WHEREAS, Council action is required before year end to formalize the commitment of fund balance to specified purposes; and WHEREAS, those committed amounts cannot be used for any other purposes unless the City removes or changes the specified use by taking the same type of action it employed to previously commit those amounts. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the specific portions of fund balance in the identified fund is committed as follows: Fund Purpose Amount General To partially fund projected compensated leave liability. $100,000 ADOPTED by the Lakeville City Council this 2nd day of December 2019. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk 2019 2020 2018 Amended 2019 Proposed Actual Budget Estimate Budget Revenues General property taxes 28,039,117$ 29,932,247$ 29,944,789$ 32,004,445$ Tax increment 573,267 686,497 724,800 799,813 Licenses and permits 3,899,605 3,103,338 4,229,105 3,355,355 Intergovernmental 5,286,635 6,742,161 9,503,277 13,411,815 Charges for services 25,078,991 22,276,217 25,463,459 24,202,031 Court fines 347,203 346,000 372,602 360,000 Special assessments 2,946,448 2,112,355 2,275,807 2,350,896 Investment income 1,045,378 518,051 596,257 587,833 Donations 7,192,794 1,239,747 1,608,147 1,540,000 Miscellaneous 1,042,591 1,557,641 1,555,872 2,198,033 Gross profit 3,810,794 3,777,278 3,957,359 3,975,737 Total revenues 79,262,823 72,291,532 80,231,474 84,785,958 Expenditures and expenses General government 6,642,189 6,953,813 7,282,127 7,189,176 Public safety 13,061,572 13,633,230 13,575,448 14,532,144 Public works 4,738,851 4,744,244 4,828,912 5,192,664 Parks and recreation 3,998,735 4,178,823 4,215,201 4,433,111 Other (contingency) - 79,466 - (45,939) Debt service 13,676,340 12,424,314 12,406,974 13,258,054 Capital outlay 26,072,265 27,799,420 24,817,017 40,287,793 Operating expenses 17,566,048 21,877,677 21,431,368 22,653,711 Total expenditures and expenses 85,756,000 91,690,987 88,557,047 107,500,714 Other financing sources (uses) Transfer from other funds 6,198,999 5,707,466 5,565,541 7,274,023 Transfer to other funds (6,250,050) (5,707,466) (5,565,541) (7,274,023) Disposal of assets 1,895,542 (20,000) (20,000) (20,000) Issuance of debt 13,805,001 13,108,089 7,360,624 14,045,832 Refunding bonds issued - - - - Payment on refunded bonds called (3,320,000) - - - Premium on bonds issued 1,005,336 - - - Total other financing sources (uses)13,334,828 13,088,089 7,340,624 14,025,832 Net change in fund balance and net position 6,841,651 (6,311,366) (984,949) (8,688,924) Fund balance and net position, January 1 215,812,358 210,001,122 222,654,009 221,669,060 Fund balance and net position, December 31 222,654,009$ 203,689,756$ 221,669,060$ 212,980,136$ Enterprise capital outlay acquisitions 8,860,387$ 199,053$ 199,053$ 2,926,859$ Enterprise bond proceeds 445,000$ 1,430,000$ 730,000$ 3,470,000$ Enterprise debt principal 325,000$ 480,000$ 480,000$ 565,000$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Appropriated Fund Types Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net Assets For the Year Ending December 31, 2020 General Special Debt Capital Internal ServiceFundRevenueServiceProjectsLiquorUtilityMunicipal Res.TotalRevenuesGeneral property taxes 22,509,080$ -$ 7,340,365$ 2,155,000$ -$ -$ -$ 32,004,445$ Tax increment - - 404,000 395,813 - - - 799,813 Licenses and permits 2,657,099 698,256 - - - - - 3,355,355 Intergovernmental 1,053,453 516 725,795 11,479,733 3,762 148,556 - 13,411,815 Charges for services 2,976,026 58,266 294,050 4,654,789 - 15,770,553 448,347 24,202,031 Court fines 360,000 - - - - - - 360,000 Special assessments - - 2,060,370 290,526 - - - 2,350,896 Investment income 128,000 2,108 106,137 250,685 15,000 80,903 5,000 587,833 Donations - - - 40,000 - 1,500,000 - 1,540,000 Miscellaneous 42,893 - - 1,982,571 - 137,569 35,000 2,198,033 Gross profit- - - - 3,975,737 - - 3,975,737 Total revenues29,726,551 759,146 10,930,717 21,249,117 3,994,499 17,637,581 488,347 84,785,958 Expenditures and expensesGeneral government 6,628,812 560,364 - - - - - 7,189,176 Public safety 14,532,144 - - - - - - 14,532,144 Public works 5,192,664 - - - - - - 5,192,664 Parks and recreation 4,433,111 - - - - - - 4,433,111 Other (contingency) (45,939) - - - - - - (45,939) Debt service - - 12,898,167 - - 359,887 - 13,258,054 Capital outlay 15,805 185,000 - 40,086,988 - - - 40,287,793 Operating expenses- - - - 3,376,520 18,722,007 555,184 22,653,711 Total expenditures and expenses30,756,597 745,364 12,898,167 40,086,988 3,376,520 19,081,894 555,184 107,500,714 Other financing sources (uses)Transfer from other funds 830,371 - 1,819,116 4,595,993 - 28,543 - 7,274,023 Transfer to other funds (550,000) (88,139) (200,000) (3,833,024) (1,415,253) (1,137,607) (50,000) (7,274,023) Disposal of assets - - - - - (20,000) - (20,000) Issuance of debt- - - 14,045,832 - - - 14,045,832 Total other financing sources (uses)280,371 (88,139) 1,619,116 14,808,801 (1,415,253) (1,129,064) (50,000) 14,025,832 Net change in fund balance and net position (749,675) (74,357) (348,334) (4,029,070) (797,274) (2,573,377) (116,837) (8,688,924) Fund balance and net position, January 116,012,291 816,710 19,757,144 37,146,137 5,686,749 141,779,079 470,950 221,669,060 Fund balance and net position, December 3115,262,616$ 742,353$ 19,408,810$ 33,117,067$ 4,889,475$ 139,205,702$ 354,113$ 212,980,136$ Enterprise capital outlay acquisitions-$ -$ -$ -$ 49,790$ 2,877,069$ -$ 2,926,859$ Enterprise bond proceeds-$ -$ -$ -$ -$ 3,470,000$ -$ 3,470,000$ Enterprise debt principal-$ -$ -$ -$ -$ 565,000$ -$ 565,000$ EnterpriseGovernmental Funds Proprietary FundsCITY OF LAKEVILLE, MINNESOTABudgetary Summary for Appropriated Fund TypesCombining Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net AssetsFor the Year Ending December 31, 20202020 Proposed Budget 2019 2019 2020 Percent 2018 Adopted Amended 2019 Proposed of Actual Budget Budget Estimate Budget Total Revenues (Amount) (Percent) (Amount) (Percent) General property taxes 20,116,949$ 21,327,427$ 21,327,427$ 21,339,969$ 22,509,080$ 75.7% 1,181,653$ 5.5% 1,169,111$ 5.5% Licenses and permits 3,208,279 2,390,498 2,415,498 3,534,323 2,657,099 8.9% 241,601 10.0% (877,224) -24.8% Intergovernmental 1,180,340 989,590 989,590 1,063,786 1,053,453 3.5% 63,863 6.5% (10,333) -1.0% Charges for services 3,415,540 2,734,249 2,734,249 3,329,991 2,976,026 10.0% 241,777 8.8% (353,965) -10.6% Court fines 347,203 346,000 346,000 372,602 360,000 1.2% 14,000 4.0% (12,602) -3.4% Investment income 174,680 120,000 120,000 128,000 128,000 0.4% 8,000 6.7% - 0.0% Miscellaneous 68,725 47,163 79,720 79,163 42,893 0.1%(36,827) -46.2%(36,270) -45.8% Total revenues 28,511,716 27,954,927 28,012,484 29,847,834 29,726,551 100.0%1,714,067 6.1%(121,283) -0.4% Expenditures General government Mayor and council 96,770 113,250 113,250 120,978 121,006 0.4% 7,756 6.8% 28 0.0% Committees and commissions 96,261 68,218 90,770 100,497 91,616 0.3% 846 0.9% (8,881) -8.8% City administration 477,629 477,506 477,506 472,970 498,062 1.6% 20,556 4.3% 25,092 5.3% City clerk 205,165 148,586 148,586 148,537 265,446 0.9% 116,860 78.6% 116,909 78.7% Legal counsel 71,584 81,000 81,000 81,000 83,500 0.3% 2,500 3.1% 2,500 3.1% Planning 547,225 580,515 580,515 557,557 597,315 1.9% 16,800 2.9% 39,758 7.1% Community and econ. development 378,639 375,237 375,237 374,756 382,316 1.2% 7,079 1.9% 7,560 2.0% Inspections 1,231,553 1,273,544 1,298,544 1,332,794 1,439,695 4.7% 141,151 10.9% 106,901 8.0% General government facilities 564,459 607,324 607,324 607,995 637,091 2.1% 29,767 4.9% 29,096 4.8% Finance 770,487 804,429 804,429 811,518 859,493 2.8% 55,064 6.8% 47,975 5.9% Information technology 648,058 788,545 788,545 783,795 818,247 2.7% 29,702 3.8% 34,452 4.4% Human resources 505,281 527,997 527,997 511,677 557,705 1.8% 29,708 5.6% 46,028 9.0% Insurance 425,000 285,000 285,000 435,727 285,000 0.9% - 0.0% (150,727) -34.6% Public safety - 0% Police 11,169,958 11,628,288 11,588,288 11,531,492 12,428,732 40.4% 840,444 7.3% 897,240 7.8% Fire 1,891,614 2,034,937 2,044,942 2,043,956 2,103,412 6.8% 58,470 2.9% 59,456 2.9% Public works - 0% Engineering 875,303 881,757 881,757 883,891 1,024,200 3.3% 142,443 16.2% 140,309 15.9% Construction services 489,188 573,870 573,870 546,408 620,977 2.0% 47,107 8.2% 74,569 13.6% Streets 3,405,461 3,288,617 3,288,617 3,409,542 3,547,487 11.5% 258,870 7.9% 137,945 4.0% Parks and recreation - 0% Parks 2,619,972 2,744,963 2,744,963 2,726,338 2,869,618 9.3% 124,655 4.5% 143,280 5.3% Recreation 715,605 745,137 745,137 755,893 786,925 2.6% 41,788 5.6% 31,032 4.1% Heritage center 119,597 138,674 138,674 133,494 151,221 0.5% 12,547 9.0% 17,727 13.3% Arts center 550,822 550,049 550,049 604,726 633,472 2.1% 83,423 15.2% 28,746 4.8% Other - 79,466 79,466 - (45,939) -0.1%(125,405) -157.8%(45,939) 0% Total expenditures 27,855,631 28,796,909 28,814,466 28,975,541 30,756,597 100.0%1,942,131 6.7%1,781,056 6.1% Excess (deficiency) of revenues over expenditures 656,085 (841,982) (801,982) 872,293 (1,030,046) (228,064) 28.4%(1,902,339) -218.1% Other financing sources (uses) Transfer from other funds 765,232 766,482 766,482 772,784 830,371 63,889 8.3% 57,587 7.5% Transfer to other funds (958,026) (630,000) (1,225,000) (1,225,000) (550,000) 675,000 -55.1%675,000 -55.1% Total other financing sources (uses) (192,794) 136,482 (458,518) (452,216) 280,371 738,889 -161.1%732,587 -162.0% Net change in fund balance 463,291 (705,500) (1,260,500) 420,077 (749,675) 510,825 -40.5% (1,169,752) -278.5% Fund balance, January 1 15,128,923 14,970,310 14,970,310 15,592,214 16,012,291 1,041,981 7.0%420,077 2.7% Fund balance, December 31 15,592,214$ 14,264,810$ 13,709,810$ 16,012,291$ 15,262,616$ 1,552,806$ 11.3%(749,675) -4.7% Adj Fund Balance, Dec 31 (net of restricted)14,612,839$ 13,150,435$ 12,730,435$ 15,032,916$ 14,283,241$ Ratio: Fund balance to CY expenditures 51.9%45.7%44.2%51.9%46.4% Ratio: Fund balance to NY expenditures 50.7%44.3%41.4%48.9%44.8% CITY OF LAKEVILLE, MINNESOTA General Fund Schedule of Revenues, Expenditures and Changes in Fund Balances For the Year Ending December 31, 2020 Change from Change from 2019 Amended Budget 2019 Estimate 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Revenues Licenses 691,326$ 687,840$ 694,782$ 698,256$ Intergovernmental 516 516 91,774 516 Charges for services 60,593 57,948 60,741 58,266 Investment income 8,177 2,237 2,208 2,108 Total revenues 760,612 748,541 849,505 759,146 Expenditures General government 628,718 800,110 967,616 560,364 Capital outlay 57,655 59,500 27,500 185,000 Total expenditures 686,373 859,610 995,116 745,364 Excess (deficiency) of revenues over expenditures 74,239 (111,069) (145,611) 13,782 Other financing sources (uses) Transfer from other funds 428,437 140,242 91,267 - Transfer to other funds (185,213) (80,866) (80,866) (88,139) Net change in fund balance 317,463 (51,693) (135,210) (74,357) Fund balance, January 1 634,457 516,699 951,920 816,710 Fund balance, December 31 951,920$ 465,006$ 816,710$ 742,353$ 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, 2020 Economic Communications Development Total Revenues Licenses 698,256$ -$ 698,256$ Intergovernmental 516 - 516 Charges for services 58,266 - 58,266 Investment income 2,058 50 2,108 Total revenues 759,096 50 759,146 Expenditures General government 552,029 8,335 560,364 Capital outlay 185,000 - 185,000 Total expenditures 737,029 8,335 745,364 Excess (deficiency) of revenues over expenditures 22,067 (8,285) 13,782 Other financing sources (uses) Transfer from other funds - - - Transfer to other funds (88,139) - (88,139) Net change in fund balance (66,072) (8,285) (74,357) Fund balance, January 1 808,425 8,285 816,710 Fund balance, December 31 742,353$ -$ 742,353$ 2020 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Special Revenue Funds Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2020 2019 2020 2018 Amended 2019 Proposed Actual Budget Estimate Budget Revenues General property taxes 5,469,418$ 7,077,820$ 7,077,820$ 7,340,365$ Tax increment 425,421 404,000 404,000 404,000 Intergovernmental 1,235,425 731,339 731,339 725,795 Charges for services 381,126 292,100 292,100 294,050 Special assessments 2,907,940 1,858,235 2,033,687 2,060,370 Investment income 189,827 91,237 108,169 106,137 Donations 142,500 - - - Total revenues 10,751,657 10,454,731 10,647,115 10,930,717 Expenditures - debt service Principal maturities 9,420,000 8,135,000 8,135,000 8,945,000 Interest on debt 3,948,997 3,936,413 3,936,413 3,925,309 Fiscal charges 96,732 27,387 33,029 27,858 Total expenditures 13,465,729 12,098,800 12,104,442 12,898,167 Excess (deficiency) of revenues over expenditures (2,714,072) (1,644,069) (1,457,327) (1,967,450) Other financing sources (uses) Transfer from other funds 1,713,188 1,814,784 1,817,021 1,819,116 Transfer to other funds (264) - (23,351) (200,000) Disposal of assets 266,436 - - - Issuance of debt 3,230,645 - 77,860 - Payment on refunded bonds (3,320,000) - - - Premium on bonds issued 283,652 - - - Total other financing sources (uses)2,173,657 1,814,784 1,871,530 1,619,116 Net change in fund balance (540,415) 170,715 414,203 (348,334) Fund balance, January 1 19,883,356 17,246,322 19,342,941 19,757,144 Fund balance, December 31 19,342,941 17,417,037$ 19,757,144$ 19,408,810$ 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, 2020 General G.O. Tax Water Arena HRA Lease Obligation Improvement Increment State-aid Revenue Revenue Revenue Total Revenues General property taxes 3,334,593$ 3,711,722$ -$ -$ -$ -$ 294,050$ 7,340,365$ Tax increment - - 404,000 - - - 404,000 Intergovernmental - - - 725,795 - - - 725,795 Charges for services - - - - - - 294,050 294,050 Special assessments 17,821 2,042,549 - - - - - 2,060,370 Investment income 13,567 69,102 10,057 6,510 - - 6,901 106,137 Total revenues 3,365,981 5,823,373 414,057 732,305 - - 595,001 10,930,717 Expenditures - debt service Principal maturities 2,575,000 4,585,000 245,000 560,000 380,000 - 600,000 8,945,000 Interest on debt 1,089,575 2,149,931 26,908 165,345 230,700 - 262,850 3,925,309 Fiscal charges 2,375 18,227 2,750 1,290 608 - 2,608 27,858 Total expenditures 3,666,950 6,753,158 274,658 726,635 611,308 - 865,458 12,898,167 Excess (deficiency) of revenues over expenditures (300,969) (929,785) 139,399 5,670 (611,308) - (270,457) (1,967,450) Other financing sources (uses) Transfer from other funds 400,000 523,000 - - 611,308 - 284,808 1,819,116 Transfer to other funds - - (200,000) - - - - (200,000) Total other financing sources (uses)400,000 523,000 (200,000) - 611,308 - 284,808 1,619,116 Net change in fund balance 99,031 (406,785) (60,601) 5,670 - - 14,351 (348,334) Fund balance, January 1 3,409,781 11,013,919 3,354,313 867,483 - 7,069 1,104,579 19,757,144 Fund balance, December 31 3,508,812$ 10,607,134$ 3,293,712$ 873,153$ -$ 7,069$ 1,118,930$ 19,408,810$ Debt Supported Primarily by 2020 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Debt Service Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2020 2019 2020 2018 Amended 2019 Proposed Actual Budget Estimate Budget Revenues General property taxes 2,452,750$ 1,527,000$ 1,527,000$ 2,155,000$ Tax increment 147,846 282,497 320,800 395,813 Intergovernmental 2,669,483 4,740,892 7,282,682 11,479,733 Charges for services 8,183,838 4,524,213 7,312,697 4,654,789 Special assessments 38,508 254,120 242,120 290,526 Investment income 534,454 216,066 259,026 250,685 Donations 115,008 97,500 65,900 40,000 Miscellaneous 708,136 1,240,522 1,283,480 1,982,571 Total revenues 14,850,023 12,882,810 18,293,705 21,249,117 Expenditures - Capital outlay General government 749,944 460,478 408,324 559,071 Public safety Police 848,688 944,766 1,001,552 283,945 Fire 188,408 15,300 4,810 52,357 Public works 19,997,239 22,913,998 21,021,400 34,816,383 Parks and recreation 4,187,329 3,380,378 2,311,962 4,375,232 Total expenditures 25,971,608 27,714,920 24,748,048 40,086,988 Excess (deficiency) of revenues over expenditures (11,121,585) (14,832,110) (6,454,343) (18,837,871) Other financing sources (uses) Transfer from other funds 3,131,357 2,937,268 2,851,480 4,595,993 Transfer to other funds (3,023,365) (1,916,139) (1,794,478) (3,833,024) Issuance of debt 10,574,356 13,108,089 7,282,764 14,045,832 Premium on bonds issued 721,684 - - - Total other financing sources (uses)11,404,032 14,129,218 8,339,766 14,808,801 Net change in fund balance 282,447 (702,892) 1,885,423 (4,029,070) Fund balance, January 1 34,978,267 32,611,074 35,260,714 37,146,137 Fund balance, December 31 35,260,714$ 31,908,182$ 37,146,137$ 33,117,067$ CITY OF LAKEVILLE, MINNESOTA Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2020 Budgetary Summary for All Capital Projects Funds Municipal Pavement Improvement Storm Sanitary Park Park Trail Tax TaxState-aidManagementConstructionSewerWaterSewerDedicationImprovementImprovementIncrementAbatementBuildingTechnologyEquipmentTotalRevenuesGeneral property taxes -$ 1,100,000$ -$ -$ -$ -$ -$ 350,000$ 30,000$ -$ -$ -$ -$ 675,000$ 2,155,000 Tax increment - - - - - - - - - 395,813 - - - - 395,813 Intergovernmental 10,669,733 120,000 690,000 - - - - - - - - - - - 11,479,733 Charges for services - - - 1,052,264 1,828,600 302,775 1,471,150 - - - - - - - 4,654,789 Special assessments 217,328 - - 198 59,000 14,000 - - - - - - - - 290,526 Investment income 15,800 7,200 - 38,000 73,100 40,700 28,900 - 3,700 350 - 21,504 3,100 18,331 250,685 Donations - - - - - - 20,000 - - - - - - 20,000 40,000 Miscellaneous340,000 - 915,281 - - - - 25,663 - - - 430,102 - 271,525 1,982,571 Total revenues11,242,861 1,227,200 1,605,281 1,090,462 1,960,700 357,475 1,520,050 375,663 33,700 396,163 - 451,606 3,100 984,856 21,249,117 Expenditures - Capital outlayGeneral government - - - - - - - - - - 13,125 409,040 136,906 - 559,071 Public safety- Police - - - - - - - - - - - 57,350 - 226,595 283,945 Fire - - - - - - - - - - - 52,357 - - 52,357 Public works 14,296,297 1,772,953 15,956,113 626,132 998,443 84,296 - - - - - 158,095 - 924,054 34,816,383 Parks and recreation- - - - - - 2,517,847 540,000 497,750 353,564 - 233,206 - 232,865 4,375,232 Total expenditures14,296,297 1,772,953 15,956,113 626,132 998,443 84,296 2,517,847 540,000 497,750 353,564 13,125 910,048 136,906 1,383,514 40,086,988 Excess (deficiency) of revenuesover expenditures(3,053,436) (545,753) (14,350,832) 464,330 962,257 273,179 (997,797) (164,337) (464,050) 42,599 (13,125) (458,442) (133,806) (398,658) (18,837,871) Other financing sources (uses)Transfer from other funds 3,116,716 - 305,000 - - - - - - - - 200,000 93,277 881,000 4,595,993 Transfer to other funds - - - (1,069,516) (1,836,308) (142,500) (784,700) - - - - - - - (3,833,024) Issuance of debt- - 14,045,832 - - - - - - - - - - - 14,045,832 Total other financing sources (uses)3,116,716 - 14,350,832 (1,069,516) (1,836,308) (142,500) (784,700) - - - - 200,000 93,277 881,000 14,808,801 Net change in fund balance 63,280 (545,753) - (605,186) (874,051) 130,679 (1,782,497) (164,337) (464,050) 42,599 (13,125) (258,442) (40,529) 482,342 (4,029,070) Fund balance, January 125,196 1,436,793 1,191,404 7,882,174 9,644,248 8,131,270 5,679,685 275,062 731,975 55,139 (428,702) 1,193,272 155,000 1,173,621 37,146,137 Fund balance, December 3188,476$ 891,040$ 1,191,404$ 7,276,988$ 8,770,197$ 8,261,949$ 3,897,188$ 110,725$ 267,925$ 97,738$ (441,827)$ 934,830$ 114,471$ 1,655,963$ 33,117,067 CITY OF LAKEVILLE, MINNESOTABudgetary Summary for Capital Projects FundsCombined Schedule of Revenues, Expenditures, and Changes in Fund BalancesFor the Year Ending December 31, 20202020 Proposed Budget 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Sales and cost of sales Sales 15,276,433$ 15,360,906$ 15,829,437$ 15,898,952$ Cost of sales 11,465,639 11,583,628 11,872,078 11,923,215 Gross profit 3,810,794 3,777,278 3,957,359 3,975,737 Operating expenses Personnel services 1,598,781 1,736,357 1,679,454 1,832,091 Commodities 63,994 79,362 80,191 79,619 Other charges and services 1,017,821 1,087,236 1,194,278 1,371,375 Total operating expenses 2,680,596 2,902,955 2,953,923 3,283,085 Operating income 1,130,198 874,323 1,003,436 692,652 Non-operating revenue (expense) Intergovernmental 13,421 3,900 3,762 3,762 Investment income 30,878 19,110 15,000 15,000 Miscellaneous (157) 2,816 - - Disposal of assets (net)1,601,334 - - - Total non-operating (net)1,645,476 25,826 18,762 18,762 2,775,674 900,149 1,022,198 711,414 Transfers to other funds (923,260) (1,335,968) (1,333,825) (1,415,253) Depreciation (102,961) (85,286) (88,746) (93,435) (1,026,221) (1,421,254) (1,422,571) (1,508,688) Change in net position 1,749,453 (521,105) (400,373) (797,274) Net position, January 1 4,337,669 5,957,645 6,087,122 5,686,749 Net position, December 31 6,087,122$ 5,436,540$ 5,686,749$ 4,889,475$ Capital outlay acquisitions -$ 79,785$ 79,785$ 49,790$ 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, 2020 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 12,482,963$ 14,264,978$ 14,065,515$ 15,770,553$ Other 276,722 231,830 200,476 137,569 Total operating revenue 12,759,685 14,496,808 14,265,991 15,908,122 Operating expenses Personnel services 2,253,862 2,514,460 2,522,813 2,690,821 Commodities 385,191 470,650 465,857 482,151 Other charges and services 3,708,161 3,567,180 3,661,918 4,339,983 Disposal charges 3,509,576 4,174,432 4,174,432 4,305,768 Major maintenance - 3,163,114 2,391,748 2,123,793 Total operating expenses 9,856,790 13,889,836 13,216,768 13,942,516 Operating income (expense)2,902,895 606,972 1,049,223 1,965,606 Non-operating revenue Intergovernmental 187,450 275,924 329,934 148,556 Investment income 107,677 66,431 78,854 80,903 Disposal of assets 27,772 (20,000) (20,000) (20,000) Total non-operating revenue 322,899 322,355 388,788 209,459 3,225,794 929,327 1,438,011 2,175,065 Contributed capital 6,906,558 1,100,000 1,500,000 1,500,000 Transfers from other funds 160,785 48,690 32,989 28,543 Transfers to other funds (1,109,922) (1,099,493) (1,058,021) (1,137,607) Bond expense (210,611) (325,514) (302,532) (359,887) Depreciation (4,433,814) (4,453,351) (4,632,715) (4,779,491) 1,312,996 (4,729,668) (4,460,279) (4,748,442) Change in net position 4,538,790 (3,800,341) (3,022,268) (2,573,377) Net position, January 1 140,262,557 137,452,644 144,801,347 141,779,079 Net position, December 31 144,801,347$ 133,652,303$ 141,779,079$ 139,205,703 Capital outlay acquisitions 8,860,387$ 119,268$ 119,268$ 2,877,069$ Bond proceeds 445,000$ 1,430,000$ 730,000$ 3,470,000$ Debt principal payments 325,000$ 480,000$ 480,000$ 565,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2020 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 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 4,896,342$ 5,144,657$ 4,892,855$ 5,762,460$ Other 276,722 231,830 196,386 133,479 Total operating revenue 5,173,064 5,376,487 5,089,241 5,895,939 Operating expenses Personnel services 1,107,637 1,215,031 1,225,169 1,279,486 Commodities 306,209 350,868 354,461 359,080 Other charges and services 1,683,573 1,253,016 1,287,244 1,409,280 Major maintenance - 1,958,114 1,459,722 1,100,793 Total operating expenses 3,097,419 4,777,029 4,326,596 4,148,639 Operating income (loss)2,075,645 599,458 762,645 1,747,300 Non-operating revenue Intergovernmental 32,368 1,632 1,632 1,632 Investment income 70,218 36,308 31,052 32,484 Disposal of assets (18,337) (10,000) (10,000) (10,000) Total non-operating revenue 84,249 27,940 22,684 24,116 2,159,894 627,398 785,329 1,771,416 Contributed capital 4,314,211 600,000 1,000,000 1,000,000 Bond expense (195,235) (294,667) (271,674) (333,737) Transfers from other funds 137,444 - - - Transfers to other funds (704,556) (695,339) (674,603) (703,367) Depreciation (2,810,514) (2,770,617) (2,846,594) (2,939,787) 741,350 (3,160,623) (2,792,871) (2,976,891) Change in net position 2,901,244 (2,533,225) (2,007,542) (1,205,475) Net position, January 1 91,372,666 88,625,579 94,273,910 92,266,368 Net position, December 31 94,273,910$ 86,092,354$ 92,266,368$ 91,060,894$ Capital outlay acquisitions 6,210,552$ 67,739$ 67,739$ 2,810,808$ Bond proceeds 445,000$ 1,430,000$ 730,000$ 3,470,000$ Debt principal payments 325,000$ 395,000$ 395,000$ 470,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2020 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 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 5,711,695$ 6,608,063$ 6,514,632$ 6,969,526$ Operating expenses Personnel services 753,107 834,639 794,251 848,707 Commodities 53,018 85,471 80,848 85,148 Other charges and services 298,780 391,263 389,658 384,787 Disposal charges 3,509,576 4,174,432 4,174,432 4,305,768 Major maintenance - 1,205,000 932,026 1,023,000 Total operating expenses 4,614,481 6,690,805 6,371,215 6,647,410 Operating income (loss)1,097,214 (82,742) 143,417 322,116 Non-operating revenue Intergovernmental 2,969 154,000 154,000 26,632 Investment income 23,717 24,050 40,262 40,544 Disposal of assets 42,814 (10,000) (10,000) (10,000) Total non-operating revenue 69,500 168,050 184,262 57,176 1,166,714 85,308 327,679 379,292 Contributed capital 2,592,347 500,000 500,000 500,000 Bond expense (12,223) (15,472) (15,429) (12,450) Transfer from other funds 23,873 24,165 24,165 24,187 Transfer to other funds (201,888) (174,527) (153,791) (187,412) Depreciation (1,609,047) (1,666,494) (1,763,249) (1,816,146) 793,062 (1,332,328) (1,408,304) (1,491,821) Change in net position 1,959,776 (1,247,020) (1,080,625) (1,112,529) Net position, January 1 47,458,058 47,854,955 49,417,834 48,337,209 Net position, December 31 49,417,834$ 46,607,935$ 48,337,209$ 47,224,680$ Capital outlay acquisitions 2,622,400$ 51,529$ 51,529$ 66,261$ Debt principal payments -$ 55,000$ 55,000$ 60,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2020 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 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 864,736$ 875,355$ 919,400$ 1,017,739$ Operating expenses Personnel services 19,059 19,855 19,855 22,657 Commodities 49 63 63 67 Other charges and services 1,120,041 761,901 775,496 964,218 Total operating expenses 1,139,149 781,819 795,414 986,942 Operating income (loss)(274,413) 93,536 123,986 30,797 Non-operating revenue Investment income 3,740 2,933 3,149 3,686 Income(loss) before transfers (270,673) 96,469 127,135 34,483 Bond Expense (3,153) (15,375) (15,429) (13,700) Transfers to other funds (4,384) (5,001) (5,001) (5,614) Change in net position (278,210) 76,093 106,705 15,169 Net position, January 1 318,786 140,905 40,576 147,281 Net position, December 31 40,576$ 216,998$ 147,281$ 162,450$ Debt principal payments -$ 30,000$ 30,000$ 35,000$ 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, 2020 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 1,010,190$ 1,636,903$ 1,738,628$ 2,020,828$ Other -$ -$ 4,090$ 4,090$ Total Operating Revenue 1,010,190$ 1,636,903$ 1,742,718$ 2,024,918$ Operating expenses Personnel services 374,059 444,935 483,538 539,971 Commodities 25,915 34,248 30,485 37,856 Other charges and services 605,767 1,161,000 1,209,520 1,581,698 Total operating expenses 1,005,741 1,640,183 1,723,543 2,159,525 Operating income 4,449 (3,280) 19,175 (134,607) Non-operating revenue Intergovernmental 152,113 120,292 174,302 120,292 Investment income 10,002 3,140 4,391 4,189 Disposal of assets 3,295 - - - Total non-operating revenue 165,410 123,432 178,693 124,481 Income before transfers and depreciation 169,859 120,152 197,868 (10,126) Transfers from other funds (532) 24,525 8,824 4,356 Transfers to other funds (199,094) (224,626) (224,626) (241,214) Depreciation (14,253) (16,240) (22,872) (23,558) (213,879) (216,341) (238,674) (260,416) Change in net position (44,020) (96,189) (40,806) (270,542) Net position, January 1 1,113,047 831,205 1,069,027 1,028,221 Net position, December 31 1,069,027$ 735,016$ 1,028,221$ 757,679$ Capital outlay acquisitions 27,436$ -$ -$ -$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2020 Total transfers and depreciation (net) Enterprise - Utility Fund (Environmental Resources) Schedule of Revenues, Expenses and Changes in Net Position 2019 2020 2018 Adopted 2019 Proposed Actual Budget Estimate Budget Operating revenues Charges for services 554,931$ 402,729$ 402,415$ 448,347$ Other 17,893 45,000 35,000 35,000 Total operating revenues 572,824 447,729 437,415 483,347 Operating expenses Other charges and services 491,887 546,249 539,216 555,184 Operating income 80,937 (98,520) (101,801) (71,837) Non-operating revenue (expense) Investment income (315) 2,970 5,000 5,000 Transfer to General Fund (50,000) (50,000) (50,000) (50,000) Total non-operating (net)(50,315) (47,030) (45,000) (45,000) Change in net position 30,622 (145,550) (146,801) (116,837) Net position, January 1 587,129 624,524 617,751 470,950 Net position, December 31 617,751$ 478,974$ 470,950$ 354,113$ CITY OF LAKEVILLE, MINNESOTA Schedule of Revenues, Expenses and Changes in Net Position Internal Service - Municipal Reserves Fund For the Year Ending December 31, 2020