2022 Monticello LTFPLong-Term Financial Management Plan
For Governmental Funds and
Proprietary Funds
Presented to City Council on May 9, 2022
Northland Securities, Inc.
150 South Fifth Street, Suite 3300
Minneapolis, MN 55402
(800) 851-2920
Member FINRA and SIPC
Registered with SEC and MSRB
i
CONTENTS
Letter of Transmittal
Introduction and Summary ........................................................................................ 1
Introduction and Summary .............................................................................................................................1
Approach for the Plan .....................................................................................................................................2
Organization of the Plan ..................................................................................................................................2
Revenue Sufficiency ........................................................................................................................................3
Economic Development Programs and Legislative Action to Support Transition Efforts .........................3
Fund Balance Policy for General Fund .....................................................................................................4
Proprietary Funds Cash Position and Net Position ...................................................................................4
Levy and Rate Calculations ..............................................................................................................................5
City Tax Rate .............................................................................................................................................5
Utility Rates ..............................................................................................................................................6
Table 1 City Property Tax Levy, Tax Capacity, and Tax Rate ........................................................................7
Table 1a Housing and Redevelopment Authority Tax Levy, Tax Capacity, and Tax Rate ...............................8
Chart 1 Annual Percent Change in Tax Levy and Tax Rate ..........................................................................9
Chart 2 Tax Capacity from Public Utilities as a Percent of Total City Tax Capacity ....................................10
Chart 3 City Tax Rate ................................................................................................................................10
Chart 4 Comparison of Monticello City Tax Rate to Other Comparative Cities ........................................11
Chart 5 Residential City Property Taxes ....................................................................................................12
Chart 6 Commercial-Industrial City Property Taxes ..................................................................................12
Chart 7 General Fund Ending Fund Balance .............................................................................................13
Chart 8 Ending Cash Balances of City Funds .............................................................................................13
Chart 9 Ending Cash Balances for Capital Projects Funds.........................................................................14
Chart 10 Water Fund Projected Ending Cash Balance ................................................................................15
Chart 11 Sewer Fund Projected Ending Cash Balance ................................................................................15
Chart 12 Stormwater Fund Projected Ending Cash Balance .......................................................................16
Chart 13 Liquor Fund Projected Ending Cash Balance................................................................................16
Chart 14 Fiber Optics Fund Projected Ending Cash Balance .......................................................................17
Chart 15 Deputy Registrar Fund Projected Ending Cash Balance ...............................................................17
Chart 16 Total City Tax Levy ........................................................................................................................18
Chart 17 City Tax Levy by Funds as Percent of Total ...................................................................................18
Background ............................................................................................................. 19
Governmental Services .................................................................................................................................19
Water and Sanitary Sewer Systems ...............................................................................................................19
Municipal Liquor ...........................................................................................................................................19
Contents
ii
Contents
Fiber Optics System .......................................................................................................................................19
Deputy Registrar ...........................................................................................................................................19
Internal Service Funds ...................................................................................................................................19
Chart 18 Construction of New Property and Taxable Market Value ...........................................................20
Chart 19 Net Tax Capacity from New Construction Compared to Existing Property ..................................20
Capital Improvement Plan and Debt .......................................................................... 21
Overview of Plan ...........................................................................................................................................21
Downtown .....................................................................................................................................................21
Pointes at Cedar ............................................................................................................................................21
Fallon Avenue Improvements .......................................................................................................................21
Public Works / Engineering ...........................................................................................................................21
Street and Transportation .............................................................................................................................21
Stormwater / Drainage ..................................................................................................................................21
Recreation and Culture .................................................................................................................................21
Water Utility ..................................................................................................................................................22
Sewer Utility ..................................................................................................................................................22
Fire and Rescue .............................................................................................................................................22
Facilities Maintenance ..................................................................................................................................22
Liquor Store ...................................................................................................................................................22
Deputy Registrar ...........................................................................................................................................22
Fiber Optics ...................................................................................................................................................22
Information Technology (IT) ..........................................................................................................................22
Monticello Community Center ......................................................................................................................22
Bond Issuance ...............................................................................................................................................23
Bond Rating ...................................................................................................................................................23
Table 2 Capital Improvement Plan by Fund and Source of Funds ............................................................24
Table 3 Capital Improvement Plan - Planned Bond Proceeds to Pay Project Costs ..................................25
Table 4 Summary of Existing Debt............................................................................................................26
Table 5 Summary of Planned New Debt ..................................................................................................27
Table 6 Summary of Existing and Planned New Debt ..............................................................................28
Chart 20 CIP by Fund ..................................................................................................................................29
Chart 21 CIP Source of Funds .....................................................................................................................29
Chart 22 Total Debt Service ........................................................................................................................30
Chart 23 Debt Service Source of Revenues ................................................................................................30
Chart 24 Bonds Outstanding ......................................................................................................................31
Chart 25 Total Debt Outstanding by Existing and Planned New Debt ........................................................31
Chart 26 Tax Levy for Debt Service .............................................................................................................32
Chart 27 Amortization of Existing Debt ......................................................................................................33
Chart 28 Debt Per Capita ............................................................................................................................33
iii
Finance Plans ............................................................................................................. 34
Background ...................................................................................................................................................34
Impact of Strategic Transition Plan on Finance Plans ....................................................................................34
General Overview of Assumptions for Finance Plans ....................................................................................34
GOVERNMENTAL FUNDS
Total Governmental Funds Combined ...........................................................................................................35
Chart 29 Total Sources and Uses of Funds .........................................................................................36
Chart 30 Total Ending Fund Balance and Cash Balance......................................................................36
Table 7 Finance Plan ........................................................................................................................37
General Fund .................................................................................................................................................39
Chart 31 General Fund Source of Revenues .......................................................................................39
Chart 32 Ending Fund Balance and City Policy ...................................................................................41
Chart 33 Expenditures and Revenues ................................................................................................41
Table 8 Finance Plan ........................................................................................................................42
Community Center Fund ...............................................................................................................................43
Table 9 Finance Plan ........................................................................................................................44
Economic Development Authority (EDA) Fund .............................................................................................45
Table 10 Finance Plan ........................................................................................................................47
Table 10a Tax Increment Financing Districts Projected Available Year-End Cash Balances .................48
CDBG and SCDP Fund ....................................................................................................................................49
Table 11 Finance Plan ........................................................................................................................50
Cemetery Fund ..............................................................................................................................................51
Table 12 Finance Plan ........................................................................................................................52
Debt Service Funds........................................................................................................................................53
Chart 34 Ending Fund Balance and Cash Balance ..............................................................................54
Chart 35 Source and Use of Funds .....................................................................................................54
Table 13 Finance Plan ........................................................................................................................55
Capital Projects Fund ....................................................................................................................................56
Chart 36 Ending Fund Balance and Cash Balance ..............................................................................58
Chart 37 Source and Use of Funds .....................................................................................................58
Table 14 Finance Plan ........................................................................................................................59
Street Lighting Improvement Fund ...............................................................................................................60
Chart 38 Ending Fund Balance and Cash Balance ..............................................................................61
Chart 39 Source and Use of Funds .....................................................................................................61
Table 15 Finance Plan ........................................................................................................................62
Park and Pathway Dedication Fund ...............................................................................................................63
Chart 40 Ending Fund Balance and Cash Balance ..............................................................................64
Chart 41 Source and Use of Funds .....................................................................................................64
Table 16 Finance Plan ........................................................................................................................65
Contents
iv
PROPRIETARY FUNDS
Water Fund ...................................................................................................................................................66
Chart 42 Ending Cash Balance by Purpose .........................................................................................68
Chart 43 Unrestricted Net Position ....................................................................................................68
Chart 44 Revenues and Expenses ......................................................................................................68
Chart 45 Customers and Annual Volume Billed .................................................................................68
Table 17 Finance Plan ........................................................................................................................69
Table 18 Change in Ending Cash Balance ...........................................................................................70
Table 19 Customers and Volume Billed, Rates, and Revenue from Charges ......................................71
Sewer Fund ...................................................................................................................................................73
Chart 46 Ending Cash Balance by Purpose .........................................................................................75
Chart 47 Unrestricted Net Position ....................................................................................................75
Chart 48 Revenues and Expenses ......................................................................................................75
Chart 49 Customers and Annual Volume Billed .................................................................................75
Table 20 Finance Plan ........................................................................................................................76
Table 21 Change in Ending Cash Balance ...........................................................................................77
Table 22 Customers and Volume Billed, Rates, and Revenue from Charges ......................................78
Stormwater Fund ..........................................................................................................................................80
Chart 50 Ending Cash Balance by Purpose .........................................................................................81
Chart 51 Unrestricted Net Position ....................................................................................................81
Chart 52 Revenues and Expenses ......................................................................................................81
Chart 53 Customers and Volume Sold................................................................................................81
Table 23 Finance Plan ........................................................................................................................82
Table 24 Change in Ending Cash Balance ...........................................................................................83
Table 25 Customers and Volume Billed, Rates, and Revenue from Charges ......................................84
Liquor Fund ...................................................................................................................................................85
Chart 54 Ending Cash Balance by Purpose .........................................................................................86
Chart 55 Unrestricted Net Position ....................................................................................................86
Chart 56 Revenues and Expenses ......................................................................................................86
Table 26 Finance Plan ........................................................................................................................87
Table 27 Change in Ending Cash Balance ...........................................................................................88
Fiber Optics Fund ..........................................................................................................................................89
Chart 57 Ending Cash Balance by Purpose .........................................................................................90
Chart 58 Unrestricted Net Position ....................................................................................................90
Chart 59 Revenues and Expenses ......................................................................................................90
Table 28 Finance Plan ........................................................................................................................91
Table 29 Change in Ending Cash Balance ...........................................................................................92
Deputy Registrar Fund ..................................................................................................................................93
Chart 60 Ending Cash Balance by Purpose .........................................................................................94
Chart 61 Unrestricted Net Position ....................................................................................................94
Chart 62 Revenues and Expenses ......................................................................................................94
Contents
v
Table 30 Finance Plan ........................................................................................................................95
Table 31 Change in Ending Cash Balance ...........................................................................................96
INTERNAL SERVICE FUNDS
Benefit Accrual Fund .....................................................................................................................................97
Table 32 Finance Plan ........................................................................................................................98
Central Equipment Fund ...............................................................................................................................99
Table 33 Finance Plan ......................................................................................................................100
Information Technology (IT) Fund ...............................................................................................................101
Table 34 Finance Plan ......................................................................................................................102
Facilities Maintenance Fund .......................................................................................................................103
Table 35 Finance Plan ......................................................................................................................104
Appendices ................................................................................................................. 105
Appendix A Projected Staff Additions ........................................................................................................106
Appendix B Projected Future Development ..............................................................................................108
Appendix C EDA - Sub Funds - TIF Districts Finance Plans .........................................................................110
EDA General Fund ...................................................................................................................111
GMEF Fund .............................................................................................................................112
TIF Future Fund ......................................................................................................................113
TIF 6 Fund ...............................................................................................................................114
TIF 19 Fund .............................................................................................................................115
TIF 20 Fund .............................................................................................................................116
TIF 22 Fund .............................................................................................................................117
TIF 24 Fund .............................................................................................................................118
TIF 29 Fund .............................................................................................................................119
TIF 30 Fund .............................................................................................................................120
TIF 34 Fund .............................................................................................................................121
TIF 39 Fund .............................................................................................................................122
TIF 40 Fund .............................................................................................................................123
TIF 41 Fund .............................................................................................................................124
Appendix D Debt Service Tax Levy By Fund and Series ..............................................................................125
Appendix E Water Residential Customer Billing Example ..........................................................................126
Appendix F Sanitary Sewer Residential Customer Billing Example ............................................................127
Appendix G Stormwater Residential Customer Billing Example .................................................................128
Appendix H Combined Utilities Residential Customer Billing Example ......................................................129
150 South Fifth Street, Suite 3300, Minneapolis, MN 55402
Main: (612) 851-5900 / Direct: (612) 851-4964 / Email: tomdal@northlandsecurities.com
Member FINRA and SIPC | Registered with SEC and MSRB
May 9, 2022
Sarah Rathlisberger
Finance Director
City of Monticello
505 Walnut Street
Monticello, MN 55362
Email:Sarah.Rathlisberger@ci.monticello.mn.us
RE: City of Monticello Long-Term Financial Management Plan for Governmental and Proprietary Funds
Dear Sarah:
Northland Securities is pleased to present the City of Monticello with this Long-Term Financial Management Plan (the “Plan”). Northland has
completed a study of the City’s historical and planned source and use of funds for the Governmental Funds and the Proprietary Funds. Financial
plans for each of the various funds have been prepared and are included in the Plan.
We appreciate the opportunity to work with the City on its financial management planning.
Sincerely,
NORTHLAND SECURITIES, INC.
Tammy Omdal
Managing Director
1
Introduction and
SummaryINTRODUCTION AND SUMMARY
The City of Monticello (the “City”) was awarded a Com-
munity Energy Transition grant in 2021. The grant program
was established by the Minnesota Legislature using an al-
location from the Renewable Development Account. Ad-
ministered by the Minnesota Department of Employment
and Economic Development, grants were awarded to host
communities striving to address the economic and social
impacts caused by an impending closure of an electric gen-
erating plant.
For Monticello, the grant provides an opportunity to plan
for expected changes at the Monticello Nuclear Generat-
ing Plant (the “Xcel Plant”) owned by Xcel Energy (North-
ern States Power Company). Future decommissioning of
the Xcel Plant will impact the taxable market value of this
property and other utility classified property located in
Monticello and owned by Xcel. As of tax payable year 2022,
property owned by Xcel Energy in Monticello comprises ap-
proximately 49% of the City’s total tax capacity value ($15.5
million of $31.8 million).
The City is taking a proactive approach to spur sustainable
residential, commercial, and industrial growth, intended to
minimize the detrimental impacts of a plant closure. While
the City is striving for growth across all sectors, there is a
significant advantage to industrial growth in this context.
The City is focusing on industrial capacity and planning
analysis to capitalize on existing and planned industrial land
areas within Monticello. As part of this effort, the City is
consolidating industrial-related information as part of an
overall strategic transition plan.
This document, the Long-Term Financial Management Plan
for Governmental and Proprietary Funds (the “Plan”) is in-
tended to serve as a companion guide informing the ongo-
ing financial management for the City as it undertakes the
efforts to successfully transition the community.
The Plan provides fiscal impact analysis of the projected
change in the City’s tax capacity over time from the antici-
pated changes at the Xcel Plant, among other financial im-
plications for the City.
The Plan is part of the overall guide plan and implemen-
tation tools the City is preparing to support a sustainable
transition from an energy economy and a stable economic
future for the community.
The City expects the changes at the Xcel Plant will impact
not only the City’s tax base but also employment levels in
the City. This in turn will impact general economic activity in
the community and in turn may impact the tax valuation of
other properties in the City. The information on the wider
economic impact of the future plant closure is included in
the Center for Energy and Environment (CEE) study, but it is
not incorporated into this Plan.
The Plan contains proposed strategies and identification of
key factors and objectives to monitor with respect to the fi-
nancial performance of the City’s Governmental Funds and
Proprietary Funds (together, the “Funds”).
Information on projected property tax levies, and fees and
charges needed to fund planned city services, capital im-
provements, and debt service are included.
The two key objectives for the Plan are as follows:
• Revenue Sufficiency - Develop and populate a forecast-
ing model to determine the estimated level of revenue
needed to satisfy general government and proprietary
operations, capital improvements, and debt service,
while maintaining adequate reserves for future services
and capital needs of the City.
2
Introduction and
Summary• Levy and Rate Calculations - Model projected future
tax levies, tax rates, and proposed rates for municipal
utility services.
The Plan anticipates future capital improvements for years
2022-2031 (the “CIP”). Estimates were made by the City for
project costs and the timing of capital projects.
While the specific timing of changes at the Xcel Plant and
the timing and cost of build out of municipal infrastructure
to support new private development in the City is uncertain,
awareness of the challenges is important when considering
tax levy, rates for fees and charges, and level of reserves.
Future private development of property within the City
has and will continue to provide increased revenue to the
City. The rate of future development and addition of new
taxpayers and utility customers is a significant variable for
the Plan and the projections within. The City will need to
continue to monitor development that occurs against the
anticipated timing and type of development assumed in the
Plan, which will impact the projected revenues included in
the Plan.
Approach for the Plan
The following steps were taken as part of development of
the Plan:
• The City provided information on customer activity, in-
cluding data on historical customer billings and signifi-
cant industrial users billing data.
• The City provided historical financial data along with
current budget plans and capital improvement plans.
• The City provided the assumptions for future housing
units and commercial-industrial building space project-
ed to be constructed in the City and connected to the
municipal utilities.
• Information provided by the City was organized, ana-
lyzed, and used to support the development of the Plan.
• The 2020 data is reconciled with the audited financial
statements. The final audited 2021 financial statements
were not available as of the date of the Plan.
• City staff offered input and feedback on the assump-
tions, different options for levy and rates, and desired
outcomes for the Plan.
• The Plan purposively demonstrates that certain Funds
may not have sufficient revenues to cover projected
expenses or expenditures. The information included in
the Plan is intended to support further policy discus-
sions that will be needed to ensure revenues are suffi-
cient. For example, the City may determine to use reve-
nues from the Liquor Fund to support other operations
of the City through transfers of cash between Funds.
Organization of Plan
The Plan is organized into the following sections:
1. Introduction and Summary provides information on the
Plan approach, revenue sufficiency, and tax levy and
rate calculations.
2. Background provides historical and statistical context
for the City including the municipal utilities.
3. CIP and Debt provides information on the City’s plans
for equipment, facilities, streets, and maintaining and
expanding the utility systems, among other projects.
This includes estimates on project costs, timing, and
sources of funds. Information on outstanding debt obli-
gation and debt service is included.
4. Finance Plans provides the finance plans (pro forma) for
all City Funds. The finance plans include historical, cur-
rent, and projected revenues and expenses or expendi-
3
Introduction and
Summarytures, and estimated ending cash balances, along with
other balance sheet estimates. Finance plans consider
capital improvement plans, both existing and planned
debt issuance, and projected property tax revenue and
proposed rates for charges for services and sales for the
enterprise operations of the City, among other sources
and uses of funds.
5. Appendices provide additional data.
Revenue Sufficiency
The Plan evaluates the sufficiency of revenues to meet cur-
rent and projected financial requirements for the Funds
over the next ten years. The Plan determines the tax levy
and other rates necessary in each year of the projection pe-
riod to provide revenue sufficiency. The Plan is based on
certain assumptions for the timing of changes at the Xcel
Plant.
Economic Development Programs and Legislative Actions to Support Transition Efforts
Consideration of Economic Development Programs and leg-
islative actions to support transition efforts is important as
the City prepares to transition away from an energy econ-
omy.
In partnership, the City and the Monticello Economic Devel-
opment Authority (EDA) have a history of actively leverag-
ing economic development programs to assist with acquisi-
tion and/or development and redevelopment of property,
and construction of municipal infrastructure. The City and
EDA have pursued the use of the following tools:
• Establishment of tax increment financing districts for
economic development, housing, and redevelopment
purposes.
• Levying of taxes under the authority granted to the EDA
by the City for economic development purposes.
• Application for Business Development Funding and
Infrastructure Funding programs administered by the
Minnesota Employment and Economic Development
Department.
• Pursuit of other state funding through direct appropria-
tion.
The use of these tools and pursuit of other funding through
direct appropriation or specific legislative authority should
continue to be a focus of the City and EDA.
Pursuit of a Local Sales and Use Tax is an option for the City.
The City has considered but has not actively pursued a local
sales and use tax. To impose a general local sales and use
tax, the City must receive authorization through the Minne-
sota Legislature. To receive this authorization, the City must
complete certain steps, including passing a resolution with
proposed tax rate and other details, including, a detailed
description of the capital project to be funded (up to five
projects may be included) with the tax, among other items
that need to be in the resolution.
The City must submit the approved resolution and sup-
porting documents to the senate and house tax commit-
tee chairs. Once legislative approval is given, the City would
need to revise and reaffirm the resolution. The resolution
must be passed at least 90 days before a general election.
The City must hold a vote at a general election within two
years of legislative approval. Each project must have a
separate question for approval. Voters must approve by a
majority vote. If passed by the voters, there are additional
steps that would be needed in the process prior to imple-
menting the approved general local tax.
4
Introduction and
SummaryTo issue General Obligation Revenue Bonds supported by
the pledge of sales tax revenue the authorizing language
for the local sales and use tax must provide the authority
for the issuance of the bonds.
The City may pursue other revenue sources, including state
grants or special legislation specific to a project or develop-
ment area.
Fund Balance Policy for General Fund
The City should continue to actively manage its Funds to
achieve its policy goals and to maintain sufficient balances
within the Funds to meet City needs, including the need for
reserves. City policy is to maintain a minimum fund balance
in the General Fund equivalent to 60-75% of the following
year’s budgeted operating expenditures. The policy recog-
nizes the need for the City to cash flow its expenditures for
the period between the semi-annual tax disbursements it
receives from the County, among other needs for cash bal-
ance.
Proprietary Funds Cash Position and Net Position
For purposes of the Plan, the revenue objectives for the
Proprietary Funds focus on providing revenue sufficient to
achieve an ending cash balance to cover the following pur-
poses:
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
The tables and charts that follow provide a summary of key
financial information for the City Funds.
For the Water Fund, Sewer Fund, and Stormwater Fund
(together, the “Utilities”), the funding of depreciation, or
setting aside of funds to replace depreciated infrastructure,
is an important element for establishment of revenue suf-
ficiency.
The Plan focuses on the City’s asset management practices
to maintain and expand infrastructure at estimated costs.
Rather than focus on “funding depreciation” we find that
it is better to gain a strong understanding of the expected
future costs and, maybe more importantly, their timing and
the plan for replacement of infrastructure and facilities.
Utilizing a planned schedule for capital improvements and
the incorporation of the City’s capital improvement plans
into the Plan achieves this goal. Capital improvement plans
combined with financial management targets are critical
elements that allow for setting rates that meet City goals.
Financial management targets begin with criteria for eval-
uating overall financial condition. For instance, do projec-
tions show sufficient revenues to cover planned operating
and capital improvement expenses? The Utilities must do
better than break even, but by how much? The Plan helps
answer these questions by allocating projected year-end
cash balance for the Utilities to defined purposes.
The Plan provides a criterion to evaluate revenue sufficien-
cy for the Utilities in addition to the cash objectives. The
second criterion is an objective for ending unrestricted net
position as a percent of expense. The Plan sets a target (a
floor) to maintain an unrestricted net position for the Utili-
ties no lower than 50% of the subsequent year’s estimat-
ed expenses. Since the majority of revenue in the Utilities
comes from user charges, maintaining an unrestricted net
position that is equal to at least 50% of expenses will help
to ensure that sufficient resources are available to fund ba-
sic functions between receipts of user charges.
5
Introduction and
SummaryLevy and Rate Calculations
The Plan focuses on projecting annual tax levy and the re-
sulting annual tax rates for the City and reviewing the rates
for the fees and charges of the Utilities. The City budget
process focuses on the tax levy necessary to fund city ser-
vices. The City tax rate is a factor of the annual tax levy cer-
tified by the City spread over the net tax capacity of the
City. The county is responsible for certification of taxable
market value and calculation of net tax capacity of the City.
City Tax Rate
Future tax levy increases will be necessary to fund planned
expenditures and to maintain adequate cash balances
across the Funds. A summary of projected annual City tax
levy and tax rates are shown in Figure 1. The tax levy and
tax rates are estimated based on assumptions in the Plan.
Figure 1.
Tax Year Tax Levy ($)
% Change
in Tax
Levy
Tax Rate
% Change
in Tax
Rate
2021 11,063,700 35.6590
2022 11,353,000 2.6% 36.5360 2.5%
2023 11,764,639 3.6% 37.7770 3.4%
2024 12,880,134 9.5% 40.2030 6.4%
2025 13,833,677 7.4% 41.3450 2.8%
2026 14,978,187 8.3% 43.2830 4.7%
2027 15,723,863 5.0% 43.8960 1.4%
2028 16,435,180 4.5% 44.7240 1.9%
2029 17,169,482 4.5% 45.0830 0.8%
2030 18,052,292 5.1% 45.9170 1.8%
2031 18,787,354 4.1% 46.2230 0.7%
To estimate future tax rates, certain assumptions were
made with respect to growth in taxable market value of
property in the city. The key assumptions used for the Plan
that impact future tax levy and tax rates include the follow-
ing:
• General Fund ad valorem tax levy in the Plan is assumed
to increase annually based on the amount needed to
support estimated expenditures, after accounting for
other non-tax revenues.
• General Fund non-tax revenues are estimated to in-
crease by 2.0% annually. There are no major changes
assumed for non-tax revenue collections for the Gen-
eral Fund.
• Current expenses across all funds are estimated to in-
crease by 2.5% annually. This rate is low based on cur-
rent market conditions (inflation) but because the Plan
covers a ten year period this rate is assumed to be a
reasonable estimate for planning purposes.
• Addition of city personnel (FTE) is planned for in the
General Fund and is shown to be funded from tax levy.
Details on the positions and estimated costs are includ-
ed in the Finance Plan for the General Fund.
• Taxable market value of property in the City, with the
exception of value for property classified as “public
utilities” is projected to increase by 3.0% annually for
assessment years 2022-2031.
• Taxable market value for property classified as public
utilities, which includes the Xcel Plant, is projected to
decline by 5.0% annually for assessment years 2022-
2023, then by 3.0% for years 2024-2025, and then by
1.0% annually for assessment years 2026-2031.
• Residential (single-family) housing unit construction is
assumed to average approximately 70 new units per
6
Introduction and
Summaryyear between tax payable years 2023-2032. The aver-
age valuation per unit in today’s dollars is estimated at
approximately $290,000 (the analysis assumes annual
valuation growth of 3.0%).
• Multi-family (apartment) housing unit construction is
assumed to average approximately 112 new units per
year between tax payable years 2023-2032. The aver-
age valuation per unit in today’s dollars is estimated at
approximately $190,000 (the analysis assumes annual
valuation growth of 3.0%).
• Commercial space construction is assumed to average
approximately 22,000 square feet per year between
tax payable years 2023-2032, with average valuation of
$145 per SF in today’s dollars (the analysis assumes an-
nual valuation growth of 3.0%).
• Industrial space construction is assumed to average ap-
proximately 20,000 square feet per year between tax
payable years 2023-2032, with average valuation of $75
per SF in today’s dollars (the analysis assumes annual
valuation growth of 3.0%).
• Tax increment financing districts will be decertified
and provide approximately $466,000, or approximately
1.0% increase in tax capacity for the City between tax
payable years 2024-2030.
• Bond issuance is assumed to finance certain project
costs. Bonds are estimated to be payable from taxes,
special assessments, and net revenues from the Utili-
ties, depending on the project to be financed.
The tables and graphics that follow provide historical and
projected tax levy and tax rates along with net tax capacity.
Utility Rates
The City uses a two-part rate structure for charging fees for
water and sanitary sewer services, comprised of both fixed
and variable charges. The City charges a fixed rate per resi-
dential equivalent unit for stormwater services.
A two-part rate structure for water and sanitary sewer
services is recommended by generally accepted practices
and is a practice followed by most cities within Minnesota.
This structure recovers a portion of system costs in a fixed
charge, recognizing that both water and sanitary sewer ser-
vices have certain fixed costs that are incurred year-round.
These fixed costs are incurred regardless of the level of wa-
ter usage by customers.
The Plan anticipates future utility rate increases will be
needed. The level of utility rate increases will depend on
capital project costs and the City’s decision on whether to
advance a “pay-go” strategy versus debt financing for capi-
tal improvements to the municipal utility systems.
The Plan demonstrates that annual rate increases in the
range of 3-4%, for example, for utility user fees may not be
sufficient to support a pay-go strategy for funding all capital
improvement projects. Specifically for the Water Fund and
Stormwater Fund, revenues are not projected to be suffi-
cient to meet spending (cash) needs for these operations.
Either the amount to be spent on capital improvements will
need to be adjusted, or debt issuance incorporated into the
Plan, or more significant rate increases will be necessary, or
a combination of these strategies.
The Plan includes anticipated changes to customers from
new development. There is no change anticipated to the in-
dustrial customers, including customers with service agree-
ments with the City for sanitary sewer services.
7
Introduction and
SummaryTable 1
City of Monticello
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
TAX LEVY
General Fund 7,169,000 7,475,000 8,267,314 8,625,990 9,138,090 9,834,731 10,486,323 10,857,832 11,167,923 11,524,309 11,830,042
Debt Service Funds 2,831,479 2,311,400 2,512,326 3,754,594 4,181,050 4,613,483 4,371,668 4,583,100 4,904,044 5,309,415 5,254,288
Special Revenue Funds (Community Center)485,000 485,000 485,000 499,550 514,537 529,973 545,872 562,248 579,115 596,489 614,383
Capital Projects Funds 578,221 1,081,600 500,000 0 0 0 320,000 432,000 518,400 622,080 1,088,640
TAX LEVY 11,063,700 11,353,000 11,764,639 12,880,134 13,833,677 14,978,187 15,723,863 16,435,180 17,169,482 18,052,292 18,787,354
Annual % Change 5.92% 2.61% 3.63% 9.48% 7.40% 8.27% 4.98% 4.52% 4.47% 5.14% 4.07%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 15,382,566 16,388,675 16,880,335 17,386,745 17,908,348 18,445,598 18,998,966 19,568,935 20,156,003 20,760,683 21,383,504
Tax Capacity Public Utilities 16,413,558 15,439,295 14,667,330 13,933,964 13,515,945 13,110,466 12,979,362 12,849,568 12,721,073 12,593,862 12,467,923
Tax Capacity from New Development in Future Years -- 120,313 1,050,757 2,926,506 4,222,065 5,005,383 5,524,189 6,433,497 7,165,679 8,033,545
Total Tax Capacity 31,796,124 31,827,970 31,667,978 32,371,466 34,350,798 35,778,130 36,983,711 37,942,692 39,310,573 40,520,224 41,884,972
Less TC Captured for Powerlines 2,161 3,578 3,578 3,578 3,578 3,578 3,578 3,578 3,578 3,578 3,578
Less TC Captured within TIF Districts 767,380 750,789 522,285 330,393 888,317 1,169,664 1,159,256 1,190,778 1,223,247 1,201,836 1,236,281
NET TAX CAPACITY 31,026,583 31,073,603 31,142,115 32,037,495 33,458,904 34,604,887 35,820,878 36,748,336 38,083,748 39,314,810 40,645,112
Annual % Change 0.15% 0.22% 2.88% 4.44% 3.43% 3.51% 2.59% 3.63% 3.23% 3.38%
CITY TAX CAPACITY TAX RATE 35.659 36.536 37.777 40.203 41.345 43.283 43.896 44.724 45.083 45.917 46.223
Annual % Change 2.0% 2.5% 3.4% 6.4% 2.8% 4.7% 1.4% 1.9% 0.8% 1.8% 0.7%
CITY PROPERTY TAX LEVY, TAX CAPACITY, AND TAX RATE
Note: The increase in Year 2024 is more significant than other years. This is due to the projected increase in tax levy for the Debt Service Funds. The Plan an-
ticipates the issuance of debt to finance a new public works facility.
8
Introduction and
SummaryTable 1a
City of Monticello
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
TAX LEVY
Economic Development Authority Fund 366,300 388,000 399,640 411,629 423,978 436,697 449,798 463,292 477,191 491,507 506,252
TAX LEVY 366,300 388,000 399,640 411,629 423,978 436,697 449,798 463,292 477,191 491,507 506,252
Annual % Change 5.92% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 15,382,566 16,388,675 16,880,335 17,386,745 17,908,348 18,445,598 18,998,966 19,568,935 20,156,003 20,760,683 21,383,504
Tax Capacity Public Utilities 16,413,558 15,439,295 14,667,330 13,933,964 13,515,945 13,110,466 12,979,362 12,849,568 12,721,073 12,593,862 12,467,923
Tax Capacity from New Development in Future Years -- 120,313 1,050,757 2,926,506 4,222,065 5,005,383 5,524,189 6,433,497 7,165,679 8,033,545
Total Tax Capacity 31,796,124 31,827,970 31,667,978 32,371,466 34,350,798 35,778,130 36,983,711 37,942,692 39,310,573 40,520,224 41,884,972
Less TC Captured for Powerlines 2,161 3,578 3,578 3,578 3,578 3,578 3,578 3,578 3,578 3,578 3,578
Less TC Captured within TIF Districts 767,380 750,789 522,285 330,393 888,317 1,169,664 1,159,256 1,190,778 1,223,247 1,201,836 1,236,281
NET TAX CAPACITY 31,026,583 31,073,603 31,142,115 32,037,495 33,458,904 34,604,887 35,820,878 36,748,336 38,083,748 39,314,810 40,645,112
Annual % Change 0.15% 0.22% 2.88% 4.44% 3.43% 3.51% 2.59% 3.63% 3.23% 3.38%
HRA TAX CAPACITY TAX RATE 1.181 1.249 1.283 1.285 1.267 1.262 1.256 1.261 1.253 1.250 1.246
Annual % Change -0.6% 5.8% 2.7% 0.2% -1.4% -0.4% -0.5% 0.4% -0.6% -0.2% -0.3%
Note: The Plan assumes annual HRA levy at the maximum allowed pursuant to state law for HRA levy. The maximum is equal to 0.0185% of taxable market value.
HOUSING & REDEVELOPMENT AUTHORITY PROPERTY TAX LEVY, TAX CAPACITY, AND TAX RATE
9
Introduction and
Summary
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Chart 1.
Annual change in Tax Levy reflects estimated future levies to fund operations and
capital improvements, and change in Tax Rate is further impacted by assumptions
for tax base growth
Annual % Change in Total Tax Levy Annual % Change in Tax Rate
The projected changes in the
annual tax levy reflect planned
personnel additions and in-
crease in tax levy for capital im-
provements, including debt ser-
vice for capital improvements to
be financed by the issuance of
bonds.
Tax rate is a factor of the tax levy
divided by net tax capacity. The
annual percentage increase in
tax levy is projected to be great-
er than the annual increase in
net tax capacity, causing a pro-
jected increase in tax rate.
10
Introduction and
Summary
0.0%
500.0%
1000.0%
1500.0%
2000.0%
2500.0%
3000.0%
3500.0%
4000.0%
4500.0%
5000.0%
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031CityTaxRateChart 3.
City Tax Rate is a factor of Tax Levy and the Tax Capacity of Taxable Market Value
The City is projecting a decline
in tax capacity of property in
the City classified as “Public
Utilities”, driven by anticipated
changes at the Xcel Plant.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031TaxCapacityasPercentofTotalChart 2.
New Development is Projected to Help Offset Decline in Tax Capacity from Public
Utilities
Tax Capacity Not
Including Public
Utilities
Tax Capacity from
New Development
in Future Years
Tax Capacity Public
Utilities
11
Introduction and
Summary
0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00
Otsego
Monticello Pay 2021
St. Michael
Monticello Pay 2022
Monticello Pay 2023
Monticello Pay 2024
Monticello Pay 2025
Zimmerman
Becker
Monticello Pay 2026
Monticello Pay 2027
Rockford
Monticello Pay 2028
Monticello Pay 2029
Monticello Pay 2030
Monticello Pay 2031
Hanover
Albertville
Big Lake
Buffalo
Princeton
Chart 4.
Comparison of other cities Pay 2021 tax rates to Monticello including comparison to future
projected tax payable years for Monticello based on the Plan The Plan projects Monticello’s
tax rate will increase over the
next decade. However, Monti-
cello’s tax rate is projected to be
lower than several other com-
parative cities.
12
Introduction and
Summary
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
2023 2024 2025 2026 2027 2028 2029 2030 2031
Chart 5.
Residential Property
City Property Taxes for Different Valued Property
Residential $250,000 Residential $300,000
Residential $350,000 Residential $500,000
$0
$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
2023 2024 2025 2026 2027 2028 2029 2030 2031
Chart 6.
Commercial-Industrial Property
City Property Taxes for Different Valued Property
Commercial $1,000,000 Commercial $2,000,000
Commercial $3,000,000 Commercial $4,000,000
The estimated City property
taxes for the example residential
and commercial-industrial prop-
erties reflect the impact of pro-
jected changes in City tax levy
and estimated taxable market
value as included in the Plan.
13
Introduction and
Summary
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 EndingFundBalanceas%ofExpenseEndingFundBalanceMILLIONSChart 7.
General Fund
Ending Fund Balance is projected to be at level that meets City Policy
Ending Fund
Balance
Ending Fund
Balance as %
of
Expenditures
Note: City policy provides for a minimum ending fund balance equal to 60% of expenditures.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 8.
Ending Cash Balances are projected to be at levels to meet City objectives for reserves and
planned capital improvements
General Fund
Special Revenue Funds
Debt Service Funds
Capital Projects Fund
Proprietary Funds
Internal Service Funds
The ending fund balance for the
General Fund is projected to be
at a level that is consistent with
City policy. Future adjustments
to tax levy or expenditures may
be needed to ensure the fund
balance stays within policy lev-
els.
The reduction in cash balance
for the Capital Projects Funds
is from planned spend down of
cash for capital projects.
For the Proprietary Funds, on a
combined basis the year to year
change in ending cash balance
is driven in part by the timing of
collection of trunk charges and
the use of these revenues on
capital improvements.
14
Introduction and
Summary
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 9.
Ending Cash Balances for Capital Projects Funds by Categories
Capital Projects
Fund
Street Lighting
Improvement Fund
Park and Pathway
Dedication Fund
The ending cash balances within
the Capital Projects Funds varies
from year to year based on tim-
ing of projects and other factors.
Future adjustments to revenue
and/or spending may be needed
to avoid future expenditures ex-
ceeding revenues as shown in
the Plan.
15
Introduction and
Summary
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 10.
Water Fund
Projected Ending Cash
Cash for 3-months
operating and for
following year debt
service
Cash for following
year planned capital
Total projected
ending cash
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 11.
Sewer Fund
Projected Ending Cash
Cash for 3-months
operating and for
following year debt service
Cash for following year
planned capital
Total projected ending
cash
The decline in cash balance
in the Water Fund is due to
planned capital spending, in-
cluding on trunk lines. No bond-
ing for water system infrastruc-
ture is included in the Plan, with
the exception of bonding for the
Water Treatment Plant.
For the Water Fund, either the
amount to be spent on capital
improvements will need to be
adjusted, or debt issuance incor-
porated into the Plan, or more
significant rate increases will be
necessary, or a combination of
these strategies.
The increase in the Sewer Fund
projected cash balance is driven
by the timing of collection of rev-
enue from development charg-
es, for example trunk charges,
and the use of these funds for
construction of trunk lines and
other improvements to support
development.
16
Introduction and
Summary
($1.0)
($0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 12.
Stormwater Fund
Projected Ending Cash
Cash for 3-months
operating and for
following year debt
service
Cash for following
year planned capital
Total projected
ending cash
The ending cash balance in the
Stormwater Fund is projected to
be negative due to planned capi-
tal spending. Either additional
rate increases will be needed,
planned capital spending adjust-
ed, or debt financing considered
for capital, or a combination of
these strategies used to ensure
positive cash is maintained in
the Stormwater Fund.
The Liquor Fund ending cash
balance is projected to increase.
The Plan does not include any
transfers of cash from the Li-
quor Fund to other City Funds.
The City plans to consider how
the projected cash in the Liquor
Fund may be used for other mu-
nicipal purposes.
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 13.
Liquor Fund
Projected Ending Cash
Cash for 3-months
operating and for
following year debt
service
Cash for following
year planned capital
Total projected
ending cash
17
Introduction and
Summary
($1.0)
($0.8)
($0.6)
($0.4)
($0.2)
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 14.
Fiber Optics Fund
Projected Ending Cash
Cash for 3-months
operating and for
following year debt
service
Cash for following
year planned capital
Total projected
ending cash
The ending cash balance in the
Fiber Optics Fund is projected
to be negative due to planned
spending, including on annual
capital, exceeding projected rev-
enues. The City is considering
options to address the projected
needs of the Fiber Optics Fund.
The City is planning to use
what it has determined is avail-
able cash in the Deputy Regis-
trar Fund to support other City
Funds. The Plan includes a trans-
fer of $500,000 to the Street
Lighting Improvement Fund and
approximately $1,159,000 to
the Capital Projects Fund, for a
combined total of approximate-
ly $1.66 million in 2023.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 15.
Deputy Registrar Fund
Projected Ending Cash
Cash for 3-months
operating and for
following year debt
service
Cash for following
year planned capital
Total projected
ending cash
18
Introduction and
Summary
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 16.
Total City Tax Levy All City Funds
General Fund
Special Revenue Funds
(Community Center)
Economic Development
Authority Fund
Debt Service Funds
Capital Projects Funds
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031PercentofTotalChart 17.
City Tax levy by Fund (Purpose) as Percent of Total City Tax Levy
General Fund
Special Revenue Funds
(Community Center)
Economic Development
Authority Fund
Debt Service Funds
Capital Projects Funds
The General Fund levy com-
prises the largest share of the
City’s total tax levy. Tax levy is
projected to increase to pay for
planned operations, debt, and
capital improvements that are
not planned to be supported by
other sources of revenue.
19
Background
BACKGROUND
The City is located in Wright County approximately 45 miles
northwest of the Minneapolis-St. Paul metropolitan area
and 25 miles southeast of the City of St. Cloud. Access to
the City is via interstate 94 and Highway 25. The land area of
the City encompasses approximately 5,720 acres. The City
reports an estimated population of 14,455 (2021 estimate).
Governmental Services
The City provides a full range of municipal government ser-
vices: police and fire protection; the construction and main-
tenance of highways, streets and other infrastructure; cul-
tural and recreational activities; and general administrative
services. There is one component unit that operates within
the City, the Monticello Economic Development Authority.
Water and Sanitary Sewer Systems
The City owns and operates a municipal water system that
provides service to the urbanized portions of the commu-
nity. As the community has grown, the City’s water system
has expanded. For sanitary sewer, the City’s wastewater
treatment facility is operated by Veolia Water North Ameri-
ca. The current contract runs through 2022.
Stormwater Management & Protection
The City has a Stormwater Pollution Prevention Program to
reduce pollutant discharge to the maximum extent practi-
cable as required by the Environmental Protection Agency.
Municipal Liquor
The City operates one off-sale municipal liquor store. The
municipal liquor operations are accounted for in a propri-
etary fund. Revenues from the operation provide revenues
to support the operations of the City through transfer of
available funds from the Liquor Fund.
Fiber Optics System
The City owns a fiber optics system, which was financed
with proceeds of its Telecommunications Revenue Bonds,
Series 2008 (the “Telecommunications Bonds”). The sys-
tem began operations in 2010; however, the system did
not produce sufficient net revenues to fully support opera-
tions and the payment of the Telecommunications Bonds.
The City went into technical default on the bonds in 2012
and a settlement with bondholders was approved in 2014
and judgment bonds issued. In 2016, the City entered into
an agreement with a private vendor to operate the fiber
optics system for five years. In 2021, the agreement with
the private vendor was extended an additional five years.
Since 2019, the City has not made any interfund transfers
to support the Fiber Optics Fund. The City redeemed the
outstanding Telecommunication Bonds in 2021.
Deputy Registrar
The Deputy Registrar is accounted for in a proprietary fund
of the City. The Deputy Registrar provides vehicle and other
licensing services.
Internal Service Funds
The City uses internal service funds to account for benefit
accruals, central equipment services, information technol-
ogy services, and municipal facilities maintenance. Because
these internal service fund activities predominantly benefit
governmental rather than business-type functions, the City
includes these funds within governmental activities in the
government-wide financial statements of the City.
20
Background
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
2021 2022 2023 2024 2025 2026 2027 2028 2029MillionsChart 18.
Construction of new property (not captured within TIF districts) is projected to provide an
increase in taxable market value
Commercial and
Industrial
Residential
Construction CompletionYear*
*This chart begins with year 2021 construction completion. Construction completed in 2021 will be valued in year 2022 for first
taxes payable in 2023. Chart 19 that follows shows the impact of the projected constructioncompletion by respective tax
payable year.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 19.
Total net tax capacity is projected to increase from both market conditions and new
construction
From New Construction
(net of tax capacity
captured in TIF)
For Existing Property
Note: Net Tax Capacity for Existing Propertyis based on the assumption that valuation of existing property will increase by
3.0% annually offset by the assumptionthat the valuationof property owned by Xcel will decrease. The net results is an
average annual increase in Net Tax Capacity for Existing Property of approximately 0.5%.
There is a two year lag between
when a project is constructed
and the first taxes payable on
the improvements. For example,
a project constructed in 2021,
will be assessed in year 2022 for
taxes first payable in year 2023.
21
CIP and DebtCAPITAL IMPROVEMENT PLAN (CIP)
AND DEBT
The City annually reviews its plans for capital acquisition
and improvements and updates its multi-year plan. The
capital outlay information included in the Plan provides a
high-level summary of the total costs by general category
and year, and the proposed funding sources.
For purposes of the Plan, the City prepared and provided
estimated capital costs. The Plan includes estimates for
years 2022-2031, described as the next decade in the Plan.
The Plan provides information on current debt service on
the outstanding debt obligations of the City and estimated
future debt service for planned future debt issuance to fi-
nance certain projects in the CIP.
Downtown
Improvements in the Downtown of approximately $6.3 mil-
lion are planned over the next decade. Planned improve-
ments include street improvements, lighting improvements,
and park amenities. Source of funding is a combination of
available cash and current revenues (i.e., electric franchise
revenue) in the Capital Project Fund and Street Lighting Im-
provement Fund, and federal grants.
Pointes at Cedar
Improvements in the Pointes at Cedar of approximately
$25.2 million are planned over the next decade, with about
half of this spending be made over the next five years.
Planned improvements include stormwater improvements,
street improvements, lighting improvements, and park and
community space amenities. Bonding is anticipated to fi-
nance a portion of the costs, with development in the area
supporting a portion of the debt service.
Fallon Avenue Improvements
Improvements to Fallon Avenue, including utilities, and ad-
jacent trail improvements, of approximately $14.6 million
are planned over the next decade. Bonding is anticipated
to finance a portion of the costs, with ad valorem taxes to
be pledged.
Public Works / Engineering
The City is planning for construction of a new public works
maintenance facility in 2023 at an estimated cost of $22.8
million. Bonding is anticipated to finance the construction.
Other capital includes the acquisition of equipment, includ-
ing trucks, trailer, and loader, among other ongoing planned
fleet replacement over the next decade totalling approxi-
mately $4.8 million on a combined basis for these items.
Street and Transportation
Improvements to city streets and lighting, among other
transportation related improvements, in the amount of ap-
proximately $20.8 million is planned over the next decade.
Current tax levies in combination with bonding is anticipat-
ed to finance these improvements, with ad valorem taxes to
be pledged along with special assessments to be levied, and
other sources including potential state or federal grants.
Stormwater / Drainage
Improvements to stormwater and drainage systems of ap-
proximately $6.1 million are planned over the next decade,
with the majority of the improvements planned to occur
within the next five years. Improvements include pond res-
toration and construction, stormwater liftstation, ditch up-
grades, and acquisition of a new street sweeper.
22
CIP and DebtRecreation and Culture
Improvements for the benefit of recreation and culture
are planned in the approximate amount of $10.9 million
over the next decade. The biggest single area of spending
is planned for future phases of improvements at Bertram
Chain of Lakes Athletic Park for ballfields in the amount of
$5.3 million. Other improvements include fleet replace-
ment, playground equipment, regional trail, among other
projects. Source of funding is a combination of bonds sup-
ported by ad valorem taxes, and current revenues from
charges for service and other sources.
Water Utility
Improvements to the water utility system are planned in the
approximate amount of $54.5 million over the next decade.
The majority of this relates to trunk water improvements
in the amount of $19.1 million, which the City anticipates
will be paid mostly from development fees collected in the
past and future. The other major improvement is for the
water treatment facility at an estimated cost of $28.0 mil-
lion in 2028. The City is planning to pursue other funds for
this project, including state funds, to pay for at least half of
the project cost. The next biggest line item is for cast iron
watermain replacement in the amount of $4.1 million. Oth-
er improvements include a new water well, SCADA system,
and equipment, among other projects.
Sewer Utility
Improvements to the sewer utility system are planned in
the approximate amount of $13.9 million over the next de-
cade. The majority of this relates to the wastewater treat-
ment plant in the amount of $8.7 million. The next major
item is for trunk sewer line improvements. Other improve-
ments include lift station, SCADA system, and equipment,
among other projects.
Fire and Rescue
Improvements, largely for acquisition of equipment for fire
and rescue, are planned in the approximate amount of $2.5
million over the next decade.
Building Inspectors/Community Development
Scheduled replacement of vehicles for city personnel are
planned in the approximate amount of $100,000 over the
next decade.
Facilities Maintenance
Improvements to the municipal governmental facilities,
which are focused on repairs and maintenance of existing
facilities, are planned in the approximate amount of $4.6
million over the next decade.
Liquor Store
Improvements to the municipal liquor store are planned in
the approximate amount of $0.2 million over the next de-
cade. Other capital improvements, while not programmed
in the CIP for the Plan, includes a potential new store or
improvements to the existing store estimated in the $2.0
million cost range (in today’s dollars).
Deputy Registrar
Minimal capital spending for deputy registrar is planned
over the next decade, estimated amount is less than
$50,000 for a carrier vehicle.
Fiber Optics
Improvements to the municipal owned fiber optics system
for annual capital expansion are planned in the approxi-
mate amount of $2.0 million over the next decade.
23
CIP and DebtInformation Technology (IT)
Improvements to IT are planned in the approximate amount
of $300,000 over the next decade. This incudes personal
computers and laptops for city staff, copiers/scanners, and
other equipment to support IT.
Monticello Community Center
Improvements to the Monticello Community Center are
planned in the approximate amount of $0.9 million over
the next decade. The single largest expenditure is planned
for updates to the former skate park. Other improvements
are related to regular updates and capital maintenance to
the existing facility.
Bond Issuance
The Plan anticipates the issuance of bonds to finance the
planned capital improvements and acquisitions. The tables
and graphics that follow provide a summary of existing and
future estimated debt service payments and funding sourc-
es, along with a summary of debt outstanding by year.
The estimated annual debt service for future bonds is in-
cluded in the finance plans for the Governmental Debt Ser-
vice Funds and the Proprietary Funds.
Bond proceeds for certain projects may represent only a
portion of the total estimated project cost, as other sources
of cash/revenue are anticipated for certain projects.
The final size (amount of bonds to be issued), structure, and
interest rates for each planned bond issue will depend on
project specifics and market conditions at time of each is-
suance.
The bonding amounts shown in the Plan are preliminary
and for planning purposes only. The par amount of the
bonds includes capital acquisition and construction costs,
plus cost of issuance of the bonds, and for certain issues
capitalized interest. The debt service for the new bonds
are based on the terms stated above and an estimated 3.0-
3.5% interest rate on the bonds, depending on the repay-
ment years assumed.
Bond Rating
Moody’s Investors Service (Moody’s) assigned its ‘A1’ long-
term rating to the City’s outstanding general obligation
debt (July 23, 2020). The City has not issued general obli-
gation debt since 2020. The rating agency recognized the
City’s strong reserves across operating funds and essential
enterprises, among other factors. The City’s bond rating is
mentioned here because the maintenance and continued
relative growth of reserves through revenue sufficiency is
an important credit factor for maintaining the City’s credit
rating going forward.
24
CIP and DebtTable 2
City of Monticello
Capital Improvement Plan
Totals Capital Outlay by Fund and Source of Funds
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
CAPITAL OUTLAY
General Fund 22,000 254,241 255,241 263,741 254,241 249,241 249,741 249,741 250,241 240,241
Community Center Fund 66,000 264,000 264,000 264,000 299,000 514,000 324,000 264,000 264,000 264,000
Capital Projects Fund 3,840,000 26,510,000 4,985,000 8,160,000 3,426,954 2,800,000 8,050,000 13,920,172 1,650,000 3,150,000
Street Lighting Improvement Fund 425,000 1,405,000 135,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Park and Pathway Dedication Fund 375,000 1,035,000 372,000 1,405,000 5,210,000 10,000 143,000 925,000 10,000 10,000
Water Fund 650,000 610,000 2,846,540 2,956,540 4,889,780 2,982,745 31,053,928 3,880,351 3,202,763 3,280,546
Sewer Fund 1,217,000 922,790 2,083,196 3,843,260 4,058,805 967,258 1,035,031 3,319,112 1,200,953 796,250
Stormwater Fund 1,127,000 940,000 1,650,000 340,000 749,000 340,000 140,000 640,000 440,000 340,000
Liquor Fund 10,000 75,000 31,500 50,000 31,500 31,500 31,500 31,500 31,500 31,500
Fiber Optics Fund 183,500 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
DeputyRegistrarFund ---------44,447
Facilities Maintenance Fund 40,000 65,398 25,398 25,398 25,398 25,398 25,398 75,398 25,398 25,398
IT Fund 154,400 66,500 26,500 26,500 26,500 26,500 30,500 26,500 26,500 26,500
Central Equipment Fund 972,000 1,200,635 630,773 537,619 605,338 1,156,294 244,044 389,589 70,491 708,535
Total 9,081,900 33,548,564 13,505,148 18,147,058 19,851,517 9,377,937 41,602,142 23,996,363 7,446,847 9,192,416
SOURCE OF FUNDS FOR CAPITAL OUTLAY
Bond proceeds - 19,125,000 4,835,000 9,210,000 6,700,000 - 21,850,000 12,635,172 1,500,000 2,000,000
Other revenue sources / use of cash 9,081,900 14,423,564 8,670,148 8,937,058 13,151,517 9,377,937 19,752,142 11,361,191 5,946,847 7,192,416
Total 9,081,900 33,548,564 13,505,148 18,147,058 19,851,517 9,377,937 41,602,142 23,996,363 7,446,847 9,192,416
25
CIP and DebtTable 3
City of Monticello
Capital Improvement Plan
Planned Bond Proceeds to Pay Project Costs*
*Estimated bond proceeds deposited to construction fund, does not include bond proceeds to pay cost of issuance or capitalized interest.
Project Costs Paid from Bond Proceeds Sum of 2022 Sum of 2023 Sum of 2024 Sum of 2025 Sum of 2026 Sum of 2027 Sum of 2028 Sum of 2029 Sum of 2030 Sum of 2031
Capital Project Fund 18,100,000 4,835,000 7,885,000 1,500,000 7,850,000 12,635,172 1,500,000 2,000,000
Fallon Avenue Improvements 4,188,172
Fallon Ave & Trail Improvements - Chelsea to School 4,188,172
Fire & Rescue 850,000
Engine 12 850,000
Pointes at Cedar 100,000 1,535,000 7,435,000 0 4,600,000 7,597,000 0
Edmondson Avenue Reconstruction 0 4,097,000 0
School Blvd/Cedar Roundabout 100,000 835,000
School Blvd/Edmonson Roundabout 835,000
The Pointes at Cedar - Baseline 700,000 6,600,000 0 0
The Pointes at Cedar - Good 0 4,600,000
The Pointes at Cedar - Great 0 3,500,000
Public Works/Engineering 18,000,000 0
New Public Works Facility 18,000,000 0
Streets/Transportation 3,300,000 450,000 1,500,000 3,250,000 1,500,000 2,000,000
85th Street Reconstruction- Fallon-Hwy25
Dundas Avenue Reconstruction - Cedar/Edmonson to Fallon 2,000,000
Pavement Preservation Program 3,250,000 1,500,000 3,250,000 1,500,000
School Blvd/Fallon Roundabout 50,000 450,000
Water Fund 14,000,000
Utility - Water 14,000,000
Water Treatment Facility 14,000,000
Park and Pathway Dedication Fund 1,025,000 0 1,325,000 5,200,000 0 0 0 0
Recreation & Culture 1,025,000 0 1,325,000 5,200,000 0 0 0 0
4th Street Park Improvements 225,000
BCOL Ball Fields (p&p) Future Phases 600,000 200,000 4,500,000 0 0 0 0
BCOL County/City Maintenance Facility 500,000
BCOL Road Maintenance 25,000
Briarwood Trail Connection 200,000
Ellison Playground Equipment 100,000
Front Street Pier 25,000
Great River Regional Trail 500,000 500,000 0 0
Master Parks Needs Study 75,000 0
Pioneer Park Play Structure 100,000
Grand Total 19,125,000 4,835,000 9,210,000 6,700,000 0 21,850,000 12,635,172 1,500,000 2,000,000
26
CIP and DebtTable 4
City of Monticello
Summary of Existing Debt
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Principal
General Obligation Bonds 845,000 4,750,000 465,000 470,000 480,000 490,000 500,000 510,000 520,000 370,000 380,000 385,000
Special Assessment Bonds 2,065,000 1,240,000 1,270,000 1,100,000 1,120,000 1,145,000 1,165,000 730,000 520,000 490,000 510,000 -
Tax Abatement Bonds 545,000 565,000 580,000 590,000 605,000 625,000 640,000 655,000 680,000 695,000 710,000 740,000
General Obligation Revenue Bonds 190,000 195,000 200,000 205,000 210,000 215,000 225,000 230,000 240,000 ---
PFA Revenue Note 104,000 105,000 106,000 107,000 108,000 109,000 111,000 112,000 113,000 114,000 115,000 117,000
Internal Service Funds Obligations 55,000 60,000 60,000 60,000 60,000 -------
Total 3,804,000 6,915,000 2,681,000 2,532,000 2,583,000 2,584,000 2,641,000 2,237,000 2,073,000 1,669,000 1,715,000 1,242,000
Interest
General Obligation Bonds 315,608 264,989 119,018 109,718 100,318 90,718 80,918 70,918 60,718 50,318 42,918 35,318
Special Assessment Bonds 196,622 204,307 168,168 143,743 120,893 97,618 77,150 51,825 33,650 20,700 10,600 -
Tax Abatement Bonds 234,814 215,773 201,373 186,573 171,473 155,973 139,973 122,573 104,748 86,248 67,108 46,151
General Obligation Revenue Bonds 52,398 48,598 44,405 39,705 34,375 28,600 22,150 15,400 8,040 ---
PFA Revenue Note 19,134 18,028 16,912 15,786 14,648 13,500 12,341 11,162 9,971 8,770 7,558 6,335
Internal Service Funds Obligations 7,930 6,720 5,220 3,570 1,830 -------
Total 826,506 758,414 555,095 499,093 443,536 386,408 332,531 271,877 217,126 166,035 128,183 87,804
Debt Service
General Obligation Bonds 1,160,608 5,014,989 584,018 579,718 580,318 580,718 580,918 580,918 580,718 420,318 422,918 420,318
Special Assessment Bonds 2,261,622 1,444,307 1,438,168 1,243,743 1,240,893 1,242,618 1,242,150 781,825 553,650 510,700 520,600 -
Tax Abatement Bonds 779,814 780,773 781,373 776,573 776,473 780,973 779,973 777,573 784,748 781,248 777,108 786,151
General Obligation Revenue Bonds 242,398 243,598 244,405 244,705 244,375 243,600 247,150 245,400 248,040 ---
PFA Revenue Note 123,134 123,028 122,912 122,786 122,648 122,500 123,341 123,162 122,971 122,770 122,558 123,335
Internal Service Funds Obligations 62,930 66,720 65,220 63,570 61,830 -------
Total 4,630,506 7,673,414 3,236,095 3,031,093 3,026,536 2,970,408 2,973,531 2,508,877 2,290,126 1,835,035 1,843,183 1,329,804
Outstanding
General Obligation Bonds 10,530,000 5,780,000 5,315,000 4,845,000 4,365,000 3,875,000 3,375,000 2,865,000 2,345,000 1,975,000 1,595,000 1,210,000
Special Assessment Bonds 9,290,000 8,050,000 6,780,000 5,680,000 4,560,000 3,415,000 2,250,000 1,520,000 1,000,000 510,000 --
Tax Abatement Bonds 7,845,000 7,280,000 6,700,000 6,110,000 5,505,000 4,880,000 4,240,000 3,585,000 2,905,000 2,210,000 1,500,000 760,000
General Obligation Revenue Bonds 1,720,000 1,525,000 1,325,000 1,120,000 910,000 695,000 470,000 240,000 ----
PFA Revenue Note 1,696,000 1,591,000 1,485,000 1,378,000 1,270,000 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000
Internal Service Funds Obligations 240,000 180,000 120,000 60,000 --------
Total 31,321,000 24,406,000 21,725,000 19,193,000 16,610,000 14,026,000 11,385,000 9,148,000 7,075,000 5,406,000 3,691,000 2,449,000
27
CIP and DebtTable 5
City of Monticello
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Annual Principal
General Obligation Bonds ---505,000 710,000 1,075,000 1,360,000 1,415,000 1,755,000 2,285,000
Special Assessment Bonds ----------
Tax Abatement Bonds ----------
General Obligation Revenue Bonds --------360,000 375,000
PFA Revenue Note ----------
Internal Service Funds Obligations ----------
Total ---505,000 710,000 1,075,000 1,360,000 1,415,000 2,115,000 2,660,000
Annual Interest
General Obligation Bonds --751,698 847,375 1,118,125 1,286,300 1,230,025 1,444,575 1,790,963 1,744,800
Special Assessment Bonds ----------
Tax Abatement Bonds ----------
General Obligation Revenue Bonds -------538,796 491,050 478,188
PFA Revenue Note ----------
Internal Service Funds Obligations ----------
Total --751,698 847,375 1,118,125 1,286,300 1,230,025 1,983,371 2,282,013 2,222,988
Annual Debt Service
General Obligation Bonds --751,698 1,352,375 1,828,125 2,361,300 2,590,025 2,859,575 3,545,963 4,029,800
Special Assessment Bonds ----------
Tax Abatement Bonds ----------
General Obligation Revenue Bonds -------538,796 851,050 853,188
PFA Revenue Note ----------
Internal Service Funds Obligations ----------
Total --751,698 1,352,375 1,828,125 2,361,300 2,590,025 3,398,371 4,397,013 4,882,988
Bonds Outstanding at Year End
General Obligation Bonds -19,825,000 24,820,000 33,665,000 39,755,000 38,680,000 45,290,000 56,700,000 56,470,000 56,215,000
Special Assessment Bonds ----------
Tax Abatement Bonds ----------
General Obligation Revenue Bonds ------14,210,000 14,210,000 13,850,000 13,475,000
PFA Revenue Note ----------
Internal Service Funds Obligations ----------
Total -19,825,000 24,820,000 33,665,000 39,755,000 38,680,000 59,500,000 70,910,000 70,320,000 69,690,000
Summary of Planned New Debt
28
CIP and DebtTable 6
City of Monticello
Summary of Existing and Planned New Debt
Actual
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Annual Principal
General Obligation Bonds 845,000 4,750,000 465,000 470,000 480,000 995,000 1,210,000 1,585,000 1,880,000 1,785,000 2,135,000 2,670,000
Special Assessment Bonds 2,065,000 1,240,000 1,270,000 1,100,000 1,120,000 1,145,000 1,165,000 730,000 520,000 490,000 510,000 -
Tax Abatement Bonds 545,000 565,000 580,000 590,000 605,000 625,000 640,000 655,000 680,000 695,000 710,000 740,000
General Obligation Revenue Bonds 190,000 195,000 200,000 205,000 210,000 215,000 225,000 230,000 240,000 -360,000 375,000
PFA Revenue Note 104,000 105,000 106,000 107,000 108,000 109,000 111,000 112,000 113,000 114,000 115,000 117,000
Internal Service Funds Obligations 55,000 60,000 60,000 60,000 60,000 -------
Total 3,804,000 6,915,000 2,681,000 2,532,000 2,583,000 3,089,000 3,351,000 3,312,000 3,433,000 3,084,000 3,830,000 3,902,000
Annual Interest
General Obligation Bonds 315,608 264,989 119,018 109,718 852,015 938,093 1,199,043 1,357,218 1,290,743 1,494,893 1,833,880 1,780,118
Special Assessment Bonds 196,622 204,307 168,168 143,743 120,893 97,618 77,150 51,825 33,650 20,700 10,600 -
Tax Abatement Bonds 234,814 215,773 201,373 186,573 171,473 155,973 139,973 122,573 104,748 86,248 67,108 46,151
General Obligation Revenue Bonds 52,398 48,598 44,405 39,705 34,375 28,600 22,150 15,400 8,040 538,796 491,050 478,188
PFA Revenue Note 19,134 18,028 16,912 15,786 14,648 13,500 12,341 11,162 9,971 8,770 7,558 6,335
Internal Service Funds Obligations 7,930 6,720 5,220 3,570 1,830 -------
Total 826,506 758,414 555,095 499,093 1,195,234 1,233,783 1,450,656 1,558,177 1,447,151 2,149,406 2,410,195 2,310,792
Annual Debt Service
General Obligation Bonds 1,160,608 5,014,989 584,018 579,718 1,332,015 1,933,093 2,409,043 2,942,218 3,170,743 3,279,893 3,968,880 4,450,118
Special Assessment Bonds 2,261,622 1,444,307 1,438,168 1,243,743 1,240,893 1,242,618 1,242,150 781,825 553,650 510,700 520,600 -
Tax Abatement Bonds 779,814 780,773 781,373 776,573 776,473 780,973 779,973 777,573 784,748 781,248 777,108 786,151
General Obligation Revenue Bonds 242,398 243,598 244,405 244,705 244,375 243,600 247,150 245,400 248,040 538,796 851,050 853,188
PFA Revenue Note 123,134 123,028 122,912 122,786 122,648 122,500 123,341 123,162 122,971 122,770 122,558 123,335
Internal Service Funds Obligations 62,930 66,720 65,220 63,570 61,830 -------
Total 4,630,506 7,673,414 3,236,095 3,031,093 3,778,234 4,322,783 4,801,656 4,870,177 4,880,151 5,233,406 6,240,195 6,212,792
Bonds Outstanding at Year End
General Obligation Bonds 10,530,000 5,780,000 5,315,000 24,670,000 29,185,000 37,540,000 43,130,000 41,545,000 47,635,000 58,675,000 58,065,000 57,425,000
Special Assessment Bonds 9,290,000 8,050,000 6,780,000 5,680,000 4,560,000 3,415,000 2,250,000 1,520,000 1,000,000 510,000 --
Tax Abatement Bonds 7,845,000 7,280,000 6,700,000 6,110,000 5,505,000 4,880,000 4,240,000 3,585,000 2,905,000 2,210,000 1,500,000 760,000
General Obligation Revenue Bonds 1,720,000 1,525,000 1,325,000 1,120,000 910,000 695,000 470,000 240,000 14,210,000 14,210,000 13,850,000 13,475,000
PFA Revenue Note 1,696,000 1,591,000 1,485,000 1,378,000 1,270,000 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000
Internal Service Funds Obligations 240,000 180,000 120,000 60,000 --------
Total 31,321,000 24,406,000 21,725,000 39,018,000 41,430,000 47,691,000 51,140,000 47,828,000 66,575,000 76,316,000 74,011,000 72,139,000
Debt Subject to Statutory Debt Limit 18,375,000 13,060,000 12,015,000 30,780,000 34,690,000 42,420,000 47,370,000 45,130,000 50,540,000 60,885,000 59,565,000 58,185,000
% of Statutory Debt Limit Used 29%20%19%48%54%66%74%70%79%95%93%91%
Statutory Debt Limit (EMV * 3.0%)64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142 64,061,142
Estimated Legal Debt Margin (Unused Limit)45,686,142 51,001,142 52,046,142 33,281,142 29,371,142 21,641,142 16,691,142 18,931,142 13,521,142 3,176,142 4,496,142 5,876,142
29
CIP and Debt
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 20.
Capital Improvements Plan by Fund
General Fund
Community Center Fund
Capital Projects Fund
Street Lighting Improvement
Fund
Park and Pathway Dedication
Fund
Proprietary Funds
Facilities Maintenance Fund
IT Fund
Central Equipment Fund
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 21.
Capital Improvement Plan Source of Funds
Other revenue sources / use
of cash
Bond proceeds
Annual capital improvements
are projected to vary from year
to year. Street improvements
are planned for each year, but
the annual spending is project-
ed to vary depending on specific
projects and timing for construc-
tion.
Multiple sources of revenue and
the use of cash balances is pro-
jected to be available for capital
spending purposes. Issuance of
bonds to finance certain project
costs is also planned.
30
CIP and Debt
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 22.
Total Debt Service For Existing and Planned New Debt
General Obligation Bonds
Special Assessment Bonds
Tax Abatement Bonds
General Obligation Revenue
Bonds
PFA Revenue Note
Internal Service Funds Obligations
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 23.
Source of Revenue for Debt Service
Property tax
Special Assessments
Use of fund balance
31
CIP and Debt
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
202120222023202420252026202720282029203020312032203320342035203620372038203920402041MillionsChart 25.
Total Debt Outstanding Existing and Planned New Debt
Planned New Debt Existing Debt
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040MillionsChart 24.
Bonds Outstanding (Existing and Planned New Issuance)
General Obligation Revenue Bonds General Obligation Bonds
Special Assessment Bonds Tax Abatement Bonds
PFA Revenue Note Internal Service Funds Obligations
32
CIP and Debt
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038MillionsChart 26.
Tax Levy for Debt Service
Levy for Existing Debt Levy for Planned New Debt
33
CIP and Debt
-
5,000
10,000
15,000
20,000
25,000
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 CityPopulationDebtPerCapitaChart 28.
Debt Per Capita for Existing and Planned New Debt
Debt Per Capita Population
Note: Population growth is assumed at 500 persons per year
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2021 2022 2023 2024 2025 2026
Chart 27.
Amortization of Debt
Includes Outstanding Existing Debt and Planned New Debt
% Amortized within 5 years % Amortized within 10 years
34
Finance Plans
FINANCE PLANS
Background
Finance plans have been prepared for the Governmental
Funds and the Proprietary Funds. Governmental Funds are
used to account for most typical municipal functions of the
City. The acquisition, use, and balances of the City’s expend-
able financial resources and the related current liabilities
are accounted for through the Governmental Funds. And,
the Proprietary Funds are used to account for the City’s on-
going municipal utility operations, liquor store operations,
fiber optics, and deputy registrar that are similar to busi-
nesses found in the private sector.
The City also operates Internal Service Funds on a proprie-
tary basis. The Proprietary Funds and Internal Service Funds
are considered self-supporting in that the services rendered
by them are financed through user charges.
Different than for the Governmental Funds, the Proprietary
Funds are presented on an accrual basis. There is a recogni-
tion of expenses when incurred and the subsequent amor-
tization of the deferred outflows. Revenues are recognized
when earned. There is a capitalization of certain expenses
and the subsequent depreciation of the capitalized costs.
For the Proprietary Funds there are accruals of revenues
earned and expenses incurred.
Impact of Strategic Transition Plan on Finance Plans
As noted in the Introduction, the City expects the changes
at the Xcel Plant will impact not only the City’s tax base but
also employment levels in the City. This in turn will impact
general economic activity in the community and in turn
may impact the tax valuation of other properties in the city.
The information on the wider economic impact of the fu-
ture plant closure is included in the Center for Energy and
Environment (CEE) study, but is not incorporated into this
Plan.
General Overview of Assumptions for Finance Plans
The general assumptions used to develop the finance plans,
across all of funds, including the Governmental Funds and
the Proprietary Funds are as follows:
• Annual property tax revenues are projected to be at a
level sufficient to fund cash flow requirements and to
maintain sufficient fund balance levels.
• Non-tax revenues are generally estimated to increase
by 2.0% annually, with limited exceptions which are
noted in the individual finance plans.
• Current expenditures/expenses, which includes per-
sonnel costs and non-personnel costs for materials and
supplies, and other operating costs including profes-
sional services are estimated to increase by 2.5% an-
nually, with limited exceptions which are noted in the
individual finance plans. Exceptions include for staffing
additions and other operating adjustments.
• For the Utilities, the Plan demonstrates that annual rate
increases in the range of 3-4%, for example, for utili-
ty user fees may not be sufficient to support a pay-go
strategy for funding all capital improvement projects.
Either the amount to be spent on capital improvements
will need to be adjusted, or debt issuance incorporated
into the Plan, or more significant rate increases will be
necessary, or a combination of these strategies.
35
Finance Plans
rent audited financial statements), the City reported total
intergovernmental revenue (all sources) at less than 10% of
total revenues for the Governmental Funds. Property taxes
equalled approximately 62% of total revenues.
Tax levy increases will be needed to pay for increased op-
erating costs, capital improvements, and debt service on
bonds anticipated to be issued for planned capital improve-
ments. Franchise Fees are projected to increase at a rate of
2.5%.
Expenditures
Personnel and other operating costs overall have been and
are projected to remain stable in the near term with planned
increases in the future to address service demands.
The Plan includes an increase of approximately $2.0 million,
for new employees, including the operational costs to sup-
port these new positions. Appendices, Exhibit A, includes a
listing of positions (FTE and dollars) that are planned.
Transfers
With limited exception, the Plan does not include recurring
interfund transfers. The only recurring transfer is for $6,000
from the General Fund to the EDA Fund for board member
stipends.
Other one-time transfers are detailed in the financial plans
for the respective funds.
Balance Sheet
For purposes of the Plan, land held for resale by the City or
EDA is assumed to be held and not sold. Sale of land held
for resale may impact the projected ending cash balances
in the Plan.
TOTAL GOVERNMENTAL FUNDS
COMBINED
The table that follows provides total sources and uses of
funds for the following Governmental Funds combined. In-
dividual Finance Plans are then provided for each of the fol-
lowing funds:
• General Fund
• Community Center Fund
• Economic Development Authority (EDA) Fund
• CDBG and SCDP Fund
• Cemetery Fund
• Debt Service Funds
• Capital Projects Fund
• Street Lighting Improvement Fund
• Park and Pathway Dedication Fund
The City maintains separate debt service funds for each
bond series issued. For purposes of the Plan, as in the audit-
ed financial statements, the individual Debt Service Funds
are presented on a combined basis.
The EDA Fund includes the combined funds that are man-
aged by the EDA. This includes funds that account for tax in-
crement financing districts. Appendices provide additional
reports on the individual sub-funds of the EDA.
Revenue
Annual source of funds from non-property tax levy sources
have been stable for the City and are expected to remain so
in the future. The City does not receive local government
aid (LGA) from the state. As of year-end 2020 (most cur-
Total Governmental Funds
36
Finance Plans
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 29.
Total Governmental Funds Source and Use of Funds
Source of Funds Use of Funds
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 30.
Total Governmental Funds Ending Fund Balance and Ending Cash Balance
Ending Fund Balance Ending Cash Balance
Total Governmental Funds
37
Finance Plans
Table 7
Page 1 of 2
City of Monticello
Finance Plan
Total Governmental Funds
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 10,860,311 11,488,699 11,741,000 12,164,279 13,291,763 14,257,655 15,414,884 16,173,662 16,898,472 17,646,673 18,543,799 19,293,606
Franchise taxes 418,030 383,045 377,000 431,740 440,375 449,182 458,166 467,329 476,676 486,209 495,934 505,852
Property taxes other -76,516 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Tax increment 707,824 732,689 634,912 481,666 188,740 189,367 190,002 147,860 148,507 149,161 115,124 115,790
Special assessments 633,016 1,690,135 420,036 573,824 514,334 495,571 538,309 452,127 447,302 410,590 489,101 425,627
Licenses and permits 521,369 804,889 471,100 480,522 490,132 499,935 509,934 520,132 530,535 541,146 551,969 563,008
Other intergovernmental 1,656,228 1,335,382 710,000 670,000 285,000 285,000 285,000 285,000 285,000 285,000 285,000 285,000
Charges for services 1,474,527 2,099,583 2,244,000 2,555,745 2,743,029 2,798,063 2,854,202 2,911,468 2,969,884 3,029,473 3,090,259 3,152,265
Fines and forfeitures 31,852 49,566 51,600 52,632 53,685 54,758 55,853 56,971 58,110 59,272 60,458 61,667
Investment earnings 631,824 (152,342)338,319 60,530 61,480 69,117 73,022 76,792 77,722 80,337 84,779 88,036
Other revenues 534,818 887,275 707,212 696,308 696,308 696,308 696,308 696,308 696,308 696,308 696,308 696,308
Sale of capital assets 333,550 300,000 ----------
Intergovernmental for capital -2,571,685 900,000 425,000 --------
Other revenue for capital 4,548 -----------
Bond proceeds 2,256,280 --19,414,121 5,311,059 9,437,413 6,800,000 -7,970,000 12,825,000 1,525,000 2,030,000
Transfer in 2,760,000 7,250,643 482,176 1,665,294 6,000 6,000 6,000 6,000 6,000 6,000 6,000 287,000
Total Revenues 22,824,177 29,517,765 19,098,356 39,692,661 24,102,905 29,259,369 27,902,680 21,814,649 30,585,516 36,236,169 25,964,729 27,525,159
Expenditures
Current - General government 2,170,661 2,637,052 2,479,429 2,541,415 2,604,950 2,670,074 2,736,826 2,805,246 2,875,377 2,947,262 3,020,943 3,096,467
Current - Public safety 2,743,954 2,874,183 3,010,890 3,086,162 3,163,316 3,242,399 3,323,459 3,406,546 3,491,709 3,579,002 3,668,477 3,760,189
Current - Economic development 1,768,465 531,823 429,312 427,493 442,304 453,822 469,688 486,110 503,106 520,697 538,904 557,748
Capital outlay / acquisition of capital 4,964,364 7,405,428 4,728,000 29,468,241 6,011,241 10,167,741 9,265,195 3,648,241 8,841,741 15,433,913 2,249,241 3,739,241
FTE Increases / Current Expenses ---87,000 195,610 396,978 804,888 1,491,034 1,714,765 1,766,208 1,819,195 2,113,770
Principal payments 3,385,000 6,555,000 2,315,000 2,160,000 2,205,000 2,765,000 3,015,000 2,970,000 3,080,000 2,970,000 3,355,000 3,410,000
Interest payments 756,908 685,069 488,558 440,033 1,144,380 1,191,683 1,416,165 1,531,615 1,429,140 1,601,840 1,911,588 1,826,269
Other expenses -12,724 ----------
Transfer out 1,200,000 7,356,642 482,176 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 287,000
Current - Recreation and culture 2,614,095 2,708,575 3,374,779 3,459,148 3,545,627 3,634,268 3,725,125 3,818,253 3,913,709 4,011,552 4,111,841 4,214,637
Current - Public works and Sanitation 2,581,263 2,878,030 3,403,902 3,489,000 3,576,225 3,665,630 3,757,271 3,851,203 3,947,483 4,046,170 4,147,324 4,251,007
TIF pay-go note payments 11,303 23,714 66,008 60,569 55,135 55,699 56,271 56,847 57,429 58,018 58,612 59,211
Cost of issuance of bonds ---289,121 71,298 140,000 100,000 -120,000 189,828 25,000 30,000
Excess increments 137,813 183,012 188,359 158,452 164,446 -------
Total Expenditures 22,333,826 33,851,252 20,966,412 45,672,633 23,185,533 28,389,294 28,675,887 24,071,094 29,980,460 37,130,490 24,912,124 27,345,539
Net Change in Fund Balances 490,351 (4,333,487)(1,868,057)(5,979,972)917,372 870,075 (773,207)(2,256,445)605,057 (894,320)1,052,606 179,620
Ending Fund Balance 36,034,364 31,700,877 29,832,820 23,852,849 24,770,221 25,640,296 24,867,089 22,610,645 23,215,701 22,321,381 23,373,987 23,553,607
Total Governmental Funds
38
Finance Plans
Table 7
Page 2 of 2
City of Monticello
Finance Plan
Total Governmental Funds
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Assets
Cash and investments 32,967,275 27,487,276 25,757,496 19,810,877 20,762,528 21,667,838 20,930,850 18,711,640 19,354,979 18,482,598 19,551,884 19,748,671
Taxes receivable 121,589 84,628 82,793 82,793 82,793 82,793 82,793 82,793 82,793 82,793 82,793 82,793
Notes receivable 351,886 466,400 438,536 405,183 370,904 335,669 299,450 262,215 223,933 201,994 185,313 168,147
Due from other funds --50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 -
Due from other governments 2,256,605 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777
All other receivables and prepaid items 538,533 687,422 588,845 588,845 588,845 588,845 588,845 588,845 588,845 588,845 588,845 588,845
Special assessments receivable / deferred 4,574,131 3,571,481 3,300,352 2,554,507 3,488,956 3,038,276 3,266,968 2,924,040 3,951,123 3,614,349 3,927,449 4,257,966
Land held for resale / inventory 4,962,552 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539 4,514,539
Total Assets 45,772,571 36,961,523 34,882,337 28,156,521 30,008,342 30,427,737 29,883,222 27,283,849 28,915,989 27,684,895 29,050,601 29,510,738
Liabilities
Due to other governmental units 25,641 14,781 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973
Due to other funds -136,782 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 -
Unearned revenue 70,317 34,433 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599
All other liabilities 594,583 759,866 671,304 671,304 671,304 671,304 671,304 671,304 671,304 671,304 671,304 671,304
Deferred inflows of resources 8,535,446 3,414,379 3,382,236 2,636,391 3,570,840 3,120,160 3,348,852 3,005,924 4,033,007 3,696,233 4,009,333 4,339,850
Escrow deposits 512,220 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405
Total Liabilities and deferred inflows 9,738,207 5,260,646 5,049,517 4,303,672 5,238,121 4,787,441 5,016,133 4,673,205 5,700,288 5,363,514 5,676,614 5,957,131
Fund Balance 36,034,364 31,700,877 29,832,820 23,852,849 24,770,221 25,640,296 24,867,089 22,610,645 23,215,701 22,321,381 23,373,987 23,553,607
Total Liab, deferred inflows, and fund balance 45,772,571 36,961,523 34,882,337 28,156,521 30,008,342 30,427,737 29,883,222 27,283,849 28,915,989 27,684,895 29,050,601 29,510,738
Total Governmental Funds
39
Finance Plans
GENERAL FUND
The General Fund is the primary fund used by the City. This
fund is used to record all resource inflows and outflows that
are not associated with special-purpose funds. The activi-
ties being paid for through the General Fund constitute the
core administrative and operational tasks of the City.
Revenues
Annual source of non-tax revenues have been stable and
are projected to remain stable. Charges for services provide
the single largest source of non-tax revenue to the General
Fund, and intergovernmental is the next largest source.
Property tax
71.0%
Intergovernmental
2.7%
Charges for services
12.3%
All other
14.0%
Chart 31.
General Fund Sources of Revenues
(Based on 2022 Budget)
Property Tax
Property tax revenue is estimated to increase annually to
fund general city operations in the General Fund. Total rev-
enues are projected to exceed total expenditures to pro-
vide revenue to maintain the required minimum fund bal-
ance for the General Fund. Figure 2 provides the projected
General Fund property tax levy by year, along with the an-
nual and cumulative percent increase.
Non-Tax Revenue
The financial plan for the General Fund is based on non-tax
revenue increasing at annual rate of 2.0%, with the excep-
tion of Intergovernmental and Other Revenues which are
assumed to remain at 2022 projected levels.
Expenditures
The General Fund is used to account for the expense of pro-
viding general government services for the City. The larg-
est use of funds is for the cost of personnel, including sal-
ary and wages and benefits. Other costs include operating
materials and supplies, equipment, and other professional
services. The financial plan is based on the following key
assumptions:
• Personnel and non-personnel costs for materials and
supplies, and all other operating costs including profes-
Figure 2.
Tax Year Tax Levy ($)
% Change
in Tax
Levy
2021 7,159,058
2022 7,475,000 4.4%
2023 8,267,314 10.6%
2024 8,625,990 4.3%
2025 9,138,090 5.9%
2026 9,834,731 7.6%
2027 10,486,323 6.6%
2028 10,857,832 3.5%
2029 11,167,923 2.9%
2030 11,524,309 3.2%
2031 11,830,042 2.7%
General Fund
40
Finance Plans
sional services are estimated to increase by 2.5% an-
nually.
• New positions, 26.0 FTE, are included in the General
Fund Finance Plan at a total estimated cost of approxi-
mately $1.7 million, plus increases for current operat-
ing expense for Parks. The planned additions are as fol-
lows:
- Year 2022, 1.0 FTE Administrative Assistant
($81,000)
- Year 2023, 0.5 FTE Public Works Streets Operator
and 0.5 FTE for Public Works Shop ($87,000)
- Year 2024, 0.25 FTE Finance and 2.0 FTE for
Parks Seasonal ($106,000)
- Year 2025, 1.0 FTE for Fire Chief, 0.5 FTE for
Public Works Engineering Staff, and 0.5 FTE Parks
Seasonal ($195,500)
- Year 2026, 1.0 FTE Community Service Officer,
1.0 FTE Parks Operator, and 1.75 FTE Parks Season-
al ($274,000) plus an additional $30,000 of current
operating expense for Parks
- Year 2027, 1.0 FTE City Planner, 1.0 FTE Public
Works Street Operator, 1.0 FTE Parks Operator,
and 6.0 FTE Parks Seasonal ($532,000) plus an ad-
ditional $35,000 of current operating expense for
Parks
- Year 2028, 3.0 FTE Parks Part-Time Staff, 1.75 FTE
Parks Seasonal ($179,000)
- Year 2030, 2.0 FTE Parks Operator, 0.5 FTE Parks
Seasonal ($240,000)
Transfers
Wages and benefits are allocated to the Enterprise Funds
for overhead. Excess fund balance is typically transferred
out to Capital Projects Funds or to Internal Service Funds,
but that is only if actual financial results for the General
Fund is favorable enough to budget. This is an annual deci-
sion based on actual financial performance.
The General Fund is projected to continue to transfer $6,000
annually to the EDA General Fund to cover the stipends to
EDA board members.
Fund Balance
City adopted policy states that a minimum level of general
fund reserve of 60-75% of the following year’s budgeted
operating expenditures will be maintained. This reserve is
committed to be used for cash flow purposes, unanticipated
equipment acquisition and replacement, and to otherwise
enable the city to meet unexpected expenditure demands,
such as natural disasters, catastrophic events, etc., and/or
revenue shortfalls.
Property taxes represent the city’s primary source of gen-
eral fund revenue. Property taxes are collected in June and
December of each fiscal year. Since the city’s fiscal year
begins on January 1st, the city must maintain an adequate
cash balance to meet its expenditure obligations between
semi-annual collections of property taxes.
Balance Sheet
Ending cash balance between 2022-2031 is projected to av-
erage approximately $9.0 million annually.
Accounts receivable and payables are projected to remain
fairly constant at historical levels.
General Fund
41
Finance Plans
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 32.
General Fund
Ending fund balance is projected to continue to be at levels above the minimum required
Ending Fund Balance
Ending Cash Balance
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 33.
General Fund
Expenditures and Revenues
All other revenues
Property tax
Expenditures
City policy provides that the City
shall maintain a minimum un-
restricted fund balance in the
General Fund not less than 60%
of the following year’s General
Fund budgeted expenditures.
General Fund
42
Finance Plans
Table 8
City of Monticello
Finance Plan
General Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 6,797,640 7,159,058 7,475,000 8,267,314 8,625,990 9,138,090 9,834,731 10,486,323 10,857,832 11,167,923 11,524,309 11,830,042
Franchise taxes 194,000 193,585 237,000 241,740 246,575 251,506 256,536 261,667 266,900 272,239 277,683 283,237
Property taxes other -74,140 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Special assessments 166 468 100 ---------
Licenses and permits 521,369 804,889 471,100 480,522 490,132 499,935 509,934 520,132 530,535 541,146 551,969 563,008
Other intergovernmental 737,650 610,382 285,000 285,000 285,000 285,000 285,000 285,000 285,000 285,000 285,000 285,000
Charges for services 936,731 1,274,061 1,296,000 1,321,920 1,348,358 1,375,326 1,402,832 1,430,889 1,459,506 1,488,697 1,518,471 1,548,840
Fines and forfeitures 31,852 49,566 51,600 52,632 53,685 54,758 55,853 56,971 58,110 59,272 60,458 61,667
Investment earnings 138,968 (38,495)32,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 431,683 705,999 661,200 661,200 661,200 661,200 661,200 661,200 661,200 661,200 661,200 661,200
Total Revenues 9,790,059 10,833,653 10,530,000 11,381,328 11,781,941 12,336,815 13,077,087 13,773,182 14,190,084 14,546,476 14,950,089 15,303,994
Expenditures
Current - General government 2,170,661 2,637,052 2,479,429 2,541,415 2,604,950 2,670,074 2,736,826 2,805,246 2,875,377 2,947,262 3,020,943 3,096,467
Current - Public safety 2,743,954 2,874,183 3,010,890 3,086,162 3,163,316 3,242,399 3,323,459 3,406,546 3,491,709 3,579,002 3,668,477 3,760,189
Capital outlay / acquisition of capital --22,000 254,241 255,241 263,741 254,241 249,241 249,741 249,741 250,241 240,241
FTE Increases / Current Expenses ---87,000 195,610 396,978 712,888 1,301,274 1,519,313 1,564,892 1,611,839 1,900,194
Transfer out 1,000,000 1,002,368 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Current - Recreation and culture 1,331,196 1,457,483 1,607,779 1,647,973 1,689,173 1,731,402 1,774,687 1,819,054 1,864,531 1,911,144 1,958,923 2,007,896
Current - Public works and Sanitation 2,581,263 2,878,030 3,403,902 3,489,000 3,576,225 3,665,630 3,757,271 3,851,203 3,947,483 4,046,170 4,147,324 4,251,007
Total Expenditures 9,827,074 10,849,116 10,530,000 11,111,791 11,490,515 11,976,225 12,565,372 13,438,564 13,954,154 14,304,211 14,663,747 15,261,994
Net Change in Fund Balances (37,015)(15,463)-269,537 291,426 360,590 511,716 334,618 235,930 242,265 286,342 42,000
Ending Fund Balance 6,640,235 6,624,772 6,624,772 6,894,309 7,185,735 7,546,325 8,058,041 8,392,659 8,628,589 8,870,854 9,157,196 9,199,196
Assets
Cash and investments 7,233,133 7,521,554 7,521,554 7,791,091 8,082,517 8,443,107 8,954,823 9,289,441 9,525,371 9,767,636 10,053,978 10,095,978
Taxes receivable 115,957 80,285 80,285 80,285 80,285 80,285 80,285 80,285 80,285 80,285 80,285 80,285
Due from other governments 16,230 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777 149,777
All other receivables and prepaid items 391,058 475,093 475,093 475,093 475,093 475,093 475,093 475,093 475,093 475,093 475,093 475,093
Special assessments receivable / deferred 437 391 391 391 391 391 391 391 391 391 391 391
Total Assets 7,756,815 8,227,100 8,227,100 8,496,637 8,788,063 9,148,653 9,660,369 9,994,987 10,230,917 10,473,182 10,759,524 10,801,524
Liabilities
Due to other governmental units 24,304 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973 12,973
Unearned revenue 60,740 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599 32,599
All other liabilities 480,489 606,304 606,304 606,304 606,304 606,304 606,304 606,304 606,304 606,304 606,304 606,304
Deferred inflows of resources 45,547 50,047 50,047 50,047 50,047 50,047 50,047 50,047 50,047 50,047 50,047 50,047
Escrow deposits 505,500 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405 900,405
Total Liabilities and deferred inflows 1,116,580 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328 1,602,328
Fund Balance 6,640,235 6,624,772 6,624,772 6,894,309 7,185,735 7,546,325 8,058,041 8,392,659 8,628,589 8,870,854 9,157,196 9,199,196
Total Liab, deferred inflows, and fund balance 7,756,815 8,227,100 8,227,100 8,496,637 8,788,063 9,148,653 9,660,369 9,994,987 10,230,917 10,473,182 10,759,524 10,801,524
General Fund
43
Finance Plans
COMMUNITY CENTER FUND
The Community Center Fund is used to account for the ac-
tivities of the Community Center facility owned and oper-
ated by the City. The Community Center Fund is a Special
Revenue Fund of the City.
Revenues
The major source of revenue for the Community Center
Fund is charges for services paid by customers that use the
facility. The charges for services is not sufficient to cover all
expenditures and the City certifies a property tax levy to
provide additional revenue support.
Intergovernmental revenues are one-time revenues related
to federal funds for COVID-19 relief.
Expenditures
The expenditures include for personnel, materials and sup-
plies, utilities, other professional service charges, among
other operating costs. The City is also planning for capital
improvements to the facility over the next decade.
New personnel positions, 2.0 FTE, are included in the Com-
munity Center Fund Finance Plan at a total estimated cost
of approximately $187,000. Positions are planned to be
added in 2026 an 2027.
Operating expenditures are projected to increase by 2.5%
annually.
Transfers
Transfers in 2020 and 2021, in amounts of $425,000, re-
spectively, relate to transfer in and to the Liquor Fund. The
Liquor Fund provided cash to the Community Center Fund
in 2020 to offset impact of COVID-19. These funds were
returned to the Liquor Fund in 2021 because the City was
able to leverage federal COVID-19 relief funds for the Com-
munity Center in lieu of cash from the Liquor Fund.
Balance Sheet
The available cash balance is projected to decrease over
time, with negative cash balance projected by year 2026.
The projected revenues are not sufficient to cover planned
capital expenditures and increase in staffing. The City is re-
viewing the long-term capital requirements for the Com-
munity Center, along with staffing needs, and potential for
other revenue sources to support capital needs at the Com-
munity Center.
While the plan does assume property tax levy support will
increase by 3% annually beginning in year 2024, this along
with charges for services is not projected to be sufficient to
cover expenditures. The City plans to address the shortfall
and adjust expenditures as needed to ensure that the fund
does not require advances of cash from other City funds.
Community Center Fund
44
Finance Plans
Table 9
City of Monticello
Finance Plan
Community Center Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 417,000 485,000 485,000 485,000 499,550 514,537 529,973 545,872 562,248 579,115 596,489 614,383
Other intergovernmental 42,827 725,000 400,000 385,000 --------
Charges for services 496,912 748,139 915,000 1,200,000 1,360,000 1,387,200 1,414,944 1,443,243 1,472,108 1,501,550 1,531,581 1,562,213
Investment earnings 1,084 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462
Other revenues 53,203 35,108 35,108 35,108 35,108 35,108 35,108 35,108 35,108 35,108 35,108 35,108
Transfer in 425,000 -----------
Total Revenues 1,436,026 1,994,709 1,836,570 2,106,570 1,896,120 1,938,307 1,981,487 2,025,685 2,070,926 2,117,235 2,164,640 2,213,166
Expenditures
Capital outlay / acquisition of capital 367,573 -66,000 264,000 264,000 264,000 299,000 514,000 324,000 264,000 264,000 264,000
FTE Increases / Current Expenses ------92,000 189,760 195,453 201,316 207,356 213,577
Transfer out -425,000 ----------
Current - Recreation and culture 1,255,578 1,222,328 1,734,000 1,777,350 1,821,784 1,867,328 1,914,012 1,961,862 2,010,908 2,061,181 2,112,711 2,165,528
Total Expenditures 1,623,151 1,647,328 1,800,000 2,041,350 2,085,784 2,131,328 2,305,012 2,665,622 2,530,361 2,526,497 2,584,066 2,643,105
Net Change in Fund Balances (187,125)347,381 36,570 65,220 (189,664)(193,022)(323,525)(639,937)(459,436)(409,262)(419,427)(429,939)
Ending Fund Balance 52,357 399,738 436,308 501,528 311,864 118,842 (204,683)(844,620)(1,304,055)(1,713,317)(2,132,744)(2,562,683)
Assets
Cash and investments 2,561 385,777 438,536 503,756 314,092 121,070 (202,455)(842,392)(1,301,827)(1,711,089)(2,130,516)(2,560,455)
Due from other governments 37,223 -----------
All other receivables and prepaid items 43,108 58,197 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Total Assets 82,892 443,974 488,536 553,756 364,092 171,070 (152,455)(792,392)(1,251,827)(1,661,089)(2,080,516)(2,510,455)
Liabilities
Due to other governmental units 986 1,618 ----------
Due to other funds ------------
Unearned revenue 9,577 -----------
All other liabilities 19,972 10,390 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources -32,228 32,228 32,228 32,228 32,228 32,228 32,228 32,228 32,228 32,228 32,228
Total Liabilities and deferred inflows 30,535 44,236 52,228 52,228 52,228 52,228 52,228 52,228 52,228 52,228 52,228 52,228
Fund Balance 52,357 399,738 436,308 501,528 311,864 118,842 (204,683) (844,620) (1,304,055) (1,713,317) (2,132,744) (2,562,683)
Total Liab, deferred inflows, and fund balance 82,892 443,974 488,536 553,756 364,092 171,070 (152,455) (792,392) (1,251,827) (1,661,089) (2,080,516) (2,510,455)
Community Center Fund
45
Finance Plans
EDA FUND
The Economic Development Authority (EDA) Fund is used
to account for the general operations of the EDA and the
various funds administered by the EDA, which includes the
funds to account for the tax increment financing (TIF) dis-
tricts of the City.
The EDA Fund Finance Plan is the combined total of the
multiple funds the EDA administers. The Appendix includes
additional reports on the individual sub-funds of the EDA
that are presented on a combined basis as the EDA Fund.
The EDA has the authority to consider the use of tax incre-
ment from certain existing tax increment financing districts
to pool for other economic development or redevelopment
projects, and to assist affordable housing projects. Table
10a provides a summary of the funds (cash) that are pro-
jected to be available to be pooled or spent on affordable
housing projects. The summary is intended to inform future
planning by the EDA. Future planning for use of these funds
should consider the limitations that exist in the statutes
that govern the use of tax increments, among other facts
that will need to be reviewed prior to use of these funds.
Included in Appendix C are the finance plans for the indi-
vidual sub-funds that are combined and reported as the
EDA Fund.
Revenues
The major source of revenues for general operations of the
EDA come from property taxes. The enabling resolution of
the EDA, as adopted by the City, provides authority for the
EDA to levy property taxes.
Under Minnesota law a Housing and Redevelopment Au-
thority (HRA) may levy a tax on its area of operation for the
purposes authorized, subject to consent by the city coun-
cil. The HRA levy may not exceed .0185 percent of the esti-
mated market value in the City. The “area of operation” of
the authority is the boundaries of the City. Since the Mon-
ticello EDA has all the powers of a HRA, as granted by the
city council, the EDA may levy a HRA levy. The EDA certified
a HRA levy in 2021 for collection in 2022 based on the maxi-
mum amount. The Finance Plan for the EDA Fund estimates
the EDA will continue to certify a HRA levy at the maximum
amount.
The other major revenue source for the EDA comes from
tax increment revenues from the multiple tax increment fi-
nancing districts the EDA administers on behalf of the City.
This revenue varies from year to year depending on the
status of the multiple TIF districts. For year 2022, the EDA
is budgeted to collect approximately $685,000 of tax incre-
ment revenues.
Other revenues to the EDA include investment earnings on
cash balances, and other intergovernmental revenue that is
received for various projects.
Expenditures
The majority of the expenditures are related to activity
within the multiple tax increment financing (TIF) districts.
Activities include payment on pay-go TIF revenue notes to
developers. Acquisition of property and other redevelop-
ment project costs are incurred by the EDA.
The expenditures for personnel costs for the positions that
support the EDA, along with contractual professional ser-
vices, are recorded to the EDA general fund or to one of the
respective funds the EDA administers. Other expenditures
include the return of excess tax increments to the County
pursuant to the state law that governs the use of tax incre-
ments.
EDA Fund
46
Finance Plans
Transfers
The EDA has reported an annual transfer out of cash from
the TIF District 1-34 Fund to the Debt Service Funds for a
portion of the debt service payment on the General Ob-
ligation Bonds, Series 2011A, issued to finance improve-
ments within TIF District No. 1-34. The transfer in 2021 was
$198,700. Transfer will end after 2022 when bonds are paid
off.
The EDA also transferred from the EDA General fund to TIF
District 1-39 to write-off the outstanding balance of an in-
terfund loan that was approved for an advance of funds to
TIF District 1-39. TIF District 1-39 is decertified and the Fund
for this district closed as of year-end 2021.
The Finance Plan for the EDA Fund includes the following
planned transfers in year 2022 and 2028 to use available
pooled TIF funds. Transfers include:
• $60,165 from TIF 34 to planned TIF 45 (Block 52) for
redevelopment project costs in 2021, TIF 34 Fund can
then be closed
• $106,220 from TIF 20 to planned TIF 45 (Block 52) for
redevelopment project costs in 2021, TIF 20 Fund can
then be closed
• $281,000 from TIF 1-6 to TIF 1-41 to write-off the pro-
jected interfund loan, this assumes that TIF 1-41 does
not generate revenue sufficient to repay the original
balance of the interfund loan in full
The General Fund of the City is projected to continue to
transfer $6,000 annually to the EDA General Fund to cover
the stipends to EDA board members.
Balance Sheet
The majority of the cash balance in the EDA Fund is restrict-
ed within the multiple TIF districts and must be used pursu-
ant to the state law that governs the use of tax increments.
At the end of 2020, for the most recent audited financial
statements, the EDA reported a cash balance of $801,521
in the EDA General Fund. This is approximately 28% of the
total reported entire year-end 2021 cash balance managed
by the EDA.
EDA Fund
47
Finance Plans
Table 10
City of Monticello
Finance Plan
EDA Funds
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 355,080 366,077 388,000 399,640 411,629 423,978 436,697 449,798 463,292 477,191 491,507 506,252
Property taxes other -2,376 ----------
Tax increment 707,824 732,689 634,912 481,666 188,740 189,367 190,002 147,860 148,507 149,161 115,124 115,790
Other intergovernmental 185,000 -25,000 ---------
Investment earnings 59,477 (1,344)35,500 ---------
Other revenues 15,641 24,472 ----------
Sale of capital assets -300,000 ----------
Transfer in -92,975 172,385 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 287,000
Total Revenues 1,323,022 1,517,245 1,255,797 887,306 606,369 619,345 632,699 603,658 617,799 632,352 612,631 909,042
Expenditures
Current - Economic development 1,768,465 531,823 429,312 427,493 442,304 453,822 469,688 486,110 503,106 520,697 538,904 557,748
Transfer out 200,000 289,307 365,085 --------281,000
TIF pay-go note payments 11,303 23,714 66,008 60,569 55,135 55,699 56,271 56,847 57,429 58,018 58,612 59,211
Excess increments 137,813 183,012 188,359 158,452 164,446 -------
Total Expenditures 2,117,581 1,027,856 1,048,764 646,514 661,885 509,521 525,959 542,956 560,535 578,715 597,516 897,959
Net Change in Fund Balances (794,559)489,389 207,033 240,792 (55,516)109,824 106,741 60,702 57,264 53,637 15,115 11,083
Ending Fund Balance 6,518,705 7,008,094 7,215,127 7,455,920 7,400,404 7,510,228 7,616,969 7,677,671 7,734,935 7,788,572 7,803,688 7,814,770
Assets
Cash and investments 2,881,239 3,327,659 3,245,412 3,499,925 3,458,508 3,582,825 3,704,466 3,780,490 3,853,513 3,923,361 3,955,157 3,983,407
Taxes receivable 5,632 4,343 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508
Notes receivable 183,693 316,833 306,498 292,778 278,678 264,186 249,286 233,964 218,205 201,994 185,313 168,147
Due from other funds --50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 -
All other receivables and prepaid items 3,711 2,897 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752
Special assessments receivable / deferred -3,752 ----------
Land held for resale / inventory 3,466,370 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957 3,676,957
Total Assets 6,540,645 7,332,441 7,285,127 7,525,920 7,470,404 7,580,228 7,686,969 7,747,671 7,804,935 7,858,572 7,873,688 7,834,770
Liabilities
Due to other governmental units 259 190 ----------
Due to other funds -136,782 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 -
Unearned revenue -1,834 ----------
All other liabilities 11,696 21,385 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources 3,265 164,156 ----------
Escrow deposits 6,720 -----------
Total Liabilities and deferred inflows 21,940 324,347 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 20,000
Fund Balance 6,518,705 7,008,094 7,215,127 7,455,920 7,400,404 7,510,228 7,616,969 7,677,671 7,734,935 7,788,572 7,803,688 7,814,770
Total Liab, deferred inflows, and fund balance 6,540,645 7,332,441 7,285,127 7,525,920 7,470,404 7,580,228 7,686,969 7,747,671 7,804,935 7,858,572 7,873,688 7,834,770
EDA Fund
48
Finance Plans
Table 10a
TIF District
Available for
Redevelopment
Projects 2
Available for
Affordable
Housing Projects
To be Returned to
Local Taxing
Jurisdictions
Total Funds
Available TIF District
Available for
Redevelopment
Projects 2
Available for
Affordable
Housing Projects
Total Funds
Available
TIF 1-6
3 18,001 18,001 TIF 1-6
5 423,001 423,001
TIF 1-19 131,947 131,947 TIF 1-19 195,615 195,615
TIF 1-20 104,220 104,220 TIF 1-20 -
TIF 1-22 150,859 170,361 183,012 504,232 TIF 1-22
7 110,880 222,804 333,684
TIF 1-24 174,076 174,076 TIF 1-24 389,986 389,986
TIF 1-29 193,964 -193,964 TIF 1-29 393,284 393,284
TIF 1-30 113,146 113,146 TIF 1-30 102,983 102,983
TIF 1-34 54,503 54,503 TIF 1-34 -
TIF 1-40 -TIF 1-40
2 53,388 53,388
TIF 1-41 -TIF 1-41
2 -
Total 327,583 783,494 183,012 1,294,089 Total 533,881 1,358,060 1,891,941
4. The amounts shown are after use of funds to meet existing obligations. EDA may captitalize on future flow of funds with approval by resolution. EDA may reimburse itself
through an interfund TIF loan.
5. The balances do not include funds that may be available if land held for resale is sold.
Notes:
1. The facts for each individual TIF district should be reviewed and confirmed before spending of funds.
2. Available funds must be spent within the boundaries of Redevelopment Project No. 1 or pursuant to the TIF law and any temporary laws that may apply.
3. The funds for TIF 1-6 are shown here as available for "Redevelopment Projects". The funds are also available to pay for housing or economic development project costs, should
the EDA so determine. The analysis assumes TIF 41 will generate sufficient tax increment to make payments on the interfund loan that TIF 1-6 provided to TIF 1-41.
City of Monticello
Tax Increment Financing Districts
Projected Available Year-End Cash Balances
1, 5
Cash Available as as of Year End 2021 (Unaudited)FUTURE - Cash Balance Estimates as of Year End 2030
4
EDA Fund
49
Finance Plans
CDBG and SCDP Fund
For purposes of the Plan, the Community Development
Block Grant (CDBG) and Small Cities Development Program
(SCDP) Fund is a combined fund.
Revenues
Past revenues have come from intergovernmental revenue
sources for these programs, among other sources.
Expenditures
No expenditures in this Fund are planned.
Transfers
There are no transfers.
Balance Sheet
The Fund has three Notes receivable outstanding at the en
of 2021. The Notes are projected to be amortized by year
2028.
CDBG and SCDP Funds
50
Finance Plans
Table 11
City of Monticello
Finance Plan
CDBG and SCDP Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 15,277 -----------
Other revenues 4,896 84 8,000 ---------
Total Revenues 20,173 84 8,000 ---------
Expenditures
Current - General government ------------
Total Expenditures ------------
Net Change in Fund Balances 20,173 84 8,000 ---------
Beginning Fund Balance 904,365 924,538 924,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622
Changes and adjustments to prior period ------------
Ending Fund Balance 924,538 924,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622
Assets
Cash and investments 756,345 775,055 800,584 820,217 840,397 861,138 882,458 904,371 926,894 932,622 932,622 932,622
Notes receivable 168,193 149,567 132,038 112,405 92,225 71,484 50,164 28,251 5,728 ---
All other receivables and prepaid items ------------
Total Assets 924,538 924,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Total Liabilities and deferred inflows ------------
Fund Balance 924,538 924,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622
Total Liab, deferred inflows, and fund balance 924,538 924,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622 932,622
CDBG and SCDP Funds
51
Finance Plans
CEMETERY FUND
The Cemetery Fund is used to account for operations at the
Riverside Cemetery. The Hillside Cemetery is full, and op-
erations are recorded through the City’s General Fund.
Revenue
The source of revenue comes from charges for service to
operate and maintain the cemetery.
Expenditures
The expenditure of funds is for the operations and mainte-
nance of the Riverside Cemetery.
Transfers
There is no transfer of funds.
Balance Sheet
The fund is projected to have revenue sufficient to cover
expenditures and to maintain a positive cash balance.
Cemetery Fund
52
Finance Plans
Table 12
City of Monticello
Finance Plan
Cemetery Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other intergovernmental 15,000 -----------
Charges for services 40,884 53,891 33,000 33,825 34,671 35,537 36,426 37,336 38,270 39,227 40,207 41,212
Investment earnings 701 (283)----------
Other revenues -1 ----------
Total Revenues 56,585 53,609 33,000 33,825 34,671 35,537 36,426 37,336 38,270 39,227 40,207 41,212
Expenditures
Current - Recreation and culture 27,321 28,764 33,000 33,825 34,671 35,537 36,426 37,336 38,270 39,227 40,207 41,212
Total Expenditures 27,321 28,764 33,000 33,825 34,671 35,537 36,426 37,336 38,270 39,227 40,207 41,212
Net Change in Fund Balances 29,264 24,845 ----------
Ending Fund Balance 55,339 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184
Assets
Cash and investments 51,742 79,224 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184
Taxes receivable ------------
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 3,997 960 ----------
Total Assets 55,739 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities 400 -----------
Total Liabilities and deferred inflows 400 -----------
Fund Balance 55,339 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184
Total Liab, deferred inflows, and fund balance 55,739 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184 80,184
Cemetery Fund
53
Finance Plans
DEBT SERVICE FUNDS
The Debt Service Fund includes the combined funds used
to account for all of the City’s governmental debt service,
with the exception of governmental debt accounted for in
the Internal Service Funds, for Bond Series 2014A issued to
finance equipment.
The City paid $6,555,000 in principal in 2021, reducing
the outstanding balance of bonds and notes payable from
$27,665,000 at year-end 2020 (audited) to $21,110,000 at
year-end 2021 (unaudited).
In addition to scheduled principal payments for bonds ma-
turing, the City called outstanding future callable maturi-
ties early using available cash. The cash call of principal out-
standing is included in the totals above.
The year-end cash balance in the Debt Service Funds fluctu-
ates due to the timing of collection of revenue, such as tax
levy in the year prior to debt service payments coming due.
For example, for bonds that mature on February 1, the City
must collect taxes in the year prior to cover this payment
due to the timing of when property taxes are distributed to
the City from the county auditor.
For general obligation bonds, the City is required to have
funds available in the respective debt service funds equal to
105% of the debt service payments coming due.
All bonds issued by the City after year 2015, have been
structured with December 15 principal payments.
Revenue
The Debt Service Funds include the following source of rev-
enue: special assessments, interest income, transfers in
from other funds, property tax levy, and, from time to time,
bond proceeds for any capitalized interest funds.
The Plan anticipates the issuance of general obligation
bonds in 2023-2031, with the exception of year 2027.
Debt to be issued that is supported from utility revenues is
accounted for in the Proprietary Funds and not within the
Debt Service Funds of the City.
Debt accounted for in the Debt Service Funds includes only
debt to be supported by general governmental revenues,
including tax levy, tax abatement, and special assessments.
Expenditures
The use of funds is for the payment of debt, including prin-
cipal and interest payments and other fees related to debt.
Transfers
Transfers include transfers between debt service funds as
debt is retired and remaining balance of funds moved to
other debt obligations and to other city funds for non-debt
purposes, specifically for capital improvements.
Balance Sheet
Ending cash balance in the Debt Service Funds is projected
to be sufficient to meet all debt obligations when due.
Debt Service Funds
54
Finance Plans
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 34.
Debt Service Fund
Fund balance and cash balance are projected to be at the same level
Ending Fund Balance Ending Cash Balance
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 35.
Debt Service Fund
Total revenues may exceed use of funds due to the timing of collection of revenue and
payment of debt
Non property tax
revenue
Property tax revenue
Expenditures
Use of funds to pay debt ser-
vice is projected to come from
a combination of property tax
revenue, other non-property
tax revenue, including special
assessments, and interest on in-
vestments.
In 2021, the City called bonds
with cash, which is the source
of the increase in expenditures
shown in Chart 35.
Debt Service Funds
55
Finance Plans
Table 13
City of Monticello
Finance Plan
Debt Service Funds
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 2,939,987 2,831,479 2,311,400 2,512,326 3,754,594 4,181,050 4,613,483 4,371,668 4,583,100 4,904,044 5,309,415 5,254,288
Special assessments 469,028 272,949 214,361 207,301 200,240 193,179 300,841 230,600 250,427 233,172 358,645 300,443
Investment earnings 15,864 (7,194)8,436 7,068 8,018 15,655 19,560 23,330 24,260 26,875 31,317 34,574
Bond proceeds ----404,760 87,413 ------
Transfer in 200,000 3,975,238 198,700 ---------
Total Revenues 3,624,879 7,072,472 2,732,898 2,726,695 4,367,613 4,477,297 4,933,883 4,625,598 4,857,787 5,164,090 5,699,376 5,589,305
Expenditures
Principal payments 3,385,000 6,555,000 2,315,000 2,160,000 2,205,000 2,765,000 3,015,000 2,970,000 3,080,000 2,970,000 3,355,000 3,410,000
Interest payments 756,908 685,069 488,558 440,033 1,144,380 1,191,683 1,416,165 1,531,615 1,429,140 1,601,840 1,911,588 1,826,269
Other expenses -12,724 ----------
Transfer out --111,091 ---------
Total Expenditures 4,141,908 7,252,793 2,914,649 2,600,033 3,349,380 3,956,683 4,431,165 4,501,615 4,509,140 4,571,840 5,266,588 5,236,269
Net Change in Fund Balances (517,029)(180,321)(181,751)126,662 1,018,232 520,615 502,718 123,983 348,647 592,250 432,789 353,037
Ending Fund Balance 1,304,532 1,124,211 942,460 1,069,122 2,087,354 2,607,969 3,110,688 3,234,671 3,583,318 4,175,568 4,608,357 4,961,394
Assets
Cash and investments 1,274,149 1,124,865 942,460 1,069,122 2,087,354 2,607,969 3,110,688 3,234,671 3,583,318 4,175,568 4,608,357 4,961,394
All other receivables and prepaid items ------------
Special assessments receivable / deferred 1,335,612 1,086,345 913,431 742,789 1,891,317 1,654,716 2,044,265 1,855,197 3,020,045 2,809,257 3,208,469 3,624,569
Total Assets 2,609,761 2,211,210 1,855,891 1,811,911 3,978,671 4,262,685 5,154,953 5,089,867 6,603,363 6,984,825 7,816,826 8,585,963
Liabilities
All other liabilities 2,822 2,500 ----------
Deferred inflows of resources 1,302,407 1,084,499 913,431 742,789 1,891,317 1,654,716 2,044,265 1,855,197 3,020,045 2,809,257 3,208,469 3,624,569
Total Liabilities and deferred inflows 1,305,229 1,086,999 913,431 742,789 1,891,317 1,654,716 2,044,265 1,855,197 3,020,045 2,809,257 3,208,469 3,624,569
Fund Balance 1,304,532 1,124,211 942,460 1,069,122 2,087,354 2,607,969 3,110,688 3,234,671 3,583,318 4,175,568 4,608,357 4,961,394
Total Liab, deferred inflows, and fund balance 2,609,761 2,211,210 1,855,891 1,811,911 3,978,671 4,262,685 5,154,953 5,089,867 6,603,363 6,984,825 7,816,826 8,585,963
Debt Service Funds
56
Finance Plans
few years, to pay for improvements. The projected revenue,
without bonding, is not projected to be sufficient to cover
planned spending.
Expenditures
The expenditures of funds includes engineering, construc-
tion, and all other costs related to improvement projects.
The respective portion of street improvements that are for
utilities are paid directly from the Proprietary Funds (the
utility funds) and are not recorded as an expenditure of the
Capital Project Fund.
Transfers
Transfers in come from other City funds, including when the
City closes bonds funds that have cash balances remain-
ing after bonds are defeased, and from the General Fund,
among other funds that may provide transfers for capital.
Transfers out in 2021 include $200,000 to the Sewer Fund
and $3,776,538 to Debt Service Fund, for early redemption
of the judgment portion of the 2014A Bonds. On December
15, 2021, the City called the balance of maturities for the
2014A Bond early (cash call) in the amount of $3,925,000.
The Community Center Fund transferred $425,000 of cash
to the Capital Project Fund in 2021. This transfer was possi-
ble because the Community Center Fund received other in-
tergovernmental funding revenue related to the pandemic.
In 2022, the Plan anticipates $111,091 transfer in of cash
from the closing of the Debt Service Fund for Bond Series
2011A, after final debt payment in 2022.
In 2023, the Plan anticipates a one-time $1,159,294 trans-
fer in of cash from the Deputy Registrar Fund. There are no
other transfers planned.
CAPITAL PROJECTS FUND
The Capital Projects Fund is used to account for the capital
costs for improvement of governmental public infrastruc-
ture and the revenue to pay for the improvements. The City
maintains separate funds (outside of the Capital Project
Fund) to account for certain street reconstruction projects,
street lighting improvements, and park and pathway proj-
ects.
In 2021, the City closed the Street Reconstruction Fund,
transferring remaining funds to the Park and Pathway Im-
provement Fund and to the Central Equipment Fund. For
purposes of this Plan, the Street Reconstruction Fund 2020
and 2021 financial data is included as part of the Capital
Project Fund.
Capital for Proprietary Funds is accounted for separately in
the Proprietary Funds and is not included in this Govern-
mental Capital Project Fund.
Revenues
The source of revenues comes from a combination of
sources, including property tax, intergovernmental, special
assessments levied against benefiting properties, transfer
from other funds, and bond proceeds, among other sourc-
es.
The property tax amount is planned to increase over time in
order to allow for the City to reduce the amount of bonds
that would otherwise need to be issued to fund planned
capital improvement projects.
Bond proceeds from issuance of bonds to finance improve-
ments are deposited into the Fund. To provide sufficient
cash, annual bonding is anticipated, with the exception of a
Capital Projects Fund
57
Finance PlansBalance Sheet
The Capital Projects Fund is projected to maintain a positive
cash balance based on the assumptions in the Plan.
Accounts receivable and payable are projected to remain
fairly constant at historical levels. The special assessments
receivable are projected to be paid by property owners as
scheduled.
Land held for resale in the amount of approximately $0.8
million is assumed to continue to be held.
Capital Projects Fund
58
Finance Plans
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 36.
Capital Projects Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance Ending Cash Balance
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 37.
Capital Projects Fund
Sources and Uses of Funds
Bond proceeds
Non property tax
revenue
Property tax revenue
Expenditures
Expenditure and bond proceeds
in year 2023 includes the Public
Works facility project at estimat-
ed cost of $18.0 million.
Capital Projects Fund
59
Finance Plans
Table 14
City of Monticello
Finance Plan
Capital Projects Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 350,604 647,085 1,081,600 500,000 ---320,000 432,000 518,400 622,080 1,088,640
Franchise taxes 33,694 -----------
Special assessments 162,789 1,416,718 205,575 366,523 314,094 302,392 237,468 221,527 196,875 177,419 130,456 125,184
Other intergovernmental 675,751 -----------
Charges for services -23,492 ----------
Investment earnings 363,379 (95,523)248,825 ---------
Other revenues -121,611 ----------
Sale of capital assets 333,550 -----------
Intergovernmental for capital -2,571,685 900,000 425,000 --------
Other revenue for capital 4,548 -----------
Bond proceeds 2,256,280 --18,373,625 4,906,298 8,004,859 1,522,388 -7,970,000 12,825,000 1,525,000 2,030,000
Transfer in 1,900,000 2,088,430 111,091 1,159,294 --------
Total Revenues 6,080,595 6,773,498 2,547,091 20,824,442 5,220,392 8,307,250 1,759,856 541,527 8,598,875 13,520,819 2,277,536 3,243,824
Expenditures
Capital outlay / acquisition of capital 4,089,514 6,700,347 3,840,000 26,510,000 4,985,000 8,160,000 3,426,954 2,800,000 8,050,000 13,920,172 1,650,000 3,150,000
Transfer out -5,639,967 ----------
Cost of issuance of bonds ---273,625 71,298 119,859 22,388 -120,000 189,828 25,000 30,000
Total Expenditures 4,089,514 12,340,314 3,840,000 26,783,625 5,056,298 8,279,859 3,449,342 2,800,000 8,170,000 14,110,000 1,675,000 3,180,000
Net Change in Fund Balances 1,991,081 (5,566,816)(1,292,909)(5,959,183)164,094 27,392 (1,689,486)(2,258,473)428,875 (589,181)602,536 63,824
Ending Fund Balance 18,825,252 13,258,436 11,965,527 6,006,344 6,170,438 6,197,829 4,508,344 2,249,871 2,678,745 2,089,564 2,692,100 2,755,924
Assets
Cash and investments 19,095,922 12,048,777 11,152,945 5,193,762 5,357,856 5,385,247 3,695,762 1,437,289 1,866,163 1,276,982 1,879,518 1,943,342
Due from other governments 2,203,152 -----------
All other receivables and prepaid items -87,404 ----------
Special assessments receivable / deferred 3,226,078 2,480,993 2,386,530 1,811,328 1,597,248 1,383,169 1,222,311 1,068,452 930,687 804,701 718,589 633,007
Land held for resale / inventory 1,496,182 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582
Total Assets 26,021,334 15,454,756 14,377,057 7,842,672 7,792,686 7,605,999 5,755,655 3,343,323 3,634,433 2,919,265 3,435,689 3,413,930
Liabilities
Due to other governmental units 92 -----------
All other liabilities 23,767 117,631 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Deferred inflows of resources 7,172,223 2,078,689 2,386,530 1,811,328 1,597,248 1,383,169 1,222,311 1,068,452 930,687 804,701 718,589 633,007
Total Liabilities and deferred inflows 7,196,082 2,196,320 2,411,530 1,836,328 1,622,248 1,408,169 1,247,311 1,093,452 955,687 829,701 743,589 658,007
Fund Balance 18,825,252 13,258,436 11,965,527 6,006,344 6,170,438 6,197,829 4,508,344 2,249,871 2,678,745 2,089,564 2,692,100 2,755,924
Total Liab, deferred inflows, and fund balance 26,021,334 15,454,756 14,377,057 7,842,672 7,792,686 7,605,999 5,755,655 3,343,323 3,634,433 2,919,265 3,435,689 3,413,930
Capital Projects Fund
60
Finance Plans
STREET LIGHTING IMPROVEMENT
FUND
The Street Lighting Improvement Fund is used to account
for the capital costs for street lighting owned and main-
tained by the City.
Revenues
The source of revenues comes from collection of Franchise
taxes and investment earnings on the cash balance in the
Fund, and non-recurring transfers in from other funds.
Revenues are not projected to be sufficient to cover the
planned capital improvements - need to review.
Expenditures
The expenditures of funds includes capital improvements
of the street lighting system.
Transfers
A one-time transfer in of $500,000 from the Deputy Regis-
trar Fund is included in the Plan in year 2023. The funds will
be used to pay for project costs in the downtown, specifi-
cally for project costs to bury electric power lines to sup-
port redevelopment of Block 52.
Balance Sheet
The ending cash balance is projected to be impacted by tim-
ing of capital improvements and non-recurring interfund
transfers.
Street Lighting Improvement Fund
61
Finance Plans
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 38.
Street Lighting Improvement Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance Ending Cash Balance
Street Lighting Improvement Fund
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 39.
Street Lighting Improvement Fund
Sources and Uses of Funds
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
62
Finance Plans
Table 15
City of Monticello
Finance Plan
Street Lighting Improvement Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Franchise taxes 190,336 189,460 140,000 190,000 193,800 197,676 201,630 205,662 209,775 213,971 218,250 222,615
Investment earnings 17,709 (5,181)10,000 ---------
Transfer in ---500,000 --------
Total Revenues 208,045 184,279 150,000 690,000 193,800 197,676 201,630 205,662 209,775 213,971 218,250 222,615
Expenditures
Capital outlay / acquisition of capital 621 -425,000 1,405,000 135,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Total Expenditures 621 -425,000 1,405,000 135,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Net Change in Fund Balances 207,424 184,279 (275,000)(715,000)58,800 122,676 126,630 130,662 134,775 138,971 143,250 147,615
Ending Fund Balance 995,928 1,180,207 905,207 190,207 249,007 371,683 498,313 628,975 763,750 902,721 1,045,971 1,193,586
Assets
Cash and investments 899,269 1,122,096 845,207 130,207 189,007 311,683 438,313 568,975 703,750 842,721 985,971 1,133,586
Due from other funds ------------
All other receivables and prepaid items 96,659 58,111 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Special assessments receivable / deferred ------------
Total Assets 995,928 1,180,207 905,207 190,207 249,007 371,683 498,313 628,975 763,750 902,721 1,045,971 1,193,586
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Total Liabilities and deferred inflows ------------
Fund Balance 995,928 1,180,207 905,207 190,207 249,007 371,683 498,313 628,975 763,750 902,721 1,045,971 1,193,586
Total Liab, deferred inflows, and fund balance 995,928 1,180,207 905,207 190,207 249,007 371,683 498,313 628,975 763,750 902,721 1,045,971 1,193,586
Street Lighting Improvement Fund
63
Finance Plans
PARK AND PATHWAY DEDICATION
FUND
The Park and Pathway Dedication Fund is used to account
for the capital costs for park and pathway construction paid
from park dedication fees collected at time of development
of property.
Revenues
The source of revenues comes from collection of park dedi-
cation fees and investment earnings on the cash balance
in the Fund, in addition to other non-recurring revenues.
Bond proceeds is anticipated in future years to pay for cer-
tain project costs.
The Plan does not include estimates for future collection
or future use of park dedication fees from development.
While the City does expect to collect future park dedication
fees these funds will be used for purposes specific to future
development and for projects that are not programmed in
the CIP.
Expenditures
The expenditures of funds includes capital improvements
of the park and pathway system.
Transfers
There are no planned future transfers in from other funds
or transfers out.
Balance Sheet
The Park and Pathway Fund is projected to not have suffi-
cient revenue to cover planned capital improvements. The
City plans to address the projected cash shortfall through
future decisions regarding operating transfers in from oth-
er funds, for example from the Liquor Fund, among other
strategies the City may consider.
Park and Pathway Dedication Fund
64
Finance Plans
($1.0)
($0.5)
$0.0
$0.5
$1.0
$1.5
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 40.
Park and Pathway Dedication Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 41.
Park and Pathway Dedication Fund
Sources and Uses of Funds
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
Park and Pathway Dedication Fund
65
Finance Plans
Table 16
City of Monticello
Finance Plan
Park and Pathway Dedication Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 1,033 -----------
Investment earnings 19,365 (5,784)2,096 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Other revenues 29,395 -2,904 ---------
Bond proceeds ---1,040,495 -1,345,141 5,277,612 -----
Transfer in 235,000 1,094,000 ----------
Total Revenues 284,793 1,088,216 5,000 1,042,495 2,000 1,347,141 5,279,612 2,000 2,000 2,000 2,000 2,000
Expenditures
Capital outlay / acquisition of capital 506,656 705,081 375,000 1,035,000 372,000 1,405,000 5,210,000 10,000 143,000 925,000 10,000 10,000
Cost of issuance of bonds ---15,495 -20,141 77,612 -----
Total Expenditures 506,656 705,081 375,000 1,050,495 372,000 1,425,141 5,287,612 10,000 143,000 925,000 10,000 10,000
Net Change in Fund Balances (221,863)383,135 (370,000)(8,000)(370,000)(78,000)(8,000)(8,000)(141,000)(923,000)(8,000)(8,000)
Ending Fund Balance 717,478 1,100,613 730,613 722,613 352,613 274,613 266,613 258,613 117,613 (805,387)(813,387)(821,387)
Assets
Cash and investments 772,915 1,102,269 730,613 722,613 352,613 274,613 266,613 258,613 117,613 (805,387)(813,387)(821,387)
All other receivables and prepaid items -4,760 ----------
Special assessments receivable / deferred 12,004 -----------
Total Assets 784,919 1,107,029 730,613 722,613 352,613 274,613 266,613 258,613 117,613 (805,387)(813,387)(821,387)
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities 55,437 1,656 ----------
Deferred inflows of resources 12,004 4,760 ----------
Total Liabilities and deferred inflows 67,441 6,416 ----------
Fund Balance 717,478 1,100,613 730,613 722,613 352,613 274,613 266,613 258,613 117,613 (805,387) (813,387) (821,387)
Total Liab, deferred inflows, and fund balance 784,919 1,107,029 730,613 722,613 352,613 274,613 266,613 258,613 117,613 (805,387) (813,387) (821,387)
Park and Pathway Dedication Fund
66
Finance Plans
Charge for Annexation Areas on a per acre basis, beginning
in 2022 in the amount of $13,414 per acre. The Plan as-
sumes an average of 100 acres per year are platted and sub-
ject to the trunk charge.
The fee increases are projected as needed to cover both
increasing operating costs and to pay for the cost of mainte-
nance and improvement of infrastructure for water service,
including improvements to the treatment facility.
Based on projected revenues and expenses, the Water Fund
will not have adequate cash available to support planned
capital improvements. The Plan demonstrates that the
City will need to consider whether to adjust the otherwise
planned rate increases, modify its capital plans, consider
debt financing, or a combination of these strategies.
For purposes of the Plan, the revenue objective for the Wa-
ter Fund focused on providing revenue sufficient to achieve
ending year-end cash balance to cover the following pur-
poses:
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
The Plan anticipates proceeds from the issuance of general
obligation revenue bonds to finance improvements to the
water treatment facility only. There is no bonding included
for other capital improvement projects.
Expenses
Expenses includes operations, capital, interest expense on
debt, and depreciation of capital assets.
The Plan anticipates the addition of new position (1.0 FTE)
WATER FUND
The Water Fund was established as a Proprietary Fund to
account for the costs of providing municipal water ser-
vices to residents and businesses. The Fund is considered
self-supporting in that the services rendered are financed
through charges for sales.
The Water Fund is presented on an accrual basis. There is a
recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recog-
nized when earned. There is a capitalization of certain ex-
penses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred.
Revenues
The major revenue sources are charges for services, special
assessments, access and trunk charges from development,
and other sources including investment earnings, and pen-
alties and interest on charges for services, among other
sources.
For year 2028, the Plan anticipates the City will successfully
secure state or other funding in the amount of $14 million
to pay for at least 50% of the cost of the water treatment
facility improvements. The total cost of the project is esti-
mated at $28 million.
Future growth from development, which impacts the pro-
jection of operating and non-operating revenue for the Wa-
ter Fund, is assumed to average 82 units per year between
2023-2032 for new residential and commercial customer
units.
The Plan is based on 4.0% annual fee increases between
years 2023-2025. The Plan includes a proposed new Trunk
Water Fund
67
Finance Plans
in 2028 (to coincide with treatment plant improvements)
and a second position (1.0 FTE) in 2030.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions. New
capital is depreciated over a 40 year term in the Plan.
Annual debt service payments on future bonds issued to
finance water improvements will be supported by net reve-
nues of the Water Fund. There is no existing debt outstand-
ing for which revenues of the Water Fund are pledged.
Transfers
There are no recurring interfund transfers in the Water
Fund.
Balance Sheet
The Water Fund is presently shown to not have sufficient
revenues available to pay for planned capital improvements
based on the proposed timing and amount for projects. As
noted earlier, the City will need to consider its options to
address the projected shortfall.
Future estimated receivables and payable are projected to
remain at historic amounts during the planning period.
Water Fund
68
Finance Plans
-$4.0
-$2.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 42.
Water Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year planned
capital
0%
100%
200%
300%
400%
500%
600%
700%
800%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EndingunrestrictedNetPositionas%ofExpensesMillionsChart 43.
Water Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart44.
Water Fund
Revenues and Expenses
Revenues
Expenses
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
3,600
4,000
4,400
4,800
5,200
5,600
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalCustomerUnits(ERU)VolumeBilled(1,000Gal)Chart 45.
Water Fund
Customers and Annual Volume Billed
Water Volume
Billed
Total Customer
Units
Water Fund
69
Finance Plans
Table 17
City of Monticello
Finance Plan
Water Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments -37,421 149,224 3,100 2,953 -------
Other intergovernmental 1,262 17,491 ----------
Charges for services 1,468,890 1,598,651 1,460,449 1,797,511 1,897,596 2,018,984 2,123,220 2,252,971 2,359,765 2,494,753 2,594,953 2,740,104
Investment earnings 95,694 (28,968)50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 72,804 98,933 3,051 3,051 3,051 3,051 3,051 3,051 3,051 3,051 3,051 3,051
Intergovernmental for capital --------14,000,000 ---
Connection / access charges 154,452 164,129 8,500 222,044 130,040 204,473 112,104 203,524 84,981 187,093 17,241 191,236
Penalties and interest -26,093 30,000 ---------
Trunk charges 155,703 78,430 15,000 1,539,314 1,506,281 1,630,353 1,601,538 1,746,133 1,697,825 1,857,508 1,766,809 1,998,987
Total 1,948,805 1,992,180 1,716,224 3,615,020 3,589,921 3,906,861 3,889,913 4,255,679 18,195,622 4,592,406 4,432,054 4,983,378
Expenses
FTE Increases / Current Expenses --------99,000 101,970 219,029 225,600
Depreciation 513,484 499,945 516,195 531,445 602,609 676,523 798,768 873,337 1,649,685 1,746,694 1,826,763 1,908,777
Transfer out 900,000 -----------
Interest payments ---------538,796 491,050 478,188
Operating expense before depreciation 694,194 761,658 1,062,000 1,093,860 1,126,676 1,160,476 1,195,290 1,231,149 1,268,084 1,306,126 1,345,310 1,385,669
Cost of issuance of bonds --------210,000 ---
Total 2,107,678 1,261,603 1,578,195 1,625,305 1,729,285 1,836,999 1,994,058 2,104,486 3,226,769 3,693,586 3,882,152 3,998,234
Change in Net Position (158,873)730,577 138,029 1,989,715 1,860,636 2,069,862 1,895,854 2,151,193 14,968,853 898,820 549,902 985,144
Ending net position 13,781,749 14,512,326 14,650,355 16,640,070 18,500,706 20,570,568 22,466,422 24,617,615 39,586,469 40,485,289 41,035,190 42,020,334
Assets
Cash and investments 4,895,930 5,914,095 6,153,728 8,090,165 7,732,148 7,542,842 5,368,533 5,431,166 5,226,626 4,012,638 2,847,389 2,085,764
Due from other governments -9,590 ----------
All other receivables and prepaid items 160,853 198,616 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Special assessments receivable / deferred 378,358 352,391 175,649 150,372 125,095 104,245 83,396 62,547 41,698 20,849 0 0
Capital assets 21,784,073 21,962,534 22,612,534 23,222,534 26,069,074 29,025,614 33,915,394 36,898,139 67,952,067 71,832,419 75,035,181 78,315,727
Accumulated depreciation (13,222,416)(13,722,361)(14,238,556)(14,770,001)(15,372,610)(16,049,133)(16,847,901)(17,721,238)(19,370,923)(21,117,617)(22,944,380)(24,853,157)
Deferred outflows of resources 12,654 71,780 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Total Assets and Deferred Outflows 14,009,452 14,786,645 14,865,355 16,855,070 18,715,706 20,785,568 22,681,422 24,832,615 54,011,469 54,910,289 55,100,190 55,710,334
Liabilities
Due to other governmental units 12,327 -----------
All other liabilities 200,389 175,418 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Deferred inflows of resources 14,987 98,901 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Bonds payable --------14,210,000 14,210,000 13,850,000 13,475,000
Total Liabilities and Deferred Inflows 227,703 274,319 215,000 215,000 215,000 215,000 215,000 215,000 14,425,000 14,425,000 14,065,000 13,690,000
Total Liabilities, Deferred Inflows, and Net Position 14,009,452 14,786,645 14,865,355 16,855,070 18,715,706 20,785,568 22,681,422 24,832,615 54,011,469 54,910,289 55,100,190 55,710,334
Water Fund
70
Finance Plans
Table 18
City of Monticello
Finance Plan - Change in Ending Cash Balance
Water Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,062,000 1,093,860 1,126,676 1,160,476 1,195,290 1,231,149 1,577,084 1,408,096 1,564,339 1,611,269
Capital Acquisition / Outlay 650,000 610,000 2,846,540 2,956,540 4,889,780 2,982,745 31,053,928 3,880,351 3,202,763 3,280,546
Interfund Transfers Out ----------
Debt Service (includes transfers for debt)-------538,796 851,050 853,188
Total Use of Cash 1,712,000 1,703,860 3,973,216 4,117,016 6,085,071 4,213,894 32,631,011 5,827,243 5,618,152 5,745,002
Source of Cash
Revenues 1,716,224 3,615,020 3,589,921 3,906,861 3,889,913 4,255,679 18,195,622 4,592,406 4,432,054 4,983,378
Bond Proceeds ------14,210,000 ---
Interfund Transfers In ----------
Total Source of Cash 1,716,224 3,615,020 3,589,921 3,906,861 3,889,913 4,255,679 32,405,622 4,592,406 4,432,054 4,983,378
Net Change in Other Assets and Liabilities 235,409 25,277 25,278 20,849 20,849 20,849 20,849 20,849 20,849 -
Change in Cash Balance 239,633 1,936,437 (358,017)(189,306)(2,174,309)62,634 (204,540)(1,213,988)(1,165,249)(761,624)
Ending Cash 6,153,728 8,090,165 7,732,148 7,542,842 5,368,533 5,431,166 5,226,626 4,012,638 2,847,389 2,085,764
Ending Cash by Purpose
Cash for next year planned capital 610,000 2,846,540 2,956,540 4,889,780 2,982,745 3,053,928 3,880,351 3,202,763 3,280,546 2,750,662
Cash for next year debt service ------538,796 851,050 853,188 854,800
Cash for 3-months operating reserve 273,465 281,669 290,119 298,823 307,787 341,771 352,024 391,085 402,817 414,902
Cash available for future capital / unassigned 5,270,263 4,961,956 4,485,489 2,354,239 2,078,000 2,035,468 455,455 (432,260)(1,689,162)(1,934,599)
Ending Cash 6,153,728 8,090,165 7,732,148 7,542,842 5,368,533 5,431,166 5,226,626 4,012,638 2,847,389 2,085,764
Water Fund
71
Finance Plans
Table 19
Page 1 of 2
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Water Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential, commercial, and irrigation customers 4,449 4,449 4,449 4,610 4,697 4,832 4,899 5,022 5,066 5,169 5,170 5,267 5,267
Volume billed:
Residential, commercial, and irrigation Tier 1: First 1000 gallons 53,388 53,388 53,388 55,320 56,364 57,984 58,788 60,264 60,792 62,028 62,040 63,204 63,204
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 471,947 490,896 510,897 528,285 537,681 552,261 559,497 572,781 577,533 588,657 588,765 599,241 599,241
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 75,000 90,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
Residential, commercial, and irrigation Tier 4: >33,000 gallons 25,000 30,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Total Residential Volume Billed 625,335 664,284 664,285 683,605 694,045 710,245 718,285 733,045 738,325 750,685 750,805 762,445 762,445
Industrial customers 2 2 2 2 2 2 2 2 2 2 2 2 2
Volume billed:
Industrial Tier 1: >0 gallons 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335
Total Customers 4,451 4,451 4,451 4,612 4,699 4,834 4,901 5,024 5,068 5,171 5,172 5,269 5,269
Total Volume Billed 654,670 693,619 693,620 712,940 723,380 739,580 747,620 762,380 767,660 780,020 780,140 791,780 791,780
State connection charge (per year)(0)874 874 1,035 1,122 1,257 1,324 1,447 1,491 1,594 1,595 1,692 1,692
Trunk water charge - residential (per residential unit)141 68 13 161 87 135 67 123 44 103 1 97 -
Trunk water charge - non-residential (per acre)-------------
Water access charge - 1 1/4" line 122 264 -161 87 135 67 123 44 103 1 97 -
Trunk Charge for Annexation Areas (per acre)---100 100 100 100 100 100 100 100 100 100
Customer Fees (in dollars)
Residential, commercial, and irrigation minimum first 1000 gallons 7.10 7.81 8.04 8.36 8.70 9.04 9.41 9.78 10.17 10.58 11.00 11.44 11.90
Residential, commercial, and irrigation Tier 1: First 1000 gallons -------------
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 1.74 1.83 1.88 1.96 2.03 2.11 2.20 2.29 2.38 2.47 2.57 2.68 2.78
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 2.02 2.12 2.18 2.27 2.36 2.45 2.55 2.65 2.76 2.87 2.98 3.10 3.23
Residential, commercial, and irrigation Tier 4: >33,000 gallons 2.21 2.32 2.39 2.49 2.59 2.69 2.80 2.91 3.02 3.15 3.27 3.40 3.54
Industrial base charge -------------
Industrial Tier 1: >0 gallons 2.11 2.22 2.29 2.38 2.48 2.58 2.68 2.79 2.90 3.01 3.13 3.26 3.39
State connection charge (per year)9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72
Trunk water charge - residential (per residential unit)1,103 1,182 1,182 1,229 1,278 1,330 1,383 1,438 1,496 1,555 1,618 1,682 1,750
Trunk water charge - non-residential (per acre)2,758 2,954 2,954 3,072 3,195 3,323 3,456 3,594 3,738 3,887 4,043 4,204 4,373
Water access charge - 1 1/4" line 1,266 1,266 1,266 1,317 1,369 1,424 1,481 1,540 1,602 1,666 1,733 1,802 1,874
Trunk Charge for Annexation Areas (per acre)---13,414 13,951 14,509 15,089 15,692 16,320 16,973 17,652 18,358 19,092
Water Fund
72
Finance Plans
Table 19
Page 2 of 2
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Water Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenue by Fee Type (in Dollars)
Volume billed:
Residential, commercial, and irrigation minimum first 1000 gallons 379,055 416,960 429,240 462,564 490,145 524,402 552,940 589,496 618,447 656,262 682,644 723,270 752,201
Residential, commercial, and irrigation Tier 1: First 1000 gallons -------------
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 821,188 898,340 960,486 1,032,903 1,093,325 1,167,891 1,230,521 1,310,126 1,373,835 1,456,309 1,514,839 1,603,465 1,667,603
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 151,500 190,800 163,500 170,040 176,842 183,915 191,272 198,923 206,880 215,155 223,761 232,711 242,020
Residential, commercial, and irrigation Tier 4: >33,000 gallons 55,250 69,600 59,750 62,140 64,626 67,211 69,899 72,695 75,603 78,627 81,772 85,043 88,445
Total Residential Volume Billed 1,406,993 1,575,700 1,612,976 1,727,647 1,824,937 1,943,419 2,044,632 2,171,240 2,274,765 2,406,353 2,503,017 2,644,489 2,750,269
Volume billed:
Industrial Tier 1: >0 gallons 61,897 65,124 67,177 69,864 72,659 75,565 78,588 81,731 85,001 88,401 91,937 95,614 99,439
State connection charge (per year)(0)8,500 8,500 10,065 10,911 12,223 12,874 14,070 14,497 15,498 15,508 16,451 16,451
Trunk water charge - residential (per residential unit)155,703 80,000 15,000 197,914 111,225 179,495 92,646 176,884 65,807 160,209 1,618 163,188 -
Trunk water charge - non-residential (per acre)-------------
Water access charge - 1 1/4" line 154,452 334,224 -211,979 119,130 192,251 99,230 189,455 70,483 171,595 1,733 174,786 -
Trunk Charge for Annexation Areas (per acre)---1,341,400 1,395,056 1,450,858 1,508,893 1,569,248 1,632,018 1,697,299 1,765,191 1,835,799 1,909,230
Total Revenue 1,779,045 2,063,548 1,703,653 3,558,869 3,533,917 3,853,810 3,836,862 4,202,628 4,142,571 4,539,355 4,379,003 4,930,327 4,775,389
Total Revenues by Category (in Dollars)
Charges for services 1,468,890 1,640,824 1,680,153 1,797,511 1,897,596 2,018,984 2,123,220 2,252,971 2,359,765 2,494,753 2,594,953 2,740,104 2,849,708
Connection / access charges 154,452 342,724 8,500 222,044 130,040 204,473 112,104 203,524 84,981 187,093 17,241 191,236 16,451
Trunk charges 155,703 80,000 15,000 1,539,314 1,506,281 1,630,353 1,601,538 1,746,133 1,697,825 1,857,508 1,766,809 1,998,987 1,909,230
Total Revenue 1,779,045 2,063,548 1,703,653 3,558,869 3,533,917 3,853,810 3,836,862 4,202,628 4,142,571 4,539,355 4,379,003 4,930,327 4,775,389
Note: Prior Year actual revenue as shown in this table may not reconcile with audited financial statement revenue due to one-time events, among the factors.
Water Fund
73
Finance Plans
nexation Areas on a per acre basis, beginning in 2022 in the
amount of $5,348 per acre. The Plan assumes an average
of 100 acres per year are platted and subject to the trunk
charge.
Based on projected revenues and expenses, the Sewer Fund
will maintain adequate cash balance over the planning pe-
riod. For purposes of the Plan, the revenue objective for
the Sewer Fund focused on providing revenue sufficient to
achieve an ending year-end cash balance to cover the fol-
lowing purposes:
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
The Plan does not anticipating that bonding will be needed
to finance planned capital improvements. The Fund is pro-
jected to have cash sufficient to meet both operating and
capital needs.
Expenses
Expenses includes operations, capital, interest expense on
debt, and depreciation of capital assets.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions. New
capital is depreciated over a 40 year term in the Plan.
Annual debt service payments on future bonds issued to
finance improvements will be supported by net revenues of
the Sewer Fund.
There is existing debt outstanding for which revenues of
the Sewer Fund are pledged. The General Obligation Series
2013B Bonds ($1,525,000 payable as of 2021 year-end) and
SEWER FUND
The Sewer Fund was established as a Proprietary Fund to
account for the costs of providing municipal sanitary sewer
services, including for the wastewater treatment plant. The
Fund is considered self-supporting in that the services ren-
dered are financed through user charges.
The Sewer Fund is presented on an accrual basis. There is a
recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recog-
nized when earned. There is a capitalization of certain ex-
penses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred.
Revenues
The major revenue sources for the Sewer Fund are charges
for services, access and trunk charges from development,
and other sources include investment earnings, penalties
and interest on charges for services, among other sources.
Future growth from development, which impacts the pro-
jection of operating and non-operating revenue for the
Sewer Fund, is assumed to average 82 units per year be-
tween 2023-2032 for new residential and commercial cus-
tomer units.
The Plan is based on 3.0% annual fee increases for all fees
and charges for sanitary sewer services, including to the
trunk and access charges. The fee increases are projected
as needed to cover both increasing operating costs and to
pay for cost of maintenance and improvement of infrastruc-
ture for sanitary sewer service, including improvements to
the wastewater treatment plant.
The Plan includes a proposed new Trunk Charge for An-
Sewer Fund
74
Finance Plans
the General Obligation Revenue Note issued to the Public
Facilities Authority, Series 2015A ($1,582,000 payable as of
2021 year-end).
Transfers
There are no recurring interfund transfers in the Water
Fund.
Balance Sheet
Future estimated receivables and payable are projected
to remain at historic amounts during the planning period.
Bonds payable will increase with planned issuance of debt.
Capital assets offset by increase in accumulated deprecia-
tion is expected to increase with planned capital improve-
ments.
Sewer Fund
75
Finance Plans
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 46.
Sewer Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
0%
100%
200%
300%
400%
500%
600%
700%
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EndingunrestrictedNetPositionas%ofExpensesMillionsChart 47.
Sewer Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 48.
Sewer Fund
Revenues and Expenses
Revenues
Expenses
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
3,600
4,000
4,400
4,800
5,200
5,600
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalCustomerUnits(ERU)VolumeBilled(1,000Gal)Chart 49.
Sewer Fund
Customers and Annual Volume Billed
Sewer Volume
Billed
Total Customer
Units
Sewer Fund
76
Finance Plans
Table 20
City of Monticello
Finance Plan
Sewer Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments -39,124 -1,283 1,237 1,191 450 440 430 421 411 401
Other intergovernmental 1,076 -----------
Charges for services 2,558,601 2,668,929 2,805,212 3,352,241 3,518,174 3,734,025 3,897,667 4,120,893 4,277,528 4,499,198 4,625,455 4,857,471
Investment earnings 129,558 (39,024)25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 753 1,922 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Transfer in -200,000 ----------
Connection / access charges 526,430 978,493 214,788 733,466 408,235 652,473 333,534 630,679 232,377 560,292 5,603 559,788
Penalties and interest -50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Trunk charges 349,230 257,766 -799,133 697,967 802,513 704,592 829,212 703,726 840,502 659,756 879,210
Total 3,565,648 4,157,210 3,100,000 4,966,123 4,705,614 5,270,202 5,016,244 5,661,224 5,294,061 5,980,414 5,371,225 6,376,870
Expenses
Depreciation 1,220,726 1,202,801 1,233,226 1,256,296 1,308,376 1,404,458 1,505,928 1,530,109 1,555,985 1,638,963 1,668,987 1,688,893
Interest payments 70,257 66,356 61,222 55,491 49,023 42,100 34,491 26,562 18,011 8,770 7,558 6,335
Operating expense before depreciation 1,663,234 1,777,642 1,897,683 1,954,613 2,013,252 2,073,649 2,135,859 2,199,935 2,265,933 2,333,911 2,403,928 2,476,046
Cost of issuance of bonds ------------
Total 2,954,217 3,046,799 3,192,131 3,266,400 3,370,651 3,520,208 3,676,278 3,756,605 3,839,929 3,981,643 4,080,473 4,171,274
Change in Net Position 611,431 1,110,411 (92,131)1,699,723 1,334,963 1,749,994 1,339,966 1,904,619 1,454,132 1,998,770 1,290,752 2,205,596
Ending net position 23,070,466 24,180,877 24,088,746 25,788,469 27,123,432 28,873,426 30,213,392 32,118,010 33,572,143 35,570,913 36,861,665 39,067,261
Assets
Cash and investments 6,817,212 8,438,614 8,131,438 9,883,203 10,158,343 9,178,879 7,662,617 9,820,736 11,475,472 11,712,743 13,389,177 16,370,661
Due from other governments -22,602 ----------
All other receivables and prepaid items 477,087 532,679 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000
Special assessments receivable / deferred 349,056 448,783 412,808 377,271 341,735 308,391 275,742 243,093 210,444 177,794 145,145 144,901
Land held for resale / inventory ------------
Capital assets 51,508,079 51,754,815 52,971,815 53,894,605 55,977,801 59,821,061 63,879,867 64,847,125 65,882,155 69,201,267 70,402,220 71,198,470
Accumulated depreciation (32,427,749)(33,630,550)(34,863,776)(36,120,072)(37,428,448)(38,832,906)(40,338,834)(41,868,943)(43,424,928)(45,063,891)(46,732,878)(48,421,771)
Deferred outflows of resources 15,651 89,608 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Total Assets and Deferred Outflows 26,739,336 27,656,551 27,142,285 28,525,008 29,539,432 30,965,426 31,969,392 33,532,010 34,633,143 36,517,913 37,693,665 39,782,261
Liabilities
Due to other governmental units 1,974 -----------
All other liabilities 217,093 226,113 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000
Deferred inflows of resources 16,264 121,022 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000
Bonds payable 3,416,000 3,116,000 2,810,000 2,498,000 2,180,000 1,856,000 1,520,000 1,178,000 825,000 711,000 596,000 479,000
Unamortized bond prem/disc 17,539 12,539 7,539 2,539 --------
Total Liabilities and Deferred Inflows 3,668,870 3,475,674 3,053,539 2,736,539 2,416,000 2,092,000 1,756,000 1,414,000 1,061,000 947,000 832,000 715,000
Total Liabilities, Deferred Inflows, and Net Position 26,739,336 27,656,551 27,142,285 28,525,008 29,539,432 30,965,426 31,969,392 33,532,010 34,633,143 36,517,913 37,693,665 39,782,261
Sewer Fund
77
Finance Plans
Table 21
City of Monticello
Finance Plan - Change in Ending Cash Balance
Sewer Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,897,588 1,954,613 2,013,252 2,073,649 2,135,859 2,199,935 2,265,933 2,333,911 2,403,928 2,476,046
Capital Acquisition / Outlay 1,217,000 922,790 2,083,196 3,843,260 4,058,805 967,258 1,035,031 3,319,112 1,200,953 796,250
Interfund Transfers Out ----------
Debt Service (includes transfers for debt)367,317 367,491 367,023 366,100 370,491 368,562 371,011 122,770 122,558 123,335
Total Use of Cash 3,481,905 3,244,894 4,463,471 6,283,010 6,565,156 3,535,754 3,671,974 5,775,792 3,727,439 3,395,631
Source of Cash
Revenues 3,100,000 4,966,123 4,705,614 5,270,202 5,016,244 5,661,224 5,294,061 5,980,414 5,371,225 6,376,870
Bond Proceeds ----------
Interfund Transfers In ----------
Total Source of Cash 3,100,000 4,966,123 4,705,614 5,270,202 5,016,244 5,661,224 5,294,061 5,980,414 5,371,225 6,376,870
Net Change in Other Assets and Liabilities 74,729 30,537 32,998 33,344 32,649 32,649 32,649 32,649 32,649 245
Change in Cash Balance (307,176)1,751,765 275,140 (979,464)(1,516,262)2,158,119 1,654,736 237,271 1,676,435 2,981,484
Ending Cash 8,131,438 9,883,203 10,158,343 9,178,879 7,662,617 9,820,736 11,475,472 11,712,743 13,389,177 16,370,661
Ending Cash by Purpose
Cash for next year planned capital 922,790 2,083,196 3,843,260 4,058,805 967,258 1,035,031 3,319,112 1,200,953 796,250 5,686,589
Cash for next year debt service 367,491 367,023 366,100 370,491 368,562 371,011 122,770 122,558 123,335 123,092
Cash for 3-months operating reserve 488,653 503,313 518,412 533,965 549,984 566,483 583,478 600,982 619,011 637,582
Cash available for future capital / unassigned 6,352,504 6,929,671 5,430,571 4,215,618 5,776,814 7,848,211 7,450,113 9,788,249 11,850,581 9,923,399
Ending Cash 8,131,438 9,883,203 10,158,343 9,178,879 7,662,617 9,820,736 11,475,472 11,712,743 13,389,177 16,370,661
Sewer Fund
78
Finance Plans
Table 22
Page 1 of 2
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Sewer Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential and commercial customers 4,433 4,433 4,433 4,594 4,681 4,816 4,883 5,006 5,050 5,153 5,154 5,251
Volume billed:
Residential and commercial Tier 1: First 1000 gallons 53,196 53,196 53,196 55,128 56,172 57,792 58,596 60,072 60,600 61,836 61,848 63,012
Residential and commercial Tier 2: 1,001-10,000 gallons 285,211 276,446 276,446 293,834 303,230 317,810 325,046 338,330 343,082 354,206 354,314 364,790
Total Residential Volume Billed 338,407 329,642 329,642 348,962 359,402 375,602 383,642 398,402 403,682 416,042 416,162 427,802
Industrial customers 1 1 1 1 1 1 1 1 1 1 1 1
Volume billed:
Industrial all usage 43,027 43,027 43,027 43,027 43,027 43,027 43,027 43,027 43,027 43,027 43,027 43,027
Industrial BOD5 per lb 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243
Industrial TSS per lb 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528
Total Customers 4,434 4,434 4,434 4,595 4,682 4,817 4,884 5,007 5,051 5,154 5,155 5,252
Total Volume Billed 381,434 372,669 372,669 391,989 402,429 418,629 426,669 441,429 446,709 459,069 459,189 470,829
Sewer discharge - percent of sewer bill for all customers ------------
Sewer access charge per unit 122 264 2 161 87 135 67 123 44 103 1 97
Trunk sewer charge residential per unit 50 50 9 161 87 135 67 123 44 103 1 97
Trunk sewer charge non-residential per acre ------------
Trunk sewer charge - Meadow Oaks Lift Station ------------
City Sewer Manual Charges (Units)2 2 2 2 2 2 2 2 2 2 2 2
Trunk Charge for Annexation Areas (per acre)---100 100 100 100 100 100 100 100 100
Customer Fees (in dollars)
Residential and commercial minimum first 1000 gallons 9.00 10.10 10.40 10.71 11.03 11.36 11.71 12.06 12.42 12.79 13.17 13.57
Residential and commercial Tier 2: 1,001-10,000 gallons 5.77 6.19 6.38 6.57 6.77 6.97 7.18 7.40 7.62 7.85 8.08 8.32
Industrial all usage 3.485 3.840 3.960 4.079 4.201 4.327 4.457 4.591 4.728 4.870 5.016 5.167
Industrial BOD5 per lb 0.760 0.415 0.427 0.440 0.453 0.467 0.481 0.495 0.510 0.525 0.541 0.557
Industrial TSS per lb -0.570 0.587 0.605 0.623 0.641 0.661 0.680 0.701 0.722 0.744 0.766
Industrial Testing - actual cost plus % markup 10.0%10.0%10.0%10.3%10.6%10.9%11.3%11.6%11.9%12.3%12.7%13.0%
Sewer discharge - percent of sewer bill for all customers 2.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Sewer access charge per unit 4,315 4,423 4,423 4,556 4,692 4,833 4,978 5,127 5,281 5,440 5,603 5,771
Trunk sewer charge residential per unit 1,488 1,594 1,594 1,642 1,691 1,742 1,794 1,848 1,903 1,960 2,019 2,080
Trunk sewer charge non-residential per acre 3,730 3,995 3,995 4,115 4,238 4,365 4,496 4,631 4,770 4,913 5,061 5,213
Trunk sewer charge - Meadow Oaks Lift Station -2,823 2,823 2,908 2,995 3,085 3,177 3,273 3,371 3,472 3,576 3,683
City Sewer Manual Charges (Units)200,000 160,517 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500
Trunk Charge for Annexation Areas (per acre)---5,348 5,508 5,674 5,844 6,019 6,200 6,386 6,577 6,775
Sewer Fund
79
Finance Plans
Table 22
Page 2 of 2
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Sewer Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenue by Fee Type (in Dollars)
Volume billed:
Residential and commercial minimum first 1000 gallons 478,764 537,280 553,238 590,531 619,766 656,769 685,883 724,255 752,540 790,925 814,811 855,050
Residential and commercial Tier 1: First 1000 gallons ------------
Residential and commercial Tier 2: 1,001-10,000 gallons 1,645,667 1,711,201 1,763,725 1,930,901 2,052,425 2,215,644 2,334,073 2,502,346 2,613,617 2,779,311 2,863,563 3,036,677
Total Residential Volume Billed 2,124,431 2,248,480 2,316,964 2,521,432 2,672,191 2,872,413 3,019,956 3,226,601 3,366,157 3,570,236 3,678,374 3,891,727
Industrial base charge ------------
Volume billed:
Industrial all usage 149,949 165,224 170,387 175,499 180,763 186,186 191,772 197,525 203,451 209,554 215,841 222,316
Industrial BOD5 per lb 341,425 186,436 191,827 197,582 203,509 209,614 215,903 222,380 229,051 235,923 243,000 250,290
Industrial TSS per lb -125,131 128,863 132,729 136,711 140,812 145,036 149,387 153,869 158,485 163,240 168,137
Industrial Testing - actual cost plus % markup ------------
Sewer discharge - percent of sewer bill for all customers ------------
Sewer access charge per unit 526,430 1,167,672 8,500 733,466 408,235 652,473 333,534 630,679 232,377 560,292 5,603 559,788
Trunk sewer charge residential per unit 74,400 80,000 15,000 264,333 147,123 235,144 120,202 227,290 83,746 201,923 2,019 201,741
Trunk sewer charge non-residential per acre ------------
Trunk sewer charge - Meadow Oaks Lift Station ------------
City Sewer Manual Charges (Units)400,000 321,034 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000
Trunk Charge for Annexation Areas (per acre)---534,800 550,844 567,369 584,390 601,922 619,980 638,579 657,737 677,469
Total Revenue 3,616,634 4,293,977 3,156,540 4,884,840 4,624,377 5,189,011 4,935,794 5,580,784 5,213,630 5,899,993 5,290,814 6,296,469
Total Revenues by Category (in Dollars)
Charges for services 3,015,804 3,046,305 3,133,040 3,352,241 3,518,174 3,734,025 3,897,667 4,120,893 4,277,528 4,499,198 4,625,455 4,857,471
Connection / access charges 526,430 1,167,672 8,500 733,466 408,235 652,473 333,534 630,679 232,377 560,292 5,603 559,788
Trunk charges 74,400 80,000 15,000 799,133 697,967 802,513 704,592 829,212 703,726 840,502 659,756 879,210
Total Revenue 3,616,634 4,293,977 3,156,540 4,884,840 4,624,377 5,189,011 4,935,794 5,580,784 5,213,630 5,899,993 5,290,814 6,296,469
Note: Prior Year actual revenue as shown in this table may not reconcile with audited financial statement revenue due to one-time events, among the factors.
Sewer Fund
80
Finance Plans
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
The Plan does not include issuance of bonds to finance
capital improvements. This may need to be considered if
projects proceed based on the timing and amounts includ-
ed in the Plan without other revenue sources to pay for the
projects.
Expenses
Expenses includes operations, capital, interest expense
on debt, and depreciation of capital assets. The Plan an-
ticipates the addition of a position (1.0 FTE) in 2025 and a
second position (1.0 FTE) in 2026. Depreciation is reported
as an expense and is adjusted for anticipated annual depre-
ciable capital acquisitions. New capital is depreciated over
a 40 year term in the Plan. There is no existing debt out-
standing for which revenues of the Stormwater Fund are
pledged.
Transfers
There are no interfund transfers for the Stormwater Fund.
Balance Sheet
The Stormwater Fund is presently shown to not have suf-
ficient revenues available to pay for planned capital im-
provements based on the proposed timing and amount
for projects. As noted earlier, the City will need to consider
its options to address the projected shortfall. Accounts re-
ceivables and payable are projected to remain at historic
amounts during the planning period.
STORMWATER FUND
The Stormwater Fund was established as a Proprietary Fund
for the accounting for costs of providing a municipal storm-
water system. The Fund is supposed to be self-supporting
in that the services rendered are financed through user
charges. The Fund is presented on an accrual basis. There
is a recognition of expenses when incurred and the subse-
quent amortization of the deferred outflows. Revenues are
recognized when earned. There is a capitalization of certain
expenses and the subsequent depreciation of the capital-
ized costs. There are accruals of revenues earned and ex-
penses incurred.
Revenues
The major revenue sources for the Stormwater Fund are
charges for services, trunk charges from development, and
other sources including investment earnings, among other
sources.
The Plan is based on $0.50 increase annually in the monthly
fee for storm sewer services. The trunk area charges for
stormwater are planned to increase by 3.0% annually to pay
for infrastructure of the system. The Plan assumes an aver-
age of 100 acres per year are platted, and after adjusting for
ponds and wetland areas that are not subject to the storm-
water trunk charge, the net acres projected to be subject to
the trunk charge is 50 acres per year.
Based on projected revenues and expenses, the Fund is not
projected to maintain adequate cash balance over the plan-
ning period. For purposes of the Plan, the revenue objec-
tive for the Stormwater Fund is focused on providing rev-
enue sufficient to achieve ending year-end cash balance to
cover the following purposes:
Stormwater Fund
81
Finance Plans
-$2.0
-$1.5
-$1.0
-$0.5
$0.0
$0.5
$1.0
$1.5
$2.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 50.
Stormwater Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
-300%
-200%
-100%
0%
100%
200%
300%
400%
500%
($1.0)
($0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EndingunrestrictedNetPositionas%ofExpensesMillionsChart 51.
Stormwater Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 52.
Stormwater Fund
Revenues and Expenses
Revenues
Expenses
-
2,000
4,000
6,000
8,000
10,000
12,000
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Chart 53.
Stormwater Fund
Equivalent Residential Customer Units Billed
Total
Residential
Equivalent
Customer Units
Stormwater Fund
82
Finance Plans
Table 23
City of Monticello
Finance Plan
Stormwater Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments -22,150 ----------
Other intergovernmental 352 -----------
Charges for services 241,873 356,457 378,000 487,944 548,640 612,414 673,416 740,220 800,856 867,960 925,920 994,398
Investment earnings 30,789 (7,722)2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Other revenues -3,000 3,000 ---------
Intergovernmental for capital -39,132 ----------
Connection / access charges -5,000 5,000 ---------
Trunk charges 302,524 328,530 60,000 307,723 316,954 326,463 336,257 346,345 356,735 367,437 378,460 389,814
Total 575,538 746,547 448,000 797,667 867,594 940,877 1,011,673 1,088,565 1,159,591 1,237,397 1,306,380 1,386,212
Expenses
FTE Increases / Current Expenses -----49,500 152,985 157,575 162,302 167,171 172,186 177,352
Depreciation 520,495 510,323 538,498 561,998 603,248 611,748 630,473 638,973 642,473 658,473 669,473 677,973
Operating expense before depreciation 138,276 222,243 205,000 211,150 217,485 224,009 230,729 237,651 244,781 252,124 259,688 267,479
Total 658,771 732,566 743,498 773,148 820,733 885,257 1,014,187 1,034,199 1,049,556 1,077,768 1,101,347 1,122,803
Change in Net Position (83,233)13,981 (295,498)24,519 46,862 55,620 (2,514)54,366 110,036 159,629 205,033 263,409
Ending net position 6,435,141 6,449,122 6,153,624 6,178,143 6,225,005 6,280,625 6,278,111 6,332,477 6,442,512 6,602,141 6,807,175 7,070,584
Assets
Cash and investments 1,226,361 1,409,193 567,996 234,523 (745,358)(404,996)(513,043)(146,710)478,793 669,889 1,117,390 1,718,772
Due from other governments -39,132 ----------
All other receivables and prepaid items 49,675 47,917 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Special assessments receivable / deferred 225,297 137,993 117,984 97,974 77,965 64,971 51,976 38,982 25,988 12,994 0 0
Capital assets 19,208,174 19,613,831 20,740,831 21,680,831 23,330,831 23,670,831 24,419,831 24,759,831 24,899,831 25,539,831 25,979,831 26,319,831
Accumulated depreciation (14,252,678)(14,763,001)(15,301,499)(15,863,497)(16,466,745)(17,078,493)(17,708,966)(18,347,939)(18,990,412)(19,648,885)(20,318,358)(20,996,331)
Deferred outflows of resources 113 490 115 116 117 118 119 120 121 122 123 124
Total Assets and Deferred Outflows 6,456,942 6,485,555 6,175,427 6,199,947 6,246,810 6,302,431 6,299,918 6,354,285 6,464,321 6,623,951 6,828,986 7,092,396
Liabilities
All other liabilities 17,740 33,455 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740
Deferred inflows of resources 4,061 2,978 4,063 4,064 4,065 4,066 4,067 4,068 4,069 4,070 4,071 4,072
Total Liabilities and Deferred Inflows 21,801 36,433 21,803 21,804 21,805 21,806 21,807 21,808 21,809 21,810 21,811 21,812
Total Liabilities, Deferred Inflows, and Net Position 6,456,942 6,485,555 6,175,427 6,199,947 6,246,810 6,302,431 6,299,918 6,354,285 6,464,321 6,623,951 6,828,986 7,092,396
Stormwater Fund
83
Finance Plans
Table 24
City of Monticello
Finance Plan - Change in Ending Cash Balance
Stormwater Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 205,000 211,150 217,485 273,509 383,714 395,226 407,083 419,295 431,874 444,830
Capital Acquisition / Outlay 1,127,000 940,000 1,650,000 340,000 749,000 340,000 140,000 640,000 440,000 340,000
Interfund Transfers Out ----------
Debt Service (includes transfers for debt)----------
Total Use of Cash 1,332,000 1,151,150 1,867,485 613,509 1,132,714 735,226 547,083 1,059,295 871,874 784,830
Source of Cash
Revenues 448,000 797,667 867,594 940,877 1,011,673 1,088,565 1,159,591 1,237,397 1,306,380 1,386,212
Bond Proceeds ----------
Interfund Transfers In ----------
Total Source of Cash 448,000 797,667 867,594 940,877 1,011,673 1,088,565 1,159,591 1,237,397 1,306,380 1,386,212
Net Change in Other Assets and Liabilities 42,803 20,010 20,009 12,994 12,994 12,994 12,994 12,994 12,994 -
Change in Cash Balance (841,197)(333,473)(979,881)340,362 (108,047)366,333 625,503 191,096 447,501 601,382
Ending Cash 567,996 234,523 (745,358) (404,996) (513,043) (146,710) 478,793 669,889 1,117,390 1,718,772
Ending Cash by Purpose
Cash for next year planned capital 940,000 1,650,000 340,000 749,000 340,000 140,000 640,000 440,000 340,000 -
Cash for next year debt service ----------
Cash for 3-months operating reserve 52,788 54,371 68,377 95,929 98,806 101,771 104,824 107,968 111,208 114,544
Cash available for future capital / unassigned (424,792)(1,469,848)(1,153,735)(1,249,924)(951,849)(388,480)(266,031)121,921 666,182 1,604,228
Ending Cash 567,996 234,523 (745,358)(404,996)(513,043)(146,710)478,793 669,889 1,117,390 1,718,772
Stormwater Fund
84
Finance Plans
Table 25
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Stormwater Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers
Stormwater Monthly Basic Charge - Residential 4,115 4,115 4,115 4,276 4,363 4,498 4,565 4,688 4,732 4,835 4,836 4,933 4,933
Stormwater Monthly Basic Charge - Commercial 4,858 4,739 4,739 4,760 4,781 4,781 4,788 4,802 4,802 4,809 4,809 4,816 4,816
Stormwater Trunk (net acre)76 77 14 70 70 70 70 70 70 70 70 70 70
Storm Sewer Trunk Alternate Ponding Area - Residential (per acre)-------------
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)-------------
Storm Sewer Trunk Alternate Ponding Area - Industrial (per acre)-------------
Customer Fees (in dollars)
Stormwater Monthly Basic Charge - Residential 1.00 3.00 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00
Stormwater Monthly Basic Charge - Commercial 1.00 3.00 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00
Stormwater Trunk (net acre)3,985 4,268 4,268 4,396 4,528 4,664 4,804 4,948 5,096 5,249 5,407 5,569 5,736
Storm Sewer Trunk Alternate Ponding Area - Residential (per acre)4,083 4,374 4,374 4,505 4,640 4,780 4,923 5,071 5,223 5,379 5,541 5,707 5,878
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)8,185 8,767 8,767 9,030 9,301 9,580 9,867 10,163 10,468 10,782 11,106 11,439 11,782
Storm Sewer Trunk Alternate Ponding Area - Industrial (per acre)9,564 10,247 10,247 10,554 10,871 11,197 11,533 11,879 12,235 12,603 12,981 13,370 13,771
Revenue by Fee Type (in Dollars)
Stormwater Monthly Basic Charge - Residential 49,380 148,140 197,520 230,904 261,780 296,868 328,680 365,664 397,488 435,150 464,256 503,166 532,764
Stormwater Monthly Basic Charge - Commercial 58,296 170,604 227,472 257,040 286,860 315,546 344,736 374,556 403,368 432,810 461,664 491,232 520,128
Stormwater Trunk (net acre)302,524 328,530 60,000 307,723 316,954 326,463 336,257 346,345 356,735 367,437 378,460 389,814 401,508
Storm Sewer Trunk Alternate Ponding Area - Residential (per acre)-------------
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)-------------
Storm Sewer Trunk Alternate Ponding Area - Industrial (per acre)-------------
Total Revenue 410,200 647,274 484,992 795,667 865,594 938,877 1,009,673 1,086,565 1,157,591 1,235,397 1,304,380 1,384,212 1,454,400
Total Revenues by Category (in Dollars)
Charges for services 107,676 318,744 424,992 487,944 548,640 612,414 673,416 740,220 800,856 867,960 925,920 994,398 1,052,892
Connection / access charges
Trunk charges 302,524 328,530 60,000 307,723 316,954 326,463 336,257 346,345 356,735 367,437 378,460 389,814 401,508
Total Revenue 410,200 647,274 484,992 795,667 865,594 938,877 1,009,673 1,086,565 1,157,591 1,235,397 1,304,380 1,384,212 1,454,400
Note: Prior Year actual revenue as shown in this table may not reconcile with audited financial statement revenue due to one-time events, among the factors.
Stormwater Fund
85
Finance Plans
improvements without issuance of debt.
Any major capital projects for the Liquor Fund may require
issuance of debt, this includes any major renovation to the
existing store or a new store.
Expenses
Expenses includes operations, capital, and depreciation of
capital assets.
The Plan includes the addition of a new clerk position (1.0
FTE) in 2022.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
There is no existing debt outstanding for which revenues of
the Liquor Store Fund are pledged.
Transfers
There are no recurring interfund transfers in the Plan.
The City will consider options for the use of available cash
from the Liquor Fund to support other city operations. For
example, there are several funds in the Plan that are pro-
jected to have expenditures in excess of revenues resulting
in future projected negative cash balances. The City may
determine to address the shortfalls in part through operat-
ing transfers from the Liquor Fund.
Balance Sheet
Future estimated receivables and payable are projected
to remain at historic amounts during the planning period.
There is no planned bonds payable projected.
LIQUOR FUND
The Liquor Fund was established as a Proprietary Fund for
the accounting for costs of the municipal liquor operations.
The Fund is supposed to be self-supporting in that the ser-
vices rendered are financed through sales.
The Liquor Fund is presented on an accrual basis. There is a
recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recog-
nized when earned. There is a capitalization of certain ex-
penses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred.
Revenues
The major revenue source for the Liquor Fund comes from
sale of goods net of costs of goods sold. Other revenue is
from investment earnings.
Based on projected revenues and expenses, the Liquor
Fund is projected to maintain adequate cash balance over
the planning period. For purposes of the Plan, the revenue
objective for the Liquor Fund is focused on providing rev-
enue sufficient to achieve ending year-end cash balance to
cover the following purposes:
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
The Plan does not anticipate proceeds from the issuance
of bonds to finance improvements capital improvements.
The Fund is projected to have cash sufficient pay for capital
Liquor Fund
86
Finance Plans
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 54.
Liquor Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
0%
100%
200%
300%
400%
500%
600%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EndingunrestrictedNetPositionas%ofExpensesMillionsChart 55.
Liquor Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 56.
Liquor Fund
Revenues and Expenses
Revenues
Expenses*
*Revenues are reported as net of cost of goods sold. Cost of goods sold is not included as part of the Expenses.
Liquor Fund
87
Finance Plans
Table 26
City of Monticello
Finance Plan
Liquor Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other intergovernmental 43,984 -----------
Investment earnings 22,822 (9,620)12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Other revenues 1,005 1,577 ----------
Net sales for enterprise fund 7,404,955 7,104,357 7,013,000 7,153,260 7,296,325 7,442,252 7,591,097 7,742,919 7,897,777 8,055,733 8,216,847 8,381,184
Cost of goods sold for enterprise fund (5,502,228)(5,200,541)(5,167,350)(5,322,371)(5,482,042)(5,646,503)(5,815,898)(5,990,375)(6,170,086)(6,355,189)(6,545,844)(6,742,220)
Total 1,970,538 1,895,773 1,857,650 1,842,890 1,826,284 1,807,749 1,787,199 1,764,544 1,739,691 1,712,544 1,683,003 1,650,964
Expenses
Depreciation 33,591 35,201 35,451 37,326 38,114 39,364 40,152 40,940 41,728 42,516 43,304 44,092
Transfer out 660,000 -----------
Operating expense before depreciation 852,014 877,971 1,057,650 1,089,380 1,122,061 1,155,723 1,190,394 1,226,106 1,262,889 1,300,776 1,339,799 1,379,993
Total 1,545,605 913,172 1,093,101 1,126,706 1,160,175 1,195,087 1,230,546 1,267,046 1,304,617 1,343,292 1,383,103 1,424,085
Change in Net Position 424,933 982,601 764,549 716,184 666,109 612,662 556,652 497,498 435,074 369,252 299,899 226,879
Ending net position 947,741 1,930,342 2,694,891 3,411,075 4,077,184 4,689,846 5,246,498 5,743,996 6,179,069 6,548,321 6,848,221 7,075,100
Assets
Cash and investments 1,034,277 1,930,934 2,582,731 3,261,241 3,933,964 4,535,990 5,101,294 5,608,232 6,053,533 6,433,801 6,745,505 6,984,976
All other receivables and prepaid items 10,835 21,780 10,835 10,835 10,835 10,835 10,835 10,835 10,835 10,835 10,835 10,835
Land held for resale / inventory 426,994 423,796 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Capital assets 988,459 988,459 998,459 1,073,459 1,104,959 1,154,959 1,186,459 1,217,959 1,249,459 1,280,959 1,312,459 1,343,959
Accumulated depreciation (874,801)(910,002)(945,453)(982,779)(1,020,893)(1,060,257)(1,100,409)(1,141,349)(1,183,077)(1,225,593)(1,268,897)(1,312,989)
Deferred outflows of resources 34,517 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409
Total Assets and Deferred Outflows 1,620,281 2,651,376 3,292,981 4,009,165 4,675,274 5,287,936 5,844,588 6,342,086 6,777,159 7,146,411 7,446,311 7,673,190
Liabilities
Due to other governmental units 74,450 -----------
All other liabilities 570,647 460,795 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647
Deferred inflows of resources 27,443 260,239 27,443 27,443 27,443 27,443 27,443 27,443 27,443 27,443 27,443 27,443
Total Liabilities and Deferred Inflows 672,540 721,034 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090
Total Liabilities, Deferred Inflows, and Net Position 1,620,281 2,651,376 3,292,981 4,009,165 4,675,274 5,287,936 5,844,588 6,342,086 6,777,159 7,146,411 7,446,311 7,673,190
Liquor Fund
88
Finance Plans
Table 27
City of Monticello
Finance Plan - Change in Ending Cash Balance
Liquor Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,057,650 1,089,380 1,122,061 1,155,723 1,190,394 1,226,106 1,262,889 1,300,776 1,339,799 1,379,993
Capital Acquisition / Outlay 10,000 75,000 31,500 50,000 31,500 31,500 31,500 31,500 31,500 31,500
Interfund Transfers Out ----------
Debt Service (includes transfers for debt)----------
Total Use of Cash 1,067,650 1,164,380 1,153,561 1,205,723 1,221,894 1,257,606 1,294,389 1,332,276 1,371,299 1,411,493
Source of Cash
Revenues 1,857,650 1,842,890 1,826,284 1,807,749 1,787,199 1,764,544 1,739,691 1,712,544 1,683,003 1,650,964
Bond Proceeds ----------
Interfund Transfers In ----------
Total Source of Cash 1,857,650 1,842,890 1,826,284 1,807,749 1,787,199 1,764,544 1,739,691 1,712,544 1,683,003 1,650,964
Net Change in Other Assets and Liabilities (138,203)---------
Change in Cash Balance 651,797 678,510 672,723 602,026 565,304 506,938 445,302 380,268 311,703 239,471
Ending Cash 2,582,731 3,261,241 3,933,964 4,535,990 5,101,294 5,608,232 6,053,533 6,433,801 6,745,505 6,984,976
Ending Cash by Purpose
Cash for next year planned capital 75,000 31,500 50,000 31,500 31,500 31,500 31,500 31,500 31,500 50,000
Cash for next year debt service ----------
Cash for 3-months operating reserve 272,345 280,515 288,931 297,599 306,527 315,722 325,194 334,950 344,998 355,348
Cash available for future capital / unassigned 2,235,386 2,949,226 3,595,033 4,206,891 4,763,268 5,261,009 5,696,839 6,067,351 6,369,006 6,579,627
Ending Cash 2,582,731 3,261,241 3,933,964 4,535,990 5,101,294 5,608,232 6,053,533 6,433,801 6,745,505 6,984,976
Liquor Fund
89
Finance Plans
Fiber Optics Fund is not projected to have cash sufficient
pay for capital improvements.
Expenses
Expenses includes operations and depreciation of capital
assets.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
There is no existing debt outstanding for which revenues of
the Fiber Optics Fund are pledged.
Transfers
There are no recurring interfund transfers.
Balance Sheet
Future estimated receivables and payable are projected
to remain at historic amounts during the planning period.
There is no planned capital improvements included in the
Plan and no issuance of future bonds.
FIBER OPTICS FUND
The Fiber Optics Fund was established as a Proprietary Fund
for the accounting for costs of the municipal fiber optics
system. The Fund is supposed to be self-supporting in that
the services rendered are financed through user charges.
The Fiber Optics Fund is presented on an accrual basis.
There is a recognition of expenses when incurred and the
subsequent amortization of the deferred outflows. Rev-
enues are recognized when earned. There is a capitalization
of certain expenses and the subsequent depreciation of the
capitalized costs. For the Fiber Optics Fund there are accru-
als of revenues earned and expenses incurred.
Revenues
The major revenue sources for the Fiber Optics Fund comes
from charges for services. Other revenues include invest-
ment earnings, other intergovernmental, and other non-
recurring revenues.
Based on projected revenues and expenses, the Fiber Op-
tics Fund is not projected to maintain adequate cash bal-
ance over the long-term planning period. For purposes of
the Plan, the revenue objective for the Fiber Optics Fund is
focused on providing revenue sufficient to achieve ending
year-end cash balance to cover the following purposes:
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
The Plan does not anticipate proceeds from the issuance of
bonds to finance improvements capital improvements. The
Fiber Optics Fund
90
Finance Plans
-$2.0
-$1.5
-$1.0
-$0.5
$0.0
$0.5
$1.0
$1.5
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 57.
Fiber Optics Fund
Ending Cash by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
($1.0)
($0.8)
($0.6)
($0.4)
($0.2)
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EndingunrestrictedNetPositionas%ofExpensesMillionsChart 58.
Fiber Optics Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 59.
Fiber Optics Fund
Revenues and Expenses
Revenues
Expenses
*Revenues are reported as net of cost of goods sold. Cost of goods sold is not included as part fo the Expenses.
Fiber Optics Fund
91
Finance Plans
Table 28
City of Monticello
Finance Plan
Fiber Optics Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes -53,942 ----------
Other intergovernmental 82,063 -----------
Charges for services 1,846,734 1,945,217 1,870,488 1,907,898 1,946,056 1,984,977 2,024,676 2,065,170 2,106,473 2,148,603 2,191,575 2,235,406
Fines and forfeitures ------------
Investment earnings 14,001 (4,495)9,512 ---------
Other revenues 5,111 2,521 ----------
Total 1,947,909 1,997,185 1,880,000 1,907,898 1,946,056 1,984,977 2,024,676 2,065,170 2,106,473 2,148,603 2,191,575 2,235,406
Expenses
Depreciation 374,624 378,578 383,166 388,166 393,166 398,166 403,166 408,166 413,166 418,166 423,166 428,166
Operating expense before depreciation 1,688,490 1,700,696 1,766,500 1,819,495 1,874,080 1,930,302 1,988,211 2,047,858 2,109,293 2,172,572 2,237,749 2,304,882
Total 2,063,114 2,079,274 2,149,666 2,207,661 2,267,246 2,328,468 2,391,377 2,456,024 2,522,459 2,590,738 2,660,915 2,733,048
Change in Net Position (115,205)(82,089)(269,666)(299,763)(321,190)(343,491)(366,701)(390,854)(415,986)(442,135)(469,341)(497,642)
Ending net position 12,349,665 12,267,576 11,997,910 11,698,147 11,376,957 11,033,465 10,666,764 10,275,911 9,859,924 9,417,789 8,948,448 8,450,807
Assets
Cash and investments 868,359 934,675 888,205 776,608 648,584 503,258 339,723 157,036 (45,785)(269,754)(515,929)(785,404)
Due from other governments -2,942 ----------
All other receivables and prepaid items 117,481 140,876 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000
Capital assets 15,373,601 15,466,303 15,649,803 15,849,803 16,049,803 16,249,803 16,449,803 16,649,803 16,849,803 17,049,803 17,249,803 17,449,803
Accumulated depreciation (3,718,352)(4,096,932)(4,480,098)(4,868,264)(5,261,430)(5,659,596)(6,062,762)(6,470,928)(6,884,094)(7,302,260)(7,725,426)(8,153,592)
Deferred outflows of resources ------------
Total Assets and Deferred Outflows 12,641,089 12,447,864 12,197,910 11,898,147 11,576,957 11,233,465 10,866,764 10,475,911 10,059,924 9,617,789 9,148,448 8,650,807
Liabilities
All other liabilities 291,424 180,288 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Deferred inflows of resources ------------
Total Liabilities and Deferred Inflows 291,424 180,288 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Total Liabilities, Deferred Inflows, and Net Position 12,641,089 12,447,864 12,197,910 11,898,147 11,576,957 11,233,465 10,866,764 10,475,911 10,059,924 9,617,789 9,148,448 8,650,807
Fiber Optics Fund
92
Finance Plans
Table 29
City of Monticello
Finance Plan - Change in Ending Cash Balance
Fiber Optics Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,766,500 1,819,495 1,874,080 1,930,302 1,988,211 2,047,858 2,109,293 2,172,572 2,237,749 2,304,882
Capital Acquisition / Outlay 183,500 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Interfund Transfers Out ----------
Debt Service (includes transfers for debt)----------
Total Use of Cash 1,950,000 2,019,495 2,074,080 2,130,302 2,188,211 2,247,858 2,309,293 2,372,572 2,437,749 2,504,882
Source of Cash
Revenues 1,880,000 1,907,898 1,946,056 1,984,977 2,024,676 2,065,170 2,106,473 2,148,603 2,191,575 2,235,406
Bond Proceeds ----------
Interfund Transfers In ----------
Total Source of Cash 1,880,000 1,907,898 1,946,056 1,984,977 2,024,676 2,065,170 2,106,473 2,148,603 2,191,575 2,235,406
Net Change in Other Assets and Liabilities 23,530 ---------
Change in Cash Balance (46,470)(111,597)(128,024)(145,325)(163,535)(182,688)(202,820)(223,969)(246,175)(269,476)
Ending Cash 888,205 776,608 648,584 503,258 339,723 157,036 (45,785) (269,754) (515,929) (785,404)
Ending Cash by Purpose
Cash for next year planned capital 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 50,000
Cash for next year debt service ----------
Cash for 3-months operating reserve 454,874 468,520 482,576 497,053 511,964 527,323 543,143 559,437 576,220 593,507
Cash available for future capital / unassigned 233,331 108,088 (33,992)(193,795)(372,241)(570,288)(788,928)(1,029,191)(1,292,149)(1,428,911)
Ending Cash 888,205 776,608 648,584 503,258 339,723 157,036 (45,785)(269,754)(515,929)(785,404)
Fiber Optics Fund
93
Finance PlansExpenses
Expenses includes operations, capital, and depreciation of
capital assets.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
Transfers
There are no recurring interfund transfers.
The Plan includes a transfer of $500,000 to the Street Light-
ing Improvement Fund and approximately $1,159,000 to
the Capital Projects Fund, for a combined total of approxi-
mately $1.66 million in 2023.
Balance Sheet
Future estimated receivables and payables are projected to
remain at historic amounts during the planning period. The
Fund is projected to maintain a minimum cash balance of
$500,000 between 2022-2031.
DEPUTY REGISTRAR FUND
The Deputy Registrar Fund was established as a Proprietary
Fund for the accounting for costs of providing vehicle and
other licensing services to the public. The Fund is supposed
to be self-supporting in that the services rendered are fi-
nanced through user charges.
The Deputy Registrar Fund is presented on an accrual ba-
sis. There is a recognition of expenses when incurred and
the subsequent amortization of the deferred outflows. Rev-
enues are recognized when earned. There is a capitalization
of certain expenses and the subsequent depreciation of the
capitalized costs. There are accruals of revenues earned
and expenses incurred.
Revenues
The major revenue sources for the Deputy Registrar Fund
comes from charges for services. Other revenue is from in-
vestment earnings.
Based on projected revenues and expenses, the Deputy
Registrar Fund is projected to maintain adequate cash bal-
ance over the planning period. For purposes of the Plan, the
revenue objective for the Deputy Registrar Fund is focused
on providing revenue sufficient to achieve ending year-end
cash balance to cover the following purposes:
• Three-months of operating expense
• Following year debt service payments
• Following year capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other re-
serve purposes
Deputy Registrar Fund
94
Finance Plans
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 60.
Deputy Registrar Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
0%
50%
100%
150%
200%
250%
300%
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 EndingunrestrictedNetPositionas%ofExpensesMillionsChart 61.
Deputy Registrar Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031MillionsChart 62.
Deputy Registrar Fund
Revenues and Expenses
Revenues
Expenses
Deputy Registrar Fund
95
Finance Plans
Table 30
City of Monticello
Finance Plan
Deputy Registrar Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other intergovernmental 23,057 -----------
Charges for services 800,954 941,759 800,000 808,000 816,080 824,241 832,483 840,808 849,216 857,708 866,285 874,948
Investment earnings 40,074 (11,871)25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 548 915 ----------
Total 864,633 930,803 825,000 833,000 841,080 849,241 857,483 865,808 874,216 882,708 891,285 899,948
Expenses
Depreciation 8,178 8,178 8,178 8,178 8,178 8,178 8,178 8,178 8,178 8,178 8,178 9,289
Transfer out ---1,659,294 --------
Operating expense before depreciation 520,554 584,074 731,000 752,930 775,518 798,783 822,747 847,429 872,852 899,038 926,009 953,789
Total 528,732 592,252 739,178 2,420,402 783,696 806,961 830,925 855,607 881,030 907,216 934,187 963,078
Change in Net Position 335,901 338,551 85,822 (1,587,402)57,384 42,279 26,558 10,201 (6,814)(24,508)(42,902)(63,130)
Ending net position 1,975,799 2,314,350 2,400,172 812,770 870,154 912,433 938,992 949,192 942,378 917,871 874,969 811,839
Assets
Cash and investments 2,223,823 2,018,582 2,112,582 533,358 598,920 649,377 684,114 702,492 703,856 687,527 652,803 554,515
Due from other governments 78,907 66,445 66,445 66,445 66,445 66,445 66,445 66,445 66,445 66,445 66,445 66,445
All other receivables and prepaid items 1,913 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272
Capital assets 128,776 648,013 648,013 648,013 648,013 648,013 648,013 648,013 648,013 648,013 648,013 692,460
Accumulated depreciation (61,448)(69,626)(77,804)(85,982)(94,160)(102,338)(110,516)(118,694)(126,872)(135,050)(143,228)(152,517)
Deferred outflows of resources 18,813 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220
Total Assets and Deferred Outflows 2,390,784 2,773,906 2,859,728 1,272,326 1,329,710 1,371,989 1,398,548 1,408,748 1,401,934 1,377,427 1,334,525 1,271,395
Liabilities
Due to other governmental units 168,528 -----------
All other liabilities 230,067 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482
Deferred inflows of resources 16,390 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074
Total Liabilities and Deferred Inflows 414,985 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556
Total Liabilities, Deferred Inflows, and Net Position 2,390,784 2,773,906 2,859,728 1,272,326 1,329,710 1,371,989 1,398,548 1,408,748 1,401,934 1,377,427 1,334,525 1,271,395
Deputy Registrar Fund
96
Finance Plans
Table 31
City of Monticello
Finance Plan - Change in Ending Cash Balance
Deputy Registrar Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 731,000 752,930 775,518 798,783 822,747 847,429 872,852 899,038 926,009 953,789
Capital Acquisition / Outlay ---------44,447
Interfund Transfers Out -1,659,294 --------
Debt Service (includes transfers for debt)----------
Total Use of Cash 731,000 2,412,224 775,518 798,783 822,747 847,429 872,852 899,038 926,009 998,236
Source of Cash
Revenues 825,000 833,000 841,080 849,241 857,483 865,808 874,216 882,708 891,285 899,948
Bond Proceeds ----------
Interfund Transfers In ----------
Total Source of Cash 825,000 833,000 841,080 849,241 857,483 865,808 874,216 882,708 891,285 899,948
Net Change in Other Assets and Liabilities ----------
Change in Cash Balance 94,000 (1,579,224)65,562 50,457 34,736 18,379 1,364 (16,330)(34,724)(98,288)
Ending Cash 2,112,582 533,358 598,920 649,377 684,114 702,492 703,856 687,527 652,803 554,515
Ending Cash by Purpose
Cash for next year planned capital --------44,447 50,000
Cash for next year debt service ----------
Cash for 3-months operating reserve 188,233 193,879 199,696 205,687 211,857 218,213 224,759 231,502 238,447 245,601
Cash available for future capital / unassigned 1,924,350 339,479 399,224 443,691 472,256 484,279 479,097 456,025 369,909 258,915
Ending Cash 2,112,582 533,358 598,920 649,377 684,114 702,492 703,856 687,527 652,803 554,515
Deputy Registrar Fund
97
Finance Plans
remain at approximate historic amounts during the plan-
ning period. BENEFIT ACCRUAL FUND
The Benefit Accrual Fund was established as an Internal Ser-
vice Fund for the accounting for costs of providing benefits
to City personnel for the non-proprietary funds only. The
Fund is supposed to be self-supporting in that the accrual
of benefits to personnel are financed through user charges
to other City funds.
The Benefit Accrual Fund is presented on an accrual basis.
There is a recognition of expenses when incurred and the
subsequent amortization of the deferred outflows. Rev-
enues are recognized when earned. There is a capitalization
of certain expenses and the subsequent depreciation of the
capitalized costs. There are accruals of revenues earned
and expenses incurred.
Revenues
The major revenue source is to comes from charges for ser-
vices to other City Governmental Funds.
Based on projected revenues and expenses, the Fund is
projected to maintain adequate cash balance over the plan-
ning period.
Expenses
Expenses includes operating costs only for employee ben-
efits.
Transfers
There are no interfund transfers planned.
Balance Sheet
Future estimated receivables and payable are projected to
Benefit Accrual Fund
98
Finance Plans
Table 32
City of Monticello
Finance Plan
Benefit Accrual Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 6,927 (1,898)----------
Charges to other funds 6,541 18,525 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Total Revenues 13,468 16,627 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Expenditures
Operating expense before depreciation 6,541 18,525 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Total Expenditures 6,541 18,525 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Net Change in Fund Balances 6,927 (1,898)----------
Ending Fund Balance 27,697 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799
Assets
Cash and investments 339,355 317,389 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items -1,541 ----------
Capital assets ------------
Accumulated depreciation ------------
Deferred outflows of resources ------------
Total Assets 339,355 318,930 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457
Liabilities
Due to other governmental units ------------
Due to other funds ------------
All other liabilities 311,658 293,131 311,658 311,658 311,658 311,658 311,658 311,658 311,658 311,658 311,658 311,658
Deferred inflows of resources ------------
Bonds payable ------------
Total Liabilities and deferred inflows 311,658 293,131 311,658 311,658 311,658 311,658 311,658 311,658 311,658 311,658 311,658 311,658
Fund Balance 27,697 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799 25,799
Total Liab, deferred inflows, and fund balance 339,355 318,930 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457 337,457
Benefit Accrual Fund
99
Finance PlansTransfers
The City has transferred in revenue from other City funds
in prior years to provide cash for future equipment acquisi-
tion. The Plan does not include any future transfers in.
Balance Sheet
There are no existing or planned bonds payable projected.
CENTRAL EQUIPMENT FUND
The Central Equipment Fund was established as an Inter-
nal Service Fund for the accounting for costs of providing
equipment for governmental purposes, not including the
enterprise operations. The Fund is supposed to be self-sup-
porting in that the cost of equipment are to be financed
through user charges to city departments.
The Central Equipment Fund is presented on an accrual ba-
sis. There is a recognition of expenses when incurred and
the subsequent amortization of the deferred outflows. Rev-
enues are recognized when earned. There is a capitalization
of certain expenses and the subsequent depreciation of the
capitalized costs. There are accruals of revenues earned
and expenses incurred.
Revenues
The major revenue sources comes from charges for services
to other City Governmental Funds. Other revenue is from
investment earnings.
Based on projected revenues and expenses, the Fund is not
projected to maintain adequate cash balance over the plan-
ning period. The Fund is projected to have cash sufficient
pay for capital improvements without issuance of debt. This
revenue sufficiency is based on the assumption that the
other City funds will be able to support the total charges as
shown in the finance plan for the Central Equipment Fund.
Expenses
Expenses includes operations, capital, and depreciation of
capital assets.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
Central Equipment Fund
100
Finance Plans
Table 33
City of Monticello
Finance Plan
Central Equipment Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 12,421 (1,328)----------
Sale of capital assets -44,955 ----------
Other revenue for capital -44,750 ----------
Transfer in -1,573,657 ----------
Charges to other funds 330,800 552,368 583,000 600,000 700,000 700,000 800,000 800,000 800,000 800,000 800,000 800,000
Total Revenues 343,221 2,214,402 583,000 600,000 700,000 700,000 800,000 800,000 800,000 800,000 800,000 800,000
Expenditures
Interest payments 10,168 6,659 5,220 3,570 1,830 -------
Depreciation 191,486 241,156 338,356 458,419 521,497 575,259 635,793 751,422 775,826 814,785 821,834 892,688
Transfer out ------------
Total Expenditures 201,654 247,815 343,576 461,989 523,327 575,259 635,793 751,422 775,826 814,785 821,834 892,688
Net Change in Fund Balances 141,567 1,966,587 239,424 138,011 176,673 124,741 164,207 48,578 24,174 (14,785)(21,834)(92,688)
Ending Fund Balance 1,806,891 3,773,478 4,012,902 4,150,913 4,327,586 4,452,327 4,616,535 4,665,113 4,689,286 4,674,501 4,652,666 4,559,978
Assets
Cash and investments 339,335 1,225,938 836,451 232,246 299,643 462,024 656,686 300,391 856,347 1,266,758 1,996,267 2,087,732
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items -56,672 ----------
Capital assets 2,312,841 3,628,968 4,600,968 5,801,603 6,432,376 6,969,995 7,575,333 8,731,628 8,975,672 9,365,261 9,435,752 10,144,287
Accumulated depreciation (845,005)(1,086,161)(1,424,517)(1,882,936)(2,404,433)(2,979,692)(3,615,484)(4,366,906)(5,142,733)(5,957,518)(6,779,353)(7,672,041)
Deferred outflows of resources ------------
Total Assets 1,807,171 3,825,417 4,012,902 4,150,913 4,327,586 4,452,327 4,616,535 4,665,113 4,689,286 4,674,501 4,652,666 4,559,978
Liabilities
Due to other governmental units ------------
Due to other funds ------------
All other liabilities 280 51,939 ----------
Bonds payable ------------
Total Liabilities and deferred inflows 280 51,939 ----------
Fund Balance 1,806,891 3,773,478 4,012,902 4,150,913 4,327,586 4,452,327 4,616,535 4,665,113 4,689,286 4,674,501 4,652,666 4,559,978
Total Liab, deferred inflows, and fund balance 1,807,171 3,825,417 4,012,902 4,150,913 4,327,586 4,452,327 4,616,535 4,665,113 4,689,286 4,674,501 4,652,666 4,559,978
Planned capital acquisition 375,400 1,316,127 972,000 1,200,635 630,773 537,619 605,338 1,156,294 244,044 389,589 70,491 708,535
Central Equipment Fund
101
Finance Plans
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
Transfers
There are no interfund transfers planned for this Fund.
Balance Sheet
There are no existing or planned bonds payable projected.
INFORMATION TECHNOLOGY (IT)
FUND
The IT Fund was established as an Internal Service Fund for
the accounting for costs of providing information technolo-
gy services to city departments. The Fund is supposed to be
self-supporting in that the cost of providing IT services are
to be financed through user charges to city departments.
The IT Fund is presented on an accrual basis. There is a rec-
ognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recog-
nized when earned. There is a capitalization of certain ex-
penses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred.
Revenues
The major revenue sources comes from charges for services
to other City funds. Other revenue is from investment earn-
ings. Other intergovernmental revenue has been received
in prior years but there is no intergovernmental revenue
projected for future years.
Based on projected revenues and expenses, the Fund is
projected to maintain adequate cash balance over the plan-
ning period. The Fund is projected to have cash sufficient
pay for capital improvements without issuance of debt. This
revenue sufficiency is based on the assumption that the
other City funds will be able to support the total charges as
shown in the finance plan for the IT Fund.
Expenses
Expenses includes operations, capital, and depreciation of
capital assets.
IT Fund
102
Finance Plans
Table 34
City of Monticello
Finance Plan
IT Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 5,531 (1,072)3,850 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Other revenues 90 323 150 ---------
Intergovernmental for capital 209,388 -----------
Charges to other funds 225,000 270,566 421,000 429,420 438,008 446,769 513,784 524,060 534,541 545,232 556,136 567,259
Total Revenues 440,009 269,817 425,000 433,420 442,008 450,769 517,784 528,060 538,541 549,232 560,136 571,259
Expenditures
Depreciation 7,468 28,397 43,837 50,487 53,137 55,787 58,437 61,087 64,137 66,787 69,437 72,087
Operating expense before depreciation 345,794 276,755 402,700 414,781 427,224 440,041 453,242 466,840 480,845 495,270 510,128 525,432
Total Expenditures 353,262 305,152 446,537 465,268 480,361 495,828 511,679 527,927 544,982 562,057 579,565 597,519
Net Change in Fund Balances 86,747 (35,335)(21,537)(31,848)(38,353)(45,060)6,104 133 (6,441)(12,826)(19,429)(26,260)
Ending Fund Balance 399,920 364,585 343,048 311,200 272,847 227,787 233,892 234,025 227,584 214,758 195,329 169,068
Assets
Cash and investments 285,902 168,956 80,549 32,688 20,972 5,199 43,241 77,961 105,157 132,618 156,126 175,452
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items 30 56,544 ----------
Capital assets 185,316 220,669 375,069 441,569 468,069 494,569 521,069 547,569 578,069 604,569 631,069 657,569
Accumulated depreciation (40,336)(68,733)(112,570)(163,057)(216,194)(271,981)(330,418)(391,505)(455,642)(522,429)(591,866)(663,953)
Deferred outflows of resources ------------
Total Assets 430,912 377,436 343,048 311,200 272,847 227,787 233,892 234,025 227,584 214,758 195,329 169,068
Liabilities
Due to other governmental units ------------
Due to other funds ------------
All other liabilities 30,992 12,851 ----------
Bonds payable ------------
Total Liabilities and deferred inflows 30,992 12,851 ----------
Fund Balance 399,920 364,585 343,048 311,200 272,847 227,787 233,892 234,025 227,584 214,758 195,329 169,068
Total Liab, deferred inflows, and fund balance 430,912 377,436 343,048 311,200 272,847 227,787 233,892 234,025 227,584 214,758 195,329 169,068
Planned capital acquisition 127,144 35,353 154,400 66,500 26,500 26,500 26,500 26,500 30,500 26,500 26,500 26,500
IT Fund
103
Finance PlansTransfers
There are no interfund transfers planned for this Fund.
Balance Sheet
There are no existing or planned bonds payable projected.
FACILITIES MAINTENANCE FUND
The Facilities Maintenance Fund was established as an In-
ternal Service Fund for the accounting for costs of maintain-
ing municipal facilities. The Fund is supposed to be self-sup-
porting in that the costs of maintaining municipal facilities
are financed through user charges to other City funds.
The Facilities Maintenance Fund is presented on an accrual
basis. There is a recognition of expenses when incurred and
the subsequent amortization of the deferred outflows. Rev-
enues are recognized when earned. There is a capitalization
of certain expenses and the subsequent depreciation of the
capitalized costs. There are accruals of revenues earned
and expenses incurred.
Revenues
The major revenue sources comes from charges for services
to other City funds.
Based on projected revenues and expenses, the Fund
is projected to maintain adequate cash balance over the
planning period. This revenue sufficiency is based on the
assumption that the other City funds will be able to support
the total charges as shown in the Finance Plan for the Facili-
ties Maintenance Fund.
Expenses
Expenses includes operations, capital, and depreciation of
capital assets.
The Finance Plan includes the addition of new staff (2.0
FTE) in years 2023 and 2029.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
Facilities Maintenance Fund
104
Finance Plans
Table 35
City of Monticello
Finance Plan
Facilities Maintenance Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings ------------
Other revenues ------------
Intergovernmental for capital ------------
Charges to other funds -160,139 550,000 632,500 664,125 697,331 732,198 768,808 807,248 847,610 889,991 934,491
Total Revenues -160,139 550,000 632,500 664,125 697,331 732,198 768,808 807,248 847,610 889,991 934,491
Expenditures
FTE Increases / Current Expenses ---92,000 94,760 97,603 100,531 103,547 106,653 219,853 226,448 233,242
Depreciation --4,000 10,540 13,080 15,619 18,159 20,699 23,239 30,779 33,318 35,858
Operating expense before depreciation -193,994 285,000 293,550 302,357 311,427 320,770 330,393 340,305 350,514 361,029 371,860
Total Expenditures -193,994 289,000 396,090 410,196 424,649 439,460 454,639 470,197 601,145 620,796 640,960
Net Change in Fund Balances -(33,855)261,000 236,410 253,929 272,682 292,738 314,169 337,051 246,465 269,195 293,530
Ending Fund Balance -(33,855)227,145 463,555 717,484 990,166 1,282,904 1,597,072 1,934,124 2,180,589 2,449,783 2,743,314
Assets
Cash and investments -2,208 191,145 372,697 614,308 877,211 1,162,710 1,472,179 1,807,071 2,008,917 2,286,032 2,590,023
Due from other funds ------------
Due from other governments ------------
All other receivables and prepaid items ------------
Capital assets --40,000 105,398 130,796 156,194 181,592 206,990 232,388 307,786 333,184 358,582
Accumulated depreciation --(4,000)(14,540)(27,619)(43,239)(61,398)(82,097)(105,336)(136,114)(169,433)(205,291)
Deferred outflows of resources ------------
Total Assets -2,208 227,145 463,555 717,484 990,166 1,282,904 1,597,072 1,934,124 2,180,589 2,449,783 2,743,314
Liabilities
Due to other governmental units -80 ----------
Due to other funds ------------
All other liabilities -35,983 ----------
Bonds payable ------------
Total Liabilities and deferred inflows -36,063 ----------
Fund Balance - (33,855) 227,145 463,555 717,484 990,166 1,282,904 1,597,072 1,934,124 2,180,589 2,449,783 2,743,314
Total Liab, deferred inflows, and fund balance -2,208 227,145 463,555 717,484 990,166 1,282,904 1,597,072 1,934,124 2,180,589 2,449,783 2,743,314
Planned capital acquisition --40,000 65,398 25,398 25,398 25,398 25,398 25,398 75,398 25,398 25,398
Facilities Maintenance Fund
105
Appendices
APPENDICES
106
Appendices
Appendix A
Page 1 of 2City of Monticello
Projected Staffing Additions (Full Time Equivalent / FTE)
All City Funds
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
GOVERNMENTAL FUNDS
General Fund
City Hall
Administrative Assistant 1.00
Building Inspector
Community Service Officer 1.00
Planner 1.00
Finance (PT to FT)0.25
Fire
Chief 1.00
PW
Engineering Staff 0.50
Streets Operator 0.50 1.00
Shop 0.50
Recreation and culture
Parks Operator (FT)1.00 1.00 2.00
Staff (PT)3.00
Parks Seasonal (6m)2.00 0.50 1.50 6.00 1.00
Parks Seasonal (3m)0.25 0.75 0.50
Total General Fund 1.00 1.00 2.25 2.00 3.75 9.00 4.75 -2.50 -
EDA Fund
Staff
MCC Fund
Programmer (FT)1.00 1.00
Total Other Governmental Funds ----1.001.00----
Grand Total Governmental Funds
1.00 1.00 2.25 2.00 4.75 10.00 4.75 -2.50 -
PROPRIETARY FUNDS
Water/Sewer/ Funds
Staff 1.00 1.00
Storm/ Funds
Staff 0.50 1.00
Liquor Fund
FT Clerk 1.00
DMV Fund
Clerk
FM Fund
Staff 0.75 1.00
IT Fund
Staff
Grand Total Proprietary Funds 1.00 0.75 -0.50 1.00 -1.00 1.00 1.00 -
107
Appendices
Appendix A
Page 2 of 2City of Monticello
Projected Staffing Additions (Dollars)
All City Funds
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
GOVERNMENTAL FUNDS
General Fund
City Hall
Administrative Assistant 81,000
Building Inspector
Community Service Officer 113,000
Planner 117,000
Finance (PT to FT)38,000
Fire
Chief 129,000
PW
Engineering Staff 49,500
Streets Operator 43,500 98,000
Shop 43,500
Recreation and culture
Parks Operator 98,000 101,000 220,000
Staff (PT)114,000
Seasonal Staff (6m)68,000 17,000 54,000 216,000 38,000
Seasonal Staff (3m)9,000 27,000 20,000
Total General Fund 81,000 87,000 106,000 195,500 274,000 532,000 179,000 - 240,000 -
EDA Fund
Staff
MCC Fund
Programmer (FT)92,000 95,000
Total Other Governmental Funds ---- 92,000 95,000 ----
Grand Total Governmental Funds
81,000 87,000 106,000 195,500 366,000 627,000 179,000 -240,000 -
PROPRIETARY FUNDS
Water/Sewer Funds
Staff 99,000 114,000
Storm Fund
Staff 49,500 102,000
Liquor Fund
FT Clerk 63,000
DMV Fund
Clerk
FM Fund
Staff 92,000 110,000
IT Fund
Staff
Grand Total Proprietary Funds 63,000 92,000 -49,500 102,000 -99,000 110,000 114,000 -
108
Appendices
Appendix B
Page 1 of 2
City of Monticello
Projected Future Development in Monticello
Analysis is Based on Today's Values and Assumes Valuation Estimate will Increse by 3.0% Annually
Select Property Type Location Identification Detail
Customer
Classification for
Utility Billing
Construction
Completion Year
Captured Tax
Capacity for TIF
Final Year
of TIF
District if
Applicable
Housing
Units
Market Value Per
Housing Unit
CI Building
SF
CI Value
Per SF
Apartments 01 Residential Apartments Residential 2021 No 55 175,000
Apartments 02 Residential Apartments Residential 2022 No 55 175,000
Apartments 05 Residential Apartments Residential 2022 No 200 175,000
Commercial 04 Commercial Office Commercial 2022 No 5,100 70
Commercial Deegan Commercial 2022 No 4,146 150
Commercial 7th Street CCD Commercial 2022 No 13,962 150
Commercial Dundas & TH25 Commercial 2022 No 8,208 150
Industrial Otter Creek Commercial 2022 No 21,400 90
Industrial Fallon Commercial 2022 Yes 2032 40,000 90
Industrial Chelsea West Commercial 2022 No 49,032 70
Industrial Commercial 2022 Yes 2032 59,000 70
Apartments 03 Residential Apartments Residential 2023 No 55 175,000
Apartments 7th & CSAH 39 Residential 2023 Yes 2050 108 175,000
Apartments Willows Landing Residential 2023 No 25 275,000
Apartments 7th & Elm Residential 2023 No 53 175,000
Apartments Block 52 Residential 2023 Yes 2050 87 175,000
Apartments School Blvd East/Walmart Residential 2023 No 93 175,000
Apartments Fenning Ave Residential 2023 No 5 245,000
Commercial West Chelsea/90th Commercial 2023 No 43,000 150
Commercial Block 52 Commercial 2023 Yes 2050 30,300 150
Industrial Dundas - Oakwood Commercial 2023 No 6,976 70
Residential Single Family Farmstead & Fallon Residential 2023 No 53 300,000
Residential Single Family School Blvd or Fallon Residential 2023 No 65 300,000
Residential Single Family 7th & Elm TH Residential 2023 No 6 300,000
Residential Single Family Residential 2023 No 27 165,000
Apartments 07 Residential Apartments Residential 2024 No 150 175,000
Apartments 7th Street Residential 2024 Yes 2050 60 275,000
Commercial 06 Retail Commercial Commercial 2024 No 10,000 150
Commercial Chelsea West Commercial 2024 No 41,000 150
Industrial Dundas - Oakwood Commercial 2024 No 6,976 70
Residential Single Family Edmonson/85th Residential 2024 No 54 300,000
109
Appendices
Appendix B
Page 2 of 2
City of Monticello
Projected Future Development in Monticello
Analysis is Based on Today's Values and Assumes Valuation Estimate will Increse by 3.0% Annually
Select Property Type Location Identification Detail
Customer
Classification for
Utility Billing
Construction
Completion Year
Captured Tax
Capacity for TIF
Final Year
of TIF
District if
Applicable
Housing
Units
Market Value Per
Housing Unit
CI Building
SF
CI Value
Per SF
Residential Single Family Twinhomes - Elm/7th Residential 2024 No 28 300,000
Residential Single Family Mixed SF/TH, Fallon/85th Residential 2025 No 49 300,000
Residential Single Family 86th Residential 2025 No 21 250,000
Residential Single Family School Blvd or Fallon Residential 2025 No 65 300,000
Industrial Dundas - Oakwood Commercial 2026 No 6,976 70
Residential Single Family Mixed SF/TH, Fallon/85th Residential 2026 No 66 300,000
Commercial 08 Retail/Hotel Commercial 2027 No 45,000 150
Industrial Dundas - Oakwood Commercial 2027 No 6,976 70
Residential Single Family 86th/85th Residential 2027 No 56 280,000
Residential Single Family School Blvd or Fallon Residential 2027 No 65 300,000
Apartments 09 Residential Apartments Residential 2028 No 75 175,000
Residential Single Family 85th Residential 2028 No 43 300,000
Commercial 10 Retail Commercial Commercial 2029 No 20,000 150
Residential Single Family Edmonson Residential 2029 No 37 300,000
Residential Single Family School Blvd or Fallon Residential 2029 No 65 300,000
Apartments 11 Residential Apartments Residential 2030 No 100 175,000
Apartments 12 Residential Apartments Residential 2031 No 75 175,000
Apartments 13a Res Mixed Residential 2031 No 100 175,000
Commercial 13 Commercial Commercial 2031 No 95,000 150
Residential Single Family Edmonson Residential 2031 No 29 300,000
Residential Single Family School Blvd and/or Fallon Residential 2031 No 65 300,000
Apartments 14 Residential Apartments Residential 2033 No 100 175,000
Residential Single Family School Blvd and/or Fallon Residential 2033 No 65 300,000
Commercial 14a Retail/Restaurants Commercial 2034 No 65,000 150
Commercial 15 Retail/Restaurant Commercial 2035 No 45,000 150
Residential Single Family RA South Wetland Residential 2035 No 30 300,000
Residential Single Family School Blvd and/or Fallon Residential 2035 No 65 300,000
Commercial 16 Retail/Restaurant Commercial 2036 No 25,000 150
Commercial 17 Retail/Restaurant Commercial 2037 No 20,000 150
110
Appendices
Appendix C
Page 1 of 15
City Number 1-6 1-19 1-20 1-22 1-24 1-29
Name Raindance Mississippi Shores Prairie West Downtown District Church of St. Henry Front Porch Associates
Type Redevelopment Housing (Rental) Redevelopment Redevelopment Housing (Rental) Housing (Owner)
Date Established 11/12/1985 3/13/1995 6/24/1996 3/10/1997 8/24/1998 3/15/2002
Date Certified 12/5/1985 4/28/1995 12/23/1996 6/30/1997 1/8/1999 8/22/2002
Year of First Increment 1988 1998 1999 1999 2001 2004
Date of Decertification 12/31/2013 12/31/2023 12/31/2018 12/31/2024 12/31/2026 12/31/2029
City Number 1-30 1-34 1-39 1-40 1-41
Name Central MN Housing
Partnership Monticello Interchange Suburban Mfg II Briggs UMC
Type Housing (Owner) Renewal and Renovation Economic Development Housing (Rental) Economic Development
Date Established 6/24/2002 7/25/2005 8/22/2011 6/25/2018 9/3/2019
Date Certified 8/22/2002 8/1/2006 7/24/2012 7/3/2018 5/3/2021
Year of First Increment 2004 2007 2013 2020 2022
Date of Decertification 12/31/2029 12/31/2022 12/31/2021 12/31/2045 12/31/2030
City of Monticello
Summary of Certified Tax Increment Financing (TIF) Districts
TIF District Funds are included as "Sub-Funds" of the Economic Development Authority Fund
EDA Sub Funds
111
Appendices
Appendix C
Page 2 of 15
City of Monticello
Finance Plan
EDA General Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 355,080 366,077 388,000 399,640 411,629 423,978 436,697 449,798 463,292 477,191 491,507 506,252
Property taxes other -2,376 ----------
Tax increment ------------
Other intergovernmental --25,000 ---------
Investment earnings 25,519 3,363 6,000 ---------
Other revenues 11,902 32,275 ----------
Sale of capital assets ------------
Transfer in -2,368 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Total Revenues 392,501 406,459 425,000 405,640 417,629 429,978 442,697 455,798 469,292 483,191 497,507 512,252
Expenditures
Current - Economic development 545,350 526,830 425,000 423,181 437,992 453,322 469,188 485,610 502,606 520,197 538,404 557,248
Transfer out -90,607 ----------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 545,350 617,437 425,000 423,181 437,992 453,322 469,188 485,610 502,606 520,197 538,404 557,248
Net Change in Fund Balances (152,849)(210,978)-(17,541)(20,363)(23,344)(26,491)(29,811)(33,314)(37,006)(40,897)(44,996)
Ending Fund Balance 4,659,018 4,448,040 4,448,040 4,430,499 4,410,136 4,386,793 4,360,302 4,330,491 4,297,177 4,260,171 4,219,274 4,174,278
Assets
Cash and investments 801,521 813,772 948,023 930,482 910,119 886,776 860,285 830,474 797,160 760,154 719,257 674,261
Taxes receivable 3,734 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508
Notes receivable ------------
Due from other funds 566,924 136,782 ----------
All other receivables and prepaid items 3,711 -3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752
Special assessments receivable / deferred -3,752 ----------
Land held for resale / inventory 3,303,170 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757 3,513,757
Total Assets 4,679,060 4,470,571 4,468,040 4,450,499 4,430,136 4,406,793 4,380,302 4,350,491 4,317,177 4,280,171 4,239,274 4,194,278
Liabilities
Due to other governmental units 259 190 ----------
Due to other funds ------------
Unearned revenue ------------
All other liabilities 11,696 21,385 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources 1,367 956 ----------
Escrow deposits 6,720 -----------
Total Liabilities and deferred inflows 20,042 22,531 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Fund Balance 4,659,018 4,448,040 4,448,040 4,430,499 4,410,136 4,386,793 4,360,302 4,330,491 4,297,177 4,260,171 4,219,274 4,174,278
Total Liab, deferred inflows, and fund balance 4,679,060 4,470,571 4,468,040 4,450,499 4,430,136 4,406,793 4,380,302 4,350,491 4,317,177 4,280,171 4,239,274 4,194,278
EDA Sub Funds
112
Appendices
Appendix C
Page 3 of 15
City of Monticello
Finance Plan
GMEF Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment ------------
Other intergovernmental 185,000 -----------
Investment earnings 19,994 1,784 10,000 ---------
Other revenues 3,739 -----------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 208,733 1,784 10,000 ---------
Expenditures
Current - Economic development 190,000 -----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 190,000 -----------
Net Change in Fund Balances 18,733 1,784 10,000 ---------
Ending Fund Balance 1,233,267 1,235,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051
Assets
Cash and investments 1,049,574 918,218 938,553 952,273 966,373 980,865 995,765 1,011,087 1,026,846 1,043,057 1,059,738 1,076,904
Taxes receivable ------------
Notes receivable 183,693 316,833 306,498 292,778 278,678 264,186 249,286 233,964 218,205 201,994 185,313 168,147
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 1,233,267 1,235,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 1,233,267 1,235,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051
Total Liab, deferred inflows, and fund balance 1,233,267 1,235,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051 1,245,051
EDA Sub Funds
113
Appendices
Appendix C
Page 4 of 15
City of Monticello
Finance Plan
TIF Future Fund
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment ------------
Other intergovernmental ------------
Investment earnings ------------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues ------------
Expenditures
Current - Economic development -866 ----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures -866 ----------
Net Change in Fund Balances -(866)----------
Ending Fund Balance (44,497)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)
Assets
Cash and investments --(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets --(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)(45,363)
Liabilities
Due to other governmental units ------------
Due to other funds 44,497 45,363 ----------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows 44,497 45,363 ----------
Fund Balance (44,497) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363)
Total Liab, deferred inflows, and fund balance -- (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363) (45,363)
EDA Sub Funds
114
Appendices
Appendix C
Page 5 of 15
City of Monticello
Finance Plan
TIF 6 Fund
Redevelopment District 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment ------------
Other intergovernmental ------------
Investment earnings 6,826 (69)5,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 6,826 (69)5,000 ---------
Expenditures
Current - Economic development 105 35 ----------
Transfer out -----------281,000
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 105 35 ---------281,000
Net Change in Fund Balances 6,721 (104)5,000 --------(281,000)
Ending Fund Balance 749,105 749,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 473,001
Assets
Cash and investments 6,721 18,001 23,001 73,001 123,001 173,001 223,001 273,001 323,001 373,001 423,001 473,001
Taxes receivable ------------
Notes receivable ------------
Due from other funds 742,384 731,000 731,000 681,000 631,000 581,000 531,000 481,000 431,000 381,000 331,000 -
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 749,105 749,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 473,001
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 749,105 749,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 473,001
Total Liab, deferred inflows, and fund balance 749,105 749,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 754,001 473,001
EDA Sub Funds
115
Appendices
Appendix C
Page 6 of 15
City of Monticello
Finance Plan
TIF 19 Fund
Affordable Housing 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 39,084 39,674 31,334 31,334 --------
Other intergovernmental ------------
Investment earnings 1,401 (628)1,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 40,485 39,046 32,334 31,334 --------
Expenditures
Current - Economic development 140 35 ----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 140 35 ----------
Net Change in Fund Balances 40,345 39,011 32,334 31,334 --------
Ending Fund Balance 92,936 131,947 164,281 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615
Assets
Cash and investments 92,936 131,947 164,281 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 92,936 131,947 164,281 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 92,936 131,947 164,281 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615
Total Liab, deferred inflows, and fund balance 92,936 131,947 164,281 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615 195,615
EDA Sub Funds
116
Appendices
Appendix C
Page 7 of 15
City of Monticello
Finance Plan
TIF 20 Fund
Redevelopment 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment ------------
Other intergovernmental ------------
Investment earnings 2,000 (583)2,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 2,000 (583)2,000 ---------
Expenditures
Current - Economic development 105 35 ----------
Transfer out --106,220 ---------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 105 35 106,220 ---------
Net Change in Fund Balances 1,895 (618)(104,220)---------
Ending Fund Balance 104,838 104,220 ----------
Assets
Cash and investments 104,838 104,220 ----------
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 104,838 104,220 ----------
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 104,838 104,220 ----------
Total Liab, deferred inflows, and fund balance 104,838 104,220 ----------
EDA Sub Funds
117
Appendices
Appendix C
Page 8 of 15
City of Monticello
Finance Plan
TIF 22 Fund
Redevelopment and Affordable Housing 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 298,946 308,224 262,214 262,214 --------
Other intergovernmental ------------
Investment earnings 6,213 (2,524)6,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 305,159 305,700 268,214 262,214 --------
Expenditures
Current - Economic development 1,025 3,812 3,812 3,812 3,812 -------
Transfer out ------------
TIF pay-go note payments 11,303 11,987 11,987 5,994 --------
Excess increments 137,813 183,012 188,359 158,452 164,446 -------
Total Expenditures 150,141 198,811 204,158 168,258 168,258 -------
Net Change in Fund Balances 155,018 106,889 64,056 93,956 (168,258)-------
Ending Fund Balance 400,241 507,130 571,186 665,142 496,884 496,884 496,884 496,884 496,884 496,884 496,884 496,884
Assets
Cash and investments 400,241 504,232 407,986 501,942 333,684 333,684 333,684 333,684 333,684 333,684 333,684 333,684
Taxes receivable 1,898 1,835 ----------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items -2,897 ----------
Special assessments receivable / deferred ------------
Land held for resale / inventory 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
Total Assets 565,339 672,164 571,186 665,142 496,884 496,884 496,884 496,884 496,884 496,884 496,884 496,884
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue 163,200 1,834 ----------
All other liabilities ------------
Deferred inflows of resources 1,898 163,200 ----------
Escrow deposits ------------
Total Liabilities and deferred inflows 165,098 165,034 ----------
Fund Balance*400,241 507,130 571,186 665,142 496,884 496,884 496,884 496,884 496,884 496,884 496,884 496,884
Total Liab, deferred inflows, and fund balance 565,339 672,164 571,186 665,142 496,884 496,884 496,884 496,884 496,884 496,884 496,884 496,884
Fund Balance for Affordable Housing 170,361 196,583 222,804 222,804 222,804 222,804 222,804 222,804 222,804 222,804 222,804
* The EDA approved a modification to the TIF Plan that allows for the use of increment from TIF 1-22 to assist qualified affordable housing projects. The projected Fund Balance by year above includes the following projected balance available
to assist qualified affordable housing project:
EDA Sub Funds
118
Appendices
Appendix C
Page 9 of 15
City of Monticello
Finance Plan
TIF 24 Fund
Affordable Housing 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 56,104 57,716 42,782 42,782 42,782 42,782 42,782 -----
Other intergovernmental ------------
Investment earnings 1,701 (813)2,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 57,805 56,903 44,782 42,782 42,782 42,782 42,782 -----
Expenditures
Current - Economic development 140 35 ----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 140 35 ----------
Net Change in Fund Balances 57,665 56,868 44,782 42,782 42,782 42,782 42,782 -----
Ending Fund Balance 117,208 174,076 218,858 261,640 304,422 347,204 389,986 389,986 389,986 389,986 389,986 389,986
Assets
Cash and investments 117,208 174,076 218,858 261,640 304,422 347,204 389,986 389,986 389,986 389,986 389,986 389,986
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 117,208 174,076 218,858 261,640 304,422 347,204 389,986 389,986 389,986 389,986 389,986 389,986
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 117,208 174,076 218,858 261,640 304,422 347,204 389,986 389,986 389,986 389,986 389,986 389,986
Total Liab, deferred inflows, and fund balance 117,208 174,076 218,858 261,640 304,422 347,204 389,986 389,986 389,986 389,986 389,986 389,986
EDA Sub Funds
119
Appendices
Appendix C
Page 10 of 15
City of Monticello
Finance Plan
TIF 29 Fund
Affordable Housing 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 33,749 34,961 24,665 24,665 24,665 24,665 24,665 24,665 24,665 24,665 --
Other intergovernmental ------------
Investment earnings 2,731 (988)2,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 36,480 33,973 26,665 24,665 24,665 24,665 24,665 24,665 24,665 24,665 --
Expenditures
Current - Economic development 140 35 ----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 140 35 ----------
Net Change in Fund Balances 36,340 33,938 26,665 24,665 24,665 24,665 24,665 24,665 24,665 24,665 --
Ending Fund Balance 160,026 193,964 220,629 245,294 269,959 294,624 319,289 343,954 368,619 393,284 393,284 393,284
Assets
Cash and investments 160,026 193,964 220,629 245,294 269,959 294,624 319,289 343,954 368,619 393,284 393,284 393,284
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 160,026 193,964 220,629 245,294 269,959 294,624 319,289 343,954 368,619 393,284 393,284 393,284
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 160,026 193,964 220,629 245,294 269,959 294,624 319,289 343,954 368,619 393,284 393,284 393,284
Total Liab, deferred inflows, and fund balance 160,026 193,964 220,629 245,294 269,959 294,624 319,289 343,954 368,619 393,284 393,284 393,284
EDA Sub Funds
120
Appendices
Appendix C
Page 11 of 15
City of Monticello
Finance Plan
TIF 30 Fund
Affordable Housing 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 15,145 16,009 10,032 10,032 10,032 10,032 10,032 10,032 10,032 10,032 --
Other intergovernmental ------------
Investment earnings 2,126 (629)1,000 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 17,271 15,380 11,032 10,032 10,032 10,032 10,032 10,032 10,032 10,032 --
Expenditures
Current - Economic development 2,990 2,615 ----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 2,990 2,615 ----------
Net Change in Fund Balances 14,281 12,765 11,032 10,032 10,032 10,032 10,032 10,032 10,032 10,032 --
Ending Fund Balance 8,962 21,727 32,759 42,791 52,823 62,855 72,887 82,919 92,951 102,983 102,983 102,983
Assets
Cash and investments 112,177 113,146 32,759 42,791 52,823 62,855 72,887 82,919 92,951 102,983 102,983 102,983
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 112,177 113,146 32,759 42,791 52,823 62,855 72,887 82,919 92,951 102,983 102,983 102,983
Liabilities
Due to other governmental units ------------
Due to other funds 103,215 91,419 ----------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows 103,215 91,419 ----------
Fund Balance 8,962 21,727 32,759 42,791 52,823 62,855 72,887 82,919 92,951 102,983 102,983 102,983
Total Liab, deferred inflows, and fund balance 112,177 113,146 32,759 42,791 52,823 62,855 72,887 82,919 92,951 102,983 102,983 102,983
EDA Sub Funds
121
Appendices
Appendix C
Page 12 of 15
City of Monticello
Finance Plan
TIF 34 Fund
Renewal and Renovation 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 218,945 217,828 203,862 ---------
Other intergovernmental ------------
Investment earnings 501 (252)500 ---------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 219,446 217,576 204,362 ---------
Expenditures
Current - Economic development 140 35 ----------
Transfer out 200,000 198,700 258,865 ---------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 200,140 198,735 258,865 ---------
Net Change in Fund Balances 19,306 18,841 (54,503)---------
Ending Fund Balance 35,662 54,503 ----------
Assets
Cash and investments 35,662 54,503 ----------
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 35,662 54,503 ----------
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 35,66254,503----------
Total Liab, deferred inflows, and fund balance 35,662 54,503 ----------
EDA Sub Funds
122
Appendices
Appendix C
Page 13 of 15
City of Monticello
Finance Plan
TIF 39 Fund
Economic Development 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 45,479 45,247 ----------
Other intergovernmental ------------
Investment earnings 84 -----------
Other revenues ------------
Sale of capital assets ------------
Transfer in -90,607 ----------
Total Revenues 45,563 135,854 ----------
Expenditures
Current - Economic development 6,912 5,258 ----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 6,912 5,258 ----------
Net Change in Fund Balances 38,651 130,596 ----------
Ending Fund Balance (130,596)-----------
Assets
Cash and investments ------------
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets ------------
Liabilities
Due to other governmental units ------------
Due to other funds 130,596 -----------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows 130,596 -----------
Fund Balance (130,596)- ----------
TotalLiab,deferredinflows,andfundbalance -- ----------
EDA Sub Funds
123
Appendices
Appendix C
Page 14 of 15
City of Monticello
Finance Plan
TIF 40 Fund
Affordable Housing 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment 372 13,030 60,023 60,639 61,261 61,888 62,523 63,163 63,810 64,464 65,124 65,790
Other intergovernmental ------------
Investment earnings 3 (5)----------
Other revenues ------------
Sale of capital assets ------------
Transfer in ------------
Total Revenues 375 13,025 60,023 60,639 61,261 61,888 62,523 63,163 63,810 64,464 65,124 65,790
Expenditures
Current - Economic development 40 35 500 500 500 500 500 500 500 500 500 500
Transfer out ------------
TIF pay-go note payments -11,727 54,021 54,575 55,135 55,699 56,271 56,847 57,429 58,018 58,612 59,211
Excess increments ------------
Total Expenditures 40 11,762 54,521 55,075 55,635 56,199 56,771 57,347 57,929 58,518 59,112 59,711
Net Change in Fund Balances 335 1,263 5,502 5,564 5,626 5,689 5,752 5,816 5,881 5,946 6,012 6,079
Ending Fund Balance 335 1,598 7,100 12,664 18,290 23,979 29,731 35,548 41,429 47,375 53,388 59,467
Assets
Cash and investments 335 1,598 7,100 12,664 18,290 23,979 29,731 35,548 41,429 47,375 53,388 59,467
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets 335 1,598 7,100 12,664 18,290 23,979 29,731 35,548 41,429 47,375 53,388 59,467
Liabilities
Due to other governmental units ------------
Due to other funds ------------
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows ------------
Fund Balance 335 1,598 7,100 12,664 18,290 23,979 29,731 35,548 41,429 47,375 53,388 59,467
Total Liab, deferred inflows, and fund balance 335 1,598 7,100 12,664 18,290 23,979 29,731 35,548 41,429 47,375 53,388 59,467
EDA Sub Funds
124
Appendices
Appendix C
Page 15 of 15
City of Monticello
Finance Plan
TIF 41 Fund
Economic Development 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes ------------
Property taxes other ------------
Tax increment ---50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other intergovernmental ------------
Investment earnings ------------
Other revenues ------------
Sale of capital assets -300,000 ----------
Transfer in -----------281,000
Total Revenues -300,000 -50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 331,000
Expenditures
Current - Economic development 1,031,000 -----------
Transfer out ------------
TIF pay-go note payments ------------
Excess increments ------------
Total Expenditures 1,031,000 -----------
Net Change in Fund Balances (1,031,000)300,000 -50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 331,000
Ending Fund Balance (1,031,000)(731,000)(731,000)(681,000)(631,000)(581,000)(531,000)(481,000)(431,000)(381,000)(331,000)-
Assets
Cash and investments ------------
Taxes receivable ------------
Notes receivable ------------
Due from other funds ------------
All other receivables and prepaid items ------------
Special assessments receivable / deferred ------------
Land held for resale / inventory ------------
Total Assets ------------
Liabilities
Due to other governmental units ------------
Due to other funds 1,031,000 731,000 731,000 681,000 631,000 581,000 531,000 481,000 431,000 381,000 331,000 -
Unearned revenue ------------
All other liabilities ------------
Deferred inflows of resources ------------
Escrow deposits ------------
Total Liabilities and deferred inflows 1,031,000 731,000 731,000 681,000 631,000 581,000 531,000 481,000 431,000 381,000 331,000 -
Fund Balance (1,031,000) (731,000) (731,000) (681,000) (631,000) (581,000) (531,000) (481,000) (431,000) (381,000) (331,000) -
TotalLiab,deferredinflows,andfundbalance -- ----------
EDA Sub Funds
125
Appendices
Appendix D
City of Monticello
Debt Service Tax Levy by Fund and Series (Includes Existing and Planned New Debt)
2014A 2011A 2015B 2016A 2017A 2018A 2019A 2020A Project2 Project3 Project4 Project5 Project7 Project8 Project14 Project15 Project16
Combined
Debt Service
Tax Levy for
Existing Debt
and Planned
New Debt
00000000
Public
Infrastructure
Improvements
2023
Public
Infrastructure
Improvements
2024
Public
Infrastructure
Improvements
2026
Public
Infrastructure
Improvements
2027
Public
Infrastructure
Improvements
2028
Public
Infrastructure
Improvements
2029
Public
Infrastructure
Improvements
2025
Public
Infrastructure
Improvements
2030
Public
Infrastructure
Improvements
2031
2020 2,939,987 535,501 172,641 198,385 405,039 427,367 472,434 728,620 0 0 0 0 0 0 0 0 0 0
2021 2,831,479 513,570 0 201,115 406,089 430,097 448,077 714,945 117,586 0 0 0 0 0 0 0 0 0
2022 2,311,400 0 0 192,650 406,929 427,367 451,812 709,446 123,196 0 0 0 0 0 0 0 0 0
2023 2,512,326 0 0 200,000 476,581 450,000 469,232 732,468 184,045 0 0 0 0 0 0 0 0 0
2024 3,754,594 0 0 200,000 479,643 434,057 469,337 731,325 181,413 1,258,819 0 0 0 0 0 0 0 0
2025 4,181,050 0 0 220,000 482,496 437,341 469,127 735,222 184,031 1,261,260 219,675 0 0 0 0 171,898 0 0
2026 4,613,483 0 0 220,000 305,215 439,323 468,602 733,554 184,794 1,257,716 222,396 124,950 0 0 0 656,933 0 0
2027 4,371,668 0 0 220,000 4,883 198,591 467,762 736,926 187,307 1,258,871 224,959 415,804 0 0 0 656,565 0 0
2028 4,583,100 0 0 220,000 0 242,106 471,857 739,983 189,715 1,259,291 232,614 419,952 0 146,449 0 661,133 0 0
2029 4,904,044 0 0 220,000 0 241,659 470,229 538,217 192,018 1,258,976 234,705 423,784 0 428,818 235,659 659,978 0 0
2030 5,309,415 0 0 0 0 245,772 468,287 539,162 111,737 1,263,176 236,638 422,052 0 433,325 902,738 658,508 28,022 0
2031 5,254,288 0 0 0 0 233,508 470,748 539,897 0 1,261,208 238,413 425,412 0 437,517 903,525 661,973 44,788 37,301
For Existing Debt For Planned New Debt Issuance
Tax Levy
Collection
Year
126
Appendices
$0
$5
$10
$15
$20
$25
$30
$35
$40
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%AmountBilledAppendix E
Residential
Example Monthly Water Bill
10,000 Gallon Monthly Volume Billed
Monthly Bill
Annual Percent Change
127
Appendices
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%AmountBilledAppendix F
Residential
Example Monthly Sanitary Sewer Bill
10,000 Gallon Monthly Volume Billed
Monthly Bill
Annual Percent Change
128
Appendices
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%AmountBilledAppendix G
Residential
Example Monthly Stormwater Bill
1 Unit
Monthly Bill
Annual Percent Change
129
Appendices
$0
$20
$40
$60
$80
$100
$120
$140
$160
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%AmountBilledAppendix H
Residential
Example Monthly Bill - Combined for Water, Sanitary Sewer, and Stormwater
10,000 Gallons of Volume and 1 Unit for Stormwater
Sanitary Sewer
Water
Stormwater
Annual Percent
Change
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