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Long Term Financial Plan 2018-2028
CITY OF NEW HOPE, MINNESOTA LONG TERM PLAN Presented on November 19, 2018 Prepared by AEM Financial Solutions, LLC. THIS PAGE IS LEFT BLANK INTENTIONALLY City of New Hope, Minnesota Long Term Plan Table of Contents Page No. Compilation Disclosure 5 Introductory Section Transmittal Letter 9 Financial Section Schedule of Property Taxes Levied and Tax Rates 14 Schedule of Annual Fund Cash Balances 18 Outstanding Debt Schedule 20 Capital Improvement Plan Fire Reserve Fund 9010 Schedule of Planned Capital Outlay 2017 to 2028 22 Schedule of Projected Revenue, Expenditures and Debt 24 City Hall Reserve Fund 9202 Schedule of Planned Capital Outlay 2017 to 2028 26 Schedule of Projected Revenue, Expenditures and Debt 28 Street Infrastructure Reserve Fund 9203 Schedule of Planned Capital Outlay 2017 to 2028 30 Schedule of Projected Revenue, Expenditures and Debt 32 Parks Infrastructure Reserve Fund 9233 Schedule of Planned Capital Outlay 2017 to 2028 34 Schedule of Projected Revenue, Expenditures and Debt 36 Central Garage Internal Service Fund 9402 Schedule of Planned Capital Outlay 2017 to 2028 38 Statement of Cash Flows 40 Sewer Enterprise Fund 9300 Schedule of Planned Capital Outlay 2017 to 2028 42 Statement of Cash Flows 44 Water Enterprise Fund 9301 Schedule of Planned Capital Outlay 2017 to 2028 46 Statement of Cash Flows 48 Storm Water Enterprise Fund 9304 Schedule of Planned Capital Outlay 2017 to 2028 50 Statement of Cash Flows 52 Street Light Enterprise Fund 9305 Schedule of Planned Capital Outlay 2017 to 2028 54 Statement of Cash Flows 56 Ice Arena Enterprise Fund 9303 Schedule of Planned Capital Outlay 2017 to 2028 58 Statement of Cash Flows 60 Golf Course Enterprise Fund 9302 Schedule of Planned Capital Outlay 2017 to 2028 62 Statement of Cash Flows 64 Selected Graphical Data from Projections 66 3 THIS PAGE IS LEFT BLANK INTENTIONALLY 4 November 19, 2018 COMPILATION DISCLOSURE Honorable Mayor and City Council City of New Hope 4401 Xylon Avenue North New Hope, MN 55428 We have compiled the accompanying forecasted long-term plan that includes property tax, tax rate, fund balance and debt projections based on input from the City Council and City staff. This projection incorporates estimates through December 31, 2028. This forecast was compiled in accordance with attestation standards established by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of forecast information that is the representation of management and does not include evaluation of the support for the assumptions underlying the forecast. We have not examined the forecast and, accordingly, do not express an opinion or any other form of assurance on the accompanying statements or assumptions. Furthermore, there will usually be differences between the forecasted and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report. Sincerely, AEM FINANCIAL SOLUTIONS, LLC 5 THIS PAGE IS LEFT BLANK INTENTIONALLY 6 INTRODUCTORY SECTION CITY OF NEW HOPE, MINNESOTA LONG TERM PLAN 7 THIS PAGE IS LEFT BLANK INTENTIONALLY 8 November 19, 2018 Honorable Mayor and City Council City of New Hope 4401 Xylon Avenue North New Hope, MN 55428 Introduction As discussed in prior communications to the City Council, we have been preparing a long term plan for the City that is intended to give a big picture view of the status now and ten years from now. We have measured and projected operations, capital and debt for the City based on assumptions made by management. The City’s assumptions made are as follows: Assumptions The following assumptions have been used to calculate the projections in this report: Interest earnings 1.00% Governmental fund revenue growth 3.00% Governmental fund expenditure growth 4.50% Enterprise fund revenue growth(1)5.00% Enterprise fund expense growth(1)5.00% General Fund levy growth (3)Varies Street Infrastructure levy growth (beginning in 2019)5.00% Park levy growth (beginning in 2019)5.00% Park levy for Ice Varies EDA levy growth Varies Tax capacity growth (4)3.50% Population growth 0.58% Median home value growth 0.50% Enterprise debt term 15 Enterprise debt interest rate 3.00% Governmental funds debt term (2)15 Governmental funds debt interest rate (2)3.00% (1) Specific enterprise fund assumptions are noted in the Financial Section. (2) Specific assumptions have been used for the City Center and Civic Center Park improvements. Estimates provided by Ehlers and Associates, Inc. (3) General Fund levy has been adjusted to meet minimum fund balance requirements. Levy increase is detailed on the Tax Summary in the Financial Section. (4) Growth in captured tax increment capacity has not been modeled, although it is expected to increase over time. A net 3.5% growth in non-captured tax capacity has been used for purposes of this report. 9 Assumptions with Future Action • Fire Capital Fund 9010 assumes a $150,000 property tax levy beginning in 2020. Historically, this transfer has been supported through year-end General Fund surplus. • City Hall Infrastructure Reserve Fund 9202 includes proceeds from the sale of general obligation bonds in 2017. Construction of the police department and city hall facility will continue into 2019. A $150,000 annual levy is introduced in 2020 to begin building reserves for equipment and facility replacement in future years. • Parks Infrastructure Reserve Fund 9233 includes anticipated debt issuance in the am ount of $10,000,000 and $3,450,000 in 2018 and 2019, respectively, to fund the construction of a new pool facility and Civic Centre Park improvements. The Plan assumes the reconstruction of the pool and replacement of Civic Centre Park facilities that have been displaced as a result of the city hall and police facility relocation. The principal and interest payments modeled in this analysis are based on the November 13, 2018 Pre-Sale Report (for the $10,000,000 issuance in 2018) provided by the City’s municipal advisory firm, Ehlers and Associates, Inc. The principal and interest on the $3,450,000 issue assumed in 2019 has been calculated based on the Assumptions set forth in this report. Actual sale proceeds will vary based on the market conditions on the date of issuance. Future property tax levies are assumed for the repayment of the obligation. • Central Garage Fund 9402 includes anticipated debt issuance in the amount of $3,545,000 to fund the construction of a new central garage/public works facility in 2021. Principal and interest debt service projections have been included in this report and repayment is anticipated to come from internal charges to other City funds. The City may elect to fund a portion of this project with internal fund balance or an interfund loan from the temporary financing fund, should adequate fund be available. At the end of 2019, it is estimated the Fund will have generated $850,000 in building replacement reserves ($250K for 2017 and $300K for 2018 and 2019). • Ice Arena Fund 9303 includes anticipated debt issuance in the amount of $1,450,000 in 2021 to fund several large capital projects for the arena, including: replacement of north rink dasher boards and glass ($200,000), replacement of the roof on the south rink ($550,000) and re-cementing the floor and replacing the glass and boards at the south rink ($700,000). The projects may be moved to an earlier year if adequate funds become available in the temporary financing fund to provide for an interfund loan. Repayment of principal and interest on the bonds or an interfund loan is assumed to come from ice arena sales. The following table outlines the future debt issuance modeled in the 2019-2028 long-term plan. Long-term Plan Proposed Debt Issuance by Year and Fund 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance Issuance City Hall Capital Fund 9202 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Streets Capital Fund 9203 - - - - - - - - - - - Parks & Recreation Capital Fund 9233 10,000,000 3,450,000 - - - - - - - - - Central Garage Internal Service Fund 9402 - - - 3,545,000 - - - - - - - Sewer Enterprise Fund 9300 - - - - - - - - - - - Water Enterprise Fund 9301 - - - - - - - - - - - Storm Water Enterprise Fund 9304 - - - - - - - - - - - Storm Water Enterprise Fund 9304 - - - - - - - - - - - Ice Arena Fund 9303 - - - 1,450,000 - - - - - - - 10,000,000$ 3,450,000$ -$ 4,995,000$ -$ -$ -$ -$ -$ -$ -$ 10 Key Highlights • At December 31, 2017 the General fund had a 51.7 percent operating reserve. The Minnesota Office of the State Auditor defines an adequate reserve as 35-50 percent of the General fund expenditures. The City’s policy on fund balance currently specifies that a 42 percent reserve level shall be maintained. The projected General Fund balance remains within the 35-50 percent rage throughout the lift of this Plan. We anticipate the General fund levy will grow by an average of 5 percent to maintain the desired reserve level. • The tax levy is projected to increase from $12.7 million (2019 proposed) to $21.2 million over the duration of this Plan based on the anticipated debt issuance for the city hall and police facilities along with the pool and park improvements. The levy increase will result in an increase in the projected tax rate, growing from 66.4 percent (2019 proposed) to 77.2 percent over the duration of this Plan. A decrease in the tax levy or applicable tax rate is not anticipated, given the debt service requirements of 2015A, 2015B, 2016A and 2017A bonds, in addition to future debt service requirements. o Tax capacity is assumed to grow at a rate of 3.50 percent during the duration of this Plan. A growth in tax rate in excess of these projections may result in lower tax rates in future years. • The annual tax amount for the Median Home is projected to increase from $1,411 (2019 proposed) to $1,729 over the duration of this Plan. A decrease in the tax levy or applicable tax rate is not anticipated, given the debt service requirements of 2015A, 2015B, 2016A and 2017A bonds, in addition to future debt service requirements. • Total debt outstanding is projected to decrease from $41.7 million (2017 actual) to $23.7 million over the duration of this Plan. The decrease takes into consideration anticipated debt issuance for multiple projects as explained in the Assumptions with Future Action from above. As a result, the debt per capita will decrease from $1,939 (2017 actual) per household to an estimated $1,032 over the duration of this Plan. • The total cash position of the City is projected to increase from $47.7 million (2017 actual) to $61.4 million over the duration of this Plan. • Contributions from the General Fund for Central Garage are assumed to remain at 100% over the duration of this Plan. • Intergovernmental revenue, tax increment, developer contributions or other outside funding has been identified in the separate capital fund worksheets. • Future cash flow projections related to the EDA Funds 9015/9501, HRA Bond Funds 9117-9119 and HRA Construction Funds 9213-9221 are derived from the draft TIF Cash Flow Analysis as prepared by AEM Financial Solutions, LLC for 2017. The analysis is scheduled for presentation at the February City Council Work Session. 11 THIS PAGE IS LEFT BLANK INTENTIONALLY 12 FINANCIAL SECTION CITY OF NEW HOPE, MINNESOTA LONG TERM PLAN 13 2017 2018 2019 Actual Actual Estimated Amounts Amounts Amounts Property Taxes Levied for General Purposes 9001 General 9,547,357$ 9,979,509$ 10,437,648$ 9015/9501 Economic Development Authority 200,000 200,000 300,000 9203 Street Infrastructure 1,292,150 1,330,915 1,397,460 9233 Park Infrastructure (Additional Levy for Ice)- 200,000 300,000 9233 Park Infrastructure 323,450 333,154 349,800 9010 Potential levies for CIP capital - Fire Capital - - - 9202 Potential levies for CIP capital - City Hall - - - Subtotal 11,362,957 12,043,578 12,784,908 Property Taxes Levied for Debt Service 9145 2010B GO Equipment Certificates 163,272 159,999 161,595 9144 2015A GO Tax Increment Bonds 235,857 239,218 237,118 9149 2015B GO Improvement Bonds 205,315 209,860 208,840 9148 2016A GO Improvement Bonds - 260,087 262,397 9150 2017A GO Improvement Bonds - -1,709,453 9223 Potential levies for CIP debt service - Parks & Recreation - -- Subtotal 604,444 869,164 2,579,403 Total Taxes Levied 11,967,401 12,912,742 15,364,311 Less: Value of Market Value Levies (200,000) (200,000) (300,000) Less: Distribution from fiscal disparities (2,129,062) (2,361,248) (2,372,842) City Net Levy 9,638,339$ 10,351,494$ 12,691,469$ Tax Capacity Personal and Real Estate 19,438,906$ 21,403,803$ 22,926,585$ Assumed Net Growth - - - Less: Contribution to fiscal disparities (2,464,382) (2,655,561) (2,870,420) Less: Tax Increment (604,222) (810,429) (949,606) Adjusted net tax capacity 16,370,302$ 17,937,813$ 19,106,559$ City of New Hope, Minnesota Schedule of Property Taxes Levied and Tax Rates For the Years Ended December 31, 2017 and 2018 (Actual) and 2019 to 2028 (Estimated) 14 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts 10,965,080$ 11,517,978$ 12,194,959$ 13,013,159$ 13,663,736$ 14,345,537$ 15,060,028$ 15,808,739$ 16,593,273$ 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 1,467,333 1,540,700 1,617,735 1,698,621 1,783,552 1,872,730 1,966,367 2,064,685 2,167,919 400,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 367,290 385,655 404,937 425,184 446,443 468,765 492,204 516,814 542,655 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 13,899,703 14,694,332 15,517,631 16,486,965 17,293,732 18,137,033 19,018,598 19,940,238 20,903,847 - - - - - - - - - 240,162 237,747 235,227 237,852 235,017 237,123 237,123 236,860 235,233 207,663 206,828 205,240 208,745 206,685 206,554 206,306 210,467 209,116 259,142 260,979 262,502 263,709 259,352 260,087 260,507 260,612 260,402 1,709,190 1,705,515 1,706,828 1,705,515 1,706,828 1,707,983 1,709,820 1,708,508 1,710,030 1,252,781 1,176,026 1,154,609 1,133,676 1,113,102 1,097,537 1,076,861 1,061,270 1,045,582 3,668,939 3,587,096 3,564,406 3,549,498 3,520,984 3,509,284 3,490,617 3,477,717 3,460,363 17,568,641 18,281,428 19,082,037 20,036,462 20,814,716 21,646,317 22,509,215 23,417,955 24,364,210 (400,000) (450,000) (500,000) (550,000) (600,000) (650,000) (700,000) (750,000) (800,000) (2,372,842) (2,372,842) (2,372,842) (2,372,842) (2,372,842) (2,372,842) (2,372,842) (2,372,842) (2,372,842) 14,795,799$ 15,458,586$ 16,209,195$ 17,113,620$ 17,841,874$ 18,623,475$ 19,436,373$ 20,295,113$ 21,191,368$ 23,729,015$ 24,559,531$ 25,419,115$ 26,308,784$ 27,229,591$ 28,182,627$ 29,169,019$ 30,189,934$ 31,246,582$ - - - - - - - - - (2,870,420) (2,870,420) (2,870,420) (2,870,420) (2,870,420) (2,870,420) (2,870,420) (2,870,420) (2,870,420) (949,606) (949,606) (949,606) (949,606) (949,606) (949,606) (949,606) (949,606) (949,606) 19,908,989$ 20,739,505$ 21,599,089$ 22,488,758$ 23,409,565$ 24,362,601$ 25,348,993$ 26,369,908$ 27,426,556$ 15 2017 2018 2019 Actual Actual Estimated Amounts Amounts Amounts Tax Rates General 47.77%45.30%46.02% Proposed capital levies 8.08%8.46%9.03% Scheduled debt levies 3.02%3.95%11.37% Proposed debt levies 0.00%0.00%0.00% Total City Levy Tax Rate 58.88%57.71%66.42% Total EDA Tax Rate 1.05%0.88%1.38% Population 21,545 21,670 21,795 Taxes per Capita 555$ 596$ 705$ Median Home Value (Jan 2)196,000$ 213,000$ 229,000$ Median Home Taxes (from city)1,039 1,125 1,411 % change from prior year $'s 11%8%25% Tax Levy ($) General 9,547,357$ 9,979,509$ 10,437,648$ Street Infrastructure 1,292,150 1,330,915 1,397,460 Economic Development Authority 200,000 200,000 300,000 Park Infrastructure 323,450 533,154 649,800 Capital levies - - - Scheduled debt levies 604,444 869,164 2,579,403 Proposed debt levies - - - Tax Levy (%) General 80%77%68% Street Infrastructure 11%10%9% Economic Development Authority 2%2%2% Park Infrastructure 3%4%4% Capital levies 0%0%0% Scheduled debt levies 5%7%17% Proposed debt levies 0%0%0% General Fund Percentage Change in Levy (%)7%5%5% For the Years Ended December 31, 2017 and 2018 (Actual) and 2019 to 2028 (Estimated) City of New Hope, Minnesota Schedule of Property Taxes Levied and Tax Rates (Continued) 16 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts 47.46%48.15%49.25%50.82%51.52%52.23%52.95%53.67%54.41% 10.32%10.77%10.79%10.83%10.86%10.89%10.93%10.97%11.02% 10.46%10.08%9.73%9.43%9.08%8.78%8.49%8.20%7.92% 5.42%4.92%4.66%4.43%4.20%4.00%3.79%3.60%3.43% 74.32%74.54%75.05%76.10%76.22%76.44%76.68%76.96%77.27% 1.83%2.00%2.15%2.29%2.41%2.52%2.62%2.71%2.79% 21,921 22,048 22,175 22,304 22,433 22,562 22,693 22,824 22,956 801$ 829$ 861$ 898$ 928$ 959$ 992$ 1,026$ 1,061$ 230,145$ 231,296$ 232,452$ 233,614$ 234,783$ 235,956$ 237,136$ 238,322$ 239,514$ 1,587 1,602 1,622 1,654 1,667 1,682 1,696 1,712 1,729 13%1%1%2%1%1%1%1%1% 10,965,080$ 11,517,978$ 12,194,959$ 13,013,159$ 13,663,736$ 14,345,537$ 15,060,028$ 15,808,739$ 16,593,273$ 1,467,333 1,540,700 1,617,735 1,698,621 1,783,552 1,872,730 1,966,367 2,064,685 2,167,919 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 767,290 885,655 904,937 925,184 946,443 968,765 992,204 1,016,814 1,042,655 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 2,416,157 2,411,069 2,409,797 2,415,821 2,407,882 2,411,746 2,413,756 2,416,447 2,414,781 1,252,781 1,176,026 1,154,609 1,133,676 1,113,102 1,097,537 1,076,861 1,061,270 1,045,582 62%63%64%65%66%66%67%68%68% 8%8%8%8%9%9%9%9%9% 2%2%3%3%3%3%3%3%3% 4%5%5%5%5%4%4%4%4% 1%1%1%1%1%1%1%1%1% 14%13%13%12%12%11%11%10%10% 7%6%6%6%5%5%5%5%4% 5%5%6%7%5%5%5%5%5% 17 City of New Hope, Minnesota Schedule of Annual Fund Cash Balances For the Years Ended December 31, 2017 (Actual) and 2018 to 2028 (Estimated) 2017 2018 2019 Actual Estimated Estimated Amounts Amounts Amounts GOVERNMENT-TYPE General Operations 101 General 6,750,104$ 6,750,104$ 6,750,104$ Special Revenue *9015/9501 Economic Development Authority 418,039 422,219 426,442 9016 Solid Waste Management 176,787 176,702 177,967 *9017 Ice Arena Endowment 5,131 5,182 5,183 *9021 Police Forfeitures 128,078 129,359 129,360 Subtotal 728,035 733,462 738,952 Debt Service 9117-9121 HRA Bonds (1)35,125 (442,697) (518,445) 9144 2015A GO Tax Increment Bonds 170,535 205,442 236,950 9145 2010B GO Equipment Bonds 196,615 202,675 213,630 9148 2016A GO Bonds 41,926 217,291 245,996 9149 2015B GO Bonds 39,641 81,989 121,391 9150 2017A CIP Bonds 789,330 361,525 1,347,928 TBD 2018A and 2019A Tax Abatement Bonds - 350,457 260,813 Subtotal 1,273,172 976,683 1,908,263 Capital Projects 9010 Fire Capital Projects 559,212 663,008 767,838 9202 City Hall CIP 18,808,531 8,995,416 574,800 9203 Street Infrastructure 1,092,919 2,000,731 1,780,553 9213-9221 HRA Construction (1)5,418,960 5,766,320 2,004,281 9233 Park Infrastructure 1,057,892 10,551,151 1,044,524 9242 Temporary Financing 474,319 829,660 1,181,001 Subtotal 27,411,833 28,806,286 7,352,997 Total - Governmental-type Funds 36,163,144 37,266,535 16,750,316 9402 Central Garage 5,614,028 6,028,639 6,550,490 *9407 Insurance Reserve 675,611 682,367 689,191 *9408 Employee Leave 1,118,228 1,129,410 1,140,704 *9410 Information Technology 487,543 492,418 497,343 Total - Internal Service Funds 7,895,410 8,332,835 8,877,728 BUSINESS-TYPE Enterprise Funds 9300 Sewer 1,079,506 1,141,958 1,158,912 9301 Water 1,105,250 1,613,767 1,879,688 9302 Golf Course 87,452 63,481 56,874 9303 Ice Arena 648,747 886,413 953,989 9304 Storm Water 406,610 499,774 373,095 9305 Street Lighting 337,004 332,992 19,975 Total - Business-type Funds 3,664,569 4,538,386 4,442,533 AGENCY FUND *9503 Pass-Through Grant Fund - - - *9504 Flexible Spending Fund 8,249 8,331 8,415 Total - Agency Funds 8,249 8,331 8,415 Grand Total - City 47,731,372$ 50,146,087$ 30,078,991$ *Annual growth in fund balance of 1% assumed (1)Projections based on TIF Cash Flow Analysis updated by AEM in 2017; presentation to City Council in February of 2018 INTERNAL SERVICE 18 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Trend 6,750,104$ 6,750,104$ 6,847,523$ 7,155,661$ 7,477,666$ 7,814,161$ 8,165,798$ 8,533,259$ 8,917,256$ 430,706 435,013 439,363 443,757 448,194 452,676 457,203 461,775 466,393 175,899 170,246 160,742 147,107 129,042 106,234 78,353 45,047 5,948 5,184 5,185 5,186 5,187 5,188 5,189 5,190 5,191 5,192 129,361 129,362 129,363 129,364 129,365 129,366 129,367 129,368 129,369 741,150 739,806 734,655 725,415 711,790 693,466 670,113 641,381 606,902 (600,578) (678,584) (762,071) (762,070) (762,069) (762,068) (762,067) (762,066) (762,065) 272,374 304,193 334,491 368,457 398,566 431,993 464,993 497,783 529,329 61,680 61,680 61,680 61,680 61,680 61,680 61,680 61,680 61,680 270,254 298,196 326,730 355,716 379,762 407,001 434,340 461,638 488,756 160,525 199,813 233,242 271,491 306,405 342,209 378,318 419,388 457,479 1,451,693 1,543,658 1,650,560 1,756,150 1,865,553 1,964,935 2,077,231 2,187,964 2,290,119 1,095,469 1,085,046 1,079,192 1,072,786 1,065,769 1,062,857 1,053,991 1,049,423 1,044,023 2,711,417 2,814,002 2,923,826 3,124,210 3,315,667 3,508,608 3,708,487 3,915,811 4,109,322 1,023,716 1,282,153 1,543,175 1,806,808 2,073,078 2,342,011 2,613,636 2,887,977 3,165,063 730,548 887,854 1,046,732 1,207,200 1,369,272 1,532,965 1,698,294 1,865,277 2,033,930 1,141,361 1,020,725 1,993,812 1,183,165 1,558,000 2,566,291 2,771,386 2,888,408 2,610,621 4,084,619 4,280,702 4,482,059 4,482,060 4,482,061 4,482,062 4,482,063 4,482,064 4,482,065 1,003,346 415,884 225,682 261,771 426,523 674,458 792,564 883,824 1,152,321 1,528,341 1,871,682 2,211,023 2,546,364 2,877,705 3,085,705 3,289,705 3,289,705 3,289,705 9,511,932 9,758,999 11,502,484 11,487,367 12,786,638 14,683,492 15,647,647 16,297,255 16,733,705 19,714,604 20,062,912 22,008,488 22,492,653 24,291,760 26,699,728 28,192,044 29,387,707 30,367,185 6,784,586 6,915,843 6,859,476 6,811,869 7,079,610 7,433,015 7,876,734 8,415,655 9,054,914 696,083 703,044 710,074 717,175 724,346 731,590 738,906 746,295 753,758 1,152,111 1,163,633 1,175,269 1,187,022 1,198,892 1,210,881 1,222,989 1,235,219 1,247,572 502,316 507,339 512,413 517,537 522,712 527,939 533,219 538,551 543,936 9,135,096 9,289,858 9,257,231 9,233,602 9,525,561 9,903,425 10,371,848 10,935,721 11,600,180 1,154,900 1,236,100 1,384,722 1,543,723 1,694,346 1,884,340 2,115,474 2,515,388 2,915,314 1,963,511 2,654,300 3,580,151 4,233,575 5,283,407 6,535,442 7,282,442 8,704,610 10,226,548 21,259 4,955 16,807 5,783 32,383 43,256 94,061 147,565 250,711 1,290,770 1,831,036 2,230,748 2,637,158 3,031,428 3,486,534 3,959,185 4,447,659 4,973,219 374,422 336,715 529,900 777,640 1,085,000 1,420,599 1,585,039 1,978,323 2,494,049 60,760 103,982 149,767 198,247 249,561 303,855 361,281 422,001 486,184 4,865,620 6,167,088 7,892,096 9,396,126 11,376,125 13,674,026 15,397,483 18,215,547 21,346,025 - - - - - - - - - 8,499 8,584 8,670 8,756 8,844 8,932 9,022 9,112 9,203 8,499 8,584 8,670 8,756 8,844 8,932 9,022 9,112 9,203 33,723,819$ 35,528,442$ 39,166,484$ 41,131,137$ 45,202,290$ 50,286,111$ 53,970,398$ 58,548,086$ 63,322,593$ Trend Indicator Adequate for reserve levels Adequate as of 2017 but decreasing balances, watch Below targeted reserve levels and should have a plan to address The fund has events in the future that need addressing now 19 City of New Hope, Minnesota Outstanding Debt Schedule For the Years Ended December 31, 2017 (Actual) and 2018 to 2028 (Estimated) 2014 2015 2016 2017 2018 2019 Actual Actual Actual Estimated Estimated Estimated Fund Issue Balance Balance Balance Balance Balance Balance GOVERNMENT-TYPE General Obligation Bonds 9117 G.O. Tax Increment Refunding, Series 2012A 90%2,425,500$ 2,232,000$ 2,029,500$ 1,827,000$ 1,615,500$ 1,399,500$ 9118 G.O. Tax Increment Refunding, Series 2012A 10%269,500 248,000 225,500 203,000 179,500 155,500 9119 G.O. Tax Increment Refunding, Series 2012B 1,330,000 1,275,000 1,225,000 1,175,000 1,120,000 1,065,000 9121 G.O. Tax Increment Finance, Series 2015A - 1,859,000 1,859,000 1,859,000 1,753,082 1,643,917 9144 G.O. Tax Increment Finance, Series 2015A - 2,536,000 2,536,000 2,536,000 2,391,631 2,242,706 9148 G.O Improvement Bonds, Series 2016A - - 2,824,075 2,824,075 2,824,075 2,672,837 9149 G.O. Improvement Bonds, Series 2015B - 2,075,000 2,075,000 1,966,503 1,852,582 1,733,235 9150 G.O Improvement Bonds, Series 2017A - - - 18,435,000 18,435,000 18,435,000 Total G.O. Tax Bonds 4,025,000 10,225,000 12,774,075 30,825,578 30,171,369 29,347,695 General Obligation Certificates 9145 G.O. Certificates of Indebtedness, Series 2010B 855,000 720,000 580,000 440,000 295,000 150,000 Total Government-type 4,880,000 10,945,000 13,354,075 31,265,578 30,466,369 29,497,695 BUSINESS-TYPE General Obligation Bonds 9300 G.O. Tax Increment Finance, Series 2015A - 528,000 528,000 528,000 497,876 466,866 9301 G.O. Tax Increment Finance, Series 2015A - 504,000 504,000 504,000 475,236 445,626 9304 G.O. Tax Increment Finance, Series 2015A - 533,000 533,000 533,000 502,604 471,314 9300 G.O. Improvement Bonds, Series 2015B - 200,000 200,000 189,542 178,562 167,059 9301 G.O. Improvement Bonds, Series 2015B - 1,200,000 1,200,000 1,137,255 1,071,373 1,002,353 9304 G.O. Improvement Bonds, Series 2015B - 350,000 350,000 331,699 312,484 292,353 9300 G.O Improvement Bonds, Series 2016A - - 231,901 231,901 231,901 219,482 9301 G.O Improvement Bonds, Series 2016A - - 1,072,409 1,072,409 1,072,409 1,014,978 9304 G.O Improvement Bonds, Series 2016A - - 726,616 726,616 726,616 687,704 Total G.O. Bonds - 3,315,000 5,345,926 5,254,423 5,069,060 4,767,735 Revenue Bonds 9301 G.O. Public Facilities Authority Note, 2011 335,000 315,000 295,000 275,000 254,000 233,000 9301 G.O. Public Facilities Authority Note, 2013 1,003,000 952,000 900,000 848,000 795,000 742,000 9304 G.O. Water Revenue, Series 2010B 460,000 405,000 350,000 295,000 240,000 180,000 9301 G.O. Utility Revenue, Series 2010A 555,000 480,000 405,000 330,000 250,000 170,000 Total G.O. Revenue Bonds 2,353,000 2,152,000 1,950,000 1,748,000 1,539,000 1,325,000 Lease revenue bonds 9303 2011A Taxable Lease Revenue Bonds 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 Total Business-type 5,858,000 8,972,000 10,800,926 10,507,423 10,113,060 9,597,735 POTENTIAL NEW DEBT General Obligation Bonds Potential debt to balance projects - City Hall y - - - - - - Potential debt to balance projects - Streets y - - - - - - Potential debt to balance projects - Parks & Recreation y - - - - 10,000,000 13,450,000 Potential debt to balance projects - Central Garage y - - - - - - Potential debt to balance projects - Sewer y - - - - - - Potential debt to balance projects - Water y - - - - - - Potential debt to balance projects - Storm Water y - - - - - - Potential debt to balance projects - Ice Arena y - - - - - - Total Potential General Obligation Bonds - - - - 10,000,000 13,450,000 Total All Funds 10,738,000$ 19,917,000$ 24,155,001$ 41,773,001$ 50,579,430$ 52,545,430$ Population 20,812 20,932 21,600 21,545 21,670 21,795 Debt Per Capita - total 516$ 951$ 1,118$ 1,939$ 2,334$ 2,411$ 20 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Balance Balance Balance Balance Balance Balance Balance Balance Balance 1,174,500$ 949,500$ 720,000$ 486,000$ 247,500 - - - - 130,500 105,500 80,000 54,000 27,500 - - - - 1,005,000 940,000 865,000 780,000 690,000 595,000 500,000 395,000 295,000 1,533,193 1,419,349 1,303,946 1,186,984 1,066,902 945,261 820,501 692,622 561,624 2,091,653 1,936,346 1,778,911 1,619,348 1,455,531 1,289,586 1,119,386 944,931 766,221 2,515,783 2,355,820 2,190,040 2,018,443 1,841,029 1,660,707 1,474,569 1,282,613 1,084,840 1,611,176 1,486,405 1,353,497 1,217,876 1,076,830 933,072 786,601 637,418 482,810 17,530,000 16,580,000 15,605,000 14,580,000 13,505,000 12,375,000 11,210,000 9,985,000 8,700,000 27,591,805 25,772,919 23,896,393 21,942,650 19,910,292 17,798,626 15,911,056 13,937,584 11,890,495 - - - - - - - - - 27,591,805 25,772,919 23,896,393 21,942,650 19,910,292 17,798,626 15,911,056 13,937,584 11,890,495 435,413 403,074 370,292 337,067 302,956 268,402 232,962 196,636 159,424 415,593 384,714 353,412 321,687 289,116 256,122 222,282 187,596 152,064 439,577 406,946 373,868 340,343 305,924 271,058 235,298 198,644 161,096 155,294 143,268 130,458 117,386 103,791 89,935 75,817 61,438 46,536 931,765 859,608 782,745 704,314 622,745 539,608 454,902 368,627 279,216 271,765 250,719 228,301 205,425 181,634 157,386 132,680 107,516 81,438 206,585 193,450 179,837 165,746 151,177 136,370 121,085 105,323 89,082 955,339 894,595 831,642 766,480 699,109 630,634 559,950 487,058 411,956 647,294 606,137 563,483 519,332 473,685 427,289 379,397 330,008 279,122 4,458,625 4,142,510 3,814,037 3,477,779 3,130,138 2,776,804 2,414,373 2,042,846 1,659,934 211,000 189,000 167,000 144,000 121,000 98,000 74,000 50,000 25,000 688,000 634,000 579,000 524,000 468,000 412,000 355,000 297,000 239,000 125,000 65,000 - - - - - - - 85,000 - - - - - - - - 1,109,000 888,000 746,000 668,000 589,000 510,000 429,000 347,000 264,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 - 9,072,625 8,535,510 8,065,037 7,650,779 7,224,138 6,791,804 6,348,373 5,894,846 1,923,934 - - - - - - - - - - - - - - - - - - 13,450,000 12,675,000 11,905,333 11,134,978 10,362,979 9,588,447 8,805,551 8,018,514 7,221,613 - 3,545,000 3,308,667 3,072,333 2,836,000 2,599,667 2,363,333 2,127,000 1,890,667 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,450,000 1,353,333 1,256,667 1,160,000 1,063,333 966,667 870,000 773,333 13,450,000 17,670,000 16,567,333 15,463,978 14,358,979 13,251,447 12,135,551 11,015,514 9,885,613 50,114,430$ 51,978,430$ 48,528,763$ 45,057,407$ 41,493,409$ 37,841,877$ 34,394,980$ 30,847,944$ 23,700,043$ 21,921 22,048 22,175 22,304 22,433 22,562 22,693 22,824 22,956 2,286$ 2,358$ 2,188$ 2,020$ 1,850$ 1,677$ 1,516$ 1,352$ 1,032$ 21 City of New Hope, Minnesota Capital Improvement Plan - Fire Capital Projects Fund 9010 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Replace Item Cost Amounts Amounts WMFRD is anticipating equipment replacement over the next 10 years; each city -$ -$ will be responsible for their portion of the cost. -$ -$ 22 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 23 City of New Hope, Minnesota Capital Improvement Plan - Fire Capital Projects Fund 9010 Schedule of Projected Revenue, Expenditures and Debt 2018 2019 Estimated Estimated Revenues Property taxes -$ -$ Interest on investments 5,596 6,630 Miscellaneous - - Total Revenues 5,596 6,630 Expenditures Capital outlay Public safety - - Total Expenditures - - Excess (Deficiency) of Revenues Over (Under) Expenditures 5,596 6,630 Other Financing Sources Transfer in 150,000 150,000 Bond proceeds - - Sale of Fixed Asset - - Transfers out (51,800) (51,800) Total Other Financing Sources 98,200 98,200 Net Change in Fund Balances 103,796 104,830 Fund Balances January 1 559,212 663,008 Fund Balances, December 31 663,008$ 767,838$ 2018 2019 Estimated Estimated Beginning Balance -$ -$ Revenue Property taxes - - Interest - - Sales - - Total Revenue - - Expenditures Principle - - Interest - - Total Expenditures - - Ending Balance -$ -$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 24 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 7,678 10,237 12,822 15,432 18,068 20,731 23,420 26,136 28,880 - - - - - - - - - 157,678 160,237 162,822 165,432 168,068 170,731 173,420 176,136 178,880 - - - - - - - - - - - - - - - - - - 157,678 160,237 162,822 165,432 168,068 170,731 173,420 176,136 178,880 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 - - - - - - - - - - - - - - - - - - (51,800) (51,800) (51,800) (51,799) (51,798) (51,797) (51,796) (51,795) (51,794) 98,200 98,200 98,200 98,201 98,202 98,203 98,204 98,205 98,206 255,878 258,437 261,022 263,633 266,270 268,934 271,624 274,341 277,086 767,838 1,023,716 1,282,153 1,543,175 1,806,808 2,073,078 2,342,011 2,613,636 2,887,977 1,023,716$ 1,282,153$ 1,543,175$ 1,806,808$ 2,073,078$ 2,342,011$ 2,613,636$ 2,887,977$ 3,165,063$ 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$ -$ -$ -$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 25 City of New Hope, Minnesota Capital Improvement Plan - City Hall Capital Projects Fund 9202 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Subledger Replace Item Cost Amounts Amounts City Hall S.926/S.994 2013-2016 City Center Planning 158,000$ -$ -$ City Hall S.926/S.994 2017 City Center Planning & Design 697,121 - - City Hall S.926/S.994 2018 New City Center Construction (1)10,000,000 10,000,000 - City Hall S.926/S.994 2019 New City Center Construction (1)8,510,570 - 8,510,570 10,000,000$ 8,510,570$ (1) Based on August 11, 2017 Cost Analysis from Wold 26 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$ -$ -$ -$ 27 City of New Hope, Minnesota Capital Improvement Plan - City Hall Capital Projects Fund 9202 Schedule of Projected Revenue, Expenditures and Debt 2018 2019 Estimated Estimated Revenues Property taxes -$ -$ Interest on investments 186,885 89,954 Miscellaneous - - Total Revenues 186,885 89,954 Expenditures Capital outlay General government 10,000,000 8,510,570 Total Expenditures 10,000,000 8,510,570 Excess (Deficiency) of Revenues Over (Under) Expenditures (9,813,115) (8,420,616) Other Financing Sources Transfers in General Fund - - Bond proceeds (revised per Ehler's 11/1/17 analysis)- - Transfers out - - Total Other Financing Sources - - Net Change in Fund Balances (9,813,115) (8,420,616) Fund Balances January 1 18,808,531 8,995,416 Fund Balances, December 31 8,995,416$ 574,800$ 2018 2019 Estimated Estimated Beginning Balance (initial deposit is capitalized interest from bond sale)-$ -$ Revenue Property taxes - - Interest - - Total Revenue - - Expenditures Principle - - Interest - - Total Expenditures - - Ending Balance -$ -$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 28 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 150,000$ 5,748 7,305 8,879 10,467 12,072 13,693 15,330 16,983 18,653 - - - - - - - - - 155,748 157,305 158,879 160,467 162,072 163,693 165,330 166,983 168,653 - - - - - - - - - - - - - - - - - - 155,748 157,305 158,879 160,467 162,072 163,693 165,330 166,983 168,653 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 155,748 157,305 158,879 160,467 162,072 163,693 165,330 166,983 168,653 574,800 730,548 887,854 1,046,732 1,207,200 1,369,272 1,532,965 1,698,294 1,865,277 730,548$ 887,854$ 1,046,732$ 1,207,200$ 1,369,272$ 1,532,965$ 1,698,294$ 1,865,277$ 2,033,930$ 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$ -$ -$ -$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 29 City of New Hope, Minnesota Capital Improvement Plan - Street Infrastructure Fund 9203 (Includes Street Project Funds 9223 - Xylon, 9250 - NW South, 9251 - NW North) Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Subledger Replace Item Cost Amounts Amounts Public works S.1017 2018 325,638$ 325,638$ -$ Public works S.1010 2018 154,792 154,792 - Public works S.999 2018 1,189,411 1,189,411 - Public works S.1016 2018 1,120 1,120 - Public works S.1019 2018 66,162 66,162 - Public works N/A 2018 6,956 6,956 - Public works S.962 2018 1,685 1,685 - Public works S.998 2018 140 140 - Public works S.985 2018 332,440 332,440 - Public works S.938/967/974 2018 8,544 8,544 - Public works S.944 2018 855 855 - Public works TBD 2019 50,000 - 50,000 Public works TBD 2019 460,646 - 460,646 Public works S.1019 2019 1,440,000 - 1,440,000 Public works TBD 2020 120,828 - - Public works TBD 2020 2,218,002 - - Public works TBD 2020 175,000 - - Public works TBD 2020 30,000 - - Public works TBD 2020 20,000 - - Public works TBD 2020 50,000 - - Public works S.1016 2020 75,000 - - Public works TBD 2021 180,000 - - Public works TBD 2021 277,419 - - Public works TBD 2021 1,521,331 - - Public works TBD 2021 10,000 - - Public works TBD 2022 561,598 - - Public works TBD 2022 410,756 - - Public works TBD 2023 503,209 - - Public works TBD 2023 2,344,998 - - Public works TBD 2023 750,000 - - Public works TBD 2024 454,950 - - Public works TBD 2024 1,286,099 - - Public works TBD 2024 834,330 - - Public works TBD 2025 168,925 - - Public works TBD 2025 1,033,094 - - Public works TBD 2026 360,447 - - Public works TBD 2026 1,749,988 - - Public works TBD 2027 282,545 - - Public works TBD 2027 2,092,831 - - Public works TBD 2027 1,532,065 - - Public works TBD 2028 515,430 - - Public works TBD 2028 2018 Local Projects (Seal Coat & Crack/Fog Seal) 2018 Street Infrastructure - 55th Avenue 2018 Street Infrastructure - MSA Boone M & O 42nd Avenue & TH 169 Bridge Replacement 2019 Street Infra Winpark Drive Other misc expenses 49th Avenue Reconstruct - MSA 2017 Seal Coat 2017 Street Infrastructure - Northwood North Northwoods Lake South (including alternate) Xylon Avenue Streetscape Contribution to Street Light Fund for Lighting Project 2019 Local Projects (Crack, Seal Coat & Fog Seal) 2019 Street Reconstruct - Winpark Drive 2020 Local Projects (Crack, Seal Coat & Fog Seal) 2020 Street Reconstruct - NW Parkway East & m/o Hidden Valley Signal Replacement at Gettysburg GC Parking Lot (Crack, Seal Coat & Fog Seal) Parks Lion's Parking Lot (Crack, Seal Coat & Fog Seal) Civic Center Park SW Parking Lot (Reclaim & Overlay) 169 and 42nd Ave Bridge Replacement (Trails) Noise Wall from Bass Lake Road to 62nd Ave 2021 Local Projects (Crack, Seal Coat & Fog Seal) 2021 Street Mill & Overlay - Lions Park Parks Hidden Valley Parking Lot (Crack, Seal Coat & Fog Seal) 2022 Local Projects (Crack, Seal Coat & Fog Seal) 2022 Street Mill & Overlay - Liberty Park West 2023 Local Projects (Crack, Seal Coat & Fog Seal) 2023 Street Reclaim & Overlay - Northwood East 42nd Ave Trail/Power Bury & Gettysburg Signal Replace (Henn Co Rockford Rehab) 2024 Local Projects (Crack, Seal Coat & Fog Seal) 2024 Street Mill & Overlay - SW Jaycee Park 2024 Street Infrastructure - MSA - 56th & Xylon 2025 Local Projects (Crack, Seal Coat & Fog Seal) 2025 Street Mill & Overlay - St. Raphael 2026 Local Projects (Crack, Seal Coat & Fog Seal) 2026 Street Reconstruct - North Woods South 2027 Local Projects (Crack, Seal Coat & Fog Seal) 2027 Street Mill & Overlay - N of Bass Lk Rd 2027 Street Infrastructure - MSA - Boone N of Bass Lk Rd 2028 Local Projects (Crack, Seal Coat & Fog Seal) 2028 Street Infrastructure - TBD 2,359,160 - - 2,087,743$ 1,950,646$ 30 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 120,828 - - - - - - - - 2,218,002 - - - - - - - - 175,000 - - - - - - - - 30,000 - - - - - - - - 20,000 - - - - - - - - 50,000 - - - - - - - - 75,000 - - - - - - - - - 180,000 - - - - - - - - 277,419 - - - - - - - - 1,521,331 - - - - - - - - 10,000 - - - - - - - - - 561,598 - - - - - - - - 410,756 - - - - - - - - - 503,209 - - - - - - - - 2,344,998 - - - - - - - - 750,000 - - - - - - - - - 454,950 - - - - - - - - 1,286,099 - - - - - - - - 834,330 - - - - - - - - - 168,925 - - - - - - - - 1,033,094 - - - - - - - - - 360,447 - - - - - - - - 1,749,988 - - - - - - - - - 282,545 - - - - - - - - 2,092,831 - - - - - - - - 1,532,065 - - - - - - - - - 515,430 - - - - - - - - 2,359,160 2,688,830$ 1,988,750$ 972,354$ 3,598,207$ 2,575,379$ 1,202,019$ 2,110,435$ 3,907,441$ 2,874,590$ 31 City of New Hope, Minnesota Capital Improvement Plan - Street Infrastructure Fund 9203 Schedule of Projected Revenue, Expenditures and Debt 2018 2019 Estimated Estimated Revenues Property taxes (3% increase for 2018, 5% increase thereafter)1,330,925$ 1,397,460$ Interest on investments 62,807 20,007 Franchise fees 400,000 400,000 Miscellaneous 121,323 - Total Revenues 1,915,055 1,817,467 Expenditures Capital outlay Public works 2,087,743 1,950,646 Total Expenditures 2,087,743 1,950,646 Excess (Deficiency) of Revenues Over (Under) Expenditures (172,688) (133,179) Other Financing Sources Transfers in - - Intergovernmental revenue (Municipal State Aid - MSA and Hennepin County)1,169,000 - Bond proceeds - - Sale of Fixed Asset - - Interfund loan - - Interfund loan repayment ($750,000 loan from Temporary Financing Fund issued in 2016)(88,500) (87,000) Total Other Financing Sources 1,080,500 (87,000) Net Change in Fund Balances 907,812 (220,179) Fund Balances January 1 1,092,919 2,000,731 Fund Balances, December 31 2,000,731$ 1,780,553$ 2018 2019 Estimated Estimated Beginning Balance -$ -$ Revenue Property taxes - - Interest - - Capitalized Interest for First Year Debt Service - - Total Revenue - - Expenditures Principle - - Interest - - Total Expenditures - - Ending Balance -$ -$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 32 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 1,467,333$ 1,540,700$ 1,617,735$ 1,698,621$ 1,783,552$ 1,872,730$ 1,966,367$ 2,064,685$ 2,167,919$ 17,806 11,414 10,207 19,938 11,832 15,580 25,663 27,714 28,884 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 - - - - - - - - - 1,885,139 1,952,113 2,027,942 2,118,559 2,195,384 2,288,310 2,392,029 2,492,399 2,596,803 2,688,830 1,988,750 972,354 3,598,207 2,575,379 1,202,019 2,110,435 3,907,441 2,874,590 2,688,830 1,988,750 972,354 3,598,207 2,575,379 1,202,019 2,110,435 3,907,441 2,874,590 (803,691) (36,637) 1,055,588 (1,479,648) (379,995) 1,086,291 281,594 (1,415,042) (277,787) - - - - - - - - - 250,000 - - 750,000 834,330 - - 1,532,065 - - - - - - - - - - - - - - - - - - - - - - - - - - - - (85,500) (84,000) (82,500) (81,000) (79,500) (78,000) (76,500) - - 164,500 (84,000) (82,500) 669,000 754,830 (78,000) (76,500) 1,532,065 - (639,191) (120,637) 973,088 (810,648) 374,835 1,008,291 205,094 117,023 (277,787) 1,780,553 1,141,361 1,020,725 1,993,812 1,183,165 1,558,000 2,566,291 2,771,386 2,888,408 1,141,361$ 1,020,725$ 1,993,812$ 1,183,165$ 1,558,000$ 2,566,291$ 2,771,386$ 2,888,408$ 2,610,621$ 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$ -$ -$ -$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 33 City of New Hope, Minnesota Capital Improvement Plan - Parks Infrastructure Fund 9233 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Replace Item Cost Amounts Amounts Parks & Recreation 2018 Parks concrete, trail work 50,000$ 50,000$ -$ Parks & Recreation 2018 Parks ballfield fences 35,000 35,000 - Parks & Recreation 2018 Parks maintenance 112,700 112,700 - Parks & Recreation 2018 Parks Sunnyside Park play equipment project 177,000 177,000 - Parks & Recreation 2019 GC bocce ball courts 25,000 - 25,000 Parks & Recreation 2019 Parks concrete, trail work 80,000 - 80,000 Parks & Recreation 2019 Parks Jaycee Park play equipment project 180,000 - 180,000 Parks & Recreation 2019 Parks lighting improvements 150,000 - 150,000 Parks & Recreation 2019 Parks maintenance 95,000 - 95,000 Parks & Recreation 2019 Pool improvement project 12,740,000 - 12,740,000 Parks & Recreation 2019 Parks Civic Center Park improvements 2,100,000 - 2,100,000 Parks & Recreation 2019 Parks Civic Center Park "future" improvements 430,000 - 430,000 Parks & Recreation 2020 Parks ballfield fencing 12,000 - - Parks & Recreation 2020 Parks Begin Park play equipment project 185,000 - - Parks & Recreation 2020 Parks concrete, trail work 75,000 - - Parks & Recreation 2020 Parks lighting improvements 75,000 - - Parks & Recreation 2020 Parks maintenance 121,000 - - Parks & Recreation 2021 Cgyms pitching machines 5,000 - - Parks & Recreation 2021 Cgyms volleyball equipment 6,000 - - Parks & Recreation 2021 Parks concrete, trail work 75,000 - - Parks & Recreation 2021 Parks Corner Park play equipment project 185,000 - - Parks & Recreation 2021 Parks frisbee golf equipment 15,000 - - Parks & Recreation 2021 Parks Hidden Valley Hockey rink 100,000 - - Parks & Recreation 2021 Parks lighting improvements 75,000 - - Parks & Recreation 2021 Parks maintenance 17,000 - - Parks & Recreation 2021 Parks Lighted Baseball Field 556,000 - - Parks & Recreation 2022 Parks concrete, trail work 75,000 - - Parks & Recreation 2022 Parks Hidden Valley Park play equipment project 235,000 - - Parks & Recreation 2022 Parks lighting improvements 100,000 - - Parks & Recreation 2022 Parks maintenance 22,000 - - Parks & Recreation 2022 Parks Civic Center hockey rink 220,000 - - Parks & Recreation 2023 Cgyms scoreboards 11,000 - - Parks & Recreation 2023 Parks concrete, trail work 75,000 - - Parks & Recreation 2023 Parks hockey rink fencing 10,000 - - Parks & Recreation 2023 Parks Liberty Park play equipment project 200,000 - - Parks & Recreation 2023 Parks lighting improvements 75,000 - - Parks & Recreation 2023 Parks maintenance 75,000 - - Parks & Recreation 2024 Parks concrete, trail work 50,000 - - Parks & Recreation 2024 Parks Elm Grove Park play equipment project 150,000 - - Parks & Recreation 2024 Parks lighting improvements 75,000 - - Parks & Recreation 2024 Parks maintenance 66,000 - - Parks & Recreation 2025 Parks concrete, trail work 50,000 - - Parks & Recreation 2025 Parks lighting improvements 75,000 - - Parks & Recreation 2025 Parks maintenance 36,000 - - Parks & Recreation 2025 Parks picnic shelter at Northwood 125,000 - - Parks & Recreation 2026 Parks concrete, trail work 50,000 - - Parks & Recreation 2026 Parks Holiday Park play equipment project 200,000 - - Parks & Recreation 2026 Parks lighting improvements 75,000 - - Parks & Recreation 2026 Parks maintenance 119,000 - - Parks & Recreation 2027 Parks concrete, trail work 50,000 - - Parks & Recreation 2027 Parks lighting improvements; retro fit Lighted field 305,000 - - Parks & Recreation 2027 Parks maintenance 44,000 - - Parks & Recreation 2027 Parks pavillion 100,000 - - Parks & Recreation 2028 Parks concrete, trail work 75,000 - - Parks & Recreation 2028 Parks lighting improvements 75,000 - - Parks & Recreation 2028 Parks maintenance 51,000 - - Parks & Recreation 2028 Parks shelter roofs 150,000 - - 374,700$ 15,800,000$ (1) Parks Civic Center other park improvements to be determined. Projects anticipated, include: Sk8 pad, theatre, pavilion, trails, and lighting. 34 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12,000 - - - - - - - - 185,000 - - - - - - - - 75,000 - - - - - - - - 75,000 - - - - - - - - 121,000 - - - - - - - - - 5,000 - - - - - - - - 6,000 - - - - - - - - 75,000 - - - - - - - - 185,000 - - - - - - - - 15,000 - - - - - - - - 100,000 - - - - - - - - 75,000 - - - - - - - - 17,000 - - - - - - - - 556,000 - - - - - - - - - 75,000 - - - - - - - - 235,000 - - - - - - - - 100,000 - - - - - - - - 22,000 - - - - - - - - 220,000 - - - - - - - - - 11,000 - - - - - - - - 75,000 - - - - - - - - 10,000 - - - - - - - - 200,000 - - - - - - - - 75,000 - - - - - - - - 75,000 - - - - - - - - - 50,000 - - - - - - - - 150,000 - - - - - - - - 75,000 - - - - - - - - 66,000 - - - - - - - - - 50,000 - - - - - - - - 75,000 - - - - - - - - 36,000 - - - - - - - - 125,000 - - - - - - - - - 50,000 - - - - - - - - 200,000 - - - - - - - - 75,000 - - - - - - - - 119,000 - - - - - - - - - 50,000 - - - - - - - - 305,000 - - - - - - - - 44,000 - - - - - - - - 100,000 - - - - - - - - - 75,000 - - - - - - - - 75,000 - - - - - - - - 51,000 - - - - - - - - 150,000 468,000$ 1,034,000$ 652,000$ 446,000$ 341,000$ 286,000$ 444,000$ 499,000$ 351,000$ 35 City of New Hope, Minnesota Capital Improvement Plan - Parks Infrastructure Fund 9233 Schedule of Projected Revenue, Expenditures and Debt 2018 2019 Estimated Estimated Amounts Amounts Revenues Property taxes (3% increase for 2018, 5% increase thereafter)333,154$ 349,800$ Additional property tax levy for Ice 200,000 300,000 Interest on investments 13,257 105,512 Intergovernmental revenue ($2M bonding bill money for 50M pool, $500K pool grants)- 2,500,000 Miscellaneous (Leases - cell and radio towers; developer revenue)44,005 45,605 Total Revenues 590,416 3,300,917 Expenditures Capital outlay Parks & Recreation 374,700 15,800,000 Total Expenditures 374,700 15,800,000 Excess (Deficiency) of Revenues Over (Under) Expenditures 215,716 (12,499,083) Other Financing Sources Bond proceeds 9,477,543 3,292,457 Transfers out (Ice Arena levy transfer)(200,000) (300,000) Total Other Financing Sources 9,277,543 2,992,457 Net Change in Fund Balances 9,493,259 (9,506,626) Fund Balances January 1 1,057,892 10,551,151 Fund Balances, December 31 10,551,151$ 1,044,524$ 2018 2019 Updated based on 11/13/18 Pre-sale Report from Ehlers Estimated Estimated Beginning Balance -$ 350,457$ Revenue Property taxes on 2018A (estimated)- - Property taxes on 2019A (estimated)- - Interest - - Other 350,457 103,500 Total Revenue 350,457 103,500 Expenditures Principal on 2018A (from Ehlers 11/13/18 Pre-sale Report)- - Principal on 2019A (estimated)- - Interest (from Ehlers 11/13/18 Pre-sale Report)- 193,145 Interest on 2019A (estimated)- - Total Expenditures - 193,145 Ending Balance 350,457$ 260,813$ Debt Service Fund Related Activity Capital Project Fund Projected Activity 36 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts 367,290$ 385,655$ 404,937$ 425,184$ 446,443$ 468,765$ 492,204$ 516,814$ 542,655$ 400,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 10,445 10,033 4,159 2,257 2,618 4,265 6,745 7,926 8,838 - - - - - - - - - 49,086 50,850 52,702 54,648 56,691 60,905 63,157 65,521 68,004 826,821 946,538 961,798 982,089 1,005,752 1,033,936 1,062,105 1,090,261 1,119,497 468,000 1,034,000 652,000 446,000 341,000 286,000 444,000 499,000 351,000 468,000 1,034,000 652,000 446,000 341,000 286,000 444,000 499,000 351,000 358,821 (87,462) 309,798 536,089 664,752 747,936 618,105 591,261 768,497 - - - - - - - - - (400,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (400,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (500,000) (41,179) (587,462) (190,202) 36,089 164,752 247,936 118,105 91,261 268,497 1,044,524 1,003,346 415,884 225,682 261,771 426,523 674,458 792,564 883,824 1,003,346$ 415,884$ 225,682$ 261,771$ 426,523$ 674,458$ 792,564$ 883,824$ 1,152,321$ 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 260,813$ 1,095,469$ 1,085,046$ 1,079,192$ 1,072,786$ 1,065,769$ 1,062,857$ 1,053,991$ 1,049,423$ 902,606 849,196 849,568 848,971 847,378 849,528 845,385 845,226 843,941 350,175 326,830 305,041 284,705 265,725 248,010 231,476 216,044 201,641 - - - - - - - - - - - - - - - - - - 1,252,781 1,176,026 1,154,609 1,133,676 1,113,102 1,097,537 1,076,861 1,061,270 1,045,582 - 545,000 555,000 570,000 585,000 600,000 620,000 635,000 655,000 - 230,000 214,667 200,356 186,999 174,532 162,896 152,037 141,901 314,625 307,949 294,196 279,568 263,971 247,378 229,528 210,385 190,226 103,500 103,500 96,600 90,160 84,149 78,539 73,303 68,417 63,855 418,125 1,186,449 1,160,463 1,140,083 1,120,119 1,100,449 1,085,727 1,065,838 1,050,983 1,095,469$ 1,085,046$ 1,079,192$ 1,072,786$ 1,065,769$ 1,062,857$ 1,053,991$ 1,049,423$ 1,044,023$ Capital Project Fund Projected Activity Debt Service Fund Related Activity 37 City of New Hope, Minnesota Capital Improvement Plan - Central Garage Fund 9402 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Replace Item Cost Amounts Amounts Public Works 2018 Equipment - Central Garage Master Asset List 777,062$ 777,062$ -$ Public Works 2019 Replace 50,000 Lb Truck Lift 150,000 - 150,000 Public Works 2019 Equipment - Central Garage Master Asset List 527,758 - 527,758 Public Works 2019 Engineering for public works addition 50,000 - 50,000 Public Works 2020 Equipment - Central Garage Master Asset List 1,080,198 - - Public Works 2021 Public Works addition 3,625,000 - - Public Works 2021 Equipment - Central Garage Master Asset List 1,167,816 - - Public Works 2022 Equipment - Central Garage Master Asset List 1,159,632 - - Public Works 2023 Equipment - Central Garage Master Asset List 1,226,237 - - Public Works 2024 Equipment - Central Garage Master Asset List 989,784 - - Public Works 2025 Equipment - Central Garage Master Asset List 989,784 - - Public Works 2026 Equipment - Central Garage Master Asset List 989,784 - - Public Works 2027 Equipment - Central Garage Master Asset List 989,784 - - Public Works 2028 Equipment - Central Garage Master Asset List 989,784 - - 777,062$ 727,758$ (1)Equipment replacement for years 2024-2028 calculated using an average of years 2018 through 2023. Department 38 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,080,198 - - - - - - - - - 3,625,000 - - - - - - - - 1,167,816 - - - - - - - - - 1,159,632 - - - - - - - - - 1,226,237 - - - - - - - - - 989,784 - - - - - - - - - 989,784 - - - - - - - - - 989,784 - - - - - - - - - 989,784 - - - - - - - - - 989,784 1,080,198$ 4,792,816$ 1,159,632$ 1,226,237$ 989,784$ 989,784$ 989,784$ 989,784$ 989,784$ 39 City of New Hope, Minnesota Capital Improvement Plan - Central Garage Fund 9402 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from interfund services provided (5% growth annually)2,212,146$ 2,322,753$ Payments to suppliers and employees (5% growth annually)(1,079,458) (1,133,431) Net Cash Provided (Used) by Operating Activities 1,132,688 1,189,322 Cash Flows from Noncapital Financing Activities Transfers - - Net Cash Provided (Used) by Noncapital Financing Activities - - Cash Flows from Capital and Related Financing Activities Acquisition of capital assets (777,062) (727,758) Proceeds from sale of assets - - Proceeds from bonds and notes issued - - Principal and interest paid on long-term debt - - New Principal and interest paid on long-term debt - - Net Cash Used by Capital and Related Financing Activities (777,062) (727,758) Cash Flows from Investing Activities Investment earnings 58,984 60,286 Net Increase (Decrease) in Cash and Cash Equivalents 414,611 521,851 Cash and Cash Equivalents, January 1 5,614,028 6,028,639 Cash and Cash Equivalents, December 31 6,028,639$ 6,550,490$ Enterprise Fund Projected Activity 40 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 2,438,891$ 2,560,836$ 2,688,877$ 2,823,321$ 2,964,487$ 3,112,712$ 3,268,347$ 3,431,765$ 3,603,353$ (1,190,102) (1,249,608) (1,312,088) (1,377,692) (1,446,577) (1,518,906) (1,594,851) (1,674,594) (1,758,323) 1,248,789 1,311,228 1,376,789 1,445,629 1,517,910 1,593,806 1,673,496 1,757,171 1,845,029 - - - - - - - - - - - - - - - - - - (1,080,198) (4,792,816) (1,159,632) (1,226,237) (989,784) (989,784) (989,784) (989,784) (989,784) - - - - - - - - - - 3,545,000 - - - - - - - - - - - - - - - - - - (342,683) (335,593) (328,503) (321,413) (314,323) (307,233) (300,143) (1,080,198) (1,247,816) (1,502,315) (1,561,831) (1,318,287) (1,311,197) (1,304,107) (1,297,017) (1,289,927) 65,505 67,846 69,158 68,595 68,119 70,796 74,330 78,767 84,157 234,096 131,257 (56,367) (47,607) 267,742 353,405 443,719 538,921 639,259 6,550,490 6,784,586 6,915,843 6,859,476 6,811,869 7,079,610 7,433,015 7,876,734 8,415,655 6,784,586$ 6,915,843$ 6,859,476$ 6,811,869$ 7,079,610$ 7,433,015$ 7,876,734$ 8,415,655$ 9,054,914$ Enterprise Fund Projected Activity 41 City of New Hope, Minnesota Capital Improvement Plan - Sewer Fund 9300 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Subledger Replace Item Cost Amounts Amounts Sewer 2018 2018 Line sewer pipes 290,000$ 290,000$ -$ Sewer S.1021 2018 Green Infrastructure Grant 10,988 10,988 - Sewer S.985 2018 2017 Street Infrastructure - Northwood North 8,597 8,597 - Sewer S.962 2018 49th Avenue Reconstruct - MSA 59 59 - Sewer S.974 2018 2016 Street Infrastructure - Northwood South 420 420 - Sewer S.980 2018 Lift Station #2 Improvements (Alatus DA)8,559 8,559 - Sewer 2019 2019 Infrastructure Improvements - Winpark Drive 45,000 - 45,000 Sewer 2019 2019 Line sewer pipes 350,000 - 350,000 Sewer 2020 2020 Line sewer pipes 350,000 - - Sewer 2020 2020 Infrastructure Improvements - Northwood East 100,000 - - Sewer 2021 2021 Line sewer pipes 350,000 - - Sewer 2021 2021 Infrastructure Improvements - Lion's Park 50,000 - - Sewer 2022 2022 Infrastructure Improvements - Liberty Park W 20,000 - - Sewer 2022 2022 Line sewer pipes 350,000 - - Sewer 2023 2023 Infrastructure Improvements - Northwoods East 50,000 - - Sewer 2023 2023 Line sewer pipes 350,000 - - Sewer 2024 2024 Infrastructure Improvements - Jaycee Park 50,000 - - Sewer 2024 2024 Line sewer pipes 400,000 - - Sewer 2025 2025 Infrastructure Improvements - St. Raphael 55,000 - - Sewer 2025 2025 Line sewer pipes 400,000 - - Sewer 2026 2026 Infrastructure Improvements - Northwoods South 60,000 - - Sewer 2026 2026 Line sewer pipes 400,000 - - Sewer 2027 2027 Infrastructure Improvements - N of Bass Lake Rd 65,000 - - Sewer 2027 2027 Line sewer pipes 400,000 - - Sewer 2028 2028 Infrastructure Improvements 65,000 - - Sewer 2028 2028 Line sewer pipes 450,000 - - 318,623$ 395,000$ 42 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 350,000 - - - - - - - - 100,000 - - - - - - - - - 350,000 - - - - - - - - 50,000 - - - - - - - - - 20,000 - - - - - - - - 350,000 - - - - - - - - - 50,000 - - - - - - - - 350,000 - - - - - - - - - 50,000 - - - - - - - - 400,000 - - - - - - - - - 55,000 - - - - - - - - 400,000 - - - - - - - - - 60,000 - - - - - - - - 400,000 - - - - - - - - - 65,000 - - - - - - - - 400,000 - - - - - - - - - 65,000 - - - - - - - - 450,000 450,000$ 400,000$ 370,000$ 400,000$ 450,000$ 455,000$ 460,000$ 465,000$ 515,000$ 43 City of New Hope, Minnesota Capital Improvement Plan - Sewer Fund 9300 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from customers and users (5% growth assumption)3,020,152$ 3,171,159$ Payments to suppliers and employees (5% growth assumption)(2,425,991) (2,547,291) Net Cash Provided (Used) by Operating Activities 594,160 623,868 Cash Flows from Noncapital Financing Activities Transfers in - TIF - - Net Cash Provided (Used) by Noncapital Financing Activities - - Cash Flows from Capital and Related Financing Activities Acquisition of capital assets (318,623) (395,000) Proceeds from bonds and notes issued - - Interfund loan - - Interfund loan repayment ($1,250,000 loan issued from Temporary Financing in 2016 projects)(147,500) (145,000) Existing Principal and interest paid on long-term debt (65,585) (78,334) Net Cash Used by Capital and Related Financing Activities (531,708) (618,334) Cash Flows from Investing Activities Investment earnings - 11,420 Net Increase (Decrease) in Cash and Cash Equivalents 62,452 16,954 Cash and Cash Equivalents, January 1 1,079,506 1,141,958 Cash and Cash Equivalents, December 31 1,141,958$ 1,158,912$ Enterprise Fund Projected Activity 44 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 3,329,717$ 3,496,203$ 3,671,013$ 3,854,564$ 4,047,292$ 4,249,657$ 4,462,140$ 4,685,247$ 4,919,509$ (2,674,656) (2,808,388) (2,948,808) (3,096,248) (3,251,060) (3,413,614) (3,584,294) (3,763,509) (3,951,684) 655,062 687,815 722,206 758,316 796,232 836,043 877,845 921,738 967,825 - - - - - - - - - - - - - - - - - - (450,000) (400,000) (370,000) (400,000) (450,000) (455,000) (460,000) (465,000) (515,000) - - - - - - - - - - - - - - - - - - (142,500) (140,000) (137,500) (135,000) (132,500) (130,000) (127,500) - - (78,163) (78,164) (78,444) (78,162) (78,546) (77,993) (78,055) (77,978) (78,053) (670,663) (618,164) (585,944) (613,162) (661,046) (662,993) (665,555) (542,978) (593,053) 11,589 11,549 12,361 13,847 15,437 16,943 18,843 21,155 25,154 (4,012) 81,200 148,623 159,001 150,623 189,994 231,134 399,914 399,925 1,158,912 1,154,900 1,236,100 1,384,722 1,543,723 1,694,346 1,884,340 2,115,474 2,515,388 1,154,900$ 1,236,100$ 1,384,722$ 1,543,723$ 1,694,346$ 1,884,340$ 2,115,474$ 2,515,388$ 2,915,314$ Enterprise Fund Projected Activity 45 City of New Hope, Minnesota Capital Improvement Plan - Water Fund 9301 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Subledger Replace Item Cost Amounts Amounts Water S.1003 2018 Yukon Watermain 113,859$ 113,859$ -$ Water S.1009 2018 JWC - Isolation Valve - North Tower 80,283 80,283 - Water S.1008 2018 JWC - North Tower Paint 550,071 550,071 - Water S.963 2018 2015 55th Ave Water Main 1,039 1,039 - Water S.985 2018 2017 Street Infrastructure - Northwood North 41,330 41,330 - Water S.962 2018 49th Avenue Reconstruct - MSA 206 206 - Water S.974 2018 2016 Street Infrastructure - Northwood South 2,439 2,439 - Water TBD 2019 2019 Infrastructure Improvements - Winpark Drive 380,000 - 380,000 Water TBD 2019 42nd & Boone Hydrant 20,000 - 20,000 Water TBD 2020 2020 Infrastructure Improvements - Northwood East 340,000 - - Water TBD 2020 Winnetka Watermain - 27th to 29th 300,000 - - Water TBD 2021 2021 Infrastructure Improvements - Lion's Park 100,000 - - Water TBD 2022 JWC - Repaint South Water Tower 1,500,000 - - Water TBD 2022 2022 Infrastructure Improvements - Liberty Park W 20,000 - - Water TBD 2023 2023 Infrastructure Improvements - Northwoods East 40,000 - - Water TBD 2023 42nd Ave - Gettysburg to Boone Ave (Henn Co Rockford Rehab)330,000 - - Water TBD 2024 2024 Infrastructure Improvements - Jaycee Park 50,000 - - Water TBD 2025 2025 Infrastructure Improvements - St. Raphael 55,000 - - Water TBD 2026 2026 Infrastructure Improvements - Northwoods South 650,000 - - Water TBD 2027 2027 Infrastructure Improvements - N of Bass Lake Rd 65,000 - - Water TBD 2028 2028 Infrastructure Improvements 65,000 - - 789,227$ 400,000$ 46 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 340,000 - - - - - - - - 300,000 - - - - - - - - - 100,000 - - - - - - - - - 1,500,000 - - - - - - - - 20,000 - - - - - - - - - 40,000 - - - - - - - - 330,000 - - - - - - - - - 50,000 - - - - - - - - - 55,000 - - - - - - - - - 650,000 - - - - - - - - - 65,000 - - - - - - - - - 65,000 640,000$ 100,000$ 1,520,000$ 370,000$ 50,000$ 55,000$ 650,000$ 65,000$ 65,000$ 47 City of New Hope, Minnesota Capital Improvement Plan - Water Fund 9301 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from customers and users (5% growth assumption)4,473,673$ 4,697,357$ Payments to suppliers and employees (5% growth assumption)(3,359,602) (3,527,582) Net Cash Provided (Used) by Operating Activities 1,114,071 1,169,775 Cash Flows from Noncapital Financing Activities Transfers out - - Net Cash Provided (Used) by Noncapital Financing Activities - - Cash Flows From Capital and Related Financing Activities Acquisition of capital assets (789,227) (400,000) Intergovernmental (Joint Water Commission)630,354 - Proceeds from bonds and notes issued - - Interfund loan payments (Issued by Temporary Financing for JWC projects)(119,341) (119,341) Existing Principal and interest paid on long-term debt (345,817) (400,651) Net Cash Used by Capital and Related Financing Activities (624,031) (919,992) Cash Flows from Investing Activities Investment earnings 18,477 16,138 Net Increase (Decrease) in Cash and Cash Equivalents 508,517 265,920 Cash and Cash Equivalents, January 1 1,105,250 1,613,767 Cash and Cash Equivalents, December 31 1,613,767$ 1,879,688$ Enterprise Fund Projected Activity 48 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 4,932,225$ 5,178,836$ 5,437,778$ 5,709,666$ 5,995,150$ 6,294,907$ 6,609,653$ 6,940,135$ 7,287,142$ (3,703,961) (3,889,159) (4,083,617) (4,287,798) (4,502,188) (4,727,297) (4,963,662) (5,211,845) (5,472,438) 1,228,263 1,289,676 1,354,160 1,421,868 1,492,962 1,567,610 1,645,990 1,728,290 1,814,704 - - - - - - - - - - - - - - - - - - (640,000) (100,000) (1,520,000) (370,000) (50,000) (55,000) (650,000) (65,000) (65,000) - - 1,500,000 - - - - - - - - - - - - - - - (119,341) (119,341) (119,341) (119,341) (119,341) - - - - (403,896) (399,182) (315,511) (314,905) (316,125) (313,409) (314,344) (313,947) (314,812) (1,163,237) (618,523) (454,852) (804,246) (485,466) (368,409) (964,344) (378,947) (379,812) 18,797 19,635 26,543 35,802 42,336 52,834 65,354 72,824 87,046 83,823 690,789 925,851 653,424 1,049,832 1,252,035 747,001 1,422,167 1,521,938 1,879,688 1,963,511 2,654,300 3,580,151 4,233,575 5,283,407 6,535,442 7,282,442 8,704,610 1,963,511$ 2,654,300$ 3,580,151$ 4,233,575$ 5,283,407$ 6,535,442$ 7,282,442$ 8,704,610$ 10,226,548$ Enterprise Fund Projected Activity 49 City of New Hope, Minnesota Capital Improvement Plan - Storm Water Fund 9304 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Subledger Replace Item Cost Amounts Amounts Storm water S.1009 2018 Storm Water Project - Golf Course Pond 154,252$ 154,252$ -$ Storm water S.999 2018 2018 MSA Boone & 36th Mill and Inlay 18,725 18,725 - Storm water S.954 2018 2015-2016 Pond Maintenance 474 474 - Storm water S.985 2018 2017 Street Infrastructure - Northwood North 39,956 39,956 - Storm water S.962 2018 49th Avenue Reconstruct - MSA 326 326 - Storm water S.974 2018 Northwoods Lake South 581 581 - Storm water 2019 2019 Infrastructure Improvements - Winpark Drive 290,000 - 290,000 Storm water 2019 Required TMDL projects 100,000 - 100,000 Storm water 2020 2020 Infrastructure Improvements - Northwood East 190,000 - - Storm water 2020 Required TMDL projects 100,000 - - Storm water 2021 2021 Infrastructure Improvements - Lion's Park 200,000 - - Storm water 2021 Required TMDL projects 100,000 - - Storm water 2021 MLR/Rosalyn Court - Flood Mitigation Project 50,000 - - Storm water 2022 2022 Infrastructure Improvements - Liberty Park W 40,000 - - Storm water 2022 Required TMDL projects 100,000 - - Storm water 2023 2023 Infrastructure Improvements - Northwoods East 80,000 - - Storm water 2023 Required TMDL projects 100,000 - - Storm water 2024 2024 Infrastructure Improvements - Jaycee Park 50,000 - - Storm water 2024 Required TMDL projects 100,000 - - Storm water 2025 2025 Infrastructure Improvements - St. Raphael 55,000 - - Storm water 2025 Required TMDL projects 100,000 - - Storm water 2026 2026 Infrastructure Improvements - Northwoods South 260,000 - - Storm water 2026 Required TMDL projects 100,000 - - Storm water 2027 Required TMDL projects 100,000 - - Storm water 2027 2027 Infrastructure Improvements - N of Bass Lake Rd 65,000 - - Storm water 2028 2028 Infrastructure Improvements 80,000 - - 214,314$ 390,000$ 50 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 190,000 - - - - - - - - 100,000 - - - - - - - - - 200,000 - - - - - - - - 100,000 - - - - - - - - 50,000 - - - - - - - - - 40,000 - - - - - - - - 100,000 - - - - - - - - - 80,000 - - - - - - - - 100,000 - - - - - - - - - 50,000 - - - - - - - - 100,000 - - - - - - - - - 55,000 - - - - - - - - 100,000 - - - - - - - - - 260,000 - - - - - - - - 100,000 - - - - - - - - - 100,000 - - - - - - - - 65,000 - - - - - - - - - 80,000 290,000$ 350,000$ 140,000$ 180,000$ 150,000$ 155,000$ 360,000$ 165,000$ 80,000$ 51 City of New Hope, Minnesota Capital Improvement Plan - Storm Water Fund 9304 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from customers and users (5% growth assumption)1,095,992$ 1,150,792$ Payments to suppliers and employees (5% growth assumption)(661,582) (694,661) Net Cash Provided (Used) by Operating Activities 434,410 456,131 Cash Flows from Noncapital Financing Activities Transfers out - - Net Cash Provided (Used) by Noncapital Financing Activities - - Cash Flows from Capital and Related Financing Activities Acquisition of capital assets (214,314) (390,000) Intergovernmental revenue (Watershed grants or cost share with City of Crystal)19,051 - Proceeds from bonds and notes issued - - Existing Principal and interest paid on long-term debt (155,364) (197,807) Net Cash Used by Capital and Related Financing Activities (350,627) (587,807) Cash Flows From Investing Activities Investment earnings 9,381 4,998 Net Increase (Decrease) in Cash and Cash Equivalents 93,164 (126,679) Cash and Cash Equivalents, January 1 406,610 499,774 Cash and Cash Equivalents, December 31 499,774$ 373,095$ Enterprise Fund Projected Activity 52 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 1,208,331$ 1,268,748$ 1,332,185$ 1,398,795$ 1,468,734$ 1,542,171$ 1,619,279$ 1,700,243$ 1,785,256$ (729,394) (765,864) (804,157) (844,365) (886,583) (930,912) (977,458) (1,026,331) (1,077,647) 478,937 502,884 528,028 554,430 582,151 611,259 641,822 673,913 707,608 - - - - - - - - - - - - - - - - - - (290,000) (350,000) (140,000) (180,000) (150,000) (155,000) (360,000) (165,000) (80,000) - - - - - - - - - - - - - - - - - - (191,342) (194,335) (198,210) (131,989) (132,568) (131,509) (131,588) (131,479) (131,666) (481,342) (544,335) (338,210) (311,989) (282,568) (286,509) (491,588) (296,479) (211,666) 3,731 3,744 3,367 5,299 7,776 10,850 14,206 15,850 19,783 1,326 (37,707) 193,185 247,740 307,360 335,600 164,440 393,284 515,726 373,095 374,422 336,715 529,900 777,640 1,085,000 1,420,599 1,585,039 1,978,323 374,422$ 336,715$ 529,900$ 777,640$ 1,085,000$ 1,420,599$ 1,585,039$ 1,978,323$ 2,494,049$ Enterprise Fund Projected Activity 53 City of New Hope, Minnesota Capital Improvement Plan - Street Light Fund 9305 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Department Replace Item Cost Amounts Amounts Public works 2018 42nd Avenue Lighting - Xylon to Louisiana Ave 45,000$ 45,000$ -$ Public works 2019 Boone Ave & 42nd Turn Signal Replacement 150,000 - 150,000 Public works 2019 42nd Avenue Lighting - Xylon to Louisiana Ave 355,000 - 355,000 45,000$ 505,000$ 54 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$ -$ -$ -$ 55 City of New Hope, Minnesota Capital Improvement Plan - Street Light Fund 9305 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from customers and users (5% growth assumption)144,684$ 151,918$ Payments to suppliers and employees (5% growth assumption)(107,872) (113,265) Net Cash Provided (Used) by Operating Activities 36,812 38,653 Cash Flows from Noncapital Financing Activities Transfers in - TIF - - Net Cash Provided (Used) by Noncapital Financing Activities - - Cash Flows from Capital and Related Financing Activities Acquisition of capital assets (45,000) (505,000) Intergovernmental revenue - 150,000 Proceeds from bonds and notes issued - - Principal and interest paid on long-term debt - - Principal and interest paid on long-term debt - - Net Cash Used By Capital and Related Financing Activities (45,000) (355,000) Cash Flows From Investing Activities Investment Earnings 4,177 3,330 Net Increase (Decrease) in Cash and Cash Equivalents (4,012) (313,018) Cash and Cash Equivalents, January 1 337,004 332,992 Cash and Cash Equivalents, December 31 332,992$ 19,975$ Enterprise Fund Projected Activity 56 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 159,514$ 167,489$ 175,864$ 184,657$ 193,890$ 203,584$ 213,764$ 224,452$ 235,675$ (118,929) (124,875) (131,119) (137,675) (144,558) (151,786) (159,376) (167,344) (175,712) 40,585 42,614 44,745 46,982 49,332 51,798 54,388 57,107 59,963 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 200 608 1,040 1,498 1,982 2,496 3,039 3,613 4,220 40,785 43,222 45,785 48,480 51,314 54,294 57,427 60,720 64,183 19,975 60,760 103,982 149,767 198,247 249,561 303,855 361,281 422,001 60,760$ 103,982$ 149,767$ 198,247$ 249,561$ 303,855$ 361,281$ 422,001$ 486,184$ Enterprise Fund Projected Activity 57 City of New Hope, Minnesota Capital Improvement Plan - Ice Arena Fund 9303 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Subledger Replace Item Cost Amounts Amounts Ice Arena 2018 IA protective netting 5,200$ 5,200$ -$ Ice Arena 2018 IA rink lighting (North rink)45,000 45,000 - Ice Arena 2019 IA water heaters 30,000 - 30,000 Ice Arena 2019 IA front doors 40,000 - 40,000 Ice Arena 2019 IA dehumidification system 200,000 - 200,000 Ice Arena 2019 IA skate tile replacement 15,000 - 15,000 Ice Arena 2019 IA weight room upgrades 20,000 - 20,000 Ice Arena 2019 IA door security 20,000 - 20,000 Ice Arena 2020 IA rebuild compressors 20,000 - - Ice Arena 2020 IA scoreboard (south rink)25,000 - - Ice Arena 2020 IA radiant heaters (North rink)25,000 - - Ice Arena 2020 IA skate sharpening machine 20,000 - - Ice Arena 2020 IA security cameras 70,000 - - Ice Arena 2021 IA community room tile 20,000 - - Ice Arena 2021 IA re-cement floor and replace glass and boards (South rink) (1)700,000 - - Ice Arena 2021 IA replace dasher boards and glass (north) (1)200,000 - - Ice Arena 2021 IA replace roof (south rink) (1)550,000 - - Ice Arena 2022 IA meeting room carpet 8,000 - - Ice Arena 2022 IA HVAC upgrades (s)50,000 - - Ice Arena 2022 IA Zamboni doors 15,000 - - Ice Arena 2023 IA rebuild compressors 22,000 - - Ice Arena 2023 IA bleacher caps (N)25,000 - - Ice Arena 2023 IA concession stand upgrades 30,000 - - Ice Arena 2024 IA HVAC upgrades (s)50,000 - - Ice Arena 2024 IA remodel bathrooms 50,000 - - Ice Arena 2025 IA HVAC upgrades (s)50,000 - - Ice Arena 2026 IA rebuild compressors 24,000 - - Ice Arena 2026 IA shower replacement 20,000 - - Ice Arena 2027 IA overhead doors 25,000 - - Ice Arena 2027 IA water heater for showers 15,000 - - Ice Arena 2028 IA protective netting 15,000 - - 50,200$ 325,000$ (1) Project may be moved to an earlier year if temporary financing has adequate funds for an interfund loan. Department 58 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 20,000 - - - - - - - - 25,000 - - - - - - - - 25,000 - - - - - - - - 20,000 - - - - - - - - 70,000 - - - - - - - - - 20,000 - - - - - - - - 700,000 - - - - - - - - 200,000 - - - - - - - - 550,000 - - - - - - - - - 8,000 - - - - - - - - 50,000 - - - - - - - - 15,000 - - - - - - - - - 22,000 - - - - - - - - 25,000 - - - - - - - - 30,000 - - - - - - - - - 50,000 - - - - - - - - 50,000 - - - - - - - - - 50,000 - - - - - - - - - 24,000 - - - - - - - - 20,000 - - - - - - - - - 25,000 - - - - - - - - 15,000 - - - - - - - - - 15,000 160,000$ 1,470,000$ 73,000$ 77,000$ 100,000$ 50,000$ 44,000$ 40,000$ 15,000$ 59 City of New Hope, Minnesota Capital Improvement Plan - Ice Arena Fund 9303 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from customers and users (enterprise assumption of 2.5% growth)866,395$ 888,054$ Payments to suppliers and employees (enterprise modified assumption of 2.5% growth)(757,395) (776,330) Net Cash Provided (Used) by Operating Activities 109,000 111,725 Cash Flows from Noncapital Financing Activities Transfers in (building operations credit from General Fund, 2.5% annual increase)39,000 39,975 Transfers in (levy, Park Infrastructure Fund)200,000 300,000 Transfers out (administrative charges)(10,250) (10,506) Net Cash Provided (Used) by Noncapital Financing Activities 228,750 329,469 Cash Flows from Capital and Related Financing Activities Acquisition of capital assets (50,200) (325,000) Proceeds from bonds and notes issued or interfund loan - - Existing Principal and interest paid on long-term debt (57,482) (57,482) New Principal and interest paid on long-term debt - - Net Cash Used by Capital and Related Financing Activities (107,682) (382,482) Cash Flows from Investing Activities Investment earnings 7,599 8,864 Net Increase (Decrease) in Cash and Cash Equivalents 237,666 67,575 Operating Cash (382,926) (330,260) Cash Held with Fiscal Agent 1,031,673 1,216,673 Cash and Cash Equivalents, January 1 (1)648,747 886,413 Operating Cash (330,260) (457,684) Cash Held with Fiscal Agent 1,216,673 1,411,673 Cash and Cash Equivalents, December 31 (1)886,413$ 953,989$ Target Balance in Fiscal Agent Account 1,150,000$ 1,345,000$ Estimated Balance in Fiscal Agent Account 1,216,673 1,411,673 Estimated Surplus / Deficit in Fiscal Agent Account 66,673 66,673 (1) The value of cash & cash equivalents includes cash held in escrow which is restricted for future debt service. Enterprise Fund Projected Activity 60 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 910,256$ 933,012$ 956,338$ 980,246$ 1,004,752$ 1,029,871$ 1,055,618$ 1,082,008$ 1,109,058$ (795,738) (815,632) (836,022) (856,923) (878,346) (900,305) (922,812) (945,883) (969,530) 114,518 117,381 120,315 123,323 126,406 129,566 132,805 136,125 139,529 40,974 41,999 43,049 44,125 45,228 46,359 47,518 48,706 49,923 400,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 (10,769) (11,038) (11,314) (11,597) (11,887) (12,184) (12,489) (12,801) (13,121) 430,205 530,961 531,735 532,528 533,341 534,175 535,029 535,905 536,802 (160,000) (1,470,000) (73,000) (77,000) (100,000) (50,000) (44,000) (40,000) (15,000) - 1,450,000 - - - - - - - (57,482) (57,482) (57,482) (57,482) (57,482) (57,482) (57,482) (57,482) (57,482) - (43,500) (140,167) (137,267) (134,367) (131,467) (128,567) (125,667) (122,767) (217,482) (120,982) (270,649) (271,749) (291,849) (238,949) (230,049) (223,149) (195,248) 9,540 12,908 18,310 22,307 26,372 30,314 34,865 39,592 44,477 336,781 540,267 399,711 406,410 394,270 455,107 472,651 488,473 525,560 (457,684) (320,903) 9,363 189,075 365,485 519,755 724,861 937,512 1,155,986 1,411,673 1,611,673 1,821,673 2,041,673 2,271,673 2,511,673 2,761,673 3,021,673 3,291,673 953,989 1,290,770 1,831,036 2,230,748 2,637,158 3,031,428 3,486,534 3,959,185 4,447,659 (320,903) 9,363 189,075 365,485 519,755 724,861 937,512 1,155,986 1,401,546 1,611,673 1,821,673 2,041,673 2,271,673 2,511,673 2,761,673 3,021,673 3,291,673 3,571,673 1,290,770$ 1,831,036$ 2,230,748$ 2,637,158$ 3,031,428$ 3,486,534$ 3,959,185$ 4,447,659$ 4,973,219$ 1,545,000$ 1,755,000$ 1,975,000$ 2,205,000$ 2,445,000$ 2,695,000$ 2,955,000$ 3,225,000$ 3,505,000$ 1,611,673 1,821,673 2,041,673 2,271,673 2,511,673 2,761,673 3,021,673 3,291,673 3,571,673 66,673 66,673 66,673 66,673 66,673 66,673 66,673 66,673 66,673 Enterprise Fund Projected Activity 61 City of New Hope, Minnesota Capital Improvement Plan - Golf Course Fund 9302 Schedule of Planned Capital Outlay 2018 to 2028 2018 2019 Year to Estimated Estimated Replace Item Cost Amounts Amounts Parks & Recreation 2018 GC concession area ventilation (back room)10,000$ 10,000$ -$ Parks & Recreation 2018 GC Deck 17,000 17,000 - Parks & Recreation 2018 GC golf carts (5 of 5 yr lease to own)7,000 7,000 - Parks & Recreation 2018 GC irrigation controllers 4,000 4,000 - Parks & Recreation 2019 GC golf carts (1 of 5)8,000 - 8,000 Parks & Recreation 2019 GC misc equipment 5,000 - 5,000 Parks & Recreation 2019 GC door security 15,000 - 15,000 Parks & Recreation 2020 GC cash register 5,000 - - Parks & Recreation 2020 GC concession equipment 12,000 - - Parks & Recreation 2020 GC golf carts (2 of 5)8,000 - - Parks & Recreation 2020 GC paint maintenance shop 10,000 - - Parks & Recreation 2020 GC misc equipment 5,000 - - Parks & Recreation 2020 GC security cameras 25,000 - - Parks & Recreation 2021 GC clubhouse HVAC 20,000 - - Parks & Recreation 2021 GC clubhouse update 20,000 - - Parks & Recreation 2021 GC misc equipment 6,000 - - Parks & Recreation 2021 GC golf carts (3 of 5)8,000 - - Parks & Recreation 2022 GC clubhouse carpet 12,000 - - Parks & Recreation 2022 GC paint clubhouse exterior 10,000 - - Parks & Recreation 2022 GC golf carts (4 of 5)8,000 - - Parks & Recreation 2022 GC misc equipment 5,000 - - Parks & Recreation 2023 GC fencing 25,000 - - Parks & Recreation 2023 GC golf carts (5 of 5)8,000 - - Parks & Recreation 2023 GC fire system 30,000 - - Parks & Recreation 2023 GC misc equipment 5,000 - - Parks & Recreation 2024 GC golf cart lease (1 of 5)10,000 - - Parks & Recreation 2024 GC fencing 25,000 - - Parks & Recreation 2024 GC misc equipment 6,000 - - Parks & Recreation 2025 GC golf cart lease (2 of 5)10,000 - - Parks & Recreation 2025 GC fencing 25,000 - - Parks & Recreation 2025 GC gas grills 7,500 - - Parks & Recreation 2025 GC irrigation pump and motor 20,000 - - Parks & Recreation 2025 GC misc equipment 6,000 - - Parks & Recreation 2026 GC golf cart lease (3 of 5)10,000 - - Parks & Recreation 2026 GC fencing 25,000 - - Parks & Recreation 2026 GC misc equipment 6,000 - - Parks & Recreation 2027 GC golf cart lease (4 of 5)10,000 - - Parks & Recreation 2027 GC fencing 25,000 - - Parks & Recreation 2027 GC VFD Irrigation 10,000 - - Parks & Recreation 2027 GC misc equipment 7,000 - - Parks & Recreation 2028 GC golf cart lease (5 of 5)10,000 - - Parks & Recreation 2028 GC misc equipment 7,000 - - 38,000$ 28,000$ Department 62 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,000 - - - - - - - - 12,000 - - - - - - - - 8,000 - - - - - - - - 10,000 - - - - - - - - 5,000 - - - - - - - - 25,000 - - - - - - - - - 20,000 - - - - - - - - 20,000 - - - - - - - - 6,000 - - - - - - - - 8,000 - - - - - - - - - 12,000 - - - - - - - - 10,000 - - - - - - - - 8,000 - - - - - - - - 5,000 - - - - - - - - - 25,000 - - - - - - - - 8,000 - - - - - - - - 30,000 - - - - - - - - 5,000 - - - - - - - - - 10,000 - - - - - - - - 25,000 - - - - - - - - 6,000 - - - - - - - - - 10,000 - - - - - - - - 25,000 - - - - - - - - 7,500 - - - - - - - - 20,000 - - - - - - - - 6,000 - - - - - - - - - 10,000 - - - - - - - - 25,000 - - - - - - - - 6,000 - - - - - - - - - 10,000 - - - - - - - - 25,000 - - - - - - - - 10,000 - - - - - - - - 7,000 - - - - - - - - - 10,000 - - - - - - - - 7,000 65,000$ 54,000$ 35,000$ 68,000$ 41,000$ 68,500$ 41,000$ 52,000$ 17,000$ 63 City of New Hope, Minnesota Capital Improvement Plan - Golf Course Fund 9302 Statement of Cash Flows 2018 2019 Estimated Estimated Cash Flows from Operating Activities Receipts from customers and users (modified enterprise assumption of 5% growth)351,500$ 369,075$ Payments to suppliers and employees (modified enterprise assumption of 3% growth)(327,971) (337,810) Net Cash Provided (Used) by Operating Activities 23,529 31,265 Cash Flows from Noncapital Financing Activities Transfers out (administrative charges)(10,250) (10,506) Cash Flows from Capital and Related Financing Activities Acquisition of capital assets (38,000) (28,000) Proceeds from sale of assets - - Proceeds from bonds and notes issued - - Existing Principal and interest paid on long-term debt - - New Principal and interest paid on long-term debt - - Net Cash Used by Capital and Related Financing Activities (38,000) (28,000) Cash Flows from Investing Activities Investment earnings 750 635 Net Increase (Decrease) in Cash and Cash Equivalents (23,971) (6,607) Cash and Cash Equivalents, January 1 87,452 63,481 Cash and Cash Equivalents, December 31 63,481$ 56,874$ Enterprise Fund Projected Activity 64 2020 2021 2022 2023 2024 2025 2026 2027 2028 Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated 387,529$ 406,905$ 427,250$ 448,613$ 471,044$ 494,596$ 519,326$ 545,292$ 572,556$ (347,944) (358,383) (369,134) (380,208) (391,615) (403,363) (415,464) (427,928) (440,766) 39,584 48,522 58,116 68,405 79,429 91,233 103,862 117,364 131,791 (10,769) (11,038) (11,314) (11,597) (11,887) (12,184) (12,489) (12,801) (13,121) (65,000) (54,000) (35,000) (68,000) (41,000) (68,500) (41,000) (52,000) (17,000) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (65,000) (54,000) (35,000) (68,000) (41,000) (68,500) (41,000) (52,000) (17,000) 569 213 50 168 58 324 433 941 1,476 (35,616) (16,303) 11,852 (11,024) 26,600 10,873 50,806 53,504 103,146 56,874 21,259 4,955 16,807 5,783 32,383 43,256 94,061 147,565 21,259$ 4,955$ 16,807$ 5,783$ 32,383$ 43,256$ 94,061$ 147,565$ 250,711$ Enterprise Fund Projected Activity 65 Tax Rates Tax Rates: General Fund Operations and All Funds Cash Balances General Fund Balance as a Percent of Revenue:Cash Balance by Planned Use (000's): Tax rates are a function of the levy and total tax base. The city tax rate is computed by dividing the city levy by the taxable tax capacity. Future tax rates are based on the assumption of 3.5% growth in tax capacity (see Assumptions). Comparable communities are provided for reference. The General fund fund balance should be maintained at a level to provide for adequate working capital reserves. The MN State Auditor recommends a 35- 50% reserve. As the expenditure budget grows, the required reserve should increase accordingly. The City can build to this target by adding to contingency each year. This can be accomplished by reducing expenditures and maintaining the same level of revenue or increasing tax levy. The balances represented in this graph are categorized by the planned use and/or limitations determined by statute. $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Fund Balance Budget Target Fund Balance (42%) General Fund Balance as a Percent of Expenditures 2017 (Actual) 2018-2028 (Estimated) 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% City Tax Capacity Rates 2017-2018 (Actual) and 2019-2028 (Estimated) General Proposed capital levies Scheduled debt levies Proposed debt levies $- $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 Cash Balance by Planned Use 2017 (Actual) and 2018-2028 (Estimated) General fund Debt service Capital projects Special revenue Enterprise Internal serviceAgency (pass-through grant) 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 2013 2014 2015 2016 2017 2018 Tax Capacity Tax Rate -Comparison Cities 2013 -2018 (Actual) Crystal Golden Valley Champlin Hopkins Brooklyn Center New Hope 66 Property Taxes by Type Debt Debt Balances This graph highlights the percent of levy by planned use. Increases in the levy are primarily attributed to the growth in scheduled and proposed debt levies as well as growth in the City's General levy. The overall city tax burden for a $213,000 house in 2018 is shown in the graph on the right. The overall property tax levy for an average valued house is highlighted above. The projected debt portfolio includes issuance of bonds in 2017 for the City Center facility expansion as well as park and Civic Center Park improvements in 2019. Other future debt projected in the plan includes issuance of bonds in 2021 for the public works facility and ice arena improvements. These contemplated projects will result in an increase to the amount of debt outstanding over the life of the Plan. Percent of Property Taxes - General Levy and Bonds Projected City Tax Impact - 2018 $213,000 home $- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Property Taxes -General Levy, EDA, Debt Service and Capital 2017 -2018 (Actual) and 2019-2028 (Estimated) General Street Infrastructure Economic Development Authority Park Infrastructure Scheduled debt levies Proposed debt levies Capital levies - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Projected City Tax Impact 2017-2028 (Estimated) $- $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 201720182019202020212022202320242025202620272028 Projected Debt Balances Based on Current Amortizations and New Debt Assumed in CIP 2017 (Actual) and 2018-2028 (Estimated) G.O. Tax Increment Debt (Gov't)Other Long-term Debt G.O. Revenue Debt G.O. Tax Increment Debt (Bus) Lease Revenue Bonds Potential New G.O. Debt G.O. Improvement (Gov't)G.O. Improvement (Bus) 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Debt Per Capita -Comparison Cities 2012-2017 (Actual) 2018-2022 (Estimated) Crystal Golden Valley Champlin Hopkins Brooklyn Center New Hope 67