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2025-07-21 Long Range Plan
July 21, 2025 City of Albertville Long Term Plan Assumptions •No growth in population •3% Increase in tax capacity •LGA Increased to $264,557 in 2026 and maintained through plan. About a $3,000 increase from the 2025 budget. •General fund balance goal at 50% •1.00% rate of return on investments •5% capital levy increase each year •Revenues other than levy and utility revenue 1.50% increase •Expenditures 5.00% increase •Capital Outlay from CIP •Sewer revenue increase 3%, Water 8.5% through 2029, Storm Water 14% through 2029 •Projecting fire contract with Otsego ends in 2026 2 3 Tax Levy * See Schedule of Property Taxes Levies and Tax Rates on page 11 $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 2023 2024 2025 2026 2027 2028 2029 2030 Property Taxes -General Levy, Bonds and Potential Levies to Balance Projects General Capital Fund Debt Service Funds 4 Tax Rates Comparison 0% 10% 20% 30% 40% 50% 60% 2023 2024 2025 Tax Capacity Rates Comparison 2023 -2025 Albertville Buffalo Delano Monticello Otsego St. Michael 5 Cash Balances * See Schedule of Annual Fund Cash Balances on page 12 $- $1,500,000 $3,000,000 $4,500,000 $6,000,000 $7,500,000 $9,000,000 $10,500,000 $12,000,000 $13,500,000 $15,000,000 $16,500,000 $18,000,000 $19,500,000 $21,000,000 $22,500,000 $24,000,000 $25,500,000 $27,000,000 $28,500,000 $30,000,000 $31,500,000 $33,000,000 $34,500,000 $36,000,000 $37,500,000 2023 2024 2025 2026 2027 2028 2029 2030 Cash Balance by Planned Use General fund working capital Debt service Capital projects Enterprise funds Special revenue 6 Governmental Bonds Outstanding $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 2024 2025 2026 2027 2028 2029 2030 Projected Governmental Debt Balances Based on Current Amortizations GO Special Assessment Debt GO Revenue Bonds Potential Debt - Based on CIP 7 Enterprise Bonds Outstanding * See Schedule of Outstanding Debt on page 13 $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 2024 2025 2026 2027 2028 2029 2030 Enterprise Funds Outstanding Debt Balances Water fund Sewer fund Storm water Potential Debt - Based on CIP 8 General Fund $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 Cash Balance Budget Target Fund Balance (50%) General Fund Cash Balance as a Percent of Expenditures 9 Schedule of Capital Outlay •See Schedule of Planned Capital Outlay on page 14 Largest Projects •Main Avenue - $9,545,000 in costs between 2025 and 2026 •Central Park - $3,190,000 in costs between 2025 and 2026 10 Questions? 2023 2024 2025 2026 2027 2028 2029 2030 Levy Levy Levy Prelim Levy Estimated Estimated Estimated Estimated Property Taxes Levied for General Purposes Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts 101 General fund 2,519,337$ 2,744,776$ 2,721,294$ 2,762,784$ 3,558,123$ 3,783,987$ 4,027,385$ 4,277,443$ 102 Capital fund 1,601,861 2,028,138 2,344,018 2,571,719 2,700,305 2,835,320 2,977,086 3,125,940 Subtotal 4,121,198 4,772,914 5,065,312 5,334,503 6,258,428 6,619,307 7,004,471 7,403,383 Property Taxes Levied for Debt Service 358 G.O. Refunding Bond, Series 2011C 102,092 102,302 - - - - - - 359 Lease Revenue Bond, Series 2005 261,980 261,699 261,043 - - - - - 468 Interstate 94 Project Bond 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 601 Go Sewer Revenue 2019A 220,624 218,156 220,781 223,091 219,836 219,311 218,681 217,946 601 GO Sewer Revenue 2023A - 114,000 220,302 485,345 489,345 493,345 497,345 501,345 365 G.O. Improvement Bond, Series 2025A - -- 58,250 116,500 174,750 233,000 291,250 Subtotal 637,696 749,157 755,126 819,686 878,681 940,406 1,002,026 1,063,541 Total Taxes Levied 4,758,894$ 5,522,071$ 5,820,438$ 6,154,189$ 7,137,109$ 7,559,713$ 8,006,497$ 8,466,924$ Operational Percent Increase (Decrease in Levy)8.3%8.9%-0.9%1.5%28.8%6.3%6.4%6.2% Capital Percent Increase (Decrease in Levy)10.0%26.6%15.6%9.7%5.0%5.0%5.0%5.0% Debt Percent Increase (Decrease in Levy)-15.0%17.5%0.8%8.5%7.2%7.0%6.6%6.1% Total Percent Increase (Decrease in Levy)5.0%16.0%5.4%5.7%16.0%5.9%5.9%5.8% Tax Capacity Adjusted net tax capacity 11,305,106$ 13,162,205$ 13,579,071$ 13,986,443$ 14,406,037$ 14,838,218$ 15,283,364$ 15,741,865$ Tax Rates General 22.28%20.85%20.04%19.75%24.70%25.50%26.35%27.17% Capital Fund 14.17%15.41%17.26%18.39%18.74%19.11%19.48%19.86% Scheduled debt levies 5.64%5.69%5.56%5.44%5.29%5.16%5.03%4.91% Proposed debt levies 0.00%0.00%0.00%0.42%0.81%1.18%1.52%1.85% Total direct tax rate 42.10%41.95%42.86%44.00%49.54%50.95%52.39%53.79% Population 8,220 8,542 8,542 8,542 8,542 8,542 8,542 8,542 Taxes per capita 579$ 646$ 681$ 720$ 836$ 885$ 937$ 991$ Tax capacity growth rates 16%16%3%3%3%3%3%3% City of Albertville, Minnesota Schedule of Property Taxes Levied and Tax Rates For the Years Ended December 31, 2023 to 2024 Actual and 2025 to 2030 Estimated City of Albertville, Minnesota Schedule of Annual Fund Cash Balances For the Years Ended December 31, 2023 to 2024 Actual and 2025 to 2030 Estimated 2023 2024 2025 2026 2027 2028 2029 2030 Actual Actual Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Government-type General Operations 101 General 2,571,022$ 2,683,314$ 2,872,404$ 3,070,934$ 3,070,934$ 3,070,934$ 3,070,934$ 3,070,934$ # Special Revenue 104 Economic Developer Loan Fund 158,747 165,673 167,330 169,003 170,693 172,400 174,124 175,865 # 205 ARPA Funding 345,988 128,927 - - - - - - # 207 Election Resources 575 1,599 3,823 3,823 3,823 3,823 3,823 3,823 # 208 Charitable Gambling - 259,490 1,116 1,116 1,116 1,116 1,116 1,116 # Subtotal 505,310 555,689 172,269 173,942 175,632 177,339 179,063 180,804 Debt Service 357 G.O. Improvement Refunding Bond, Series 2011B 67,109 69,295 - - - - - - # 358 G.O. Refunding Bond, Series 2011C 237,197 187,425 - - - - - - # 359 Lease Revenue Bond, Series 2005 21,373 30,167 - - - - - - # 360 G.O. Improvement Bond, Series 2012A - CSAH 19 68,761 72,699 - - - - - - # 361 G.O. Improvement Bond, Series 2012A - Lachman 185,731 194,124 - - - - - - # 362 G.O. Improvement Bond, Series 2012A - Industrial 411,923 481,179 - - - - - - # 365 G.O. Improvement Bond, Series 2025A - - 153,610 - 74,768 156,278 228,226 306,941 # 468 CSAH 19 Ramps/I-94 Project 304,581 291,422 270,064 253,916 235,565 214,016 190,274 163,342 # Subtotal 1,296,675 1,326,311 423,674 253,916 310,333 370,294 418,500 470,283 Capital Projects 102 Capital Outlay 6,748,106 6,348,232 13,661,732 10,503,371 11,053,884 11,590,592 13,207,348 15,555,196 # 201 Park Dedication 969,612 1,004,580 2,920 2,949 2,978 3,008 3,038 3,038 # 407 TIF 7 - Senior Housing 86,030 96,686 - - - - - - # 415 TIF 15 - Guardian Angels 79,610 98,852 116,580 116,580 116,580 116,580 116,580 116,580 # 416 TIF 16 - Mold Tech 2,395 - - - - - - - # 417 TIF 17 - Old Castle 1,192 2,874 - - - - - - # 418 TIF 18 - AVA 125,288 139,265 148,956 158,972 169,109 179,367 189,748 200,253 # 419 TIF 19 - Fehn - 17,317 16,611 16,611 16,611 16,611 16,611 16,611 # 420 TIF 20 - Scherer Brothers - 2,732 4,419 4,463 8,863 13,356 17,944 22,627 # Subtotal 8,012,233 7,710,332 13,950,806 10,802,534 11,367,613 11,919,102 13,550,857 15,913,893 Total - Governmental-type Funds 12,385,240$ 12,275,646$ 17,419,153$ 14,301,326$ 14,924,512$ 15,537,669$ 17,219,354$ 19,635,914$ Business-type Enterprise Funds 601 Sewer Fund 9,652,616$ 7,313,405$ 6,419,340$ 6,350,436$ 6,516,996$ 6,692,428$ 6,992,221$ 7,488,972$ # 204 Sewer Access 5,633,113 5,943,349 5,872,373 5,709,528 5,545,932 5,412,924 5,280,051 5,106,890 # 602 Water 1,142,865 1,295,555 1,650,556 876,703 567,506 633,463 759,880 793,250 # 206 Water Access 1,436,162 1,561,663 1,594,845 1,566,261 1,538,115 1,524,361 1,510,439 1,481,181 # 604 Storm Water 1,101,615 1,159,614 835,085 758,494 411,521 431,229 486,782 571,678 # 605 Recycling 57,851 55,431 47,778 35,207 21,637 7,010 (8,736) (27,358) # Total - Business-type Funds 19,024,222$ 17,329,017$ 16,419,977$ 15,296,629$ 14,601,707$ 14,701,415$ 15,020,637$ 15,414,613$ Grand Total - City 31,409,462$ 29,604,663$ 33,839,130$ 29,597,955$ 29,526,219$ 30,239,084$ 32,239,991$ 35,050,527$ Cash balance trending positively Cash balance trending at break even Cash balance trending negatively and should be addressed Trend 2023 2024 2025 2026 2027 2028 2029 2030 Original Issue Maturity Interest Actual Actual Estimated Estimated Estimated Estimated Estimated Estimated Fund Issue Date Date Rate Balance Balance Balance Balance Balance Balance Balance Balance Enterprise Fund Debt 602 G.O. Revenue Bond, Series 2011A - Water Portion 135,200 4/21/2011 refunded 1.10 - 3.70 31,200$ 20,800$ 10,400$ -$ -$ -$ -$ -$ 602 GO Utility Revenue, 2025A - Water Portion 1,210,000 2025 2051 3.20-4.65 - - 1,210,000 1,210,000 1,180,000 1,150,000 1,120,000 1,085,000 601 G.O. Sewer Revenue Crossover Refunding Bond, Series 2013A 2,515,000 1/16/2013 12/1/2025 .70 - 2.10 535,000 270,000 - - - - - - 601 G.O. Revenue Bond, Series 2011A - Sewer Portion 384,800 4/21/2011 refunded 1.10 - 3.70 88,800 59,200 29,600 - - - - - 601 G.O. Revenue Bond, Series 2019A 5,720,000 9/5/2019 2/1/2039 1.55 - 2.80 4,720,000 4,475,000 4,225,000 3,965,000 3,695,000 3,420,000 3,140,000 2,855,000 601 G.O Disposal System Bond 2023A 9,400,000 6/13/2023 2/1/2049 4.00-5.00 9,400,000 9,400,000 9,190,000 8,970,000 8,740,000 8,495,000 8,240,000 7,970,000 Total Enterprise Fund Debt 14,775,000$ 14,225,000$ 14,665,000$ 14,145,000$ 13,615,000$ 13,065,000$ 12,500,000$ 11,880,000$ Government-type 359 G.O. Improvement Refunding Bond, Series 2012B 3,215,000 5/10/2012 12/1/2025 .50 - 2.35 505,000$ 255,000$ -$ -$ -$ -$ -$ -$ 358 G.O. Refunding Bond, Series 2011C 1,825,000 8/25/2011 2/1/2025 2.00 - 3.35 305,000 155,000 - - - - - - 365 G.O. Improvement Bond, Series 2025A 7,870,000 2025 2046 3.20-4.65 - - 7,870,000 7,870,000 7,535,000 7,190,000 6,835,000 6,465,000 468 MPFA - Revenue Bonds, Series 2012A 4,113,700 3/23/2012 8/20/2032 1.28 1,710,000 1,529,000 1,346,000 1,161,000 974,000 784,000 592,000 397,000 Total Governmental Debt 2,520,000$ 1,939,000$ 9,216,000$ 9,031,000$ 8,509,000$ 7,974,000$ 7,427,000$ 6,862,000$ Debt Per Capita - Governmental Total 295$ 227$ 1,079$ 1,057$ 1,163$ 1,090$ 1,015$ 938$ Debt Per Capita - Enterprise Funds 1,730 1,665 1,717 1,656 1,594 1,530 1,463 1,391 Total Debt Per Capita 2,025$ 1,892$ 2,796$ 2,713$ 2,757$ 2,619$ 2,478$ 2,329$ Issue City of Albertville, Minnesota Schedule of Outstanding Debt For the Years Ended December 31, 2023 to 2024 Actual and 2025 to 2030 Estimated 2025 2026 2027 2028 2029 Estimated Estimated Estimated Estimated Estimated Fund/Department Year Item Cost Amounts Amounts Amounts Amounts Amounts Funding Source Debt and Grant Financing Sewer 2024 Wastewater Treatment Facility Remaining Cost 10,000,000$ 805,000$ -$ -$ -$ -$ Public Works Various Main Ave Various 3,560,000 3,560,000 - - - Sewer Various Main Ave Various 340,000 340,000 - - - Water Various Main Ave Various 860,000 785,000 - - - Storm Water Various Main Ave Various 50,000 50,000 - - - Parks Various Central Park Various 1,277,273 600,000 60,000 160,000 - Parks Various Central Park - Park Dedication Portion Various 1,004,353 - - - - Parks Various Central Park - Charitable Gambling Portion Various 308,374 - - - - Cash Reserves Parks Various Arena Capital Improvement Yearly cost 15,000 15,000 15,000 15,000 15,000 Parks 2026 Mower 10'5 70,000 - 70,000 - - 86,220 Public Works 2029 Utility Vehicle (2029) Kubota 18,000 - - - - 18,000 Public Works 2026 Chevy 1500 2WD pick up 36,500 - 36,500 - - - Public Works 2026 Tar Kettle 30,000 - 30,000 - - - Public Works 2027 Router 5,000 - - 5,000 - - Public Works 2030 3 ton Hot Box 15,000 - - - - - Public Works 2025 Plow Truck (2025)235,000 235,000 - - - - Public Works 2030 Ford F-450 w/32' aerial bucket 50,000 - - - - - Public Works 2030 F-550 dump box/ v plow 300,000 - - - - - Public Works 2028 Sweeper 150,000 - - - 150,000 - Public Works Various CSAH 18 (local share)250,000 250,000 250,000 - - Public Works Various CSAH 37 (local share)315,000 315,000 315,000 - - - Public Works 2027 70th Street (50% Kadler to CR19)500,000 - - 500,000 - - Public Works 2028 Street Reconstruction 1,180,000 - - - 1,180,000 - Public Works Various Annual Street and Trail Improvements 1,625,000 120,000 120,000 400,000 60,000 400,000 Fire Department 2025 Command (2025)49,600 49,600 - - - - Fire Department 2026 Utility 11 (2026)43,100 - 43,100 - - - Fire Department 2026 UTV 11 (2026)28,100 - 28,100 - - - Fire Department 2026 MERV (2031)65,600 - 65,600 - - - Fire Department 2026 Air Pack (2015-2027)146,703 - 146,703 - - - Fire Department Various Turn out gear (2013-2023)Yearly cost 10,000 10,000 150,000 10,000 10,000 Fire Department Various Misc Equip Yearly cost 2,000 2,000 2,000 2,000 2,000 Fire Department 2030 Helmets 16,850 - - - - - Fire Department 2026 SCBA 146,750 - 146,750 - - - Fire Department 2029 Radios 169,750 - - - - 169,750 Parks 2022 Parks - general improvements Yearly cost 30,000 30,000 30,000 30,000 30,000 Sewer 2027 Generator 50kW (2027)70,000 - - 70,000 - - Sewer 2027 Street Imp 70th 70,000 - - 70,000 - - Sewer 2028 Street Imp McIver 110,000 - - - 110,000 - Water 2027 Street improvement 340,000 - - 340,000 - - Storm Water 2025 Ditch 9 175,000 175,000 - - - - Storm Water Various Pond Cleaning Yearly cost 10,000 10,000 10,000 10,000 10,000 Storm Water Various System Maintenance Yearly cost 40,000 40,000 45,000 45,000 45,000 Storm Water 2027 Street improvement 340,000 - - 340,000 - - Total Capital Projects and Equipment 9,206,600$ 6,693,753$ 2,287,000$ 1,772,000$ 785,970$ Total Capital Projects and Equipment Enterprise 2,280,000$ 1,225,000$ 875,000$ 165,000$ 55,000$ Governmental 6,926,600 5,468,753 1,412,000 1,607,000 730,970 9,206,600$ 6,693,753$ 2,287,000$ 1,772,000$ 785,970$ Total Capital Projects and Equipment Public Works 4,230,000$ 4,311,500$ 1,155,000$ 1,390,000$ 418,000$ Fire Department 61,600 442,253 152,000 12,000 181,750 Parks 2,635,000 715,000 105,000 205,000 131,220 Sewer 1,145,000 340,000 140,000 110,000 - Water 860,000 785,000 340,000 - - Storm Water 275,000 100,000 395,000 55,000 55,000 9,206,600$ 6,693,753$ 2,287,000$ 1,772,000$ 785,970$ City of Albertville, Minnesota Capital Project/Equipment Plan - All Funds Schedule of Planned Capital Outlay 2025 to 2030