HomeMy WebLinkAbout11.05.12 Work Session Packet City of Farmington Mission Statement
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Farmington,MN 55024 the City of Farmington provides quality
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foster a promising future.
AGENDA
CITY COUNCIL WORKSHOP
November 5, 2012
6:00 p.m.
1. CALL TO ORDER
2. APPROVE AGENDA
3. BOND REFINANCING/DEBT
4. 2013 BUDGET REVIEW
5. CITY ADMINISTRATOR UPDATE
6. ADJOURN
PUBLIC INFORMATION STATEMENT
Council workshops are conducted as an informal work session.All discussions shall be considered fact-finding hypothetical and unofficial
critical thinking exercises,which do not reflect an official public position.
Council work session outcomes should not be construed by the attending public and/or reporting media as the articulation of a formal City policy
position. Only official Council action normally taken at a regularly scheduled Council meeting should be considered as a formal expression of
the City's position on any given matter. 1
4imM4, City of Farmington
� p
430 Third Street
Ng Farmington,Minnesota
651.280.6800•Fax 651.280.6899
www.cilarmington.mn.us
DATE: November 5, 2012
TO: Mayor and City Council
FROM: David J. McKnight, City Administrator
SUBJECT: Work Session Agenda
The City Council is scheduled to hold a,work session:on Monday, November 5, 2012 at
6:00 p.m. at City Hall. The agenda will focus on the following items.
1. Review Proposed Bond Refinancing-Robin Hanson has put together a memo
that is attached as a part of your packet that explains the options that exist for the
city to refinance three bonds. City staff will review the options at the work
session and look for guidance from the City Council so we can proceed on this
issue. These bonds are all included inside the Road and Bridge Fund worksheet
that was reviewed with council last year. We will have the large spreadsheet
available at the work session to help answer questions.
2. Review of Governmental and Enterprise Funds and Fund Balances-We will start
a process of reviewing the funds and fund balances in our governmental and
enterprise funds as requested. City staff sees this as a project that will evolve
over the next year as we look at putting together a financial strategic plan for the
city. We do have a spreadsheet that we will present at the work session and go
over all of the information contained in it.
3. 2013 Budget-I will review the status of the 2013 city budget and tax levy. At this
point the proposed tax levy increase has been reduced to under 2.0%. I wanted
to go over this one last time before you are asked to approve the final budget and
tax levy in December.
If you have any questions please let me know. Thank you for your time on this
important matter.
2
vitt Miy�� City of Farmington
�1° 430 Third Street
U` � Farmington, Minnesota
651.280.6800•Fax 651.280.6899
www.ci.farmington.mn.us
TO: Mayor, Council Members and City Administrator
FROM: Robin Hanson,Finance Director
SUBJECT: Discussion Regarding Possible Refunding of Series 2005A, 2005B and 2006A
Bonds
DATE: November 5, 2012
INTRODUCTION
The City has approximately $38 million in outstanding bonds. Of this amount, $21 million relies
on taxes, special assessments and funds within the Road& Bridge Fund for repayment. An
opportunity exists to refund(refinance) $6,935,000 of these bonds which would reduce the
City's future interest costs.
The bonds that are eligible for refinancing at this time include:
2005A-Originally issued to refinance the 1998 and 1999 general obligation improvement bonds.
The outstanding debt on this series of bonds is $780,000 and is scheduled to be paid off on
February 1,2015. The current interest rate is 4.0%. The optional redemption date is February 1,
2012.
2005B-Orignally issued to finance the Ash Street construction project. The outstanding debt on
this series of bonds is $1,770,000 and is scheduled to be paid off on February 1,2021. The
current interest rate is between 3.45%and 4.10%. The optional redemption date is February 1,
2014.
2006A-Originally issued to finance the Spruce Street extension and Hill Dee project. The
outstanding debt on this series of bonds is $4,385,000 and is scheduled to be paid off on
February 1, 2022. The current interest rate is between 3.90% and 4.20%. The optional
redemption date is February 1,2013.
DISCUSSION
2005B- Crossover Refunding—Refund Now or Later
3
The 2005B bonds are not redeemable until February 1, 2014. The opportunity still exists to
refund these bonds at this time. This is known as a crossover refunding. This means the new
bonds are issued before the other bonds are eligible to be redeemed. The proceeds from the
crossover refunding are held in escrow until the 2005B bonds are eligible for redemption on
February 1, 2014. During the next year the investment earnings on the bond proceeds are
projected to be less than the interest paid on the new bonds. This is called negative arbitrage and
is projected to cost approximately$18,000.
If the City were to move forward with two separate bond sales it would not incur the$18,000 in
negative arbitrage. The City would, however,have to pay the costs of issuance for a separate
bond sale which is estimated to range from $60,000 - $80,000. If interest rates remain similar to
the interest rates available in the market today, it makes financial sense to proceed with the
crossover refunding, because the $18,000 cost of negative arbitrage is less than the estimated
$60,000 - $80,000 costs of issuance that would be incurred for a separate issue at a later date.
The following options assume the City proceeds with the crossover refunding at this time.
Option A: No Changes to the Payment/Maturity Dates
The interest rates on the current bonds range from 3.45-4.2%. Based on interest rates available in
the market at the end of September, Ehlers, the City's financial advisor, estimated a refinancing
of the existing 2005A, 2005B and 2006A bonds `as is' (no change to the present structure, the
existing principal and interest payment dates would remain the same)would result in interest
savings of$690,000.
Option B: Option A +Accelerate use of Road and Bridge Funds for Early Redemption of 2005A
This option assumes the City proceeds with Option A and the City also utilizes Road and Bridge
Funds for the early redemption of the 2005A bonds. Under this scenario replacement bonds
would be issued for the 2005A bonds.
The 2005A bonds have$780,000 in outstanding principal and are scheduled to be fully retired on
February 1, 2015. Rather than spend$11,000 to issue refunding bonds for this series of bonds,
which would only be outstanding for approximately two years, staff recommends the City
accelerate the use of the Road and Bridge Funds for the early redemption of the bonds. This
would save the City an additional $11,000 for a total interest savings of$701,000 ($690,000+
$11,000). The City Council instructed staff to use the road and bridge funds and anticipated
Seed assessment dollars as a tool for potentially paying off other debt early to make up some of
the lost interest earnings with the prepayment of assessments within the road and bridge fund.
Option C:Modem Payment/Maturity Structure—Structure 1'Principal Payment for the 2005B
and 2006A Refunding Bonds to Begin February 1, 2015
This option assumes the City utilizes Road and Bridge Funds (as outlined in Option B above)to
retire the 2005A bonds and when the new bonds are issued to replace the existing 2005B and
2006A Bonds the first principal payment date would be February 1, 2015, rather than February 1,
2014.
4
A refinancing provides the issuer an opportunity to look at the way an issue is currently
performing and, if desired,possibly restructure the new debt to better match future anticipated
cash flow. The current timing of cash receipts does not match the payment of the related bond
principal and interest. The City pays principal and interest on February 1 and August 1, but does
not collect the related tax levy and special assessments until the following June/July and
December/January.
The new bonds could be structured to provide for the first principal payment to be paid February
1,2015. This would put the City in the position of receiving the tax and special assessments
before making payment to the bondholders the following year as was originally anticipated in the
original cash flow projections. This would eliminate the need for the City to internally finance
the bond payments,because the cash would already be on hand to make the payments. This
change would extend the final maturity of the bonds one year from February 1, 2022 to February
1,2023 and would reduce the gross savings by$85,000 resulting in a gross savings of$616,000
($690,000+$11,000-$85,000),but would eliminate the need for the City to internally finance the
bond payments in advance of receiving the related taxes and special assessments and restore the
cash flow timing to that which was anticipated in the original cash flow projections.
BUDGET IMPACT
This has no impact on the City's current year budget.
LONG TERM FINANCIAL IMPACT
The proposed refinancing would:
• Reduce the City's interest cost,
• Reduce the City's costs of issuance,
• Restore the timing of cash receipts and payments to that which was anticipated in the
original cash flow projections.
• Strengthen the City's cash flow,thereby reducing pressure on the City's general
obligation pledge.
The following table recaps the various options:
5
Option A Option B Option C
No Changes to Accelerate Use of Modify
Payment/Maturity Funds From Road Payment/Maturity
Dates and Bridge Fund Structure—First Bond
Payment is Due
February 1,2015
Projected $690,000 $701,000 $616,000
Savings
*Does not reduce the *Reduces the City's *Reduces the City's costs
Comments City's costs of costs of issuance. of issuance.
issuance.
*Requires the City to *Requires the City to *Restores the timing of
continue to internally continue to internally cash receipts and
finance the bond finance the bond payments to that which
payments until the payments until the was anticipated in the
related taxes and related taxes and original cash flows
special assessments special assessments are projections.
are received. received.
Staff recommends Option C.
ACTION REQUESTED
Authorize staff to proceed with the following assumptions for the refunding of the 2005A,
2005B and 2006A bonds:
1. Proceed with the refunding of the 2005B bonds, which are optionally redeemable on
February 1, 2014.
2. Accelerate the use of a portion of the City's Road and Bridge Fund to retire the 2005A
bonds.
3. Structure the new bond sale with the first bond principal repayment being made on
February 1, 2015.
4. Work with Ehlers to further improve, if possible, the structure of the new bond sale
taking into account the current information available regarding special assessment
repayments related to these bond issues.
Respectfully submitted,
Robin Hanson
Finance Director
6
CITY OF FARMINGTON
2013 BUDGET BREAKDOWN
BUDGET AND TAX LEVY SUMMARY
EXPENDITURES 2012 2013 %CHANGE 2014 %CHANGE
ADMINISTRATION $1,037,848 $949,764 -8.49% $996,309 4.90%
HR/IT $248,329 $188,166 -24.23% $199,358 5.95%
FINANCE $425,357 $509,597 19.80% $528,827 3.77%
POLICE $3,877,398 $4,010,417 3.43% $4,058,005 1.19%
FIRE $836,930 $900,504 7.60% $1,090,716 21.12%
ENGINEERING $890,922 $1,155,832 29.73% $1,182,546 2.31%
MUNICIPAL SERVICES $800,891 $1,262,851 57.68% $1,245,858 -1.35%
PARKS/RECREATION $1,201,890 $1,279,508 6.46% $1,309,926 2.38%
TRANSFERS $695,000 $435,000 -37.41% $435,000 0.00%
TOTAL EXPENDITURES $10,014,565 $10,691,639 6.76% $11,046,545 3.32%
REVENUES 2012 2013 %CHANGE 2014 %CHANGE
LICENSES/PERMITS $431,455 $381,550 -11.57% $396,150 3.83%
FINES/FORFEITURES $70,000 $62,800 -10.29% $62,800 0.00%
INTEREST $80,000 $60,000 -25.00% $63,000 5.00%
INTERGOVERNMENTAL $405,590 $407,600 0.50% $407,600 0.00%
CHARGES FOR SERVICES $617,649 $491,650 -20.40% $495,150 0.71%
MISCELLANEOUS $79,007 $32,500 -58.86% $32,500 0.00%
TOTAL REVENUES $1,683,701 $1,436,100 -14.71% $1,457,200 1.47%
TRANSFER REVENUES
FUND REVENUES $350,035 $1,064,498 204.11% $1,075,515 1.03%
GENERAL FUND BUDGET $10,014,565 $10,691,639 6.76% $11,046,545 3.32%
GENERAL FUND REVENUES - $1,683,701 - $1,436,100 -14.71% $1,457,200 1.47%
TRANSFERS OUT - $350,035 - $1,064,498 204.11% $1,075,515 1.03%
FISCAL DISPARITIES - $2,016,261 - $2,195,874 8.91% $2,195,874 0.00%
SUB TOTAL $5,964,568 $5,995,167 0.51% $6,317,956 5.38%
DEBT + $2,598,414 + $2,720,801 4.71% + $2,770,441 1.82%
AG CREDIT + $3,000 + $3,000 0.00% + $3,000 0.00%
RESERVE + $0 + $0 #DIV/01 + $0 #DIV/0I
DELINQUENT TAX LEVY + $0 + $0 #DIV/0I + $0 #DIV/0I
ICE ARENA LEVY + 0 + #DIV/0I + $0 #DIV/0!
NET TAX LEVY $8,565,982 $8,718,968 $9,091,397
1.79% 4.27%
$152,986 $372,429
10/30/201
CITY OF FARMINGTON
2013 BUDGET BREAKDOWN
EXPENDITURES SUMMARY
ADMINISTRATION 2012 2013 2014
LEGISLATIVE CONTROL $76,802 $78,279 1.92% $78,779 0.64%
HISTORICAL PRESERVATION $7,480 $7,500 0.27% $7,500 0.00%
ADMINISTRATION $611,761 $542,801 -11.27% $559,777 3.13%
ELECTIONS $22,123 $22,050 -0.33% $24,062 9.12%
COMMUNICATIONS $83,080 $84,522 1.74% $95,491 12.98%
CITY HALL $140,714 $204,136 45.07% $212,333 4.02%
COMMUNITY DEVELOPMENT $95,888 $10,476 -89.07% $18,367 75.32%
TOTAL ADMINISTRATION $1,037,848 $949,764 -8.49% $996,309 4.90%
HUMAN RESOURCES/IT 2012 2013 2014
HUMAN RESOURCES $248,329 $188,166 -24.23% $199,358 5.95%
TOTAL HR/IT $248,329 $188,166 -24.23% $199,358 5.95%
FINANCE 2012 2013 2014
ACCOUNTING $298,107 $375,597 25.99% $392,607 4.53%
RISK MANAGEMENT $127,250 $134,000 5.30% $136,220 1.66%
TOTAL FINANCE $425,357 $509,597 19.80% $528,827 3.77%
POLICE 2012 2013 2014
ADMINISTRATION $795,355 $790,695 -0.59% $783,720 -0.88%
PATROL $2,308,911 $2,506,709 8.57% $2,551,870 1.80%
INVESTIGATIONS $761,157 $707,613 -7.03% $717,015 1.33%
EMERGENCY MANAGEMENT $11,975 $5,400 -54.91% $5,400 0.00%
TOTAL POLICE $3,877,398 $4,010,417 3.43% $4,058,005 1.19%
FIRE 2012 2013 2014
FIRE $790,259 $851,303 7.72% $1,042,476 22.46%
RESCUE $46,671 $49,201 5.42% $48,240 -1.95%
TOTAL FIRE $836,930 $900,504 7.60% $1,090,716 21.12%
ENGINEERING 2012 2013 2014
ENGINEERING $248,097 $542,185 118.54% $553,754 2.13%
PLANNING $247,412 $259,217 4.77% $253,921 -2.04%
BUILDING INSPECTIONS $298,365 $246,963 -17.23% $256,230 3.75%
NATURAL RESOURCES $97,048 $107,467 10.74% $118,641 10.40%
TOTAL ENGINEERING $890,922 $1,155,832 29.73% $1,182,546 2.31%
8
MUNICIPAL SERVICES 2012 2013 2014
STREETS $576,036 $1,071,489 86.01% $1,054,841 -1.55%
SNOW REMOVAL $224,855 $191,362 -14.90% $191,017 -0.18%
TOTAL MUNICIPAL SERVICES $800,891 $1,262,851 57.68% $1,245,858 -1.35%
PARKS AND RECREATION 2012 2013
PARK MAINTENANCE $553,396 $611,650 10.53% $642,350 5.02%
RAMBLING RIVER CENTER $159,420 $146,602 -8.04% $155,248 5.90%
ADMINISTRATION $249,686 $261,637 4.79% $251,243 -3.97%
RECREATION PROGRAMS $116,850 $118,110 1.08% $122,034 3.32%
POOL $122,538 $141,509 15.48% $139,051 -1.74%
TOTAL PARKS AND RECREATION $1,201,890 $1,279,508 6.46% $1,309,926 2.38%
TOTAL EXEPENDITURES $9,319,565 $10,256,639 10.05% $10,611,545 3.46%
TRANSFERS 2012 2013 2014
RECREATION $120,000 $0 -100.00% $0 #DIV/0!
SEAL COATING $350,000 $350,000 0.00% $350,000 0.00%
EDA DEFICIT $175,000 $0 -100.00% $0 #DIV/0!
EDA OPERATIONS $50,000 $50,000 0.00% $50,000 0.00%
BUILDING FUND $0 $15,000 #DIV/0! $15,000 0.00%
RRC LOAN REPAYMENT $0 $20,000 #DIV/0! $20,000 0.00%
TOTAL TRANSFERS $695,000 $435,000 -37.41% $435,000 0.00%
GRAND TOTAL EXPENDITURES $10,014,565 $10,691,639 6.76% $11,046,545 3.32%
ADMINISTRATION $949,764 8.88%
HR/IT $188,166 1.76%
FINANCE $509,597 4.77%
POLICE $4,010,417 37.51%
FIRE $900,504 8.42%
ENGINEERING $1,155,832 10.81%
MUNICIPAL SERVICES $1,262,851 11.81%
PARKS $1,279,508 11.97%
TRANSFERS $435,000 4.07%
$10,691,639
9
CITY OF FARMINGTON
2013 BUDGET BREAKDOWN
REVENUE SUMMARY
REVENUES 2012 2013 2014
LICENSES/PERMITS $431,455 $381,550 -11.57% $396,150 3.83%
FINES/FORFEITURES $70,000 $62,800 -10.29% $62,800 0.00%
INTEREST $80,000 $60,000 -25.00% $63,000 5.00%
INTERGOVERNMENTAL $405,590 $407,600 0.50% $407,600 0.00%
CHARGES FOR SERVICES $617,649 $491,650 -20.40% $495,150 0.71%
MISCELLANEOUS $79,007 $32,500 -58.86% $32,500 0.00%
TOTAL OPERATING REVENUE $1,683,701 $1,436,100 -14.71% $1,457,200 1.47%
TRANSFERS 2012 2013 2014
LIQOUR OPERATIONS $70,007 $50,000 71.42% $50,000 0.00%
SEWER $70,007 $70,007 100.00% $70,007 0.00%
STORM WATER $70,007 $70,007 100.00% $70,007 0.00%
REFUSE $70,007 $70,007 100.00% $70,007 0.00%
WATER $70,007 $70,007 100.00% $70,007 0.00%
TRANSFERS TWO $734,470 $745,487
TOTAL TRANSFERS IN $350,035 $1,064,498 204.11% $1,075,515 1.03%
TOTAL REVENUES $2,033,736 $2,500,598 22.96% $2,532,715 1.28%
10
CITY OF FARMINGTON
2013 BUDGET BREAKDOWN
REVENUES SUMMARY
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
LICENSES/PERMITS 2011 12/2011 2012 9/2012 2013 2014
LIQUOR LICENSES $16,000 $24,850 155.31% $16,000 $27,317 170.73% $25,000 $25,000
BEER LICENSES $2,000 $3,075 153.75% $2,000 $1,800 90.00% $3,000 $3,000
CLUB LICENSES $900 $300 33.33% $900 $300 33.33% $300 $300
ANIMAL LICENSES $9,755 $1,178 12.08% $9,755 $7,892 80.90% $1,400 $8,000
ARCADE LICENSES $0 $690 #DIV/0! $0 $760 #DIV/0! $600 $600
MASSAGE LICENSES $1,000 $550 55.00% $1,000 $950 95.00% $750 $750
GAMBLING LICENSES/PERMITS $1,000 $300 30.00% $1,000 $300 30.00% $300 $300
OTHER LICENSES $1,500 $1,400 93.33% $1,500 $2,920 194.67% $3,000 $3,000
TOTAL LICENSES/PERMITS $32,155 $32,343 100.58% $32,155 $42,239 131.36% $34,350 $40,950
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
PERMITS 2011 12/2011 2012 9/2012 2013 2014
BUILDING PERMITS $340,000 $345,880 101.73% $340,000 $237,907 69.97% $293,000 $297,000
REINSPECTION FEES $300 $465 155.00% $300 $355 118.33% $300 $300
PLUMBING/HEATING PERMITS $35,000 $44,920 128.34% $35,000 $22,078 63.08% $31,000 $35,000
SEWER PERMITS $10,000 $4,560 45.60% $10,000 $3,975 39.75% $5,000 $5,000
ELECTRIC PERMITS $0 $20,646 #DIV/0! $0 $10,526 #DIV/0! $0 $0
ISTS PERMIT $0 $700 #DIV/0! $0 $490 #DIV/0! $500 $500
COUNTY SEPTIC FEE PERMIT $0 $40 #DIV/0! $0 $0 #DIV/0! $0 $0
UTILITY PERMITS $3,000 $5,835 194.50% $3,000 $6,080 202.67% $5,500 $5,500
STREET BREAKING PERMITS $0 $210 #DIV/0! $0 $70 #DIV/0! $200 $200
SIGN PERMITS $1,000 $570 57.00% $1,000 $660 66.00% $500 $500
BURNING PERMITS $5,000 $4,330 86.60% $5,000 $3,770 75.40% $4,200 $4,200
OTHER PERMITS $5,000 $9,565 191.30% $5,000 $4,364 87.28% $7,000 $7,000
TOTAL PERMITS $399,300 $437,721 109.62% $399,300 $290,275 72.70% $347,200 $355,200
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
FINES AND FORFEITURES 2011 12/2011 2012 9/2012 2013 2014
FINES $70,000 $78,460 112.09% $70,000 $48,693 69.56% $62,000 $62,000
CODE VIOLATIONS/FINE $0 $0 #DIV/0! $0 $825 #DIV/0! $800 $800
TOTAL FINES/FORFEITURES $70,000 $78,460 112.09% $70,000 I $49,518 70.74% $62,800 $62,800
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
INTERGOVERNMENTAL 2011 12/2011 2012 9/2012 2013 2014
STATE AID-MAINTENANCE $163,140 $173,857 106.57% $163,140 $193,007 118.31% $163,150 $163,150
STATE AID-POLICE $154,000 $165,749 107.63% $154,000 $0 0.00% $155,000 $155,000
STATE AID-POST TRAINING $9,000 $23,493 261.03% $9,000 $19,997 222.19% $10,000 $10,000
STATE AID-FIRE $73,000 $87,709 120.15% $73,000 $0 0.00% $73,000 $73,000
11
OTHER-STATE GRANT $0 $13,350 #DIV/0! $0 $0 #DIV/0! $0 $0
OTHER-DAKOTA COUNTY $5,250 $16,038 305.49% $5,250 $7,026 133.83% $5,250 $5,250
OTHER $1,200 $2,209 184.08% $1,200 $850 70.83% $1,200 $1,200
TOTAL INTERGOVERNMENTAL $405,590 $482,405 118.94% $405,590 $220,880 54.46% $407,600 $407,600
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
CHARGES FOR SERVICES 2011 12/2011 2012 9/2012 2013 2014
CUSTOMER SERVICE FEES $1,000 $559 55.90% $1,000 $359 35.90% $600 $600
ZONING/SUBDIVISION FEES $3,000 $3,825 127.50% $3,000 $1,425 47.50% $3,500 $3,500
PRE PLATADMIN FEES $5,000 $750 15.00% $5,000 $250 5.00% $1,000 $1,000
FIRE TOWNSHIP FEES $170,000 $187,077 110.05% $145,000 $40,533 27.95% $130,000 $130,000
ISD 192 SRO FEES $205,377 $232,269 113.09% $171,148 $115,502 67.49% $75,000 $75,000
EROSION/SEDIMENT CONTROL $12,000 $10,400 86.67% $12,000 $10,200 85.00% $10,500 $10,500
GIS FEES $2,000 $220 11.00% $2,000 $0 0.00% $200 $200
PUBLIC WORKS CHARGES $0 $3,434 #DIV/0! $0 $0 #DIV/0! $3,000 $3,000
RECREATION PROGRAM FEES $103,675 $96,036 92.63% $103,675 $90,497 87.29% $100,000 $100,000
POOL ADMISSIONS $38,000 $36,520 96.11% $39,000 $40,062 102.72% $37,000 $39,000
SWIM LESSON FEES $18,000 $16,885 93.81% $18,500 $17,304 93.54% $17,000 $18,500
POOL CONCESSIONS $11,000 $9,208 83.71% $11,000 $10,229 92.99% $9,500 $9,500
RRC PROGRAM FEES $0 $0 #DIV/0! $19,000 $11,855 62.39% $10,500 $10,500
RRC MEMBERSHIP FEES $8,500 $0 0.00% $8,500 $15,881 186.84% $13,850 $13,850
CITY NEWS ADVERTISING $0 $0 #DIV/0! $0 $400 #DIV/0! $0 $0
RECREATION ADVERTISING $2,200 $1,950 88.64% $2,200 $1,800 81.82% $1,800 $1,800
SALE OF ASSETTS $1,626 $0 0.00% $1,626 $3,260 200.49% $3,200 $3,200
FRANCHISE FEES $75,000 #VALUE! $75,000 $75,000 100.00% $75,000 $75,000
TOTAL CHARGES FOR SERVICE $656,378 $599,133 91.28% $617,649 $434,557 70.36% $491,650 $495,150
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
MISCELLANEOUS 2011 12/2011 2012 9/2012 2013 2014
INVESTMENT INCOME $200,000 $135,600 67.80% $80,000 $43,830 54.79% $60,000 $63,000
DONATIONS $0 $5,520 #DIV/0! $26,000 $10,703 41.17% $6,500 $6,500
RENTALS $7,000 $18,225 260.36% $18,500 $28,365 153.32% $19,000 $19,000
MISCELLANEOUS $62,000 $7,058 11.38% $34,507 $5,539 16.05% $7,000 $7,000
TOTAL MISCELLANEOUS $269,000 $166,403 61.86% $159,007 $88,437 55.62% $92,500 $95,500
ADOPTED THROUGH APPROVED THROUGH REQUESTED ESTIMATED
TRANSFERS 2011 12/2011 2012 9/2012 2013 2014
LIQUOR OPERATIONS $70,007 $70,007 100.00% $70,007 $52,506 75.00% $50,000 $50,000
SEWER $70,007 $70,007 100.00% $70,007 $52,506 75.00% $70,007 $70,007
STORM WATER $70,007 $70,007 100.00% $70,007 $52,506 75.00% $70,007 $70,007
REFUSE $70,007 $70,007 100.00% $70,007 $52,506 75.00% $70,007 $70,007
WATER $70,007 $70,007 100.00% $70,007 $52,506 75.00% $70,007 $70,007
TRANSFERS TWO
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SANITARY FUND $0 $0 $0 $0 $192,439 $195,326
STORM WATER FUND $0 $0 $0 $0 $235,299 $238,828
WATER FUND $0 $0 $0 $0 $306,732 $311,333
TOTAL TRANSFERS TWO $0 $0 $0 $0 $734,470 $745,487
TOTAL TRANSFERS $350,035 $350,035 100.00% $350,035 $262,530 75.00% $1,064,498 $1,075,515
TOTAL REVENUES $2,182,458 $2,146,500 98.35% $2,033,736 $1,388,436 68.27% $2,500,598 $2,532,715
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