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Home My WebLink AboutItem 08 December 7, 2020 Item No. PUBLIC BUDGET MEETING (TRUTH IN TAXATION) FOR 2021 PROPERTY TAX LEVY AND 2021 BUDGET Proposed Action Conduct a public budget meeting (Truth in Taxation). Following the public budget meeting, Staff recommends adoption of the following motion: Move to approve four Resolutions: 1) Adopting the 2021 Property Tax Levy, 2) Adopting the 2021 Budget, 3) Committing General Fund Balance for Specific Purposes and 4) Granting Budget Amendment Authority. Approval of the motion adopts the 2021 property tax levy and the 2021 budget, commits General Fund reserves to partially fund the projected compensated leave liability and grants budget amendment authority to the City Administrator. Overview Minnesota Statutes require a public hearing prior to adoption of the 2021 budget and tax levy. The purpose of the hearing is to present the proposed 2021 budget and tax levy and provide taxpayers the opportunity to ask questions and present comments. At the hearing, a brief overview of the budget and tax levy will be presented. After all persons have had an opportunity to speak, the City Council should close the hearing. Adoption of the budget and tax levy will follow the public budget meeting. The 2021 budget and tax levy were presented at Council work sessions held on August 24, October 26 and November 23 and the council meeting held on September 8. The City Council did not make any changes to the proposed budget or tax levy at the November 23 workshop. The City Council was supportive of committing an additional $100,000 of General Fund reserves in 2020 to partially fund the projected compensated leave liability. This will increase the committed balance to $200,000 for year ending December 31, 2020. The following chart reflects the proposed 2021 levy as compared to the 2020 levy: Fund Proposed 2021 Levy Change from 2020 Adopted Levy General Fund $24,264,532 $1,728,897 Pavement Management Fund 1,100,000 0 Building Fund 0 0 Equipment Fund 150,000 (525,000) Park Improvement Fund 350,000 0 Trail Improvement Fund 80,000 50,000 Debt Service Funds 7,967,038 626,673 TOTAL LEVY $33,911,570 $1,880,570 The proposed 2021 tax levy ($33,911,570) is $203,000 less than the preliminary tax levy approved September 8, 2020 and results in a 5.87% increase from 2020 to 2021. The City portion of the property taxes of the median valued home ($339,100) is estimated to increase by $35 when considering the increase in market value and a 5.87% increase in the City property tax levy. This is approximately $7 less than the impact of a 6.5% levy increase approved in September. Existing commercial properties in Lakeville, in the aggregate, increased in market value by 5.8%. The proposed City tax levy will result in an estimated $317 increase in the City portion of the property taxes on a commercial property valued at $1 million with a 5.8% increase in value. This is an approximate $46 decrease than the impact of a 6.5% levy increase approved in September. Primary Issues to Consider  Adjustments to the Proposed Tax Levy. The City Council can adopt a final tax levy in December that is equal to or less than the preliminary tax levy approved on September 8, 2020. The City Council may not, however, adopt a final tax levy that is greater than the preliminary tax levy. Supporting Information  Resolution adopting the 2021 Tax Levy  Resolution adopting the 2021 Budget  Resolution committing General Fund Balance for Specific Purposes  Resolution granting Budget Amendment Authority  Budget Overview Financial Impact: Budgeted: Y☒ N☐ Source: Related Documents: (CIP, ERP, etc.): Envision Lakeville Community Values: Good Value for Public Services Report Completed by: Jerilyn Erickson, Finance Director $33,911,570 Various Funds Proposed 2021 Budget CITY OF LAKEVILLE RESOLUTION NO. ________ RESOLUTION ADOPTING THE 2021 PROPERTY TAX LEVY BE IT RESOLVED by the City Council of the City of Lakeville as follows: Section I. There is hereby levied upon all taxable property in the City of Lakeville a direct ad valorem tax collectible in 2021 for the following purposes and in the following amounts: TOTAL Debt Street improvements 5,774,924$ Tax abatement 270,443 Police Station 550,038 Central Maintenance Facility 1,073,358 Ice Arena 298,275 Total Debt Levy 7,967,038 General Fund 24,264,532 Pavement Management Fund 1,100,000 Equipment Fund 150,000 Park Improvement Fund 350,000 Trail Improvement Fund 80,000 Total tax levy 33,911,570$ Purpose Section II. It is hereby determined that the City is making an irrevocable appropriation of funds, and sufficient monies are now on hand due to changes in funding sources such as interest on investments, special assessments and contributions from Liquor Fund, ISD#194 and other entities for the payment of principal and interest to come due during the 2021/2022 year for certain bond issues of the City of Lakeville. Section III. The Treasurer-Auditor of Dakota County is hereby authorized and directed, pursuant to the provisions of Section 475.61, Minnesota Statutes Annotated, to cancel the levies for said indebtedness heretofore made to be levied for collection in 2021 as shown in Schedule A. ADOPTED by the Lakeville City Council this 7th day of December 2020. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk Schedule A – Debt Service 2021 2021 CERTIFIED BOND DESCRIPTION SERIES DEBT LEVY DEBT LEVY STREET RECONSTRUCTION 2009A 411,600$ ‐$ IMPROVEMENT 2012A 484,814$ 452,565$ IMPROVEMENT 2012B 2,129,715$ 2,048,360$ IMPROVEMENT 2013A 323,324$ 307,324$ IMPROVEMENT 2014A 956,261$ 434,430$ REFUNDING 2014B 1,229,643$ 744,644$ IMPROVEMENT 2015A 674,729$ 275,000$ WATER UTILITY REVENUE 2016A ‐$ ‐$ GENERAL OBLIGATION 2016A 298,275$ 298,275$ GENERAL OBLIGATION 2016B 813,264$ 774,537$ GENERAL OBLIGATION 2017A 674,356$ 651,782$ GENERAL OBLIGATION 2018A 627,007$ 550,000$ GENERAL OBLIGATION 2018B 344,873$ 344,873$ IMPROVEMENT 2019A 459,951$ 459,951$ IMPROVEMENT 2020A 557,854$ 354,854$ TAX ABATEMENT 2020A 33,475$ ‐$ TAX ABATEMENT 2021A ‐$ 270,443$ 10,019,141$ 7,967,038$ The following is a schedule of all debt which, at the time of issuance, included a certification of future property tax levies. The 2021 Debt Levy column represents the levy in the original bond documents. The 2021 Certified Debt Levy column represents the actual levy. The reductions in the original debt service levies are the result of excess funds in the debt service account due to changes in funding sources such as interest on investments, special assessments and contributions from Liquor Fund, ISD#194 and other entities. CITY OF LAKEVILLE RESOLUTION NO. ________ RESOLUTION ADOPTING THE 2021 BUDGET BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the following 2021 budget, a copy of which is on file in the Finance Director’s office, is hereby approved and adopted. ADOPTED by the Lakeville City Council this 7TH day of December 2020. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk Enterprise Debt/Capital Fund/Department Revenues Expenditures Bond Proceeds Acquisitions General Fund 30,913,468$ 31,890,023$ General Fund - Transfers 876,430 1,325,000 Total General Fund 31,789,898 33,215,023 Special Revenue Funds Communications 732,966 751,022 Economic Development 50 5,177 Debt Service Funds 13,601,065 13,849,585 Capital Projects Funds Municipal state-aid 4,944,249 2,609,234 Pavement Management 1,227,400 2,412,500 Improvement Construction 10,925,908 10,922,252 Building 469,171 780,427 Equipment 1,750,081 2,421,726 Technology 258,264 165,365 Park Dedication 1,685,405 3,106,282 Park Improvement 628,981 923,000 Trail Improvement 80,352 484,725 Storm Sewer 1,093,062 1,985,662 Water 2,683,000 1,823,942 Sanitary Sewer 365,175 410,269 Arena Capital Reserve 7,933,285 6,133,247 Tax Increment 458,675 410,793 Tax Abatement - 13,125 Internal Service - Municipal Reserves Fund 454,005 573,851 Enterprise - Liquor Fund 17,455,752 17,536,083 - 5,631,093 Enterprise - Utility Fund 18,554,827 19,910,503 1,420,000 3,308,786 Grand Total 117,091,571$ 120,443,793$ 1,420,000$ 8,939,879$ CITY OF LAKEVILLE RESOLUTION No______ RESOLUTION COMMITTING GENERAL FUND BALANCE FOR SPECIFIC PURPOSES WHEREAS, the Governmental Accounting Standards Board’s Statement No. 54 defines committed fund balance as amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the Council; and WHEREAS, Council action is required before year end to formalize the commitment of fund balance to specified purposes; and WHEREAS, those committed amounts cannot be used for any other purposes unless the City removes or changes the specified use by taking the same type of action it employed to previously commit those amounts; and WHEREAS, the City Council is supportive of funding the liability for compensation that will be due to employees upon retirement/resignation over a four-year phase-in period; and WHEREAS, the City Council committed $100,000 towards the targeted funding level in 2019 and supports committing an additional $100,000 in 2020. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the specific portion of fund balance in the identified fund is committed as follows: Fund Purpose Amount General To partially fund projected compensated leave liability. $200,000 ADOPTED by the Lakeville City Council this 7th day of December 2020. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk CITY OF LAKEVILLE RESOLUTION No______ RESOLUTION GRANTING BUDGET AMENDMENT AUTHORITY WHEREAS, Minnesota State Statutes 412.711 requires councils to adopt an annual budget by resolution which sets forth the total for each budgeted fund; and WHEREAS, the City Council is required to approve an increase in total budgeted expenditures or a transfer of funds using new/additional revenues or fund balance reserves; and WHEREAS, circumstances arise throughout the year where the total appropriations for a fund are sufficient to cover the additional expense associated with a project or council directive but the particular department incurring the cost does not have the sufficient funds appropriated; and WHEREAS, the City Administrator has reviewed the additional expense and the priority of the project/directive and considers it appropriate to reallocate appropriations from one department to another within the same budgeted fund; and WHEREAS, the City Council deems it appropriate to grant the City Administrator flexibility with managing projects or Council directives that arise throughout the year; and WHEREAS, budget amendments would be reflected in the Amended Budget amounts shown on the quarterly financial reports that are presented to the City Council. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville, that the City Administrator is granted the authority to approve budget amendments between departments within a budgeted fund pursuant to all adopted financial policies. ADOPTED by the Lakeville City Council this 7th day of December 2020. ________________________________ Douglas P. Anderson, Mayor ________________________________ Charlene Friedges, City Clerk 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Revenues General property taxes 30,267,817$ 32,004,445$ 32,024,404$ 33,879,766$ Tax increment 757,107 799,813 789,961 862,325 Licenses and permits 4,492,109 3,355,355 5,023,914 3,281,654 Intergovernmental 9,374,247 14,449,315 17,177,468 6,361,721 Charges for services 29,844,406 24,202,031 27,566,346 25,412,226 Court fines 354,292 360,000 206,137 156,000 Special assessments 3,681,403 2,350,896 1,963,641 2,291,354 Investment income 3,230,181 587,833 805,373 739,212 Donations 8,367,739 1,570,889 1,748,760 1,569,200 Miscellaneous 900,930 2,193,033 1,251,828 1,134,364 Gross profit 4,059,424 3,975,737 4,518,002 4,427,664 Total revenues 95,329,655 85,849,347 93,075,834 80,115,486 Expenditures and expenses General government 7,022,662 8,226,376 8,149,204 7,402,541 Public safety 13,210,289 14,625,533 14,215,468 15,203,231 Public works 4,802,148 5,192,664 4,619,572 5,314,321 Parks and recreation 4,178,410 4,433,111 3,997,553 4,524,519 Other (contingency) - (45,939) 120,000 - Debt service 12,325,548 13,258,054 13,208,980 14,030,426 Capital outlay 22,193,029 41,318,967 39,672,863 31,835,498 Operating expenses 19,751,785 22,653,711 22,015,476 22,255,794 Total expenditures and expenses 83,483,871 109,662,477 105,999,116 100,566,330 Other financing sources (uses) Transfer from other funds 5,153,688 7,544,189 6,125,592 6,853,375 Transfer to other funds (5,153,688) (7,544,189) (6,125,592) (6,853,375) Disposal of assets (156) (20,000) (17,000) (20,000) Issuance of debt 6,295,000 14,807,007 12,395,727 17,118,622 Payment on refunded bonds called - - - - Premium on bonds issued 1,065,624 - - - Total other financing sources (uses)7,360,468 14,787,007 12,378,727 17,098,622 Net change in fund balance and net position 19,206,252 (9,026,123) (544,555) (3,352,222) Fund balance and net position, January 1 228,977,373 222,939,427 248,183,625 247,639,070 Fund balance and net position, December 31 248,183,625$ 213,913,304$ 247,639,070$ 244,286,848$ Enterprise capital outlay acquisitions 9,662,492$ 2,926,859$ 2,956,945$ 8,284,879$ Enterprise bond proceeds 730,000$ 3,470,000$ 2,745,000$ 1,420,000$ Enterprise debt principal 450,000$ 565,000$ 565,000$ 655,000$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Appropriated Fund Types Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net Assets For the Year Ending December 31, 2021 General Special Debt Capital Internal ServiceFundRevenueServiceProjectsLiquorUtilityMunicipal Res.TotalRevenuesGeneral property taxes 24,232,728$ -$ 7,967,038$ 1,680,000$ -$ -$ -$ 33,879,766$ Tax increment - - 404,000 458,325 - - - 862,325 Licenses and permits 2,611,288 670,366 - - - - - 3,281,654 Intergovernmental 1,085,911 516 416,829 4,282,833 4,000 571,632 - 6,361,721 Charges for services 2,595,812 60,026 904,455 5,453,944 - 16,006,153 391,836 25,412,226 Court fines 156,000 - - - - - - 156,000 Special assessments - - 2,248,156 43,198 - - - 2,291,354 Investment income 174,000 2,108 122,210 266,212 20,000 149,682 5,000 739,212 Donations 19,200 - - 50,000 - 1,500,000 - 1,569,200 Miscellaneous 38,529 - - 771,741 - 266,925 57,169 1,134,364 Gross profit- - - - 4,427,664 - - 4,427,664 Total revenues30,913,468 733,016 12,062,688 13,006,253 4,451,664 18,494,392 454,005 80,115,486 Expenditures and expensesGeneral government 6,821,262 581,279 - - - - - 7,402,541 Public safety 15,203,231 - - - - - - 15,203,231 Public works 5,314,321 - - - - - - 5,314,321 Parks and recreation 4,524,519 - - - - - - 4,524,519 Other (contingency) - - - - - - - - Debt service - - 13,649,585 - 400 380,441 - 14,030,426 Capital outlay 26,690 85,000 - 31,723,808 - - - 31,835,498 Operating expenses- - - - 3,430,064 18,301,879 523,851 22,255,794 Total expenditures and expenses31,890,023 666,279 13,649,585 31,723,808 3,430,464 18,682,320 523,851 100,566,330 Other financing sources (uses)Transfer from other funds 876,430 - 1,538,377 4,378,133 - 60,435 - 6,853,375 Transfer to other funds (1,325,000) (89,920) (200,000) (2,878,741) (1,101,531) (1,208,183) (50,000) (6,853,375) Disposal of assets - - - - - (20,000) - (20,000) Issuance of debt- - - 17,118,622 - - - 17,118,622 Total other financing sources (uses)(448,570) (89,920) 1,338,377 18,618,014 (1,101,531) (1,167,748) (50,000) 17,098,622 Net change in fund balance and net position (1,425,125) (23,183) (248,520) (99,541) (80,331) (1,355,676) (119,846) (3,352,222) Fund balance and net position, January 123,440,187 1,102,234 21,551,182 45,444,020 6,138,854 149,412,328 550,265 247,639,070 Fund balance and net position, December 3122,015,062$ 1,079,051$ 21,302,662$ 45,344,479$ 6,058,523$ 148,056,652$ 430,419$ 244,286,848$ Enterprise capital outlay acquisitions-$ -$ -$ -$ 5,631,093$ 2,653,786$ -$ 8,284,879$ Enterprise bond proceeds-$ -$ -$ -$ -$ 1,420,000$ -$ 1,420,000$ Enterprise debt principal-$ -$ -$ -$ -$ 655,000$ -$ 655,000$ EnterpriseGovernmental Funds Proprietary FundsCITY OF LAKEVILLE, MINNESOTABudgetary Summary for Appropriated Fund TypesCombining Schedule of Revenues, Expenditures, and Changes in Fund Balances and Net AssetsFor the Year Ending December 31, 20212021 Proposed Budget 2020 2020 2021 2019 Adopted Amended 2020 Proposed 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 117,981 151,221 151,221 130,447 139,264 (11,957) -7.9% 8,817 6.8% Arts center 673,801 633,472 633,472 527,558 630,071 (3,401) -0.5% 102,513 19.4% 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% 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% 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 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Revenues Licenses 683,977$ 698,256$ 677,137$ 670,366$ Intergovernmental 32,274 985,516 985,516 516 Charges for services 61,289 58,266 60,026 60,026 Investment income 34,944 2,108 2,125 2,108 Total revenues 812,484 1,744,146 1,724,804 733,016 Expenditures General government 682,461 1,545,364 1,579,489 581,279 Capital outlay 25,287 185,000 22,000 85,000 Total expenditures 707,748 1,730,364 1,601,489 666,279 Excess (deficiency) of revenues over expenditures 104,736 13,782 123,315 66,737 Other financing sources (uses) Transfer from other funds 91,267 - - - Transfer to other funds (80,866) (88,139) (88,139) (89,920) Total other financing sources (uses)10,401 (88,139) (88,139) (89,920) Net change in fund balance 115,137 (74,357) 35,176 (23,183) Fund balance, January 1 951,921 816,710 1,067,058 1,102,234 Fund balance, December 31 1,067,058$ 742,353$ 1,102,234$ 1,079,051$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Special Revenue Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2021 Economic Communications Development Total Revenues Licenses 670,366$ -$ 670,366$ Intergovernmental 516 - 516 Charges for services 60,026 - 60,026 Investment income 2,058 50 2,108 Total revenues 732,966 50 733,016 Expenditures General government 576,102 5,177 581,279 Capital outlay 85,000 - 85,000 Total expenditures 661,102 5,177 666,279 Excess (deficiency) of revenues over expenditures 71,864 (5,127) 66,737 Other financing sources (uses) Transfer from other funds - - - Transfer to other funds (89,920) - (89,920) Net change in fund balance (18,056) (5,127) (23,183) Fund balance, January 1 1,097,107 5,127 1,102,234 Fund balance, December 31 1,079,051$ -$ 1,079,051$ 2021 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Special Revenue Funds Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2021 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Revenues General property taxes 7,077,820$ 7,340,365$ 7,340,366$ 7,967,038$ Tax increment 436,307 404,000 404,000 404,000 Intergovernmental 734,358 725,795 725,795 416,829 Charges for services 565,750 294,050 578,858 904,455 Special assessments 3,463,902 2,060,370 1,914,443 2,248,156 Investment income 549,212 106,137 123,616 122,210 Total revenues 12,827,349 10,930,717 11,087,078 12,062,688 Expenditures - debt service Principal maturities 8,135,000 8,945,000 8,945,000 9,400,000 Interest on debt 3,936,413 3,925,309 3,925,309 4,221,190 Fiscal charges 44,426 27,858 30,872 28,395 Total expenditures 12,115,839 12,898,167 12,901,181 13,649,585 Excess (deficiency) of revenues over expenditures 711,510 (1,967,450) (1,814,103) (1,586,897) Other financing sources (uses) Transfer from other funds 1,542,921 1,829,631 1,544,823 1,538,377 Transfer to other funds (23,351) (252,666) (52,666) (200,000) Issuance of debt 77,860 - 221,247 - Total other financing sources (uses)1,597,430 1,576,965 1,713,404 1,338,377 Net change in fund balance 2,308,940 (390,485) (100,699) (248,520) Fund balance, January 1 19,342,941 19,757,144 21,651,881 21,551,182 Fund balance, December 31 21,651,881$ 19,366,659$ 21,551,182$ 21,302,662$ CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for All Debt Service Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2021 General G.O. Tax Water Tax Arena HRA Lease Obligation Improvement Increment State-aid Revenue Abatement Revenue Revenue Total Revenues General property taxes 3,338,165$ 4,060,155$ -$ -$ -$ 270,443$ -$ 298,275$ 7,967,038$ Tax increment - - 404,000 - - - - 404,000 Intergovernmental - - - 416,829 - - - - 416,829 Charges for services - - - - - 316,072 - 588,383 904,455 Special assessments 11,410 2,236,746 - - - - - - 2,248,156 Investment income 13,945 80,018 13,349 6,258 - 1,603 - 7,037 122,210 Total revenues 3,363,520 6,376,919 417,349 423,087 - 588,118 - 893,695 12,062,688 Expenditures - debt service Principal maturities 2,740,000 5,110,000 260,000 265,000 400,000 - - 625,000 9,400,000 Interest on debt 989,338 2,398,090 16,493 151,379 211,200 207,865 - 246,825 4,221,190 Fiscal charges 2,080 21,154 325 870 608 750 - 2,608 28,395 Total expenditures 3,731,418 7,529,244 276,818 417,249 611,808 208,615 - 874,433 13,649,585 Excess (deficiency) of revenues over expenditures (367,898) (1,152,325) 140,531 5,838 (611,808) 379,503 - 19,262 (1,586,897) Other financing sources (uses) Transfer from other funds 400,000 526,569 - - 611,808 - - - 1,538,377 Transfer to other funds - - (200,000) - - - - - (200,000) Total other financing sources (uses)400,000 526,569 (200,000) - 611,808 - - - 1,338,377 Net change in fund balance 32,102 (625,756) (59,469) 5,838 - 379,503 - 19,262 (628,023) Fund balance, January 1 3,580,031 12,296,362 3,642,175 882,123 - 24,373 - 1,126,118 21,551,182 Fund balance, December 31 3,612,133$ 11,670,606$ 3,582,706$ 887,961$ -$ 403,876$ -$ 1,145,380$ 20,923,159$ Debt Supported Primarily by 2021 Proposed Budget CITY OF LAKEVILLE, MINNESOTA Budgetary Summary for Debt Service Funds Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2021 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Revenues General property taxes 1,696,091$ 2,155,000$ 2,155,000$ 1,680,000$ Tax increment 320,800 395,813 385,961 458,325 Intergovernmental 6,738,043 11,532,233 10,295,198 4,282,833 Charges for services 11,272,064 4,654,789 8,654,519 5,453,944 Special assessments 217,501 290,526 49,198 43,198 Investment income 1,706,598 250,685 255,956 266,212 Donations 107,510 40,000 190,467 50,000 Miscellaneous 559,292 1,982,571 893,979 771,741 Total revenues 22,617,899 21,301,617 22,880,278 13,006,253 Expenditures - Capital outlay General government 411,722 912,635 811,044 254,835 Public safety Police 664,929 283,945 656,445 932,152 Fire 4,810 52,357 59,881 648,099 Public works 17,909,332 34,816,383 31,969,350 18,242,759 Parks and recreation 2,853,946 5,052,842 6,099,827 11,645,963 Total expenditures 21,844,739 41,118,162 39,596,547 31,723,808 Excess (deficiency) of revenues over expenditures 773,160 (19,816,545) (16,716,269) (18,717,555) Other financing sources (uses) Transfer from other funds 2,713,727 4,855,644 3,726,211 4,378,133 Transfer to other funds (1,651,388) (3,998,024) (2,966,591) (2,878,741) Issuance of debt 6,217,140 14,807,007 12,174,480 17,118,622 Premium on bonds issued 1,065,624 - - - Total other financing sources (uses)8,345,103 15,664,627 12,934,100 18,618,014 Net change in fund balance 9,118,263 (4,151,918) (3,782,169) (99,541) Fund balance, January 1 35,260,714 37,133,291 49,226,189 45,444,020 Restatement- change in accounting prin 4,847,212 - - - Fund balance, December 31 49,226,189$ 32,981,373$ 45,444,020$ 45,344,479$ CITY OF LAKEVILLE, MINNESOTA Combined Schedule of Revenues, Expenditures, and Changes in Fund Balances For the Year Ending December 31, 2021 Budgetary Summary for All Capital Projects Funds Municipal Pavement Improvement Storm SanitaryArenasPark Park Trail Tax TaxState-AidManagementConstructionWaterWaterSewerCapital ReserveDedicationImprovementImprovementIncrementAbatementBuildingTechnologyEquipmentTotalRevenuesGeneral property taxes -$ 1,100,000$ -$ -$ -$ -$ -$ -$ 350,000$ 80,000$ -$ -$ -$ -$ 150,000$ 1,680,000 Tax increment - - - - - - - - - - 458,325 - - - - 458,325 Intergovernmental 2,782,016 120,000 1,310,817 - - - - 70,000 - - - - - - - 4,282,833 Charges for services - - - 1,052,264 2,558,400 302,775 - 1,540,505 - - - - - - - 5,453,944 Special assessments - - - 198 33,000 10,000 - - - - - - - - - 43,198 Investment income 300 7,400 3,656 40,600 91,600 52,400 - 24,900 1,755 352 350 - 21,504 3,064 18,331 266,212 Donations - - - - - - - 50,000 - - - - - - - 50,000 Miscellaneous- - 121,098 - - - - - 27,226 - - - 447,667 - 175,750 771,741 Total revenues2,782,316 1,227,400 1,435,571 1,093,062 2,683,000 365,175 - 1,685,405 378,981 80,352 458,675 - 469,171 3,064 344,081 13,006,253 Expenditures - Capital outlayGeneral government - - - - - - - - - - - 13,125 76,345 165,365 - 254,835 Public safetyPolice - - - - - - - - - - - - 185,300 - 746,852 932,152 Fire - - - - - - - - - - - - 147,810 - 500,289 648,099 Public works 2,609,234 2,412,500 10,922,252 1,001,132 265,000 75,000 - - - - - - 198,000 - 759,641 18,242,759 Parks and recreation- - - - - - 6,133,247 3,106,282 923,000 484,725 410,793 - 172,972 - 414,944 11,645,963 Total expenditures2,609,234 2,412,500 10,922,252 1,001,132 265,000 75,000 6,133,247 3,106,282 923,000 484,725 410,793 13,125 780,427 165,365 2,421,726 31,723,808 Excess (deficiency) of revenuesover expenditures173,082 (1,185,100) (9,486,681) 91,930 2,418,000 290,175 (6,133,247) (1,420,877) (544,019) (404,373) 47,882 (13,125) (311,256) (162,301) (2,077,645) (18,717,555) Other financing sources (uses)Transfer from other funds 2,161,933 - 305,000 - - - - - 250,000 - - - - 255,200 1,406,000 4,378,133 Transfer to other funds - - - (984,530) (1,558,942) (335,269) - - - - - - - - - (2,878,741) Issuance of debt- - 9,185,337 - - - 7,933,285 - - - - - - - - 17,118,622 Total other financing sources (uses)2,161,933 - 9,490,337 (984,530) (1,558,942) (335,269) 7,933,285 - 250,000 - - - - 255,200 1,406,000 18,618,014 Net change in fund balance 2,335,015 (1,185,100) 3,656 (892,600) 859,058 (45,094) 1,800,038 (1,420,877) (294,019) (404,373) 47,882 (13,125) (311,256) 92,899 (671,645) (99,541) Fund balance, January 172,966 1,487,131 5,578,403 7,897,319 12,215,953 10,484,956 (805,307) 4,989,792 350,950 416,994 101,557 (441,827) 1,195,408 153,190 1,746,535 45,444,020 Fund balance, December 312,407,981$ 302,031$ 5,582,059$ 7,004,719$ 13,075,011$ 10,439,862$ 994,731$ 3,568,915$ 56,931$ 12,621$ 149,439$ (454,952)$ 884,152$ 246,089$ 1,074,890$ 45,344,479 CITY OF LAKEVILLE, MINNESOTABudgetary Summary for Capital Projects FundsCombined Schedule of Revenues, Expenditures, and Changes in Fund BalancesFor the Year Ending December 31, 20212021 Proposed Budget 2020 2021 2019 Adopted 2020 Proposed Actual Budget Estimate Budget Sales and cost of sales Sales 16,288,986$ 15,898,952$ 17,928,580$ 17,431,752$ Cost of sales 12,229,562 11,923,215 13,410,578 13,004,088 Gross profit 4,059,424 3,975,737 4,518,002 4,427,664 Operating expenses Personnel services 1,650,487 1,832,091 1,811,391 1,894,004 Commodities 75,090 79,619 67,705 71,187 Other charges and services 1,239,427 1,371,375 1,496,436 1,245,083 Total operating expenses 2,965,004 3,283,085 3,375,532 3,210,274 Operating income 1,094,420 692,652 1,142,470 1,217,390 Non-operating revenue (expense) Intergovernmental 6,453 3,762 51,250 4,000 Investment income 108,600 15,000 16,250 20,000 Disposal of assets (net)- - 3,000 - Total non-operating (net)115,053 18,762 70,500 24,000 1,209,473 711,414 1,212,970 1,241,390 Transfers to other funds (1,065,062) (1,415,253) (1,126,089) (1,101,531) Bond expense - - (400) (400) Depreciation (87,443) (93,435) (91,717) (219,790) (1,152,505) (1,508,688) (1,218,206) (1,321,721) Change in net position 56,968 (797,274) (5,236) (80,331) Net position, January 1 6,087,122 5,686,749 6,144,090 6,138,854 Net position, December 31 6,144,090$ 4,889,475$ 6,138,854$ 6,058,523$ Capital outlay acquisitions 21,638$ 49,790$ 51,286$ 5,631,093$ Income before transfers, bond expense, and depreciation Total transfers, bond expense and depreciation CITY OF LAKEVILLE, MINNESOTA Schedule of Revenues, Expenses and Changes in Net Position Enterprise - Liquor Fund For the Year Ending December 31, 2021 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 13,943,384$ 15,770,553$ 14,693,078$ 16,006,153$ Other 272,571 137,569 263,655 266,925 Total operating revenue 14,215,955 15,908,122 14,956,733 16,273,078 Operating expenses Personnel services 2,487,252 2,690,821 2,608,180 2,752,039 Commodities 444,864 482,151 543,586 525,394 Other charges and services 4,319,422 4,339,983 3,769,994 4,179,434 Disposal charges 4,174,432 4,305,768 4,305,768 4,426,993 Major maintenance - 2,123,793 1,913,301 1,417,598 Total operating expenses 11,425,970 13,942,516 13,140,829 13,301,458 Operating income (expense)2,789,985 1,965,606 1,815,904 2,971,620 Non-operating revenue Intergovernmental 643,919 148,556 93,814 571,632 Investment income 351,051 80,903 152,426 149,682 Disposal of assets (156) (20,000) (20,000) (20,000) Total non-operating revenue 994,814 209,459 226,240 701,314 3,784,799 2,175,065 2,042,144 3,672,934 Contributed capital 8,168,721 1,500,000 1,500,000 1,500,000 Transfers from other funds 32,989 28,543 24,187 60,435 Transfers to other funds (1,058,021) (1,190,107) (1,190,107) (1,208,183) Bond expense (209,709) (359,887) (307,399) (380,441) Depreciation (4,782,285) (4,779,491) (4,899,218) (5,000,421) 2,151,695 (4,800,942) (4,872,537) (5,028,610) Change in net position 5,936,494 (2,625,877) (2,830,393) (1,355,676) Net position, January 1 146,306,227 141,871,335 152,242,721 149,412,328 Net position, December 31 152,242,721$ 139,245,458$ 149,412,328$ 148,056,652 Capital outlay acquisitions 9,662,492$ 2,877,069$ 2,905,659$ 2,653,786$ Bond proceeds 730,000$ 3,470,000$ 2,745,000$ 1,420,000$ Debt principal payments 450,000$ 565,000$ 565,000$ 655,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2021 Income (loss) before contributions, transfers, and depreciation Total contributions, transfers, and depreciation (net) Enterprise - Utility Fund Schedule of Revenues, Expenses and Changes in Net Position 2020 2021 2019 Adopted 2020 Proposed Actual Budget Estimate Budget Operating revenues User charges for services 4,496,539$ 5,762,460$ 5,244,732$ 6,084,653$ Other 272,571 133,479 262,533 262,533 Total operating revenue 4,769,110 5,895,939 5,507,265 6,347,186 Operating expenses Personnel services 1,291,649 1,279,486 1,262,582 1,305,105 Commodities 341,769 359,080 406,754 416,764 Other charges and services 1,522,832 1,409,280 1,294,462 1,244,561 Major maintenance - 1,100,793 1,058,016 476,500 Total operating expenses 3,156,250 4,148,639 4,021,814 3,442,930 Operating income (loss)1,612,860 1,747,300 1,485,451 2,904,256 Non-operating revenue Intergovernmental 8,606 1,632 1,632 1,632 Investment income 173,476 32,484 24,927 20,864 Disposal of assets (906) (10,000) (10,000) (10,000) Total non-operating revenue 181,176 24,116 16,559 12,496 1,794,036 1,771,416 1,502,010 2,916,752 Contributed capital 4,893,666 1,000,000 1,000,000 1,000,000 Bond expense (194,492) (333,737) (281,249) (357,345) Transfers to other funds (674,603) (703,367) (703,367) (716,687) Depreciation (2,979,828) (2,939,787) (3,069,480) (3,132,423) 1,044,743 (2,976,891) (3,054,096) (3,206,455) Change in net position 2,838,779 (1,205,475) (1,552,086) (289,703) Net position, January 1 94,273,910 92,266,368 97,112,689 95,560,603 Net position, December 31 97,112,689$ 91,060,893$ 95,560,603$ 95,270,900$ Capital outlay acquisitions 5,878,264$ 2,810,808$ 2,848,673$ 2,096,226$ Bond proceeds 730,000$ 3,470,000$ 2,745,000$ 1,420,000$ Debt principal payments 395,000$ 470,000$ 470,000$ 555,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2021 Income (loss) before contributions, transfers, and depreciation Total contributions, transfers, and depreciation (net) Enterprise - Utility Fund (Water Operation) Schedule of Revenues, Expenses and Changes in Net Position 2020 2021 2019 Adopted 2020 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 6,795,837$ 6,969,526$ 6,429,340$ 6,869,371$ Operating expenses Personnel services 678,734 848,707 796,015 848,255 Commodities 73,110 85,148 110,212 83,079 Other charges and services 1,260,836 384,787 384,175 390,257 Disposal charges 4,174,432 4,305,768 4,305,768 4,426,993 Major maintenance - 1,023,000 855,285 941,098 Total operating expenses 6,187,112 6,647,410 6,451,455 6,689,682 Operating income (loss)608,725 322,116 (22,115) 179,689 Non-operating revenue Intergovernmental 362,143 26,632 26,632 154,000 Investment income 115,593 40,544 116,171 116,752 Disposal of assets 750 (10,000) (10,000) (10,000) Total non-operating revenue 478,486 57,176 132,803 260,752 1,087,211 379,292 110,688 440,441 Contributed capital 3,275,055 500,000 500,000 500,000 Bond expense (6,867) (12,450) (12,450) (11,375) Transfer from other funds 24,165 24,187 24,187 52,279 Transfer to other funds (153,791) (187,412) (187,412) (195,318) Depreciation (1,776,744) (1,816,146) (1,803,253) (1,840,719) 1,361,818 (1,491,821) (1,478,928) (1,495,133) Change in net position 2,449,029 (1,112,529) (1,368,240) (1,054,692) Net position, January 1 50,684,942 48,337,209 53,133,971 51,765,731 Net position, December 31 53,133,971$ 47,224,680$ 51,765,731$ 50,711,039$ Capital outlay acquisitions 3,690,884$ 66,261$ 56,986$ 557,560$ Debt principal payments 55,000$ 60,000$ 60,000$ 60,000$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2021 Total contributions, transfers, and depreciation (net) Income (loss) before contributions, transfers and depreciation Enterprise - Utility Fund (Sanitary Sewer Operation) Schedule of Revenues, Expenses and Changes in Net Position 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 976,961$ 1,017,739$ 1,050,353$ 1,048,856$ Operating expenses Personnel services 19,460 22,657 22,657 25,040 Commodities 28 67 100 65 Other charges and services 739,344 964,218 829,554 925,583 Total operating expenses 758,832 986,942 852,311 950,688 Operating income (loss)218,129 30,797 198,042 98,168 Non-operating revenue Investment income 20,739 3,686 4,712 5,450 Income(loss) before transfers 238,868 34,483 202,754 103,618 Bond Expense (8,350) (13,700) (13,700) (11,721) Transfers to other funds (5,001) (58,114) (58,114) (5,853) Change in net position 225,517 (37,331) 130,940 86,044 Net position, January 1 186,092 147,281 411,609 542,549 Net position, December 31 411,609$ 109,950$ 542,549$ 628,593$ Debt principal payments -$ 35,000$ 35,000$ 40,000$ Enterprise - Utility Fund (Street Light Operation) Schedule of Revenues, Expenses and Changes in Net Position CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2021 2020 2021 2019 Amended 2020 Proposed Actual Budget Estimate Budget Operating revenue User charges for services 1,674,047$ 2,020,828$ 1,968,653$ 2,003,273$ Other - 4,090 1,122 4,392 Total Operating Revenue 1,674,047 2,024,918 1,969,775 2,007,665 Operating expenses Personnel services 497,409 539,971 526,926 573,639 Commodities 29,957 37,856 26,520 25,486 Other charges and services 796,410 1,581,698 1,261,803 1,619,033 Total operating expenses 1,323,776 2,159,525 1,815,249 2,218,158 Operating income 350,271 (134,607) 154,526 (210,493) Non-operating revenue Intergovernmental 273,170 120,292 65,550 416,000 Investment income 41,243 4,189 6,616 6,616 Total non-operating revenue 314,413 124,481 72,166 422,616 Income before transfers and depreciation 664,684 (10,126) 226,692 212,123 Transfers from other funds 8,824 4,356 - 8,156 Transfers to other funds (224,626) (241,214) (241,214) (290,325) Depreciation (25,713) (23,558) (26,485) (27,279) (241,515) (260,416) (267,699) (309,448) Change in net position 423,169 (270,542) (41,007) (97,325) Net position, January 1 1,161,283 1,120,477 1,584,452 1,543,445 Net position, December 31 1,584,452$ 849,935$ 1,543,445$ 1,446,120$ Capital outlay acquisitions 93,345$ -$ -$ -$ CITY OF LAKEVILLE, MINNESOTA For the Year Ending December 31, 2021 Total transfers and depreciation (net) Enterprise - Utility Fund (Environmental Resources) Schedule of Revenues, Expenses and Changes in Net Position 2020 2021 2019 Adopted 2020 Proposed Actual Budget Estimate Budget Operating revenues Charges for services 553,142$ 448,347$ 398,347$ 391,836$ Other 17,169 35,000 56,660 57,169 Total operating revenues 570,311 483,347 455,007 449,005 Operating expenses Other charges and services 491,083 555,184 508,180 523,851 Operating income 79,228 (71,837) (53,173) (74,846) Non-operating revenue (expense) Investment income 1,459 5,000 5,000 5,000 Transfer to General Fund (50,000) (50,000) (50,000) (50,000) Total non-operating (net)(48,541) (45,000) (45,000) (45,000) Change in net position 30,687 (116,837) (98,173) (119,846) Net position, January 1 617,751 470,950 648,438 550,265 Net position, December 31 648,438$ 354,113$ 550,265$ 430,419$ CITY OF LAKEVILLE, MINNESOTA Schedule of Revenues, Expenses and Changes in Net Position Internal Service - Municipal Reserves Fund For the Year Ending December 31, 2021