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HomeMy WebLinkAbout09.09.13 Work Session Packet City of Farmington Mission Statement 430 Third Street Through teamwork and cooperation, Farmington,MN 55024 the City of Farmington provides quality services that preserve our proud past and foster a promising future. AGENDA JOINT CITY COUNCIL /WATER BOARD WORKSHOP September 9, 2013 6:30 p.m. Conference Room 170 1. CALL TO ORDER 2. APPROVE AGENDA 3. CASH FLOW CHALLENGES—GENERAL FUND AND DEBT SERVICE FUNDS 4. BUDGET DISCUSSION 5. WATER BOARD CIP 6. WATER RATES 7. CITY ADMINISTRATOR UPDATE 8. 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 positron. 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 positron on any given matter �o�Via/ City of Farmington 0 430 Third Street `.� x Farmington,Minnesota I 651.280.6800•Fax 651.280.6899 fir."""��a wwwci.farmington.mn.us TO: Mayor, Council Members,and City Administrator FROM: Robin Hanson,Finance Director SUBJECT: Cash Flow Challenges—General Fund and Debt Service Funds DATE: September 9,2013 INTRODUCTION The General Fund and Debt Service Funds do not have sufficient funds to pay their bills all twelve months of the year. The City relies on the cash and investment balances in other funds to fund the deficits in these accounts. DISCUSSION The City has approximately 40 active individual funds. The majority of these funds have sufficient cash and investments to pay their own bills. This is not true for the General Fund,Debt Service Funds and Ice Arena. These funds need to borrow funds during the year to pay their bills. The attached chart illustrates the 2012 combined running cash and investment balance for the General Fund,Debt Service Funds and Ice Arena. The first dip below zero occurs on February 1 of each year as principal and interest payments are made on the City's debt. From February through mid-June the combined negative cash balance for these funds continues to increase as the City pays for its day-to-day operations. In June/July the City receives the first portion of its property taxes and the combined cash balance is once again positive. Then the cycle repeats itself. On August 1 the City pays the interest due on its outstanding debt(principal is generally only paid once each year) and the combined cash and investment balance once again is below zero. From August through the latter part of December the City continues to pay for its day-to- day operations increasing the combined deficit in these accounts. In December/January the City receives the second installment of its property taxes and the cash balance is once again positive. As you know the primary source of funding for the General Fund is property taxes. Given that in Minnesota taxes are only paid to the cities twice each year, generally cities rely on their General Fund fund balance to provide sufficient funds to pay their bills in the interim. The City's General Fund fund balance is not sufficiently funded so the City has to borrow money to pay its bills (deficit was $1.3 million in June 2012). For the Debt Service Funds the City has not historically levied and collected sufficient funds prior to making its scheduled debt service payments. Rather,the payments have been made on February 1 and August 1 of each year with the supporting tax revenues collected the following June/July and December/January. This was changed beginning with the 2013A issue when Council made the decision to utilize part of the savings for that refunding to restore the timing in the deal to collect funds prior to debt service being paid. The 2013B bond issue is also being structured to collect funds prior to their needing to be paid. In the past the Ice Arena has not had sufficient cash flow to pay its bills. At the end of 2012 Council approved the transfer of funds into the Ice Arena sufficient to eliminate the cumulative deficits in this account. This will go a long ways towards this fund having a positive cash balance the majority of the year. Rather,than borrowing from a third party and incurring third party financing fees and interest costs,the City has historically relied on the cash and investment balances in its other funds, primarily the Water, Sewer and Storm Water Trunk Funds,to fund the deficits. BUDGET IMPACT: While the General Fund and Debt Service Funds `save money' by not having to incur third party borrowing costs,the investment income of the other funds (primarily Water, Sewer and Storm Water Trunk Funds) is less than it should be because they have to have sufficient liquidity to cover the negative cash balances in the General and Debt Service Funds. ACTION REQUESTED: This situation did not occur overnight. It will not be solved overnight. Yet,the City needs to take specific steps to address the situation. First, staff recommends the Council adopt a financial policy that each individual fund stand on its own;that each fund has sufficient cash on hand to pay its own bills without internal or external borrowing. It will take a combination of efforts and likely take 5-10 years to achieve this goal.Following are some examples of how this goal will be achieved: 1)specific funds set-aside in future budgets to address this issue($80,000 is being included in the 2014 budget to begin to address deficiencies in the debt service funds), 2)if actual revenues are higher than anticipated and/or actual expenditures are less than budgeted,the General Fund fund balance will increase (this occurred in 2012), 3)as refunding opportunities arise they need to be structured to restore the timing in the cash flows to have the funds be collected prior to debt service being paid(this occurred with the 2013A refunding bond issue), and 4)all new borrowings (bonds or otherwise)need to be structured so that the source of repayment is collected prior to the related debt service being paid(2013B bond issue is structured this way). Until the above financial goal is achieved the City needs to ensure that it maintains sufficient funds in its other funds to cover the projected structural deficits in the cash balances for the General Fund and Debt Service Funds. The maximum cumulative deficit in the General Fund, Debt Service and Ice Arena Funds was$3.8 million in June of 2012. Respectfully submitted, Robin Hanson,Finance Director N O N I 7Tro/TC/ T IZLO /L /ZTOZ/6T/T x * ZTOZ/bi/41 CO ..-• v ZTOZ/L/ • v > u ZLOZ/• LL aaa ZTO : T c ZTO • IT 03 0 ZT- IT '^ n ZTOZ/S 'i c ZLOZ/, I E 2 0 ZTOZ, 1 C ~ ,-.1 ZTO c ZTOZ/bZ/: m C ZTOZ/81/: c zioz/ZT/s a` ZTOZ/S/0I 0 ztOZ/i/0, v zioz/8Z/Ir 3 N zioz/£Z/: VI �. ' ZLOZ/L a, OJ 0 0 00' NOV' /: ac, v C ° m a c v ZLOZ 4/6 c n3 III It' n X ZT' /T£/: " -0o Cp U 0 0 m w - /0Z/8 a`i c CO C Z /91/8 . * 0 Ca ZTOZ /8 u v (0 m ZIOZ/9 •- U U ..0 ZTOZ/TI9 v a •^ CU 0 ZiOZ/0£/L \ C 2, m 0 S U ZTOZ/SZ/L 00 m a •_E £ co to ZTOZ/OZ/L Co m cu ZTOZ/9T/L Y Z 2 ZTOZ/ZT/L -a, c S C ZLOZ/6/L C £ Z ZTOZ/b/L E ^? moan z___N ZLOZ/9Z/9 Z ift iOZ/OZ/S * 0 0 x 0 N y m ZTOZ/9T/S c i Zioz/oi/S t a, m='y ZTOZ/T/9 a x Um a ZTOZ/SZ/S I- c ZIOZ/8T/S 9 £ y ZTOZ/TT/S a a c ZTOZ/b/S '5 ZLOZ/0£/t -0 4- ZLOZ/bz/t 0 c c ZTOZ/Li/t o a ZTOZ/TT/t ar c ZTOZ/£/b o m0 v ZLOZ/OE/E o m a ZTOZ/ZZ/E v v ZTOZ/SL/E 0 g m r a To ai ZTOZ/8/E Y io o. c E -I E ZTOZ/6Z/Z a, -0 ZLOZ/bZ/Z `?a 0-c x c 0 c N 'c° ZTOZ/LT/Z m w m ir ZTOZ/Oi/Z 711)7/T/7 L ZTOZ/T£/T m x ZTOZ/SZ/T ZTOZ/8T/T ZTOZ/OI/T ZTOZ/i/i, o 0 0 0 0 0 0 0 0 0 o o 0 o 0 0 o d o 0 0 0 0 °0 0 0 o o o 0 o oo °0 0 0 0 M N ' 'i N ^:" V, ul oho/ City of Farmington & Oki 430 Third Street Farmington,Minnesota 10 651.280.6800•Fax 651.280.6899 s.Amos* wwwci.farmington.mn.us TO: Mayor,Councilmembers,Water Board Members,City Administrator FROM: Kevin Schorzman,City Engineer SUBJECT: Water CIP and Rate Discussion DATE: September 9,2013 INTRODUCTION/DISCUSSION The Water Board has been working for several months on a long-term CIP that incorporates expected revenues and expenses as well as accounts for depreciation of the existing system. This work has been undertaken in an effort to understand the long-term financial needs of the water system so that this and future Boards are setting rates appropriately to address future needs including depreciation. Setting rates to only address anticipated expenses could lead to a funding gap of approximately$24.8 million during this CIP cycle. You will find four attachments with this memo. The first is a breakdown of the cash in the Water Fund as of December 31, 2012 (January 1, 2013 beginning balance). You will see that although total cash in the fund was at $5.2 million, approximately $2.9 million of this total is already committed for future expenses outside of normal operations. The net operating cash is approximately $2.3 million. You will see this reflected in the second attachment in the 2013 column as"Beginning Operating Balance". The second attachment is merely a year-by-year look at projected revenues, expenses, and depreciation that compose the 2014-2061 Water CIP. Operating revenues in the attachment reflect rate increases in 2014 as well as every three years after that. It is based on only one of the scenarios in the third attachment, but all four scenarios are very similar when you look at the bottom line. When reviewing the attachment,you will notice large balances before depreciation • in future years. It is not anticipated that the balances will actually ever get this large. Rather this money will be spent over time as portions of the existing system are replaced. This is just a way to show the offset to depreciation. The third attachment contains four options for rate increases in 2014. All four options provide the necessary funding to cover both anticipated operating expenses and depreciation. There are three options that would raise the tiers at different rates, and one that raises all tiers by $0.15. The point of providing this information is to facilitate a discussion of the preferred alternative for rate increases for 2014. You will also note that the third attachment attempts to quantify the impact of each option on several residential and business users. Water CII'and Rate Discussion September 9,2013 Page 2 of 2 The fourth and final attachment shows the 2013 water rates for Farmington and several surrounding communities. You will see the base fee, as well as the tier rates for each city. The right column indicates the separation in cost per thousand gallons between the lowest(cheapest) tier and the highest (most expensive) tier. As you can see, Farmington has the least separation from lowest to highest. Tiers are put in place for two main reasons. First,in general,the usage in the higher tiers drive the size of the system you have (number of wells, towers, pipe sizes, etc.). The more water you use, the bigger your system needs to be and large users are charged more because they create increased system costs. The second reason is to encourage water conservation. The conservation rate structure is a requirement of our permit from the DNR. ACTION REQUESTED The main purpose of this portion of the workshop is for the Council and Water Board to discuss the CEP and rate options prior to setting the fees for 2014. Respectfully Submitted, Kevin Schorzman City Engineer cc: file 4j C 0 Q w C 4E" E a) a E O N > gi al• N O = N C • O 0 CD 2 m `o ca0iE �; 8 ` N a) w E iti 5 o C m -0 a) m — (.00) O) C) i .° C ca CO CO N- N 0) r- >,a 0000 (000V" 0 ao a� o ti LO ,d., 0) dp LO a -2 -a MO) NCOM � t 0- 0a NN- 0) cr N ca > c o LL1 L6 N N a) -0 :;: :' o o m E t 0O. c N o ° 2 co a -0 U N o N i/i v o ' o M as _c a) ..c 8 � •g Vmva a• 8 � 8� c -c : 0 � �o c U = 4-. � 8 Cl) i co t m E co E � _ coZ ..6 ,2) m -c c c - a'a m co .c m aY mV co i` m <a c a `m it ids E 2 - IS (0m o m c 2 ful LL �S 'SS 2 'co aa) > (0 to co u) E— m > > '- L co c c c c_ °' m mra E E E E � � � � N M CO 0 O U) N. co 1� A M m 03 0 m 10 N n m O M O O r- O o 0 M N N 0 N N 10 V O .0 0 . 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