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Long Term Financial Plan 2013-2018CITY OF NEW HOPE, MINNESOTA LONG TERM PLAN - 2013 -2018 — Updated 11/19/13 Prepared by Abdo, is and Meyers, LLP LONG TERM PLAN TABLE OF CONTENTS TransitiVal Letter FINANCIAL SECTION Summary of Tax Levies and Tax Rates Summary of Outstanding Debt Schedule Sche1uled. of 7i1-myrtvemwitt 2013 to fi 112 « r Sclectcd Graphical M Paae No. INTRODUCTORY I CITY OF NEW HOPE, MINNE SOT.A LONG TERM PLAN -2- IM W Mayor and City Council City of New Hope, Minnesota 2013 - 2018 Financial Plan Executive Summary Honorable Mayor and City Council, Fff,,ff,VVVT= U U 1 4 schedules, Furthermore, there will usually be differences between the projected 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. The City's assumptions made are as follows: Assumptions • Normal operating expenses will increase by a three percent inflation rate. • No change is anticipated in housing growth. • New projects have been identified in the capital plan and are to be financed with existing reserves or identified other funding sources, No new bonds are anticipated. • The General fund tax levy increase is approximately three percent, ® The TIF districts are assumed to end as scheduled in the TIF plans ® LGA is scheduled to be split between the Water and General funds. 952.835,9090 - Fax 952.835.3261 www.aemepse.com MMU= 0 The Street infrastructure is able to finance all planned projects with existing reserves or planned levy. 0 The Park Infrastructure fund does not have adequate reserves to meet the five year CIP costs. The fund is projected to be in deficit beginning in 2015. The average annual CIP costs for 2013 to 2018 are approximately $493 thousand while the annual levy is at $300 thousand. The CIP will continue to be reviewed and adjusted as funding permits. The deficits can be narrowed down to two large projects; The Parks Civic Center Park Improvement project scheduled in 2014 for $350 thousand and the Pool update for shallow pools scheduled for 2015 for $300 thousand. 0 HRA Bonds fund has a deficit projected for 2014 and on. This fund deficit is discussed in the TIF cash flow report. The City's strategy to deal with this fund will include either proceeds from land sales or the EDA forgiving a loan in amounts excess of the deficits. Processes are in place to ensure this is addressed. I 0 The Water fund is showing positive results due to the $ 1,000,000 transfer from the Storm Water fund in 2013. Rate increases are assumed at 5 percent for 2014 and three percent in subsequent years. It appears the cornbination of rate increases and LGA allotments are necessary to finance operations and maintain an adequate reserve. The City may mitigate rate increases if bonding is considered for the bi-annual projects. Currently the debt as a percent of expenditures is low. The graph below shows some key performance indicators. The projection anticipates relatively significant improvement in each of the main areas of performance. a The past practice of reducing the capital component of the central garage is highlighted in the decrease in cash balance over the life of the projection. In 2008, the balance was $7.5 million and at the end of 2018 it is projected to be $1.1 million. The City will need to plan for a greater contribution to the replacement costs in future years. Although the lee arena is shown as negative, it is offset with positive balances in the Energy Savings Bond (ESB) component. The ESB is required to be maintained to ensure sufficient funds are accumulated for the $3.5 million balance due for the ESB final payment in 2018. Based on the energy savings guarantee and consistent ice time sales, the Ice Arena fund appears to have stable positive cash flows. The negative cash is mainly driven by self -funding future capital purchases. In total the Ice Arena is planning to spend $564 thousand on capital that previously was funded with the Park Infrastructure fund. The Golf Course also reports relatively stable operations. During the life of the projection, it is anticipated that the Golf Course will spend $217 thousand on capital needs. 952.835M90 * Fax 952.835.3261 www,aevwpssxorn -4- P r"® ected, s - Water fund r 2010 2011 —2012 T-2013 2014 ----- I ---- -------- T 2015 2016 2-0-1-7----F —2o18 e., iazgs;adti (251-� of op e�p a� LiagF 1,694 081 1 I 380�963 S 1,410 093 1507 385 X 1,465�719 1 490A18 1,515,688 15-17,489 1402,279ry Cash as a percent of target - no debt 0% 51% 13% 77% ��b 1049,16 62% ........ ... ............ .... 19%,�, 55% (Arm 9 109n ... . ............ . ............... .. ®col,. Debt sen. ice (exicoo sting no nev 89 20� . . . .............. .......................... .......... . 10 "P 6-10 '�A 14'o -21% U �10 167% 1? 177% Debt service as a percent of receipts no n w) (green 10%) 12.4% 5 26,, Q) 6 2'! 0 a®' oall 4 4", 4.21/6, 4 011, 6101 4 42 9% 4 Oco ��b 55 ........... .... .. '40 �J 30;! revenue increasesorgy 6% 1k, 51�i 3% 3%J 3Q . .................... a The past practice of reducing the capital component of the central garage is highlighted in the decrease in cash balance over the life of the projection. In 2008, the balance was $7.5 million and at the end of 2018 it is projected to be $1.1 million. The City will need to plan for a greater contribution to the replacement costs in future years. Although the lee arena is shown as negative, it is offset with positive balances in the Energy Savings Bond (ESB) component. The ESB is required to be maintained to ensure sufficient funds are accumulated for the $3.5 million balance due for the ESB final payment in 2018. Based on the energy savings guarantee and consistent ice time sales, the Ice Arena fund appears to have stable positive cash flows. The negative cash is mainly driven by self -funding future capital purchases. In total the Ice Arena is planning to spend $564 thousand on capital that previously was funded with the Park Infrastructure fund. The Golf Course also reports relatively stable operations. During the life of the projection, it is anticipated that the Golf Course will spend $217 thousand on capital needs. 952.835M90 * Fax 952.835.3261 www,aevwpssxorn -4- CITY" OF NEW HOPE, MINNESOTA LONG TERM PLAN -5- CITY OF NEW HOPE, MINNESOTA SUMMARY OF TAX LEVIES AND TAX RATES 2011 TO 2012 ACTUAL AND 2013 TO 2018 PROJECTED Taxes Levied Tax type 2011 Actus < 012 Actual '0-- 2014 2015 Property Taxes Levied for General Purposes 9001 General 9203 Street Infrastructure 9015'9501 Economic Development Authority 9233 Park Infrastructure 9013 Bassett Creek Watershed 9014 Shingle Creek Watershed Total Property Taxes Levied for General Property Ta=es 11evie-d for Debt S----01 } 9140nMI Obligation Taxable 9145 2010 Fire Truck Certs Total Property Taxes Levied for Debt Total Property Taxes For Tax Rate Calculation Property `faxes Levzed for TIF 9211-9219 BRA Construction 9110-9119 BRA Bonds Total Property Taxes Levied for TIF Total Tax Capacity° Personal and Real Estate Assumed Net Growth Less: Contribution to fiscal disparities Less: Tax Increment Tax capacity used for local rate Add: Distribution from fiscal disparities Adjusted net tax capicity Tax Rates C --neral Scheduled Debt Levies Proposed Debt Levies Total Direct Tax Rate (factors Fiscal Disparities not reflected in tax capacity) Population Taxes per Capita Median Home Value Median Home Taxes change from prior years $'s Tax capacity growth rates 2017 2018 - General $ 6,960,834 $ 7,423,273 $ 7,842,983 $ 7,927,983 $ 8,165,822 $ 8,410,797 $ 8,663,121 $ 8,923,015 General 1,182,5C0 1,182,500 1,182,500 1,182,500 1,217,975 1,254,514 1,292,150 1,330,914 General 85,000 85,000 85,000 150,C00 151,500 153,015 154,545 156,091 General 296,000 296,000 296,000 296,000 298,960 301,950 304,969 308,019 Watershed 23,440 25,533 - _ - - 57.72% 57.68% Watersht-d 28,080 25,273 _ - 0.9890 0.98% 0.96% 0.9€2% 0.90°0 s 8,575,854 9,037,579 9,406,483 9,556.483 9,834,257 ]0,120 276 10,4114,785 10,718,038 Debt 38,005 - - - - - 20,873 20,873 Debt 54,109 161 '172 164,1- c1.4 7 =63 X03 150,9 2 I6 ,272 159,999 181,000 $ 192,105 16I,802 164,325 161,487 163,902 160,962 163,272 `59,999 935 83. 959 995 9570, 717+?;1 •3,9°'=-x,113' 10-8L238 1�7,si1-0si 1u,1?78,€iN 5.4% 0.9% 0.9% TIF 1,078,910 1,106,326 1,087,764 305,734 305,734 131,235 I31,235 131,235 TIF 293,837 255,483 253,067 253,067 253,967 253,067 253,067 253,067 1,372,747 1,361,809 1,340;831 558,801 558,801 384,302 384.302 334,302 k ]0,140.706 $ =I551.19_d $ 1€39!1,639 S I02726.7 S?}.556.961 $ 10'55. 40 tr :2.3x9 ry '3S $ 18,622,288 $ 16,851,982 $ 15,664,668 $ 15,672,947 $ 16,143,135 $ 16,627,429 $ 17,126,252 $ 17,640,040 (2,466,459) (2,380,423) (2,255,476) (2,154,731) (2,219,373) (2,285,954) (2,354,533) (2,425,169) (1,044,830) (944,560) (366,752) (376,875) (388,181) (399,827) (411,821) (424,176) 15,110,999 13,526,999 13,042,440 13,141,341 13,535,581 13,941,649 14,359,898 14,790,695 s_SK651 Y_605 07 3_<1 _34 3.141.341 32-3-5.581 _+_332,64Y y 4 2_t x8 3-53-5-607 $ 19-007-650 17-132-074 S 16,490.786 $ 16-282692 $ 15 77= 162 S `274.297 $ 1=79 2-6 $ 18.3s6,3(d2 47.87% 53.84% 56.06% 57.72% 57.68% 57.67% 57.63% 57.62% 1.07?0 0.96% 0.9890 0.98% 0.96% 0.9€2% 0.90°0 0.86% 48,9 G 54.8% 57-0% 5&7% 58-6%58,6% 58-15% 58-5 20,873 20,873 20,873 20,873 20,873 20,873 20,873 20,873 S 453 S E06 S ? S 492 S 576 $ 5'.' -25 S 540 $ 193,000 $ 181,000 $ 164,000 $ 168,000 $ 169,680 $ 171,377 $ 173,091 $ 174,821 945 992 935 986 995 1,004 1,013 1,022 5.0% -5.7% 5.4% 0.9% 0.9% 0.9% 0.9°0 -9.87% -3.74% -1.26% 3.00% 3.00% 3.00% 3.00% 0 The Governmental Fund consists of the following funds 9001 General 9015/9501 Economic Development Authority 9013 Bassett Creek Watershed 9014 Shingle Creek Watershed 9021 Police Forfeiture 9016 Solid Waste Management 9017 Ice Arena Endowment 9010 Pool Capital Outlay 9202 City Hall CIP 9213-9219 HRA Construction 9203 Street Infrastructure 9242 Temporary Financing 9233 Park Infrastructure 9140 General Obligation Taxable 9145 2010 Fire Truck Certs 9110-9119 HRA Bonds 2,894,605 Subtotal The Proprietary Fund consists of the following funds 9300 Sewer (2010 and after) 9301 Water (2010 and after) 9302 Golf Course 9303 Ice Arena 2013 Ice Arena - Energy Savings Bonds 9304 Storm Water 9305 Street Lighting Subtotal The Internal Service Fund consists of the followin funds 9402 Central Garage 9407 Insurance Reserve 9408 Employee Leave 9410 Information Technology LLQ CITY OF OMINNESOTA Ending Cash Bulances Ending Cash Balances - Continued Status 2011 2012 2013 2014 2015 2016 2017 2018 indicator 4,823,007 $ 5,043,417 $ 5,095,735 $ 5,075,059 $ 5,096,952 $ 5,163,718 $ 5,202,573 $ 5,243,533 2.261,409 2,747,314 2,864,633 2,894,605 2,916,099 2,928,661 2,931,819 2,925,085 16,462 - _ - - - - - �� 400 - - - - - - 85,883 101,878 118,539 135,754 153,539 171,913 171,913 171,913 =1 136,307 140,808 176,646 176,711 176,772 176,829 176,881 176,928 8,825 13,810 14,015 14,223 14,435 14,651 14,871 9,074 a 341,991 348,301 348,301 348,301 348,301 348,301 348,301 348,301 - 100,747 202,560 206,207 209,918 213,697 217,543 221,459 UP 5,301,264 972,194 1,493,181 1,688,273 1,701,668 1,719,199 1,741,031 1,767,336 2,000,484 2349,323 3,606,551 4,826,969 2,206,829 3,111,066 1,317,215 1,367,839 2;660,198 2,763,299 3,494,051 3,585,809 3,672,784 3,754,947 3,760.660 3,765,801 =_= 1,492,844 855,506 607,661 322,992 t 117,74 # i l 71 500) [ 16-0-208) 186,186 35,252 35,902 - - - - - 137,070 1495092 158,874 163,384 172,974 177,340 186,782 190,764 290,693 4,073,402 3,842,796 (86,310) (202,9391 (319.159? N.3t1,€ 9) 15513211-1 -- ® 19,592,089 19,694,993 22,023,544 19,351,977 16,299,586 17,289,363 ®15,476,702 15,822,892 413,985 281,571 207,528 383,539 449,300 681,509 808,623 1,104,219 706,617 185,070 1,160,718 1,527,846 424,451 943,769 286,640 772,999 11,153 17,094 16,872 24,689 117=151`) 23,396 55,368 105.690 878,961 € 1,343) 116,093 11,3 ';1 t41:s, , s53ts-1551 {$82,15€} €d 2,5 1) _= 2,052,073 150,000 305,676 466,352 637,028 812,704 993,380 1,184,056 1,668,076 2,094,678 701,466 579,094 561,732 703,116 1,240,600 1,778,171 175,212 201,191 201,191 201,191 201,191 201,191 201,191 201,191 ®®5,906,076 2,907,261 2,709,545 3,171,313 1,843,127 2,835,330 3,003,752 4,483,805 6,033,520 5,329,235 4,519,056 3,795,061 2,921,052 2,228,434 1,851,594 1,100,667 461,352 507,917 556,301 606,734 659,287 714,035 771,055 830,426 491,713 620,433 678,257 738,521 801,312 866,717 934,830 988,917 175,565 152,083 116,960 144,460 172,785 201,960 232,010 260,147 ® 7,162,150 6,609,668 5,8701,574 5,284,776 4,554,435 4,011,146 _ 3,789,488 3,180,157 $ 32,660,315 $ 291211,922$ 30,603.663 S 27,808,066 $ 22,697,148 $ 24,135,840 $ 22,269.943 $ 23,486,854 Trend indicator Adequate for reserve levels Adequate as of 2013 but decreasing balances. Need to watch Below targeted reserve levels and should have a plan to address M CITY OF NEW HOPE, MINNESOTA OUTSTANDING DEBT SCHEDULE FOR THE YEARS ENDED DECEMBER 31, 2011 TO 2012 ACTUAL AND 2013 TO 2018 PROJECTED in Actual Estimated Balance Balance Balance Balance Balance Balance Balance Balance Fund Issue 12/31/11 12/31.112 12/31/13 12/31/14 12/31/15 12/31.116 12/31/17 12/31/18 GOVERNMENT -TYPE General Obligation Tax Increment Bonds 9110 G.O. Tax Increment Bonds, Series 2005C $ - $ - $ $ $ $ 9117 G.O. Tax Increment Bonds, Series 2004 2,812,500 2,655,000 2,493,000 9118 G.O. Tax Increment Bonds, Series 2004 312,500 295,000 277,000 9119 G.O. Tax Increment Bonds, Series 2005A 1,285,000 1.255,000 1,225,000 9117 G.O. Tax Increment Refunding, Series 2012A 90% - 2,425,500 2.425,500 2,425,500 2,232,000 2,029,500 1,827,000 1,615,500 9118 G.O. Tax Increment Refunding, Series 2012A 10% 269,500 269,500 269,500 248,000 225,500 203,000 179,500 9119 G.O. Tax Increment Refunding, Series 2012B - 1,330,000 1,330,000 1,330,000 1,2751,000 1,225,000 1,175,000 1,120,000 Total G.O. Tax Increment Bonds 4,410,000 8,230,000 8,020,000 4,025,000 3,755,000 3,480,000 3,205,000 2,915,000 General Obligation Bonds and Certificates 9402 2011 Fire Truck cert of indebtedness 1,245,000 1,120,000 990,000 855,000 720.000 580,000 440,000 295,000 TOTAL GOVERNMENT -TYPE BONDS 5,655,000 9,350,000 9,010,000 4,880,000 4,475,000 4,060,000 3,645,000 3,210,000 BUSINESS -TYPE Revenue Bonds 9301 MN Public Facilities Authority - 2011 392,000 373,000 354,000 335,000 315,000 295,000 275,000 254,000 9301 MN Public Facilities Authority - 2013 - - 1,035,000 983,250 931,500 879,750 828,000 776,250 9304 Storm Water Revenue Bonds, Series 2002!2011 Refunding 605,000 560,000 510,000 460,000 405,000 350,000 295,000 240,000 9301 GO Utility Revenue, Series 2010A 991,794 848,922 701,050 555,000 480,000 405,000 330,000 250,000 9302 GO Utility Revenue, Series 2010A 216,794 143,922 71,050 - - - - - 9304 GO Utility Revenue, Series 2010A 161,413 107.156 52,900 - - - - - Total Revenuc Bonds 2,367,000 2,033,000 2,724,000 2,333,250 2,131,500 1,929,750 1,728,000 1,520,250 Lease revenue bonds 9146 201 !A Taxable Lease Revenue Bonds 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 3,505,000 Capital Lease 9303 Ice Arena Energy System 11,238 2,931 ---------- - - - - - - - TOTAL BUSINESS -TYPE 5,883,238 5,540.931 6,229,000 5,838,250 5,636,500 5,434,750 5,233,000 5,025,250 TOTAL ALL FUNDS $ 11,538,238 $ 14,890,931 $ 15,239.000 $ 10.718.250 $ 10.111,500 -_ $ 9,494,750 $ 8,878,000 $ 8,235,250 in CITY OF NEW HOPE Project Project '', =� _ Alain Funding Sources* _ i i I Funding Year Cost* MSA Street Infra Water Seaver j Storin I TIF CenGar `i'S Grants Other Fire Dept Park Funds', Ice Arena i Golf Cours V Total 2013 $ 4,660 $ 4,004 $ 1,087 $ 305 $ 435 $ 854 $ 610 $ 182 $ $ 1,035 $ 233 $ 36 $ 352 $ 52 $ 68 $ 9,245 2014 1,417 560 150 250 558 1,600 188 165 607 80 37 4,195 2015 - 3_,_925 1,600 450 544 209 141 827 350 88 8,130 2016 - 390 - 300 400 157 - 175 - 344 65 7 1,838 2017 2,950 1,200 425 650 192 300 - 335 - 17 6,069 201$ 475 75 275 479 493 1 1,797 'TOTAL $ 6,077 $ 4,000 $ 9,387 $ 3,330 $ 2,135 $ 3,477 $ 2,210 $ 928 $ 300 $ 1,035 $ 408 $ 342 $ 2,958 $ 547 $ 217 $ 31.274 *cost in thousands Funding Sources MSA Str infra W&S St®ran TIF .R reserveWater and sewer utility fund Storm water fund Tax increment financing $10,000,000Ent — =� _ $8,000,000 _ $7,000,000 $6,000,000 -== $5,000,000 -_ --- $4,000,000 --- $3,000,000 J--- $2,000,000 --- $1,000,000 _-- 2013 CenGar Central Garage fund - internal service fund WS Watershed commissions Grants Grant from arty source Other Includes development funds, County funds, JWC, Federal funds, E Park Funds Includes park infrastructure, park dedication, liquor d w .,..� 1 1:: . 2014 2015 2016 Street � Water - Storm _ Park � Other ®' 2017 2018 XAMA 30.00% IP 20.00°/® 10.00% 0.00% 2009 201 80.00% X00% CITY OF NEW HOPE, MINNESOTA SELECTED GRAPHICAL DATA FROM PROJECTION' City of New Hope Tax Rates ®2 to 2013 Actual, Projected 2014-2018 J 201 on I � I ,2 2013 2014 III 20 60.00% 50.00%� VIII IIN 61' 40.00% .............................. 30.00% 11 M I HIM � Vii„ _11111l'iIIII �u»�,� I�IIIIIh�� 'Mil 11 IIIIIIIIIIIIIIIL11 1 �? i' 9' AM i\lou 11Y1II Crystal Golden Val!euhuly i ChampIIIIIIII lin Hopkins eBrooklyn Center 42.87% 48.20% 35.02% 49.00% I 51.10% 47.35% 53.06% 39.21%57.22% 55.74°/® 51.34% 55.80% 41.20% 58.68% 64.36% 56.15% 55.20°b 44.77% 62.42% 71 ,07% 54.81% 61.82% 44.73% 6142% 1 54.34% Tax Rates Tax r is I :�lik I U, i 110i, ft, M CITY OF NEW HOPE, MINNESOTA SELECTED GRAPHICAL DATA FROM PROJECTION Fund Balance Compared to Expenditures and 40 Percent Reserve Target IR14000000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 .......... III iV $2,000,000 $_ 2010 20111 2012 2013 2014 2015 2016 2017 2018 ovinvo Expenditures Fund Balance —Target General Fund Balance as a Percent of Revenue The General fund balance should be maintained at a lievel to 'provide for adcouate is a sufficient target and New Hope has a 42 percent target based on revenue and expenditure patterns. as Balance by Planned Use $35,000,000 $30,000,000 $25,000,000 . 1 .... I ... . ... $20,000,000Illllllllllllllllllllllllllllllllllllliii . .... - — ­-- lqIIIIIIIIII qw� $15,000,000 MEN I III VII ........... III IIIIIIII F 1 a $giipl ](),000,00() - - ------- I, VIII $5,000,000 2011 2012 2013 2014 2015 2016 2017 2018 General A EDA and TIF Enterprise Internal Service 011 Street and Park Infrastructure her Cash Balance by Planned Use The balances represented in this greaph are categorized by the planned use and/or limitations determined by statute. $10,000,000 . . .. . . . .. . . .......... $9,000,000 $8,000,000 $7,000,000 lul....................... ..... $6,000,000 $5,000,000 $4,000,000 . ........ . ....... $3,000,000 . . . ....... . . . ......... ....... ......... $2,000,000 . ... .... ............... ........ ..... . . .... . ................... $1,000,000 . ...... . I . ........ mil, on 64 mllul;� ............ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Property taxes 1110,1111111111 intergovernmental Charges for Service Other General Fund Revenue By Source used on assumptions of a 3 percent tax revenue increase and a 3% increase for other revenue sources. Taxes are projected to comprise 74 percent of the total general fund revenue sources during the life of the projection General Fund Expenditures by Function - 2009 to 2012 Actual and 2013 to 2018 Projected 9,000,000 T-- 8,000,000 -------- --------- ................ .. 7,000,000mnmo 6,000,000 ... ....... . ...... .......... 5,000,000 . .. . .. . ....... . 4,000,000 3,000,000 2,000,000 ............ . .......... .. ....... ... . . . .... I I I ......... ..... . .. ............ ...... . I .... .. ............ 1,000,000 ............ ...... 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 General government Public safety Public works 11-1),,`,- Culture and recreation General Fund Expenditures By Function During the life of the projection, expenditures increase at a 3 percent inflation rate. Public safety comprises the largest percent of total expenditures or 59 percent in 2016. -12- CITY OF NEW HOPE, MINNESOTA SELECTED GRAPHICAL DATA FROM PROJECTION - Outstanding Debt by Type - 2009 to 2012 Actual and 2013 to 2018 Projected $16,000,000 .. . ..... . . ...... . ........... $14,000,000 $12,000,000 a GeO. TIF General Obligation Enterprise - GO Revenue Enterprise - Lease revenue Debt Per Capita - Comparison Cities for 2009 through 2012 and New Hope 2009 to 2012 Actual and 2013 to 2018 Projected $5,000 7-- $4,500 - . ..... iii $4,000 $3,500 $3,000 �liiij; VIII _ ®__ $2,500 $2,000 . . . . ...... . .................... �V'II�V 1111111111 $1,500.L $1,000i ILII .......... $500 1 p1 llpl 111 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 xsF­I Crystal Golden Valley now Champlin uuluuuuuuuuuuouuuuir Hopkins Brooklyn Center -Illi, --New Hope Debt Balances There are no anticipated debt issues in the projection but due to cash deficits in the Water fund, debt may be considered. The majority of the City's debt is in TIF districts and enterprise funds and as result the only property tax supported debt is the issue done in 2010 for new fire trucks. Overall the City's debt level is low compared to similar cities, 5" CITY OF NEW HOPE, MINNESOTA Planned Capital Projects by Fund 2013-2018 $10,000,000 $9,000,000 $8,000,000 $7,000,000 FIR . .uuuul ............................................. . . . ............. $6,000,000 .... . .......... ..... . ... ...... . . . . $5,000,000 $4,000,000 IIII ..... . . ..... . .... . ......_- IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ... ................... ............ .......... $3,000,000 ... ... ... ......... ... .. ........ ............. ...... . . ....... ... .... ...... .. .. .... .. .. .. ..... . .... ............. ....... ..... . . ...... .. .... .... . . . .. ..... $2,000,000 ............. . $1,000,000 I. $- 2013 2014 2015 2016$ 2017 2018 Street Water Storm uo Park ulu Other Planned Capital Projects The City has completed a 5 year capital plan for the Street and Park infrastructure Funds. The projects will ultimately be funded by revenue from the fund. Bonding may be needed for the arena improvement and a portion of the Water fund projects, Property taxes levied by type ®2 to 2012 Actual and 2013 to 2018 Prqiected 12,000,000 A Ann nAn M General Bonds ........... ullllllllllllllllllll ....... ...... -I HV .......... ........... .... . .... .. ...... 2016 2017 2018 Property Taxes Levied - General and Bonds This graph highlight the percent of levy by planned use. It is notable that very little of the total levied is for bonds. -14- CITY OF NEW HOPE, MINNESOTA SELECTED GRAPHICAL DATA FROM PROJECTION Projected City Tax Impact - Median Valued Rol $1,040 $1,020 $1,000 ............................. . . . ........... ................ . .... ... ............. $980 ................................................ ............... ................ $960 $940 $920 $900 iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiil $880 .. . . . .... .............. .. . ... ..... .. . - ............ ................. . . ............. . ...... ......... . . ...... . .. . ........................... . ......... . . . . ....... . . 2011 2012 2013 2014 2015 2016 sw