HomeMy WebLinkAboutItem 61
City of Lakeville
Finance Department
Memorandum
To: Mayor and Council
From: Justin Miller, City Administrator
Jerilyn Erickson, Finance Director
Date: November 23, 2020
Subject: 2020 Year End Preview & Final 2021 Budget/Tax Levy Discussion
The purpose of this report is to provide the City Council with information regarding
financial projections for 2020, the 2021 proposed General Fund budget, the proposed
property tax levy to support general services, a commitment of additional funds for
compensated leave and budget amendment authority.
The proposed changes achieve the following goals:
Reduce the property tax increase from 6.50% to 5.87%
Utilize General Fund reserves to fund capital expenditures in Equipment,
Technology and Park Improvement Funds
Utilize 2020 permit revenues to cover some of the inspection services
Challenges for 2022:
Personnel
o New positions needed due to community growth;
o Health insurance changes;
Equipment Fund
o Need to issue debt (approximately $1,550,000) for equipment replacement
in 2022;
o Continue to issue debt three of the five years through 2025;
o Significant tax levy increase needed in 2022 needed to achieve pay-as-
you-go strategy by 2027;
Building Fund
o Significant tax levy needed in 2022;
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Technology Fund
o Established in 2019 with initial transfer of General Fund reserve funds;
o Reserve funds being used to fund 2020 and 2021;
o Will be funded by property taxes in future;
Park Improvement Fund
o Significant increase in levy needed to fund parking lot repairs for area
parks;
Estimated tax levy increase in 2022 is about 19%. This increase does reflect an
estimate for additional positions due to community growth.
GENERAL FUND
2020 Year End Estimates
Staff has prepared year end revenue and expenditure estimates for the General Fund.
The following chart summarizes the impact of those estimates:
2020 Amended
Budget
2020 Year End
Estimate
Net Change in Fund Balance - (use
of reserves)
($869,375) $6,236,939
Ratio: Fund Balance to Next Year
(2021) Expenditures
48.1% 71.2%
The 2020 year-end estimate includes $3.8 million from the CARES Act. The estimate also
includes assumptions that Staff believe are reasonable. Staff recognizes that actual
activity will differ from the assumptions by varying degrees. A few areas that may have
greater risk or opportunity from the assumptions are shown below:
Assumption Risk Opportunity
Building Permit
Revenue
600 SF Units Currently at 573 SF 625 SF Units
Building Permit
Revenue
8 Apartment
Permits
Currently at 8 Greater than 8
Investment
Income
$250,000 Rates Increase;
Negative Fair Value Adj
Rates Decrease;
Positive Fair Value Adj
Snowplowing Normal Levels
for Nov & Dec
Increased number of
snow events
Less than normal levels
for Nov & Dec
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The 2020 year-end estimate reflects an increase in reserves of $6.2 million which is about
$7.1 million more than was anticipated in the 2020 amended budget.
2020 Amended
Budget
2020 YE
Estimates
Variance
Pos / (Neg)
Revenues $29,752,440 $35,635,192 $5,882,752
Expenditures ($30,902,186) ($29,575,624) $1,326,562
Transfers In $830,371 $830,371 $0
Transfers Out ($550,000) ($652,000) ($102,000)
NET ($869,375) $6,236,939 $7,106,314
Revenues generated approximately $5.9 million more than budgeted, primarily in two
areas: licenses and permits ($1.6 million) and intergovernmental ($4.0 million) which
includes the CARES Act grant of $3.8 million.
Expenditures will be below budget by about $1.3 million. Anticipating possible financial
challenges due to the pandemic, departments implemented budget reductions of
approximately $553K in May 2020. Expenditure reductions of $434K will be realized in
Parks and Recreation resulting from program cancellation due to the COVID-19
pandemic. Public Works are projecting $573K in reductions due to lower snow removal
cost and employee vacancies. The Police department is projecting $400K in reductions
with overtime down as a result of minimal contracted security services. Police employee
vacancies and delays in filling vacant/new positions also contributed to the reduction. The
cancellation of the Pan-O-Prog event realized savings of $60K.
Transfers Out increased by $102K by adding a transfer to the Equipment Fund the
restricted fund balance of police forfeitures.
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2021 Revenue Changes in the General Fund
The following changes have been incorporated into the current budget presented to
you today:
Revenues Totals
Preliminary (includes Transfers In) – 09/08/2020 30,929,331
Property Taxes 775,000
Building Permits (inclusive) 115,000
Intergovernmental: 54,000
State Police Aid 40,000
State Fire Aid 25,000
State PERA Aid (11,000)
Engineering design fees (84,000)
Miscellaneous 567
Total $31,789,898
2021 Expenditure Changes in the General Fund
The following changes have been incorporated into the current budget presented to
you today:
Expenditures Totals
Preliminary (Includes Transfers Out) – 09/08/2020 $32,579,331
Health insurance savings (31,000)
General Government Facilities – Employee transition (21,000)
Finance – CARE Act single audit 6,000
Police Dept. – Employee transitions (31,000)
Police Dept. – DCC member fee reduction (50,000)
Construction Services – Employee transition (30,000)
Transfers – Park Improvement Fund 250,000
Transfers – Equipment Fund 525,000
Other (7,308)
Total $32,215,023
*Use Fund Balance Reserves (See Summary Below)
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Fund Balance
The Fund Balance Policy states that the City will endeavor to maintain an unrestricted
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 proposed 2021 budget includes the use of reserves for one-time or long-term
purchases and/or expenditures related to revenues received in the prior year:
2021 Use of Fund Balance Reserves
Equipment Fund – Equipment replacement $875,000
Park Improvement Fund 250,000
Technology Fund – Equipment replacement 200,000
Inspections – Operating expenses (use P.Y.
revenues)
100,125
Total $1,425,125
The following table shows the estimated impact on the General Fund reserve balance at
year ending 12/31/2021:
Change ($) FB/CY Exp FB/Est 2022 Exp*
($1,425,125) 66.7% 63.7%
*2022 expenses include 3% growth & $528k for new positions
PROPERTY TAX LEVY
Impact of Growth, Inflation and Other Factors
The following chart provides a guide for establishing the 2021 tax levy based on factors
that impact the Lakeville community:
Low
Growth (New Construction) 2.70%
CPI-U (MSP) * 2.50%
Debt Service 1.96%
Total 7.16%
* 2019 Annual to September 2020
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Proposed Property Tax Levy
The proposed 2021 property tax levy is comprised of the following components:
Fund Preliminary
2021 Levy
9/8/20
Proposed
2021 Levy
11/23/220
Change
from
Preliminary
to
Proposed
Change
from 2020
Adopted
Levy
General Fund $23,489,532 $24,264,532 $775,000 $1,728,897
Street Reconstruction 0 0 0 0
Pavement Management
Fund
1,100,000 1,100,000 0 0
Building Fund 0 0 0 0
Equipment Fund 675,000 150,000 (525,000) (525,000)
Park Improvement Fund 600,000 350,000 (250,000) 0
Trail Improvement Fund 80,000 80,000 0 50,000
Debt Service Funds 8,170,038 7,967,038 (203,000) 626,673
TOTAL LEVY $34,114,570 $33,911,570 ($203,000) $1,880,570
The preliminary property tax levy was adopted in September at $34,114,570 which was
an increase of $2,083,570 or 6.5% from the 2020 tax levy. The proposed tax levy is
$203,000 less than the preliminary tax levy and results in a 5.9% increase from 2020 to
2021.
The proposed property tax levy reflects a decrease of $525K in the Equipment Fund and
$250k in the Park Improvement Fund levies which will be funded by a $775K transfer
from the use of 2020 fund balance in the General Fund. These levies have been added to
the General Fund. The proposed levy also includes a $203,000 reduction in the debt levy
due to prepayments of special assessments.
The City tax capacity rate is estimated to decrease from 34.615% (2020) to 34.282% (2021).
Market Valuation
Preliminary taxable market values have increased $542 million or 6.7% from 2020 to
2021, of which approximately $222 million or 2.7% is from new construction. Based on
the 2020 tax rate, new construction will generate about $881,000 in property taxes. This
equates to about 2.75% of the 2020 property tax levy.
Impact on Median Valued Home and Commercial Property
The proposed 2021 City tax levy will result in an estimated $35 increase on the median
value home ($339,100) due to both a levy increase, as well as a market value increase as
determined by the Dakota County Assessor.
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Existing commercial properties in Lakeville, in the aggregate, increased in market value
by 5.8%. The proposed 2021 City tax levy will result in an estimated $317 increase on a
commercial property valued at $1 million with a 5.8% increase in value.
Summary of Changes
Preliminary
9/8/20
Proposed
11/23/20
Total Levy $34,114,570 $33,911,570
Increase in Levy (from 2020): $ $2,083,570 $1,880,570
Increase in Levy (from 2020): % 6.50% 5.87%
Estimated Tax Rate 34.427% 34.200%
Impact on City portion of property taxes:
Median Valued Home $42.00/yr
$3.50/mo
$34.50/yr
$2.90/mo
Commercial Property ($1 million value) $363.00 $317.00
FINANCIAL SUSTAINABILITY AND RESILIENCY
In January 2020, the City Council approved the Financial Sustainability and Resiliency
Policy. The key principles of the Policy included:
Proactively plan for the service needs of the community, the maintenance of
existing assets, the protection of natural resources and environment, etc.;
Implement funding at a level which includes the full cost of providing services to
the community and maintenance, replacement and upgrade of existing assets
(Pay-As-You-Go Strategy);
Establish financial resiliency by establishing sufficient reserve and funding levels.
Staff requests that the City Council consider the principles of this Policy when they
finalize the 2021 budget and tax levy.
General Fund Reserve Balance
The current projected fund balance exceeds the policy range of 40-50%. There are
multiple reasons for keeping it higher than the current policy range:
The Single Audit for the CARES Act grant ($4.8 million) will not be completed
until June, 2021.
Economic uncertainties could result in higher property tax delinquencies. One
percent of the General Fund property tax revenue is $240K.
The 2021-2025 CIP reflects significant property tax increases needed in 2022 to
maintain our existing infrastructure and replace vehicles and equipment:
o Pavement Management - $900,000
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o Equipment fund - $925,000
o Park Improvement Fund - $350,000
o Trail Improvement Fund - $430,000
o Building Fund - $440,000
o Technology Fund - $155,000
A major upgrade to the financial/human resource/payroll software is currently
being discussed and evaluated. Estimated cost is $750,000 - $1,000,000.
With the significant growth the community is and has been experiencing,
resources are needed to maintain the current level of services. No new positions
were included in 2021.
Having a higher fund balance provides some flexibility in achieving the target
taxation levels and the resilience to respond to economic uncertainties.
Compensated Leave Fund
In 2019, the City Council was supportive of funding the liability for compensation that will
be due to employees upon retirement/resignation. The targeted funding level was
estimated to be $400,000. Staff proposed the following funding schedule last year:
2019 $100,000
2020 $100,000
2021 $100,000
2022 $100,000
The City committed $100,000 in 2019. Staff is proposing that the City Council commit
an additional $100,000 in 2020. If the City Council agrees with this approach, Staff will
include language in the 2021 Budget Resolution.
During the phase-in period for funding the liability, both Staff and the City’s auditors
thought it was appropriate to have the Council “commit” the funds and when we get to
the recommended level of funding, convert the “committed fund balance” to a separate
Compensated Leave Fund.
Committed Fund Balance is achieved when a government at its highest level of decision-
making authority formally places a constraint on the use of its own resources that
remains legally binding unless removed in the same manner.
BUDGET AMENDMENT APPROVAL
The City Council approves a budget each year which appropriates funds to cover costs
(i.e. personnel, commodities, contract services, capital, etc.) associated with providing
services. When circumstances change regarding service delivery or resources needed
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and additional funds need to be appropriated using new/additional revenues or fund
balance reserves, staff prepares a resolution for the City Council to consider amending
the budget.
There are times when the total appropriations for a fund are sufficient to cover the
additional cost but the particular department incurring the cost does not have sufficient
funds appropriated. The department director discusses the shortfall with the City
Administrator and Finance Director to address funding options, which may include
reducing the appropriations for one department to fund the expenses of another
department.
Historically, staff has brought forth budget amendments at the end of the year to
address additional expenses incurred by departments due to changes in service delivery,
etc.
Staff is recommending that the City Administrator be authorized to approve budget
amendments BETWEEN departments to provide the funds necessary in the department
incurring the additional costs.
BUDGET SCHEDULE
Nov 23 Workshop – Final Budget Review
Dec 7 Meeting – Public Budget Meeting (Truth in Taxation) / Adopt 2021
Budget and 2021 Tax Levy; Adopt 2021 Fee Schedule
COUNCIL DIRECTION
Staff is seeking direction regarding the final 2021 property tax levy and budgets to
prepare the resolutions for the December 7, 2020 council meeting.
Attachments: 1) General Fund Budget Summary
2) Equipment Plan – Dated 2020.11.23
3) Facilities Plan – Dated 2020.11.23
4) Technology Plan – Dated 2020.11.23
2020 2020 2021
2019 Adopted Amended 2020 Preliminary
Actual Budget Budget Estimate Budget
Revenues (Amount) (Percent) (Amount) (Percent)
General property taxes 21,493,906$ 22,509,080$ 22,509,080$ 22,529,038$ 24,232,728$ 1,723,648$ 7.7% 1,703,690$ 7.6%
Licenses and permits 3,808,132 2,657,099 2,657,099 4,346,777 2,611,288 (45,811) -1.7% (1,735,489) -39.9%
Intergovernmental 1,219,200 1,053,453 1,053,453 5,025,895 1,085,911 32,458 3.1% (3,939,984) -78.4%
Charges for services 3,448,777 2,976,026 2,976,026 3,181,518 2,595,812 (380,214) -12.8% (585,706) -18.4%
Court fines 354,292 360,000 360,000 206,137 156,000 (204,000) -56.7% (50,137) -24.3%
Investment income 478,317 128,000 128,000 250,000 174,000 46,000 35.9% (76,000) -30.4%
Miscellaneous 143,406 42,893 68,782 95,827 57,729 (11,053) -16.1%(38,098) -39.8%
Total revenues 30,946,030 29,726,551 29,752,440 35,635,192 30,913,468 1,161,028 3.9%(4,721,724) -13.3%
Expenditures
General government
Mayor and council 119,026 121,006 121,006 120,292 130,039 9,033 7.5% 9,747 8.1%
Committees and commissions 107,962 91,616 91,616 29,238 107,012 15,396 16.8% 77,774 266.0%
City administration 469,912 498,062 498,062 476,633 501,856 3,794 0.8% 25,223 5.3%
City clerk 136,800 265,446 265,446 301,281 163,078 (102,368) -38.6% (138,203) -45.9%
Legal counsel 92,545 83,500 83,500 96,876 99,783 16,283 19.5% 2,907 3.0%
Planning 562,831 597,315 597,315 595,459 603,468 6,153 1.0% 8,009 1.3%
Community and econ. development 374,624 382,316 382,316 376,881 402,861 20,545 5.4% 25,980 6.9%
Inspections 1,315,910 1,439,695 1,439,695 1,451,398 1,518,020 78,325 5.4% 66,622 4.6%
General government facilities 626,334 637,091 637,091 624,203 672,379 35,288 5.5% 48,176 7.7%
Finance 793,060 859,493 879,693 867,510 889,626 9,933 1.1% 22,116 2.5%
Information technology 808,810 818,247 850,247 851,432 885,371 35,124 4.1% 33,939 4.0%
Human resources 496,660 557,705 557,705 538,073 588,059 30,354 5.4% 49,986 9.3%
Insurance 435,727 285,000 285,000 285,000 285,000 - 0.0% - 0.0%
Public safety - 0%
Police 11,456,238 12,428,732 12,506,121 12,106,125 12,942,423 436,302 3.5% 836,298 6.9%
Fire 2,040,480 2,103,412 2,119,412 2,109,343 2,260,808 141,396 6.7% 151,465 7.2%
Public works - 0%
Engineering 876,416 1,024,200 1,024,200 931,339 1,059,968 35,768 3.5% 128,629 13.8%
Construction services 508,240 620,977 620,977 505,548 584,556 (36,421) -5.9% 79,008 15.6%
Streets 3,433,821 3,547,487 3,547,487 3,182,685 3,669,797 122,310 3.4% 487,112 15.3%
Parks and recreation - 0%
Parks 2,661,384 2,869,618 2,869,618 2,679,061 2,980,052 110,434 3.8% 300,991 11.2%
Recreation 745,489 786,925 786,925 670,242 776,532 (10,393) -1.3% 106,290 15.9%
Heritage center 117,981 151,221 151,221 125,918 132,946 (18,275) -12.1% 7,028 5.6%
Arts center 673,801 633,472 633,472 532,087 636,389 2,917 0.5% 104,302 19.6%
Other - (45,939) (45,939) 120,000 - 45,939 -100.0%(120,000) -100.0%
Total expenditures 28,854,051 30,756,597 30,902,186 29,576,624 31,890,023 987,837 3.2%2,313,399 7.8%
Excess (deficiency) of revenues
over expenditures 2,091,979 (1,030,046) (1,149,746) 6,058,568 (976,555) 173,191 -15.1%(7,035,123) -116.1%
Other financing sources (uses)
Transfer from other funds 772,784 830,371 830,371 830,371 876,430 46,059 5.5% 46,059 5.5%
Transfer to other funds (1,225,000) (550,000) (550,000) (652,000) (1,325,000) (775,000) 140.9%(673,000) 103.2%
Total other financing sources (uses) (452,216) 280,371 280,371 178,371 (448,570) (728,941) -260.0%(626,941) -351.5%
Net change in fund balance 1,639,763 (749,675) (869,375) 6,236,939 (1,425,125) (555,750) 63.9% (7,662,064) -122.8%
Fund balance, January 1 15,696,442 16,012,291 17,203,248 17,203,248 23,440,187 6,236,939 36.3%6,236,939 36.3%
Inventory Adjustment (132,957) - - - -
Fund balance, December 31 17,203,248$ 15,262,616$ 16,333,873$ 23,440,187$ 22,015,062$ 5,681,189$ 34.8%(1,425,125) -6.1%
Adj Fund Balance, Dec 31 (net of restricted)16,279,427$ 14,283,241$ 15,410,052$ 22,691,956$ 21,266,831$
Ratio: Fund balance to CY expenditures 56.4%46.4%49.9%76.7%66.7%
Ratio: Fund balance to NY expenditures 52.9%44.8%48.1%71.2%63.7%
2020 2020 2021
2019 Adopted Amended 2020 Preliminary
Actual Budget Budget Estimate Budget
Function (Amount) (Percent) (Amount) (Percent)
General government 6,340,201 6,636,492 6,688,692 6,614,276 6,846,552 157,860 2.4% 232,276 3.5%
Public safety 13,496,718 14,532,144 14,625,533 14,215,468 15,203,231 577,698 3.9% 987,763 6.9%
Public works 4,818,477 5,192,664 5,192,664 4,619,572 5,314,321 121,657 2.3% 694,749 15.0%
Parks and recreation 4,198,655 4,441,236 4,441,236 4,007,308 4,525,919 84,683 1.9% 518,611 12.9%
Contingency - (45,939) (45,939) 120,000 - 45,939 -100.0%(120,000) -100.0%
28,854,051 30,756,597 30,902,186 29,576,624 31,890,023 987,837 3.2%2,313,399 7.8%
Classification
Personnel services 21,062,234 23,061,164 23,061,164 22,234,859 24,165,740 1,104,576 4.8% 1,930,881 8.7%
Commodities 1,972,089 1,826,720 1,920,109 1,757,945 1,801,256 (118,853) -6.2% 43,311 2.5%
Other charges and services 5,496,725 5,852,908 5,905,108 5,529,504 5,896,337 (8,771) -0.1% 366,833 6.6%
Capital outlay 323,003 15,805 15,805 54,316 26,690 10,885 68.9%(27,626) -50.9%
28,854,051 30,756,597 30,902,186 29,576,624 31,890,023 987,837 3.2%2,313,399 7.8%
2020 Amended
Budget
Change from Change from
2020
Estimate
CITY OF LAKEVILLE, MINNESOTA
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances
For the Year Ending December 31, 2021
Change from Change from
2020 Amended
Budget
2020
Estimate
CITY OF LAKEVILLEWorksession 2021 - 2030 EQUIPMENT PLAN11/23/20202020 2019 CF +2021 - 2030FundingAMENDED2020 Est'd 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 TotalsUse of Funds:FacilitiesGEN FUND-$ -$ -$ -$ -$ 29,309$ -$ 34,506$ -$ -$ -$ -$ $63,815City ClerkGEN FUND- - - - 31,874 - - - - 36,260 - - 68,134 PlanningGEN FUND- - - - - 28,000 - - - - - - 28,000 InspectionsGEN FUND- - 25,290 25,728 26,456 27,185 - 28,641 - - 30,825 - 164,126 PoliceEQ FUND226,595 575,251 746,852 739,377 94,772 701,541 524,224 488,212 176,472 803,891 1,168,489 801,211 6,245,043 FireEQ FUND- - 500,289 1,184,584 648,550 742,200 174,097 1,310,893 38,720 163,014 198,614 92,300 5,053,261 EngineeringGEN FUND- - - - - - - - - - 31,750 32,500 64,250 Construction ServicesGEN FUND- - - 26,500 - - 31,050 31,860 30,250 - - 35,100 154,760 StreetsEQ FUND917,544 1,064,841 759,641 1,387,224 709,734 950,619 1,340,636 873,335 1,209,701 1,232,400 701,943 1,652,944 10,818,175 ParksEQ FUND232,865 225,671 414,944 398,812 270,139 266,596 384,026 547,617 431,261 391,771 476,989 329,529 3,911,684 Environmental ResourcesENV RES- - - 29,680 - - - - - - - - 29,680 ForestryENV RES- - - 24,380 - - - - - - - - 24,380 CommunicationsCOMM185,000 22,000 85,000 225,000 65,000 80,000 32,000 85,000 45,000 55,000 30,000 92,500 794,500 UtilitiesUTILITY132,521 132,521 562,460 53,000 8,570 306,056 111,809 779,771 42,282 330,611 649,647 340,782 3,184,988 LiquorLIQUOR- - - - - - - - - - - - - - - - - - - - - - - - - - Total Use of Funds 1,694,525 2,020,284 3,094,475 4,094,286 1,855,095 3,131,506 2,597,842 4,179,834 1,973,686 3,012,947 3,288,258 3,376,866 30,604,795Source of Funds:Interest Earnings (2%) 18,330 18,331 18,331 23,538 18,429 30,016 25,897 17,075 20,116 28,895 22,426 17,454 222,177Annual Levy 675,000 675,000 150,000 1,075,000 1,075,000 1,075,000 1,250,000 1,500,000 1,600,000 1,600,000 1,600,000 1,600,000 12,525,000 General Fund Contribution 350,000 452,000 875,000 - - - - - - - - - 875,000 Liquor Fund Contribution 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 5,000,000 Pavement Mgmt Fund Contribution - - - - - - - - - - - - - Environmental Res Fund Contribution 31,000 31,000 31,000 31,000 31,000 31,000 31,000 - - - - - 155,000 Utility Fund Contribution - - - - - - - - - - - - Funding outside Equipment FundGeneral Fund- - 25,290 52,228 26,456 84,494 31,050 95,007 30,250 - 62,575 67,600 474,951 Communications Fund185,000 22,000 85,000 225,000 65,000 80,000 32,000 85,000 45,000 55,000 30,000 92,500 794,500 Environmental Res Fund- - - 54,060 - - - - - - - - 54,060 Utility Fund132,521 132,521 562,460 53,000 8,570 306,056 111,809 779,771 42,282 330,611 649,647 340,782 3,184,988 Liquor Fund- - - - - - - - - - - - - Lakeville Arenas- - Intergovernmental Grants - - - - - - - - - - - - - Auction/Sale Proceeds 169,525 277,525 175,750 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 1,750,750 Donations 20,000 32,500 - - - - - - - - - - - Bond Proceeds - - - 1,550,000 635,000 644,000 - 1,180,000 - - 570,000 4,579,000 Forfeiture Funds 102,000 102,000 - - - - - - - - - - - Total Source of Funds 2,183,376 2,242,877 2,422,831 3,738,826 2,534,455 2,925,566 2,156,756 4,331,853 2,412,648 2,689,506 3,039,648 3,363,336 29,615,425$ Change in Fund Balance488,851 222,593 -671,644 -355,459 679,360 -205,941 -441,086 152,019 438,962 -323,441 -248,609 -13,530 (989,370)$ Beginning Fund Balance1,173,621 1,625,942 1,848,535 1,176,891 821,431 1,500,791 1,294,851 853,765 1,005,783 1,444,745 1,121,304 872,695Ending Fund Balance$1,662,472 $1,848,535 $1,176,891 $821,431 $1,500,791 $1,294,851 $853,765 $1,005,783 $1,444,745 $1,121,304 $872,695 $859,1650- 2020-2029 CIP Adopted 1,589,526 4,465,190 3,091,285 1,707,863 2,015,765 3,400,868 3,265,931 2,308,681 2,384,275 2,428,337 - 26,657,722 Variance 430,758 (1,370,714) 1,003,000 147,232 1,115,741 (803,026) 913,903 (334,995) 628,672 859,921 3,376,866 3,947,074
CITY OF LAKEVILLEWorksession 2021 - 2030 FACILITY PLAN11/23/20202019 CF +2021 - 20302020 2020 Est'd 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 TotalsUse of Funds:Art Center 140,500$ 129,087$ 130,372$ 400,000$ 8,250$ -$ 210,000$ 65,000$ 25,000$ -$ 252,368$ -$ 1,090,990$ Central Maintenance Facility 158,095 41,000 198,000 394,895 350,000 10,413,850 75,000 - - - 808,152 - 12,239,897 City Hall 409,040 353,486 53,845 412,055 236,250 57,900 1,500 135,000 - - 19,607 - 916,157 Fire Station #1 24,857 11,042 5,000 25,000 35,975 - - - - 7,800 186,014 - 259,789 Fire Station #2 - - 19,376 5,500 25,000 - 5,900 7,500 7,800 - 9,210 - 80,286 Fire Station #3 - - 23,874 11,000 5,000 - - - - - 129,115 - 168,989 Fire Station #4 27,500 48,839 99,560 295,000 - 30,000 - 5,500 - - 2,970 - 433,030 Heritage Center 92,706 55,944 42,600 21,500 - - - - 375,000 - 1,616 - 440,716 Police Station 57,350 81,194 185,300 169,792 85,000 - 200,000 75,000 - - 268,184 - 983,276 Public Works Storage Facility - 5,435 - - - - - - - - - - - Ice Arena - 548,541 5,584,706 1,800,038 - - - - - - - - 7,384,744 Heritage Liquor Store26,250 22,718 104,125 - - - - - - - - - 104,125 Galaxie Liquor Store5,550 5,387 143,100 156,280 60,000 - - - - - 280,657 - 640,037 Kenrick Liquor Store- - 84,280 - - - - - - - 4,368 - 88,648 Radio Communications Building - - 22,500 - - - - - - - - - 22,500 Water Treatment Facility588,393 564,559 39,000 271,538 300,000 27,500 100,000 - 33,892,000 - 6,496 - 34,636,534 Total Use of Funds 1,530,241$ 1,867,232$ 6,735,638$ 3,962,598$ 1,105,475$ 10,529,250$ 592,400$ 288,000$ 34,299,800$ 7,800$ 1,968,757$ -$ 59,489,718$ Source of Funds:Interest Earnings (2%) 21,504$ 21,504$ 21,504$ 17,683$ 1,381$ 4,333$ 9,222$ 9,708$ 14,213$ 16,174$ 26,531$ 7,120$ 127,869$ Annual Levy (Building Fund) - - - 440,000 415,000 - - - - - 130,000 - 985,000 General Fund Contribution 200,000 200,000 - - - - - - - - - - - Antenna Rental 430,102 430,102 447,667 461,964 476,691 491,859 507,483 503,552 491,613 509,487 550,141 567,690 5,008,146 Liquor Fund 31,800 28,105 331,505 156,280 60,000 - - - - - 285,025 - 832,810 Water & Sewer Funds / Bonds588,393 564,559 39,000 271,538 300,000 27,500 100,000 - 33,892,000 - 6,496 - 34,636,534 Donations/Fundraising - - - - - - - - - - - - - Energy Rebates - 30,019 - - - - - - - - - - - Other/Partnership - 6,000 - - - - - - - - - - - Bond Proceeds - - 7,933,285 - - 10,250,000 - - - - - - 18,183,285 Other Ice Arena - 548,541 (2,348,579) 1,800,038 - - - - - - - - (548,541) Total Source of Funds 1,271,799$ 1,828,830$ 6,424,382$ 3,147,503$ 1,253,072$ 10,773,692$ 616,705$ 513,260$ 34,397,826$ 525,661$ 998,193$ 574,810$ 59,225,103$ Change in Fund Balance(258,442)$ (38,402)$ (311,256)$ (815,095)$ 147,597$ 244,442$ 24,305$ 225,260$ 98,026$ 517,861$ (970,564)$ 574,810$ (264,615)$ Beginning Fund Balance1,193,272$ 1,233,810$ 1,195,408$ 884,152$ 69,057$ 216,653$ 461,095$ 485,400$ 710,660$ 808,686$ 1,326,547$ 355,983$ Ending Fund Balance934,830$ 1,195,408$ 884,152$ 69,057$ 216,653$ 461,095$ 485,400$ 710,660$ 808,686$ 1,326,547$ 355,983$ 930,793$ - 1 2020-2024 CIP Adopted 1,530,241 1,530,241 11,453,781 830,031 467,475 30,000 492,400 288,000 34,299,800 7,800 2,093,757 - 51,493,285 Variance - 336,991 (4,718,143) 3,132,567 638,000 10,499,250 100,000 - - - (125,000) - 7,996,433
CITY OF LAKEVILLEWorksession 2021 - 2030 TECHNOLOGY PLAN11/23/20202019 CF +2021 - 20302020 2020 Est'd 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 TotalsUse of Funds:Administration 3,252$ 3,252$ 1,057$ 3,531$ 561$ 577$ 6,499$ -$ 6,652$ 650$ 1,339$ 6,156$ 27,020$ Arts Center 1,374 1,374 - - 4,199 - 5,092 2,336 633 4,216 - 1,902 18,378 Building Inspection 3,834 3,834 1,584 7,030 1,923 - 5,414 1,836 8,149 2,230 - 6,276 34,442 Comm/Econ Development 1,609 1,609 3,229 3,531 1,713 1,764 2,041 3,744 4,093 1,986 2,045 2,366 26,512 Engineering - - 4,481 3,531 4,754 2,448 - 5,195 4,093 5,511 2,838 - 32,852 Facilities Maintenance - - - - - 1,981 - 393 - - 2,297 - 4,671 Finance 1,377 1,377 1,813 1,646 13,915 - 1,764 2,102 1,908 16,131 - 2,045 41,322 Fire 1,891 1,425 4,982 10,796 3,619 - 1,783 5,790 12,516 14,295 - 2,067 55,847 Heritage Center 2,906 2,906 1,615 - 3,637 - 6,413 1,872 - 4,216 - 4,438 22,190 Human Resources 2,844 2,844 - 5,194 1,713 - 3,635 - 6,021 1,986 - 4,214 22,762 Information Technology1,206 1,206 3,411 3,309 4,407 - 3,839 3,954 4,467 4,460 - 4,450 32,297 Construction Services1,377 1,377 3,428 2,852 - 2,448 2,041 4,586 2,675 - 2,838 3,055 23,924 Parks Administration1,609 1,609 - 1,663 - - 2,041 - 1,928 - - 2,366 7,997 Parks Maintenance - - 6,623 1,646 3,637 - - 7,678 1,908 4,216 - - 25,707 Police 1,206 1,600 8,204 24,772 59,344 3,529 3,581 9,511 28,718 66,830 6,115 4,151 214,754 Recreation 400 64 - 7,044 - - - - 8,166 - - - 15,209 Streets Maintenance 5,528 2,982 3,229 3,291 3,408 3,710 5,414 3,744 3,816 4,196 4,048 6,276 41,132 Arenas - - 3,626 - 3,426 3,492 - 4,204 - 3,972 4,048 - 22,767 Communications 1,206 1,802 4,827 3,531 - - 1,798 5,596 4,093 - - 2,085 21,929 Liquor 57,877 33,908 - 3,531 19,376 - 62,463 7,582 4,093 - - 72,412 169,456 Environmental Resources 1,377 727 - - 3,637 - 1,764 - - 4,216 - 2,045 11,660 Utilities 1,609 730 6,442 9,845 1,713 - 2,041 7,468 11,414 1,986 - 2,366 43,274 Printers/Scanners 5,424 4,184 2,734 3,791 7,913 8,108 18,118 1,349 2,178 31,670 2,035 19,026 96,921 Network Infrastructure 35,000 - 6,706 162,545 306,064 - 42,866 18,511 188,435 146,677 8,495 156,838 1,037,138 Miscellaneous 4,000 32,333 101,000 15,458 - - - - 16,810 - 19,011 - 152,279 Total Use of Funds 136,906$ 101,143$ 168,991$ 278,534$ 448,957$ 28,058$ 178,604$ 97,449$ 322,763$ 319,443$ 55,109$ 304,532$ 2,202,440$ - Source of Funds:Interest Earnings (2%) 3,100$ -$ 3,064$ 4,922$ 3,654$ 20$ 3,733$ 4,440$ 6,868$ 4,754$ 2,743$ 5,981$ 40,179$ Annual Levy - - - 155,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000 155,000 1,395,000 Contributions:General Fund- - 200,000 - 50,000 - - - - - - - 250,000 Communications Fund4,400 4,400 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 50,000 Liquor Fund 69,677 69,677 31,300 31,300 31,300 31,300 31,300 31,300 31,300 31,300 31,300 31,300 313,000 Environmental Resources3,600 3,600 4,100 4,100 4,100 4,100 4,100 4,100 4,100 4,100 4,100 4,100 41,000 Utility (Water/Sewer) Fund15,600 15,600 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 148,000 Direct Costs:Liquor Fund - 4,192 - Lakeville Arenas- - 3,626 - 3,426 3,492 - 4,204 - 3,972 4,048 - 22,767 - - - - - - - - - - - - - Total Source of Funds 96,377$ 97,469$ 261,890$ 215,122$ 267,280$ 213,712$ 213,933$ 218,844$ 217,068$ 218,926$ 216,991$ 216,181$ 2,259,946$ Change in Fund Balance(40,529)$ (3,674)$ 92,900$ (63,412)$ (181,677)$ 185,653$ 35,329$ 121,394$ (105,695)$ (100,517)$ 161,882$ (88,351)$ 57,506$ Beginning Fund Balance155,000$ 156,864$ 153,190$ 246,089$ 182,677$ 1,000$ 186,654$ 221,983$ 343,377$ 237,682$ 137,165$ 299,047$ Ending Fund Balance114,471$ 153,190$ $246,089 $182,677 $1,000 $186,654 $221,983 $343,377 $237,682 $137,165 $299,047 $210,6962020-2024 CIP Adopted 136,906 105,138 279,591 441,455 69,168 196,884 110,438 363,356 314,998 56,972 - 2,074,906 Variance (35,763) 63,853 (1,057) 7,502 (41,110) (18,280) (12,989) (40,593) 4,445 (1,863) 304,532 127,534