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Long Term Financial Plan 2014-2018CITY OF NEW HOPE, MINNESOTA LONG; TERM PLAN - DRAFTED 11/10/14 Prepared by AENI Financial Solutions. CITY OF NEW HOPE, MINNESOTA LONG TERM PIAN TABLE OF CONTENTS INTRODUCTORY SECTION Transmittal Letter FINANCIAL SECTION Page No. Schedule of Property Tax Levied and 'Fax Rates 6 Schedule ofAnnual Fund Cash. Balances 8 Outstanding Debt Schedule 10 Capital Improvement Plan Fire Capital Fund 9010 Schedule of Planned Capital Outlay 2014 to 2018 11 Schedule of Projected Revenue, Expenditures and Debt 12 Street Infrastructure Capital Fund 9203 Schedule of Planned Capital Outlay 2014 to 2018 13 Schedule of Projected Revenue, Expenditures and Debt 14 City Hall Capital Fund 9202 Schedule of Planned Capital Outlay 2014 to 2018 15 Schedule of Projected Revenue, Expenditures and Debt 16 Parks & Recreation Capital Fund 9233 Schedule of Planned Capital Outlay 2014 to 2018 17 Schedule of Projected Revenue, Expenditures and Debt 19 Public Works Capital Fund 9999 Schedule of Planned Capital Outlay 2014 to 2018 20 Schedule of Projected Revenue, Expenditures and Debt 21 Sewer Fund 9300 Schedule of Planned Capital Outlay 2014 to 2018 22 Statement of Cash Flows 2.3 Water Fund 9301 Schedule of Planned Capital Outlay 2014 to 201.8 24 Statement of Cash Flows 25 Storm Water Fund 9304 ',Schedule of Planned Capital Outlay 2014 to 2018 26 Statement of Cash Flows 27 Street Light Fund 9305 Schedule of Planned Capital Outlay 2014 to 2018 28 Statement of Cash Flows 29 Selected Graphical Data from Projections 30 INTRODUCTORY SECTION CITY OF NEW HOPE, MINNESO"T"A LONG TERM PLAN -2- ABDO EICK o November H, 2014 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 five 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 • Revenues will increase by 2.00% annually • Expend itureslexpenses will increase by 3.00% annually • Interest earnings are projected at 1.00% annually o TIF funds have not been analyzed, cash balance is assumed to grow by 1.00% annually • Tax capacity is estimated to grow by 1.50% annually • Population is estimated to grow by 0.50% annually • Median horne values are projected to grow at 0.50% annually • Interest on new debt service issued is estimated at 2.00% with a 20 year term. • New projects have been identified in the capital plan and are to be expended from the respective capital outlay reserve fund o The capital plan identifies the source of funds, either bonding, grants or reserves • The total city net levy will increase 4.57% in for 20115 and approximately 3.80% annually thereafter • The general fund tax levy will increase 4.26% for 2015 and approximately 3.40% annually thereafter • The park improvement fund levy will increase by 2.00% annually o The street infrastructure find levy will increase by 2.00% annually • The Economic Development Authority levy will increase by 1.00% annually 5201 f::den Avefr leu, Suite 250 Edina, MN, 55+136 052.715 3070 1 Fax 952.635.3261 _3_ Assumptions with future action • Funds 9213-9220 - HRA Construction has been used to offset capital projects utilizing tax increment finance as asource of revenue, The Plan projects a cash deficit in this fund(s). Additional analysis should be done to determine the priority of projects, given the available cash flows of this revenue source. • Fund 9233 - Park & Recreation Infrastructure Fund has a projected negative cash balance beginning in 2016. The City may wish to increase funding to build reserves and avoid deficit cash balances. • Fund 9300 - Sewer Enterprise Fund a debt issuance was modeled to smooth cash flows based on the necessary capital outlay for this fund. • Fund 9304 - Storm Water Enterprise Fund a debt issuance was modeled to smooth cash flows based on the necessary capital outlay for this fund. • The model assurnes revenue growth based on the Assumptions. Due to the significant amount of debt modeled in this analysis, we recommend that utility rates be separately analyzed. Key highlights • The General Fund had a 48% operating reserve at the end of 2013 and is expected to maintain adequate reserves throughout the term of this Plan • The projected tax rate will drop from 58.59% in 2014 to 56.48% in 2015 and grow slightly to a rate of 60.06% in 2018 • The projected net tax levy will grow from S 7,696,066 in 2014 to $ 9,017,129 in 2018 • Total taxes per capita will grow from S 462.57 in 2014 to S 5 16.59 in 2018 • Total debt will fall from S 15,239,000 to $ 11,166,500 over the term of this Plan • Total debt per capita will fall from S 725.37 to $ 518,43 over the term of this Plan -4- G011101h BeN"01.10.Ow Null"Iber, FINANCIAL SECTION Cll"'Y OF NEW HOPE, MINNESOTA LONG TERM PLAN 01 — bn b.) on m 61-1 oc R r4 4= 10 (14 00 M CM vq r4 US 45 io or` "Ir c M N IC -77 u CA 61' fil I -n 61% 11 kn Ir et k to Ic ti od IN ut *5 Z! m m cn "t Ln (N �-4 U+ C, Q. 2, qC z r4 US 45 io or` "Ir c M N IC -77 u CA 61' fil I -n 61% 11 kn Ir et k to Ic ti od IN ut *5 Z! 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AGEIJDA ITEM MEM -t TO: KIRK MCDONALD FROM: JEAN MCGANN SUBJECT: GENERAL FUND - 10 YEAR TREND ANALYSIS DATE: NOVEMBER 11, 2014 BACKGROUND We have been asked to provide a 10 year trend analysis for the property tax levy and General Fund expenditures. The information below reflects budgetary information from 2005 - 2015. Property taxes Property taxes have grown by approximately 43 percent from 2005 - 2015. This reflects an increase of $3,054,689 or all average of 4.1 percent per year. General Fund Expenditures Overall, general funds expenditures have grown by approximately 48.7 percent. This reflects an increase of $3,952,698 or an average of 4.5 percent per year. $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 Reventie, Expendittires aid Reserves 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 G--e"n'er.i'l -Fund Exp'e'nditures ,..Generil Fund B -Rance Reserve . .. . . ...... .. ... . .. .... . ...... ..... ... ........ ... . Primary expenditure increases Over the past 10 years, expenditure increases have been for specific purposes. The original request was to identify increases in expenditures by department. In reviewing the trend data, this type of review is relatively complex due to the consolidation of many departments. The trend analysis below identifies significant budget changes by account grouping. General Government From 2005 - 2015 the General Government departments show an increase of $590,402 or an average of 3.1 percent per year. It appears the majority of the increases are inflationary in nature. In 2009 the City moved to a contracted Finance Director role and in 2013 an Accounting 'rechnician was added. $31.000,000 $2,500,000 $2,000,000 $1,500,000 $ 1,000,000 $500,000 Public Safety General Government CP --2005 2006 -2007 -2008 —2009 2010 —2011 2013 2014 2015 The average increase per year from 2005 - 2015 is 4.5 percent. Additional staffing for Public Safety accounts for the majority of the increases over the 10 year period. Police Department staff additions 0 2005 - I sworn officer 0 2006 -.5 FTE clerical position and .5 FTE CSO/Cadet Program position 0 2007 - 2 sworn officers 0 2013 - 2 sworn officers Fire Department increases a 2.007 - Expansion of paid on cal I fire fighters program $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $l.o0opo Public Safety 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -_—Police —PoliceReserves Services Protective Inspection Animal Control -2- Public Works Public Works has an average increase of 2.2 percent per year over the past 1.0 years. From 2005 - 2012, expenditures remained relatively stable. The increases in 2013 - 2015 are primarily related to the increased contribution for equipment replacement charges. $1,400,000 $1,20tl,tltl0 $1,000,000 $800,000 $600.000 $400,000 $200,000 $- Public 'Warks 2005 2006 2007 2008 2009 2010 2011. 2012 2013 2014 2015 -.—Fingineeri ig —Streets_ Parks and Recreation Parks and Recreation has experienced an increase of approximately 2,5 percent per year since 2005. Recreation remained relatively stable from 205 - 2013. In 2014, additional hours were added to the recreation coordinator position and for 2015 there are an additional 80 proposed (total of 1,400 for year). In addition, there is an increase in IT expenditures due to change in registration software. Parks also remained relatively stable from 2005 - 2012. From 2013 - 2015 the primary increase is due to Central Garage charges. Swimming Pool - In reviewing the swimming pool expenditures over time, the item to note is the fluctuation in expenditures from 2005 - 2015 and the fact that 2005 expenditures are almost identical to 2015, The fluctuations in expenditures are due to reducing the season to a 9 week season in 2010 and extending to a ten week season on 2012. $1,001,),1,100 $900,0011 $800,000 $'700,000 $6011,000 $500,000 $400,000 $300,000 $200,000 $100,000 Conclusion Parks & Recreation 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ........... ........ _. ^^^ Recreation Parks —Swirnming Pool 1 In reviewing the 10 years of expenditure history, it appears the primary budget increases are due to inflation, please let me know if you would like any additional information provided. N