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07.20.15 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 CITY COUNCIL WORKSHOP July 20, 2015 5:00 PM Farmington City Hall 1. CALL TO ORDER 2. APPROVE AGENDA 3. DISCUSSION ITEMS (a) Draft 2016 Budgets— General Fund/Debt Round 2 and Other Funds Round 1 (b) 195th Street Project Financing and 2007A Bond Refunding 4. CITY ADMINISTRATOR UPDATE 5. ADJOURN ► City of Farmington 430 Third Street Farmington, Minnesota 651.280.6800 - Fax 651.280.6899 www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Robin Hanson, Finance Director SUBJECT: Draft 2016 Budgets—General Fund/Debt Round 2 and Other Funds Round 1 DATE: July 20, 2015 INTRODUCTION Attached for your review are the summary pages for the draft 2016-2017 General Fund and Debt Service Funds budgets after the second round of revisions. Your packet also includes the first draft of the Special Revenue, Capital Projects and Enterprise funds budgets. DISCUSSION The initial budgets reviewed with council on June 8, 2015 would have required a 9.4%increase in the tax levy to $10,028,551. Since the workshop, staff has continued to revise the General Fund and Debt Service Funds budgets. After the second round of revisions,the proposed 2016 tax levy is $9,529,861, a 3.99%increase over the current 2015 levy. The current 2016 draft General Fund and Debt Service Funds budget summary is as follows: 2016 Proposed 2015 Budget— Budget Round 2 Change Revenues $3,140,207 3,027,837 $112,370 Fiscal Disparities 2,237,937 2,077,080 160,857 Less: Expenditures 11,482,624 11,663,930 181,306 General Fund Levy 6,104,480 6,559,013 454,533 Debt Levy 3,059,728 2,970,848 (88,880) Farmington Net Tax Levy $9,164,208 $9,529,861 $365,653 3.99% Changes from the initial General Fund and Debt Levy proposals. Proposed Farmington Net Tax Levy on June 8,2015 (Round 1) $10,028,551 Less: Increase POST training revenue 4,000 Reduction to various human resources line items 82,851 Decrease Legislative training budget 500 Reduce Legislative legal budget 1,000 Decrease Historical Preservation professional services 3,600 Reduce Elections professional services 1,000 Reduce Administration legal line item 1,000 Increase Administration contingency(rounding) (1,720) Reduce City Hall electrical 1,000 Decrease City Hall professional services 1,000 Eliminate PT receptionist position from Finance 36,233 Eliminate fire inspector placeholder from Fire 20,000 Reduce the Police Patrol overtime budget 1,000 Reduce Building Inspections professional services 4,000 Adjust Streets benefits 3,000 Eliminate vacant position in Streets 39,857 Reduce Snow Removal vehicle supplies 1,000 Reduce Snow Removal fuel 1,000 Decrease Park Maintenance other supplies 3,000 Reduce transfer to EDA 20,000 Eliminate to be determined position 75,000 Utilize a portion of future MSA maintenance$'s for 2016 debt levy 200,000 (Exhibit A) Proposed Farmington Net Tax Levy as of July 20,2015 (Round 2) 9,530,230 At the last workshop some council members indicated they may be open to a higher tax levy increase. If council wanted to support a higher levy, for example,4.81%,this would result in an additional$75K which would be enough funds to restore the layoff of one staff person. This reduction is listed as the second to last line item in the above chart. We needed a budget placeholder for this proposed reduction, so for now the"to be determined position" is reflected on the Administration line item,which explains the majority of the reason there is a 10.93%reduction in this budget line item from 2015 to 2016. An explanation for the last line item in the list of recommended budget adjustments,the $200,000 labeled "utilize a portion of future MSA maintenance $'s for 2016 debt levy" can be found in Exhibit A. A worksheet summarizing the transfers in and out between funds is included in your materials. Fund and Debt Service Fund Amounts Yet To Be Finalized The following amounts are still subject to change: • local government aid(LGA), • fiscal disparities, • data processing charges, • human resource costs, and • debt repayment obligations. The first three bulleted items will be updated by the end of August. Human resource costs will not be known until the various contract negotiations are complete. Debt repayment amounts will be known when the 195th street bond issue is awarded this fall. Tax Notes A brie f history of the tax levy c hanges is listed below: 2010 2.39% 2012 0% 2014 1.92% 2011 3.42% 2013 0% 2015 4.96% The estimated market value (EMV)for residential homes is expected to increase from$199,426 to $213,155, an increase of 6.88%. The County estimates the market value for new construction in Farmington was $23.4 million. This translates to $256,935 in new tax capacity. Applying the city's 2015 tax rate to this amount would result in$157,899 of tax levy related to new construction or 1.49%. If the 2016 tax levy were to increase 3.99%, it is estimated the average residential homeowner's property taxes would increase $39.83. If the tax levy were to increase 4.81%, this would result in an increase of $48.89. Special Revenue Fund Budgets The Special Revenue Fund budgets include the EDA, TIF-City Center, Police Donations and Forfeitures, Park Improvement and Ice Arena.Notable items are explained below. EDA In conjunction with reducing expenditures to reduce the proposed 2016 tax levy, the operating transfers to the EDA have been reduced from$40,000 to $20,000. Otherwise, the 2016 expenditures are similar to 2015. TIF-City Center Assuming the property taxes continue to be paid timely for this TIF district,the city has two remaining developer payments, one in 2015 and one in 2016. Then the district will be closed and the residual funds returned to the county. Once the residual funds are received the county applies a formula to determine the redistribution of funds amongst the county, school district and the city. Ultimately, a small portion of these funds will be returned to the city as excess TIF funds. Park Improvement The 2016 budget includes monies to replace the playground equipment in Troy Hills Park. In addition the budget includes a$40,000 transfer from the liquor stores for community investment projects. The thought being these funds could pay for the city's portion of the trail completion anticipated to be included in the northern section of the TH-3 project. Arena The 2016 budget anticipates a rate increase, effective July 1,2016, and the continuation of summer ice. One additional item to point out is the.planned replacement of the current propane ice resurfacer with an electric resurfacer in 2017 at a cost of approximately $125,000. Staff anticipates through a combination of continued FYHA donations,the city's annual approximately $20,000 transfer into the Arena's Capital Project fund, a potential $20,000 State of Minnesota Mighty Duck grant and the sale of the current resurfacer,the arena will have the the funds needs to pay for the electric resurfacer. Capital Project Fund Budgets The Capital Project Fund budgets include Sanitary Sewer Trunk, Cable Communications, Road and Bridge,Fire, Storm Water Trunk, RRC and Arena Capital Projects, Private Capital, Permanent Improvement Revolving, General Capital Equipment and the Maintenance Fund.Notable items are explained below. Road and Bridge Fund The operating transfers in amount represents repayment through the debt levy of monies the Road and Bridge fund advanced to the 2005A bonds for early redemption. The 2016 amount is the final repayment amount. The operating transfer out amount fluctuates based on the amounts needed for the various Road and Bridge fund related debt service payments. Fire Capital Projects Fund The Fire Capital project fund machinery and equipment budget is based on an earlier draft of the Fire CIP. As of the writing of this memo staff does not yet know the direction council will provid during its July 13, 2015 workshop. Storm Water Trunk The Storm Water Trunk fund budget's operating transfer out reflects the city's plan to optionally redeem some of its bonds in early 2016 utilizing an advance from the Storm Water Trunk fund. This advance will require a formal loan repayment agreement and be repaid with future debt levy dollars. General Capital Equipment This budget anticipates the transfer in of funds from the General Fund which will be used to purchase two new squad cars and$70,000 for the Municipal Services Director to make recommendations to council on the most urgent replacement needs in the rest of the city's vehicles and equipment. Maintenance Fund The Maintenance Fund budget continues to provide funds for sealcoating($350,000) and building ($15,000) and trail($30,000)maintenance. Enterprise Fund Budgets The Enterprise Fund budgets include the Liquor stores, Sewer, Solid Waste, Storm Water, Water and Streetlights funds.Notable items are explained below. Liquor Stores The liquor stores budget reflects the addition of a one-half time administrative support person, increased IT services costs (primarily attributable to PCI compliance) and the transfer out of$40,000 to the Park Improvement Fund explained above. Sewer The Sewer budget reflects a rate increase effective January 1, 2016, as set forth in the long-term Sanitary Sewer rate plan. The$750,000 in professional services is a placeholder in the event the 2015 reconstruction of the sewer line that goes north on Embers through the new development in Lakeville is delayed until 2016. The remaining $100,000 of professional services would be used to begin to update the city's Sanitary Sewer plan that is part of the comprehensive plan as well as other potential items such as sewer lining. The 2016 MCES fees will not be finalized until the city receives updated numbers from the Met Council later this year. Solid Waste The Solid Waste budget provides $295,000 to replace the existing 2004 Rapid Rail truck. Storm Water The 2016 enterprise sales budget amount reflects the rate increase which went into effect January 1, 2015. The 2015 budget numbers were not adjusted for the rate increase. The $100,000 in professional services anticipates updating the Water Management plan and Akin Road drainage design. Water The enterprise sales budget is based on the amounts in the city's Water plan. The increase in 2017 reflects a planned rate increase effective January 1, 2017. Finally,the last document in your packet provides historical as well as projected fund balances for each of the funds included in your packet. BUDGET IMPACT All information is related to the development of the 2016 city budget and tax levy. The 2017 projected budget numbers have had minimal review;they continue to be a work in progress. ACTION REQUESTED Review the proposed 2016 budgets. Department heads will be in attendance at the work session to answer any questions you may have or provide additional insight into their proposed budgets. ATTACHMENTS: Type Description D Exhibit Exhibit A-MSA Proposed Uses D Backup Material General Fund Budget Summary D Backup Material Gen'l Fund Revenue Summary D Cover Memo General Fund Expenditure Summary D Backup Material Operating Transfers 13 Backup Material Debt Levy Summary D Backup Material Special Revenue Funds Summary D Backup Material EDA D Backup Material TIF-City Center D Backup Material Police Donations and Forfeitures D Backup Material Park Improvement Fund D Backup Material Arena 13 Backup Material Capital Projects Fund Summary 13 Backup Material Sanitary Sewer Trunk 13 Backup Material Cable Communications 13 Backup Material Road and Bridge Fund D Backup Material Fire Capital 13 Backup Material Storm Water D Backup Material RRC and Arena Capital Projects 13 Backup Material Private Capital Projects D Backup Material Permanent Improvement Revolving Fund 13 Backup Material General Capital Equipment 13 Backup Material Maintenance Funds 13 Backup Material Enterprise Funds Summary D Backup Material Liquor Operations 13 Backup Material Sewer Operations 13 Backup Material Solid Waste 13 Backup Material Storm Water D Backup Material Water 13 Backup Material Streetlights 13 Backup Material Fund Balance Projections MSA Proposed Uses Exhibit A As council is aware, funding for the 195th Street project will be a combination of bonding and Municipal State Aid (MSA). As discussed previously, we will be receiving approximately $4 million in MSA reimbursement for this project. Of that, approximately $1 million will be received in 2015 and will be used to reduce the amount of bonding and internal borrowing necessary for the project. The remaining $3 million will be received in 2016 and beyond as our MSA allocation is made each year. We are currently anticipating receiving approximately$550,000 each year from 2016 through 2020, and the remaining $250,000 in 2021. The Road and Equipment CIP anticipated levying $293,500 per year from 2016 through 2030 to be used to repay the bonds issued for the outstanding balance of the city portion of the 195th Street project. As council is aware, the scope of the 195th Street project evolved since it was first contemplated. Some additions include the pedestrian underpass at Meadowview, 4-laning Pilot Knob from 190th to 195th, as well as the addition of roundabouts at Akin Road and Flagstaff Avenue. The city is anticipating issuing $3.2 million in bonds and internally borrowing $1.6 million (total: $4.8 million) to pay the city's remaining portion of the project which equates to a debt service payment of approximately$280,000 per year from 2017 through 2031, and a minimum loan payment of approximately $139,00 per year during this same time (total annual debt payment: $419,000). Based on the information above, you can see that there is a difference of approximately $125,500 ($419,000 minus $293,500) per year between the estimated debt payments for the bond and loan, and the levy anticipated in the CIP. To fill this gap, staff is recommending that this difference be made up with funds received from our MSA reimbursements for the project. Doing this essentially means that we will essentially be using the levy dollars to make the bond payments and MSA reimbursements to make the loan payments. If the recommended plan is followed, the total MSA reimbursement dedicated to the repayment of the 195th Street project bonds would be $1,825,000 (Approximately $304,200 per year for 6 years) As mentioned above, we are anticipating receiving approximately$550,000 per year in MSA reimbursements from 2016 through 2020. For 2016, staff is recommending that $200,000 of the remaining $245,800 ($550,000 minus $304,200) be used to pay for other road project bond payments (i.e. Walnut Street, Elm Street, Spruce Street) thus reducing the 2016 debt levy by an additional $200,000. The remaining difference of$45,800 would be placed in the maintenance fund to cover costs on future projects, such as, the 2016 project on TH-3. This plan is shown in the table and flowchart on the following page: MSA Proposed Uses Exhibit A 2016 MSA Reimbusement Allocation Anticipated 2016 MSA reimbursement for the 195th Street $550,000 Project. Payment for internal loan for 195th minus ($304,200) Street Project Dedicated in 2016 to bond payments for other road project minus ($200,000) bonds. Placed in the street maintenance minus ($45,800) fund for costs on future projects. Total: $0 OR $550,000 MSA Reimbursement for 195th $304,200 $200,000 $45,800 Payment for Dedicated in Placed in street internal loan for 2016 to other maintenance 195th Street road project bond fund for future Project. payments. projects. City of Farmington Budget and Tax Levy 2015 Budget,2016 Proposed and 2017 Proposed Company /o 2015 2016 Budget% 2017 Budget Change Budget Proposed Change Proposed Ion-Pro ertTax Revenues -1 p 385,905' Licenses and Permits 483,220 (20.14)% 371,4901 (3.74)' Intergovernmental Revenue 760,857 794,8571 4.47% 778,857 (2.01)' Charge for Service 558,9501 530,700 (5.05)% 514,200' (3.11)' Fines and Forfeitures 72,000 65,000 (9.72)% 65,000 0.00' Investment interest 20,000 18,462 (7.69)% 18,462 0.00' Miscellaneous 121,000 44,685 (63.07)% 45,685 2.24' Transfers In 1,124,180 1,148,371 2.15% 1,182,840 3.00' Total Revenues 3,140,207 2,987,980 (4.85)% 2,976,534 (0.38)' :xpenditures Administration 829,877 739,202 (10.93)% 859,125 16.22' Human Resource 263,344 279,035 5.96% 290,102 3.97' Finance and Risk Mgmt 614,019 681,973 11.07% 715,940 4.98' Police 4,114,992 4,182,762 1.65% 4,331,161 3.55' Fire 1,042,717 1,125,007 7.89% 1,386,877 23.28' Community Development 526,475 594,498 12.92% 692,830 16.54' Engineering 698,835 656,688 (6.03)% 690,684 5.18' Municipal Services 1,289,684 1,245,499 (3.43)% 1,394,511 11.96' Parks and Recreation 1,276,674 1,227,795 (3.83)% 1,207,560 (1.65)' Perm Levy Ad)('15,'16,'17) 30,000 5,379 (82.07)% 30,000 457.72' Transfers Out 796,007 886,607 11.38% 911,607 2.82' Total Expenditures 11,482,624 11,624,445 1.24% 12,510,397 7.62' :avenues Over(Under)Expenditures (8,342,417) (8,636,465) 3.52% (9,533,863) 10.39' Iscal Disparities 2,237,937 2,077,080 (7.19)% 2,077,080 0.00'. ieneral Fund Levy 6,104,480 6,559,385 7.45% 7,456,783 13.68' 'ebt Levy Debt Levy-Bonds _ 2,939,728 2,850,848 (3.02)% 3,184,903 11.72' Debt Levy-Fire Truck 120,000 120,000 0.00% 117,562 (2.03)' Total Debt Levy 3,059,728 2,970,848 (2.90)% 3,302,465 11.16' ,g Credit 0 — — Farmington Net Tax Levy 9,164,208 9,530,233 3.99% 10,759,248 12.90' )cation: Documents\FARMINGTON\Budget 2016-2017\1 General Fund Budget Summary Page 2015 Base 8/2015 5:15:27 PM General Fund Detailed Non-Property Tax Revenue Summary 2014 Budget,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Budget Budget Proposed Proposed 00 29, LIQUOR LICENSES 26,0001 29,600; 311,,0001, 2, I 2,200 500. 200 BEER&WINE LICENSES 2,800 2,200 CLUB LICENSES 300' 1 500 F - - -- - - ----- - ARC ADE LICENSE 655 520 65511 540 - _- MASSAGE LICENSE 850 100 100 1001 100 GAMBLING LICENSE/PERMIT 300 150 200 200 OTHER LICENSE&PERMIT 1,900 1,200 ANIMAL LICENSES - - _ --- - 8,600 5,000,----� 1,200 3001 Licenses 42,0051- 35,670 41,355 34,640 i BUILDING PERMITS 315,0001 280,000 i 280,0001 REINSPECTION FEES 400 800 600; 600 PLUMBING&HEATING PERMITS I 32,568, 35,000 32,000 30,0001 SEWER PERMITS 5,000 5000 5,000 5,000 ,000 , ELECTRIC PERMITS 7,100 12,0001 12,000 12,000 ISTS PERMITS 500 3501 3 50 350 COUNTY SEPTIC FEE -- - ' - - - -- UTILITY PERMITS 5,500 5,500 5,500 STREETBREAKING PERMITS 0 01, ---- SIGN PERMITS 5001 500, 500 500 BURNING PERMITS 4,3001 4,5001 4,300 1 4,100 4,100 4,300' OTHER PERMITS 5,000 1 4,100 ----------- -- ------ -------- - -- ' Permits 375,8681 447,550 344,550; 336,850 Licenses and Permits 417,873 483,220 385,905 371,490 FEDERAL GRANT 01 L- 4- 3- 76 1 76,607 MSA MAINTENANCE 163,150 190,000 190,0001 190,000 1 LOCAL GOVERNMENT AID 245,3291 276,6071 276,607 190,000 POLICE AID 160,362 180,00011 170,000 POST TRAINING 14,000 170,0001 25,000 31,0 0 92,000 31,00011 25,000 - - - - - -,- -, 0 1 110,000 110,000 FIRE AID 92,000 - - _ � STATE GRANT 1 2,000 2,000 2,000 MARKET VALUE CREDIT 3,000 01 , COUNTY MISCELLANEOUS 5,250' 5,250 5,25011 5,250 OTHER MISCELLANEOUS 800 0 Intergovernmental 1 683,891 760,857 794,857 778,857 CUSTOMER SERVICES NONTAXABLE 600; 600 --- - --- - ZONING&SUBDIVISION FEES 3,000 1,600 0 0-_--_ ADMINISTRATION FEES-PROJECTS 500 2501 0 0 , FIRE CHARGES 164000 175,0001 215,000 200,000 ----------- POLICE SERVICE CHARGES 112,500' 75,000 I 75,000 75,000 --------------- EROSION&SEDIMENT CONTROL 10,500 10,500 J 12,000 10,500- - ----------_ PUBLIC WORKS MISC CHARGES 200 300 0 0 RECREATION FEES-GENERAL 100,000' 97,0001 96,0001 96,000 POOL ADMISSIONS 1 40,0001 01 0 SWIM LESSON FEES 17,000 14,000 0. 0 CONCESSIONS 10,000, 13,0001 0 0 RECREATION FEES-SENIOR CTR 11,000 16 ,00.0111 18,000 18,000 MEMBERSHIP FEES-SENIOR CTR 14,000 - ------ ---------------- - - ---------- 13,000 12,000 12,000 ADVERTISING 0 500 500 500 )cation: Documents\FARMINGTON\Budget 2016-2017\1.1 Gen'I Fund Revenue Summary 2015 Base Page 1 of General Fund Detailed Non-Property Tax Revenue Summary 2014 Budget,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Budget Budget Proposed Proposed 2,200 2,2001 2,200 ADVERTISING 1,800 SALES OF ASSETS 2,000! 0 - 0! 0 FRANCHISE FEE 100,000; 100,000 100,000 100,000 charges For Services 585,100 558,950 530,700 514,200 COURT FINES 70,0001 72,0001 65,000 65,000 CODE VIOLATIONS&ADMIN FINES 800; 01 ,, , 7'.70pines&Forfeitures :'. :mm_,'mm 70,800 H 72,000 65,000 65,000 INTEREST ON INVESTMENTS 55,0001 20,0001 18,462 18,462 GAIN/LOSS INVEST MKT VALUE investment Income 55,000 20,000 18,462 18,462 MISCELLANEOU S REVENUE 5,500 I 86,000 5,000 5,000 CASH OVER&SHORT 1 I t ---- - - - - -- ----- 18 000 - ----- - 1 ---- RENTAL INCOME-RRC 13,0001 , 20,000; 2.1,000 1 RENTAL INCOME-POOL 3,000 3,000; 0 0 T IN - 00 ,0 0 __ _ 19,685; 19,685 DONATIONS 0' 0 RENTAL INCOME 14,000 14 000 Misc Revenue 35,500 121,000 44,685 45,685 OPERATING TRANSFERS _ 1,086,6121 1,124,180; 1,148,3711 1,182,840 Transfers In 1,086,612 1,124,180 1,148,371 1,182,840 Total Revenues $2,934,776 $3,140,207 $2,987,980 $2,976,534, )cation: Documents\FARMINGTON\Budget 2016-2017\1.1 Gen'l Fund Revenue Summary 2015 Base Page 2 of General Fund Expenditure Detail Summary 2014 Budget,2015 Budget 2016 Proposed and 2017 Proposed Company 2014 2015 2016 2017 Budget Budget Proposed Proposed !Expenditures i 1 Administration I i 1 - ---- -- - --- Legislative(1005) 73,5741 109,514 85,906 113,199 Historical Preservation(1006) 7,5001 7,500 3,855 7,500 Administration(1010) ! 457,204 419,7131 -- - - ---- --- - --- 316,467 390,027 ---- --------- Elections(1013) 32,8371 21,839; 35,548 36,660 Communications(1014) 85,923 1 100,6411 102,105 104,708 City Hall(1015) 201,534; 170,6701 195,321 207,031 ,8 - ,8 Administration ` 858,572 829,877 739,202 859,125 829, , 1 0- - 1 - ---102 Human Human Resources 251,726 263344 279035 290,12 (1011) 251 726 251,7261 263,3441 279,0351 290,102 Human Resources 263,344 279,035 290,102 Finance and Risk Management 1 1 ( ) 434,0191 491,973 505,940 Finance 1021 406,654 ,- __- Risk Management(1022) 155,5001 180,000 190,000; 210,000 Finance and Risk Management 562,154 614,019 681,973 715,940 Po Police Administration(1050) 779,548 L __- 2-_- 818,2271 1 840,9551_--865,3801 Patrol Services(1051) 2,520,076 4 2,516,154 2,674 435 2,768,641 Investigations(1052) 766,8651 774,461 I 6.62,472 690,990 Emergency Management(1054) 6,1501 6,1501 4,900 6,1501 Police 4,072,639 4,114,992 4,182,762 4,331,161 Fire Fire(1060) 1,066,542; 984,652 1,125,007 1,386,877 ----- ---------- Rescue(1061) 54,7241 58,065 01 0 Fire 1,121,266 1,042,717 1,125,007 1,386,877 ty Development - - 510,529 i 594 4981 692,830 - - - - 252,209 � - --- - ---- Communi Develo ment � 526,475 - - 100 5 6 337,774 422,778 Planning 266,7561, Building Inspection(1031) ! 258,320; 259,7191 256,7241 270,052 Community Development 510,529 526,475 594,498 692,830 Engineering 531,112 559,729 Engineering(1070) 539,884' 581,252 Natural Resources(1076) 105,3601 117,583; 125,576 130,955 Engineering 645,244 698,835 656,688 690,684 r---Municipal Services -- --------- - Streets(1072) j 1,042,7951 1,084,277 1,018,604 1,146,608 Snow Removal(1073) 192,1121 205,407 226,895 247,903 Municipal Services 1,234,907 1,289,684 1,245,499 1,394,511 Parks and Recreation 1 1 ------ ------------- -------------- ----- Park Maintenance(1090) 559,036 595,742 608,7001 628,844 Rambling River Center(1093) 153,287' 169,751 171,298 169,203 - __- -------- -- - I - - - - - - - ------ --- -- Park 8 ReAdmln(1094) 257,8731 248,062 262,158 267,475 Recreation Programs(1095) 112,851 113,259 113,407 114,261 ----------------- - ------------------Swimming Pool(1097) 139,1681 149,8601 72,2321 27,777 Parks and Recreation 1,222,215 1,276,674 1,227,795 1,207,560 Perm Levy Adj(2015&2016)and 1/3 Delq Exp(2016) 1 30,000 j 5,3791 30,000 ---------------------- _ Transfers Out 490,579.0011 796,007.00 886,607.001 911,607.00 Transfers Out 490,579.00 796,007.00 886,607.00 911,607.00 Total Expenditures 10,969,831 11,482,624 11,624,445 12,510,397 '8/2015 5:16:41 PM Page 1 of �- - v N c N ' .- v ° vr° ' D_ ■ D C o 0 0 (a O O 0 C O O O a) C) C 3 N m N a Lin -cil co 3 o o o a O O 0 c o 0 o o E o 00 0 o U) • co h_ co co m hi o 00 0 0 o as a) N Lo l°n O 7 o a) M co co O C (n U -O C a N. O N- N C - C O O O O 3 CO O O (O CO LL LL C. O M .0 CO N- p- a Ln C N U •0 7 CO O O O U a a O S `O O O O C C O O o C7 ' Q u. O L[) O O > d Q 19 N CY N N c E m U _ a m —O 6' ° o O O O . Cn LO co‘- O O O O N C - O O O O C a) a) O M 0) o a)j C) rn E E a)j N Cf N N a) (B (n O Ti• a aJ LL N a> • E' ow 'E 0 a) C a) C O O o @ 0 @ O O O t C T 1--- I-- N O N- N- a) LE 'n m a ° a) c -O C C , 0 _ a) a) N CO -O 0 a)) ■ 0 v O 0 N -o 73 O T O 11 0 O O (6 o O o r a) c 0 o O 0 E m T U) lA O In Ln c O- T co co OJ co .0) to a) M co co y a) a) co Cco ) a`) R O C c0 U) H = o C• U N CO N- m OD N C a) N F- LO co O (0 CO LO O C m LO f- LO ' 0 O _ C V CO 1— CO L0 ! V 0 " e (a 0 CO V M w C 01 0 O C N . o M O OU O O -o I .O Y C O O O o a) O O O E a) o m O O ' E V O O p O o Lo M lO U o a O aco a) - .c a) O E . Ln E .- °) O — O C 'Li .E L Z a)• Lc a O O O O O O U a a a O O O .0 co O ,- O O ■ d C T co O O m m N .$) 5 E Ln P N- co N N -� E U o N m tX N U Y W co O o N a) E .- • a) a O d L- oo °o o m N `O c () O p o O -O• co N C E Z v M v m N ° o o a Q .- a 0 E m N� m -Fo _ m m o O o a) O w ` O O o 0 Q 2 N N m co o °Z O O °- rn C a a 0 `a _O _ N CC p N N N a L S Q a U N W ,-a o CT, N N r-- V CO N V O N- O M O O co (O CA O CO O o M e- CO LO CO (p Cr p LO CO CO N O V N CO V 0 N Q O 0 O O O 0 CO 0 ,— LO 0 O O O O N N N C: Debt Service Funds Summary *Includes Fund 3005 (formerly 86A) as placeholder for Fire Truck loan, Fund 3093 as Placeholder for 2015A 195th St Bond Issue 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Company Actual Budget Proposed Proposed 2014 2015 2016 2017 Revenues Property Taxes(i.e.Debt Levy) 2,857,711 3,059,728 2,970,848 3,302,4651 Special Assessments 502,299 489,607¢ 466,817 447,368 Deferred Assessments(VRC) 18,073 0 MSA Construction 0 t 335,000 135,000 Interest on Investments 1,825 01 24,745 24,745 Total Revenues 3,379,908 3,549,3351 3,797,4101 3,909,5781 Expenditures { 1 Principal Repayment 3,817,0551 3,082,819' 4,527,474; 3,285,83411 Interest on Debt 1,069,463 973,822 972,115 843,441 Debt-Fiscal Charges 17,959 28,162, 28,6231 27,186 Total Expenditures 4,904,476' 4,084,803 5,528,212 4,156,461 1 Other Financing Sources _ Bond Proceeds 0 4,290,000 Transfers In 639,860 826,1401 -,- - -- ------ ------ i 343,552 Transfers Out (186,417) (4,437,000), (117,000)1 (171,000) ' Total Transfers 453,443 679,1401 1,761,5521 172,552 Change in Fund Balance (1,071,126)11 143,672 30,7501, (74,331) '8/2015 5:17:09 PM Page 1 of Special Revenue Funds Budget Summary 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed 2014 2015 2016 2017 Company Actual Budget Proposed Proposed Revenues , I I- EDA(2000) 54,764 751,572 1 1,572 TIF-City Center(2050) 110,906 137,1201 111,9781 1,978 I [ TIF-Eagles(2051) 4,273 190 1 Police Donations&Forfeitures(2100) 3,212 5,060 5,084 84 ... Park Improvement Fund(2300) 78,802 21,193 9,008 8,708 Ice Arena(2500) 301,6471 306,860 321,750 326,450, 1 1 1 Total Revenues 553,6041 471,1731 449,392 338,7921 1 1 lExpenditures EDA(2000) 29,627' 40,750 42,430, 40,7231 _ 1 TIF-City Center(2050) 6,874 9,304, 8,704 TIF-Eagles(2051) 27,868, 01 1 Police Donations&Forfeitures(2100) 4,936 6,500 I 6,5001 Park Improvement Fund(2300) 81,350 70,000 60,0001 150,000 Ice Arena(2500) 302,084 316,204 317,4181 445,120 1 Total Expenditures 452,738 442,758 435,052 635,843 Transfers Transfers In 79,417 130,000 60,000 80,000 Transfers Out (101,959) 01 Total Transfers 1 (22,541), 130,0001 60,0001 80,000 Change in Fund Balance 78,324 158,415: 74,3401 (217,051) 9/2015 11:42:09 AM Page 1 of EDA All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000 --REVENUE REVENUES AND EXPENDITURE i 4001 4011-CURRENT PROPERTY TAX 9,7071 4020-TAX INCREMENT EXCESS 25,413 Property Taxes 35,1201 4404-FEDERAL GRANT 14,7211 Intergovernmental 14,721 1 Charges For Services 0 0 ------------ 4955-INTEREST ON INVESTMENTS 3,625 750 1,572 1,572 { 4960-GAIN/LOSS INVEST MKT VALUE 1,299 1 Investment Income 4,9231 7501 1,5721 1,572 -------------------- ------------ ------- ---------- -- Misc Revenue 0' 01 Total Revenues $54,764 $750 $1,572 $1,572 - --------------------------- 6001 EXPENDITURES 6210-OFFICE SUPPLIES 64 1 Supplies 64 0 j 6401-PROFESSIONAL SERVICES 290. 1 10,000 1 10,000 10,000 2, 3,0001 3,000' 6403-LEGAL - - - - 1,763� 000-- - 1 3,0001 ---------- - � 6404-IT SERVICES 3,543 3,600 6,6801 4,9731 6422-ELECTRIC 197 300 300 300 6426-INSURANCE 153; 1 450 450' 450 6445-POSTAGE 1 1- 6450-OUTSIDE PRINTING 336 2,200 2,000; 2,000 6455-LEGAL NOTICES PUBLICATIONS 01 1 1 1 6460-SUBSCRIPTIONS&DUES 1,785, 3,090 2,50011 2,500 6470-TRAINING&SUBSISTANCE 8911 4,930 ------ ----------------------------- ----- --- 3,00011 3,000 6485-MILEAGE REIMBURSEMENT 4431 750 1,000 i _ 1,000 6550-DEVELOPER PAYMENTS 14,721 1 6570-PROGRAMMING EXPENSE 5,350 j 13,430 i 13,500 13,500 7420-OTHER 901 01 j 1 Other Services 29,562 40,750] 42,4301 40,723 Capital Outlay 01 0 I Total Exp 29,627 40,750 42,4301 40,723 5205-OPERATING TRANSFERS 40,0001 90,000 20,000; 40,0001 Transfers 40,00 20,000 40,0001 7310 OPERATING TRANSFERS 0 90,000 i Transfers Out 01 01 I Other Financing Sources 40,00011 90,000 20,000 40,000 Net Change in Fund Balance $65,137 $50,000 ($20,858) $849 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of TIF-City Ctr All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES - - 4020-TAX INCREMENT EXCESS 01 4025-TAX INCREMENT 110,906 135,000 110,000 Property Taxes 110,9061 135,000 110,000 4955-INTEREST ON INVESTMENTS , 2,120 1,9781 1,978 Investment Income 2,120 1,978 1 1,978 Total Revenues $110,906 $137,120 $111,978 $1,978 6001 -EXPENDITURES ■ Personnel Services 01 1 6401- 6403-LEGAL PROFESSIONAL SERVICES 1,460, 2,000 31 4,100 1,500, 6455-LEGAL NOTICES PUBLICATIONS 26 I J - -- 5—_ 6550-DEVELL 5,OPER PAYMENTS 5,203 1 5,204; 5,204i 7420-OTHER 182 1 Other Services 6,87411 9,304 8,704' Total Exp 6,874 9,304 8,7041 5205-OPERATING TRANSFERS. 9,417 Transfers In 9,417 7310-OPERATING TRANSFERS 81,866 0: I Transfers Out 81,8661 0' Other Financing Sources (72,449) 0 Net Change in Fund Balance $31,584 $127,816 $103,274 $1,978 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Police Donations & Forfeitures All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE I I l 4001 -REVENUES 4955-INTEREST ON INVESTMENTS 0 60 84 84, Investment Income 0 60 84 841 5010-SALES OF ASSETS 3,000 5,_000 5,0001 I 5350-MISCELLANEOUS R EVENUE 134 1 5356-K-9 DONATIONS 781 Mc Revenue 3,2121 5,0001 5,000] i L.__. Total Revenues $3,212 $5,060 $5,084 $84 6001-EXPENDITURES 6220-EQUIP SUPPLIES&PARTS 0 2,5001 2,5001 6234-VEHICLE LICENSES,TAXES,FEES 42 6250-OTHER SUPPLIES&PARTS 3,422 0 r I I Supplies 3,463 2,5001 2,5001 6401-PROFESSIONAL SERVICES 0 3,0001 3,000 i 6403-LEGAL 1,472 1,0001 1,0001 j Other Services 1,472 4,0001 4,000 1 Capital Outlay 0; 0 Total Exp 4,9361 6,500 6,500; Other Financing Sources 1 1 Net Change in Fund Balance ($1,724) ($1,440) ($1,416) $84 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Park Imp Fd All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES 1 Intergovernmental o' 1 I 5046-PARK DEVELOPMENT FEES 36,863 1- - Charges For Services 36,863 01 4110-SPEC ASSESS CURRENT 21,322 13,123 300 '1- 4115-DELINQUENT SPECIAL ASSESSME 561, - 4125-SPEC ASSESS PREPAID TO CITY 12,469 4130-SPEC ASSESS PENALTIES/INTERE 115 Special Assessments 34,467 13,123 300 , 4955-INTEREST ON INVESTMENTS 857' 1,770 1,621 1,621 4960-GAIN/LOSS INVEST MKT VALUE 315: , Investment income 1,171' 1,770 1,621 1,621 4975-RENTAL INCOME 6,300 6,3001 7,087, 7,087 I 5350-MISCELLANEOUS REVENUE 0 0 Mlsc Revenue 6,300 6,300 7,087 7,087 Total Revenues $78,802 $21,193 $9,008 $8,708 , 6001-EXPENDITURES I [ _, 1 6220-EQUIP SUPPLIES&PARTS 2,5311 0 Supplies 2,531 ol 6465-PERMIT FEES 6492-ADVERTISING 105 _11 7420-OTHER 4,9591 Other Services 5,0641 o 7010-CONSTRUCTION CONTRACTS 8,950r 0 -r 7020-OTHER CONSTRUCTION COSTS 64,725 70,0001 60,0001 150,000 Capital Outlay 73,675 70,000 I 60,000 I 150,000 I- 1 7140-LEGAL&FISCAL FEES 80, Debt Service 801 , , . Total Exp 1 I 81,350 70,000 60,000: 150,0001 5205-OPERATING TRANSFERS 10,000 40,000 40,000; 40,000 Transfers In 10,0001 40,0001 40,0001 40,0001 1 Transfers Out oi 1 I 1 Other Financing Sources 10,000 40,000 40,000 40,000 Net Change In Fund Balance $7,452 ($8,807) ($10,992) ($101,292) )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Ice Arena All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001 -REVENUES 4668-CONCESSIONS 300 3001 300 - - 4810-ICE RENTAL 248,9951 267,0001 28 28 0,000 285,000 14,000 15,000 15,000 .4815-LESSONS 18,904 1 � 4820-OPEN SKATE 7,939 5,000 6,000 6,000 4822-Skate Rental 679 1,500 1,500 1,500 1. 4830-SKATE SHARPENING 2,0671 1,500 1,500 1,500, 4835-ADVERTISING 13,352 - ------- -------- - - 'i : 7,000 7,000 1 7,0001 - - 1 4840-SKATE SHOW 2,132 3,,55 00 3,000 3,000 4845-MERCHANDISE SOLD 1,228'1 8001 1,000 1,000 Charges For Services 295,5971 300,6001 315,300 320,000 4955-INTEREST ON INVESTMENTS I 260 450 450 Investment Income 260; 450 450 5350-MISCELLANEOUS REVENUE 1,09711 1,0001 1,0001 1,000 5355-DONATIONS 5,0001 5,0001 5,0001 5,000 5370-CASH OVER&SHORT (47) MiscRevenue 6,050; 6,0001 6,000; 6,000 Total Revenues $301,647 $306,860 $321,750 $326,450 L 6001-EXPENDITURES 5502-COST OF GOODS SOLD 519 1,400 1,400 Cost of Good Sold 519' 1,400; 1,400 6110-FULL TIME SALARIES 94,475 92,585; 95,6281 99,708' 6112-FULL T IME OVERTIME 1,5981 0; 1,000 1 1,000■ y 6120-PART TIME SALARIES 41,529. 39,8911 40,690 1 41,504 800 6130-COMPENSATORY TIME PAY 1,213 800 8001 6135-OTHER PAY 164'' 1,300 00 5001 500 6152-FICA/MEDICARE 10,767' 10,295 10,6161 10,990 6154-PERA 8,545; 7,101 8,831' 9,4721 6156-HCSP 121' 200 1501 150 6158-EMPLOYEE BENEFITS 11,092 20,000 20,000; 21,5001 6159-WORKERS COMP 4,2411 4,021 4,3731 4,5231 Personnel Services 173,7461 176,193 182,5881 190,147 6220-EQUIP SUPPLIES&PARTS 1 11,112' 1.2,000 5,000 5,0001 6240-BUILDING SUPPLIES&PARTS 2,252' 6,000 4,5001 4,500 - - 6250-OTHER SUPPLIES&PARTS 591; 750 7501 750 6255-LANDSCAPING MATERIALS 1 ' Oi 50 O1 0 6272-FUEL 2,731 1 2,400 2,500� - - 2,500 6290-UNIFORMS&CLOTHING 1 406' 1,000 7501 750 22,2001 13,5001 13,5001 Supplies 6 t-PROFESSIONAL SERVICES 11,564 9,000 1 11,0001 11,0001 6403-LEGAL 519 1 0 01 1 6404-IT SERVICES 7,819, 16,011 17,6801 14,223 6411-TELEPHONE 736' 800 800' 800 6412-CELLULAR PHONES 500 0 I 01 6421-MUNICIPAL SERVICES 4,691 5,000 5,000; 5,000 6422-ELECTRIC 42,921 ----- --------------- - - ----- 42,000 45,0001 45,000 6423-NATURAL GAS 20,3311 20,0001 23,000 1 23,0001 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Ice Arena All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 6426-INSURANCE 4,7261 8,0001 5,0001 5,000 6450-OUTSIDE PRINTING 0 500 0 0 6460-SUBSCRIPTIONS&DUES 1,15811 1,5001 1,5001 1,500 --- - - f 2' 1,200 1 1,200 6485-MILEAGE REIMBURSEMENT 249 250 2501 250 - - _3 I ------------ ------ - - ,--- 1 3,5001 3,500 6505-EQUIPMENT REPAIR SERVICE 2,233' ,500 6515-BUILDING REPAIR SERVICE 11,485 4,150 4,500 4,500) 6570-PROGRAMMING EXPENSE 1,287 3,000 1,500 1,500 7420-OTHER 100 Other services 110,728 116,4111 119,930 116,473 6950-MACHINERY&EQUIPMENT 0 0 125,000 Capital Outlay 0 01 125,000 Total Exp 302,084 316,204' 317,418 445,120 5205-O PER ATING TRANSFERS 20,000 0; Transfers In 20,0001 0 7310-O PERATING TRANSFERS 18,0001 Transfers Out 18,000 Other Financing Sources 2,0001 0'' 1 Net Change in Fund Balance $1,563 ($9,344) $4,332 ($118,670) )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 2 of Capital Projects Funds Summary 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Company 2014 2015 2016 2017 Actual Budget Proposed Proposed Revenues Sanitary Sewer Trunk(3900) 64,8241 34,790 32,437 2,437 Cable Communications Fund(4000) 169,208 1 173,210 174,177 174,177 Road and Bridge/Street Reconstruction Fund(4100) 135,634 53,135 35,978 23,716 Fire Capital Projects Fund(4300) 49,150 15,090 15,658 6581 -- ---- ------- - ----- Storm Water Trunk(4400) 106,586 36,270 30,238 30,2381 RRC&Youth Hockey Cap Proj Donations(Rec Cap Proj Fund-4500) 18,9011 5,140 5,2101 210 Private Capital Projects(4600) 26,050; 21,9901 22,354T 2,354 Permanent Imp Revolving Fund(4900) 23,892 1.7,0381 16,4.001 780 Gen'I Cap Equip Fund(5600) 6,2601 1 131 13 Maintenance Fund(5700) 1 01 4,1801 11,631 11,631 Total Revenues 600,506 360,8431 344,0961 246,214 Expenditures I Cable Communications Fund ry 7,588 0 _ Sanitary Sewer Trunk �_ 230,785' 71,000 81,000 81,000 Road and Bridge/Street Reconstruction Fund(4100) 1 3,313 0 1 - Fire Capital Projects Fund(4300) 120,960 62,500 347,500, Storm Water Trunk Fund 447 350,000 1 RRC&Youth Hockey Cap Proj Donations(Rec Cap Proj Fund-4500) III 15,817' 7,500; 7,500 Private Capital Projects 1,661 20,0001 20,0001 i Permanent Imp Revolving Fund 388 0 474 j New-Gen'I Cap Equip Fund(5600) 1 165,707! 141,607 Maintenance Fund 1 1,338,754 i 5,020,0001 621,500; 594,250, Total Expenditures 1,719,712, 5,696,7071 1,219,581 _ 675,2501 Transfers 1 Transfers In 1 820,579, 5,072,707L 983'607 1,042,6071 Transfers Out (257,633)j (518,633)1 (1,754,000)1 (219,000)1 Total Transfers 562,9461 4,554,074, (770,393) 823,6071 Change in Fund Balance 1 (556,260) (781,790) (1,645,878) 394,571 '8/2015 4:48:24 PM Page 1 of Sanitary Sewer Trunk All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 1 4001-REVENUES 4335-CITY SEWER S CHARGE 47,5201 25,000 25,000 Permits 47,520; 25,000 25,0001 Intergovernmental 0 f 4626-SEWER BENEFIT CHARGE 4,320 Charges For Services 4,320 0 1 4110-SPEC ASSESS CURRENT 10,598 7,500 5,0001 ---- -------- ------- - --- -- -- ------ -- ------ 4115-DELINQUENT SPECIAL ASSESSME 155 - 4120-SPEC ASSESS COUNTY PREPAID 0 4125-SPEC ASSESS PREPAID TO CITY 2,200 ! 1 4130-SPEC ASSESS PENALTIES/INTERE 31 Special Assessments 12,984 7,500■ 5,0001 4955-INTEREST ON INVESTMENTS 0 2,2901 2,437; 2,437 j -------------- ---- - - ------- ----- - Investment Income 0 2,2901 2,437 2,437 Total Revenues $64,824 $34,790 $32,437 $2,437 6001-EXPENDITURES 1 Other Services 01 1 7010-CONSTRUCTION CONTRACTS 7,5631 0 Capital Outlay 7,5631 0 , -I 7140-LEGAL&FISCAL FEES 25; i Debt Service 251 Total Exp — 7,588 0; j Transfers Out 01 0; Other Financing Sources 0 (1 Net Change in Fund Balance $57,236 $34,790 $32,437 $2,437 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Cable Comm All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES Property Taxes 0 0 Intergovernmental 0 5095-FRANCHISE FEE 169,208 170,000; 170,0001 170,0001 Charges For Services 169,208 170,000 170,000 170,000 4955-INTEREST ON INVESTMENTS 3,210; 4,177 4,177 Investment Income 3,210; 4,1771 4,177 5350-MISCELLANEOUS REVENUE 0 Misc Revenue 0 Total Revenues $169,208 $173,210 $174,177 $174,177 I 6.0.01-EXPENDITURES ! 6250-O TH ER SUPPLIES&PARTS 80 1,000; 1,000 1 1,000 Supplies 80 1,000 1A001 1,000 6401-PROFESSIONAL SERVICES 50,382 70,000' 80,0001 80,000 Other Services 50,382 70,000; 80,000 80,000 6960-FURNITURE&OFFICE E 180,323 Capital Outlay 180,323 1 ; Debt Service 0 0; 1 Total Exp 230,785 71,000 81,0001 81,000 Transfers in 0 0 Transfers Out 0 0 I :. Other Financing Sources 0 0 F Net Change in Fund Balance ($61,577) $102,210 $93,177 $93,177 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Rd& Br Fd (4100) All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001 -REVENUES 4428-MSA CONSTRUCTION 86,625 0 Intergovernmental 86,625 01 1 Charges For Services 01 0 4110-SPEC ASSESS CURRENT 46,7441 25,5651 22,312 j 10,050 4115-DELINQUENT SPECIAL ASSESSME 1,0361 I I I 4120-SPEC ASSESS COUNTY PREPAID 913' ! 4125-SPEC ASSESS PREPAID TO CITY 01 1 4130-SPEC ASSESS PENALTIES/INTERE 316 1 Special Assessments 49,0091 25,565 22,312 11 10,050 4955-INTEREST O N INVESTMENTS 0, 13,666 13,666 Investment Income 0 27,570, 13,666 13,666 Refunds&Reimb 0 Misc Revenue 0'i Total Revenues $135,634 $53,135 $35,978 $23,716 6001-EXPENDITURES Personnel Services 0, Supplies 0 6401-PROFESSIONAL SERVICES 1,381 i 0, Other Services 1,381 01 I - Capital Outlay 0 0 7140-LEGAL&FISCAL FEES 1,9321 1 Debt Service 1,9321 I Total Exp 3,3131 0'� Bond Issue 0 01 5205-OPERATING TRANSFERS 177,000 1 177,0001 117,000 Transfers In 177,000 177,000 117,000 7310-OPERATING TRANSFERS 50,0001, 311,000 369,0001 219,000 Transfers Out 50,000, 311,0001 219,000 Other Financing Sources 127,000', (134,000) (252,000) (219,000) Net Change in Fund Balance $259,321 ($80,865) ($216,022) ($195,284) )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of FIRE CAPITAL PROJECTS All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001 -REVENUES , Charges For Services 0 i , 4955-INTEREST ON INVESTMENTS 0 90. 658 658 Investment Income 0 90 658 658 5010-SALES OF ASSETS 10,150 53.50-MISCELLANEOUS REVENUE UE 5355-DONATIONS 39,000 15,000 15,000 I 15,000'i Misc Revenue 49,150 15,000 Total Revenues $49,150 $15,090 $15,658 $658 ' 6001-EXPENDITURES , 6150-BENEFITS I 2,50.0 6158-EMPLOYEE BENEFITS 2,500, Personnel Services 2,500; 2,5001 6220-EQUIP SUPPLIES&PARTS 2,725 + 6250-OTHER SUPPLIES&PARTS 0'I 6290-UN IFORMS&CLOTHING 11,311 Supplies 14,037 1 6401-PROFESSIONAL SERVICES 1901 6450-OUTSIDE PRINTING 975 6470-TRAINING&SUBS BS ISTANCE I , Other Services 1,165 1 { 6940-VEHICLES 105,758 6950-MACHINERY&EQUIPMENT 0 60,000 345,000; -- 60,000 345,000 I Capital Outlay 105,758� �, --- - --- - - ----- Total Exp 120,960, 62,500 347,500 5205-OPERATING TRANSFERS 190,000; 55,000 j 295,0001 245,000 Transfers in 190,000' 55,0001 295,000] 245,000 Transfers Out 0', Other Financing Sources 190,000 55,000; 295,000 245,000 Net Change in Fund Balance $118,190 $7,590 ($36,842) $245,658 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Storm Water Trunk All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed • Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES 4630-STORM WATER MANAGEMENT FEE 01 Charges For Services 0 7,500 4110-SPEC ASSESS CURRENT 51,805 0 4115-DELINQUENT SPECIAL ASSESSME 22,162 4120-SPEC ASSESS COUNTY PREPAID 9,409 4125-SPEC ASSESS PREPAID TO CITY 17,306 4130-SPEC ASSESS PENALTIES/INTERE 5,905 Special Assessments 106,5861 0 4955-INTEREST ON INVESTMENTS 0 28,770: 30,238 30,238 Investment Income 0 28,770 30,238 30,238 Total Revenues $106,586 $36,270 $30,238 $30,238 6001-EXPENDITURES 6401-PROFESSIONAL SERVICES 1 0' 7420-OTHER 0, 0 Other Services 0 0 � —---6910-LAND- - - 0 300,000 ---- --- - �----------- 7010-CONSTRUCTION CONTRACTS 0 50,000 Capital Outlay 0 350,000 I 7140-LEGAL&FISCAL FEES 447 Debt Service 447 Total Exp 447! 350,0001 5205-OPERATING TRANSFERS 0 0'i 171,000 Transfers In 0 0 171,000 7310-OPERATING TRANSFERS 207,633 207,633 1,385,000' Transfers Out 207,633 j 207,633 1 1,385,000; Other Financing Sources (207,633); (207,633) (1,385,000) 171,000 Net Change in Fund Balance ($101,494) ($521,363) ($1,354,762) $201,238 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Rec Cap Proj All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed ' 4000-REVENUE AND EXPENDITURE 1 4001-REVENUES 4955-INTEREST ON INVESTMENTS 140; 210, 210� Investment Income 140' 2101 2101 5355-DONATIONS 18,901 5,000, 5,0001 Misc Revenue 18,9011 5,0001 5,000 r Total Revenues $18,901 $5,140 $5,210 $210 6001-EXPENDITURES 6220-EQUIP SUPPLIES&PARTS 8,225 2,500 2,500 t- 6240-BUILDING SUPPLIES&PARTS 0 2,5001 2,500 Supplies 8,225 5,0001 5,000! 1 6401-PROFESSIONAL SERVICES 1,050', 1 6570-PROGRAMMING EXPENSE 276' 2,5001 2,500 Other Services 1,3261 2,5001, 2,500 7020-OTHER CONSTRUCTION COSTS 6,266, j Capital Outlay 6,2661 Total Exp 15,817 7,5001 7,5001 1 Bond Issue 0 5205-OPERATING TRANSFERS 23,000 20,000; 20,000; 20,000 Transfers In 23,000 20,000' 20,000 20,000 Transfers Out 0 ! Other Financing Sources 23,000 20,0001 -20,000' 20,000' I Net Change in Fund Balance $26,085 $17,640 $17,710 $20,210 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Priv Cap Proj All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES 4610-ENGINEERING FEES-PROJECTS 23,676 20,000 20,0001 Charges For Services 23,676 20,000 20,000 4110-SPEC ASSESS CURRENT 338 4115-DELINQUENT SPECIAL ASSESSME 94 4125-SPEC ASSESS PREPAID TO CITY 1,9051 4130-SPEC ASSESS PENALTIES/INTERE 38 Special Assessments 2,374; 4955-INTEREST ON INVESTMENTS 0, 1,990 2,354 2,354 Investment Income 0 1,990 2,354 2,354 Misc Revenue 0 Total Revenues $26,050 $21,990 $22,354 $2,354 6001-EXPENDITURES Personnel Services 0 6401-PROFESSIONAL SERVICES 521 1 17,500 17,500, 6403-LEGAL 300 2,500 2,5001 7415-BAD DEBT EXPENSES 808 Other Services 1,6291 20,000 20,000 7140-LEGAL&FISCAL FE ES 321 Debt Service 32 Total Exp 1,661 20,000 20,000 Transfers in 0; Transfers Out 0 Other Financing Sources 0 Net Change in Fund Balance $24,390 $1,990 $2,354 $2,354 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Perm Imp Rev Fd All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES Property Taxes 01 Intergovernmental 0 Charges For Services 0 4110-SPEC ASSESS CURRENT 18,494 16,478 15,620 4115-DELINQUENT SPECIAL ASSESSME 423 4120-SPEC ASSESS COUNTY PREPAID 915 4125-SPEC ASSESS PREPAID TO CITY 3,950 4130-SPEC ASSESS PENALTIES/INTERE 1101 I 1 Special Assessments 23,8921 16,478 15,620 4955-INTEREST ON INVESTMENTS 560 780; 780 Investment Income 560 7801 780 Misc Revenue 0' r Total Revenues $23,892 $17,038 $16,400 $780 6001-EXPENDITURES Personnel Services 01 Supplies 0 Other Services 0 0 Capital Outlay 0 7140-LEGAL&FISCAL FEES 388 4741 Debt Service 388 0 474 Total Exp 388, 0' 474 ' i Transfers In 0, 0, Transfers Out 01 01 Other Financing Sources 0 0I I Net Change in Fund Balance $23,504 $17,038 $15,926 $780 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of GENERAL CAPITAL EQUIPMENT FUND All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001 -REVENUES 4955-INTEREST ON INVESTMENTS 13 13 Investment Income 13 13 5010-SALES OF ASSETS 6,260 Misc Revenue 6,260 e Total Revenues T .T^----- --- --^ $6,260 $13 $13 6001-EXPENDITURES 6940-VEHICLES 165,707 j 141,6071 Capital Outlay 165,707 141,607 Total Exp 165,707 141,607 5205-OPERATING TRANSFERS 165,7071 156,6071 175,000 Transfers In 165,707 156,6071 175,000; Other Financing Sources 165,707', 156,607; 175,000 Net Change in Fund Balance $6,260 $0 $15,013 $175,013 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Maintenance Fund (formerly Seal Coating) All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES _ 4955-INTEREST O N INVESTMENTS 4,180; 11,631 1 11,631 Investment Income 4,1801 11,6311 11,631 Total Revenues $4,180 $11,631 $11,631 6001 -EXPENDITURES - --- ----- --- - - - -- - ---------------- 6220-EQUIP SUPPLIES&PARTS 461 Supplies — 461 - - — - 501 � 310,000 594,250 6401-PROFESSIONAL SERVICES 319,660 312,500 i _-- 6455-LEGAL NOTICES PUBLICATIONS 358 6515-BUILDING REPAIR SERVICE 1, 59,0001 --------- --- Other Services 320,018 310,000;; 371,500 594,2501 7010-CONSTRUCTION CONTRACTS 1,018,690! 4,710,000, 250,000; Capital Outlay 1,018,690 4,710,0001 250,000 Total Exp 1,338,7541 5,020,000 621,500 594,250 Bond Issue 0, 5205-OPERATING T RANSFER S 430,5791 4,655,000; 395,000; 431,607 Transfers In 430,579' 4,655,000i 395,000 431,607 Other Financing Sources 430,579 4,655,000, 395,000; 431,607 Net Change in Fund Balance ($908,175) ($360,820) ($214,869) ($151,012)1 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Enterprise Funds Budget Summary 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Company 2014 2015 2016 2017 Actual Budget Proposed Proposed Revenues - Liquor Stores,Net of Cost of Goods Sold(6100:6115) 1,171,397 1,156,372 1,157,126 1,170,575 --- ------------------------------------- Sewer Operations(6200:6205) 1,863,708 1,803,281 2,046,4261 2,056,526 Solid Waste(6300:6302) 2,003,020 1,928,430 1,927,295 1,953,295 Storm Water(6400:6405) 568,527 556,350 641,396 644,596 Water(6500:6508) 1,714,253 1,732,312 1,677,698 1,821,158 Streetlights(6600:6602) 219,052 216,070 219,3801 220,380 Total Revenues 7,539,957 7,392,815 7,669,321 7,866,530 Expenditures Liquor Stores 848,032; 872,022, 934,208 954,450 Sewer Operations 1,712,646, 2,703,969 2,812,8741 2,074,9021 Solid Waste 1,600,436 1,711,408; 2,072,3021 1,822,505 Storm Water 615,686 701,759 637,6761 736,976 Water 1,410,215; 1,538,396 1,523,282L 1,551,5971 Streetlights 174,957 216,900 222,100, 231,745; Total Expenditures 6,361,9731 7,744,454 8,202,442, 7,372,175 1 Transfers Transfers In 0I 0 Transfers Out (1,414,119) (1,466,687) (1,312,923); (1,347,392)1 Total Transfers (1,414,119)' (1,466,687) (1,312,923)1 (1,347,392) 'Change in Fund Balance (236,135) (1,818,326) (1,846,044) (853,037) • •8/2015 5:07:45 PM Page 1 of Liquor Operations All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 40.01-REVENUES 4955-INTEREST ON INVESTMENTS 01 2,560; 4,670 4,670 Investment Income 01 2,5601 4,670 4,6701 4751-LIQUOR SALES 1,460,6101 1,461,661 1,481,533 i 4752-WINE SALES 632,376! 617,763 623,1561 623,394 4753-BEER SALES 2,424,955', 2,409,923 2,400,4691 2,434,697 4754-MISC TAXABLE SALES 69,343; 69,000 69,682 67,875 1-- 4755-MISC NONTAXABLE SALES 47,241 47,0001 46,857 48,122 5350-MISCELLANEOUS REVENUE 2,563 2,000 4,601,825 f 4,655,621 Liquor Sales 4,634,524 4,607,246 1 2,0001 2,000 5370-CASH OVER&SHORT 2,107 2,000 2,000; Misc Revenue 4,670 ' I 2, ' 2,000 -_- Total Revenues $4,639,195 $4,611,806 $4,608,495 $4,662,291 6001-EXPENDITURES 5502-COST OF GOODS SOLD 3,467,797 3,455,434; 3,451,3691 3,491,7161 Cost of Good Sold 3,467,797; 3,455,434: 3,451,369 I 3,491,7161 6110-FULL TIME SALARIES 226,465 228,582 258,3121 269,268 1,800 500_; 5101 - - - 82,000 94,0001 1 6112- OVERTIME 0 -_-- 95,8801 6120-PART TIME SALARIES 91,203 6135-OTHER PAY 26 1 6152-FICA/MEDICARE 23,819 23,8981 27,066 28,0501 23,430 _. 6.154-PERA 22,503 26,538 28,416 6156-HCSP 933' 1,0001 1,0001 1,000; 6157-OPEB EXPENSE 4,690' 5,200 5,200' 5,200 6158-EMPLOYEE BENEFITS 20,979 li 40,000 40,200 43,000 6159-WORKERS COMP 5,353, 8,3721 9,536 j 9,882 Personnel Services 395,9701 414,2821 462,3521 481,2061 6210-OFFICE SUPPLIES 103' 100'1 1001 1001 6220-EQUIP 001 100, 1001 P SUPPLIES&PARTS 79 --- 6240-BUILDING SUPPLIES&PARTS 1,613 600 6001 6001 6250-OTHER SUPPLIES&PARTS 7,064 8,000 8,250 1 8,250! ' --- 400, 6290-UNIFORMS RMS&CLOTHING 0 I 7 �--_ ---- --- 700 700; 7001 Supplies 8,8591 9,9001 9 ,750 9,7501 6401-PROFESSIONAL SERVICES 8,915 9,500, 9,500 9,500 6404-IT SERVICES 19,7741 14,870 r 21,061 17,679 6422-ELECTRIC 28,184 j 29,7001 30,7001 31,200 6423-NATURAL GAS 5,303 7,9001 8,500 8,800 6426-INSURANCE 12,1511 12,000, 13,0001 13,000 6430-INSURANCE DEDUCTIBLE ■ 1 2,000 F 2,000 6450-OUTSIDE PRINTING 416 i 650 i 650 650 6460-SUBSCRIPTIONS&DUES 2,925 2,000 2,000 2,000 6470-TRAINING&SUBSISTANCE 01 2,950, 2,950 2,950 6485-MILEAGE REIMBURSEMENT 67 1,000 1,200 1,200 6492-ADVERTISING 7,031 7,500' 7,800 7,800 6505-EQUIPMENT REPAIR SERVICE 15,898 17,405 j 17,600 17,600 6515-BUILDING REPAIR SERVICE 111 I 3,350, 3,350 3,350 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Liquor Operations All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 6545-CREDIT CARD FEES 72,500 75,000 75,000 6556-BUILDING RENTAL 245,605 254,515; 258,865 262,835 6570-PROGRAMMING EXPENSE 0 1,000 1,000 1,000 7420-OTHER 400, 1,000 1,000 1,000 Other Services 419,338 437,840 456,176 457,564 6960-FURNITURE&OFFICE E 7,606 Capital Outlay 7,606, 0, ■ 7055-DEPRECIATION 16,259; 10,000; 5,9301 5,930 Depreciation 16,259: 10,000 5,9301 5,930 Total Exp 4,315,830' 4,327,456; 4,385,577 4,446,166 7310-OPERATING TRANSFERS 70,0161 91,504, 93,040 94,636 Transfers Out 70,0161 91,5041 93,040 94,636 Other Financing Sources (70,016) (91,504); (93,040) (94,636) Net Change in Fund Balance ____ $253,349 $192,846 $129,878 $121,489 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 2 of Sewer All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 1 1 4001-REVENUES 4626-SEWER BENEFIT CHARGE 0 1 4835-ADVERTISING 1,810 1,250; 1,250 1,250 Charges For Services 1,810 3,250' 1,2501 1,250 4110-SPEC ASSESS CURRENT (34,169)1 - -, 4115-DELINQUENT SPECIAL ASSESSME 13,2511 2,500 i 2,500 -- 2,500 4120-SPEC ASSESS COUNTY PREPAID 41,701, 1 2,500, 2,5001 4125-SPEC ASSESS PREPAID TO CITY 17,399, 0 I 2,500� 2,500 4130-SPEC ASSESS PENALTIES/INTERE 6,313, 0 1,000 1,000 Special Assessments 44,495' 2,500 1 8,500 I 8,500 - - 0 1 4955-INTEREST ON INVESTMENTS 14,703 1 7,530 11,976 11,976- 4960-GAIN/LOSS INVEST MKT VALUE 4,759, 1 Investment Income 19,4621 7,530 ------------- 11,976 11,976 5025-ENTERPRISE SALES 1,795,440; 1,790,0011 2,023,700 2,033,800 , -- ,- Enterprise Sales 1,795,440 1,790,001! 2,023,700 2,033,800 - - E 1,- 5030-SAC CHARGE E RETAINER 1,997 1,000; 1,000 5010-SALES OF ASSETS 500 1 5350-MISCELLANEOUS REVENUE 41 Misc Revenue 2,501! 1,000 1, 1,000 Total Revenues ' _T _ $1,863,708 $1,803,281 $2,046,426 $2,056,526 6001-EXPENDITURES 1 6112-FULL TIME OVERTIME 2,533 7,7061 7,7001 7,854 6152-FICA/MEDICARE 183' 590' 589 601 6154-PERA 184 5781 597 609 6157-OPEB EXPENSE 0 01 2,600 2,600 r 6159-WORKERS COMP 8961 01. _._. ... ..____ 2,168 2,212 Personnel Services. 3,796 8,874 1 13,654 13,8761 --- --- ---- ------ - -- --- ----- 6210-OFFICE SUPPLIES 79 100 1 100 100 6220-EQUIP SUPPLIES&PARTS 1,0631 4,500 4,500 4,700 i 6230-VEHICLE SUPPLIES&PARTS 3,7961 5,0001 5,00011 5,000 6234-VEHICLE LICENSES,TAXES,FEES 1531 0 250 0 - - - 6240-BUILDING SUPPLIES&PARTS 1,130 1,750' 1,7501'i 1,750 6250-OTHER SUPPLIES&PARTS 3,356 6,200 6,5001 6,500 6255-LANDSCAPING MATERIALS 150: 150 150 6272-FUEL 9,124; 10,000; 10,500 10,750 6290-UNIFORMS&CLOTHING 7871 2,000; 2,00011 2,000 Supplies 19,487 I 29,700 I 30,750 30,950 6401-PROFESSIONAL SERVICES 15,610 800,0001 850,000 100,000 6402-DATA PROCESSING 10,4961 9,561: 10,520 1 10,587 6404-IT SERVICES 33,639 9 144,,585 585 10,874 12,6431 6412-CELLULAR PHONES -----11 3,500 3,000 3,000 ------- - --6421-MUNICIPAL SERVICES 2,811 11 3,900 3,900 6422-ELECTRIC 11,556 I 18,5001', 19,400 1 19,400 6423-NATURAL GAS 8,557 1 13,000 j 13,650 13,650; 6426-INSURANCE 36,5751 40,20011 44,3001 6430-INSURANCE DEDUCTIBLE 0 10,000;1 3,750 3,750; . - 6,000 6,000 6445-POSTAGE 4,963 6,000, )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Sewer All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 6450-OUTSIDE PRINTING 9,479, 10,000, 10,000 10,500 6455-LEGAL NOTICES PUBLICATIONS 5 I 300, 300 6460-SUBSCRIPTIONS&DUES 333, 500 j 500 500 ,- -- 6470-TRAINING&SUBSISTANCE 1,200 2,00 000 I 2,000 i 2,000 6480-MEETING EXPENSE 0 50' 6485-MILEAGE REIMBURSEMENT 30 50', 501 50 6505-EQUIPMENT REPAIR SERVICE 127 5,000 5,000 5,000' 4. 65.10-VEHICLE REPAIR SERVICE 11,000, 11,004; 12,465 6515-BUILDING REPAIR 430 � 6545-CREDIT CARD F ESERVICE 1,070 2,0001 2,40011 1-- - 1,7001 2,400� 6555-RENTAL OF EQUIPMENT 0 ! 500' 6560-CONTRACTUAL SERVICES 01 500 500 1 65-MCES FEES 944,486' 1,112,2451 65 - -__ - -- - � 1,167,858 17, ,22 26,2501 Other Services 1,094,2231 2,063,395 2,169,640, 1,432,876 6940-VEHICLES 0 6950-MACHINERY&EQUIPMENT 3,136 12,00011 Capital Outlay 3,136 12,0001,, 7055-DEPRECIATION 590,202 j 590,000 1 596,8301 595,200 Depreciation 590,2021 590,000 1'1 596,830 595,200 7140-LEGAL&F ISCAL F EES 1,803 2,000, 2,000 Debt Service 1,803 0; 2,000 2,000 • Total Exp 1,712,646; 2,703,969 2,812,874 2,074,902 Transfers In 0 7310-OPERATING TRANSFERS 299,3741 307A141 312,997 321,454 Transfers Out 299,374 307,414, 312,997 321,454 Other Financing Sources (299,374) (307,414)11 (312,997)11 (321,454) El Net Change in Fund Balance ($148,312) ($1,208,102) ($1,079,445) ($339,830) )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 2 of Solid Waste All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE 4001-REVENUES i -1 4370-OTHER PERMITS 1,700; 1,700; P Permits 1,700 1,700 4460-COUNTY MISCELLANEOUS 21,000 i 21,000 21,000 22,000 intergovernmental 21,0001 21,0001 21,000 22,0001 4835-ADVERTISING 1,8101 1,000 1 5026-RECYCLING&YARD WASTE SERV 13,5321 0 0 Charges For Services 15,3421 1,000 4955-INTEREST ON INVESTMENTS 1,7681 3,730 5,295 5,295 4960-GAIN/LOSS INVEST MKT VALUE 629; , , Investment Income 2,3971 3,730; 5,295; 5,295 5025-ENTERPRISE SALES 1,962,5811 1,900,000; 1,900,000; 1,925,000 r Enterprise Sales 1,962,5811 1,900,000� 1,900,0001 1,925,000 5355-DONATIONS 01 1,000 1,0001 1,000 Misc Revenue 01 1,000 1 1,000 1,000 Total Revenues $2,003,020 $1,928,430 $1,927,295 $1,953,295 6001-EXPENDITURES ' •-- --- -- - --- ------ -- 6110-FULL TIME SALARIES 249,167; 260,0761 220,259; 227,7561 6112-FULL TIME OVERTIME 3,142' 3,500, 3,400 i 3,400' 6120-PART TIME SALARIES 0 0I 48,093 49,8891 6130-COMPENSATORY TIME PAY 3,033 3,5001 3,4001 3,4001 6152-FICA/MEDICARE 19,026 20,4311 21,0851 21,796 F " 6154-PERA 18,413 20,031 21,0471 22,081 6156-HCSP 24 525'; 4751 475 6157-OPEB EXPENSE 3,833 ; 5,000 5,000 5,000 6158-EMPLOYEE BENEFITS 30,352. 52,250; 52,800 56,000 - 6159-WORKERS COMP 13,758, - 19,603 19,995 20,677 Personnel Services 340,7481 384,9161 395,554 410,474 6210-OFFICE SUPPLIES 448 600, 600 600 6220-EQUIP SUPPLIES&PARTS 800 1,500 1,500 1,500 6230-VEHICLE SUPPLIES&PARTS 25,761 i 28,000, 28,000 28,000 6234-VEHICLE LICENSES,TAXES,FEES 0' 0' 300 300' 6240-BUILDING SUPPLIES&PARTS 1,130 1,7251 1,700 1,700 6250-OTHER SUPPLIES&PARTS 37,5181 35,7001 35,000 36,000 6255-LANDSCAPING MATERIALS 150 150 150 6272-FUEL 58,4891 60,000 62,000 65,000 6290-UNIFORM S&CLOTHING 1,987 4,0001 4,000 4,000 Supplies 126,1341 131,675 133,250 137,250 6 -- - -- -- -- I-- 775,000 1 815,000 855,750 6401-PROFESSIONNAL AL SERVICES 759,303 9,561 10,520 10,587 6403-LEGAL 375 ( 6402-DATA PROCESSING 10,496 500 600 600 6404-IT SERVICES 10,7221 14,101 1 14,143 11,574 - 6412-CELLULAR PHONES 1,830 i 2,0001 6421-MUNICIPAL SERVICES 2,000 2,000 H - - 3,,000000 1 ; 3,300 3,500 6422-ELECTRIC 8,192 15,0001 15,750 15,750 - ---------------- 6423-NATURAL GAS 10,703 12,000' 12,000 13,000 6426-INSURANCE 17,4121 19,155! 21,1001 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Solid Waste All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 6430-INSURANCE DEDUCTIBLE 01 10,000! 360 9 5,500; 5,5001 6445-POSTAGE 4,896 6,000 _ _ 6450-OUTSIDE PRINTING 9,839 10,000 10,000! 11,0001 f 6455-LEGAL NOTICES PUBLICATIONS 5 500 i 500 500 i 6460-SUBSCRIPTIONS&DUES 797 1,100 1,100, 1,100 6470-TRAINING&SUBSISTANCE 330, 1,0001 1,0001 1,000 6485-MILEAGE REIMBURSEMENT 146 400 400 0 I 400 6492-ADVERTISING 2,351 2,500 2,750 2,750 6505-EQUIPMENT REPAIR SERVICE 6 4,000 i 3,0001 3,000 6510-VEHICLE REPAIR SERVICE 66,000 66 0001 72,6861 74,765 6515-BUILDING REPAIR SERVICE 430 3,000; 2,500 2,500 6545-CREDIT CARD FEES 1,070 2,400 2,400 2,000 -I 6560-CONTRACTUAL SERVICE S 161,378! 170,000'' 185,000 190,000 - - - -- --- - - - -------- 6570-PROGRAMMMING EXPENSE 12,016 13,000; 14,300; 14,300 Other Services 1,081,110 1,139,817 1,195,909 a 1,222,336 6950-MACHINERY&EQUIPMENT 0 0; 295,000' Capital Outlay 0 r 0� 295,000 7055-DEPRECIATION 52,445 i 55,000 52,5891 52,445 Depreciation 52,445, 55,000 52,589 52,445 Total Exp 1,600,436 1,711,408 2,072,302 1,822,505 7310-OPERATING TRANSFERS 116,727 118,827 128,235 130,683 Transfers Out 116,727 118,827 128,235 130,683 Other Financing Sources (116,727)1 (118,827), (128,235)' (130,683) Net Change in Fund Balance _.. $285,856 $98,195 ($273,242) $107 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 2 of Storm Water All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE I 1 4001-REVENUES 4835-ADVERTISING 1,810 1,5001 1 1,5001 1,500 Charges For Services 1,8101 1,500 1,500 1,5001 4955-INTEREST ON INVESTMENTS 6,663; 4,850 5,396 5,396 1-4960-GAIN/LOSS INVEST MKT VALUE 2,5371 1 Investment Income 9,200! 4,8501 5,3961 5,396 5025-ENTERPRISE SALES 557,517; 550,000; 634,500 637,700 Enterprise Sales 557,517' 550,000; 634,500! 637,700 Misc Revenue 0 Total Revenues $568,527 $556,350 $641,396 $644,5961 6001 -EXPENDITURES 1 6110-FULL TIME SALARIES 0 0; 6112-FULL TIME OVERTIME 1,0371 4,700 4,7001 4,794 6152-FICA/MEDICARE 74 3601 360' 367 353 11- 6154-PERA 76 353' 372 6157-OPEB EXPENSE 0' 1 2,780 1 2,8361 6158-EMPLOYEE BENEFITS 0 01 6159-WORKERS COMP 207 0 414 ----- --- ---- 1 422 - - , ---- f - Personnel ---- 1,3 9' 5,4f 8,607 8,791 1 6210 OFFICE SUPPLIES 100 100 1 1001 6220-EQUIP SUPPLIES&PARTS 398; 1,000; 1,0001 1,500 1- 6230-VEHICLE SUPPLIES&PARTS 7,959; 7,000; 7,500; 7,500 ,, .. - 6234-VEHICLE LICENSES,TAXES,FEES 34' 0' 50; 6240-BUILDING SUPPLIES&PARTS 263; 500'; 500 5001 6250-OTHER SUPPLIES&PARTS 6,022; 4,500. 6,000' 6,500 -- _ - -, 6255-LANDSCAPING MATERIALS RIALS 2,849 5,700 0 5,700 0; 5,7001 6272-FUEL 2,977' 3,500' 3,590; 3,680 6290-UNIFORMS&CLOTHING 779 2,000 2,000; 2,0001 Supplies 21,3611 24,300 26,440 27,480 6401-PROFESSIONAL SERVICES 131,009; 150,000; 100,000 1 200,000 i 6402-DATA PROCESSING 10,4.96; 9,561; 10,520; 10,5871 6403-LEGAL 0, 100 100, 100 6404-IT SERVICES 29,234; 14,585 12,643; 10,874 6421-MUNICIPAL SERVICES 563; 750; 7501 750 6422-ELECTRIC 1,6331 3,900; 4,100; 4,100 6423-NATURAL GAS 2,034 3,0001 3,150 3,150 6426-INSURANCE 4,576; 5,050; 5,500 5,5001 6430-INSURANCE DEDUCTIBLE 0, 10,0001 i 6445-POSTAGE 4,8961 5,000; 5,200+ 5,400 6450-OUTSIDE PRINTING 9,479 10,0001 10,0001 10,500 6455-LEGAL NOTICES PUBLICATIONS 198 100 1001 100 6460-SUBSCRIPTIONS&DUES 4651 550 550 ; 6001 6470-TRAINING&SUBSISTANCE 1,040; 2,000 2,500 2,500 _ 6480_MEETING EXPENSE 0; 50 501 50 6485-MILEAGE REIMBURSEMENT 47 100 100 100 - - - - - - -- 1 ------------------ 6505-EQUIPMENT REPAIR R SERVICE 2 1,200'; 1,20 1,200 6510-VEHICLE REPAIR SERVICE 1,500 1,5001 1,652; 1,699 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Storm Water All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 170 600 1 750 800 6515-BUILDING REPAIR SERVICE 6545-CREDIT CARD FEES 1,0701 2,000', 2,4001 2,400 I 6560-CONTRACTUAL SERVICES 0 I 0 _ - 6570-PROGRAMMING EXPENSE 4,2201 50,000i 50,000, 50,000 7420-OTHER (114)1 Other Services 202,519 270,046 211,265; 310,410 6950-MACHINERY&EQUIPMENT 3,136 1 12,0001 Capital Outlay 3,136; 12,0001 7055-DEPRECIATION 387,2761 390,0001 391,364 j 390,295 Depreciation 387,2761 390,0001 391,3641 390,295 Total Ex p 615,686 701,759 I 637,676 736,976 7310-OPERATING TRANSFERS 327,951 337,3131 342,5111 352,325 Transfers Out 327,951 337,313 342,5111 352,325 Other Financing Sources (327,951)' (337,313) (342,511) (352,325) Net Change in Fund Balance ($375,110) ($482,722) ($338,791) ------ - ---- -— —-------- ($444,705)1 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 2 of Water All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE - 4001-REVENUES Property Taxes 0'� 1 00 4320-WATER PERMITS 6,300; 6,000 5,500� 5,000 Permits 6,300; 6,0001 5,5001 5,000 Intergovernmental 0 4510-CUSTOMER SERVICE TAXABLE 2,331, i 1,000 1,000 25,0001 20,0001 15,000 - - - 4512-CUSTOMER SERVICES NONTAXAB 25,185 I 4610-ENGINEERING FEES-PROJECTS 0' 4637-WATER QUALITY MANAGEMENT F 1,000 J 5,000 2,000 2,000 , ; 4640-WATER AVAILABILITY CHARGE 102,090' 80,000 80,000; 80,000 4642-WATER CONNECTION CHARGE 25 4644-WATER MAIN TRUNK CHARGE 3,030 j 0 4835-ADVERTISING 1,8101 1,2001 1,2001 1,200 Charges For Services 135,4711 111,200 1 104,2001 99,200 4910-C ODE VIOLATIONS& FINES 2,600; 2,500 2,500 2,000 Fines&Forfeitures 2,600', ! 2,500 2,000 2,500 -- I---- --- 4110-SPEC ASSESS CURRENT ASSESSME 6,5001 4115-DELINQUENT SPECIAL ASSESSME 2,113 _ 3 i 500 0 200 4120-SPEC ASSESS COUNTY PREPAID 5,665' 4,500; 4,0001 3,500 4125-SPEC ASSESS PREPAID TO CITY 11,771; 3,0001 2,500 2,000 4130-SPEC ASSESS PENALTIES/INTERE 2,640; 5001 500;1 500 .' Special Assessments 8,5621 14,500 7,500 6,200 4955-INTEREST ON INVESTMENTS 158,090' 46,303! 46,750 j 46,750 4960-GAIN/LOSS INVEST M KT VALUE 57,0721 j j Investment Income 215,162 46,3031 46,7501 46,750 _ 5025-ENTERPRISE ISE SALES 1,175,417; 1,366,809 1,316,748 1,457,808 Enterprise Sales 1,175,4171 1,366,809 1,316,748 1,457,808 4975-RENTAL INCOME 168,461 J 185,000 194,000' 203,700 5350-MISCELLANEOUS REVENUE 2,280; 0 500 500 Misc Revenue 170,741 1 185,000; 194,5001 204,200 ' Total Revenues $1,714,253 $1,732,312 $1,677,698 $1,821,158 6001-EXPENDITURES 6112-FULL TIME OVERTIME 5,995'. 4,2001 4,000 5,100 6120-PART TIME SALARIES _ 2,718 j 4,000 5,000 4,080 6130-COMPENSATORY TIME PAY 0 1,0001 1,000 1,020 6152-FICA/MEDICARE 648 704' 7651 780 791 6154-PERA 435 390 1 750 6158-EMPLOYEE BENEFITS 0: 6671 0 6159-WORKERS COMP 896; 01 859 877 Personnel Services 10,692; 10,9611 1 12,374 12,648 6210-OFFICE SUPPLIES 79 i 100] 33,049 55000 100 100 6220-EQUIP SUPPLIES& ! , 55,0001 55,000 - --- - 01 1 -1,800, , 6230-VEHIC CLE SUPPLIES&PARTS 1,013; 18 00' 1 8 6234-VEHICLE LICENSES,TAXES,FEES 2041 250! 1,800 6240-BUILDING SUPPLIES&PARTS 1,025; 1,750 j 1,750 1,750 6250-OTHER SUPPLIES&PARTS 10,76211 12,000' 14,000 15,000 6255-LANDSCAPING MATERIALS 0: 150 1501 150 )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of Water All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 6260-CHEMICALS 127,5481 195,0001 195,0001 195,0001 6272- 6272-FUEL 7,578 8,000L 8,250-1 578 7,500' 6290-UNIFORMS&CLOTHING 787: 2,0001 2,0001 2,000 Supplies 182,045 275,3001 278,050 279,0501 6401-PROFESSIONAL SERVICES 73,950 110,000 160,0001 185,0001 6402-DATA PROCESSING 10,496! 9,561 10,520:7 10,587 6403-LEGAL 01 2,0001_ - 2,000 2,000 6404-IT SERVICES 29,234' 20,624; 15,043] 13,274 6412-CELLULAR PHONES 1,8554 4 I �- - --- -- -- - --6666-- - 1----- 3,000: 3,0001 3,000 6421-MUNICIPAL SERVICES 2,847 3,5001 3,500 3,700 6422-ELECTRIC 158,977 152,250; 170,000 175,000 6423-NATURAL GAS 13,375! 16,500 17,500 17,500 6426-INSURANCE 12,759; 14,000' 15,500 15,500 r --6666-- 6666- --- 6430-INSURANCE DEDUCTIBLE 0 1 10,0001 - 6445-POSTAGE 4,8961 8,000''1 8,0001 8,000 6450-OUTSIDE PRINTING 9,731 i 10,0001 11,000: 12,000 �- 6 666---6666-- -- --- -- - - --- --- ---- --- '- -- 1 --- 6455-LEGAL NOTICES PUBLICATIONS 128, 500' 5001 500 6460-SUBSCRIPTIONS&DUES 828 3,5001 2,5001 2,500 6470-TRAINING&SUBSISTANCE 883 2,000, 3,0001 3,000 6480-MEETING EXPENSE 01 50 50! 50 6485-MILEAGE REIMBURSEMENT 301 200, 200 200 1666 --- - - -- �- 6666-- --- - --6492-ADVERTISING 760 3,000' 2,000 2,000 6505-EQUIPMENT REPAIR SERVICE 5,396' 31,000; 31,000 31,000 6666! - - 6510-VEHICLE REPAIR SERVICE 1,50011 1,500 1,652! 1,699 -- - 6666- --- --- - - 666-; ---- 6515-BUILDING REPAIR SERVICE 4301 1,6501 1,6501 1,650 6545-CREDIT CARD FEES 1,070 1 6555-RENTAL OF EQUIPMENT 0, 500 500 5.00 6560-CONTRACTUAL SERVICES 01 300 6570-PROGRAMMING EXPENSE 5,641 6,500; 6,500 6,500 - - - -- -- 6666---; -- - 666--6666-- 7420-OTHER 01 Other Services 334,786! 410,135! 465,615 495,160 6950-MACHINERY&EQUIPMENT 3,136 12,000 i 1 - Capital Outlay 3,136 12,0001 7055-DEPRECIATION 879,303 830,000; 767,2431 764,7391 30,000 Depreciation -_- 879,3031 8--- 767,2431 764,739 i _---- 7140-LEGAL&FISCAL FEES 253 Debt Service 253• 0 I 1 Total Exp 1,410,215: 1,538,396 1,523,282 1 1,551,597 Transfers In 0 7310-OPERATING TRANSFERS 600,051 611,629 i 436,1401 448,294 Transfers Out 600,051 611,629; 436,14011 448,294 Other Financing Sources (600,051) (611,629)1 (436,140)1 (448,294) L , : Net Change In Fund Balance ($296,013) ($417,713) ($281,724) ($178,733) )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 2 of Streetlight All Business Unit 2014 Actual,2015 Budget, 2016 Proposed and 2017 Proposed Object 2014 2015 2016 2017 Account Actual Budget Proposed Proposed 4000-REVENUE AND EXPENDITURE , ' 4001-RE VENUES 4955-INTEREST ON INVESTMENTS 70 380; 380 Investment Income 701 3801 380 5025-ENTERPRISE SALES 218,811 216,000 219,000; 220,000 - Enterprise Sales 218,811 216,000 219,0001 220,000+ ! 5350-MISCELLANEOUS REVENUE 241 j Misc Revenue 241! Total Revenues $219,052 $216,070 $219,380 $220,380 6001-EXPENDITURES Personnel Services 1 6220-EQUIP SUPPLIES&PARTS i 20,000, 10,000; 10,0001 Supplies i 20,000 10,000 10,000 — 6401 -PROFESSIONAL SERVICES 0 2,150 10,000, 10,000 6422-ELECTRIC 165,317, 183,750 192,9.0.0 I 202,545 6505-EQUIPMENT REPAIR SERVICE 9,640' 11,000 0 6560-CONTRACTUAL SERVICES I 9,200 9,200 Other Services 174,957 i 196,900 212,1001 221,745 Total Exp 174,957 j 216,900 222,100 231,745 ! Other Financing Sources Net Change in Fund Balance, $44,095 ($830) ($2,720) ($11,365) )cation: Documents\FARMINGTON\Budget 2016-2017\6 Dept Rev And Exp Detail Base 2015 Page 1 of tw r .0 s X W 4 m U si Ot 01 CY 00 Ch LO M 01 O O N 00 N 0 M tf) Ch N t.f) N l0 00 a) N l0 N. 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Q U y p O ° IA OAS +' 7 c C C O > Y .c C E -° ++ m co to N N I� 61 t7 N tl 0 U w Y N CO a) si Ii 7 N N > V E ;a a N V V c N y y N Q) C > U °o a fo IS vi E m` S° f° co Q o' c m Ii ° `° t °' 0 N e1 LL as O C U° Q 3 _ r v ° al `) :8E no c 3 ° of E 1Y U al N d fp o� f0 4; (� to i a_ a_ a) 2 L In A < LL u L Q �o C .0 fo cu E`o > E 3 E Q 3 $ a o c v°,C u O o m at .L' to ro p a- y, a_ ai a' al as aJ o +) ''-' ■Y of a) C w I- a s OaIp v) U z u_ v) a a cc Z - v) U) v► -i to z ` g 4 E W 0 A U W * -0 to * to -001 City of Farmington 430 Third Street Farmington, Minnesota 651.280.6800 -Fax 651.280.6899 4 POOH° www.ci.farmington.mn.us TO: Mayor, Councilmembers and City Administrator FROM: Robin Hanson,Finance Director SUBJECT: 195th Street Project Financing and 2007A Bond Refunding DATE: July 20,2015 INTRODUCTION The city's share of the 195th Street/Pilot Knob reconstruction project is estimated to be $5.8 million and will need to be paid this fall. Staff proposes the project be financed through a combination of current and future municipal state aid(MSA) dollars, an interfund loan, and tax-exempt bonds. The tax-exempt bonds would be series 2015A. In addition the city has the opportunity to refund the 2007A bonds and lock-in future interest rate savings. This series of bonds would be 2015B. DISCUSSION 195th Street/Pilot Knob Reconstruction Project Financing The following table summarizes the proposed$5.8 million fmancing for the 195th Street/Pilot Knob Reconstruction project. 2015 MSA construction draw $1,000,000 Interfund loan* 1,645,000 Tax-exempt bond proceeds,net* 3.155,000 $5,800,000 *Amounts are subject to change. MSA Construction Draw As a result of the 195th street reconstruction project,the city will be able to request a draw from its MSA account with the State in the amount of$1,000,000 in 2015. The remaining MSA funds related to this project will be drawn down as they become available in future years and used to repay the proposed interfund loan discussed below. Interfund Loan Because a portion of the city's MSA dollars related to this project will not be available until later,the city has two choices: 1) it can bond for the entire remaining amount of the project or 2) it can provide a non- bond financed loan to cover the future MSA dollars. Staff is recommending a portion of the remaining cost be fmanced with an internal loan. You may recall from a discussion we had during a workshop earlier this year,there are pros and cons to internal fmancing. The advantages and disadvantages were summarized in the following table. Advantages Disadvantages Savings Less liquidity. (not just dollars,but also person hours): 1. Investments purchased in the 1. Reduces the number of arbitrage calculations open market can be sold in the which are required(savings of approx. $1,000- open market,though depending $2,000/year/series in external fees paid) on when you need to sell it may 2. Reduces the number of series for which paying be at a gain or loss. agent fees have to be paid (savings of approx. Interest Savings. $450/year/series in external fees) 1. Interest Savings may be less, 3. Reduces the number of series for which continuing because the internally fmanced disclosure fees have to be paid. (Professional fees loans would be at market are charged on a sliding scale so this is more investment rates, which may be difficult to estimate the dollars saved) higher than tax-exempt bond 4. Reduces the number of series for which the City rates. has to comply with the 105% state funding requirement for debt service funds 5. Reduces the amount of underwriter's discount and costs of issuance paid. The City has historically issued bonds to pay for these costs. Flexibility: 1. Eliminate restrictive federal requirements. 2. Interfund loans can be repaid early,without penalty. 3. Interfund loans repayment structures have more flexibility, for example, semi-annual principal and interest payments. The city defines the terms of an internally fmanced loan,which provides it with greater flexibility. An example of flexibility is the city can structure the loan to provide for scheduled repayments that more closely align with the timing of its MSA dollars. Historically, MSA dollars are received in February/March. So, the annual loan payments could be scheduled around that same time. Whereas, property tax dollars are received in June and December, which is why bond payments are generally scheduled for August and February of each year. In this financing,the MSA funds will likely be remitted to the city in advance of scheduled repayments due on the loan. The city can take advantage of the flexibility provided by internal financing and structure the loan to provide for prepayments without penalty,unlike general obligation bonds which generally do not allow for prepayments during the first 10 years. One disadvantage to an internal loan is it is less liquid than what the city would normally purchase, such as, a US Treasury or Agency investment. The latter can easily be sold in the open market if the city needed the funds. The internal loan may be able to be sold, but it would be difficult to find a buyer and would likely be at a significant discount. Staff believes the MSA dollars are a reliable source of repayment and will likely be repaid sooner than if the city were to rely on property tax dollars for repayment. So, while there is liquidity risk, it will be mitigated by the faster repayment. Staff recommends the internal loan be financed by the Storm Water Trunk—Capital Projects fund at an interest rate which equals the true interest cost(TIC) of the tax-exempt bonds. This rate is less than the interest rate the city would earn if the funds were invested in a comparable taxable investment. However, in this situation, the city expects to be repaid sooner than the final 15 year maturity, so even though the tax-exempt interest rate is lower than the alternative taxable interest rate available in the market, in this situation it seems reasonable. For example, the TIC on the bonds was recently estimated to be 2.75%. A FNMA maturing in November 2030 (similar to the fmal maturity on the bonds)was recently yielding 3.10%. There is also one other potential advantage to the internal financing. If council directs staff to pursue the refunding of the 2007A bonds, which is discussed later in this memo,minimizing the size of the street reconstruction bond issue to ensure the two combined issues do not exceed$10 million means the city's bonds would be `bank-qualified.' This is important. If the bonds are bank-qualified the city's cost of borrowing will be less. Recently, to compensate for bonds not being bank-qualified,the market was requiring interest rates 10-15 basis points higher for the shorter maturities and at least 50 basis points (i.e. .50%)higher for the longer maturities. The reason for the lower interest rates is bank qualified bonds are provided more favorable income tax treatment for certain financial institutions. If council chooses to utilize an internal loan, similar to the fire truck loan,you will be required to adopt a formal interfund loan agreement which sets forth the repayment terms, such as, interest rate,term, payment dates,prepayment provisions, etc. Tax-exempt bonds The remaining amount needed to finance the project will be raised through the issuance of tax-exempt bonds. These bonds will be general obligation street reconstruction bonds with annual debt service payments averaging $293,500 as set forth in the city's Street's CIP. IRS regulations require a public hearing be held when an issuer plans to sell this type of bonds. You will be asked to call for the public hearing for these bonds later this evening during your regular July 20,2015 meeting. 2007A Bond Refunding The 2007A bonds fmanced city hall and the 1st Street garage. Beginning February 1,2017,the remaining $6,480,000 of outstanding bonds will be optionally redeemable. Meaning the bonds can be prepaid without penalty. Based on recent interest rates, it is estimated the city would save approximately $340,000 if the bonds were refunded at this time. This amount is net of approximately$172,000 in negative arbitrage,which means the city's savings are presently$172,000 less than they otherwise could be,because the city has to invest the refunded bond proceeds at a significantly lower rate than its cost of borrowing between the date of the refunding and the February 1, 2017 optional redemption date. Staff had hoped a portion of the bonds could be refunded on a taxable basis,providing the city with the opportunity to rent the vacant space on the second floor of city hall without the current onerous IRS rules. Unfortunately, even with a combination taxable/tax-exempt financing the IRS still imposes several restrictions which make it difficult to fmd the right tenant with the right timing to fit with the bond sale and closing dates. At this time the city does not have a willing tenant that would fit the IRS requirements. If Council would like to preserve the option of utilizing taxable financing for a portion of the refunding to potentially rent the vacant space to a tenant that could meet the IRS requirements,then council could wait to refund the bonds. The difficult question is would there be sufficient interest rate savings at that time to refund the bonds? Offsetting this is this the longer you wait to refund the 2007A bonds (i.e. the closer you are to the February 1, 2017 optional redemption date), the less negative arbitrage you incur. We know interest rates will change. When they will change and how much they will increase or decrease is unknown. The current projected savings is approximately 4.6% of the bonds being refunded. Is this enough savings for council to proceed with a bond refunding? BUDGET IMPACT For the 195th street project,the original project was included in the 2015 budget. The modified project scope and financing have been discussed with council throughout the year. The 2007A bond refunding has been discussed with council. The refunding would be cost neutral to the 2015 budget. The interest rate savings would be realized in the future. ACTION REQUESTED This is an opportunity for Council to review the recommended financings and provide staff with further direction regarding the overall proposed financing, including the interfund loan and timing of the 2007A bond refunding. You will be asked to call for a public hearing on the 2015A Street Reconstruction bonds during your July 20, 2015 regular council meeting. ATTACHMENTS: Type Description © Backup Material Revised Farmington 2015AB Bonds Timing ■ 40-- PRELIMINARY SCHEDULE OF EVENTS CITY OF FARMINGTON,MINNESOTA G.O. STREET RECONSTRUCTION BONDS,SERIRES 2015A AND REFUNDING BONDS, SERIES 2015B As of July 3,2015 April,2015 City receives bids/proportional share of 195th Street project. July 20,2015 City Council reviews fmancing plan for 195t Street and calls for Street Reconstruction Plan public hearing to occur August 17th (and required public notice thereof). July 23,2015 Deadline for publication of notice of public hearing on proposed G.O. Street Reconstruction Bonds, Series 2015A [no less than 10 days and no more than 28 days prior to May 4 hearing date]. August 11,2015 Ehlers updates Series 2007A estimated savings and structuring, as necessary. Ehlers prepares and submits presale report for August 17th Council meeting no later than August 11th August 17,2015 City Council holds public hearing on proposed bonds, reviews Ehlers presale reports on G.O. Street Reconstruction Bonds, Series 2015A and 2007 A Refunding bonds, Series 2015B, approves resolution(s) authorizing street reconstruction and refunding bonds. Week of August 31,2015 Ehlers distributes preliminary official statement for G.O. Street Reconstruction Bonds, Series 2015A and G.O. Refunding Bonds, Series 2015B. Week of September 7,2015 Bond credit rating conference call with Standard & Poor's for Street Reconstruction Bonds, Series 2015A and G.O. Refunding Bonds, Series 2015B. September 16,2015 Expiration of 30-day"reverse referendum"petition period on SRP. September 21,2015 Ehlers takes competitive bond bids on City's behalf, Council awards G.O. Street Reconstruction Bonds, Series 2015A and G.O. Refunding Bonds, Series B to winning bidder. • October 15,2015 Estimated closing date for G.O. Street Reconstruction Bonds, Series 2015A and G.O. Refunding Bonds, Series 2015B. City to receive bond proceeds to fund construction. www.ehlers-inc.com 0 E H L E RS Minnesota phone 651-697-8500 3060 Centre Pointe Drive LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville,MN 55113-1122 toll free 800-552-1171