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2022-07-18 Long Term Plan
July 18, 2022 City of Albertville Long Term Plan Assumptions •No growth in population •3% Increase in tax capacity •General fund balance goal at 50% •0.50% rate of return on investments •3.00% increase in overall levy per year •Revenues other than levy and utility revenue 1.50% increase •Expenditures 5.00% increase •Capital Outlay from CIP •Enterprise revenues 2.00% increase in rate and usage and expenses 5.00% increase •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 2020 2021 2022 2023 2024 2025 2026 2027 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% 70% 2020 2021 2022 Tax Capacity Rates Comparison 2020 -2022 Albertville Buffalo Delano Monticello Otsego St. Michael 5 Cash Balances Special Revenue portion assumes $780,780 in American Rescue Plan funding with no corresponding expenditures factored in at this point. * 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 2021 2022 2023 2024 2025 2026 2027 Cash Balance by Planned Use General fund working capital Debt service Capital projects TIF 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 2021 2022 2023 2024 2025 2026 2027 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 2021 2022 2023 2024 2025 2026 2027 Enterprise Funds Outstanding Debt Balances Water fund Sewer fund Storm water 8 General Fund $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 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 •2023 Wastewater Treatment Facility - $10,000,000 •Street reconstructions in 2024 ($2,025,000) and 2025 ($3,180,000) 10 Questions? City of Albertville, Minnesota Schedule of Property Taxes Levied and Tax Rates For the Years Ended December 31, 2019 to 2021 Actual and 2022 to 2027 Estimated 2019 2020 2021 2022 2023 2024 2025 2026 2027 Levy Levy Levy Levy Prelim Levy Estimated Estimated Estimated Estimated Property Taxes Levied for General Purposes Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts 101 General fund 2,075,403$ 2,138,228$ 2,247,305$ 2,326,925$ 2,632,531$ 2,859,203$ 3,060,655$ 3,805,104$ 4,023,483$ 102 Capital fund 1,367,473 1,275,868 1,324,744 1,455,887 1,594,661 1,515,000 1,395,000 795,000 740,000 Subtotal 3,442,876 3,414,096 3,572,049 3,782,812 4,227,192 4,374,203 4,455,655 4,600,104 4,763,483 Property Taxes Levied for Debt Service 358 G.O. Refunding Bond, Series 2011C 102,762 99,147 100,499 101,486 102,092 102,302 - - - 359 Lease Revenue Bond, Series 2005 263,775 265,403 261,208 261,770 261,980 261,699 261,043 - - 360 G.O. Improvement Bond, Series 2012A - CSAH 19 26,157 26,157 26,157 26,157 - - - - - 361 G.O. Improvement Bond, Series 2012A, Lachman Portion 31,600 31,600 - - - - - - - 362 G.O. Improvement Bond, Series 2012A, Industrial Park Portion 84,561 84,561 84,561 84,561 - - - - - 468 Interstate 94 Project Bond 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 601 Go Sewer Revenue 2019A - 221,516 219,679 222,934 220,624 218,156 220,781 223,091 219,836 601 GO Sewer Revenue 2023A - - - - - - 170,000 340,000 340,000 365 G.O. Improvement Bond, Series 2025A - - - - - - - 101,357 101,357 Subtotal 561,855 781,384 745,104 749,908 637,696 635,157 704,824 717,448 714,193 Total Taxes Levied 4,004,731$ 4,195,480$ 4,317,153$ 4,532,720$ 4,864,888$ 5,009,360$ 5,160,479$ 5,317,551$ 5,477,676$ Operational Percent Increase (Decrease in Levy)10.6%3.0%5.1%3.5%13.1%8.6%7.0%24.3%5.7% Capital Percent Increase (Decrease in Levy)38.6%-6.7%3.8%9.9%9.5%-5.0%-7.9%-43.0%-6.9% Debt Percent Increase (Decrease in Levy)-38.7%39.1%-4.6%0.6%-15.0%-0.4%11.0%1.8%-0.5% Total Percent Increase (Decrease in Levy)5.97%4.8%2.9%5.0%7.3%3.0%3.0%3.0%3.0% Tax Capacity Adjusted net tax capacity 8,468,000$ 8,913,967$ 9,224,487$ 9,778,185$ 10,071,531$ 10,373,676$ 10,684,887$ 11,005,433$ 11,335,596$ Tax Rates General 24.51%23.99%24.36%23.80%26.14%27.56%28.64%34.57%35.49% Capital Fund 16.15%14.31%14.36%14.89%15.83%14.60%13.06%7.22%6.53% Scheduled debt levies 6.64%8.77%8.08%7.67%6.33%6.12%6.60%5.60%5.41% Proposed debt levies 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.92%0.89% Total direct tax rate 47.29%47.07%46.80%46.36%48.30%48.29%48.30%48.32%48.32% Population 7,485 7,519 7,896 8,000 8,000 8,000 8,000 8,000 8,000 2%0%5%1% Taxes per capita 535$ 558$ 547$ 567$ 608$ 626$ 645$ 665$ 685$ Tax capacity growth rates 16%5%3%6%3%3%3%3%3% City of Albertville, Minnesota Schedule of Annual Fund Cash Balances For the Years Ended December 31, 2019 to 2021 Actual and 2022 to 2027 Estimated 2019 2020 2021 2022 2023 2024 2025 2026 2027 Actual Actual Actual Estimated Estimated Estimated Estimated Estimated Estimated Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Amounts Government-type General Operations 101 General 2,549,914$ 3,337,813$ 3,374,599$ 3,382,935$ 3,408,410$ 3,408,410$ 3,408,410$ 3,408,410$ 3,408,410$ # Special Revenue 104 Economic Developer Loan Fund 152,836 156,143 155,950 157,096 158,267 159,437 160,222 161,013 161,810 # 205 ARPA Funding - - 363,689 749,682 17,758 - - - - # Subtotal 152,836 156,143 519,639 906,778 176,025 159,437 160,222 161,013 161,810 Debt Service 357 G.O. Improvement Refunding Bond, Series 2011B (33,121) (33,121) (12,699) 1,790 16,279 16,279 16,288 16,369 16,450 # 358 G.O. Refunding Bond, Series 2011C 453,398 400,022 344,729 293,170 241,058 188,352 - - - # 359 Lease Revenue Bond, Series 2005 15,846 16,864 16,504 16,708 16,929 17,134 - - - # 360 G.O. Improvement Bond, Series 2012A - CSAH 19 545,461 474,527 351,864 236,172 - - - - - # 361 G.O. Improvement Bond, Series 2012A - Lachman 108,358 176,567 127,985 81,615 - - - - - # 362 G.O. Improvement Bond, Series 2012A - Industrial 604,652 644,586 687,406 735,603 - - - - - # 365 G.O. Improvement Bond, Series 2025A - - - - - - - 4,827 9,654 # 468 CSAH 19 Ramps/I-94 Project 336,481 342,473 332,205 326,430 317,194 295,052 270,321 243,839 215,567 # Subtotal 2,031,075 2,021,918 1,847,994 1,691,488 591,460 516,817 286,609 265,035 241,671 Capital Projects 102 Capital Outlay 4,712,458 4,154,491 5,728,700 4,823,220 5,299,294 6,047,672 6,354,053 4,540,786 4,831,592 # 201 Park Dedication 9,098 229 896,436 896,504 896,506 903,229 907,712 912,195 916,711 # 407 TIF 7 - Senior Housing 48,169 53,747 59,130 65,415 69,879 - - - - # 414 TIF 14 - Frasier Steel 26,738 32,687 26,600 29,501 - - - - - # 415 TIF 15 - Guardian Angels 46,187 54,138 62,085 70,983 80,069 89,345 98,643 108,120 117,780 # 416 TIF 16 - Mold Tech (5,155) (3,085) (788) 1,219 3,256 3,256 - - - # 417 TIF 17 - Old Castle (419,931) (386,721) (351,940) (397,990) (444,732) (492,175) - - - # 420 TIF 20 - Scherer Brothers - - - 596,282 596,282 600,492 604,750 609,056 613,411 # Subtotal 4,417,564 3,905,486 6,420,223 5,488,852 5,904,272 6,551,327 7,360,408 5,561,101 5,866,083 Total - Governmental-type Funds 9,151,389$ 9,421,360$ 12,162,455$ 11,470,053$ 10,080,167$ 10,635,991$ 11,215,649$ 9,395,559$ 9,677,974$ Business-type Enterprise Funds 601 Sewer Fund 4,153,371$ 3,642,316$ 3,912,553$ 3,699,753$ 3,466,914$ 3,178,893$ 3,219,492$ 3,506,180$ 3,747,044$ # 204 Sewer Access 4,422,897 4,264,340 4,714,392 4,677,249 4,639,672 4,043,427 3,587,768 3,312,509 3,044,857 # 602 Water 702,459 747,618 928,640 979,403 976,323 713,974 748,417 747,008 748,781 # 206 Water Access 930,296 1,001,415 1,177,753 1,110,284 1,043,957 975,514 902,900 829,017 753,772 # 604 Storm Water 1,228,019 1,164,257 1,202,466 686,121 542,901 274,964 15,058 (100,356) (232,130) # 605 Recycling 69,285 60,714 59,393 57,976 56,298 54,093 51,182 47,678 43,543 # Total - Business-type Funds 11,506,327$ 10,880,660$ 11,995,197$ 11,210,786$ 10,726,065$ 9,240,865$ 8,524,817$ 8,342,036$ 8,105,867$ Grand Total - City 20,657,716$ 20,302,020$ 24,157,652$ 22,680,839$ 20,806,232$ 19,876,856$ 19,740,466$ 17,737,595$ 17,783,841$ Cash balance trending positively Cash balance trending at break even Cash balance trending negatively and should be addressed Trend City of Albertville, Minnesota Schedule of Outstanding Debt For the Years Ended December 31, 2019 to 2021 Actual and 2022 to 2027 Estimated 2019 2020 2021 2022 2023 2024 2025 2026 Original Issue Maturity Interest Actual Actual Actual Estimated Estimated Estimated Estimated Estimated Fund Issue Date Date Rate Balance Balance Balance Balance Balance Balance Balance Balance Enterprise Fund Debt 604 G.O Improvement Refunding Bond, Series 2012A - Storm Water Portion 470,000$ 4/10/2012 2/1/2023 1.00 - 2.00 %315,000$ 240,000$ 165,000$ 85,000$ -$ -$ -$ -$ 602 G.O. Revenue Bond, Series 2011A - Water Portion 135,200 4/21/2011 refunded 1.10 - 3.70 68,900 59,800 50,700 41,600 31,200 20,800 10,400 - 601 G.O. Sewer Revenue Crossover Refunding Bond, Series 2013A 2,515,000 1/16/2013 12/1/2025 .70 - 2.10 1,545,000 1,300,000 1,050,000 795,000 535,000 270,000 - - 601 G.O. Revenue Bond, Series 2011A - Sewer Portion 384,800 4/21/2011 refunded 1.10 - 3.70 196,100 170,200 144,300 118,400 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 5,720,000 5,415,000 5,190,000 4,960,000 4,720,000 4,475,000 4,225,000 3,965,000 601 Aniticipated New Debt For 2023 Sewer Project 3,000,000 8/1/2022 8/1/2047 4.00 - - - - 8,000,000 7,680,000 7,360,000 7,040,000 601 GO Utility Revenue, 2025A - Sewer Portion 477,000 8/1/2025 8/1/2050 4.00 - - - - - - 477,000 465,546 602 GO Utility Revenue, 2025A - Water Portion 477,000 8/1/2025 8/1/2050 4.00 - - - - - - 477,000 465,546 604 GO Utility Revenue, 2025A - Storm Portion 318,000 8/1/2025 8/1/2050 4.00 - - - - - - 318,000 310,364 Total Enterprise Fund Debt 7,845,000$ 7,185,000$ 6,600,000$ 6,000,000$ 13,375,000$ 12,505,000$ 12,897,000$ 12,246,457$ Government-type 360 G.O Improvement Refunding Bond, Series 2012A - CSAH Portion 960,000 4/10/2012 2/1/2023 1.00 - 2.00 640,000$ 485,000$ 325,000$ 165,000$ -$ -$ -$ -$ 361 G.O Improvement Refunding Bond, Series 2012A - Lachman Portion 310,000 4/10/2012 2/1/2023 1.00 - 2.00 205,000 155,000 100,000 50,000 - - - - 362 G.O Improvement Refunding Bond, Series 2012A - Industrial Park Portion 570,000 4/10/2012 2/1/2023 1.00 - 2.00 355,000 245,000 140,000 30,000 - - - - 359 G.O. Improvement Refunding Bond, Series 2012B 3,215,000 5/10/2012 12/1/2025 .50 - 2.35 1,460,000 1,225,000 990,000 750,000 505,000 255,000 - - 358 G.O. Refunding Bond, Series 2011C 1,825,000 8/25/2011 2/1/2025 2.00 - 3.35 860,000 725,000 590,000 450,000 305,000 155,000 - - 468 MPFA - Revenue Bonds, Series 2012A 4,113,700 3/23/2012 8/20/2032 1.28 2,409,000 2,238,000 2,064,000 1,888,000 1,710,000 1,529,000 1,346,000 1,161,000 365 G.O. Improvement Bond, Series 2025A 1,508,000 8/1/2025 8/1/2050 4.00 - - - - - - 1,508,000 1,471,790 Total Governmental Debt 5,929,000$ 5,073,000$ 4,209,000$ 3,333,000$ 2,520,000$ 1,939,000$ 2,854,000$ 2,632,790$ Debt Per Capita - Governmental Total 789$ 642$ 526$ 417$ 315$ 242$ 357$ 329$ Debt Per Capita - Enterprise Funds 1,043 910 825 750 1,672 1,563 1,612 1,531 Total Debt Per Capita 1,832$ 1,552$ 1,351$ 1,167$ 1,987$ 1,806$ 1,969$ 1,860$ Issue City of Albertville, Minnesota Capital Project/Equipment Plan - All Funds Schedule of Planned Capital Outlay 2022 to 2027 2022 2023 2024 2025 2026 2027 Estimated Estimated Estimated Estimated Estimated Estimated Fund/Department Year Item Cost Amounts Amounts Amounts Amounts Amounts Amounts Funding Source Debt and Grant Financing Sewer 2023 Wastewater Treatment Facility 10,000,000$ -$ 10,000,000$ -$ -$ -$ -$ Public Works Various Street Reconstruction Various - - 1,215,000 1,908,000 - - Sewer Various Street Reconstruction Various - - 303,750 477,000 - - Water Various Street Reconstruction Various - - 303,750 477,000 - - Storm Water Various Street Reconstruction Various - - 202,500 318,000 - - Cash Reserves Parks Various Arena Capital Improvement Yearly cost 20,000 20,000 20,000 20,000 20,000 20,000 Parks 2029 Large Mower 86,220 - - - - - - Parks 2024 Mid Size Mower 25,000 - - 25,000 - - - Parks 2026 Mower 10'5 75,500 - - - - 75,500 - Public Works 2024 Utility Vehicle (2024) Kubota 15,000 - - 15,000 - - - Public Works Various Bob Cat Buy Back - - - - - - - Public Works Unscheduled Utility Vehicle (2031) Kubota 20,200 - - - - - - Public Works 2026 Bob Cat 67,000 - - - - 67,000 - Public Works 2022 Loader w/plow (2022 - ARPA)297,000 297,000 - - - - - Public Works Unscheduled Mini Excavator (2038)116,000 - - - Public Works 2030 Loader w/plow (2030)- - - - - - - Public Works 2026 Ford Ranger Utility truck 30,400 - - - - 30,400 - Public Works 2026 Chevy 1500 2WD pick up 36,500 - - - - 36,500 - Public Works 2024 Chevy 1500 2WD pick up 33,000 - - 33,000 - - - Public Works Unscheduled Chevy 2500 CrewCab 4WD (2031)47,400 - - - - - - Public Works Unscheduled Plow Truck (2040)449,000 - - - - - - Public Works 2025 Plow Truck (2025)240,000 - - - 240,000 - - Public Works 2025 Ford F-450 w/32' aerial bucket 25,000 - - - 25,000 - - Public Works 2030 F-550 dump box/ v plow 84,000 - - - - - - Public Works 2031 Chevy 2500 4WD CrewCab (2031)48,000 - - - - - - Public Works Unscheduled CSAH 19/I-94 EB CD (local share)1,000,000 - - - - - - Public Works 2026 70th Street (50% Kadler to CR19)500,000 - - - - 500,000 - Public Works 2021 MacIver (Albertville share)60,000 - - - - - - Public Works 2022 Barthel Industrial Dr 962,000 962,000 - - - - - Public Works 2022 CSAH 37 (local share)350,000 350,000 - - - - - Public Works Various Annual Street and Trail Improvements Yearly cost 945,000 635,000 295,000 - 1,315,000 - Fire Department 2021 Tender 11 250,000 - - - - - - Fire Department 2025 Command (2025)49,600 - - - 49,600 - - Fire Department Unscheduled Ladder 11 (2031)2,100,000 - - - - - - Fire Department Unscheduled Engine 11 (2034)1,080,000 - - - - - - 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 10,000 10,000 10,000 150,000 Fire Department Various Misc Equip Yearly cost 2,000 2,000 2,000 2,000 2,000 2,000 Fire Department Unscheduled Air Compressor (2035)50,000 - - - - - - Parks 2021 Central - Trail and Hard surface 50,000 - - - - - - Parks 2020 Central - Pavilion 15,000 - - - - - - Parks 2021 Central - Main Ave Gateway 150,000 - - - - - - Parks 2022 Central - General Improvements 250,000 250,000 - - - - - Parks 2020 Central - Parking Lot Recon 400,000 - - - - - - Parks 2023 Central - Play Equip 100,000 - 100,000 - - - - Parks 2022 Parks - general improvements Yearly cost 30,000 30,000 30,000 30,000 30,000 30,000 Sewer 2022 1 Ton 2WD Box and Crane 85,000 85,000 - - - - - Sewer 2023 3/4 Ton 4WD & Box (2028)55,000 - 55,000 - - - - Sewer 2027 Generator 50kW (2027)70,000 - - - - - 70,000 Sewer 2031 Generator 125kW (2031)152,000 - - - - - - Sewer Unscheduled Jet /VAC (2038)237,000 - - - - - - Sewer Unscheduled Main St - - - - - - - Sewer 2031 3/4 Ton 4WD w Box (2031)81,000 - - - - - - Sewer Unscheduled Trailer T10HD 14' (2035)120,500 - - - - - - Sewer Unscheduled Utility Pump (2038)72,000 - - - - - - Sewer Unscheduled WWTF Pond Removal Unknown - - - - - - Sewer 2021 Albert Villas LS Generator 40,000 - - - - - - Sewer 2022 Albert Villas LS Generator (2022-ARPA)50,000 50,000 - - - - - Sewer 2022 Generator (2022 - ARPA)100,000 100,000 - - - - - Water Unscheduled Jet /VAC (2038)237,000 - - - - - - Storm Water 2022 Ditch 9 175,000 175,000 - - 175,000 - - Storm Water Various Pond Cleaning Yearly cost 10,000 10,000 10,000 10,000 10,000 10,000 Storm Water Unscheduled Main St 250,000 - - - - - - Storm Water Unscheduled Jet /VAC (2038)237,000 - - - - - - Storm Water Various System Maintenance Yearly cost 30,000 35,000 35,000 40,000 40,000 45,000 Storm Water 2022 Savistzki Storm Sewer 225,000 225,000 - - - - - Total Capital Projects and Equipment 3,541,000$ 10,897,000$ 2,500,000$ 3,781,600$ 2,419,903$ 327,000$ Total Capital Projects and Equipment Enterprise 675,000$ 10,100,000$ 855,000$ 1,497,000$ 50,000 125,000 Governmental 2,866,000 797,000 1,645,000 2,284,600 2,369,903 202,000 3,541,000$ 10,897,000$ 2,500,000$ 3,781,600$ 2,419,903$ 327,000$ Total Capital Projects and Equipment Public Works 2,554,000$ 635,000$ 1,558,000$ 2,173,000$ 1,948,900$ -$ Fire Department 12,000 12,000 12,000 61,600 295,503 152,000 Parks 300,000 150,000 75,000 50,000 125,500 50,000 Sewer 235,000 10,055,000 303,750 477,000 - 70,000 Water - - 303,750 477,000 - - Storm Water 440,000 45,000 247,500 543,000 50,000 55,000 3,541,000$ 10,897,000$ 2,500,000$ 3,781,600$ 2,419,903$ 327,000$