HomeMy WebLinkAboutItem 9City of Lakeville
Finance Department
Memorandum
To: Mayor and City Council
From: Jerilyn Erickson, Finance Director
Copy: Justin Miller, City Administrator
Date: August 24, 2020
Subject: Long-Term Financial Management Plan
The purpose of this agenda item is to provide an update to the Council on the status of the Long-
Term Financial Management Plan (the “Plan”) and to articulate the objectives and assumptions
used. The Plan is intended to serve as a guide for the on-going financial management of the City
based on current policies and decisions.
The City contracted with Northland Securities Inc. to develop the Plan and a model that staff
could utilize on an annual basis to provide a macro view of projected financial impacts. The Plan
covers the General Fund, Debt Service Funds and Capital Projects funds. A current draft of the
Plan is attached to this agenda report.
Two financial policies referenced in the Plan include the Fund Balance Policy and the Financial
Sustainability and Resiliency Policy.
The objectives for the Plan are as follows:
Revenue Sufficiency – Develop and populate a forecasting model that will determine the
level of revenue needed to satisfy general government operations and services, capital
improvements, and debt service while maintaining adequate reserves for future services
and capital needs of the City.
Levy and Rate Calculations – Model projected future annual City tax levy and tax rate.
Key assumptions used for the Plan include the following:
General fund tax levy is assumed to increase at amounts needed to support planned
spending and reserves required by policy in the General Fund. The Plan targets
maintenance of a fund balance at 45% of expenditures for planning purposes.
General fund non-tax revenue is estimated to increase by 1.0%. There are no major
changes assumed for non-tax revenue.
Non-personnel costs for materials and supplies, and other operating costs, including
professional services, are estimated to increase by 2.0% annually.
Personnel costs are estimated to increase by 3.5% annually (includes salary and wages and
benefits) with planned staff additions.
Taxable market value of property in the City is projected to increase by 6.7% for tax year
2021 (2019 value), and then by 2.0% annually beginning with tax year 2022 (2020 value).
Residential single-family growth is assumed at 350 new housing units annually between
2021-2029. A new construction home price of $450,000 is assumed, with annual growth
in valuation of 1.0%.
Multi-family (apartment) growth is assumed at 196 new housing units constructed in
2021. The average price per unit is $200,000.
Commercial valuation growth is assumed at 200,000 SF constructed annually between
2020-2029, valued at $60/SF.
Industrial valuation growth is assumed at 50,000 SF constructed annually between 2020-
2029, valued at $50/SF.
Four existing tax increment financing districts are assumed to be decertified in 2022,
2024, 2027, and 2028. This will result in approximately $820,000 increase in total net tax
capacity for the city between 2022 and 2028. This is equivalent to an approximate 1%
increase in net tax capacity based on tax collection year 2020.
Bond issuance is assumed to finance certain major facility, street improvements, and
capital replacements to manage tax levy and cash balances in the Capital Projects Fund.
Timing and amounts for projects are estimated based on the City’s CIP and are subject to
change.
Debt service is planned to be supported by a combination of tax levy and special
assessments, depending on the purpose of the issuance.
The current draft Plan reflects the following:
1) Proposed 2021 Budget and Tax Levy
2) Proposed 2021-2025 CIP – projects/funding
3) Proposed 2026-2029 Equipment, Facilities, Technology – projects/funding
The current draft Plan does not include:
1) Construction of a 4th liquor store
2) Technology costs associated with:
a. Financial / Human Resources / Payroll System Upgrade;
b. Utility Billing System Upgrade (per LOGIS, projected to occur within 2-3 years);
Staff is seeking general feedback from the Council on the Plan.
Attachment: Draft Long-Term Financial Management Plan (as of August 20, 2020)
Long-Term Financial Management Plan
For General Fund, Debt Service Funds, and
Capital Projects Funds
Draft as of August 20, 2020
Northland Securities, Inc.
150 South Fifth Street, Suite 3300
Minneapolis, MN 55402
(800) 851-2920
Member FINRA and SIPC
Registered with SEC and MSRB
i
CONTENTS
Letter of Transmittal
Introduction and Summary 1
Introduction and Summary ................................................................................................1
Study Approach ..................................................................................................................1
Revenue Sufficiency ...........................................................................................................2
Levy and Rate Calculations .................................................................................................2
Figure 1 - Tax Levy ..............................................................................................................2
Organization of the Plan .....................................................................................................4
TABLE 1 - Property Tax Levy and Tax Rate ..........................................................................5
CHART 1 - Annual Change in Property Tax Levy and Rate ..................................................6
CHART 2 - City Tax Rate ......................................................................................................6
CHART 3 - Annual Change in City Tax Levy by Fund ...........................................................7
CHART 4 - Total City Tax Levy All Funds ..............................................................................8
CHART 5 - Tax Levy by Purpose as Percent of Total ............................................................8
CHART 6 - Residential City Property Taxes .........................................................................9
CHART 7 - Commercial-Industrial City Property Taxes .......................................................9
CHART 8 - City Cash Balance ............................................................................................10
CHART 9 - Capital Projects Funds Cash Balances .............................................................10
Background 11
Summary ..........................................................................................................................11
CHART 10 - Construction of New Property and Taxable Market Value ............................12
CHART 11 - Net Tax Capacity ............................................................................................12
Capital Improvement Plan and Debt 13
Overview of Plan ..............................................................................................................13
Building Fund ...................................................................................................................13
Equipment Fund ...............................................................................................................13
Park Dedication Fund .......................................................................................................14
Trail Improvement Fund ...................................................................................................14
Park Improvement Fund...................................................................................................14
Tax Abatement Fund ........................................................................................................14
Technology Fund ..............................................................................................................15
Municipal State Aid Fund .................................................................................................15
Arenas Capital Reserve Fund ............................................................................................15
Contents
ii
Contents
Pavement Management Fund ..........................................................................................15
Stormwater Infrastructure Fund ......................................................................................15
Water Fund ......................................................................................................................15
Sanitary Sewer Fund ........................................................................................................16
Improvement Construction Fund .....................................................................................16
Bond Issuance ..................................................................................................................16
Bond Rating ......................................................................................................................17
TABLE 2 -Capital Improvement Plan by Fund and Source of Funds ..................................19
TABLE 3 - Summary of Existing Debt ................................................................................21
TABLE 4 - Summary of Planned New Debt .......................................................................22
TABLE 5 - Summary of Existing and Planned New Debt Combined ..................................23
CHART 12 - CIP Use of Funds ............................................................................................24
CHART 13 - CIP Source of Funds .......................................................................................24
CHART 14 - Planned Bond Issuance by Fund ....................................................................25
CHART 15 - Source of Revenue for Debt Service as Percent of Total................................25
CHART 16 - Total Debt Service ..........................................................................................26
CHART 17 - Debt Service Source of Revenues ..................................................................26
CHART 18 - Total Debt Outstanding Existing and Planned ...............................................27
CHART 19 - Total Debt Outstanding Existing and Planned by Type of Debt .....................27
CHART 20 - Tax Levy for Debt Service ..............................................................................28
CHART 21 - Annual Change in Tax Levy for Debt Service..................................................28
CHART 22 - Amortization of Outstanding Debt ................................................................29
CHART 23 - Debt Per Capita .............................................................................................29
Finance Plans 30
Background ......................................................................................................................30
General Assumptions for Finance Plans ...........................................................................30
CHART 24 - Total Sources and Uses of Funds ..............................................................32
CHART 25 - Cash Balance and Fund Balance ...............................................................32
TABLE 6 - Finance Plan for Combined Total Governmental Funds ..............................33
General Fund ....................................................................................................................36
Figure 2 - Tax Levy General Fund ................................................................................36
CHART 26 - Source of Revenues ..................................................................................37
CHART 27 - Expenditures by Type ...............................................................................37
CHART 28 - Cash Balance and Fund Balance ...............................................................39
CHART 29 - Revenue and Expenditures ......................................................................39
TABLE 7 - Finance Plan ................................................................................................40
Debt Service Funds...........................................................................................................42
CHART 30 - Cash Balance and Fund Balance ...............................................................44
CHART 31 - Revenue and Expenditures ......................................................................44
TABLE 8 - Finance Plan ................................................................................................45
iii
Building Fund ...................................................................................................................47
CHART 32 - Cash Balance and Fund Balance ...............................................................48
CHART 33 - Revenue and Expenditures ......................................................................48
TABLE 9 - Finance Plan ................................................................................................49
Equipment Fund ...............................................................................................................50
CHART 34 - Cash Balance and Fund Balance ...............................................................51
CHART 35 - Revenue and Expenditures ......................................................................51
TABLE 10 - Finance Plan ..............................................................................................52
Park Dedication Fund .......................................................................................................53
CHART 36 - Cash Balance and Fund Balance ...............................................................54
CHART 37 - Revenue and Expenditures ......................................................................54
TABLE 11 - Finance Plan ..............................................................................................55
Trail Improvement Fund ...................................................................................................56
CHART 38 - Cash Balance and Fund Balance ...............................................................57
CHART 39 - Revenue and Expenditures ......................................................................57
TABLE 12 - Finance Plan ..............................................................................................58
Park Improvement Fund...................................................................................................59
CHART 40 - Cash Balance and Fund Balance ...............................................................60
CHART 41 - Revenue and Expenditures ......................................................................60
TABLE 13 - Finance Plan ..............................................................................................61
Tax Abatement Fund ........................................................................................................62
TABLE 15 - Finance Plan ..............................................................................................63
Technology Fund .............................................................................................................64
TABLE 16 - Finance Plan ..............................................................................................65
Municipal State Aid Fund .................................................................................................66
CHART 42 - Cash Balance and Fund Balance ...............................................................67
CHART 43 - Revenue and Expenditures ......................................................................67
TABLE 17 - Finance Plan ..............................................................................................68
Pavement Management Fund ..........................................................................................69
CHART 44 - Cash Balance and Fund Balance ...............................................................70
CHART 45 - Revenue and Expenditures ......................................................................70
TABLE 18 - Finance Plan ..............................................................................................71
Improvement Construction Fund .....................................................................................72
CHART 46 - Cash Balance and Fund Balance ...............................................................73
CHART 47 - Revenue and Expenditures ......................................................................73
TABLE 19 - Finance Plan ..............................................................................................74
Arena Capital Project Fund ..............................................................................................75
TABLE 20 - Finance Plan ..............................................................................................76
Stormwater Infrastructure Fund ......................................................................................77
CHART 48 - Cash Balance and Fund Balance ...............................................................78
CHART 49 - Revenue and Expenditures ......................................................................78
Contents
iv
TABLE 21 - Finance Plan ..............................................................................................79
Water Fund ......................................................................................................................80
CHART 50 - Cash Balance and Fund Balance ...............................................................81
CHART 51 - Revenue and Expenditures ......................................................................81
TABLE 22 - Finance Plan ..............................................................................................82
Sanitary Sewer Fund ........................................................................................................83
CHART 52 - Cash Balance and Fund Balance ...............................................................84
CHART 53 - Revenue and Expenditures ......................................................................84
TABLE 23 - Finance Plan ..............................................................................................85
Appendixes to Report 86
APPENDIX A - Special Assessments ..................................................................................87
APPENDIX B - Property Tax Levy for Debt Service ............................................................88
APPENDIX C - City Taxes Payable by Example Properties .................................................89
APPENDIX D - Changes in Property Levy ..........................................................................90
APPENDIX E - Transfers between Funds ...........................................................................92
Contents
v
150 South Fifth Street, Suite 3300, Minneapolis, MN 55402
Main: (612) 851-5900 / Direct: (612) 851-4964 / Email: tomdal@northlandsecurities.com
Member FINRA and SIPC | Registered with SEC and MSRB
August 20, 2020
Jerilyn Erickson
Finance Director
20195 Holyoke Avenue
City of Lakeville, MN 55044
RE: Financial Management Plan
Dear Jerilyn:
Northland Securities is pleased to present the City of Lakeville with this Long-Term Financial Management Plan (the “Plan”). Northland has
completed a study of the City’s historical and planned revenues and expenses for the General Fund, Debt Service Funds, and Capital Projects
Funds. Financial plans for each of the various funds have been prepared and are included in the Plan.
We appreciate the opportunity to work with the City on its financial management planning.
Sincerely,
NORTHLAND SECURITIES, INC.
Tammy Omdal
Managing Director
1
Introduction and
SummaryINTRODUCTION AND SUMMARY
The Long-Term Financial Management Plan (the “Plan”) is
intended to serve as a guide for the on-going financial man-
agement for the City of Lakeville (the “City”).
The Plan contains proposed strategies and identification of
key factors and objectives to monitor with respect to the
financial performance of the General Fund, Debt Service
Funds, and Capital Projects Funds (the “Funds”).
Information on projected property tax levy needed to fund
planned city governmental services, capital improvements,
and debt service are included.
The objectives of the study for the Plan were as follows:
• Revenue Sufficiency - Develop and populate a forecast-
ing model to determine the level of revenue needed
to satisfy general government operations and services,
capital improvements, and debt service while maintain-
ing adequate reserves for future services and capital
needs of the City.
• Levy and Rate Calculations - Model projected future
annual City tax levy and tax rate.
The Plan includes planned future capital improvements for
years 2020-2029 (the “CIP”). Estimates were made by the
City for capital improvement project costs and the timing
of projects.
While the specific timing of future improvements is uncer-
tain, awareness of the projects and the funding required for
each project are important when considering tax levy and
level of reserves.
Future development of property within the City will provide
increased revenue from taxes and charges for services. This
may include an increase in revenue to the trunk funds used
to account for charges for services collected with the devel-
opment of land to pay for future water, sanitary sewer, and
stormwater infrastructure expansion.
The rate of future development and addition of new tax-
payers and utility customers is a significant variable for the
Plan and the projections within.
The City should continue to monitor actual development
that occurs against the anticipated rate of development as-
sumed in the Plan and adjust assumptions as needed.
Future development will impact the projected service de-
mands and revenues included in the Plan. Information on
projected housing units and commercial-industrial devel-
opment is included in the Plan.
Study Approach
The following steps were taken as part of the Study:
• The City provided historical financial data along with
current budget plans and capital improvement plans
for 2020-2029.
• The City provided the assumptions for future housing
units and commercial-industrial development to be
constructed in the City.
• Information provided by the City was organized, ana-
lyzed, and used to support the development of the Plan.
• The 2018 and 2019 data in the Plan is reconciled with
the audited financial statements. The 2020 budget and
estimated year-to-date data was provided.
• City staff offered input and feedback on the assump-
tions in the Plan and reviewed different options for tax
levy and tax rate.
2
Introduction and
SummaryRevenue Sufficiency
The Study evaluated the sufficiency of revenues to meet
current and projected financial requirements for the Funds
over the next ten years. The Plan determines the tax levy in
each year of the projection period to provide revenue suffi-
ciency and the estimated tax rate, based on the assumption
for tax levy and future taxable value within the City.
Moody’s Investor Services assigned its ‘Aa1’ long-term rat-
ing to the City’s outstanding general obligation debt (June,
29, 2020). The City’s bond rating is mentioned here under
Revenue Sufficiency because the maintenance and con-
tinued relative growth of the City’s very strong reserves
through revenue sufficiency is an important credit factor
for the City’s credit rating.
The City should continue to actively manage its funds to
achieve its policy goals and to maintain sufficient balances
within the Funds to meet City needs, including the need for
reserves.
Fund Balance Policy for General Fund
The City has an adopted policy to maintain an unrestrict-
ed (committed, assigned and unassigned) fund balance in
the General Fund of an amount not less than 40% and not
greater than 50% of the next year’s budgeted expenditures
of the General Fund. The policy notes that this will assist in
maintaining an adequate level of fund balance to provide
for cash flow requirements and contingency needs. The
Plan targets maintenance of a fund balance at 45% of ex-
penditures for planning purposes.
Levy and Rate Calculations
The City budget process focuses on the City tax levy neces-
sary to fund city services. The City tax rate is a factor of the
annual tax levy certified by the City spread over the net tax
capacity (valuation) of the City. The County Assessor is re-
sponsible for certification of taxable market value and the
County calculates the tax capacity for property within the
City.
The Study focused on identifying key assumptions and plans
in order to project future annual tax levy and the resulting
tax rate.
City Tax Rate
Future tax levy increases will be necessary to fund planned
expenditures and to maintain adequate fund balances
across the General Fund, Debt Service Funds, and the Capi-
tal Projects Funds.
A summary of projected annual City tax levy and tax rates
are shown below. The tax levy and tax rates are estimated
based on assumptions in the Plan.
Figure 1.TaxYearTax Levy in
Millions*
% Change in
Tax Levy
Tax Rate
% Change in
Tax Rate
2020 $32.03 7.0%0.3461 -2.8%
2021 $34.11 6.5%0.3443 -0.5%
2022 $39.83 16.8%0.3913 13.7%
2023 $43.21 8.5%0.4061 3.8%
2024 $44.85 3.8%0.4059 -0.1%
2025 $48.71 8.6%0.4256 4.8%
2026 $49.93 2.5%0.4198 -1.3%
2027 $52.00 4.1%0.4199 0.0%
2028 $53.25 2.4%0.4121 -1.9%
2029 $54.14 1.7%0.4019 -2.5%
*Amounts and rate for 2020 is as certified, future years are
estimated based on the Plan. Tax levy increases are driven in
part by plans to increase revenue within the Capital Projects
Funds to minimize the need for debt issuance for planned
capital improvements.
3
Introduction and
Summary
The key assumptions used for the Study include the follow-
ing:
• General fund tax levy is assumed to increase at amounts
needed to support planned spending and reserves re-
quired by policy in the General Fund.
• General fund non-tax revenue is estimated to increase
by 1.0-2.0% over the planning period, depending on
the source. There are no major changes assumed for
non-tax revenue.
• Non-personnel costs for materials and supplies, and
other operating costs, including professional services,
are estimated to increase by approximately 2.0-3.0%
annually, depending on the item.
• Personnel costs are estimated to increase by 3.5% an-
nually (includes salary and wages and benefits) with
the following planned staff additions:
- $228,000 in 2021 for personnel transition costs
- $528,000 in 2022 for new police officers (2 FTE),
street maintenance (1 FTE), and parks mainte-
nance (1 FTE) personnel
- $335,000 in 2024 for new police officers (2 FTE)
- $231,000 in 2025 for street maintenance (1 FTE),
and parks maintenance (1 FTE) personnel
- $355,000 in 2026 for new police officers (2 FTE)
- $630,000 in 2028 for new police officers (2 FTE),
street maintenance (1 FTE), and parks mainte-
nance (1 FTE) personnel
• Taxable market value of property in the City is projected
to increase by 6.7% for tax year 2021 (2019 value), and
then by 2.0% annually beginning with tax year 2022
(2020 value).
• Residential single-family growth is assumed at 350 new
housing units annually between 2021-2029. A new con-
struction home price of $450,000 is assumed, with an-
nual growth in valuation of 1.0%.
• Multi-family (apartment) growth is assumed at 196
new housing units constructed in 2021. The average
price per rental unit is estimated at $200,000.
• Commercial valuation growth is assumed at 200,000
SF constructed annually between 2020-2029, valued at
$60/SF.
• Industrial valuation growth is assumed at 50,000 SF
constructed annually between 2020-2029, valued at
$50/SF.
• Four tax increment financing districts will be decertified
in 2022, 2024, 2027, and 2028, resulting in an approxi-
mate $820,000 increase in net tax capacity between
2022 and 2028. This is equivalent to an approximate 1%
increase in net tax capacity.
• Fiscal disparities distribution and contribution are pro-
jected to increase by 2.0% annually
• Bond issuance is assumed to finance certain major fa-
cility, street improvements, and capital replacements
to manage tax levy and cash balances.
• Debt service is planned to be supported by a combina-
tion of tax levy, and special assessments, depending on
the purpose of the issuance.
The tables and graphics that follow provide historical and
projected tax levy and tax rates along with tax capacity. A
breakdown of the debt service tax levy by bond series is
provided in the Appendix.
4
Introduction and
SummaryOrganization of Plan
The Plan is organized into five sections:
1. Introduction and Summary provides information on the
Study approach, revenue sufficiency, and tax levy and
rate calculations.
2. Background provides a brief historical and statistical
context for the City’s that helps to inform the Plan.
3. CIP and Debt provides information on plans for streets,
facilities, parks, equipment, and expansion of the water,
sanitary sewer, and stormwater trunk infrastructure.
Estimates on project costs, timing, and sources of funds
are included. The time horizon for the capital plan in-
cluded in the Plan is years 2021-2029. Information on
outstanding debt obligation of the City and debt service
is included in this section. The Plan does not include
capital related to the Enterprise Funds. The Enterprise
Funds are not included in the Study.
4. Finance Plans provides the finance plans (pro forma)
for the City funds that were included in the Study. The
finance plans include historical, current, and projected
revenues and expenses and estimated ending cash bal-
ances, along with other balance sheet estimates. Fi-
nance plans consider capital improvement plans, both
existing and planned debt issuance, and projected
property tax revenue, rates for charges for services, in-
terfund transfers, among other considerations.
5. Appendixes provide additional supporting data.
5
Introduction and
SummaryTable 1
City of Lakeville
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
TAX LEVY
General Fund 21,344,070 22,535,635 23,489,532 25,000,987 27,021,489 28,208,736 29,254,239 30,263,762 31,503,547 32,746,363 33,562,914
Debt Service Funds 7,077,820 7,340,365 8,170,038 9,795,321 11,487,939 12,158,905 14,700,176 14,505,640 15,111,500 14,976,787 14,789,263
Building Fund ---440,000 415,000 -----130,000
Equipment Fund 252,000 675,000 675,000 1,075,000 1,075,000 1,075,000 1,250,000 1,500,000 1,600,000 1,600,000 1,600,000
Trail Improvement Fund -30,000 80,000 510,000 550,000 550,000 550,000 598,000 619,000 638,000 658,000
Park Improvement Fund 175,000 350,000 600,000 700,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Tax Abatement Fund ----49,059 49,059 49,059 49,059 49,059 49,059 49,059
Technology Fund ---155,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000
Pavement Management Fund 1,100,000 1,100,000 1,100,000 2,000,000 2,000,000 2,200,000 2,300,000 2,400,000 2,500,000 2,610,000 2,720,000
Improvement Construction Fund ---155,482 155,482 155,482 155,482 160,147 164,951 169,900 174,997
TAX LEVY 29,948,890 32,031,000 34,114,570 39,831,791 43,208,969 44,852,182 48,713,956 49,931,608 52,003,057 53,245,109 54,139,233
Annual % Change 6.95% 6.50% 16.76% 8.48% 3.80% 8.61% 2.50% 4.15% 2.39% 1.68%
Fiscal Disparities Distribution 2,968,727 3,222,360 3,296,213 3,362,137 3,429,380 3,497,968 3,567,927 3,639,285 3,712,071 3,786,313 3,862,039
Net Spread Levy 26,980,163 28,808,640 30,818,357 36,469,653 39,779,589 41,354,214 45,146,029 46,292,323 48,290,986 49,458,796 50,277,194
Annual % Change -3.6% 6.8% 7.0% 18.3% 9.1% 4.0% 9.2% 2.5% 4.3% 2.4% 1.7%
TAX CAPACITY
Tax Capacity before New Construction 80,373,494 88,336,000 94,785,814 99,277,572 103,197,554 107,732,965 111,896,514 116,184,134 120,598,307 125,594,060 130,739,454
Tax Capacity from New Construction 2,363,765 2,393,405 2,545,139 1,896,500 2,423,000 1,969,500 2,009,500 2,049,500 2,533,125 2,581,875 2,630,625
Total Tax Capacity 82,737,259 90,729,405 97,330,953 101,174,072 105,620,554 109,702,465 113,906,014 118,233,634 123,131,432 128,175,935 133,370,079
Less Fiscal Disparities TC Contribution 6,190,356 6,645,638 6,925,362 7,063,869 7,205,147 7,349,250 7,496,235 7,646,159 7,799,082 7,955,064 8,114,165
Less TIF Captured Tax Capacity 774,382 856,909 886,901 904,639 456,207 465,331 321,696 328,130 334,693 192,283 148,692
NET TAX CAPACITY 75,772,521 83,226,858 89,518,690 93,205,564 97,959,200 101,887,884 106,088,083 110,259,345 114,997,657 120,028,589 125,107,221
Annual % Change 9.84% 7.56% 4.12% 5.10% 4.01% 4.12% 3.93% 4.30% 4.37% 4.23%
TAX CAPACITY TAX RATE 0.3561 0.3461 0.3443 0.3913 0.4061 0.4059 0.4256 0.4198 0.4199 0.4121 0.4019
Annual % Change -2.2% -2.8% -0.5% 13.7% 3.8% -0.1% 4.8% -1.3% 0.0% -1.9% -2.5%
PROPERTY TAX LEVY, TAX CAPACITY, AND TAX RATE
6
Introduction and
Summary
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
2019
Certified
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Chart 1.
Annual changes in Tax Levy reflects estimated future levies to fund operations and
capital improvements and change in Tax Rate is further impacted by assumptions
for tax base growth
Annual % Change in Total Tax Levy Annual % Change in Tax Rate
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029CityTaxRateChart 2.
City Tax Rate is a factor of Tax Levy and Taxable Market Value (Tax Capacity)
The annual percent increase
in total tax levy for the City is
projected to exceed the annual
percent change in tax rate. The
increase is driven mostly by
planned major capital improve-
ments and the increase in levy
needed to support spending,
including debt service on bonds
planned to be issued to finance
improvements, including com-
munity parks. The Plan antici-
pates increasing current tax levy
for capital to position the City to
reduce the need for bonding in
future years.
7
Introduction and
Summary
The annual projected change in
City tax levy is driven in large
part from planned increases to
provide current property tax
revenue to pay for capital acqui-
sitions and improvements with
current revenue (pay-go) and to
minimize the issuance of debt.
($2.0)
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 3.
Annual Change in City Tax Levy by Fund
Streets
Buildings, Equipment, and
Technology
Parks and Trails
Debt Service
General Fund
8
Introduction and
Summary
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2019
Certified
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 4.
Total City Tax Levy All City Funds
Debt Service Funds
Capital Funds
General Fund
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2019
Certified
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029PercentofTotalChart 5.
Tax Levy by Purpose as Percent of Total Levy
Debt Service Funds
Capital Funds
General Fund
The General Fund levy com-
prises the largest share of the
City’s total tax levy. Tax levy is
projected to increase to pay for
planned operations, debt, and
capital improvements that are
not planned to be supported by
other sources of revenue.
Increases are anticipated in
future years from a combina-
tion of increases in personnel
costs from new staff and from
debt service for planned new
improvements, including parks
and facilities to be financed with
bonds.
9
Introduction and
Summary
The estimated City property
taxes for the example residential
and commercial-industrial prop-
erties reflect the impact of pro-
jected changes in City tax levy
and estimated taxable market
value as included in the Plan.
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Chart 6.
Residential Property
City Property Taxes for Different Valued Property
Residential $250,000 Residential $300,000
Residential $350,000 Residential $500,000
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Chart 7.
Commercial-Industrial Property
City Property Taxes for Different Valued Property
Commercial $1,000,000 Commercial $2,000,000
Commercial $3,000,000 Commercial $4,000,000
10
Introduction and
Summary
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 8.
Ending Cash Balances are projected to be at levels to meet City objectives for reserves and
planned capital improvements
General Fund
Debt Service Funds
Capital Projects Funds
The increase in projected ending
cash balance over time within
the Capital Projects Funds is
driven, in part, by projected fu-
ture state aid funds recognized
as revenue in advance of proj-
ect spending and collection of
Park Dedication Fee revenues in
advance of use of funds. For ex-
ample, the Park Dedication Fees
collected will be used to sup-
port future park improvements
or may be available to offset tax
levy for debt planned to be is-
sued for major community park
improvements.
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 9.
Ending Cash Balances for Capital Projects Funds by Categories
(Multiple funds are combined into listed categories)
Streets
Parks and trails
Equipment and
Technology
Utility Trunk Funds
Facilities
Other capital projects
funds
11
Background
BACKGROUND
The information included in this section comes from the
City’s 2040 Comprehensive Plan, among other sources.
The City has a land area of 38 square miles with approxi-
mately 30% of its land available for development. The City
reports that a total of approximately 521 acres of residen-
tially zoned land is available (has not received preliminary
or final plat approval) within the current MUSA, including
193 acres of single-family zoned property, 101 acres of sin-
gle- and two-family zoned property; 227 acres of townhome
zoned property. The City’s 2020 population is estimated at
65,831 and is projected to grow to 83,500 by 2040.
Governmental Services
The City provides a full range of municipal government
services: police and fire protection; the construction and
maintenance of highways, streets and other infrastructure;
cultural and recreational activities; building inspection ser-
vices, and general administrative services.
Transportation Systems
Transportation issues are a primary concern for Lakeville
due to the continued growth of the City and the Twin Cit-
ies Metropolitan Area that cause corresponding increases
in traffic congestion. The City notes that full attention must
be given to all modes of transportation within the City to
ensure a well balanced and functional transportation sys-
tem. This policy position is reflected in the City’s capital im-
provement plans, among other studies and reports the City
maintains.Utility Trunk Systems
As development progresses into the expansion areas of the
City, utility trunk main systems must be constructed to de-
liver adequate flows for various conditions. For example,
a trunk water main is defined as a pipe sized such that it
can supply water for nearby users as well as serve a greater
function by transporting water across the system to meet
the demands of the extended water system. The majority
of trunk main improvements identified are outside of the
existing service areas for the City and are constructed as de-
velopment occurs and road improvements are constructed.
Actual main construction and routing, whether for water,
sanitary sewer, or stormwater, depends on a variety of local
factors as individual projects progress.
The City’s approved comprehensive plans are inclusive of
plans for utility trunk main systems
Parks and Trails
The City’s parks and trails system and recreation program-
ing has been consistently identified as a significant com-
munity amenity. The development of the parks, trails, and
recreation system provides for preservation of natural re-
sources, provides neighborhood focal points, and accom-
modates community events, athletic associations, and rec-
reation programs. Expansion of the parks and trails system
is anticipated to continue with development and provide
for completion of park service areas and trail segments.
12
Background
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 10.
Construction of new property is projected to provide an increase in taxable market value
Multi-Family
Industrial
Commercial
Single Family Residential
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 11.
Total net tax capacity is projected to increase from both market conditions and new
construction
From New Construction
(net of captured in TIF)
For Existing Property
The City anticipates future con-
struction of property that will
provide increased tax capacity
to the City to offset, in part, the
projected increase in tax levy.
The projected average annual
increase in the City’s net tax ca-
pacity (net of tax capacity cap-
tured within TIF districts and
tax capacity contributed to fiscal
disparities pool) is projected to
increase on average by approxi-
mately 5.3% per year between
2020-2029.
The total net tax capacity re-
flects anticipated decertification
of TIF Districts that will occur in
2022 (TIF District 10), 2024 (TIF
District 18), 2027 (TIF District
22), and 2028 (TIF District 23).
13
CIP and DebtCAPITAL IMPROVEMENT PLAN (CIP)
AND DEBT
The City annually reviews its plans for capital acquisition
and improvements and updates its multi-year plan. The
capital outlay information included in the Plan provides a
high-level summary of the total costs by general category
and year, and the proposed funding sources. The City main-
tains other detailed capital plans that are project specific.
This Plan does not contain project specific details because
this Plan is intended to serve as a guide for long term fi-
nancial management for the City focused on revenue suf-
ficiency and rate calculations. The Plan does not focus on
the prioritization of specific projects.
Project plans, including scope, estimated costs, and timing
change on a regular on-going basis to meet development,
operation and maintenance needs, along with other eco-
nomic factors. The Plan is intended to provide a macro view
of the impact of potential project plans on the City’s tax
levy, outstanding debt, among other impacts, over the long
term (next decade).
The Plan does not include capital spending within the En-
terprise Funds. Capital expenditures and any debt associat-
ed with capital expenditures in the Enterprise Funds, which
includes utility and liquor store operations will be evalu-
ated separately by the City as part of the City’s annual util-
ity study review and planning for liquor store operations.
These activities are not accounted for in the City’s Govern-
mental Funds, which are the subject of this Plan.
Building Fund
The Building Fund includes capital outlay for facilities. Facil-
ities include the Arts Center, city hall, central maintenance
facility, fire stations, police station, among other facilities.
The Plan does not include facilities improvements for En-
terprise Funds.
The City plans to spend approximately $14.5 million on fa-
cilities between 2021-2025. This does not include facilities
improvements for Enterprise Funds. Total project spending
by facility between 2021-2025 includes the approximate
amounts for the following:
• $748,000 for Arts Center
• $11,431,000 for central maintenance facility
• $761,000 for city hall
• $586,000 for fire stations
• $64,000 for Heritage Center
• $867,000 for police station
• $23,000 for radio communications building
The source of cash funding for these projects is planned to
come from cash projected to be available in the Building
Fund. Revenue is planned to come from property taxes,
antenna lease revenue, and transfers from other funds,
among other sources.
Between 2026-2029, plans anticipate approximately $2.4
million in spending. Major projects include further improve-
ments to the central maintenance facility ($808,000), police
station ($343,000), and Arts Center ($342,000), among oth-
er improvements to buildings. This does not include facility
improvements for Enterprise Funds.
Equipment Fund
This fund accounts for the purchase of equipment for
general government, public safety, public works, and park
maintenance. The Equipment Fund includes capital acquisi-
14
CIP and Debttions of equipment, including vehicles and fire apparatus,
for example. Facilities include the Arts Center, city hall, cen-
tral maintenance facility, fire stations, police station, among
other facilities.
The City plans to spend approximately $13.1 million on
capital acquisitions between 2021-2025 accounted for in
the Equipment Fund. Total project spending by department
between 2021-2025 includes approximately:
• $5,319,000 for streets
• $2,806,000 for police
• $3,249,000 for fire
• $1,068,000 for the utility enterprises, supported by
transfer in from these funds
• $487,000 for communications
• $213,000 for other departments combined
The source of cash funding for equipment is planned to
come from property taxes, transfers in from the General
Fund, transfers in from the Liquor Fund, transfers in from
the utilities operating funds, antenna revenue, and bonding
in certain years for major equipment acquisitions, among
other sources. The City intends to provide pay-go funding
for equipment within the next 5-7 years to eliminate future
bonding for equipment.
Between 2026-2029, plans anticipate approximately $10.2
million in spending. Major spending includes approximately
$1.0 million annually for streets, and other annual capital
acquisitions for police, fire, and parks, among other depart-
ment spending.
Park Dedication Fund
This fund accounts for park dedication fees received from
land developers. The expenditures consist of acquiring and
developing City parks and trails. Park dedication fees are
collected at time of development of property.
Planned use of funds include improvements to community
and neighborhood parks. The City is considering plans to
spend approximately $38.9 million between 2021-2025
on major improvements and development of community
parks. After 2025, current planned projects are projected
to be more limited at approximately $3.1 million in total
spending between 2026-2029.
Trail Improvement Fund
The Trail Improvement Fund is used to account for both
capital maintenance, including seal-coating, and develop-
ment and expansion of the City’s trail systems.
The City plans to spend approximately $2.8 million be-
tween 2021-2025 on trail improvements, or approximately
$560,000 annually. This approximate level of annual spend-
ing is planned to continue in future years, with some in-
crease between 2026-2029.
Park Improvement Fund
This fund accounts for the long-term maintenance, repairs,
and replacement of City parks. Planned improvements in-
clude average annual spending of approximately $462,000
from 2021-2029 on improvements to existing parks, not in-
cluding the improvements related to development of com-
munity parks to be accounted for in the Park Dedication
Fund.
Tax Abatement Fund
This fund accounts for economic development assistance
provided to local businesses.
The expenditures are for current and future economic de-
15
CIP and Debtvelopment incentives. The Fund does not include any future
planned capital outlay. The Fund will be used to account for
the future tax abatement levy to repay the General Fund for
an advance of funds for economic development purposes.
Technology Fund
The Technology Fund was recently established to account
for acquisition of technology related products and equip-
ment and revenue to support technology. The sources of
revenue will include property tax revenue beginning in
2022 and contributions from other city funds. Average an-
nual spending over the next ten years is planned at approxi-
mately $200,000 annually.
Municipal State Aid Fund
The municipal state-aid construction fund accounts for the
City’s municipal state aid financing. The activity of this fund
fluctuates from year to year based on state aid allotments
and projects completed.
Spending varies from year to year due to timing of receipt
of intergovernmental revenues for construction projects.
Between 2021-2025, the Plan anticipates expenditures of
approximately $15.7 million. The City currently does not
have any planned capital outlay supported by municipal
state aid funds programmed for years 2026-2029.
Arenas Capital Reserve Fund
This fund was established to account for the accumula-
tion and disbursement of funds for the Lakeville Arenas
improvement projects. The Plan includes bonding (issued
in June 2020) to finance parking lot improvements to the
Ames Arena. Bonding is anticipated in 2021 in the approxi-
mate amount of $8.0 million to finance energy savings im-
provements to the Ames Arena and Hasse Arena to be con-
structed over the next few years. Total combined project
spending on the arenas is projected at $8.7 million between
2020-2022.
Pavement Management Fund
This fund accounts for pavement management activities re-
lating to crack sealing, patching, seal coating and overlays.
These major maintenance projects are financed with prop-
erty taxes.
Future spending is planned at approximately $2.5 million
annually for this purpose between 2021-2029. Project costs
are planned to be funded from a combination of property
taxes and allocation of municipal state aid for maintenance.
Stormwater Infrastructure Fund
This fund accounts for fees and area charges to land devel-
opers for construction of storm water infrastructure. Future
spending is planned at approximately $0.7 million annually
for this purpose.
Water Fund
This fund accounts for revenues derived primarily from con-
nection charges collected at the time building permits.
Funds are appropriated towards construction costs of wa-
ter supply lines, wells and water storage facilities, and debt
service on bonds issued to finance the construction of the
City’s water treatment facility and other infrastructure im-
provements. Future spending is planned at approximately
$0.5 million annually between 2021-2029 for this purpose.
In addition, plant and well improvements are planned for in
year 2027 and 2028 in the approximate amount of $34 mil-
lion in 2027 and $1.8 million 2028. The Plan anticipates the
majority of this project cost will be financed with issuance
of general obligation revenue bonds.
16
CIP and DebtSanitary Sewer Fund
This fund accounts for sewer connection and area fees
charged to land developers for connecting to the City’s sani-
tary sewer system. Appropriations are applied to the con-
struction of sanitary sewer trunk systems.
Future spending is planned at approximately $75,000 annu-
ally for this purpose between 2021-2029. The Plan antici-
pates the transfer of funds to the Municipal State Aid Fund
to pay for sanitary sewer improvements completed as part
of planned street improvement projects for approximately
$0.3 million by year 2021.
Improvement Construction Fund
The Improvement Construction Fund is used to account for
street improvement projects, funded from property tax,
special assessments, and for certain projects intergovern-
mental revenue and transfers in from other City funds.
The City plans to spend approximately $44.5 million on
street projects between 2021-2025. This does not include
the cost of utility improvements completed as part of the
street projects. Utility improvements are paid from the op-
erating funds of the utilities or from trunk funds, depending
on the project.
Projects include the reconstruction of existing streets,
among other improvements to streets. The City maintains
detailed plans for specific streets and locations and funding
sources by specific project which is updated on an on-going
basis. This detail is not included in this Plan.
The majority of the funding for the projects comes from
special assessments to benefiting properties and property
taxes. The utility improvements completed as part of the
street projects are paid for from utility revenues, accounted
for in separate funds. For certain projects the City plans to
receive funds from Dakota County. Escrow from develop-
ers is available for specific projects. Other sources include
other intergovernmental revenues, from adjacent cities, for
example.
The City plans to begin to levy property taxes for street im-
provements, beginning in 2022. The planned levy will be
increased over time. The revenue from property taxes is in-
tended to provide pay-go funding for a portion of the cost
of street improvements (the City’s share of project costs).
The property tax revenue for street improvements will al-
low the City in the future to reduce the amount of projects
that are financed with bond proceeds (debt).
Between 2026-2029, the Plan includes approximately $14.5
million in spending on street projects, not including the cost
of the utility improvements completed as part of the street
projects.
Bond Issuance
The Plan anticipates the issuance of bonds to finance capi-
tal improvements and acquisitions. The tables and graphics
that follow provide a summary of existing and future esti-
mated debt service payments and funding sources, along
with a summary of debt outstanding by year.
The annual debt service for future bonds planned to be is-
sued are included in the finance plan for the Debt Service
Fund in the Finance Plans section that follows.
The estimates for debt service are based on the following
anticipated new (not yet issued) general obligation bond is-
suance, shown on the next page, to finance construction
cost, along with the cost of issuance of the bonds and capi-
talized interest funds. The timing and amount of spending
will change as project scopes are refined, other potential
revenues sources are evaluated, and impact on taxpayers
is considered.
17
CIP and Debt• $8,050,000 in 2021 to finance energy savings improve-
ments to the Ames Arena and Hasse Arena, payable
over a 20 year term from tax abatement levy, and rev-
enues received from the Arenas and the School District.
• $9,005,000 in 2021 to finance street improvements,
payable over 10 year term from tax levy.
• $8,500,000 in 2022 to finance Antlers Community Park,
payable over 15 year term from tax levy.
• $13,595,000 in 2022 to finance street improvements,
payable over 10 year term from tax levy and special as-
sessments.
• $1,595,000 in 2022 to finance equipment acquisitions,
payable from tax levy payable over 10 year term.
• $6,100,000 in 2023 to finance street improvements,
payable over 10 year term from tax levy.
• $655,000 in 2023 to finance equipment acquisitions,
payable from tax levy payable over 10 year term.
• $15,710,000 in 2024 to finance Avonlea Community
Park, payable over 15 year term from tax levy.
• $10,625,000 in 2024 to finance expansion of the cen-
tral maintenance facility, payable from tax levy payable
over 20 year term.
• $5,790,000 in 2024 to finance street improvements,
payable over 10 year term from tax levy.
• $665,000 in 2024 to finance equipment acquisitions,
payable from tax levy payable over 10 year term.
• $2,645,000 in 2025 to finance East Community Park,
payable over 15 year term from tax levy.
• $5,050,000 in 2025 to finance street improvements,
payable over 10 year term from tax levy.
• Approximately $3,461,000 average annually between
2026-2029, or $13,845,000 in total, to finance street
improvements, payable over a 10 year term from tax
levy. The Plan does not anticipate special assessments.
• Other bond issuance after year 2025, includes
$1,220,000 in 2026 for fire apparatus, and $34,400,000
in 2027 for water treatment plant expansion.
The final size or amount of bonds to be issued, structure,
and interest rates for each planned bond issue will depend
on project specifics and market conditions at time of issu-
ance.
The bonding amounts shown in the Plan are preliminary
and for planning purposes only. The estimated par amount
of the bonds listed above include capital acquisition and
construction costs, bond issuance costs, and funds for capi-
talized interest. The debt service for the new bonds are
based on the terms stated above and estimated interest
rates for planning purposes ranging from 2.5% to 3.5% de-
pending on the estimated term of the bonds and timing for
issuance, among other factors.
Bond Rating
The City’s ‘Aa1’ by Moody’s on the City’s outstanding gen-
eral obligation bonds reflects very strong reserves and
Lakeville’s wealthy and rapidly growing tax base near the
Twin Cities. Moody’s considers the financial operations and
reserves of the city as representative of a very strong finan-
cial profile.
The City has plans to issue bonds annually over the next
several years to support governmental services, including
street improvements, facilities, parks, and equipment ac-
quisition, and potentially for enterprise activities.
To maintain the rating and position the City for an upgrade,
18
CIP and Debtit will be important for the City’s long term financial plans to
ensure the City’s very strong financial profile is maintained.
Any significant narrowing of operating reserves or liquidity
should be monitored and managed as this would represent
a challenge to the City’s rating.
19
CIP and DebtTable 2
Page 1 of 2City of Lakeville
Capital Improvement Plan
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
CAPITAL OUTLAY
Arenas Capital Project Fund 1,314,318 5,584,706 1,800,038 -------
Building Fund 664,453 853,576 1,688,608 945,475 10,501,750 492,400 288,000 407,800 7,800 1,677,236
Equipment Fund 1,773,016 2,593,454 3,709,997 1,755,069 2,660,957 2,422,983 3,220,056 1,856,154 2,627,336 2,546,035
Improvement Construction Fund 14,165,155 10,050,549 16,875,740 6,165,968 5,863,935 5,520,863 3,468,079 3,568,971 3,672,890 3,779,927
Municipal State Aid Fund 12,227,869 2,609,234 775,984 - 7,702,624 3,070,752 ----
Park Dedication Fund 2,911,922 2,645,592 10,616,000 3,921,250 16,568,910 5,176,200 1,175,000 655,000 655,000 655,000
Park Improvement Fund 355,300 923,000 760,500 265,000 352,000 290,000 368,000 320,000 392,000 487,500
Pavement Management Fund 1,772,953 2,142,500 2,210,375 2,280,286 2,352,295 2,426,464 2,523,523 2,624,463 2,729,442 2,838,620
Sanitary Sewer Fund 202,378 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Stormwater Infrastructure Fund 956,132 1,001,132 626,132 626,132 626,132 626,132 626,132 626,132 626,132 626,132
Tax Abatement Fund 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125
Technology Fund 90,646 165,364 278,534 445,531 24,567 178,604 93,246 322,763 315,471 51,061
Trail Improvement Fund 333,690 484,725 507,765 513,875 725,771 560,700 580,250 600,950 619,750 639,300
Water Fund 1,333,289 265,000 415,000 315,000 1,415,000 365,000 415,000 34,257,000 2,215,000 265,000
Total 38,114,246 29,406,957 40,352,799 17,321,711 48,882,065 21,218,224 12,845,411 45,327,359 13,948,947 13,653,936
Totals Capital Outlay by Fund and Source of Funds
20
CIP and DebtTable 2
Page 2 of 2City of Lakeville
Capital Improvement Plan
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Totals Capital Outlay by Fund and Source of Funds
SOURCE OF FUNDS FOR CAPITAL OUTLAY
Property taxes 2,155,000 2,455,000 5,035,482 4,699,541 4,484,541 4,759,541 5,162,206 5,388,010 5,521,959 5,787,056
Special assessments 49,198 25,568 24,377 22,221 20,730 18,817 15,941 14,859 8,189 14,466
Municipal state aid (maintenance)120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000
Charges for services 4,373,689 5,453,945 4,603,588 4,443,593 4,284,948 4,332,693 4,381,871 4,432,524 4,484,697 4,538,434
Investment income 263,504 313,124 319,676 306,173 303,133 293,340 287,371 303,351 324,996 324,456
Proceeds from sale of assets 169,525 185,750 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000
Transfer in from Communications Fund 4,400 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Intergovernmental for capital 5,440,272 1,152,255 1,644,000 250,000 3,804,911 374,788 ----
Other revenue for capital 206,867 167,000 600,000 --5,600 ----
Municipal state aid (construction)2,607,712 2,334,715 2,443,606 2,443,856 2,439,606 2,441,106 2,440,706 2,440,706 2,443,506 2,441,788
Bond proceeds (incl premium/discount) 12,381,961 16,671,682 22,919,258 6,540,486 31,677,453 7,438,993 4,382,932 37,191,020 3,397,991 3,499,931
Transfer in from Liquor Fund 569,677 531,300 531,300 531,300 531,300 531,300 531,300 531,300 531,300 531,300
Transfer in from Utility Funds 50,200 49,900 49,900 49,900 49,900 49,900 18,900 18,900 18,900 18,900
Transfer in from Municipal State Aid Fund ----- 524,000 ----
Transfer in from Other Funds - 200,000 200,000 -------
Transfer in from General Fund 550,000 550,000 --------
Antenna lease payments 456,535 474,893 490,007 505,575 520,743 537,234 534,195 638,684 541,049 701,625
Transfer in from Stormwater Infrastructure Fund 1,035,975 984,530 1,309,000 105,000 392,986 333,560 105,000 105,000 105,000 105,000
Loans/advances from other governments 2,552,907 185,198 --------
Transfer in from Water Fund 1,148,558 947,134 113,000 - 425,000 -----
Transfer in from Sanitary Sewer Fund 5,750 335,269 --------
Transfer in from Debt Service Funds 29,261 ---------
Subtotal 34,170,991 33,142,262 40,583,194 20,197,645 49,235,251 21,940,872 18,160,422 51,364,355 17,677,586 18,262,955
Use (Source) of Cash from Funds for CIP 3,943,255 (3,735,305) (230,395) (2,875,934) (353,186) (722,649) (5,315,011) (6,036,996) (3,728,640) (4,609,019)
Total 38,114,246 29,406,957 40,352,799 17,321,711 48,882,065 21,218,224 12,845,411 45,327,359 13,948,947 13,653,936
21
CIP and DebtTable 3
City of Lakeville
Summary of Existing Debt
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Annual Principal
G.O. Debt Fund 2,445,000 2,575,000 2,740,000 2,790,000 2,920,000 3,050,000 3,215,000 3,380,000 2,325,000 2,425,000 2,350,000
G.O. Improvement Debt Fund 3,790,000 4,585,000 5,110,000 5,495,000 5,970,000 5,705,000 5,570,000 5,035,000 5,155,000 5,270,000 4,725,000
G.O. Tax Increment Debt Fund 240,000 245,000 260,000 265,000 -------
G.O. State-aid Street Debt Fund 550,000 560,000 265,000 190,000 200,000 210,000 215,000 230,000 240,000 250,000 260,000
G.O. Water Revenue Debt Fund 365,000 380,000 400,000 420,000 440,000 465,000 490,000 495,000 475,000 480,000 495,000
G.O. Tax Abatement Debt Fund ---50,000 50,000 55,000 55,000 60,000 65,000 65,000 70,000
HRA and Arena Rev Debt Funds 530,000 370,000 385,000 405,000 420,000 425,000 440,000 455,000 475,000 490,000 515,000
Business Type Activity G.O. Debt Funds 695,000 795,000 1,175,000 1,140,000 1,170,000 1,220,000 1,280,000 1,255,000 1,105,000 850,000 780,000
Total Principal 8,615,000 9,510,000 10,335,000 10,755,000 11,170,000 11,130,000 11,265,000 10,910,000 9,840,000 9,830,000 9,195,000
Annual Interest
G.O. Debt Fund 1,191,304 1,089,575 989,338 892,650 787,700 677,950 564,800 447,750 346,175 264,663 185,888
G.O. Improvement Debt Fund 1,990,705 2,149,931 2,398,091 2,211,155 1,973,011 1,718,911 1,460,483 1,215,138 1,002,143 807,048 626,288
G.O. Tax Increment Debt Fund 36,761 26,908 16,493 5,565 -------
G.O. State-aid Street Debt Fund 180,889 165,345 151,379 141,144 131,394 123,769 115,769 104,644 94,094 84,294 75,394
G.O. Water Revenue Debt Fund 249,325 230,700 211,200 190,700 169,200 146,575 130,050 120,200 110,500 100,650 88,125
G.O. Tax Abatement Debt Fund --28,517 28,250 25,750 23,125 20,375 17,500 14,375 11,125 7,750
HRA and Arena Rev Debt Funds 228,780 208,650 197,325 185,475 173,100 160,425 147,450 134,025 117,700 98,400 78,300
Business Type Activity G.O. Debt Funds 334,182 338,713 436,213 403,413 357,863 303,713 246,463 192,938 149,588 115,438 85,188
Total Interest 4,211,946 4,209,822 4,428,554 4,058,351 3,618,018 3,154,468 2,685,389 2,232,194 1,834,574 1,481,616 1,146,931
Bonds Outstanding at Year End
G.O. Debt Fund 32,110,000 29,535,000 26,795,000 24,005,000 21,085,000 18,035,000 14,820,000 11,440,000 9,115,000 6,690,000 4,340,000
G.O. Improvement Debt Fund 59,155,000 63,940,000 58,830,000 53,335,000 47,365,000 41,660,000 36,090,000 31,055,000 25,900,000 20,630,000 15,905,000
G.O. Tax Increment Debt Fund 770,000 525,000 265,000 --------
G.O. State-aid Street Debt Fund 4,685,000 4,125,000 3,860,000 3,670,000 3,470,000 3,260,000 3,045,000 2,815,000 2,575,000 2,325,000 2,065,000
G.O. Water Revenue Debt Fund 7,230,000 6,850,000 6,450,000 6,030,000 5,590,000 5,125,000 4,635,000 4,140,000 3,665,000 3,185,000 2,690,000
G.O. Tax Abatement Debt Fund -620,000 620,000 570,000 520,000 465,000 410,000 350,000 285,000 220,000 150,000
HRA and Arena Rev Debt Funds 6,080,000 5,710,000 5,325,000 4,920,000 4,500,000 4,075,000 3,635,000 3,180,000 2,705,000 2,215,000 1,700,000
Business Type Activity G.O. Debt Funds 10,095,000 12,045,000 10,870,000 9,730,000 8,560,000 7,340,000 6,060,000 4,805,000 3,700,000 2,850,000 2,070,000
Total Outstanding 120,125,000 123,350,000 113,015,000 102,260,000 91,090,000 79,960,000 68,695,000 57,785,000 47,945,000 38,115,000 28,920,000
22
CIP and DebtTable 4
City of Lakeville
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Annual Principal
G.O. Debt Fund ----585,000 660,000 1,950,000 2,150,000 2,325,000 2,400,000
G.O. Improvement Debt Fund ---805,000 2,010,000 2,595,000 3,180,000 3,710,000 4,110,000 4,540,000
G.O. Tax Increment Debt Fund ----------
G.O. State-aid Street Debt Fund ----------
G.O. Water Revenue Debt Fund ---------1,275,000
G.O. Tax Abatement Debt Fund ---310,000 315,000 325,000 335,000 345,000 355,000 360,000
HRA and Arena Rev Debt Funds ----------
Business Type Activity G.O. Debt Funds ----------
Total Principal ---1,115,000 2,910,000 3,580,000 5,465,000 6,205,000 6,790,000 8,575,000
Annual Interest
G.O. Debt Fund ---184,406 327,588 844,213 1,250,132 1,244,413 1,190,288 1,115,488
G.O. Improvement Debt Fund --131,323 463,038 719,600 841,000 928,125 958,100 952,300 937,600
G.O. Tax Increment Debt Fund ----------
G.O. State-aid Street Debt Fund ----------
G.O. Water Revenue Debt Fund --------602,000 1,032,000
G.O. Tax Abatement Debt Fund --126,788 217,350 208,980 200,475 191,700 182,655 173,340 163,755
HRA and Arena Rev Debt Funds ----------
Business Type Activity G.O. Debt Funds ----------
Total Interest --258,110 864,794 1,256,168 1,885,688 2,369,957 2,385,168 2,917,928 3,248,843
Bonds Outstanding at Year End
G.O. Debt Fund --10,095,000 10,750,000 37,165,000 39,150,000 38,420,000 36,270,000 33,945,000 31,545,000
G.O. Improvement Debt Fund -9,005,000 22,600,000 27,895,000 31,675,000 34,130,000 34,260,000 33,960,000 33,360,000 32,435,000
G.O. Tax Increment Debt Fund ----------
G.O. State-aid Street Debt Fund ----------
G.O. Water Revenue Debt Fund -------34,400,000 34,400,000 33,125,000
G.O. Tax Abatement Debt Fund -8,050,000 8,050,000 7,740,000 7,425,000 7,100,000 6,765,000 6,420,000 6,065,000 5,705,000
HRA and Arena Rev Debt Funds ----------
Business Type Activity G.O. Debt Funds ----------
Placeholder 1 ----------
Placeholder 2 ----------
Total Outstanding -17,055,000 40,745,000 46,385,000 76,265,000 80,380,000 79,445,000 111,050,000 107,770,000 102,810,000
Summary of Planned New Debt
23
CIP and DebtTable 5
City of Lakeville
Summary of Existing and Planned New Debt
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Annual Principal
G.O. Debt Fund 2,575,000 2,740,000 2,790,000 2,920,000 3,635,000 3,875,000 5,330,000 4,475,000 4,750,000 4,750,000
G.O. Improvement Debt Fund 4,585,000 5,110,000 5,495,000 6,775,000 7,715,000 8,165,000 8,215,000 8,865,000 9,380,000 9,265,000
G.O. Tax Increment Debt Fund 245,000 260,000 265,000 -------
G.O. State-aid Street Debt Fund 560,000 265,000 190,000 200,000 210,000 215,000 230,000 240,000 250,000 260,000
G.O. Water Revenue Debt Fund 380,000 400,000 420,000 440,000 465,000 490,000 495,000 475,000 480,000 1,770,000
G.O. Tax Abatement Debt Fund --50,000 360,000 370,000 380,000 395,000 410,000 420,000 430,000
HRA and Arena Rev Debt Funds 370,000 385,000 405,000 420,000 425,000 440,000 455,000 475,000 490,000 515,000
Business Type Activity G.O. Debt Funds 795,000 1,175,000 1,140,000 1,170,000 1,220,000 1,280,000 1,255,000 1,105,000 850,000 780,000
Total Principal 9,510,000 10,335,000 10,755,000 12,285,000 14,040,000 14,845,000 16,375,000 16,045,000 16,620,000 17,770,000
Annual Interest
G.O. Debt Fund 1,089,575 989,338 892,650 972,106 1,005,538 1,409,013 1,697,882 1,590,588 1,454,950 1,301,375
G.O. Improvement Debt Fund 2,149,931 2,398,091 2,342,478 2,436,049 2,438,511 2,301,483 2,143,263 1,960,243 1,759,348 1,563,888
G.O. Tax Increment Debt Fund 26,908 16,493 5,565 -------
G.O. State-aid Street Debt Fund 165,345 151,379 141,144 131,394 123,769 115,769 104,644 94,094 84,294 75,394
G.O. Water Revenue Debt Fund 230,700 211,200 190,700 169,200 146,575 130,050 120,200 110,500 702,650 1,120,125
G.O. Tax Abatement Debt Fund -28,517 155,038 243,100 232,105 220,850 209,200 197,030 184,465 171,505
HRA and Arena Rev Debt Funds 208,650 197,325 185,475 173,100 160,425 147,450 134,025 117,700 98,400 78,300
Business Type Activity G.O. Debt Funds 338,713 436,213 403,413 357,863 303,713 246,463 192,938 149,588 115,438 85,188
Total Interest 4,209,822 4,428,554 4,316,462 4,482,811 4,410,635 4,571,076 4,602,151 4,219,741 4,399,544 4,395,774
Bonds Outstanding at Year End
G.O. Debt Fund 29,535,000 26,795,000 34,100,000 31,835,000 55,200,000 53,970,000 49,860,000 45,385,000 40,635,000 35,885,000
G.O. Improvement Debt Fund 63,940,000 67,835,000 75,935,000 75,260,000 73,335,000 70,220,000 65,315,000 59,860,000 53,990,000 48,340,000
G.O. Tax Increment Debt Fund 525,000 265,000 --------
G.O. State-aid Street Debt Fund 4,125,000 3,860,000 3,670,000 3,470,000 3,260,000 3,045,000 2,815,000 2,575,000 2,325,000 2,065,000
G.O. Water Revenue Debt Fund 6,850,000 6,450,000 6,030,000 5,590,000 5,125,000 4,635,000 4,140,000 38,065,000 37,585,000 35,815,000
G.O. Tax Abatement Debt Fund 620,000 8,670,000 8,620,000 8,260,000 7,890,000 7,510,000 7,115,000 6,705,000 6,285,000 5,855,000
HRA and Arena Rev Debt Funds 5,710,000 5,325,000 4,920,000 4,500,000 4,075,000 3,635,000 3,180,000 2,705,000 2,215,000 1,700,000
Business Type Activity G.O. Debt Funds 12,045,000 10,870,000 9,730,000 8,560,000 7,340,000 6,060,000 4,805,000 3,700,000 2,850,000 2,070,000
Total Outstanding 123,350,000 130,070,000 143,005,000 137,475,000 156,225,000 149,075,000 137,230,000 158,995,000 145,885,000 131,730,000
24
CIP and Debt
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 12.
Capital improvements (not including Enterprise Funds)
Facilities
Utility Trunk Funds
Equipment and Technology
Parks and trails
Streets
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 13.
Capital improvements source of funds (not including Enterprise Funds)
Use of fund balance
Bond proceeds
Other revenues
Transfers from other funds
Intergovernmental (includes
MSA)
Charges for services (includes
trunk fees)
Property taxes
Note: The chart shows use of fundbalance as a source of cash for project spending and does not show years where annual capital
expendituresmay exceed annual revenues resulting in a planned draw on fund balance.
Annual capital improvements
vary from year to year. The
source of funds to pay for the
capital improvements is pro-
jected to come from a variety
of sources, including the use of
cash balance projected to be
available for capital spending
purposes. Issuance of bonds and
use of bond proceeds to finance
certain project costs is antici-
pated.
Source of funds includes
planned use of fund balance for
certain projects. Revenue col-
lected in prior years is planned
to be available for expenditure.
25
CIP and Debt
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
202120222023202420252026202720282029MillionsChart 14
Planned Bond Issuance by Fund
(Does not include Enterprise Funds)
Arenas Capital Project
Fund
Building Fund
Improvement
Construction Fund
Equipment Fund
Park Dedication Fund
Property tax
68%Tax increment
2%
Intergovernmental
3%
Charges for services
2%
Special
Assessments
16%
Investment income
and other revenue
1%
Use of fund balance
8%
Chart 15.
Source of Revenue for Existing and Planned Debt Service for Period of 2020-2024
(Does not include Enterprise Funds)
The Plan includes issuance of
bonds to finance certain major
capital improvements, including
for facilities, parks, equipment
acquisition, and street recon-
struction projects supported in
part by special assessments.
Chart 14 includes planned bond
issuance by fund for the Govern-
mental Funds, and is not inclu-
sive of the Enterprise Funds.
Property tax revenue is planned
to provide the largest source
of revenue for repayment of
planned new debt issuance,
among other sources.
26
CIP and Debt
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 16.
Total Debt Service For Existing and Planned New Debt
(Does not include Enterprise Funds)
G.O. Debt Fund
G.O. Improvement Debt Fund
G.O. Tax Increment Debt Fund
G.O. State-aid Street Debt Fund
G.O. Water Revenue Debt Fund
G.O. Tax Abatement Debt Fund
HRA and Arena Rev Debt Funds
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 17.
Source of Revenues for Debt Service
(Does not include Enterprise Funds)
Property tax
Tax increment
Intergovernmental
Special Assessments
Investment income and other
revenue
Use of fund balance
Total debt service is projected to
increase from planned new debt
issuance.
Property tax revenue provides
the largest share of revenue for
debt service, payment on bonds
issued.
27
CIP and Debt
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
201920202021202220232024202520262027202820292030203120322033203420352036203720382039MillionsChart 18.
Total Debt Outstanding Existing and Planned
(Does not include Enterprise Funds)
Planned New
Debt
Existing Debt
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
2020202120222023202420252026202720282029203020312032203320342035203620372038MillionsChart 19.
Total Debt Outstanding Existing and Planned
By Type of Debt
(Does not include Enterprise Funds)
HRA and Arena Rev Debt Funds
G.O. Tax Abatement Debt Fund
G.O. Water Revenue Debt Fund
G.O. State-aid Street Debt Fund
G.O. Tax Increment Debt Fund
G.O. Improvement Debt Fund
G.O. Debt Fund
Total debt outstanding is pro-
jected to increase with the is-
suance of new debt for major
improvements, including street
reconstruction, park improve-
ments, and facilities, among
other capital improvements.
The majority of the increase is
for planned debt issuance for
street reconstruction projects.
The City plans to continue to
amortize future debt issuance
over the shortest term as pos-
sible, with the majority of the
City’s debt amortized over ten
years.
28
CIP and Debt
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 20.
Tax Levy for Debt Service
Levy for Existing Debt Levy for Planned New Debt
-$3.0
-$2.0
-$1.0
$0.0
$1.0
$2.0
$3.0
$4.0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 21.
Annual Change in Tax Levy for Debt Service
Existing Debt Planned New Debt
Note: Existing debt includes 2020ABonds.
The Plan anticipates an increase
in tax levy for debt service for
planned new debt issuance. The
tax levy that will be needed for
new debt issuance will be offset,
in part, by a reduction in tax levy
for existing debt as existing debt
is retired.
29
CIP and Debt
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2019 2020 2021 2022 2023 2024
Chart 22.
Amortization of Outstanding Debt
Includes Existing and Planned New Debt
(Does not include Enterprise Funds)
% Amortized within 5 years % Amortized within 10 years
Note: The City's Debt ManagementPolicy states that the City the City will endeavor to keep the final maturity of general obligation
bonds equal to or less than 20 years; and at least 50% of the principal shall be retired within 10 years. In all cases, the final maturityshall be
shorter than the deemed useful life of the asset financed.
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
$0
$500
$1,000
$1,500
$2,000
$2,500
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 CityPopulationDebtPerCapitaChart 23.
Debt Per Capita for Existing and Planned New Debt
(Does not include Enterprise Funds)
Debt Per Capita
Population
Based on population growth of 350 Single Family permits/year x 2.5 persons per household
The percent of City debt amor-
tized within a ten year period
is planned to increase. By year
2022, it is projected that over
80% of the City’s debt will be
amortized within ten years.
30
Finance Plans
FINANCE PLANS
Background
Finance plans have been prepared for the General Fund,
Debt Service Funds, and the Capital Projects Funds of the
City.
Finance Plans are included for the following individual Gov-
ernmental Funds:
• General Fund
• Debt Service Funds (combined basis)
• Arenas Capital Project Fund
• Building Fund
• Equipment Fund
• Improvement Construction Fund
• Municipal State Aid Fund
• Park Dedication Fund
• Park Improvement Fund
• Pavement Management Fund
• Trail Improvement Fund
• Tax Abatement Fund
• Technology Fund
• Sanitary Sewer Fund
• Stormwater Infrastructure Fund
• Water Fund
The Finance Plan for the Debt Service Funds provides a
combined total for all Debt Service Funds of the City.
General Assumptions for Finance Plans
The general assumptions used to develop the finance plans,
across all of funds, include the following:
• Annual property tax levy for the General Fund is esti-
mated based on the amount needed for planned ex-
penditures, and fund balance target of 45% of expen-
ditures, after accounting for projected non-tax revenue
sources.
• Annual property tax levy for the Debt Service Funds
is based on the tax revenue needed to pay debt ser-
vice. State law requires that the tax levies for all years
shall be specified and such that if collected in full they,
together with estimated collections of special assess-
ments and other revenues pledged for the payment of
said obligations, will produce at least 5% in excess of
the amount needed to meet when due the principal
and interest payments on the obligations.
• Non-property tax revenues in the General Fund are es-
timated to increase by 1.0-2.0% annually, depending on
the source.
• Annual investment income rate of 0.75% is assumed.
• Non-personnel costs for materials and supplies, and
other operating costs including professional services in
the General Fund are estimated to increase by 2.0%-
3.0% annually, depending on the expense item.
• Personnel costs, inclusive of salary and wages and ben-
efits, are estimated to increase by 3.5% annually. Plans
for personnel additions (new full time equivalents or
FTE’s) are detailed in the finance plan for the General
Fund that follows.
• Capital outlay included in the finance plans for the Cap-
ital Projects Funds is based on the CIP, and other long-
31
Finance Plans
term capital plans the City maintains for equipment,
facilities, and technology. Adjustments to the CIP are
reflected in the finance plans based on recent updated
cost estimates or other plan adjustments as prepared
by the City.
• The debt service related to planned issuance of new
debt (bonds) is included in the finance plan for the Debt
Service Funds. Certain assumptions were made with re-
spect to structure, term, and rates for future bonds as
detailed in the CIP and Debt Section.
32
Finance Plans
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 24.
Total Governmental Funds (Not including Special Revenue Funds and Tax Increment Fund)
Includes all other financing sources as revenue or expenditure
Revenues
Expenditures
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 25.
Total Governmental Funds (Not including Special Revenue Funds and Tax Increment Fund)
Includes all other financing sources as revenue or expenditure
Ending Fund Balance
Ending Cash Balance
Revenues are projected to ex-
ceed expenditures in certain
years. This has to do with the
timing of collection of certain
revenues that are collected to
pay for future capital improve-
ments.
Ending fund balance is projected
to exceed ending cash balance in
certain years. This has to do with
the recording of revenues in ad-
vance of collection of the cash,
among other factors.
33
Finance Plans
Table 6
Page 1 of 3City of Lakeville
Finance Plan
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 25,004,776 26,857,285 28,583,104 30,625,895 36,343,116 39,720,294 41,363,507 45,225,281 46,442,933 48,514,382 49,756,434 50,650,558
Fiscal disparities 2,851,529 2,956,607 3,222,360 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675
Property taxes other 182,812 284,833 218,939 (31,804)200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Tax increment 425,421 436,307 404,000 425,000 425,000 -------
Special assessments 3,139,103 3,713,724 1,979,023 2,272,310 2,212,222 2,662,770 2,580,553 2,497,913 2,398,267 2,316,754 2,090,595 1,818,802
Licenses and permits 3,208,278 3,808,132 3,167,832 2,496,070 2,521,031 2,571,451 2,622,880 2,675,338 2,728,845 2,783,422 2,839,090 2,895,872
Federal other grants 154,520 -----------
Police and fire aid and grants 1,022,889 981,076 1,012,124 967,862 977,541 987,316 997,189 1,007,161 1,017,233 1,027,405 1,037,679 1,048,056
Municipal state aid (maintenance)119,999 119,999 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000
Other intergovernmental 1,238,354 972,483 815,878 480,529 395,481 396,374 399,399 392,846 397,718 401,713 402,589 404,372
Charges for services 11,680,684 14,984,888 7,548,051 8,448,056 7,625,863 7,514,958 7,411,310 7,514,831 7,623,129 7,728,801 7,841,734 7,956,774
Fines 347,203 354,292 206,137 156,000 157,560 159,136 160,727 162,334 163,958 165,597 167,253 168,926
Investment income 898,572 2,713,623 617,873 592,187 587,928 577,483 587,780 587,303 596,488 614,872 647,429 649,780
Other revenues 255,639 168,703 95,827 137,605 390,537 388,997 390,527 391,894 393,096 394,135 391,859 392,654
Proceeds from sale of assets 530,734 107,645 169,525 185,750 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000
Intergovernmental for capital 1,362,211 4,463,602 5,440,272 1,152,255 1,644,000 250,000 3,804,911 374,788 ----
Other revenue for capital 113,314 102,180 206,867 167,000 600,000 --5,600 ----
Municipal state aid (construction)1,192,273 2,332,061 2,607,712 2,334,715 2,443,606 2,443,856 2,439,606 2,441,106 2,440,706 2,440,706 2,443,506 2,441,788
Bond proceeds (incl premium/discount)11,810,336 7,360,624 12,589,441 16,803,005 23,341,577 6,658,699 32,305,178 7,577,513 4,462,207 37,250,695 3,459,416 3,563,194
Antenna lease payments 491,286 437,349 456,535 474,893 490,007 505,575 520,743 537,234 534,195 638,684 541,049 701,625
Loans/advances from other governments 3,000,000 -2,552,907 185,198 --------
Transfer in from Municipal Reserves Fund 56,298 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Transfer in from Communications Fund 185,213 80,866 88,139 89,920 89,920 89,920 89,920 89,920 89,920 89,920 89,920 89,920
Transfer in from Liquor Fund 791,034 970,370 1,126,089 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375
Transfer in from Utility Funds 1,058,091 1,033,856 1,113,420 1,152,904 1,147,629 1,145,654 1,149,904 1,148,379 843,704 845,854 1,475,654 3,269,279
Transfer in from Municipal State Aid Fund 115,918 ------524,000 ----
Transfer in from Other Funds --80,000 280,000 280,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
Transfer in from General Fund 697,162 1,225,000 550,000 550,000 --------
Transfer in from Park Dedication Fund 764,500 108,426 ----------
Transfer in from Stormwater Infrastructure Fund 1,019,166 791,642 1,035,975 984,530 1,309,000 105,000 392,986 333,560 105,000 105,000 105,000 105,000
Transfer in from Water Fund 726,683 745,921 1,759,866 1,558,834 724,200 609,700 1,037,075 620,550 615,700 586,000 1,213,250 3,005,975
Transfer in from Sanitary Sewer Fund --5,750 335,269 --------
Transfer in from Debt Service Funds 4,902,692 23,351 29,261 ---------
Transfer in from Pavement Management Fund 202,011 -----------
Total Revenues 79,548,701 78,184,845 77,852,907 77,579,033 88,836,267 71,997,233 103,464,246 79,317,601 76,063,149 111,113,990 79,712,507 84,372,623
Total Governmental Funds (Not including Special Revenue Funds or Tax Increment Fund)
34
Finance Plans
Table 6
Page 2 of 3City of Lakeville
Finance Plan
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Total Governmental Funds (Not including Special Revenue Funds or Tax Increment Fund)
Expenditures
Personnel services 20,539,732 20,836,746 22,370,549 24,263,073 25,112,281 25,991,210 26,900,903 27,842,434 28,816,920 29,825,512 30,869,405 31,949,834
New FTEs and operating costs ----528,328 -335,402 231,855 355,828 -630,852 -
Commodities 1,932,193 1,729,737 1,717,946 1,801,256 1,837,281 1,874,027 1,911,507 1,949,737 1,988,732 2,028,507 2,069,077 2,110,458
Other charges and services 5,437,436 6,295,421 5,673,835 5,965,269 6,147,368 6,333,062 6,515,861 6,707,529 6,905,038 7,116,062 7,333,982 7,546,478
Principal payments 10,420,000 8,920,000 9,715,000 9,160,000 9,615,000 13,667,907 13,005,198 13,565,000 15,120,000 14,940,000 15,770,000 16,990,000
Interest payments 3,948,998 3,877,762 3,871,109 3,992,342 3,913,049 4,124,949 4,106,923 4,324,614 4,409,214 4,070,154 4,284,106 4,310,586
Capital outlay 24,863,053 20,589,089 38,155,004 29,433,647 40,382,799 17,351,711 48,912,065 21,248,224 12,875,411 45,357,359 13,978,947 13,683,936
Transfer out to Debt Service Funds 5,745,293 617,108 611,308 611,700 611,200 609,700 612,075 620,550 615,700 586,000 1,213,250 3,005,975
Transfer out to Utility Funds 201,650 5,399 ----------
Transfer out to Municipal State Aid Fund 1,136,177 367,353 2,190,283 2,161,933 --712,986 228,560 ----
Transfer out to Equipment Fund 85,000 920,000 350,000 350,000 --------
Transfer out to Technology Fund -155,000 -200,000 --------
Transfer out to Communications Fund 260,864 -----------
Transfer out to Building Fund 322,162 -200,000 ---------
Transfer out to Trail Improvement Fund 864,500 -----------
Transfer out to Park Improvement Fund 125,000 150,000 ----------
Transfer out to Improv Construction Fund 150,000 684,879 29,261 105,000 1,422,000 105,000 105,000 629,000 105,000 105,000 105,000 105,000
Payment of refunded bonds 3,320,000 -----------
Total Expenditures 79,352,058 65,148,494 84,884,295 78,044,220 89,569,306 70,057,566 103,117,920 77,347,503 71,191,842 104,028,593 76,254,618 79,702,268
Net Change in Fund Balances 196,643 13,036,351 (7,031,388)(465,187)(733,038)1,939,666 346,326 1,970,097 4,871,308 7,085,396 3,457,889 4,670,355
Changes and adjustments to prior period (36,291)4,714,255 ----------
Ending Fund Balance 70,272,523 88,023,129 80,991,741 80,526,554 79,793,516 81,733,182 82,079,508 84,049,606 88,920,913 96,006,309 99,464,198 104,134,553
35
Finance Plans
Table 6
Page 3 of 3City of Lakeville
Finance Plan
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Total Governmental Funds (Not including Special Revenue Funds or Tax Increment Fund)
Assets
Cash and investments 73,951,815 97,433,219 85,567,175 85,113,545 84,393,893 86,322,416 86,633,069 88,567,495 90,962,285 95,570,068 96,545,971 98,734,700
Investments held by trustee 617,567 616,405 616,402 616,402 616,402 616,402 616,402 616,402 616,402 616,402 616,402 616,402
Taxes receivable 1,932,835 1,917,117 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Special assessments receivable 15,713,645 16,080,752 15,857,849 17,986,981 19,892,493 18,013,343 16,134,570 14,256,619 12,380,518 10,520,667 8,745,481 7,029,450
Special assessments deferred other 922,099 904,010 832,018 810,507 810,507 810,507 810,507 810,507 810,507 810,507 732,107 732,107
Due from other funds 415,811 428,936 442,061 455,186 468,311 456,907 420,972 385,039 348,966 311,798 273,318 233,480
Due from other governments ------------
All other receivables and prepaid items 4,396,500 3,254,968 980,000 980,000 980,000 980,000 980,000 980,000 3,420,706 5,861,412 8,304,918 10,746,706
Total Assets 97,950,272 120,635,407 106,295,505 107,962,621 109,161,606 109,199,575 107,595,520 107,616,061 110,539,384 115,690,854 117,218,197 120,092,845
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue 19,035,536 16,538,240 16,069,091 18,213,683 20,136,485 18,273,659 16,410,833 14,548,008 12,685,182 10,838,400 8,992,082 7,285,304
All other payables 7,703,849 14,456,270 8,442,061 8,455,186 8,468,311 8,456,907 8,420,972 8,385,039 8,348,966 8,311,798 8,273,318 8,233,480
Deferred inflows of resources 938,364 1,617,768 792,612 767,198 763,294 735,827 684,206 633,409 584,323 534,346 488,599 439,508
Total Liabilities and deferred inflows 27,677,749 32,612,278 25,303,764 27,436,067 29,368,090 27,466,393 25,516,011 23,566,456 21,618,471 19,684,545 17,753,999 15,958,292
------------
Fund Balance 70,272,523 88,023,129 80,991,741 80,526,554 79,793,516 81,733,182 82,079,508 84,049,606 88,920,913 96,006,309 99,464,198 104,134,553
------------
Total Liab, deferred inflows, and fund balance 97,950,272 120,635,407 106,295,505 107,962,621 109,161,606 109,199,575 107,595,520 107,616,061 110,539,384 115,690,854 117,218,197 120,092,845
36
Finance Plans
GENERAL FUND
The General Fund is the primary fund used to record all re-
source inflows and outflows that are not associated with
special-purpose funds. The activities being paid for through
the General Fund constitute the core administrative and
operational tasks of the City.
COVID-19
The spread of COVID-19 disease may impact future tax and
other revenue collections may deviate from historical or an-
ticipated collections and may have an adverse impact on
the financial position and operations of the City. The City
has a history of strong financial management and has main-
tains strong fund balances.
Development and building activity remains strong and is
expected to continue to remain strong. Currently, there is
not enough data to predict the overall impact of COVID-19
on the City’s finances. As part of the City’s pandemic op-
erations plan, a COVID-19 code was established to track ex-
penditures and staff time spent on COVID-19 related expen-
ditures and tasks, as well as indirect costs associated with
staggered shifts and working remotely.
Revenues
Annual sources of non-tax revenues have been stable and
are projected to remain stable over the long term. COV-
ID-19 will impact revenues in the near term.
Property tax revenue provides the single largest source of
revenue to the General Fund. As a growing community, the
City’s next largest shares of revenues comes from charges
for services and licenses and permits.
Property Tax
Property tax revenue is estimated to increase annually to
fund general city operations in the General Fund. Figure 2
provides the projected General Fund property tax levy by
year and the annual percent increase, based on assump-
tions in the Plan.
The Plan assumes for future years delinquent property tax-
es, budgeted in “Property Taxes Other” account will exceed
collection of other property taxes, including collections
from prior year delinquent taxes, manufactured homes
taxes, and gravel tax, with the exception of year 2021. For
year 2021 the estimate for property tax revenue is less than
the planned levy by approximately $230,000. A negative
amount is shown in the Finance Plan for other property tax
revenue in 2021. For future years the budgeted property
tax revenue in the General Fund is equal to the projected
tax levy amount.
Beginning in 2023, the Plan anticipates increases in the
General Fund levy to ensure that the fund balance does not
drop below 45% of the following year’s projected expendi-
Figure 2.
Tax Year
Tax Levy in
Millions
% Change in
Tax Levy
2020 $22.54 5.6%
2021 $23.49 4.2%
2022 $25.00 6.4%
2023 $27.02 8.1%
2024 $28.21 4.4%
2025 $29.25 3.7%
2026 $30.26 3.5%
2027 $31.50 4.1%
2028 $32.75 3.9%
2029 $33.56 2.5%
37
Finance Plans
tures. Based on historical budgetary performance, it may
not be necessary to levy taxes to meet the fund balance
objective.
As shown in the chart below, property tax revenue com-
prises the largest source of revenue for the General Fund.
Property tax
71.8%
Licenses and
permits
10.2%
Charges for services
9.3%
All other
8.7%
Chart 26.
General Fund Sources of Revenues
Non-Tax Revenue
The financial plan for the General Fund is based on the fol-
lowing key assumptions for non-tax revenues:
• Non-tax revenues increase of approximately 1.0.-2.0%
annually, depending on the source..
• Annual investment income rate of 0.75%.
In recent years the non-tax revenue collected in the Gen-
eral Fund has exceeded the budget driven in large part from
development and the charges for services and other rev-
enue that is paid by the new development.
The actual year to year collection of non-tax revenue in the
General Fund may provide an additional source of fund bal-
ance, in amounts greater than what is included in the Plan,
that may eliminate the need to levy property taxes to main-
tain reserve levels in the General Fund.
Expenditures
The General Fund is used to account for the expense of pro-
viding general government services for the City.
The largest share of expenditures is for personnel costs,
including salary and wages and benefits, as shown in the
chart below.
Other non-personnel costs include commodities (operating
materials and supplies, equipment, etc) and other charges
and services (professional services).
Personnel
73.8%
Non-Personnel
26.2%
Chart 27.
Personnel costs comprise the largest share of General Fund
expenditures
The financial plan is based on the following key assump-
tions for expenditures in the General Fund:
• Non-personnel costs for materials and supplies, and
other operating costs including professional services
are estimated to increase by approximately 2.0-3.0%
annually, depending on the item.
• Personnel costs are estimated to increase by 3.5% an-
nually between 2022-2029 (health insurance increase
is capped at 9% for 2021) plus the following new per-
sonnel costs added by year:
38
Finance Plans
- $228,000 in 2021 for personnel transition costs
- $528,000 in 2022 for new police officers (2 FTE),
street maintenance (1 FTE), and parks mainte-
nance (1 FTE) personnel
- $335,000 in 2024 for new police officers (2 FTE)
- $231,000 in 2025 for street maintenance (1 FTE),
and parks maintenance (1 FTE) personnel
- $355,000 in 2026 for new police officers (2 FTE)
- $630,000 in 2028 for new police officers (2 FTE),
street maintenance (1 FTE), and parks mainte-
nance (1 FTE) personnel
Transfers
The General Fund receives transfers in of revenue from cer-
tain Special Revenue Funds and the Enterprise Funds. The
transfers in from the Municipal Reserve Fund, the Liquor
Fund, and the Utility Funds are projected to continue at
fairly constant levels between 2020-2029. The Communica-
tions Fund transfer related to specific projects is projected
to continue in future years, subject to annual review.
The General Fund transfers out revenue to certain Capital
Projects Funds on a project basis (one-time) and transfers
funds annually to the Equipment Fund to pay for equipment
that benefits services that operate out of the General Fund.
Balance Sheet
Ending cash balance between 2020-2029 is projected to be
fairly constant, with some year to year changes, increasing
over time to ensure that reserves remain at policy levels.
Accounts receivable and payable are projected to remain
at historical levels. The special assessments receivable is
projected to be paid by property owners as scheduled with
no future projected special assessments for receipt to the
General Fund.
Ending cash balance and accounts payable increased by ap-
proximately $6 million from 2018 to 2019. This increase was
due to the reclassification of escrow funds from an Agency
Fund to the General Fund, and the movement of cash to
the General Fund for this purpose. The increase in cash of
approximately $6.0 million was offset by the accounts pay-
able. For purposes of the Plan, the accounts payable is held
constant. The Plan will need to be updated to reflect any
payout of funs on-hand and reduction in the payable.
39
Finance Plans
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 28.
General Fund
Ending fund balance is projected to be continue to be at levels abouve the minum required
Ending Fund Balance
Ending Cash Balance
Minimum Fund Balance
Per Policy (40%)
Note: Ending cash balance increased from 2018to 2019 due to approximately$6.0 million reclassification of agency funds to the General Fund
offset by an increase in accounts payable. The cash balance will be reduced form what is shown in the chart above as escrowedfunds are paid
out over time.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 29.
General Fund
Expenditures and Revenues
All other revenues
Property tax
Expenditures
The City policy is to maintain
an unrestricted (committed, as-
signed and unassigned) fund
balance in the General Fund of
an amount not less than 40%
and not greater than 50% of the
next year’s budgeted expendi-
tures of the General Fund. The
policy notes that this will assist
in maintaining an adequate level
of fund balance to provide for
cash flow requirements and con-
tingency needs.
The Plan targets maintenance of
a fund balance at 45% of expen-
ditures for planning purposes. To
achieve this the Plan assumes an
increase in tax levy for the Gen-
eral Fund. The increase may be
offset by actual non-tax revenue
collections in excess of projec-
tions. In recent years, the Gen-
eral Fund non-tax revenue has
exceed budget due to greater
revenue related to development
40
Finance Plans
Table 7
Page 1 of 2City of Lakeville
Finance Plan
General Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 17,082,608 18,252,465 19,087,739 20,000,857 21,512,312 23,532,814 24,720,061 25,765,564 26,775,087 28,014,872 29,257,688 30,074,239
Fiscal disparities 2,851,529 2,956,607 3,222,360 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675 3,488,675
Property taxes other 182,812 284,833 218,939 (31,804)200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Special assessments -2,755 ----------
Licenses and permits 3,208,278 3,808,132 3,167,832 2,496,070 2,521,031 2,571,451 2,622,880 2,675,338 2,728,845 2,783,422 2,839,090 2,895,872
Federal other grants 154,520 -----------
Police and fire aid and grants 1,022,889 981,076 1,012,124 967,862 977,541 987,316 997,189 1,007,161 1,017,233 1,027,405 1,037,679 1,048,056
Other intergovernmental 2,929 238,125 90,083 63,700 64,337 64,980 65,630 66,286 66,949 67,619 68,295 68,978
Charges for services 3,381,862 3,420,724 2,880,312 2,679,812 2,706,610 2,760,742 2,815,957 2,872,276 2,929,722 2,988,316 3,048,083 3,109,044
Fines 347,203 354,292 206,137 156,000 157,560 159,136 160,727 162,334 163,958 165,597 167,253 168,926
Investment income 174,680 478,317 250,000 174,000 161,549 154,758 159,738 163,511 168,039 171,057 177,622 180,037
Other revenues 102,406 168,703 95,827 57,729 58,306 58,889 59,478 60,073 60,674 61,280 61,893 62,512
Transfer in from Municipal Reserves Fund 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Transfer in from Communications Fund 78,663 80,866 83,739 84,920 84,920 84,920 84,920 84,920 84,920 84,920 84,920 84,920
Transfer in from Liquor Fund 194,866 164,875 156,412 165,075 165,075 165,075 165,075 165,075 165,075 165,075 165,075 165,075
Transfer in from Utility Funds 441,703 477,043 540,220 576,435 576,435 576,435 576,435 576,435 576,435 576,435 576,435 576,435
Total Revenues 29,276,948 31,718,813 31,061,724 30,929,331 32,724,351 34,855,192 36,166,766 37,337,649 38,475,611 39,844,674 41,222,708 42,172,768
Expenditures
Personnel services 20,539,732 20,836,746 22,370,549 24,263,073 25,112,281 25,991,210 26,900,903 27,842,434 28,816,920 29,825,512 30,869,405 31,949,834
New FTEs and operating costs ----528,328 -335,402 231,855 355,828 -630,852 -
Commodities 1,932,193 1,729,737 1,717,946 1,801,256 1,837,281 1,874,027 1,911,507 1,949,737 1,988,732 2,028,507 2,069,077 2,110,458
Other charges and services 5,340,704 6,250,993 5,646,900 5,938,312 6,116,461 6,299,955 6,488,954 6,683,622 6,884,131 7,090,655 7,303,375 7,522,476
Capital outlay 43,002 36,574 40,758 26,690 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
Transfer out to Equipment Fund -920,000 350,000 350,000 --------
Transfer out to Technology Fund -155,000 -200,000 --------
Transfer out to Communications Fund 260,864 -----------
Transfer out to Building Fund 322,162 -200,000 ---------
Transfer out to Trail Improvement Fund 100,000 -----------
Transfer out to Park Improvement Fund 125,000 150,000 ----------
Transfer out to Improv Construction Fund 150,000 -----------
Total Expenditures 28,813,657 30,079,050 30,326,153 32,579,331 33,624,351 34,195,192 35,666,766 36,737,649 38,075,611 38,974,674 40,902,708 41,612,768
Net Change in Fund Balances 463,291 1,639,763 735,571 (1,650,000)(900,000)660,000 500,000 600,000 400,000 870,000 320,000 560,000
Changes and adjustments to prior period (36,291)(132,957)----------
Ending Fund Balance 15,696,442 17,203,248 17,938,819 16,288,819 15,388,819 16,048,819 16,548,819 17,148,819 17,548,819 18,418,819 18,738,819 19,298,819
41
Finance Plans
Table 7
Page 2 of 2City of Lakeville
Finance Plan
General Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Assets
Cash and investments 14,819,011 23,171,764 23,058,819 21,408,819 20,508,819 21,168,819 21,668,819 22,268,819 22,668,819 23,538,819 23,858,819 24,418,819
Investments held by trustee ------------
Taxes receivable 1,932,835 1,917,117 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Special assessments receivable 117,596 120,528 ----------
Special assessments deferred other ------------
Due from other funds 415,811 428,936 442,061 455,186 468,311 456,907 420,972 385,039 348,966 311,798 273,318 233,480
Due from other governments ------------
All other receivables and prepaid items 1,077,269 978,974 980,000 980,000 980,000 980,000 980,000 980,000 980,000 980,000 980,000 980,000
Total Assets 18,362,522 26,617,319 26,480,880 24,844,005 23,957,130 24,605,726 25,069,791 25,633,858 25,997,785 26,830,617 27,112,137 27,632,299
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue 723,857 160,659 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
All other payables 1,446,907 8,071,983 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Deferred inflows of resources 495,316 1,181,429 442,061 455,186 468,311 456,907 420,972 385,039 348,966 311,798 273,318 233,480
Total Liabilities and deferred inflows 2,666,080 9,414,071 8,542,061 8,555,186 8,568,311 8,556,907 8,520,972 8,485,039 8,448,966 8,411,798 8,373,318 8,333,480
Fund Balance 15,696,442 17,203,248 17,938,819 16,288,819 15,388,819 16,048,819 16,548,819 17,148,819 17,548,819 18,418,819 18,738,819 19,298,819
Total Liab, deferred inflows, and fund balance 18,362,522 26,617,319 26,480,880 24,844,005 23,957,130 24,605,726 25,069,791 25,633,858 25,997,785 26,830,617 27,112,137 27,632,299
Total Fund Balance as % of Following Year
Expenditures, Not Including Transfers
54% 58%56%48%45% 45%45%45%45%45%45% 45%
42
Finance Plans
December that is used in the following year to make Febru-
ary 1 debt payments.
The year-end cash balance includes cash from collection of
special assessments and tax levy in current year to pay the
following February 1st debt payments. The City receives
tax settlements from the County in June and December of
each year. The first half tax settlement is available to cover
the August debt payments and the second tax settlement is
available to cover the February payments.
For general obligation bonds, the City is required by statute
to have funds available in the respective debt service funds
equal to 105% of the debt service payments coming due.
Revenue
The Debt Service Funds include the following source of rev-
enue: special assessments, property taxes, tax increment,
special assessments, municipal state aid (intergovernmen-
tal), interest income, and transfers in from other funds,
among other sources.
The Plan anticipates the issuance of general obligation
bonds annually between 2020-2029 for streets, facilities,
and parks. Debt to be issued that is supported from utility
revenues is accounted for in the Enterprise Funds and not
within the Debt Service Funds of the City.
Debt accounted for in the Debt Service Funds includes only
debt to be supported by general governmental revenues,
including property tax revenue, and other governmental
revenues.
Expenditures
The use of funds is for the payment of debt, including prin-
cipal and interest payments and other fees related to debt.
DEBT SERVICE FUNDS
The Debt Service Fund includes the combined Governmen-
tal Funds used to account for all of the City’s governmental
debt service. These funds account for the accumulation of
resources that are restricted to the payment of long-term
debt principal and interest, but excluding debt issued for
and serviced by an enterprise fund. The following funds are
included in the Plan on a combined basis:
• General Obligation Improvement Fund
• General Obligation Debt Service Fund
• Tax Increment Fund
• State-aid Revenue Fund
• Water Revenue Fund
• Tax Abatement Debt Fund
• Arena Revenue Fund
• HRA Revenue Fund
At the end of 2019, the total general obligation bonds
payable (reported as Governmental Fund Debt) was
$103,950,000.
Other debt outstanding (reported as Governmental Fund
Debt) was $6,080,000 outstanding revenue bonds support-
ed by lease obligations for the arenas. There is no general
obligation pledge for this debt.
Debt outstanding in the Enterprise Funds (business type
activity) outstanding in the Enterprise Funds, was in the
amount of $10,095,000 at the end of 2019. The Enterprise
Funds are not included in this Plan.
The year-end cash balance in the Debt Service Funds fluctu-
ates due to the timing of collection of revenue. Property tax
revenue is levied in the year prior to debt service payments
coming due. For example, the City receives tax revenue in
43
Finance Plans
Transfers
Transfers include transfers between debt service funds (“in-
tra-fund”), as debt is retired and remaining balance of funds
moved to other debt obligations and from other Govern-
mental Funds and Enterprise Funds for specific purposes.
Balance Sheet
Ending cash balance in the Debt Service Funds is projected
to be sufficient to meet all debt obligations when due.
44
Finance Plans
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 30.
Debt Service Fund
Fund balance and cash balance are projected to be at the same level
Ending Fund Balance
Ending Cash Balance
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 31.
Debt Service Fund
Total revenues may exceed use of funds due to the timing of collection of revenue and
payment of debt
Non property tax
revenue
Property tax revenue
Expenditures
Use of funds to pay debt ser-
vice is projected to come from
a combination of property tax
revenue, other non-property
tax revenue, including special
assessments, and interest on in-
vestments.
Ending fund balance is projected
to exceed ending cash balance.
The ending fund balance in-
cludes revenue that has not yet
been collected, including from
special assessments levied.
45
Finance Plans
Table 8
Page 1 of 2City of Lakeville
Finance Plan
Debt Service Funds
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 5,469,418 7,077,820 7,340,365 8,170,038 9,795,321 11,487,939 12,158,905 14,700,176 14,505,640 15,111,500 14,976,787 14,789,263
Tax increment 425,421 436,307 404,000 425,000 425,000 -------
Special assessments 2,907,940 3,463,098 1,929,825 2,246,742 2,187,845 2,640,549 2,559,822 2,479,096 2,382,326 2,301,895 2,082,406 1,804,336
Other intergovernmental 1,235,425 734,358 725,795 416,829 331,144 331,394 333,769 326,560 330,769 334,094 334,294 335,394
Charges for services 381,126 292,100 294,050 314,300 315,665 310,623 310,405 309,861 311,536 307,961 308,955 309,295
Investment income 189,827 549,213 104,369 105,063 106,704 116,552 124,909 130,451 141,079 140,464 144,811 145,288
Other revenues 142,500 --79,876 332,231 330,107 331,049 331,821 332,423 332,854 329,966 330,142
Proceeds from sale of assets 266,436 -----------
Bond proceeds (incl premium/discount)3,514,297 77,860 207,480 131,323 422,319 118,213 627,725 138,520 79,275 59,675 61,425 63,263
Transfer in from Liquor Fund 346,168 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000
Transfer in from Utility Funds 524,419 525,813 523,000 526,569 521,294 519,319 523,569 522,044 248,369 250,519 880,319 2,673,944
Transfer in from Municipal State Aid Fund 115,918 -----------
Transfer in from Other Funds --80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
Transfer in from Water Fund 726,683 617,108 611,308 611,700 611,200 609,700 612,075 620,550 615,700 586,000 1,213,250 3,005,975
Transfer in from Debt Service Funds 4,902,428 -----------
Total Revenues 21,148,006 14,173,677 12,620,192 13,507,440 15,528,722 16,944,395 18,062,229 20,039,079 19,427,117 19,904,961 20,812,212 23,936,899
Expenditures
Other charges and services 96,732 44,428 26,935 26,957 30,907 33,107 26,907 23,907 20,907 25,407 30,607 24,002
Principal payments 9,420,000 7,920,000 8,715,000 9,160,000 9,615,000 11,115,000 12,820,000 13,565,000 15,120,000 14,940,000 15,770,000 16,990,000
Interest payments 3,948,998 3,877,762 3,871,109 3,992,342 3,913,049 4,124,949 4,106,923 4,324,614 4,409,214 4,070,154 4,284,106 4,310,586
Transfer out to Debt Service Funds 4,902,692 -----------
Transfer out to Improv Construction Fund -23,351 29,261 ---------
Payment of refunded bonds 3,320,000 -----------
Total Expenditures 21,688,422 11,865,541 12,642,305 13,179,299 13,558,956 15,273,056 16,953,830 17,913,521 19,550,121 19,035,561 20,084,713 21,324,588
Net Change in Fund Balances (540,416)2,308,136 (22,113)328,141 1,969,766 1,671,339 1,108,399 2,125,558 (123,004)869,401 727,499 2,612,311
Ending Fund Balance 19,342,940 21,651,076 21,628,963 21,957,104 23,926,870 25,598,209 26,706,609 28,832,167 28,709,164 29,578,564 30,306,064 32,918,375
46
Finance Plans
Table 8
Page 2 of 2City of Lakeville
Finance Plan
Debt Service Funds
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Assets
Cash and investments 18,606,089 20,873,706 21,012,561 21,340,702 23,310,468 24,981,807 26,090,207 28,215,765 28,092,762 28,962,162 29,689,662 32,301,973
Investments held by trustee 617,567 616,405 616,402 616,402 616,402 616,402 616,402 616,402 616,402 616,402 616,402 616,402
Taxes receivable ------------
Special assessments receivable 15,440,898 15,810,783 15,737,802 17,882,394 19,805,196 17,942,370 16,079,544 14,216,719 12,353,893 10,507,111 8,660,793 6,954,015
Special assessments deferred other 633,309 616,785 231,289 231,289 231,289 231,289 231,289 231,289 231,289 231,289 231,289 231,289
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 2,352,048 110,935 ----------
Total Assets 37,649,911 38,028,614 37,598,054 40,070,787 43,963,355 43,771,868 43,017,442 43,280,175 41,294,346 40,316,965 39,198,145 40,103,678
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue 18,306,746 16,377,538 15,969,091 18,113,683 20,036,485 18,173,659 16,310,833 14,448,008 12,585,182 10,738,400 8,892,082 7,185,304
All other payables 225 -----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 18,306,971 16,377,538 15,969,091 18,113,683 20,036,485 18,173,659 16,310,833 14,448,008 12,585,182 10,738,400 8,892,082 7,185,304
Fund Balance 19,342,940 21,651,076 21,628,963 21,957,104 23,926,870 25,598,209 26,706,609 28,832,167 28,709,164 29,578,564 30,306,064 32,918,375
Total Liab, deferred inflows, and fund balance 37,649,911 38,028,614 37,598,054 40,070,787 43,963,355 43,771,868 43,017,442 43,280,175 41,294,346 40,316,965 39,198,145 40,103,678
47
Finance Plans
BUILDING FUND
The Building Fund is used to account for improvements to
municipal facilities. The Building Fund is reported as part of
the Capital Projects Funds in the City’s financial statements.
Revenues
The major source of revenue for the Building Fund comes
from antenna lease revenue, with total antenna revenue
averaging approximately $487,000 annually between 2020-
2029.
The other sources of revenues come from transfers in of
revenue from other City funds and property tax revenue.
The property tax revenue and transfers in are for specific
project and not planned to be on-going sources of revenue.
The antenna lease revenue provides the only planned on-
going source of revenue. Bond proceeds is anticipated in
2024 to finance the central maintenance facility expansion
in the amount of $10.25 million. No other bonding is antici-
pated for facilities.
Expenditures
The Building Fund includes capital outlay for facilities. Facil-
ities include the Arts Center, city hall, central maintenance
facility, fire stations, police station, among other facilities.
The Plan does not include facilities improvements for En-
terprise Funds.
The City plans to spend approximately $14.5 million on fa-
cilities between 2021-2025. This does not include facilities
improvements for Enterprise Funds. Total project spending
by facility is detailed in the Capital Improvement Plan sec-
tion, see page 13.
The source of cash funding for these projects is planned
to come from cash projected to be available in the Build-
ing Fund from transfers in from the General Fund, antenna
lease revenue, and bonding for the central maintenance fa-
cility project, among other sources.
Between 2026-2029, plans anticipate approximately $2.4
million in spending. This does not include facility improve-
ments for Enterprise Funds.
Transfers
The Plan includes transfers in of funds from the General
Fund on a project specific basis. There are no planned re-
curring transfers.
Balance Sheet
The ending cash balance is projected to decline with
planned expenditures projected to exceed projected rev-
enues, including proceeds from issuance of bonds. The
City will need to address the shortfall through reduction in
planned expenditures or identifying other sources of rev-
enue, or a combination of both. There are no future ac-
counts receivables and payable projected.
48
Finance Plans
($0.2)
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 32.
Building Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 33.
Building Fund
Revenues and Expenditures
Bond proceeds
Non property tax
revenue
Property tax revenue
Expenditures
The City is planning for improve-
ments to the central mainte-
nance facility in year 2021. The
project will be financed from the
issuance of bonds. The bonds
will be repaid with future prop-
erty tax revenue collections.
Future capital outlay in the
Building Fund is currently pro-
jected to exceed projected rev-
enues and negative ending cash
balances are projected in fu-
tures years. This will need to be
addressed through changes to
planned spending and/or other
revenue sources to support ex-
penditures.
49
Finance Plans
Table 9
City of Lakeville
Finance Plan
Building Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 400,000 ---440,000 415,000 -----130,000
Special assessments -30,370 ----------
Investment income 13,739 33,113 21,504 9,213 6,220 331 (73)1,739 1,866 3,506 4,165 7,982
Proceeds from sale of assets 62 145 ----------
Intergovernmental for capital -8,528 ----------
Bond proceeds (incl premium/discount)------10,250,000 -----
Antenna lease payments 466,370 411,685 430,102 447,667 461,964 476,691 491,859 507,483 503,552 491,613 509,487 550,141
Transfer in from General Fund 322,162 -200,000 ---------
Total Revenues 1,202,333 483,841 651,606 456,880 908,184 892,022 10,741,786 509,222 505,418 495,119 513,652 688,123
Expenditures
Capital outlay 597,755 567,553 664,453 853,576 1,688,608 945,475 10,501,750 492,400 288,000 407,800 7,800 1,677,236
Total Expenditures 597,755 567,553 664,453 853,576 1,688,608 945,475 10,501,750 492,400 288,000 407,800 7,800 1,677,236
Net Change in Fund Balances 604,578 (83,712)(12,847)(396,696)(780,424)(53,453)240,036 16,822 217,418 87,319 505,852 (989,113)
Ending Fund Balance 1,317,522 1,233,810 1,220,963 824,267 43,843 (9,610)230,426 247,248 464,666 551,985 1,057,837 68,724
Assets
Cash and investments 1,318,847 1,247,960 1,220,963 824,267 43,843 (9,610)230,426 247,248 464,666 551,985 1,057,837 68,724
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 6,538 7,923 ----------
Total Assets 1,325,385 1,255,883 1,220,963 824,267 43,843 (9,610)230,426 247,248 464,666 551,985 1,057,837 68,724
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 7,863 22,073 ----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 7,863 22,073 ----------
Fund Balance 1,317,522 1,233,810 1,220,963 824,267 43,843 (9,610) 230,426 247,248 464,666 551,985 1,057,837 68,724
Total Liab, deferred inflows, and fund balance 1,325,385 1,255,883 1,220,963 824,267 43,843 (9,610) 230,426 247,248 464,666 551,985 1,057,837 68,724
50
Finance Plans
EQUIPMENT FUND
The Equipment Fund is used to account for the acquisition
of equipment, including vehicles, trucks, and fire apparatus,
among other types of equipment acquisitions.
Revenues
The source of cash funding for equipment is planned to
come from property taxes, transfers in from the General
Fund, transfers in from the Liquor Fund, transfers in from
the utilities operating funds, antenna revenue, and bonding
in certain years for major equipment acquisitions, among
other sources. The City intends to provide pay-go funding
for equipment within the next 5-7 years to eliminate future
bonding for equipment.
Future revenues are projected to be sufficient to cover pro-
jected expenditures.
Expenditures
The expenditures are for capital outlay, which vary from
year to year depending on replacement schedules and pro-
jected needs for equipment, which includes vehicles and
trucks, among other types of equipment.
Transfers
The City budgets for transfers in from other City funds to
support acquisition of equipment.
The Liquor Fund is projected to transfer in $500,000 annu-
ally between 2020-2029.
The Utility Funds transfer in revenues to pay for equipment
acquisitions that benefit utility operations. The amount may
vary from year to year but is estimated at $31,000 annually.
The General Fund transfers in revenues to pay for equip-
ment acquisition that benefits departments that are bud-
geted for in the General Fund. The transfer from the Gen-
eral Fund is not recurring, it is specific to the equipment to
be acquired and varies from year to year.
Balance Sheet
Cash balance within the Equipment Fund is projected to
decline between 2020-2029 but remain at a level the City
anticipates will be sufficient to meet expenditures.
51
Finance Plans
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 34.
Equipment Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 35.
Equipment Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
The cash balance in the Equip-
ment Fund is projected to be
spent down between year 2020
and 2022. Planned increase in
property tax revenue for the
Equipment Fund will provide on-
going revenue to support expen-
ditures.
The property tax revenue for the
Equipment Fund is projected to
increase from $675,000 in 2020
to $1,600,000 by year 2029.
52
Finance Plans
Table 10
City of Lakeville
Finance Plan
Equipment Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 525,000 252,000 675,000 675,000 1,075,000 1,075,000 1,075,000 1,250,000 1,500,000 1,600,000 1,600,000 1,600,000
Investment income 22,476 60,917 -12,062 5,726 2,909 7,919 6,198 2,721 3,760 6,948 4,342
Other revenues 10,733 -----------
Proceeds from sale of assets 264,236 107,500 169,525 185,750 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000
Other revenue for capital -22,581 20,000 ---------
Municipal state aid (construction)-64,316 ----------
Bond proceeds (incl premium/discount)----1,550,000 635,000 644,000 -1,180,000 ---
Transfer in from Liquor Fund 250,000 405,495 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Transfer in from Utility Funds 74,116 31,000 31,000 31,000 31,000 31,000 31,000 31,000 ----
Transfer in from General Fund -920,000 350,000 350,000 --------
Transfer in from Pavement Management Fund 85,000 -----------
Total Revenues 1,231,561 1,863,809 1,745,525 1,753,812 3,336,726 2,418,909 2,432,919 1,962,198 3,357,721 2,278,760 2,281,948 2,279,342
Expenditures
Capital outlay 2,238,716 1,198,013 1,773,016 2,593,454 3,709,997 1,755,069 2,660,957 2,422,983 3,220,056 1,856,154 2,627,336 2,546,035
Total Expenditures 2,238,716 1,198,013 1,773,016 2,593,454 3,709,997 1,755,069 2,660,957 2,422,983 3,220,056 1,856,154 2,627,336 2,546,035
Net Change in Fund Balances (1,007,155)665,796 (27,491)(839,642)(373,271)663,840 (228,038)(460,785)137,665 422,605 (345,388)(266,693)
Ending Fund Balance 960,146 1,625,942 1,598,451 758,809 385,538 1,049,378 821,340 360,554 498,219 920,824 575,437 308,744
Assets
Cash and investments 955,626 1,574,408 1,598,451 758,809 385,538 1,049,378 821,340 360,554 498,219 920,824 575,437 308,744
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 23,453 81,955 ----------
Total Assets 979,079 1,656,363 1,598,451 758,809 385,538 1,049,378 821,340 360,554 498,219 920,824 575,437 308,744
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 18,933 30,421 ----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 18,933 30,421 ----------
Fund Balance 960,146 1,625,942 1,598,451 758,809 385,538 1,049,378 821,340 360,554 498,219 920,824 575,437 308,744
Total Liab, deferred inflows, and fund balance 979,079 1,656,363 1,598,451 758,809 385,538 1,049,378 821,340 360,554 498,219 920,824 575,437 308,744
53
Finance Plans
PARK DEDICATION FUND
The Park Dedication Fund is used to account for the col-
lection of park dedication fees at time of development of
property and the expenditure of these funds.
Revenues
Charges for services revenues comes from the collection of
park dedication when land is developed.
Other revenues come from investment income and dona-
tions, among other non-recurring revenues.
Revenue from bond proceeds is anticipated for planned
community park improvements and development. The City
is considering a park referendum for voters to consider ap-
proving the bonding and expenditure for major park im-
provements.
Expenditures
The expenditures are for park land acquisition and park im-
provement construction costs.
Expenditures for improvements and development of com-
munity parks is accounted for in this Fund. This includes
the following community park improvements, among other
park improvements:
• Antlers Community Park, $8.2 million in 2022
• Avonlea Community Park, $15.2 million in 2024
• East Community Park, $2.5 million in 2025
Transfers
There are no recurring transfers in or transfers out from the
Park Dedication Fund. For certain park improvement proj-
ects, including trail improvements planned to be paid from
Park Dedication fees, the City will transfer revenue from
the Park Dedication Fund to another Capital Projects Fund
to pay for a proportionate share of a project with a larger
scope than just park improvements.
For example in 2018, the City transferred $764,500 from
the Park Dedication Fund to the Trail Improvement Fund.
The Finance Plan for the Park Dedication Fund anticipates
future transfers out to the Municipal State Aid Fund, and
the Improvement Construction Fund.
Balance Sheet
There are no projected recurring receivables or payables.
Cash balance is projected to change from year to year due
to the timing of collection of park dedication fees and the
expenditure of the funds.
The finance plan projects expenditures will exceed reve-
nues in year 2025 resulting in a short-term negative ending
cash balance in this year. The City will need to either iden-
tify other revenue sources to cover the planned expendi-
tures, reduce planned expenditures, a combination of both
to address the projected shortfall. The City may also deter-
mine to advance cash from another City fund to cover the
projected temporary shortfall.
54
Finance Plans
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 36.
Park Dedication Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 37.
Park Dedication Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
The ending balances for the Park
Dedication Fund are impacted
by the timing of receipt of rev-
enues and the expenditure of
these funds on park improve-
ments supported by these fees.
As projects are approved and
expenditures are made the bal-
ance of funds is spent down. The
balances are replenished with
the collection of future project-
ed fees.
55
Finance Plans
Table 11
City of Lakeville
Finance Plan
Park Dedication Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 51 -----------
Charges for services 1,873,677 3,154,888 419,000 1,540,505 1,584,199 1,629,204 1,675,558 1,723,304 1,772,481 1,823,135 1,875,307 1,929,045
Investment income 65,273 206,466 28,400 28,009 20,259 16,512 1,227 3,399 (3,362)1,121 9,944 19,227
Intergovernmental for capital 5,000 9,634 15,000 -300,000 250,000 ------
Other revenue for capital 51,827 68,763 66,867 50,000 --------
Bond proceeds (incl premium/discount)----8,215,000 -15,180,000 2,553,400 ----
Total Revenues 1,995,828 3,439,751 529,267 1,618,514 10,119,457 1,895,715 16,856,785 4,280,103 1,769,119 1,824,255 1,885,251 1,948,272
Expenditures
Capital outlay 2,085,837 1,646,691 2,911,922 2,645,592 10,616,000 3,921,250 16,568,910 5,176,200 1,175,000 655,000 655,000 655,000
Transfer out to Trail Improvement Fund 764,500 -----------
Transfer out to Improv Construction Fund -108,426 ----------
Total Expenditures 2,850,337 1,755,117 2,911,922 2,645,592 10,616,000 3,921,250 16,568,910 5,176,200 1,175,000 655,000 655,000 655,000
Net Change in Fund Balances (854,509)1,684,634 (2,382,655)(1,027,078)(496,543)(2,025,535)287,875 (896,097)594,119 1,169,255 1,230,251 1,293,272
Ending Fund Balance 4,409,798 6,094,432 3,711,777 2,684,699 2,188,156 162,621 450,497 (445,600)148,519 1,317,774 2,548,025 3,841,298
Assets
Cash and investments 4,436,345 6,150,574 3,711,777 2,684,699 2,188,156 162,621 450,497 (445,600)148,519 1,317,774 2,548,025 3,841,298
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 29,647 35,121 ----------
Total Assets 4,465,992 6,185,695 3,711,777 2,684,699 2,188,156 162,621 450,497 (445,600)148,519 1,317,774 2,548,025 3,841,298
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue 4,933 43 ----------
All other payables 51,261 91,220 ----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 56,194 91,263 ----------
Fund Balance 4,409,798 6,094,432 3,711,777 2,684,699 2,188,156 162,621 450,497 (445,600) 148,519 1,317,774 2,548,025 3,841,298
Total Liab, deferred inflows, and fund balance 4,465,992 6,185,695 3,711,777 2,684,699 2,188,156 162,621 450,497 (445,600) 148,519 1,317,774 2,548,025 3,841,298
56
Finance Plans
TRAIL IMPROVEMENT FUND
The Trail Improvement Fund is used to account for the col-
lection of revenues and expenditures of funds for capital
maintenance and improvements of trails within the City.
Revenues
Collection of annual property tax revenues provides the
main source of revenues for trails. Other non-recurring rev-
enues may include intergovernmental revenue from other
adjacent cities or Dakota County, depending on the project.
Expenditures
The expenditures are for capital maintenance of the trails
or trail improvements, including expansion of the trail sys-
tem.
Transfers
There are no recurring transfers in or transfers out from
the Trail Improvement Fund. For certain trail improvement
projects there may be one-time transfers in of revenues.
For example, in 2018 the Park Dedication Fund transferred
in $764,500 of funds for a trail improvement project.
Transfers out may occur on a project by project basis to
other funds.
Balance Sheet
There are no recurring receivables or payables. Cash bal-
ance is projected to change from year to year due to the
timing of collection of revenues and the expenditure of the
funds.
57
Finance Plans
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 39.
Trail Improvement Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
The Plan anticipates the expen-
diture of the balance of funds
accumulated in prior years and
an gradual increase in property
tax revenue support for trail
improvements between 2020-
2029.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 38.
Trail Improvement Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
58
Finance Plans
Table 12
City of Lakeville
Finance Plan
Trail Improvement Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 111,200 -30,000 80,000 510,000 550,000 550,000 550,000 598,000 619,000 638,000 658,000
Investment income 9,235 38,579 3,700 2,023 10 21 202 89 36 124 215 308
Intergovernmental for capital -169,091 ----152,969 -----
Transfer in from General Fund 100,000 -----------
Transfer in from Park Dedication Fund 764,500 -----------
Total Revenues 984,935 207,670 33,700 82,023 510,010 550,021 703,171 550,089 598,036 619,124 638,215 658,308
Expenditures
Capital outlay 271,840 565,782 333,690 484,725 507,765 513,875 725,771 560,700 580,250 600,950 619,750 639,300
Total Expenditures 271,840 565,782 333,690 484,725 507,765 513,875 725,771 560,700 580,250 600,950 619,750 639,300
Net Change in Fund Balances 713,095 (358,112)(299,990)(402,702)2,245 36,146 (22,600)(10,611)17,786 18,174 18,465 19,008
Ending Fund Balance 1,062,733 704,621 404,631 1,929 4,174 40,320 17,719 7,108 24,893 43,068 61,533 80,541
Assets
Cash and investments 1,058,593 697,432 404,631 1,929 4,174 40,320 17,719 7,108 24,893 43,068 61,533 80,541
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 4,414 7,189 ----------
Total Assets 1,063,007 704,621 404,631 1,929 4,174 40,320 17,719 7,108 24,893 43,068 61,533 80,541
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 274 -----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 274 -----------
Fund Balance 1,062,733 704,621 404,631 1,929 4,174 40,320 17,719 7,108 24,893 43,068 61,533 80,541
Total Liab, deferred inflows, and fund balance 1,063,007 704,621 404,631 1,929 4,174 40,320 17,719 7,108 24,893 43,068 61,533 80,541
59
Finance Plans
PARK IMPROVEMENT FUND
The Park Improvement Fund is used to account for the col-
lection of property tax revenues and collection of antenna
lease payments on structures within parks for improve-
ments to parks.
Revenues
Collection of annual property tax revenues provides the
main source of revenues for capital maintenance of parks.
Other sources include antenna lease revenue and invest-
ment income.
Expenditures
The expenditures are for capital improvements of parks
that are not funded from park dedication fees.
Transfers
There are no recurring transfers in or transfers out from
the Park Improvement Fund. For certain trail improvement
projects there may be one-time transfers in of revenues.
For example, in 2018 and 2019, the General Fund trans-
ferred in revenue to the Park Improvement Fund.
While not currently planned, there may be transfers out to
other capital projects funds to pay a portion of project costs
related to park improvements.
Balance Sheet
There are no recurring receivables or payables. Cash bal-
ance is projected to change from year to year due to the
timing of collection of revenues and the expenditure of the
funds. Annual ending cash balance is projected to average
$120,000.
60
Finance Plans
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 40.
Park Improvement Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
$0.9
$1.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 41.
Park Improvement Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
The Plan anticipates the expen-
diture of the balance of funds
accumulated in prior years.
Property tax revenue support
for trail improvements is pro-
jected to increase in years 2021
and 2002, then remain at ap-
proximately $300,000 annually
between 2023-2029.
61
Finance Plans
Table 13
City of Lakeville
Finance Plan
Park Improvement Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 175,000 175,000 350,000 600,000 700,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Investment income 103 11,779 2,000 1,757 286 126 446 332 533 349 986 688
Antenna lease payments 24,916 25,664 26,433 27,226 28,043 28,884 28,884 29,751 30,643 147,072 31,563 151,484
Transfer in from General Fund 125,000 150,000 ----------
Total Revenues 325,019 362,443 378,433 628,983 728,329 329,010 329,330 330,083 331,176 447,420 332,548 452,172
Expenditures
Capital outlay 183,715 184,413 355,300 923,000 760,500 265,000 352,000 290,000 368,000 320,000 392,000 487,500
Total Expenditures 183,715 184,413 355,300 923,000 760,500 265,000 352,000 290,000 368,000 320,000 392,000 487,500
Net Change in Fund Balances 141,304 178,030 23,133 (294,017)(32,171)64,010 (22,670)40,083 (36,824)127,420 (59,452)(35,328)
Ending Fund Balance 150,146 328,176 351,309 57,292 25,121 89,131 66,460 106,544 69,720 197,140 137,688 102,360
Assets
Cash and investments 149,504 337,422 351,309 57,292 25,121 89,131 66,460 106,544 69,720 197,140 137,688 102,360
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 642 954 ----------
Total Assets 150,146 338,376 351,309 57,292 25,121 89,131 66,460 106,544 69,720 197,140 137,688 102,360
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables -10,200 ----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows -10,200 ----------
Fund Balance 150,146 328,176 351,309 57,292 25,121 89,131 66,460 106,544 69,720 197,140 137,688 102,360
Total Liab, deferred inflows, and fund balance 150,146 338,376 351,309 57,292 25,121 89,131 66,460 106,544 69,720 197,140 137,688 102,360
62
Finance Plans
TAX ABATEMENT FUND
The Tax Abatement Fund was established to account for the
advance of funds from the General Fund to the Tax Abate-
ment Fund to provide financial assistance to a private busi-
ness for business expansion.
The repayment to the General Fund will begin in year 2023
after the tax increment financing district for Fairfield Busi-
ness Park is decertified in 2022.
Revenues
The source of future funds will come from certification of
a tax abatement levy. To have authority to approve a tax
abatement levy, the City must first hold a public hearing fol-
lowing notice in the newspaper of its plans to approve a
tax abatement. A resolution approving the tax abatement,
maximum amount and terms, may be considered and ap-
proved by the City Council following the hearing.
The finance plan includes projected annual tax abatement
revenue of $49,059. This estimated amount is calculated
based on parcel number 22-24500-01-023 (owned by POST)
and City tax rate for tax year 2020. The City may determine
to include more parcels within the tax abatement which
would accelerate the repayment to the General Fund. Par-
cels included within the tax abatement area may not be in-
cluded within other tax increment financing districts while
a parcel is subject to a tax abatement.
Expenditures
Future expenditures are projected for payment of interest
on the outstanding balance of funds due to the General
Fund.
The collection of a future tax abatement levy will be used to
pay accrued interest and to repay the original loan amount
of $375,000. Payment of principal on the original loan will
result in a reduction in the payable and a net increase in
fund balance.
Transfers
There are no prior or projected future transfers of funds.
Balance Sheet
The balance sheet includes the $415,577 payable to the
General Fund. The balance payable includes the original
principal balance of $375,000 plus accrued (non-com-
pounding) interest payable at 3.5%.
The Tax Abatement Fund may be closed after the General
Fund is repaid.
63
Finance Plans
Table 15
City of Lakeville
Finance Plan
Tax Abatement Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes -----49,059 49,059 49,059 49,059 49,059 49,059 49,059
Investment income ---1 1 1 124 124 125 125 119 107
Total Revenues ---1 1 49,060 49,183 49,183 49,184 49,184 49,178 49,166
Expenditures
Capital outlay 13,126 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125
Total Expenditures 13,126 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125 13,125
Net Change in Fund Balances (13,126)(13,125)(13,125)(13,124)(13,124)35,935 36,058 36,058 36,059 36,059 36,053 36,041
Ending Fund Balance (415,577)(428,702)(441,827)(454,951)(468,075)(432,139)(396,082)(360,023)(323,964)(287,905)(251,852)(215,810)
Assets
Cash and investments --234 235 236 24,768 24,890 25,016 25,002 23,893 21,466 17,670
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 234 234 ----------
Total Assets 234 234 234 235 236 24,768 24,890 25,016 25,002 23,893 21,466 17,670
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 415,811 428,936 442,061 455,186 468,311 456,907 420,972 385,039 348,966 311,798 273,318 233,480
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 415,811 428,936 442,061 455,186 468,311 456,907 420,972 385,039 348,966 311,798 273,318 233,480
Fund Balance (415,577) (428,702) (441,827) (454,951) (468,075) (432,139) (396,082) (360,023) (323,964) (287,905) (251,852) (215,810)
Total Liab, deferred inflows, and fund balance 234 234 234 235 236 24,768 24,890 25,016 25,002 23,893 21,466 17,670
64
Finance Plans
TECHNOLOGY FUND
The Technology Fund was established to account for the
capital outlay for technology hardware and software acqui-
sition, and other costs related to technology implementa-
tion.
Revenues
The major source of revenues comes from property tax.
Other sources of revenues include investment income on
balance of funds and transfers in from other funds.
Transfers in from the Communication Fund, Liquor Fund,
and the Utility Funds are planned.
Expenditures
The expenditures are for capital outlay, which vary from
year to year depending on planned implementations and
replacement schedules.
Transfers
The City plans to budget for transfers in from other City
funds to support technology improvements and replace-
ments.
The Liquor Fund is projected to transfer in approximately
$31,000 annually, the Communications Fund approximate-
ly $5,000 annually, and the Utility Funds approximately
$19,000 annually.
Balance Sheet
The current plan estimates that the Technology Fund will
have expenditures in excess of revenues in certain years,
resulting in negative ending cash balances in years 2023
and 2028. The shortfall will need to be covered from oth-
er sources of revenue, including increase in support from
other funds, a reduction in spending, or a combination of
strategies.
65
Finance Plans
Table 16
City of Lakeville
Finance Plan
Technology Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ----155,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000
Investment income -1,864 3,100 1,227 1,914 1,413 (352)1,046 1,292 2,184 1,352 567
Transfer in from Communications Fund --4,400 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Transfer in from Liquor Fund --69,677 31,300 31,300 31,300 31,300 31,300 31,300 31,300 31,300 31,300
Transfer in from Utility Funds --19,200 18,900 18,900 18,900 18,900 18,900 18,900 18,900 18,900 18,900
Transfer in from General Fund -155,000 -200,000 --------
Total Revenues -156,864 96,377 256,427 212,114 211,613 209,848 211,246 211,492 212,384 211,552 210,767
Expenditures
Capital outlay --90,646 165,364 278,534 445,531 24,567 178,604 93,246 322,763 315,471 51,061
Total Expenditures --90,646 165,364 278,534 445,531 24,567 178,604 93,246 322,763 315,471 51,061
Net Change in Fund Balances -156,864 5,731 91,062 (66,420)(233,918)185,281 32,642 118,247 (110,379)(103,919)159,706
Ending Fund Balance -156,864 162,595 253,657 187,238 (46,681)138,601 171,242 289,489 179,110 75,191 234,897
Assets
Cash and investments -156,815 162,595 253,657 187,238 (46,681)138,601 171,242 289,489 179,110 75,191 234,897
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable -49 ----------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items ------------
Total Assets -156,864 162,595 253,657 187,238 (46,681)138,601 171,242 289,489 179,110 75,191 234,897
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables ------------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows ------------
Fund Balance - 156,864 162,595 253,657 187,238 (46,681) 138,601 171,242 289,489 179,110 75,191 234,897
Total Liab, deferred inflows, and fund balance - 156,864 162,595 253,657 187,238 (46,681) 138,601 171,242 289,489 179,110 75,191 234,897
66
Finance Plans
MUNICIPAL STATE AID FUND
The Municipal State Aid Fund is used to account for receipt
and expenditure of municipal state aid (MSA) funds for
MSA eligible street improvements. A portion of the munici-
pal state aid funds the City receives are allocated directly to
the Pavement Management Fund in the annual amount of
$120,000.
Revenues
The major source of revenues comes from MSA funds al-
located to the City. Other revenues come from special as-
sessments, charges for services, investment income, other
intergovernmental revenues and loans (i.e., from Dakota
County), and transfers in from other City funds.
Expenditures
The capital expenditures are for street improvements to
MSA eligible projects.
The activity of this fund fluctuates from year to year based
on state aid allotments and projects completed.
Other expenditures may include repayment of advances
of funds for project costs from other governments, for ex-
ample from Dakota County, reported as principal payments.
The Plan does not include any expenditures after 2025, this
is subject to change as project plans change from year to
year.
Transfers
The Plan projects transfers in from other funds to pay for
project costs incurred at part of municipal aid street im-
provement projects, project costs that are not funded from
state aid but will be included as part of the street improve-
ment project.
A transfer out to the Improvement Construction Fund in the
amount of $524,000 is projected in year 2025 for the 210th
Street Reconstruction Project.
Balance Sheet
Ending cash balance is projected to average $2.4 million
over the next ten years.
The projected receivables balance in future years will be
reduced as project costs are incurred and submitted to the
State for draw-down of state aid funds.
67
Finance Plans
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 42.
Municipal State Aid Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 43.
Municipal State Aid Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
Projected ending fund balance
in future years is shown to be
in greater than ending cash bal-
ance due to the timing differ-
ence between recognizing the
allocation of state aid funds as
current revenue and the draw-
down (receipt of cash) as future
project costs are incurred.
68
Finance Plans
Table 17
City of Lakeville
Finance Plan
Municipal State Aid Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Charges for services 475,080 702,880 ----------
Investment income 39,633 148,959 15,800 913 18,538 31,261 30,674 22,731 15,964 16,085 16,206 16,329
Intergovernmental for capital 600,404 1,909,435 3,939,991 262,103 --3,651,942 -----
Other revenue for capital 61,487 ------5,600 ----
Municipal state aid (construction)1,192,273 2,267,745 2,607,712 2,334,715 2,443,606 2,443,856 2,439,606 2,441,106 2,440,706 2,440,706 2,443,506 2,441,788
Loans/advances from other governments 3,000,000 -2,552,907 185,198 --------
Transfer in from Utility Funds 17,853 -----------
Transfer in from Stormwater Infrastructure Fund 1,019,166 238,540 1,035,975 879,530 --287,986 228,560 ----
Transfer in from Water Fund --1,148,558 947,134 --425,000 -----
Transfer in from Sanitary Sewer Fund --5,750 335,269 --------
Transfer in from Pavement Management Fund 117,011 -----------
Total Revenues 6,522,907 5,267,559 11,306,693 4,944,862 2,462,144 2,475,117 6,835,208 2,697,998 2,456,671 2,456,791 2,459,713 2,458,116
Expenditures
Principal payments 1,000,000 1,000,000 1,000,000 --2,552,907 185,198 -----
Capital outlay 7,860,545 2,921,891 12,227,869 2,609,234 775,984 -7,702,624 3,070,752 ----
Transfer out to Debt Service Funds 115,918 -----------
Transfer out to Improv Construction Fund -------524,000 ----
Total Expenditures 8,976,463 3,921,891 13,227,869 2,609,234 775,984 2,552,907 7,887,822 3,594,752 ----
Net Change in Fund Balances (2,453,556)1,345,668 (1,921,176)2,335,628 1,686,160 (77,790)(1,052,614)(896,754)2,456,671 2,456,791 2,459,713 2,458,116
Ending Fund Balance 696,520 2,042,188 121,012 2,456,640 4,142,800 4,065,010 3,012,397 2,115,643 4,572,313 7,029,104 9,488,817 11,946,933
Assets
Cash and investments 4,275,181 4,116,062 121,012 2,456,640 4,142,800 4,065,010 3,012,397 2,115,643 2,131,607 2,147,692 2,163,899 2,180,227
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 298,401 1,642,318 ------2,440,706 4,881,412 7,324,918 9,766,706
Total Assets 4,573,582 5,758,380 121,012 2,456,640 4,142,800 4,065,010 3,012,397 2,115,643 4,572,313 7,029,104 9,488,817 11,946,933
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 3,877,062 3,716,192 ----------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows 3,877,062 3,716,192 ----------
Fund Balance 696,520 2,042,188 121,012 2,456,640 4,142,800 4,065,010 3,012,397 2,115,643 4,572,313 7,029,104 9,488,817 11,946,933
Total Liab, deferred inflows, and fund balance 4,573,582 5,758,380 121,012 2,456,640 4,142,800 4,065,010 3,012,397 2,115,643 4,572,313 7,029,104 9,488,817 11,946,933
69
Finance Plans
PAVEMENT MANAGEMENT FUND
The Pavement Management Fund is used to account for an
allocated share of the municipal state aid (MSA) funds and
collection of property tax revenue for annual street pave-
ment management that is not assessed to property own-
ers. This includes filling of potholes and cracks, and other
projects as identified in the City’s pavement management
program.
The City has identified 57 miles of streets that would ben-
efit from a mill and overlay to extend the life of the street
by 10-15 years. Mill and overlay helps to defer the need for
street reconstruction and levying of special assessments to
benefiting property owners. Mill and overlay project costs
are not assessed to property owners, pursuant to the City’s
policy. Mill and overlay has not been a standard strategy or
practice for the City in recent years. The City plans to con-
sider mill and overlay for streets where there is benefit to
be derived and reconstruction can be deferred.
Revenues
The major source of revenues comes from property tax
revenue. The City plans to increase the amount annually
to reflect projected annual increase in costs for pavement
management.
The allocation of MSA funds is a budget decision made by
the City for use of these state allocated funds.
Other revenue comes from investment income on the bal-
ance maintained in the Fund, among other non-recurring
sources.
Expenditures
The capital expenditures are for street pavement manage-
ment improvements not accounted for in other funds.
Transfers
The City transfers revenue from this fund to the Municipal
State Aid Fund and to the Equipment Fund as specific proj-
ects or equipment acquisitions may require. There are no
recurring transfers planned.
Balance Sheet
There are no recurring receivables or payables. Cash bal-
ance is projected to decrease over time. Long term the plan
anticipates annual expenditures will approximately equal
annual revenues.
70
Finance Plans
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 44.
Pavement Management Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 45.
Pavement Management Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
The Plan anticipates the expen-
diture of the balance of funds
accumulated in prior years and
a gradual increase in property
tax revenue support for trail
improvements between 2020-
2029.
71
Finance Plans
Table 18
City of Lakeville
Finance Plan
Pavement Management Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 1,191,550 1,100,000 1,100,000 1,100,000 2,000,000 2,000,000 2,200,000 2,300,000 2,400,000 2,500,000 2,610,000 2,720,000
Special assessments 3,311 111 ----------
Municipal state aid (maintenance)119,999 119,999 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000
Charges for services -5,900 ----------
Investment income 14,411 58,640 7,200 9,359 2,469 1,806 610 371 325 300 269 275
Intergovernmental for capital 574,554 269,335 ----------
Other revenue for capital -836 ----------
Total Revenues 1,903,825 1,554,821 1,227,200 1,229,359 2,122,469 2,121,806 2,320,610 2,420,371 2,520,325 2,620,300 2,730,269 2,840,275
Expenditures
Capital outlay 1,351,377 1,059,044 1,772,953 2,142,500 2,210,375 2,280,286 2,352,295 2,426,464 2,523,523 2,624,463 2,729,442 2,838,620
Transfer out to Municipal State Aid Fund 117,011 -----------
Transfer out to Equipment Fund 85,000 -----------
Total Expenditures 1,553,388 1,059,044 1,772,953 2,142,500 2,210,375 2,280,286 2,352,295 2,426,464 2,523,523 2,624,463 2,729,442 2,838,620
Net Change in Fund Balances 350,437 495,777 (545,753)(913,141)(87,906)(158,480)(31,685)(6,093)(3,198)(4,163)827 1,656
Ending Fund Balance 1,290,293 1,786,070 1,240,317 327,176 239,270 80,790 49,104 43,011 39,813 35,650 36,477 38,132
Assets
Cash and investments 1,427,820 1,821,217 1,240,317 327,176 239,270 80,790 49,104 43,011 39,813 35,650 36,477 38,132
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable 445 465 ----------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 474,894 9,698 ----------
Total Assets 1,903,159 1,831,380 1,240,317 327,176 239,270 80,790 49,104 43,011 39,813 35,650 36,477 38,132
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 612,421 44,957 ----------
Deferred inflows of resources 445 353 ----------
Total Liabilities and deferred inflows 612,866 45,310 ----------
Fund Balance 1,290,293 1,786,070 1,240,317 327,176 239,270 80,790 49,104 43,011 39,813 35,650 36,477 38,132
Total Liab, deferred inflows, and fund balance 1,903,159 1,831,380 1,240,317 327,176 239,270 80,790 49,104 43,011 39,813 35,650 36,477 38,132
72
Finance Plans
IMPROVEMENT CONSTRUCTION
FUND
The Improvement Construction Fund is used to account for
street improvements that are paid for, in part, from special
assessments to benefiting properties.
Revenues
The major source of revenues comes from bond proceeds.
The City issues bonds on a regular basis to finance street im-
provements that are assessed to benefiting property own-
ers. The bond issuance pays for the street improvement
portion of the project. The utility improvements completed
as part of a street project are paid for directly from the re-
spective utility funds, including the Water Fund, Sanitary
Sewer Fund, Stormwater Fund, and the Streetlighting Fund.
The City may reduce the amount of future bonds issued to
finance street improvements, as the City plans to begin to
levy for collection of property tax revenue for deposit into
the Improvement Construction Fund. As the amount of an-
nual property tax revenue collected is increased over time,
and as debt outstanding is retired, the City may be posi-
tioned to size future bond issuance to provide bond pro-
ceeds for the special assessed portion of the street project
only and to reduce or eliminate the need to issue bonds for
the City portion.
Special assessments collected for street improvements,
that are pledged to bond issued, are recorded as revenue
in the debt service funds and not in the Improvement Con-
struction Fund. Special assessment revenue that may be
recorded to the Improvement Construction Fund is for pre-
paid special assessments, for example, or other special as-
sessment revenue that is not pledged to bonds.
Investment income is earned on the balance of cash in the
Improvement Construction Fund.
Certain projects may include intergovernmental revenue
from Dakota County, or other governmental units.
Expenditures
The capital expenditures are for street improvements not
accounted for in other funds.
Transfers
The only planned recurring transfers in to the Improvement
Construction Fund are planned to come from the Stormwa-
ter Infrastructure Fund at approximately $150,000 annually.
Other transfers in are project specific and non-recurring
transfers.
No recurring transfers out from the Improvement Construc-
tion Fund to other funds is anticipated.
Balance Sheet
There are projected receivables and payables, and deferred
inflows of resources related to special assessments. Year
2020 includes and increase in deferred special assessment
revenue. The City plans to close a debt service fund (Fund
3311 used to account for Bond Series 2009B) and move the
$370,225 deferred special assessment balance from the
closed fund to the Improvement Construction Fund for fu-
ture collection along with the remaining cash balance in the
Fund 3311.
73
Finance Plans
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 46.
Improvement Construction Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 47.
Improvement Construction Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
The City plans to increase the
current property tax revenue
levied to begin to transition to
partial pay-go funding for the
City’s street reconstruction proj-
ects. The City plans to reduce fu-
ture bonding to the extent cur-
rent revenues are available and
sufficient.
74
Finance Plans
Table 19
City of Lakeville
Finance Plan
Improvement Construction Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 50,000 ---155,482 155,482 155,482 155,482 160,147 164,951 169,900 174,997
Special assessments 192,655 125,750 -2,164 2,064 1,965 1,865 1,765 1,666 1,566 1,205 0
Charges for services -321,117 ----------
Investment income 38,079 84,329 30,000 41,203 41,519 41,849 42,182 42,516 46,807 47,174 47,544 47,912
Proceeds from sale of assets ------------
Intergovernmental for capital -1,821,228 1,485,281 890,152 1,344,000 --374,788 ----
Other revenue for capital --120,000 117,000 600,000 -------
Bond proceeds (incl premium/discount)8,296,039 7,282,764 11,616,184 8,738,397 13,154,258 5,905,486 5,603,453 4,885,593 3,202,932 3,299,020 3,397,991 3,499,931
Transfer in from Communications Fund 106,550 -----------
Transfer in from Municipal State Aid Fund -------524,000 ----
Transfer in from Other Funds ---200,000 200,000 -------
Transfer in from General Fund 150,000 -----------
Transfer in from Park Dedication Fund -108,426 ----------
Transfer in from Stormwater Infrastructure Fund -553,102 -105,000 1,309,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000
Transfer in from Water Fund -128,813 --113,000 -------
Transfer in from Debt Service Funds 264 23,351 29,261 ---------
Total Revenues 8,833,587 10,448,880 13,280,726 10,093,916 16,919,323 6,209,782 5,907,982 6,089,145 3,516,551 3,617,711 3,721,640 3,827,839
Expenditures
Capital outlay 7,878,767 10,335,717 14,165,155 10,050,549 16,875,740 6,165,968 5,863,935 5,520,863 3,468,079 3,568,971 3,672,890 3,779,927
Transfer out to Utility Funds 137,445 -----------
Total Expenditures 8,016,212 10,335,717 14,165,155 10,050,549 16,875,740 6,165,968 5,863,935 5,520,863 3,468,079 3,568,971 3,672,890 3,779,927
Net Change in Fund Balances 817,375 113,163 (884,429)43,367 43,583 43,814 44,047 568,282 48,472 48,740 48,749 47,912
Changes and adjustments to prior period -4,847,212 ----------
Ending Fund Balance 1,754,599 6,714,974 5,830,545 5,873,912 5,917,495 5,961,309 6,005,356 6,573,637 6,622,109 6,670,849 6,719,599 6,767,511
Assets
Cash and investments 2,334,438 7,499,585 5,460,320 5,502,118 5,545,962 5,590,038 5,634,346 6,202,889 6,251,623 6,300,624 6,349,374 6,397,286
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable 21,205 10,690 8,939 9,390 8,011 6,632 5,254 3,875 2,496 1,117 0 0
Special assessments deferred other 144,939 85,115 398,619 398,619 398,619 398,619 398,619 398,619 398,619 398,619 398,619 398,619
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items (901)194 ----------
Total Assets 2,499,681 7,595,584 5,867,878 5,910,127 5,952,593 5,995,289 6,038,219 6,605,383 6,652,738 6,700,361 6,747,993 6,795,905
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 579,108 784,972 ----------
Deferred inflows of resources 165,974 95,638 37,333 36,215 35,098 33,981 32,863 31,746 30,629 29,511 28,394 28,394
Total Liabilities and deferred inflows 745,082 880,610 37,333 36,215 35,098 33,981 32,863 31,746 30,629 29,511 28,394 28,394
Fund Balance 1,754,599 6,714,974 5,830,545 5,873,912 5,917,495 5,961,309 6,005,356 6,573,637 6,622,109 6,670,849 6,719,599 6,767,511
Total Liab, deferred inflows, and fund balance 2,499,681 7,595,584 5,867,878 5,910,127 5,952,593 5,995,289 6,038,219 6,605,383 6,652,738 6,700,361 6,747,993 6,795,905
75
Finance Plans
ARENA CAPITAL PROJECT FUND
The Arena Capital Project Fund is a new Governmental Cap-
ital Projects Fund established to account for major capital
improvements to the municipal owned ice areas, the Ames
Arena and the Hasse Arena. The two arenas are managed
and operated by Lakeville Arenas, an organization estab-
lished by a Joint Powers Agreement between the City and
the School District (ISD No. 194).
Revenues
The revenues to finance the capital improvements will
come from bond proceeds. The City issued the Series 2020A
Bonds, of which a portion of the proceeds (including pre-
mium), in the amount of $765,777, will be used to finance
parking lot improvements at the Ames Arena.
The City plans to issue bonds in 2021 to finance energy sav-
ings improvements to the Ames Arena and the Hasse Are-
na. The estimated project costs to be financed from bond
proceeds is approximately $8.0 million. The expenditure of
the bond proceeds will occur over a few years.
Revenue from investment income on the unspent balance
of bond proceeds is projected.
Expenditures
The capital expenditures are for improvements at the ice
arenas.
Transfers
There are no transfers planned.
Balance Sheet
Planned issuance of bonds in 2021, with expenditure occur-
ring over multiple years will result in a short-term ending
cash balance in the Arena Capital Project Fund. The Plan
projects a short-term negative cash balance at the end of
2020 for project costs that will be reimbursed from bonds
to be issued in at the beginning of 2021.
76
Finance Plans
Table 20
City of Lakeville
Finance Plan
Arenas Capital Project Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment income -90 -(4,063)13,628 148 149 151 152 153 154 155
Other revenue for capital -10,000 ----------
Bond proceeds (incl premium/discount)--765,777 7,933,285 --------
Total Revenues -10,090 765,777 7,929,222 13,628 148 149 151 152 153 154 155
Expenditures
Capital outlay --1,314,318 5,584,706 1,800,038 -------
Total Expenditures --1,314,318 5,584,706 1,800,038 -------
Net Change in Fund Balances -10,090 (548,541)2,344,516 (1,786,410)148 149 151 152 153 154 155
Ending Fund Balance -10,090 (538,451)1,806,065 19,655 19,804 19,953 20,104 20,255 20,408 20,562 20,717
Assets
Cash and investments -10,088 (538,451)1,806,065 19,655 19,804 19,953 20,104 20,255 20,408 20,562 20,717
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable ------------
Special assessments deferred other ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items -2 ----------
Total Assets -10,090 (538,451)1,806,065 19,655 19,804 19,953 20,104 20,255 20,408 20,562 20,717
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables ------------
Deferred inflows of resources ------------
Total Liabilities and deferred inflows ------------
Fund Balance - 10,090 (538,451) 1,806,065 19,655 19,804 19,953 20,104 20,255 20,408 20,562 20,717
Total Liab, deferred inflows, and fund balance - 10,090 (538,451) 1,806,065 19,655 19,804 19,953 20,104 20,255 20,408 20,562 20,717
77
Finance Plans
STORMWATER INFRASTRUCTURE
FUND
The Stormwater Infrastructure Fund is a Capital Projects
Fund used to account for fees and area charges to land de-
velopers for construction of storm water infrastructure..
Revenues
The revenues to finance the capital improvements comes
from the stormwater trunk fees (charges for services) col-
lected at time of development.
Other revenue recorded to the Fund include intergovern-
mental revenues and investment income earned on the bal-
ance in the Fund.
For certain projects, the City may levy special assessments,
including assessments that are deferred until time of devel-
opment.
Expenditures
The capital expenditures are for water system improve-
ments.
Transfers
The Plan anticipates the Stormwater Infrastructure Fund
will transfer $105,000 annually to the Improvement Con-
struction Fund, beginning in 2021. There is a larger (one-
time) transfer out in year 2022 in the amount of $1,309,000
related to a specific project.
The Stormwater Infrastructure Fund transfers revenue to
the other funds, including planned transfers to the Munici-
pal State Aid Fund on a project by project basis.
Balance Sheet
The Fund includes a balance for deferred special assess-
ment revenue that will not be collected until time of devel-
opment. For purpose of the Plan, the balance is projected
to remain outstanding between 2020-2029.
Ending cash balance changes from year to year due to tim-
ing differences between collection of trunk fees for the
stormwater system and the expenditures for capital outlay.
78
Finance Plans
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 48.
Stormwater Infrastructure Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 49.
Stormwater Infrastructure Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
Add language
79
Finance Plans
Table 21
City of Lakeville
Finance Plan
Stormwater Infrastructure Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 212 198 198 789 759 729 699 668 638 608 462 441
Charges for services 2,047,709 2,372,051 1,052,264 1,052,264 1,052,264 1,052,264 1,052,264 1,052,264 1,052,264 1,052,264 1,052,264 1,052,264
Investment income 108,185 333,823 38,000 60,978 54,401 48,155 50,947 51,587 52,680 55,505 58,352 61,219
Intergovernmental for capital 182,253 276,351 ----------
Transfer in from Municipal Reserves Fund 6,298 -----------
Total Revenues 2,344,657 2,982,423 1,090,462 1,114,032 1,107,424 1,101,148 1,103,910 1,104,520 1,105,582 1,108,378 1,111,079 1,113,925
Expenditures
Capital outlay 712,583 920,382 956,132 1,001,132 626,132 626,132 626,132 626,132 626,132 626,132 626,132 626,132
Transfer out to Utility Funds 64,205 5,399 ----------
Transfer out to Municipal State Aid Fund 1,019,166 238,540 1,035,975 879,530 --287,986 228,560 ----
Transfer out to Improv Construction Fund -553,102 -105,000 1,309,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000
Total Expenditures 1,795,954 1,717,423 1,992,107 1,985,662 1,935,132 731,132 1,019,118 959,692 731,132 731,132 731,132 731,132
Net Change in Fund Balances 548,703 1,265,000 (901,645)(871,630)(827,708)370,016 84,792 144,828 374,450 377,246 379,947 382,793
Ending Fund Balance 7,717,574 8,982,574 8,080,929 7,209,299 6,381,591 6,751,607 6,836,399 6,981,227 7,355,677 7,732,922 8,112,869 8,495,662
Assets
Cash and investments 7,693,509 8,826,517 8,080,929 7,209,299 6,381,591 6,751,607 6,836,399 6,981,227 7,355,677 7,732,922 8,112,869 8,495,662
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable 1,146 5,126 4,591 4,055 3,519 2,984 2,448 1,912 1,376 841 420 0
Special assessments deferred other 62,732 63,372 63,372 63,372 63,372 63,372 63,372 63,372 63,372 63,372 63,372 63,372
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 46,175 277,026 ----------
Total Assets 7,803,562 9,172,041 8,148,892 7,276,726 6,448,482 6,817,963 6,902,219 7,046,511 7,420,425 7,797,135 8,176,661 8,559,034
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 22,218 120,968 ----------
Deferred inflows of resources 63,770 68,499 67,963 67,427 66,891 66,356 65,820 65,284 64,748 64,213 63,792 63,372
Total Liabilities and deferred inflows 85,988 189,467 67,963 67,427 66,891 66,356 65,820 65,284 64,748 64,213 63,792 63,372
Fund Balance 7,717,574 8,982,574 8,080,929 7,209,299 6,381,591 6,751,607 6,836,399 6,981,227 7,355,677 7,732,922 8,112,869 8,495,662
Total Liab, deferred inflows, and fund balance 7,803,562 9,172,041 8,148,892 7,276,726 6,448,482 6,817,963 6,902,219 7,046,511 7,420,425 7,797,135 8,176,661 8,559,034
80
Finance Plans
WATER FUND
The Water Fund is a Capital Projects Fund used to account
for revenues derived primarily from connection charges col-
lected at the time building permits are issued and antenna
site leases with wireless communications companies. Funds
are appropriated towards construction costs of water sup-
ply lines, wells and water storage facilities, and provide the
debt service to bonds issued to finance the construction
of the City’s water treatment facility and other trunk infra-
structure improvements.
Revenues
The revenues to finance improvements comes from the
water trunk fees (charges for services) collected at time of
development.
Other revenue recorded to the Fund includes investment
income earned on the balance in the Fund.
The City is anticipating the issuance of bonds to finance an
estimated nearly $34 million expansion to the water treat-
ment plant in 2027. The debt service on the bonds is antici-
pated to be paid from transfers from the Water Fund to a
debt service fund.
Expenditures
The capital expenditures are for water system improve-
ments.
Transfers
The Fund transfers revenue to a Debt Service Fund for pay-
ment of debt on the G.O. Water Revenue Bonds, Series
2016A. The transfers out for debt service is projected to in-
crease in 2028, after the issuance of bonds in 2027 for the
expansion the water treatment plant.
Other transfers out are for the Water Fund transfers rev-
enue to other Capital Projects Funds on a project by project
basis.
Balance Sheet
The Fund includes receivable balances for special assess-
ments that are payable annually and for deferred special
assessment revenue that are currently projected to be col-
lected in year 2028.
Ending cash balance changes from year to year due to tim-
ing differences between collection of trunk fees for the wa-
ter system and the expenditures for capital outlay.
81
Finance Plans
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 50.
Water Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 51.
Water Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
Add language
82
Finance Plans
Table 22
City of Lakeville
Finance Plan
Water Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 13,764 32,200 35,000 14,911 14,212 13,123 12,455 10,965 10,363 9,591 3,975 13,017
Charges for services 2,651,426 3,517,166 2,558,400 2,558,400 1,705,600 1,500,600 1,295,600 1,295,600 1,295,600 1,295,600 1,295,600 1,295,600
Investment income 120,162 377,015 73,100 76,748 82,982 87,990 93,099 85,168 88,233 90,976 94,336 78,985
Bond proceeds (incl premium/discount)---------33,892,000 --
Total Revenues 2,785,352 3,926,381 2,666,500 2,650,059 1,802,795 1,601,713 1,401,154 1,391,734 1,394,196 35,288,168 1,393,910 1,387,602
Expenditures
Capital outlay 1,598,936 1,020,613 1,333,289 265,000 415,000 315,000 1,415,000 365,000 415,000 34,257,000 2,215,000 265,000
Transfer out to Debt Service Funds 726,683 617,108 611,308 611,700 611,200 609,700 612,075 620,550 615,700 586,000 1,213,250 3,005,975
Transfer out to Municipal State Aid Fund -128,813 1,148,558 947,134 --425,000 -----
Transfer out to Improv Construction Fund ----113,000 -------
Total Expenditures 2,325,619 1,766,534 3,093,155 1,823,834 1,139,200 924,700 2,452,075 985,550 1,030,700 34,843,000 3,428,250 3,270,975
Net Change in Fund Balances 459,733 2,159,847 (426,655)826,225 663,595 677,013 (1,050,921)406,184 363,496 445,168 (2,034,340)(1,883,373)
Ending Fund Balance 8,437,578 10,597,425 10,170,770 10,996,995 11,660,590 12,337,603 11,286,682 11,692,865 12,056,362 12,501,529 10,467,190 8,583,817
Assets
Cash and investments 8,956,144 11,569,291 10,170,770 10,996,996 11,660,590 12,337,603 11,286,682 11,692,865 12,056,362 12,501,529 10,467,190 8,583,817
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable 86,202 80,989 70,819 60,650 50,480 40,700 30,920 21,962 13,005 4,217 78,851 70,560
Special assessments deferred other 21,511 99,911 99,911 78,400 78,400 78,400 78,400 78,400 78,400 78,400 --
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 40,510 50,506 ----------
Total Assets 9,104,367 11,800,697 10,341,500 11,136,045 11,789,469 12,456,703 11,396,002 11,793,227 12,147,766 12,584,146 10,546,041 8,654,377
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 559,448 1,022,373 ----------
Deferred inflows of resources 107,341 180,899 170,730 139,050 128,880 119,100 109,320 100,362 91,405 82,617 78,851 70,560
Total Liabilities and deferred inflows 666,789 1,203,272 170,730 139,050 128,880 119,100 109,320 100,362 91,405 82,617 78,851 70,560
Fund Balance 8,437,578 10,597,425 10,170,770 10,996,995 11,660,590 12,337,603 11,286,682 11,692,865 12,056,362 12,501,529 10,467,190 8,583,817
Total Liab, deferred inflows, and fund balance 9,104,367 11,800,697 10,341,500 11,136,045 11,789,469 12,456,703 11,396,002 11,793,227 12,147,766 12,584,146 10,546,041 8,654,377
83
Finance Plans
SANITARY SEWER FUND
The Sanitary Sewer Fund is a Capital Projects Fund used
to account for sewer connection and area fees charged to
land developers for connecting to the City’s sanitary sewer
system, appropriations are applied to the construction of
sanitary sewer trunk systems.
Revenues
The revenues to finance improvements comes from the
sanitary sewer trunk fees (charges for services) collected at
time of development.
Other revenue recorded to the Fund includes investment
income earned on the balance in the Fund and collection of
special assessments.
Expenditures
The capital expenditures are for sanitary sewer system im-
provements.
Transfers
Transfers out are for the Sanitary Sewer Fund transfers rev-
enue to other Capital Projects Funds on a project by project
basis.
Balance Sheet
The Fund includes receivable balances for special assess-
ments that are payable annually and for deferred special
assessment revenue.
Ending cash balance changes from year to year due to tim-
ing differences between collection of trunk fees for the wa-
ter system and the expenditures for capital outlay.
84
Finance Plans
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 52.
Sanitary Sewer Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 53.
Sanitary Sewer Fund
Revenues and Expenditures
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
Add language
85
Finance Plans
Table 23
City of Lakeville
Finance Plan
Sanitary Sewer Fund
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 21,170 59,242 14,000 7,704 7,342 6,405 5,711 5,418 3,274 3,093 2,546 1,008
Charges for services 869,804 1,198,062 344,025 302,775 261,525 261,525 261,525 261,525 261,525 261,525 261,525 261,525
Investment income 102,769 330,519 40,700 71,769 71,557 73,560 75,571 77,592 79,626 81,659 83,706 85,764
Total Revenues 993,743 1,587,823 398,725 382,247 340,424 341,490 342,807 344,535 344,425 346,277 347,777 348,297
Expenditures
Capital outlay 26,854 119,291 202,378 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Transfer out to Municipal State Aid Fund --5,750 335,269 --------
Total Expenditures 26,854 119,291 208,128 410,269 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Net Change in Fund Balances 966,889 1,468,532 190,597 (28,022)265,424 266,490 267,807 269,535 269,425 271,277 272,777 273,297
Ending Fund Balance 7,851,809 9,320,341 9,510,938 9,482,916 9,748,340 10,014,830 10,282,637 10,552,172 10,821,597 11,092,874 11,365,651 11,638,948
Assets
Cash and investments 7,920,708 9,380,378 9,510,938 9,482,916 9,748,340 10,014,830 10,282,637 10,552,172 10,821,597 11,092,874 11,365,651 11,638,948
Investments held by trustee ------------
Taxes receivable ------------
Special assessments receivable 46,153 52,122 35,698 30,493 25,287 20,657 16,404 12,151 9,748 7,381 5,417 4,875
Special assessments deferred other 59,608 38,827 38,827 38,827 38,827 38,827 38,827 38,827 38,827 38,827 38,827 38,827
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 43,176 51,939 ----------
Total Assets 8,069,645 9,523,266 9,585,463 9,552,236 9,812,454 10,074,314 10,337,868 10,603,150 10,870,172 11,139,082 11,409,895 11,682,650
Liabilities
Due to other governments ------------
Due to other funds ------------
Unearned revenue ------------
All other payables 112,318 111,975 ----------
Deferred inflows of resources 105,518 90,950 74,525 69,320 64,114 59,484 55,231 50,978 48,575 46,208 44,244 43,702
Total Liabilities and deferred inflows 217,836 202,925 74,525 69,320 64,114 59,484 55,231 50,978 48,575 46,208 44,244 43,702
Fund Balance 7,851,809 9,320,341 9,510,938 9,482,916 9,748,340 10,014,830 10,282,637 10,552,172 10,821,597 11,092,874 11,365,651 11,638,948
Total Liab, deferred inflows, and fund balance 8,069,645 9,523,266 9,585,463 9,552,236 9,812,454 10,074,314 10,337,868 10,603,150 10,870,172 11,139,082 11,409,895 11,682,650
86
Appendixes
APPENDIXES TO REPORTS
87
Appendixes
Appendix A
City of Lakeville
Special Assessments
Includes Certified and Projected Future Special Assessments to be Certified based on Capital Improvement Plan
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Principal to be Collected
G.O. Debt Fund 9,243 9,243 9,243 9,243 9,243 9,243 5,105 4,642 1,777 960 960
G.O. Improvement Debt Fund 1,229,613 1,506,343 1,509,435 1,853,583 1,853,583 1,853,583 1,841,677 1,841,677 1,705,001 1,500,719 1,301,740
G.O. Tax Increment Debt Fund -----------
G.O. State-aid Street Debt Fund -----------
G.O. Water Revenue Debt Fund -----------
G.O. Tax Abatement Debt Fund -----------
HRA and Arena Rev Debt Funds -----------
Business Type Activity G.O. Debt Funds -----------
General Fund and Other Non-Debt Funds 437,354 18,165 18,165 17,200 16,823 15,125 13,275 13,070 7,267 9,253 8,382
Total 1,676,210 1,533,751 1,536,843 1,880,026 1,879,649 1,877,951 1,860,056 1,859,389 1,714,045 1,510,932 1,311,082
Interest to be Collected
G.O. Debt Fund 3,558 3,128 2,698 2,268 1,838 1,408 979 735 512 432 389
G.O. Improvement Debt Fund 687,412 728,028 666,470 775,455 695,159 614,862 534,566 454,841 375,116 302,225 239,548
G.O. Tax Increment Debt Fund -----------
G.O. State-aid Street Debt Fund -----------
G.O. Water Revenue Debt Fund -----------
G.O. Tax Abatement Debt Fund -----------
HRA and Arena Rev Debt Funds -----------
Business Type Activity G.O. Debt Funds -----------
General Fund and Other Non-Debt Funds 8,803 8,453 7,219 5,984 4,826 3,692 2,666 1,789 921 5,213 4,653
Total 93,093 102,807 139,765 127,778 164,135 186,142 217,749 197,830 177,921 158,101 138,280
Balances Outstanding to be Collected
G.O. Debt Fund 76,583 67,340 58,097 48,854 39,612 30,369 21,126 16,021 11,378 9,602 8,641
G.O. Improvement Debt Fund 15,661,219 17,784,139 16,308,710 18,240,755 16,387,172 14,533,590 12,680,007 10,838,330 8,996,654 7,291,653 5,790,934
G.O. Tax Increment Debt Fund -----------
G.O. State-aid Street Debt Fund -----------
G.O. Water Revenue Debt Fund -----------
G.O. Tax Abatement Debt Fund -----------
HRA and Arena Rev Debt Funds -----------
Business Type Activity G.O. Debt Funds -----------
General Fund and Other Non-Debt Funds 552,982 125,378 107,213 89,048 71,848 55,025 39,900 26,625 13,555 84,688 75,435
Total 93,093 102,807 139,765 127,778 164,135 186,142 217,749 197,830 177,921 158,101 138,280
88
Appendixes
Appendix B
City of Lakeville
Debt Service Tax Levy by Fund and Series (Includes Existing and Planned New Debt Issuance)
Total Tax Levy
Tax Levy for
Existing Debt
Tax Levy for
Planned New
Debt
G.O. Debt
Fund
G.O.
Improvement
Debt Fund
G.O. Tax
Increment
Debt Fund
G.O. State-aid
Street Debt
Fund
G.O. Water
Revenue Debt
Fund
G.O. Tax
Abatement
Debt Fund
HRA and
Arena Rev
Debt Funds
Total
Combined
New Debt
2018 5,469,418 5,469,418 0 3,244,731 1,932,187 0 0 0 0 292,500 0
2019 7,077,820 7,077,820 0 3,238,879 3,546,841 0 0 0 0 292,100 0
2020 7,340,365 7,340,365 0 3,334,593 3,711,722 0 0 0 0 294,050 0
2021 8,170,038 8,116,787 53,251 3,338,165 4,263,155 0 0 0 0 515,467 53,251
2022 9,795,321 8,496,686 1,298,636 3,331,533 4,865,453 0 0 0 0 299,700 1,298,636
2023 11,487,939 8,088,259 3,399,680 3,363,167 4,429,192 0 0 0 0 295,900 3,399,680
2024 12,158,905 7,913,313 4,245,592 3,480,720 4,135,568 0 0 0 0 297,025 4,245,592
2025 14,700,176 7,436,610 7,263,566 3,442,073 3,696,612 0 0 0 0 297,925 7,263,566
2026 14,505,640 6,370,152 8,135,488 2,390,968 3,678,084 0 0 0 0 301,100 8,135,488
2027 15,111,500 6,396,968 8,714,531 2,431,051 3,666,817 0 0 0 0 299,100 8,714,531
2028 14,976,787 5,812,398 9,164,390 2,276,353 3,234,245 0 0 0 0 301,800 9,164,390
2029 14,789,263 5,191,045 9,598,218 2,311,771 2,575,274 0 0 0 0 304,000 9,598,218
2030 13,055,457 2,994,058 10,061,399 558,671 2,129,687 0 0 0 0 305,700 10,061,399
2031 11,780,981 1,705,613 10,075,368 561,979 1,143,634 0 0 0 0 0 10,075,368
2032 10,171,638 1,160,000 9,011,638 0 1,160,000 0 0 0 0 0 9,011,638
2033 7,905,453 385,000 7,520,453 0 385,000 0 0 0 0 0 7,520,453
2034 7,055,747 380,000 6,675,747 0 380,000 0 0 0 0 0 6,675,747
2035 6,263,821 380,000 5,883,821 0 380,000 0 0 0 0 0 5,883,821
2036 5,281,198 0 5,281,198 0 0 0 0 0 0 0 5,281,198
2037 4,707,310 0 4,707,310 0 0 0 0 0 0 0 4,707,310
2038 3,528,574 0 3,528,574 0 0 0 0 0 0 0 3,528,574
2039 3,068,420 0 3,068,420 0 0 0 0 0 0 0 3,068,420
2040 1,240,199 0 1,240,199 0 0 0 0 0 0 0 1,240,199
2041 1,006,639 0 1,006,639 0 0 0 0 0 0 0 1,006,639
2042 790,991 0 790,991 0 0 0 0 0 0 0 790,991
2043 787,001 0 787,001 0 0 0 0 0 0 0 787,001
2044 787,001 0 787,001 0 0 0 0 0 0 0 787,001
2045 787,001 0 787,001 0 0 0 0 0 0 0 787,001
2046 787,001 0 787,001 0 0 0 0 0 0 0 787,001YearTOTAL TAX LEVY TAX LEVY BY FUND
89
Appendixes
Appendix C
City of Lakeville
City Property Taxes Payable by Example Properties
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Estimated Annual
Change in Market Value
of Example Properties:
3% 5% 4% 3% 3% 2% 2% 2% 2% 2%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Residential $250,000 $256,250 $269,063 $279,825 $288,220 $296,866 $302,804 $308,860 $315,037 $321,338 $327,764
Residential $300,000 $307,500 $322,875 $335,790 $345,864 $356,240 $363,364 $370,632 $378,044 $385,605 $393,317
Residential $350,000 $358,750 $376,688 $391,755 $403,508 $415,613 $423,925 $432,404 $441,052 $449,873 $458,870
Residential $500,000 $512,500 $538,125 $559,650 $576,440 $593,733 $605,607 $617,719 $630,074 $642,675 $655,529
Commercial $1,000,000 $1,025,000 $1,076,250 $1,119,300 $1,152,879 $1,187,465 $1,211,215 $1,235,439 $1,260,148 $1,285,351 $1,311,058
Commercial $2,000,000 $2,050,000 $2,152,500 $2,238,600 $2,305,758 $2,374,931 $2,422,429 $2,470,878 $2,520,296 $2,570,701 $2,622,115Commercial$3,000,000 $3,075,000 $3,228,750 $3,357,900 $3,458,637 $3,562,396 $3,633,644 $3,706,317 $3,780,443 $3,856,052 $3,933,173Commercial$4,000,000 $4,100,000 $4,305,000 $4,477,200 $4,611,516 $4,749,861 $4,844,859 $4,941,756 $5,040,591 $5,141,403 $5,244,231
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Residential $250,000 $838 $838 $881 $1,048 $1,125 $1,162 $1,246 $1,257 $1,286 $1,290 $1,286
Residential $300,000 $1,032 $1,031 $1,083 $1,286 $1,380 $1,425 $1,527 $1,540 $1,574 $1,578 $1,573
Residential $350,000 $1,226 $1,225 $1,285 $1,525 $1,635 $1,687 $1,804 $1,815 $1,852 $1,854 $1,844
Residential $500,000 $2,225 $2,217 $2,316 $2,737 $2,926 $3,012 $3,221 $3,242 $3,307 $3,310 $3,293Commercial $1,000,000 $4,492 $7,096 $7,410 $8,759 $9,363 $9,639 $10,309 $10,374 $10,583 $10,593 $10,538Commercial $2,000,000 $8,984 $14,192 $14,821 $17,518 $18,727 $19,279 $20,617 $20,748 $21,167 $21,186 $21,075
Commercial $3,000,000 $13,477 $21,288 $22,231 $26,278 $28,090 $28,918 $30,926 $31,122 $31,750 $31,778 $31,613
Commercial $4,000,000 $17,969 $28,384 $29,641 $35,037 $37,453 $38,557 $41,235 $41,496 $42,334 $42,371 $42,150
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Residential $250,000 0.0%5.2%18.9%7.3%3.4%7.2%0.9%2.3%0.3%-0.3%Residential $300,000 0.0%5.1%18.7%7.2%3.3%7.2%0.8%2.2%0.3%-0.3%Residential $350,000 -0.1%5.0%18.7%7.2%3.2%6.9%0.6%2.0%0.1%-0.5%
Residential $500,000 -0.4%4.4%18.2%6.9%2.9%6.9%0.6%2.0%0.1%-0.5%
Commercial $1,000,000 58.0%4.4%18.2%6.9%2.9%6.9%0.6%2.0%0.1%-0.5%
Commercial $2,000,000 58.0%4.4%18.2%6.9%2.9%6.9%0.6%2.0%0.1%-0.5%
Commercial $3,000,000 58.0%4.4%18.2%6.9%2.9%6.9%0.6%2.0%0.1%-0.5%
Commercial $4,000,000 58.0%4.4%18.2%6.9%2.9%6.9%0.6%2.0%0.1%-0.5%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Residential $250,000 0 44 166 77 38 84 11 29 4 (4)
Residential $300,000 (0)52 203 93 45 102 13 34 4 (5)
Residential $350,000 (1)61 240 110 52 117 11 37 2 (10)
Residential $500,000 (8)98 422 189 86 209 20 65 3 (17)
Commercial $1,000,000 2,604 314 1,349 604 276 669 65 210 9 (55)
Commercial $2,000,000 5,208 629 2,698 1,208 552 1,339 131 419 19 (110)
Commercial $3,000,000 7,811 943 4,047 1,812 828 2,008 196 629 28 (166)Commercial $4,000,000 10,415 1,257 5,396 2,416 1,104 2,677 261 838 37 (221)
Note: Commercial is based on assumption for fiscal disparities ratio.Annual$ChangeinTotalTaxesValuationTaxCapacityTaxesAnnual%ChangeinTotalTaxes
90
Appendixes
Appendix D
Page 1 of 2City of Lakeville
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
GENERAL FUND TAX LEVY CHANGES
From Non Tax Revenue Changes
Licenses and permits (91,616)(719,334)671,762 (24,961)(50,421)(51,429)(52,458)(53,507)(54,577)(55,668)(56,782)
Police and fire aid and grants (21,596)(57,797)44,262 (9,679)(9,775)(9,873)(9,972)(10,072)(10,172)(10,274)(10,377)
Other intergovernmental (4,620)(12,273)26,383 (637)(643)(650)(656)(663)(669)(676)(683)
Charges for services 132,051 (114,663)200,500 (26,798)(54,132)(55,215)(56,319)(57,446)(58,594)(59,766)(60,962)
Fines 79,000 139,863 50,137 (1,560)(1,576)(1,591)(1,607)(1,623)(1,640)(1,656)(1,673)
Investment income (29,929)(130,000)76,000 12,451 6,791 (4,980)(3,773)(4,528)(3,018)(6,565)(2,415)
Other revenues (8,379)(11,545)38,098 (577)(583)(589)(595)(601)(607)(613)(619)
Property taxes other (20,000)(22,548)250,743 (231,804)-------
Transfer in from Communications Fund (2,203)(2,873)(1,181)--------
Transfer in from Liquor Fund 36,293 2,161 (8,663)--------
Transfer in from Utility Funds (35,340)(63,177)(36,215)--------
Subtotal 33,661 (992,186)1,311,826 (283,565)(110,339)(124,327)(125,380)(128,438)(129,278)(135,219)(133,509)
From Expense Changes
Personnel services 1,057,046 762,880 1,892,524 1,377,536 350,602 1,245,094 837,985 1,098,458 652,764 1,674,745 449,577
Commodities 10,951 (16,100)83,310 36,025 36,746 37,481 38,230 38,995 39,775 40,570 41,382
Other charges and services 368,720 (162,038)291,412 178,149 183,494 188,999 194,669 200,509 206,524 212,720 219,101
Capital outlay 1,820 (421)(14,068)3,310 -------
Transfers 564,136 (675,000)-(550,000)-------
Subtotal 2,002,673 (90,679)2,253,178 1,045,020 570,841 1,471,574 1,070,883 1,337,962 899,063 1,928,035 710,060
Change to Budgeted (Use) of Fund Balance (771,646) 2,274,430 (2,611,107) 750,000 1,560,000 (160,000) 100,000 (200,000) 470,000 (550,000) 240,000
GENERAL FUND TAX LEVY CHANGE 1,264,688 1,191,565 953,897 1,511,455 2,020,502 1,187,246 1,045,503 1,009,523 1,239,785 1,242,816 816,551
OTHER FUNDS TAX LEVY CHANGE
Debt Service Funds 1,608,402 262,545 829,673 1,625,283 1,692,617 670,967 2,541,271 (194,536)605,860 (134,713)(187,524)
Building Fund (400,000)--440,000 (25,000)(415,000)----130,000
Equipment Fund (273,000)423,000 -400,000 --175,000 250,000 100,000 --
Trail Improvement Fund (111,200)30,000 50,000 430,000 40,000 --48,000 21,000 19,000 20,000
Park Improvement Fund -175,000 250,000 100,000 (400,000)------
Tax Abatement Fund ----49,059 ------
Technology Fund ---155,000 -------
Pavement Management Fund (91,550)--900,000 -200,000 100,000 100,000 100,000 110,000 110,000
Improvement Construction Fund (50,000)--155,482 ---4,665 4,804 4,949 5,097
OTHER FUNDS TAX LEVY CHANGE 682,652 890,545 1,129,673 4,205,765 1,356,676 455,967 2,816,271 208,129 831,664 (764) 77,573
TOTAL TAX LEVY CHANGE 1,947,340 2,082,110 2,083,570 5,717,220 3,377,179 1,643,213 3,861,774 1,217,652 2,071,449 1,242,052 894,124
PROPERTY TAX PROJECTION SUMMARY
EXPLANATION FOR TAX LEVY INCREASES (DECREASES)
91
Appendixes
Appendix D
Page 2 of 2City of Lakeville
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
PROPERTY TAX PROJECTION SUMMARY
General Fund 21,344,070 22,535,635 23,489,532 25,000,987 27,021,489 28,208,736 29,254,239 30,263,762 31,503,547 32,746,363 33,562,914
Debt Service Funds 7,077,820 7,340,365 8,170,038 9,795,321 11,487,939 12,158,905 14,700,176 14,505,640 15,111,500 14,976,787 14,789,263
Building Fund ---440,000 415,000 -----130,000
Equipment Fund 252,000 675,000 675,000 1,075,000 1,075,000 1,075,000 1,250,000 1,500,000 1,600,000 1,600,000 1,600,000
Trail Improvement Fund -30,000 80,000 510,000 550,000 550,000 550,000 598,000 619,000 638,000 658,000
Park Improvement Fund 175,000 350,000 600,000 700,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Tax Abatement Fund ----49,059 49,059 49,059 49,059 49,059 49,059 49,059
Technology Fund ---155,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000
Pavement Management Fund 1,100,000 1,100,000 1,100,000 2,000,000 2,000,000 2,200,000 2,300,000 2,400,000 2,500,000 2,610,000 2,720,000
Improvement Construction Fund ---155,482 155,482 155,482 155,482 160,147 164,951 169,900 174,997
TOTAL TAX LEVY 29,948,890 32,031,000 34,114,570 39,831,791 43,208,969 44,852,182 48,713,956 49,931,608 52,003,057 53,245,109 54,139,233
TAX LEVY % CHANGE
General Fund 6.3%5.6%4.2%6.4%8.1%4.4%3.7%3.5%4.1%3.9%2.5%
Debt Service Funds 3.7%11.3%19.9%17.3%5.8%20.9%-1.3%4.2%-0.9%-1.3%
Building Fund -5.7%-100.0%
Equipment Fund -78.9%167.9%0.0%59.3%0.0%0.0%16.3%20.0%6.7%0.0%0.0%
Trail Improvement Fund 166.7%537.5%7.8%0.0%0.0%8.7%3.5%3.1%3.1%
Park Improvement Fund 100.0%71.4%16.7%-57.1%0.0%0.0%0.0%0.0%0.0%0.0%
Tax Abatement Fund 0.0%0.0%0.0%0.0%0.0%0.0%
Technology Fund 0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Pavement Management Fund 0.0%0.0%81.8%0.0%10.0%4.5%4.3%4.2%4.4%4.2%
Improvement Construction Fund 0.0%0.0%0.0%3.0%3.0%3.0%3.0%
TAX LEVY % CHANGE 6.95%6.95%6.50%16.76%8.48%3.80%8.61%2.50%4.15%2.39%1.68%
TAX LEVY
92
Appendixes
Appendix E
RECONCILIATION OF TRANSFERS IN AND TRANSFERS OUT BETWEEN FUNDS
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Transfer in from Communications Fund 88,139 89,920 89,920 89,920 89,920 89,920 89,920 89,920 89,920 89,920
Transfer in from Debt Service Funds 29,261 ---------
Transfer in from General Fund 550,000 550,000 --------
Transfer in from Liquor Fund 1,126,089 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375 1,096,375
Transfer in from Municipal Reserves Fund 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Transfer in from Other Funds 80,000 280,000 280,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000
Transfer in from Sanitary Sewer Fund 5,750 335,269 --------
Transfer in from Stormwater Infrastructure Fund 1,035,975 984,530 1,309,000 105,000 392,986 333,560 105,000 105,000 105,000 105,000
Transfer in from Utility Funds 1,113,420 1,152,904 1,147,629 1,145,654 1,149,904 1,148,379 843,704 845,854 1,475,654 3,269,279
Transfer in from Water Fund 1,759,866 1,558,834 724,200 609,700 1,037,075 620,550 615,700 586,000 1,213,250 3,005,975
Transfer out to Building Fund (200,000)---------
Transfer out to Debt Service Funds (611,308)(611,700)(611,200)(609,700)(612,075)(620,550)(615,700)(586,000)(1,213,250)(3,005,975)
Transfer out to Equipment Fund (350,000)(350,000)--------
Transfer out to Improv Construction Fund (29,261)(105,000)(1,422,000)(105,000)(105,000)(629,000)(105,000)(105,000)(105,000)(105,000)
Transfer out to Municipal State Aid Fund (2,190,283)(2,161,933)--(712,986)(228,560)----
Grand Total 2,457,648 2,669,199 2,663,924 2,461,949 2,466,199 2,464,674 2,159,999 2,162,149 2,791,949 4,585,574
Reconciliation of Transfers Recorded in Enterprise Funds and Special Revenue Funds:
Net Transfers In and Transfers Out from Special
Revenue Funds and Enterprise Funds*
(2,457,648) (2,669,199) (2,663,924) (2,461,949) (2,466,199) (2,464,674) (2,159,999) (2,162,149) (2,791,949) (4,585,574)
*The Special Revenue Funds and Enterprise Funds are not inclued in the Plan.
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