2023 Monticello LTFP
2023 Long-Term Financial
Management Plan
As of December 19, 2023
Table of Contents
Introduction and Summary .................................................................................................................... 1
Approach for the Plan ...................................................................................................................... 2
Organization of the Plan .................................................................................................................. 2
Revenue Sufficiency ......................................................................................................................... 2
Economic Development Programs and Legislative Action to Support Transition Efforts ............... 3
Fund Balance Policy for General Fund ............................................................................................. 3
Proprietary Funds Cash Position and Net Position .......................................................................... 4
Levy and Rate Calculations .............................................................................................................. 4
City Tax Rate .................................................................................................................................... 4
Utility Rates ...................................................................................................................................... 6
Table 1|City Property Tax Levy, Tax Capacity, and Tax Rate ........................................................... 7
Table 1a|Housing and Redevelopment Authority Property Tax Levy, Tax Capacity, & 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 ........................ 9
Chart 3|City Tax Rate ....................................................................................................................... 9
Chart 4|Comparison of Monticello City Tax Rate to Other Comparative Cities ........................... 10
Chart 5|Residential City Property Taxes........................................................................................ 10
Chart 6|Commercial-Industrial City Property Taxes ..................................................................... 10
Chart 7|General Fund Ending Fund Balance ................................................................................. 13
Chart 8|Ending Cash Balances of City Funds ................................................................................. 11
Chart 9|Ending Cash Balances for Capital Projects Funds ............................................................ 11
Chart 10|Water Fund Projected Ending Cash Balance .................................................................. 12
Chart 11|Sewer Fund Projected Ending Cash Balance .................................................................. 12
Chart 12|Stormwater Fund Projected Ending Cash Balance ......................................................... 13
Chart 13|Liquor Fund Projected Ending Cash Balance .................................................................. 13
Chart 14|Fiber Optics Fund Projected Ending Cash Balance ......................................................... 14
Chart 15|Deputy Registrar Fund Projected Ending Cash Balance ................................................. 14
Chart 16|Total City Tax Levy .......................................................................................................... 15
Chart 17|City Tax Levy by Funds as Percent of Total .................................................................... 15
Background
Governmental Services .................................................................................................................. 16
Water and Sanitary Sewer Systems ............................................................................................... 16
Stormwater Management & Protection ........................................................................................ 16
Municipal Liquor ............................................................................................................................ 16
Fiber Optics System ....................................................................................................................... 16
Deputy Registrar ............................................................................................................................ 16
Internal Service Funds ................................................................................................................... 16
Chart 18|Construction of New Property and Taxable Market Value ............................................ 17
Chart 19|Net Tax Capacity from New Construction Compared to Existing Property ................... 17
Capital Improvement Plan and Debt
Overview ........................................................................................................................................ 18
Downtown ..................................................................................................................................... 18
Pointes at Cedar ............................................................................................................................. 18
Fallon Avenue Improvements ........................................................................................................ 18
Public Works / Engineering ............................................................................................................ 18
Street and Transportation ............................................................................................................. 18
Stormwater / Drainage .................................................................................................................. 18
Water Utility .................................................................................................................................. 19
Sewer Utility................................................................................................................................... 19
Recreation and Culture .................................................................................................................. 19
Fire and Rescue .............................................................................................................................. 19
Building Inspectors/Community Development ............................................................................. 19
Facilities Maintenance ................................................................................................................... 19
Liquor Store ................................................................................................................................... 19
Deputy Registrar ............................................................................................................................ 19
Fiber Optics .................................................................................................................................... 20
Information Technology (IT) .......................................................................................................... 20
Monticello Community Center ...................................................................................................... 20
Bond Issuance ................................................................................................................................ 20
Bond Rating .................................................................................................................................... 20
Table 2|Capital Improvement Plan by Fund and Source of Funds ................................................ 21
Table 3|Capital Improvement Plan - Planned Bond Proceeds to Pay Project Costs ..................... 22
Table 4|Summary of Existing Debt ................................................................................................ 23
Table 5|Summary of Planned New Debt ....................................................................................... 24
Table 6|Summary of Existing and Planned New Debt................................................................... 25
Chart 20|CIP by Fund ..................................................................................................................... 26
Chart 21|CIP Source of Funds ........................................................................................................ 26
Chart 22|Total Debt Service .......................................................................................................... 26
Chart 23|Debt Service Source of Revenues .................................................................................. 27
Chart 24|Bonds Outstanding ......................................................................................................... 27
Chart 25|Total Debt Outstanding by Existing and Planned New Debt ......................................... 27
Chart 26|Tax Levy for Debt Service ............................................................................................... 27
Chart 27|Amortization of Existing Debt ........................................................................................ 28
Chart 28|Debt Per Capita .............................................................................................................. 28
Finance Plans
Background .................................................................................................................................... 29
Impact of Strategic Transition Plan on Finance Plans .................................................................... 29
General Overview of Assumptions for Finance Plans .................................................................... 29
GOVERNMENTAL FUNDS
Total Governmental Funds Combined ........................................................................................... 30
Chart 29|Total Sources and Uses of Funds ............................................................................. 31
Chart 30|Total Ending Fund Balance and Cash Balance ......................................................... 31
Table 7|Finance Plan ............................................................................................................... 32
General Fund ................................................................................................................................. 34
Chart 31|General Fund Source of Revenues ........................................................................... 34
Chart 32|Ending Fund Balance and City Policy ....................................................................... 36
Chart 33|Expenditures and Revenues .................................................................................... 36
Table 8|Finance Plan ............................................................................................................... 37
Community Center Fund................................................................................................................ 38
Table 9|Finance Plan ............................................................................................................... 39
Economic Development Authority (EDA) Fund ............................................................................. 40
Table 10|Finance Plan ............................................................................................................. 42
Table 10a|Tax Increment Financing Districts Projected Available Year-End Cash Balances .. 43
CDBG and SCDP Fund ..................................................................................................................... 44
Table 11|Finance Plan ............................................................................................................. 45
Cemetery Fund .............................................................................................................................. 46
Table 12|Finance Plan ............................................................................................................. 47
Debt Service Funds ........................................................................................................................ 48
Chart 34|Ending Fund Balance and Cash Balance................................................................... 49
Chart 35|Source and Use of Funds ......................................................................................... 49
Table 13|Finance Plan ............................................................................................................. 50
Capital Projects Fund ..................................................................................................................... 51
Chart 36|Ending Fund Balance and Cash Balance................................................................... 52
Chart 37|Source and Use of Funds ......................................................................................... 52
Table 14|Finance Plan ............................................................................................................. 53
Street Lighting Improvement Fund ................................................................................................ 54
Chart 38|Ending Fund Balance and Cash Balance................................................................... 54
Chart 39|Source and Use of Funds ......................................................................................... 54
Table 15|Finance Plan ............................................................................................................. 55
Park and Pathway Dedication Fund ............................................................................................... 56
Chart 40|Ending Fund Balance and Cash Balance................................................................... 56
Chart 41|Source and Use of Funds ......................................................................................... 56
Table 16|Finance Plan ............................................................................................................. 57
PROPRIETARY FUNDS
Water Fund .................................................................................................................................... 58
Chart 42|Ending Cash Balance by Purpose ............................................................................. 60
Chart 43|Unrestricted Net Position ........................................................................................ 60
Chart 44|Revenues and Expenses ........................................................................................... 60
Chart 45|Customers and Annual Volume Billed ..................................................................... 60
Table 17|Finance Plan ............................................................................................................. 61
Table 18|Change in Ending Cash Balance ............................................................................... 62
Table 19|Customers and Volume Billed, Rates, and Revenue from Charges ......................... 63
Sewer Fund .................................................................................................................................... 64
Chart 46|Ending Cash Balance by Purpose ............................................................................. 66
Chart 47|Unrestricted Net Position ........................................................................................ 66
Chart 48|Revenues and Expenses ........................................................................................... 66
Chart 49|Customers and Annual Volume Billed ..................................................................... 66
Table 20|Finance Plan ............................................................................................................. 67
Table 21|Change in Ending Cash Balance ............................................................................... 68
Table 22|Customers and Volume Billed, Rates, and Revenue from Charges ......................... 69
Stormwater Fund ........................................................................................................................... 70
Chart 50|Ending Cash Balance by Purpose ............................................................................. 71
Chart 51|Unrestricted Net Position ........................................................................................ 71
Chart 52|Revenues and Expenses ........................................................................................... 71
Chart 53|Customers and Volume Sold .................................................................................... 71
Table 23|Finance Plan ............................................................................................................. 72
Table 24|Change in Ending Cash Balance ............................................................................... 73
Table 25|Customers and Volume Billed, Rates, and Revenue from Charges ......................... 74
Liquor Fund .................................................................................................................................... 75
Chart 54|Ending Cash Balance by Purpose ............................................................................. 76
Chart 55|Unrestricted Net Position ........................................................................................ 76
Chart 56|Revenues and Expenses ........................................................................................... 76
Table 26|Finance Plan ............................................................................................................. 77
Table 27|Change in Ending Cash Balance ............................................................................... 78
Fiber Optics Fund ........................................................................................................................... 79
Chart 57|Ending Cash Balance by Purpose ............................................................................. 80
Chart 58|Unrestricted Net Position ........................................................................................ 80
Chart 59|Revenues and Expenses ........................................................................................... 80
Table 28|Finance Plan ............................................................................................................. 81
Table 29|Change in Ending Cash Balance ............................................................................... 82
Deputy Registrar Fund ................................................................................................................... 83
Chart 60|Ending Cash Balance by Purpose ............................................................................. 84
Chart 61|Unrestricted Net Position ........................................................................................ 84
Chart 62|Revenues and Expenses ........................................................................................... 84
Table 30|Finance Plan ............................................................................................................. 85
Table 31|Change in Ending Cash Balance ............................................................................... 86
INTERNAL SERVICE FUNDS
Benefit Accrual Fund ...................................................................................................................... 87
Table 32|Finance Plan ............................................................................................................. 88
Central Equipment Fund ................................................................................................................ 89
Table 33|Finance Plan ............................................................................................................. 90
Information Technology (IT) Fund ................................................................................................. 91
Table 34|Finance Plan ............................................................................................................. 92
Facilities Maintenance Fund .......................................................................................................... 93
Table 35|Finance Plan ............................................................................................................. 94
Appendices ........................................................................................................................................... 95
Appendix A|Projected Staffing Additions ...................................................................................... 96
Appendix B|Projected Future Development ................................................................................. 98
Appendix C|EDA Sub Funds - TIF Districts Finance Plans ............................................................ 100
EDA General Fund .................................................................................................................. 101
GMEF Fund ............................................................................................................................ 102
TIF Future Fund ...................................................................................................................... 103
TIF 6 Fund .............................................................................................................................. 104
TIF 19 Fund ............................................................................................................................ 105
TIF 20 Fund ............................................................................................................................ 106
TIF 22 Fund ............................................................................................................................ 107
TIF 24 Fund ............................................................................................................................ 108
TIF 29 Fund ............................................................................................................................ 109
TIF 30 Fund ............................................................................................................................ 110
TIF 34 Fund ............................................................................................................................ 111
TIF 39 Fund ............................................................................................................................ 112
TIF 40 Fund ............................................................................................................................ 113
TIF 41 Fund ............................................................................................................................ 114
TIF 42 Fund ............................................................................................................................ 115
TIF 43 Fund ............................................................................................................................ 116
TIF 45 Fund ............................................................................................................................ 117
TIF 46 Fund ............................................................................................................................ 118
Appendix D|Debt Service Tax Levy Summary ............................................................................. 119
Appendix E|Water Residential Customer Billing Example .......................................................... 120
Appendix F|Sanitary Sewer Residential Customer Billing Example ............................................ 120
Appendix G|Stormwater Residential Customer Billing Example ................................................ 120
Appendix H|Combined Utilities Residential Customer Billing Example ...................................... 120
1
INTRODUCTION AND SUMMARY
The Community Energy Transition grant awarded in 2021
provided the City of Monticello an opportunity to plan for
expected changes at the Monticello Nuclear Generating Plant
(the “Xcel Plant”) owned by Xcel Energy (Northern 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 2023, property owned by Xcel Energy in
Monticello comprises approximately 45% of the City’s total tax
capacity value ($15.9 million of $35.3 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 (the
“Plan”) is intended to serve as a companion guide informing the
ongoing financial management for the City as it undertakes the
efforts to successfully transition the community. However, the
Plan is also used in a broader focus to inform strong, fiscally
responsible decisions for the City Council and staff in strategic
growth, development, and improvements.
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. Information on the wider economic impact
of the future plant closure is included in a 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 financial
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
improvements, and debt service are included.
The two key objectives for the Plan are as follows:
• Revenue Sufficiency: Develop and populate a forecasting
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.
• 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 2024-
2033 (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
levies, rates for fees and charges, and levels of reserves.
2
Future private development of property within the City has and
will continue to provide increased revenue capacity 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 assumed information on customer activity,
including data on historical customer billings and
significant industrial users billing data.
• The City used historical financial data along with current
budget plans and capital improvement plans.
• The City made assumptions for future housing units and
commercial-industrial building space projected to be
constructed in the City and connected to the municipal
utilities.
• All assumptions and information gathered were
organized, analyzed, and used to support the
development of the Plan.
• 2021 and 2022 data are reconciled with the audited
financial statements. 2023 and 2024 budgeted numbers
reconcile to the budgets as adopted by the City Council.
• City staff edited the Plan with input and feedback on the
assumptions, 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 discussions
that will be needed to ensure revenues are sufficient.
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 obligations
and debt service is included.
4. Finance Plans provide the finance plans (pro forma) for
each City Fund. The finance plans include historical,
current, and projected revenues and expenses or
expenditures, 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 current
and projected financial requirements for the Funds over the next
3
ten years, which at times are shown to be insufficient. Future
decisions regarding tax levies, debt issuances, and timing of
expenditures will need to be altered from the Plan to ensure a
stable financial position. 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
legislative actions to support transition efforts is important as
the City prepares to transition away from an energy economy.
In partnership, the City and the Monticello Economic
Development Authority (EDA) have a history of actively
leveraging economic development programs to assist with
acquisition 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
appropriation.
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 occurred in 2023 when the
City requested, and was successful in receiving, legislative action
from the State of Minnesota to allow the voters of Monticello to
enact a Local Sales and Use Tax. The election for this tax will take
place in November of 2024.
The proposed funding consists of a 0.5% tax up to $30 million
and for no longer than 20 years for the construction of
improvements at the Bertram Chain of Lakes (BCOL) Regional
Athletic Park and The Pointes at Cedar Recreation Area. Each
project has 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
implementing the approved general local tax.
To 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, which it did.
The City may pursue other revenue sources, including state
grants or special legislation specific to a project or development
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 recognizes 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 balance.
4
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 purposes:
• Three-months of operating expense
• Following year’s debt service payments
• Following year’s capital acquisition (planned to be paid
from cash)
• Reserves for future capital improvements and other
reserve 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
essential element for establishment of revenue sufficiency.
The Plan focuses on the City’s asset management practices to
maintain and expand infrastructure at estimated costs. Rather
than focus on “funding depreciation”, 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 evaluating
overall financial condition. For instance, do projections show
sufficient revenues to cover planned operating and capital
improvement expenses? The Utilities must do better than break
even, but by how much? If debt is issued, what impact does that
have on user rates? 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 sufficiency 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 Utilities no lower than 50% of
the subsequent year’s estimated expenses. Since most of the
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
basic functions between receipts of user charges.
Levy and Rate Calculations
The Plan focuses on projecting annual tax levy and the resulting
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 services. The City tax rate is a
factor of the annual tax levy certified 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
5
based on assumptions in the Plan, and in some cases, still do not
provide for revenue sufficiency.
Figure 1.
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 following:
• General Fund ad valorem tax levy in the Plan is assumed
to increase 5.0%.
• General Fund non-tax revenues are estimated to increase
by 3.0% to 5.0% annually. There are no major changes
assumed for non-tax revenue collections for the General
Fund.
• Current expenses across all funds are estimated to
increase by 2.5% annually. This rate is low based on
current 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 included
in the Finance Plan for the General Fund.
• The preliminary taxable market value of property for
2024 is shown as provided by Wright County.
• Taxable market value of property in the City, except for
value for property classified as “public utilities” is
projected to increase by 3.0% annually for assessment
years 2025-2032.
• Taxable market value for property classified as public
utilities, which includes the Xcel Plant, is projected to
decline by 3.0% for 2025, and then by 1.0% annually for
assessment years 2026-2032.
• Residential (single-family) housing unit construction is
assumed to average approximately 70 new units per year
between tax payable years 2023-2032. The average
valuation per unit in today’s dollars is estimated at
approximately $290,000 (the analysis assumes annual
valuation growth of 3.0%). This is unchanged from the
Plan dated May 9, 2022.
• Multi-family (apartment) housing unit construction is
assumed to average approximately 112 new units per
year between tax payable years 2023-2032. The average
valuation per unit in today’s dollars is estimated at
approximately $190,000 (the analysis assumes annual
valuation growth of 3.0%). This is unchanged from the
Plan dated May 9, 2022.
• Commercial space construction is assumed to average
approximately 22,000 square feet per year between tax
payable years 2023-2032, with average valuation of $145
Tax Year Tax Levy ($) % Change in
Tax Levy Tax Rate % Change
in Tax Rate
2022 11,353,000 36.536
2023 12,050,000 6.1% 35.035 -4.1%
2024 13,074,000 8.5% 34.957 -0.2%
2025 15,934,212 21.9% 40.958 17.2%
2026 17,140,617 7.6% 42.394 3.5%
2027 17,727,114 3.4% 42.446 0.1%
2028 18,567,988 4.7% 43.374 2.2%
2029 19,419,811 4.6% 43.871 1.1%
2030 19,980,821 2.9% 43.786 -0.2%
2031 20,568,608 2.9% 43.677 -0.2%
2032 21,119,861 2.7% 43.459 -0.5%
6
per SF in today’s dollars (the analysis assumes annual
valuation growth of 3.0%). This is unchanged from the
Plan dated May 9, 2022.
• Industrial space construction is assumed to average
approximately 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%). This is unchanged from the
Plan dated May 9, 2022.
• Tax increment financing districts will be decertified and
provide approximately $130,000, or approximately 0.33%
increase in tax capacity for the City between tax payable
years 2025-2030.
• Bond issuance is assumed to finance certain project
costs. Bonds are estimated to be payable from taxes,
special assessments, local sales tax (pending election in
2024), and net revenues from the Utilities, 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 residential
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 services have certain fixed costs that
are incurred year-round. These fixed costs are incurred
regardless of the level of water 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 capital 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 sufficient 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 significant change anticipated for the
industrial customers, including customers with service
agreements with the City for sanitary sewer services.
7
Table 1
Note: The increase in Year 2025 is more significant than other years. This is due to the projected increase in tax levy for the Debt Service
Funds. The Plan anticipates the issuance of debt to finance a new public works facility.
City of Monticello
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
TAX LEVY
General Fund 7,475,000 8,060,000 8,640,000 9,072,000 9,526,000 10,003,000 10,504,000 11,030,000 11,582,000 12,162,000 12,771,000
Debt Service Funds 2,311,400 1,999,581 2,026,175 4,571,462 5,057,644 4,650,432 4,473,096 4,281,192 4,271,943 4,260,925 4,183,807
Special Revenue Funds (Community Center)485,000 515,000 525,000 540,750 556,973 573,682 590,892 608,619 626,877 645,684 665,054
Capital Projects Funds 1,081,600 1,475,419 1,882,825 1,750,000 2,000,000 2,500,000 3,000,000 3,500,000 3,500,000 3,500,000 3,500,000
TAX LEVY 11,353,000 12,050,000 13,074,000 15,934,212 17,140,617 17,727,114 18,567,988 19,419,811 19,980,821 20,568,608 21,119,861
Annual % Change 2.6% 6.1% 8.5% 21.9% 7.6% 3.4% 4.7% 4.6% 2.9% 2.9% 2.7%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 16,388,675 18,470,381 21,441,079 22,084,312 22,746,841 23,429,246 24,132,124 24,856,087 25,601,770 26,369,823 27,160,918
Tax Capacity Public Utilities 15,439,295 16,010,549 15,274,064 14,815,842 14,667,683 14,521,007 14,375,796 14,232,038 14,089,718 13,948,821 13,809,333
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 8,714,961
Total Tax Capacity 31,827,970 34,601,242 37,765,900 39,826,659 41,636,590 42,955,636 44,032,109 45,521,623 46,857,167 48,352,189 49,685,211
Less TC Captured for Powerlines 3,578 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 750,789 203,895 361,633 919,557 1,200,904 1,187,913 1,219,435 1,251,904 1,221,149 1,255,594 1,084,804
NET TAX CAPACITY 31,073,603 34,393,769 37,400,689 38,903,525 40,432,107 41,764,146 42,809,095 44,266,141 45,632,440 47,093,017 48,596,829
Annual % Change 10.68% 8.74% 4.02% 3.93% 3.29% 2.50% 3.40% 3.09% 3.20% 3.19%
CITY TAX CAPACITY TAX RATE 36.536 35.035 34.957 40.958 42.394 42.446 43.374 43.871 43.786 43.677 43.459
Annual % Change 2.5% -4.1% -0.2% 17.2% 3.5% 0.1% 2.2% 1.1% -0.2% -0.2% -0.5%
CITY PROPERTY TAX LEVY, TAX CAPACITY, AND TAX RATE
8
Table 1a
City of Monticello
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
TAX LEVY
Economic Development Authority Fund 388,000 402,000 451,000 464,530 478,466 492,820 507,604 522,833 538,518 554,673 571,313
TAX LEVY 388,000 402,000 451,000 464,530 478,466 492,820 507,604 522,833 538,518 554,673 571,313
Annual % Change 3.61% 12.19% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 16,388,675 18,470,381 21,441,079 22,084,312 22,746,841 23,429,246 24,132,124 24,856,087 25,601,770 26,369,823 27,160,918
Tax Capacity Public Utilities 15,439,295 16,010,549 15,274,064 14,815,842 14,667,683 14,521,007 14,375,796 14,232,038 14,089,718 13,948,821 13,809,333
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 8,714,961
Total Tax Capacity 31,827,970 34,601,242 37,765,900 39,826,659 41,636,590 42,955,636 44,032,109 45,521,623 46,857,167 48,352,189 49,685,211
Less TC Captured for Powerlines 3,578 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 750,789 203,895 361,633 919,557 1,200,904 1,187,913 1,219,435 1,251,904 1,221,149 1,255,594 1,084,804
NET TAX CAPACITY 31,073,603 34,393,769 37,400,689 38,903,525 40,432,107 41,764,146 42,809,095 44,266,141 45,632,440 47,093,017 48,596,829
Annual % Change 10.68% 8.74% 4.02% 3.93% 3.29% 2.50% 3.40% 3.09% 3.20% 3.19%
HRA TAX CAPACITY TAX RATE 1.249 1.169 1.206 1.194 1.183 1.180 1.186 1.181 1.180 1.178 1.176
Annual % Change 5.8% -6.4% 3.2% -1.0% -0.9% -0.3% 0.5% -0.4% -0.1% -0.2% -0.2%
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
The projected changes in the annual tax levy reflect potential
personnel additions and an increase in tax levy for capital
improvements, including debt service 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 greater
than the annual increase in net tax capacity, causing a projected
increase in tax rate.
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.
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
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
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032Tax Capacity as Percent of TotalChart 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
0.000
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
50.000
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032City Tax RateChart 3.
City Tax Rate is a factor of Tax Levy and the Tax Capacity of Taxable Market Value
10
The Plan projects Monticello’s tax rate will increase over the next
decade. However, Monticello’s tax rate is projected to be lower
than several other comparative cities.
The estimated City property taxes for the example residential
and commercial-industrial properties, as shown to the right,
reflect the impact of projected changes in City tax levy and
estimated taxable market value as included in the Plan.
0.00 10.00 20.00 30.00 40.00 50.00 60.00
Otsego
Monticello Pay 2022
St. Michael
Monticello Pay 2023
Monticello Pay 2024
Monticello Pay 2025
Monticello Pay 2026
Zimmerman
Becker
Monticello Pay 2027
Monticello Pay 2028
Rockford
Monticello Pay 2029
Monticello Pay 2030
Monticello Pay 2031
Monticello Pay 2032
Hanover
Albertville
Big Lake
Buffalo
Princeton
Chart 4.
Comparison of other cities Pay 2023 tax rates to Monticello including comparison to future
projected tax payable years for Monticello based on the Plan
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2024 2025 2026 2027 2028 2029 2030 2031 2032
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
2024 2025 2026 2027 2028 2029 2030 2031 2032
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
11
The ending fund balance for the General Fund is projected to
decline over the next 10 years. Future adjustments to tax levy or
expenditures will be needed to ensure the fund balance stays
within policy levels.
For the Proprietary Funds in total, 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.
The reduction in cash balance for the Capital Projects Funds will
be remedied with future decision-making regarding grant
applications, other funding, and timing of future projects.
The ending cash balances within the Capital Projects Funds vary
from year to year based on timing of projects and other factors.
Future adjustments to revenue and/or spending will be needed
to avoid future expenditures exceeding revenues as shown in the
Plan.
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
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Ending Fund Balance as % of ExpenseEnding Fund BalanceMILLIONSChart 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.
($20.0)
($15.0)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
($6.0)
($4.0)
($2.0)
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 9.
Ending Cash Balances for Capital Projects Funds by Categories
Capital Projects
Fund
Street Lighting
Improvement Fund
Park and Pathway
Improvement Fund
12
The decline in cash balance in the Water Fund is due to planned
capital spending, including on trunk lines. No bonding for water
system infrastructure, except for construction of a Water
Treatment Facility, is included in the Plan.
For the Water Fund, 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 increase in the Sewer Fund projected cash balance is driven
by the timing of collection of revenue from development
charges, for example trunk charges, and the use of these funds
for construction of trunk lines and other improvements to
support development.
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
13
The ending cash balance in the Stormwater Fund is projected to
be negative due to planned capital spending. Either additional
rate increases will be needed, additional grant funding acquired,
planned capital spending adjusted, 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 Liquor
Fund to other City Funds, except the transfer to the Capital
Projects Fund included in the 2024 budget. The City plans to
consider how the projected cash in the Liquor Fund may be used
for other municipal purposes.
($1.5)
($1.0)
($0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
14
The ending cash balance in the Fiber Optics Fund is projected to
remain positive due to projected revenues exceeding planned
spending, including on annual capital. The City will continue to
monitor the projected needs of the Fiber Optics Fund as the
telecommunication industry changes.
The City is planning to use what it has determined is available
cash in the Deputy Registrar Fund to support other City Funds.
The Plan includes an annual transfer of $100,000 to the
Community Center Fund to provide support for ongoing
operations.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
$0.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
15
The General Fund levy comprises the largest share of the City’s
total tax levy. The 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.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032Percent of TotalChart 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
16
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 15,087 (2023 estimate).
Governmental Services
The City provides a full range of municipal government services:
police and fire protection; the construction and maintenance of
streets, and other infrastructure; recreational activities; and
general administrative services. There is one component unit that
operates within the City, the Monticello Economic Development
Authority, reported in the Plan as a Special Revenue Fund.
Water and Sanitary Sewer Systems
The City owns and operates a municipal water system that
provides service to the urbanized portions of the community. 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 America. The current contract
runs through 2026.
Stormwater Management & Protection
The City has a Stormwater Pollution Prevention Program to reduce
pollutant discharge to the maximum extent practicable 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 proprietary
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. The system began operations
in 2010; however, net revenues were not sufficient to fully support
operations and the payment of the 2008 Telecommunications
Revenue 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 contracted 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. The City has not made any interfund transfers
to support the Fiber Optics Fund since 2019. The City redeemed
the outstanding Telecommunication Bonds in 2021.
Deputy Registrar
The Deputy Registrar is accounted for in a proprietary fund. 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 technology 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.
17
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 2023 will be assessed in year 2024 for taxes
first payable in year 2025.
$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 Completion Year*
*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 construction completion by respective tax
payable year.
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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 Property is based on the assumption that valuation of existing property will increase by
3.0% annually offset by the assumption that the valuation of 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%.
18
CAPITAL IMPROVEMENT PLAN (CIP) AND DEBT
Overview
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. The Plan includes estimates for years 2024-
2033, 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 finance certain
projects in the CIP.
Downtown
Improvements in the Downtown of approximately $13.2 million
are planned over the next decade, including the improvement
project currently underway. Planned improvements include
street improvements, lighting improvements, and park
amenities. Source of funding includes available cash and current
revenues (i.e., electric franchise revenue) in the Capital Project
Fund and Street Lighting Improvement Fund, and grants.
Pointes at Cedar
Improvements in the Pointes at Cedar of approximately $41.9
million are planned over the next decade. Planned
improvements include stormwater improvements, street
improvements, lighting improvements, and park and community
space amenities. Bonding is anticipated to finance a portion of
the costs, with development in the area supporting a portion of
the debt service. Voters will also consider a 0.5% sales tax on the
ballot in November 2024 to fund some of the project.
Fallon Avenue Improvements
Improvements to Fallon Avenue, including utilities, and adjacent
trail construction, of approximately $15.1 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 facility
in 2024 at an estimated cost of $35 million. Bonding is
anticipated to finance the construction. However, a State
bonding bill request for $16 million was submitted for the state
legislature’s consideration in 2024. Other capital includes the
acquisition of equipment of approximately $2.7 million.
Streets and Transportation
Improvements to city streets and lighting, among other
transportation related improvements, in the amount of
approximately $48.3 million is planned over the next decade.
These improvements include a potential interchange in the
northwest area. Current tax levies in combination with bonding
are anticipated 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
approximately $4.5 million are planned over the next decade,
with most of the improvements planned to occur within the next
three years. Improvements include pond restoration and
construction, stormwater lift station, ditch upgrades, and
19
acquisition of a new street sweeper. The city is working with
county staff to acquire funding for the Ditch 33 project.
Water Utility
Improvements to the water utility system are planned in the
approximate amount of $56 million over the next decade. The
majority of this relates to trunk water improvements in the
amount of $19.8 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 million in 2028. The City was
awarded $11 million in state funding for the construction.
Additionally, the city anticipates needing to perform cast iron
watermain replacement in the amount of $4.1 million over the
next ten years. Other improvements include a new water well,
and equipment, among other projects.
Sewer Utility
Improvements to the sewer utility system are planned in the
approximate amount of $18 million over the next decade. The
majority of this relates to updates to the wastewater treatment
plant in the amount of $8.3 million, utility extensions along CSAH
39 West for $2.5 million, and trunk sewer line improvements of
$5.1 million. Other improvements include a lift station, and
equipment, among other projects.
Recreation and Culture
Improvements for the benefit of recreation and culture are
planned in the approximate amount of $12.7 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 $5.6 million. Other
improvements include fleet replacement, playground equipment,
regional trail, among other projects. Source of funding is a
combination of bonds supported by ad valorem taxes, and
current revenues from charges for service and other sources.
Voters will also consider a 0.5% sales tax on the ballot in
November 2024 to fund some of this multi-phase buildout.
Fire and Rescue
Improvements, largely for acquisition of equipment for fire and
rescue, are planned in the approximate amount of $2 million
over the next decade.
Building Inspectors/Community Development
Scheduled replacement of vehicles for city personnel are planned
in the approximate amount of $48,000 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 $4.9 million over the next
decade.
Liquor Store
Improvements to the municipal liquor store parking lot in the
approximate amount of $75,000 is the only project planned over
the next decade.
Deputy Registrar
Minimal capital spending for deputy registrar is planned over the
next decade. Planned capital costs include $90,000 in 2024 to
repave the parking lot and $45,000 in 2031 for a new courier
vehicle.
20
Fiber Optics
Improvements to the municipal owned fiber optics system for
annual capital expansion are planned in the approximate amount
of $2.0 million over the next decade. This expense is dependent
on new development.
Information Technology (IT)
The city utilized available funding the past few years to upgrade
its IT infrastructure. Therefore, no planned capital expenditures
are included in the CIP for 2024-2033.
Monticello Community Center
Improvements to the Monticello Community Center are planned
in the approximate amount of $1.6 million over the next decade.
The single largest expenditure is for site hardening and
sidewalk/parking lot improvements. Other improvements are
related to updates to the old skate park, and 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 sources, along
with a summary of debt outstanding by year.
The estimated annual debt service for future bonds is included in
the finance plans for the Governmental Debt Service 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 the time of each issuance.
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 is based on the terms stated above
and an estimated 3.5-5.0% interest rate on the bonds, depending
on the repayment years assumed.
Bond Rating
Moody’s Investors Service (Moody’s) upgraded the City’s bond
rating of the City’s outstanding general obligation debt from A1
to Aa3 on October 4, 2023. The City has not issued general
obligation 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.
.
21
Table 2
City of Monticello
Capital Improvement Plan
Total Capital Outlay by Fund
total 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total
General Fund
General Govt - 3,708 3,708 3,708 3,708 3,708 3,708 3,708 3,708 3,708 33,372
Fire & Rescue - 61,533 61,533 61,533 61,533 61,533 61,533 61,533 61,533 61,533 553,797
Streets - 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 945,000
Recreation 55,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 532,000
Community Center Fund - 164,000 249,000 264,000 324,000 264,000 264,000 264,000 264,000 264,000 2,321,000
Capital Projects Fund 41,750,000 12,842,000 6,630,000 12,076,954 6,100,000 13,332,000 8,238,172 8,200,000 4,000,000 30,050,000 143,219,126
Street Lighting Fund 1,380,000 235,000 - - - - - - - - 1,615,000
Park & Pathways Fund 87,000 4,525,000 5,250,000 50,000 133,000 1,715,000 - - - - 11,760,000
Utility - Water Fund 1,170,000 14,570,000 13,460,000 460,000 460,000 460,000 460,000 460,000 460,000 460,000 32,420,000
Utility - Water Trunk Fund - 1,936,540 3,803,636 3,148,889 2,443,928 2,517,245 3,345,869 2,670,546 2,750,662 2,750,662 25,367,977
Utility - Sewer Fund 700,000 544,196 182,029 - 50,005 - 178,777 129,658 - - 1,784,665
Utility - Sewer Trunk Fund - 4,750,000 875,008 5,019,027 610,026 628,327 2,962,962 666,592 5,666,592 686,590 21,865,124
Utility - Stormwater Fund - - - - - - - - - - -
Utility - Stormwater Trunk Fund 2,015,000 1,180,000 1,490,000 609,000 - 300,000 - - - - 5,594,000
Liquor Store Fund - 125,000 31,500 31,500 31,500 31,500 31,500 31,500 31,500 31,500 377,000
Deputy Registrar Fund 110,000 15,000 15,000 15,000 15,000 15,000 15,000 60,000 15,000 15,000 290,000
Fibernet Fund 200,000 210,398 210,398 210,398 210,398 210,398 210,398 210,398 210,398 210,398 2,093,582
Facilities Maintenance Fund - - - - - 50,000 - - - - 50,000
IT Services Fund - - - - - - - - - - -
Central Equipment Fund 292,000 1,466,000 584,000 2,696,000 299,000 523,000 107,000 1,245,000 262,000 - 7,474,000
Total 47,759,000 42,786,375 33,003,812 24,804,009 10,900,098 20,269,711 16,036,919 14,160,935 13,883,393 34,691,391 258,295,643
22
Table 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 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Capital Projects Fund - 30,000,000 5,000,000 4,700,000 4,600,000 460,000 3,500,000 4,200,000 - -
Public Works Facility 30,000,000 5,000,000
The Pointes at Cedar 4,700,000 4,600,000 460,000 3,500,000
Fallon Avenue Improvements 4,200,000
Park and Pathway Improvement Fund - - - 4,500,000 - - - - - -
Bertram Chain of Lakes Future Phases 4,500,000
Water Fund - - 9,000,000 8,000,000 - - - - - -
Water Treatment Plant 9,000,000 8,000,000
Grand Total - 30,000,000 14,000,000 17,200,000 4,600,000 460,000 3,500,000 4,200,000 - -
23
Table 4
City of Monticello
Summary of Existing Debt
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Principal
General Obligation Bonds 470,000 480,000 490,000 500,000 510,000 520,000 370,000 380,000 385,000 395,000
Special Assessment Bonds 1,100,000 1,120,000 1,145,000 1,165,000 730,000 520,000 490,000 510,000 - -
Tax Abatement Bonds 590,000 605,000 625,000 640,000 655,000 680,000 695,000 710,000 740,000 760,000
General Obligation Revenue Bonds 205,000 210,000 215,000 225,000 230,000 240,000 - - - -
PFA Revenue Note 107,000 108,000 109,000 111,000 112,000 113,000 114,000 115,000 117,000 118,000
Internal Service Funds Obligations 60,000 60,000 - - - - - - - -
Total 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 1,273,000
Interest
General Obligation Bonds 109,718 100,318 90,718 80,918 70,918 60,718 50,318 42,918 35,318 27,233
Special Assessment Bonds 143,743 120,893 97,618 77,150 51,825 33,650 20,700 10,600 - -
Tax Abatement Bonds 186,573 171,473 155,973 139,973 122,573 104,748 86,248 67,108 46,151 23,711
General Obligation Revenue Bonds 39,705 34,375 28,600 22,150 15,400 8,040 - - - -
PFA Revenue Note 15,786 14,648 13,500 12,341 11,162 9,971 8,770 7,558 6,335 5,092
Internal Service Funds Obligations 3,570 1,830 - - - - - - - -
Total 499,093 443,536 386,408 332,531 271,877 217,126 166,035 128,183 87,804 56,036
Debt Service
General Obligation Bonds 579,718 580,318 580,718 580,918 580,918 580,718 420,318 422,918 420,318 422,233
Special Assessment Bonds 1,243,743 1,240,893 1,242,618 1,242,150 781,825 553,650 510,700 520,600 - -
Tax Abatement Bonds 776,573 776,473 780,973 779,973 777,573 784,748 781,248 777,108 786,151 783,711
General Obligation Revenue Bonds 244,705 244,375 243,600 247,150 245,400 248,040 - - - -
PFA Revenue Note 122,786 122,648 122,500 123,341 123,162 122,971 122,770 122,558 123,335 123,092
Internal Service Funds Obligations 63,570 61,830 - - - - - - - -
Total 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 1,329,036
Outstanding
General Obligation Bonds 4,845,000 4,365,000 3,875,000 3,375,000 2,865,000 2,345,000 1,975,000 1,595,000 1,210,000 815,000
Special Assessment Bonds 5,680,000 4,560,000 3,415,000 2,250,000 1,520,000 1,000,000 510,000 - - -
Tax Abatement Bonds 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 1,120,000 910,000 695,000 470,000 240,000 - - - - -
PFA Revenue Note 1,378,000 1,270,000 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000 361,000
Internal Service Funds Obligations 60,000 - - - - - - - - -
Total 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 1,176,000
24
Table 5
City of Monticello
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Annual Principal
General Obligation Bonds - - 645,000 790,000 830,000 1,135,000 1,185,000 1,240,000 1,300,000 1,795,000
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - 300,000 305,000 635,000 825,000 850,000 870,000 900,000
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - 645,000 1,090,000 1,135,000 1,770,000 2,010,000 2,090,000 2,170,000 2,695,000
Annual Interest
General Obligation Bonds - - 2,271,394 1,867,213 1,722,200 1,865,804 1,795,525 1,982,936 2,036,533 2,141,403
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - 207,568 176,700 646,421 717,836 619,300 594,425 568,925
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - 2,271,394 2,074,780 1,898,900 2,512,226 2,513,361 2,602,236 2,630,958 2,710,328
Annual Debt Service
General Obligation Bonds - - 2,916,394 2,657,213 2,552,200 3,000,804 2,980,525 3,222,936 3,336,533 3,936,403
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - 507,568 481,700 1,281,421 1,542,836 1,469,300 1,464,425 1,468,925
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - 2,916,394 3,164,780 3,033,900 4,282,226 4,523,361 4,692,236 4,800,958 5,405,328
Bonds Outstanding at Year End
General Obligation Bonds - 31,210,000 35,740,000 43,070,000 42,240,000 45,775,000 48,145,000 51,170,000 49,870,000 48,075,000
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - 9,135,000 18,175,000 22,540,000 21,905,000 21,080,000 20,230,000 19,360,000 18,460,000
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - 31,210,000 44,875,000 61,245,000 64,780,000 67,680,000 69,225,000 71,400,000 69,230,000 66,535,000
Summary of Planned New Debt
25
Table 6
City of Monticello
Summary of Existing and Planned New Debt
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Annual Principal
General Obligation Bonds 470,000 480,000 1,135,000 1,290,000 1,340,000 1,655,000 1,555,000 1,620,000 1,685,000 2,190,000
Special Assessment Bonds 1,100,000 1,120,000 1,145,000 1,165,000 730,000 520,000 490,000 510,000 - -
Tax Abatement Bonds 590,000 605,000 625,000 640,000 655,000 680,000 695,000 710,000 740,000 760,000
General Obligation Revenue Bonds 205,000 210,000 215,000 525,000 535,000 875,000 825,000 850,000 870,000 900,000
PFA Revenue Note 107,000 108,000 109,000 111,000 112,000 113,000 114,000 115,000 117,000 118,000
Internal Service Funds Obligations 60,000 60,000 - - - - - - - -
Total 2,532,000 2,583,000 3,229,000 3,731,000 3,372,000 3,843,000 3,679,000 3,805,000 3,412,000 3,968,000
Annual Interest
General Obligation Bonds 109,718 100,318 2,362,112 1,948,130 1,793,118 1,926,522 1,845,843 2,025,853 2,071,850 2,168,636
Special Assessment Bonds 143,743 120,893 97,618 77,150 51,825 33,650 20,700 10,600 - -
Tax Abatement Bonds 186,573 171,473 155,973 139,973 122,573 104,748 86,248 67,108 46,151 23,711
General Obligation Revenue Bonds 39,705 34,375 28,600 229,718 192,100 654,461 717,836 619,300 594,425 568,925
PFA Revenue Note 15,786 14,648 13,500 12,341 11,162 9,971 8,770 7,558 6,335 5,092
Internal Service Funds Obligations 3,570 1,830 - - - - - - - -
Total 499,093 443,536 2,657,802 2,407,311 2,170,777 2,729,351 2,679,395 2,730,418 2,718,762 2,766,364
Annual Debt Service
General Obligation Bonds 579,718 580,318 3,497,112 3,238,130 3,133,118 3,581,522 3,400,843 3,645,853 3,756,850 4,358,636
Special Assessment Bonds 1,243,743 1,240,893 1,242,618 1,242,150 781,825 553,650 510,700 520,600 - -
Tax Abatement Bonds 776,573 776,473 780,973 779,973 777,573 784,748 781,248 777,108 786,151 783,711
General Obligation Revenue Bonds 244,705 244,375 243,600 754,718 727,100 1,529,461 1,542,836 1,469,300 1,464,425 1,468,925
PFA Revenue Note 122,786 122,648 122,500 123,341 123,162 122,971 122,770 122,558 123,335 123,092
Internal Service Funds Obligations 63,570 61,830 - - - - - - - -
Total 3,031,093 3,026,536 5,886,802 6,138,311 5,542,777 6,572,351 6,358,395 6,535,418 6,130,762 6,734,364
Bonds Outstanding at Year End
General Obligation Bonds 4,845,000 35,575,000 39,615,000 46,445,000 45,105,000 48,120,000 50,120,000 52,765,000 51,080,000 48,890,000
Special Assessment Bonds 5,680,000 4,560,000 3,415,000 2,250,000 1,520,000 1,000,000 510,000 - - -
Tax Abatement Bonds 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 1,120,000 910,000 9,830,000 18,645,000 22,780,000 21,905,000 21,080,000 20,230,000 19,360,000 18,460,000
PFA Revenue Note 1,378,000 1,270,000 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000 361,000
Internal Service Funds Obligations 60,000 - - - - - - - - -
Total 19,193,000 47,820,000 58,901,000 72,630,000 73,928,000 74,755,000 74,631,000 75,091,000 71,679,000 67,711,000
Debt Subject to Statutory Debt Limit 10,955,000 41,080,000 44,495,000 50,685,000 48,690,000 51,025,000 52,330,000 54,265,000 51,840,000 48,890,000
% of Statutory Debt Limit Used 17% 63% 68% 78% 75% 78% 80% 83% 80% 75%
Statutory Debt Limit (EMV * 3.0%)65,207,205 65,207,205 65,207,205 65,207,205 65,207,205 65,207,205 65,207,205 65,207,205 65,207,205 65,207,205
Estimated Legal Debt Margin (Unused Limit)54,252,205 24,127,205 20,712,205 14,522,205 16,517,205 14,182,205 12,877,205 10,942,205 13,367,205 16,317,205
26
Annual capital improvements are projected to vary from year to
year. Street improvements are planned for each year, but the
annual spending is projected to vary depending on specific
projects and timing for construction.
Multiple sources of revenue and the use of cash balances are
projected to be available for capital spending purposes. Issuance
of bonds to finance certain project costs is also planned.
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 20.
Capital Improvements Plan by Fund General Fund
Community Center Fund
Capital Projects Fund
Street Lighting Improvement
Fund
Park and Pathway
Improvement Fund
Proprietary Funds
Facilities Maintenance Fund
IT Fund
Central Equipment Fund
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 21.
Capital Improvement Plan Source of Funds
Other revenue sources / use
of cash
Bond proceeds
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
27
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 23.
Source of Revenue for Debt Service
Property tax
Special Assessments
Use of fund balance
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041MillionsChart 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
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
202220232024202520262027202820292030203120322033203420352036203720382039204020412042MillionsChart 25.
Total Debt Outstanding Existing and Planned New Debt
Planned New Debt Existing Debt
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039MillionsChart 26.
Tax Levy for Debt Service
Levy for Existing Debt Levy for Planned New Debt
28
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2022 2023 2024 2025 2026 2027
Chart 27.
Amortization of Debt
Includes Outstanding Existing Debt and Planned New Debt
% Amortized within 5 years % Amortized within 10 years
-
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
$5,000
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 City PopulationDebt Per CapitaChart 28.
Debt Per Capita for Existing and Planned New Debt
Debt Per Capita Population
Note: Population growth is assumed at 500 persons per year
29
FINANCE PLANS
Background
Finance plans have been prepared for the Governmental Funds
and the Proprietary Funds. Governmental Funds are used to
account for the municipal functions of the City. The acquisition,
use, and balances of the City’s expendable financial resources
and the related current liabilities are accounted for through the
Governmental Funds. The Proprietary Funds are used to account
for the City’s ongoing municipal utility operations, liquor store
operations, fiber optics, and deputy registrar that are similar to
businesses found in the private sector.
The City also operates Internal Service Funds on a proprietary
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 recognition of
expenses when incurred and the subsequent amortization 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.
Information on the wider economic impact of the future plant
closure is included in a 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. As noted at
various times throughout the Plan, future expenditures
will have to adjust to ensure the tax levy remains at an
acceptable level for the community.
• Non-tax revenues are generally estimated to increase by
2-3% annually, with exceptions as noted in the individual
finance plans.
• Current expenditures/expenses, which includes
personnel costs and non-personnel costs for materials
and supplies, and other operating costs including
professional services are estimated to increase by 2.5%
annually, with exceptions as noted in the individual
finance plans. Exceptions include potential staffing
additions and other operating adjustments.
• For the Utility funds, 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.
Either the amount to be spent on capital improvements
will need to be adjusted, or debt issuance incorporated
30
into the Plan, or more significant rate increases will be
necessary, or a combination of these strategies.
TOTAL GOVERNMENTAL FUNDS COMBINED
The table that follows provides total sources and uses of funds
for the following Governmental Funds combined. Individual
Finance Plans are then provided for each of the following 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 audited financial
statements, the individual Debt Service Funds are presented on a
combined basis.
The EDA Fund includes the combined funds that are managed by
the EDA. This includes funds that account for tax increment
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 2022 (most current audited
financial statements), the City reported total intergovernmental
revenue (all sources) at less than 10% of total revenues for the
Governmental Funds. Property taxes equaled approximately 64%
of total Governmental Fund revenues.
Tax levy increases will be needed to pay for increased operating
costs, capital improvements, and debt service on bonds
anticipated to be issued for planned capital improvements.
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 a potential increase of approximately $2.0
million for new employees, including the operational costs to
support these new positions. Appendices, Exhibit A, includes a
listing of potential positions (FTE and dollars).
Transfers
Recurring transfers are included in the Plan for $100,000 from
the Deputy Registrar Fund to the Community Center Fund to
support operations and 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.
31
2024 Sources and Uses of Funds are high due to the potential
construction and issuance of bonds for a new Public Works
Facility.
Future adjustments to assumptions for planned spending and
funding opportunities are needed to retain the city’s solid
financial position for years to come.
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 30.
Total Governmental Funds Ending Fund Balance and Ending Cash Balance
Ending Fund Balance Ending Cash Balance
32
Table 7 – Page 1 of 2
City of Monticello
Finance Plan
Total Governmental Funds
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 11,565,189 11,823,419 12,452,000 13,525,000 16,398,742 17,619,083 18,219,934 19,075,593 19,942,644 20,519,338 21,123,282 21,691,174
Franchise taxes 383,045 388,074 506,500 521,500 542,325 564,086 586,828 610,599 635,446 661,422 688,580 716,979
Property taxes other - - - - 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Tax increment 732,689 720,301 529,000 258,000 824,393 942,282 951,494 1,022,016 1,030,800 978,670 987,631 996,680
Special assessments 1,699,141 718,773 387,924 351,099 583,328 475,675 392,390 416,387 378,837 324,109 266,052 255,612
Licenses and permits 804,889 613,014 484,000 487,000 501,610 516,658 532,158 548,123 564,566 581,503 598,949 616,917
Other intergovernmental 1,340,382 1,520,370 913,895 1,057,000 840,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
Charges for services 2,102,752 2,777,175 2,475,079 2,750,843 2,810,508 2,887,837 2,967,453 3,049,426 3,133,830 3,220,742 3,310,240 3,402,406
Fines and forfeitures 49,566 36,808 51,600 51,600 53,148 54,742 56,385 58,076 59,819 61,613 63,461 65,365
Investment earnings (180,723) (961,358) 271,271 174,939 256,039 256,370 257,239 258,070 258,965 259,859 261,250 265,451
Other revenues 769,275 1,849,260 816,231 882,506 921,935 947,512 973,887 1,001,081 1,029,119 1,307,830 1,449,607 1,725,305
Sale of capital assets 571,840 - - - - - - - - - - -
Intergovernmental for capital 2,571,685 596,684 3,962,169 3,766,513 1,158,488 841,512 1,600,000 600,000 600,000 600,000 600,000 600,000
Other revenue for capital 121,611 7,088 - - - - - - - - - -
Bond proceeds - - - 30,448,780 5,823,529 9,440,000 4,670,000 4,670,000 3,555,000 4,265,000 - -
Transfer in 7,176,664 306,726 4,000,000 1,100,000 850,000 850,000 850,000 850,000 850,000 850,000 1,131,000 850,000
Total Revenues 29,708,005 20,396,334 26,849,669 55,374,780 31,585,045 36,066,759 32,728,768 32,830,370 32,710,026 34,301,087 31,151,052 31,856,889
Expenditures
Current - General government 2,639,420 2,684,854 2,613,701 2,721,856 2,776,293 2,845,700 2,916,843 2,989,764 3,064,508 3,141,121 3,219,649 3,300,140
Current - Public safety 2,874,183 2,989,883 3,278,367 3,882,331 3,959,978 4,058,977 4,160,451 4,264,463 4,371,074 4,480,351 4,592,360 4,707,169
Current - Economic development 531,823 2,023,817 1,565,240 508,356 517,975 530,762 543,868 557,303 571,073 585,187 599,654 614,483
Capital outlay / acquisition of capital 7,405,428 2,999,832 11,904,669 43,217,000 17,989,241 12,352,241 12,614,195 6,780,241 15,534,241 8,725,413 8,687,241 4,487,241
FTE Increases / Current Expenses - - - - 75,000 77,250 367,068 777,080 1,367,392 1,587,414 1,635,036 1,924,087
Principal payments 6,555,000 2,315,000 2,160,000 2,205,000 2,905,000 3,095,000 2,725,000 2,590,000 2,470,000 2,565,000 2,140,000 2,660,000
Interest payments 685,070 498,959 440,034 392,684 2,615,702 2,165,253 1,967,515 1,880,415 1,795,690 1,951,861 1,971,801 2,051,847
Other expenses 12,723 - 6,966 8,316 - - - - - - - -
Transfer out 8,950,321 456,726 - - - - - - - - 281,000 -
Current - Recreation and culture 2,708,575 3,483,340 3,940,069 4,327,683 4,445,572 4,578,332 4,703,979 4,833,103 4,965,801 5,102,173 5,242,320 5,386,350
Current - Public works 2,123,898 2,406,209 2,823,966 3,112,573 3,138,124 3,215,328 3,294,461 3,375,572 3,458,712 3,543,929 3,631,278 3,720,810
Current - Sanitation 754,132 784,052 843,897 880,557 898,168 920,622 943,638 967,229 991,410 1,016,195 1,041,600 1,067,640
TIF pay-go note payments 23,714 56,794 70,319 62,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049
TIF interfund loan payments - - 16,846 55,000 74,300 74,300 74,300 64,300 58,500 58,500 58,500 58,500
Cost of issuance of bonds - - - 448,780 73,529 140,000 70,000 70,000 55,000 65,000 - -
Excess increments 183,012 188,360 176,595 176,595 - - - - - - - -
Total Expenditures 35,447,299 20,887,826 29,840,669 61,998,780 39,530,931 34,115,814 34,443,367 29,211,519 38,765,450 32,884,192 33,162,488 30,040,315
Net Change in Fund Balances (5,739,294) (491,492) (2,991,000) (6,624,000) (7,945,887) 1,950,945 (1,714,600) 3,618,852 (6,055,424) 1,416,894 (2,011,436) 1,816,575
Beginning Fund Balance 36,034,364 30,295,070 29,803,578 26,812,578 20,188,578 12,242,691 14,193,636 12,479,036 16,097,888 10,042,464 11,459,359 9,447,922
Ending Fund Balance 30,295,070 29,803,578 26,812,578 20,188,578 12,242,691 14,193,636 12,479,036 16,097,888 10,042,464 11,459,359 9,447,922 11,264,497
33
Table 7 – Page 2 of 2
City of Monticello
Finance Plan
Total Governmental Funds
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Assets
Cash and investments 27,569,628 28,584,681 26,431,126 19,333,739 10,919,016 12,401,694 10,219,715 13,872,001 7,833,421 9,261,642 7,261,218 9,089,028
Taxes receivable 87,526 147,875 102,508 102,508 102,508 102,508 102,508 102,508 102,508 102,508 102,508 102,508
Notes receivable 466,400 564,165 303,074 273,287 242,653 211,448 179,356 146,451 130,136 119,339 108,326 97,091
Due from other governments 149,777 20,172 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
All other receivables and prepaid items 577,792 1,446,969 588,752 588,752 588,752 588,752 588,752 588,752 588,752 588,752 588,752 588,752
Special assessments receivable / deferred 3,567,729 3,628,261 3,453,156 2,640,871 2,188,177 1,821,355 2,120,514 1,821,617 1,544,729 1,308,129 1,117,519 926,909
Land held for resale / inventory 4,514,539 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118 3,007,118
Total Assets 36,933,391 37,399,241 33,905,734 25,966,276 17,068,224 18,152,875 16,237,963 19,558,448 13,226,665 14,407,488 12,205,442 13,831,406
Liabilities
Due to other governmental units 19,606 46,585 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Unearned revenue 50,048 445,328 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
All other liabilities 773,380 1,071,620 670,000 670,000 670,000 670,000 670,000 670,000 670,000 670,000 670,000 670,000
De ferred inflows of resources 4,894,882 5,137,522 5,503,156 4,187,698 3,235,532 2,369,239 2,168,927 1,870,559 1,594,201 1,358,129 1,167,519 976,909
Escrow deposits 900,405 894,608 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Total Liabilities and deferred inflows 6,638,321 7,595,663 7,093,156 5,777,698 4,825,532 3,959,239 3,758,927 3,460,559 3,184,201 2,948,129 2,757,519 2,566,909
Fund Balance 30,295,070 29,803,578 26,812,578 20,188,578 12,242,691 14,193,636 12,479,036 16,097,888 10,042,464 11,459,359 9,447,922 11,264,497
Total Liab, deferred inflows, and fund balance 36,933,391 37,399,241 33,905,734 25,966,276 17,068,224 18,152,875 16,237,963 19,558,448 13,226,665 14,407,488 12,205,442 13,831,406
34
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 activities being paid
for through the General Fund constitute the core administrative
and operational tasks of the City.
Revenues
Annual sources 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
Property tax revenue is estimated to increase annually to fund
general city operations in the General Fund. Total revenues need
to be projected to exceed total expenditures in order to maintain
the required minimum fund balance for the General Fund. The
Plan does not currently reflect this, therefore, assumptions for
future year will need to be adjusted. Figure 2 provides the
projected General Fund property tax levy by year, along with the
annual and cumulative percent increase.
Figure 2.
Non-Tax Revenue
The financial plan for the General Fund is based on non-tax
revenue increasing at annual rate of 2-3%, except for
Intergovernmental and Other Revenues which are assumed to
remain at current levels unless funding has been awarded for
futures year, which is then included in the Plan.
Property tax
67.7%
Intergovernmental
8.3%
Charges for services
10.3%
All other
13.7%
Chart 31.
General Fund Sources of Revenues
(Based on 2024 Budget)
Tax
Year Tax Levy ($) % Change in
Tax Levy
2022 7,485,252
2023 8,060,000 7.7%
2024 8,640,000 7.2%
2025 9,072,000 5.0%
2026 9,526,000 5.0%
2027 10,003,000 5.0%
2028 10,504,000 5.0%
2029 11,030,000 5.0%
2030 11,582,000 5.0%
2031 12,162,000 5.0%
2032 12,771,000 5.0%
35
Expenditures
The General Fund is used to account for the expense of providing
general government services for the City. When also considering
the costs for contracted police services, which would otherwise
be personnel costs of the City, the largest use of funds is for the
cost of personnel, including salaries, 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
professional services increase by 2-3% annually.
• New positions, 23.0 FTE, are included in the General Fund
Finance Plan at a total estimated cost of approximately
$1.5 million, plus increases for current operating
expenses for Parks. The potential additions are as
follows:
o Year 2025, 1.0 FTE for Parks Seasonal ($75,000)
o Year 2027, 1.0 FTE for Fire Chief, 0.5 FTE for Public
Works Engineering Staff, and 0.5 FTE Parks Seasonal
($195,500)
o Year 2028, 1.0 FTE Community Service Officer, 1.0
FTE Parks Operator, and 1.75 FTE Parks Seasonal
($274,000) plus an additional $30,000 of current
operating expense for Parks
o Year 2029, 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 additional
$35,000 of current operating expense for Parks
o Year 2030, 3.0 FTE Parks Part-Time Staff, 1.75 FTE
Parks Seasonal ($179,000)
o Year 2032, 2.0 FTE Parks Operator, 0.5 FTE Parks
Seasonal ($240,000)
Transfers
Wages and benefits are allocated to the Enterprise Funds for
overhead, requiring no annual transfer. 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 are favorable enough to budget. This is an annual
decision 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 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 general
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 2023-2032 is projected to average
approximately $8.0 million annually.
36
Accounts receivable and payable are projected to remain at
historical levels.
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
$20.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 33.
General Fund
Expenditures and Revenues
All other revenues
Property tax
Expenditures
37
Table 8
City of Monticello
Finance Plan
General Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 7,233,198 7,485,252 8,060,000 8,640,000 9,072,000 9,526,000 10,003,000 10,504,000 11,030,000 11,582,000 12,162,000 12,771,000
Franchise taxes 193,585 226,690 316,500 346,500 363,825 382,016 401,117 421,173 442,232 464,343 487,560 511,938
Property taxes other - - - - 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Special assessments 468 418 100 100 - - - - - - - -
Licenses and permits 804,889 613,014 484,000 487,000 501,610 516,658 532,158 548,123 564,566 581,503 598,949 616,917
Other intergovernmental 625,382 609,105 513,895 1,057,000 840,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
Charges for services 1,274,062 1,398,877 1,246,779 1,309,743 1,407,974 1,457,253 1,508,257 1,561,046 1,615,682 1,672,231 1,730,759 1,791,336
Fines and forfeitures 49,566 36,808 51,600 51,600 53,148 54,742 56,385 58,076 59,819 61,613 63,461 65,365
Investment earnings (38,486) (200,442) 32,095 41,031 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Other revenues 690,999 949,507 775,031 824,026 865,227 891,184 917,920 945,457 973,821 1,003,036 1,033,127 1,064,120
Total Revenues 10,833,663 11,119,229 11,480,000 12,757,000 13,274,784 13,648,854 14,239,836 14,858,875 15,507,120 16,185,726 16,896,856 17,641,677
Expenditures
Current - General government 2,639,420 2,684,854 2,613,701 2,721,856 2,776,293 2,845,700 2,916,843 2,989,764 3,064,508 3,141,121 3,219,649 3,300,140
Current - Public safety 2,874,183 2,989,883 3,278,367 3,882,331 3,959,978 4,058,977 4,160,451 4,264,463 4,371,074 4,480,351 4,592,360 4,707,169
Current - Economic development - - 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Capital outlay / acquisition of capital - - - - 223,241 223,241 223,241 223,241 223,241 223,241 223,241 223,241
FTE Increases / Current Expenses - - - - 75,000 77,250 275,068 587,320 1,171,939 1,386,097 1,427,680 1,710,511
Transfer out 1,000,000 150,000 - - - - - - - - - -
Current - Recreation and culture 1,457,483 1,691,871 1,914,069 2,238,683 2,283,457 2,340,543 2,399,057 2,459,033 2,520,509 2,583,522 2,648,110 2,714,312
Current - Public works 2,123,898 2,400,555 2,823,966 3,027,573 3,088,124 3,165,328 3,244,461 3,325,572 3,408,712 3,493,929 3,581,278 3,670,810
Current - Sanitation 754,132 784,052 843,897 880,557 898,168 920,622 943,638 967,229 991,410 1,016,195 1,041,600 1,067,640
Total Expenditures 10,849,116 10,701,215 11,480,000 12,757,000 13,310,261 13,637,662 14,168,758 14,822,622 15,757,393 16,330,456 16,739,917 17,399,822
Net Change in Fund Balances (15,453) 418,014 - - (35,477) 11,192 71,078 36,253 (250,273) (144,730) 156,939 241,855
Ending Fund Balance 6,624,782 7,042,796 7,042,796 7,042,796 7,007,319 7,018,511 7,089,589 7,125,843 6,875,570 6,730,840 6,887,779 7,129,634
Assets
Cash and investments 7,562,592 8,412,721 8,017,796 8,017,796 7,982,319 7,993,511 8,064,589 8,100,843 7,850,570 7,705,840 7,862,779 8,104,634
Taxes receivable 80,285 131,345 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Due from other governments 149,777 20,172 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
All other receivables and prepaid items 434,065 1,273,634 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000
Special assessments receivable / deferred 390 146 - - - - - - - - - -
Total Assets 8,227,109 9,838,018 8,612,796 8,612,796 8,577,319 8,588,511 8,659,589 8,695,843 8,445,570 8,300,840 8,457,779 8,699,634
Liabilities
Due to other governmental units 13,244 37,001 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Unearned revenue 50,048 398,888 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
All other liabilities 606,031 634,808 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
Deferred inflows of resources 32,599 829,917 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Escrow deposits 900,405 894,608 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Total Liabilities and deferred inflows 1,602,327 2,795,222 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000 1,570,000
Fund Balance 6,624,782 7,042,796 7,042,796 7,042,796 7,007,319 7,018,511 7,089,589 7,125,843 6,875,570 6,730,840 6,887,779 7,129,634
Total Liab, deferred inflows, and fund balance 8,227,109 9,838,018 8,612,796 8,612,796 8,577,319 8,588,511 8,659,589 8,695,843 8,445,570 8,300,840 8,457,779 8,699,634
38
COMMUNITY CENTER FUND
The Community Center Fund is used to account for the activities
of the Community Center facility owned and operated by the
City. The Community Center Fund is a Special Revenue Fund.
Revenues
The major source of revenue for the Community Center Fund is
charges for services paid by users of the facility. The charges for
services are not sufficient to cover all expenditures and the City
certifies a property tax levy to provide additional revenue
support. Future transfers from the Deputy Registrar will also be
used to support operations.
Intergovernmental revenues are one-time revenues related to
federal funds for COVID-19 relief.
Expenditures
Expenditures include personnel, materials and supplies, utilities,
and other professional service charges, among other operating
costs. The City is also planning for capital improvements to the
facility over the next decade. However, much of those costs will
be paid by the Capital Projects Fund.
New personnel positions, 2.0 FTE, are assumed in the
Community Center Fund Finance Plan at a total estimated cost of
approximately $187,000 annually in 2027 and 2028.
Operating expenditures are projected to increase by 3.0%
annually.
Transfers
The transfer out of $425,000 in 2021 was to the Liquor Fund and
relates to a 2020 transfer in from the Liquor Fund. The original
transfer provided cash to the Community Center Fund to offset
the impacts of COVID-19. These funds were transferred to the
Capital Projects Fund in 2021 because the City was able to
leverage federal COVID-19 relief funds for the Community 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 reviewing the
long-term capital requirements for the Community Center, along
with staffing needs, and potential for other revenue sources to
support capital needs at the Community 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.
39
Table 9
City of Monticello
Finance Plan
Community Center Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 485,000 485,000 515,000 525,000 540,750 556,973 573,682 590,892 608,619 626,877 645,684 665,054
Other intergovernmental 715,000 385,718 400,000 - - - - - - - - -
Charges for services 748,137 1,007,790 1,186,600 1,399,400 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 1,464 (10,799) 1,200 1,600 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462
Other revenues 35,108 50,300 19,200 32,000 35,108 35,108 35,108 35,108 35,108 35,108 35,108 35,108
Transfer in - - - 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Revenues 1,984,709 1,918,009 2,122,000 2,058,000 2,037,320 2,080,743 2,125,196 2,170,705 2,217,297 2,264,997 2,313,835 2,363,837
Expenditures
Capital outlay / acquisition of capital - 94,019 127,000 - 164,000 249,000 264,000 324,000 264,000 264,000 264,000 264,000
FTE Increases / Current Expenses - - - - - - 92,000 189,760 195,453 201,316 207,356 213,577
Transfer out 425,000 - - - - - - - - - - -
Current - Recreation and culture 1,222,328 1,764,309 1,995,000 2,058,000 2,130,030 2,204,581 2,270,718 2,338,840 2,409,005 2,481,275 2,555,714 2,632,385
Total Expenditures 1,647,328 1,858,328 2,122,000 2,058,000 2,294,030 2,453,581 2,626,718 2,852,600 2,868,458 2,946,592 3,027,070 3,109,962
Net Change in Fund Balances 337,381 59,681 - - (256,710) (372,839) (501,523) (681,895) (651,161) (681,594) (713,235) (746,125)
Ending Fund Balance 389,738 449,419 449,419 449,419 192,709 (180,130) (681,652) (1,363,547) (2,014,709) (2,696,303) (3,409,538) (4,155,663)
Assets
Cash and investments 390,752 473,255 424,419 424,419 167,709 (205,130) (706,652) (1,388,547) (2,039,709) (2,721,303) (3,434,538) (4,180,663)
Due from other governments - - - - - - - - - - - -
All other receivables and prepaid items 53,224 105,590 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Total Assets 443,976 578,845 474,419 474,419 217,709 (155,130) (656,652) (1,338,547) (1,989,709) (2,671,303) (3,384,538) (4,130,663)
Liabilities
Due to other governmental units 6,172 9,258 - - - - - - - - - -
Due to other funds - - - - - - - - - - - -
Unearned revenue - 46,440 - - - - - - - - - -
All other liabilities 24,177 73,728 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Deferred inflows of resources 23,889 - - - - - - - - - - -
Total Liabilities and deferred inflows 54,238 129,426 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Fund Balance 389,738 449,419 449,419 449,419 192,709 (180,130) (681,652) (1,363,547) (2,014,709) (2,696,303) (3,409,538) (4,155,663)
Total Liab, deferred inflows, and fund
balance 443,976 578,845 474,419 474,419 217,709 (155,130) (656,652) (1,338,547) (1,989,709) (2,671,303) (3,384,538) (4,130,663)
40
EDA FUND
The Economic Development Authority (EDA) Fund is used to
account for the general operations of the EDA and the various
sub-funds administered by the EDA, which includes those to
account for the tax increment financing (TIF) districts of the City.
The EDA Fund Finance Plan is the combined total of the multiple
sub-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 increment
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 projected 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
factors that will need to be reviewed prior to use of these funds.
Included in Appendix C are the finance plans for the individual
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 Authority
(HRA) may levy a tax on its area of operation for the purposes
authorized, subject to consent by the city council. The HRA levy
may not exceed 0.0185 percent of the estimated market value in
the City. The “area of operation” of the authority is the
boundaries of the City. Since the Monticello EDA has all the
powers of an HRA, as granted by the city council, the EDA may
levy an HRA levy. The EDA certified an HRA levy in 2023 for
collection in 2024 based on the maximum 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 financing
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 2024, the EDA is budgeted to collect
approximately $258,000 of tax increment revenues.
Other revenues to the EDA include investment earnings on cash
balances, and other intergovernmental revenue that is received
for various projects.
Expenditures
Most 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 redevelopment project costs are incurred
by the EDA.
The expenditures for personnel costs for the positions that
support the EDA, along with contractual professional services,
are recorded to the EDA general. Other expenditures include the
return of excess tax increments to the County pursuant to the
state law that governs the use of tax increments.
41
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 Obligation Bonds, Series
2011A, issued to finance improvements within TIF District No. 1-
34. Transfers ended in 2022 when the bonds were paid off.
The EDA also transferred from the EDA General fund to TIF
District 1-39 to write-off the outstanding balance of an interfund
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 uses of
pooled TIF in years 2023 and 2031 to use available pooled TIF
funds. The actual timing of the use of pooled increment is not
certain. Transfers include:
• $54,818 from TIF 34 to planned TIF 45 (Block 52) for
redevelopment project costs. TIF 34 Fund can then be
closed
• $104,595 from TIF 20 to planned TIF 45 (Block 52) for
redevelopment project costs. TIF 20 Fund can then be
closed
• $281,000 from TIF 1-6 to TIF 1-41 to write-off the
projected 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 actual timing of the use of pooled increment is not certain
and is dependent on project timing. 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
Much of the cash balance in the EDA Fund is restricted within the
multiple TIF districts and must be used pursuant 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.
42
Table 10
City of Monticello
Finance Plan
EDA Funds
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 368,427 388,291 402,000 451,000 464,530 478,466 492,820 507,604 522,833 538,518 554,673 571,313
Tax increment 732,689 720,301 529,000 258,000 824,393 942,282 951,494 1,022,016 1,030,800 978,670 987,631 996,680
Other intergovernmental - 375,547 - - - - - - - - - -
Charges for services 3,170 130,973 - - - - - - - - - -
Investment earnings (16,423) (115,830) 42,000 42,000 - - - - - - - -
Other revenues 38,775 845,580 14,000 14,000 13,600 13,220 12,859 12,516 12,190 11,881 11,587 11,307
Sale of capital assets 300,000 - - - - - - - - - - -
Transfer in - - - - - - - - - - 281,000 -
Total Revenues 1,426,638 2,344,862 987,000 765,000 1,302,523 1,433,968 1,457,173 1,542,137 1,565,823 1,529,068 1,834,891 1,579,301
Expenditures
Current - Economic development 531,823 2,023,817 1,559,240 502,356 511,975 524,762 537,868 551,303 565,073 579,187 593,654 608,483
Transfer out 198,700 197,925 - - - - - - - - 281,000 -
TIF pay-go note payments 23,714 56,794 70,319 62,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049
TIF interfund loan payments - - 16,846 55,000 74,300 74,300 74,300 64,300 58,500 58,500 58,500 58,500
Excess increments 183,012 188,360 176,595 176,595 - - - - - - - -
Total Expenditures 937,249 2,466,896 1,823,000 796,000 648,324 661,111 674,217 677,652 685,622 699,736 995,203 729,032
Net Change in Fund Balances 489,389 (122,034) (836,000) (31,000) 654,199 772,857 782,955 864,485 880,201 829,332 839,688 850,269
Ending Fund Balance 7,008,094 6,886,060 6,050,060 6,019,060 6,673,259 7,446,116 8,229,071 9,093,556 9,973,758 10,803,090 11,642,777 12,493,046
Assets
Cash and investments 3,027,677 4,404,995 3,703,595 3,682,202 4,346,294 5,129,036 5,922,170 6,797,037 7,687,826 8,527,955 9,378,655 10,240,159
Taxes receivable 7,241 16,530 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508
Notes receivable 316,833 433,743 190,669 181,062 171,169 161,284 151,105 140,723 130,136 119,339 108,326 97,091
All other receivables and prepaid items 3,752 18,465 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752
Land held for resale / inventory 3,676,957 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536 2,169,536
Total Assets 7,032,460 7,043,269 6,070,060 6,039,060 6,693,259 7,466,116 8,249,071 9,113,556 9,993,758 10,823,090 11,662,777 12,513,046
Liabilities
Due to other governmental units 190 326 - - - - - - - - - -
All other liabilities 21,386 152,474 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources 2,790 4,409 - - - - - - - - - -
Escrow deposits - - - - - - - - - - - -
Total Liabilities and deferred inflows 24,366 157,209 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Fund Balance 7,008,094 6,886,060 6,050,060 6,019,060 6,673,259 7,446,116 8,229,071 9,093,556 9,973,758 10,803,090 11,642,777 12,493,046
Total Liab, deferred inflows, and fund balance 7,032,460 7,043,269 6,070,060 6,039,060 6,693,259 7,466,116 8,249,071 9,113,556 9,993,758 10,823,090 11,662,777 12,513,046
43
TABLE 10a – TIF Projected Cash
City of Monticello
Tax Increment Financing Districts
Projected Available Year-End Cash Balances 1,5
TIF District
Available for
Redevelopment
Projects
Available for
Affordable
Housing Projects
To Be Returned
to Local Taxing
Jurisdictions
Total Funds
Available TIF District
Available for
Redevelopment
Projects
Available for
Affordable
Housing Projects
Total Funds
Available
TIF 1-6 3 18,001 18,001 TIF 1-6 3 480,000 480,000
TIF 1-19 - - TIF 1-19 - -
TIF 1-20 104,172 104,172 TIF 1-20 - -
TIF 1-22 227,273 29,600 180,209 437,082 TIF 1-22 - 56,026 56,026
TIF 1-24 - - TIF 1-24 63,499 63,499
TIF 1-29 - - TIF 1-29 104,281 104,281
TIF 1-30 78,500 78,500 TIF 1-30 - -
TIF 1-34 77,370 77,370 TIF 1-34 22,552 22,552
TIF 1-40 6,506 6,506 TIF 1-40 2 85,064 85,064
TIF 1-41 - - TIF 1-41 2 - -
TIF 1-42 - - TIF 1-42 960,640 960,640
TIF 1-43 - - TIF 1-43 1,029,802 1,029,802
TIF 1-45 - - TIF 1-45 1,441,610 1,441,610
TIF 1-46 - - TIF 1-46 943,357 943,357
Total 426,816 114,606 180,209 721,631 Total 2,887,519 2,299,312 5,186,831
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.
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.
Cash Available as of Year End 2022 Cash Available as of Year End 2030 4
44
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 one Notes Receivable outstanding at the end of
2023. The Note is projected to be amortized by 2029.
45
Table 11
City of Monticello
Finance Plan
CDBG and SCDP Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (4,308) (30,286) - - - - - - - - - -
Other revenues 4,392 3,873 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000
Total Revenues 84 (26,413) 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000
Expenditures
Current - General government - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances 84 (26,413) 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000
Beginning Fund Balance 924,538 924,622 898,209 906,209 914,209 922,209 930,209 938,209 946,209 954,209 962,209 970,209
Changes and adjustments to prior period - - - - - - - - - - - -
Ending Fund Balance 924,622 898,209 906,209 914,209 922,209 930,209 938,209 946,209 954,209 962,209 970,209 978,209
Assets
Cash and investments 775,055 767,787 793,804 821,984 850,725 880,045 909,958 940,481 954,209 962,209 970,209 978,209
Notes receivable 149,567 130,422 112,405 92,225 71,484 50,164 28,251 5,728 - - - -
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 924,622 898,209 906,209 914,209 922,209 930,209 938,209 946,209 954,209 962,209 970,209 978,209
Liabilities
Due to other governmental units - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 924,622 898,209 906,209 914,209 922,209 930,209 938,209 946,209 954,209 962,209 970,209 978,209
Total Liab, deferred inflows, and fund balance 924,622 898,209 906,209 914,209 922,209 930,209 938,209 946,209 954,209 962,209 970,209 978,209
46
CEMETERY FUND
The Cemetery Fund is used to account for operations at the
Riverside Cemetery. The Hillside Cemetery is full, and operations
are recorded through the City’s General Fund.
Revenue
The source of revenue comes from charges for services to
operate and maintain the cemetery.
Expenditures
The expenditure of funds is for the operations and maintenance
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.
.
47
Table 12
City of Monticello
Finance Plan
Cemetery Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Charges for services 53,891 67,838 41,700 41,700 42,534 43,385 44,252 45,137 46,040 46,961 47,900 48,858
Investment earnings (283) (3,519) 300 300 - - - - - - - -
Other revenues 1 - - - - - - - - - - -
Total Revenues 53,609 64,319 42,000 42,000 42,534 43,385 44,252 45,137 46,040 46,961 47,900 48,858
Expenditures
Current - Recreation and culture 28,764 26,660 31,000 31,000 32,085 33,208 34,204 35,230 36,287 37,376 38,497 39,652
Total Expenditures 28,764 26,660 31,000 31,000 32,085 33,208 34,204 35,230 36,287 37,376 38,497 39,652
Net Change in Fund Balances 24,845 37,659 11,000 11,000 10,449 10,177 10,048 9,907 9,753 9,585 9,403 9,206
Ending Fund Balance 80,184 117,843 128,843 139,843 150,292 160,469 170,517 180,424 190,177 199,762 209,165 218,371
Assets
Cash and investments 79,224 118,325 128,843 139,843 150,292 160,469 170,517 180,424 190,177 199,762 209,165 218,371
All other receivables and prepaid items 960 518 - - - - - - - - - -
Total Assets 80,184 118,843 128,843 139,843 150,292 160,469 170,517 180,424 190,177 199,762 209,165 218,371
Liabilities
All other liabilities - 1,000 - - - - - - - - - -
Total Liabilities and deferred inflows - 1,000 - - - - - - - - - -
Fund Balance 80,184 117,843 128,843 139,843 150,292 160,469 170,517 180,424 190,177 199,762 209,165 218,371
Total Liab, deferred inflows, and fund balance 80,184 118,843 128,843 139,843 150,292 160,469 170,517 180,424 190,177 199,762 209,165 218,371
48
DEBT SERVICE FUNDS
The Debt Service Fund includes the combined funds used to
account for all the City’s governmental debt service, except for
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 to call the judgment
portion of the 2014A bonds early. The outstanding balance of
bonds and notes payable at the end of 2022 (audited) was
$18,795,000.
The year-end cash balance in the Debt Service Funds is projected
to remain low because the city structures its bonds so principal is
paid in December using funds collected in the same fiscal year.
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.
Revenue
The Debt Service Funds include the following sources of revenue:
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
2024-2029. 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.
Debt to be issued that is supported by utility revenues is
accounted for in the Proprietary Funds and not within the Debt
Service Funds of the City.
Expenditures
The use of funds is for the payment of debt, including principal
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
The Plan shows ending cash balance in the Debt Service Funds is
projected may not be sufficient to meet all future debt
obligations when due. However, the City will ensure it has
sufficient means to repay any debt prior to issuing new bonds.
49
Use of funds to pay debt service is projected to come from a
combination of property tax revenue, other non-property tax
revenue, including special assessments, and interest on
investments. Projections of negative cash in years 2029 and later
will be reviewed to ensure projected revenue is sufficient to
make future bond payments.
In 2021, the City called bonds with cash, which is the source of
the increase in expenditures shown in Chart 35.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
50
Table 13
City of Monticello
Finance Plan
Debt Service Funds
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 2,831,479 2,311,400 1,999,581 2,026,175 4,571,462 5,057,644 4,650,432 4,473,096 4,281,192 4,271,943 4,260,925 4,183,807
Special assessments 272,949 317,269 259,275 244,580 236,388 211,001 144,729 107,598 93,876 90,897 42,456 41,067
Investment earnings (7,194) (53,739) 9,144 4,765 2,320 2,616 3,448 4,244 5,103 5,962 6,788 10,989
Other revenues - - - 4,480 - - - - - 249,806 361,785 606,769
Bond proceeds - - - - 750,000 100,000 - - - - - -
Transfer in 3,975,237 197,925 - - - - - - - - - -
Total Revenues 7,072,471 2,772,855 2,268,000 2,280,000 5,560,170 5,371,261 4,798,610 4,584,938 4,380,172 4,618,608 4,671,954 4,842,631
Expenditures
Principal payments 6,555,000 2,315,000 2,160,000 2,205,000 2,905,000 3,095,000 2,725,000 2,590,000 2,470,000 2,565,000 2,140,000 2,660,000
Interest payments 685,070 498,959 440,034 392,684 2,615,702 2,165,253 1,967,515 1,880,415 1,795,690 1,951,861 1,971,801 2,051,847
Other expenses 12,723 - 6,966 8,316 - - - - - - - -
Transfer out - 108,801 - - - - - - - - - -
Total Expenditures 7,252,793 2,922,760 2,607,000 2,606,000 5,520,702 5,260,253 4,692,515 4,470,415 4,265,690 4,516,861 4,111,801 4,711,847
Net Change in Fund Balances (180,322) (149,905) (339,000) (326,000) 39,468 111,009 106,095 114,523 114,482 101,747 560,152 130,785
Ending Fund Balance 1,124,210 974,305 635,305 309,305 348,773 459,782 565,877 680,399 794,881 896,628 1,456,781 1,587,565
Assets
Cash and investments 1,124,863 972,580 635,305 309,305 348,773 459,782 565,877 680,399 794,881 896,628 1,456,781 1,587,565
All other receivables and prepaid items - - - - - - - - - - - -
Special assessments receivable / deferred 1,086,345 1,286,063 1,066,626 862,878 659,129 472,575 345,004 249,635 164,496 79,356 39,678 (0)
Total Assets 2,211,208 2,258,643 1,701,931 1,172,183 1,007,902 932,357 910,881 930,034 959,377 975,985 1,496,459 1,587,565
Liabilities
All other liabilities 2,499 2,502 - - - - - - - - - -
Deferred inflows of resources 1,084,499 1,281,836 1,066,626 862,878 659,129 472,575 345,004 249,635 164,496 79,356 39,678 (0)
Total Liabilities and deferred inflows 1,086,998 1,284,338 1,066,626 862,878 659,129 472,575 345,004 249,635 164,496 79,356 39,678 (0)
Fund Balance 1,124,210 974,305 635,305 309,305 348,773 459,782 565,877 680,399 794,881 896,628 1,456,781 1,587,565
Total Liab, deferred inflows, and fund balance 2,211,208 2,258,643 1,701,931 1,172,183 1,007,902 932,357 910,881 930,034 959,377 975,985 1,496,459 1,587,565
51
CAPITAL PROJECTS FUND
The Capital Projects Fund is used to account for the capital costs
for the improvement of governmental public infrastructure and
the revenue to pay for the improvements. The City maintains
separate funds (outside of the Capital Project Fund) to account
for certain street lighting improvements and park and pathway
projects.
In 2021, the City closed the Street Reconstruction Fund,
transferring remaining funds to the Park and Pathway
Improvement Fund and to the Central Equipment Fund. For
purposes of this Plan, the 2021 Street Reconstruction Fund
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 Governmental
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 sources.
The property tax amount is planned to increase over time to
allow 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 improvements
are deposited into the Capital Projects Fund. To provide
sufficient cash, future bonding is anticipated to pay for
improvements. The projected revenue, without bonding, is not
projected to be sufficient to cover planned spending.
Expenditures
The expenditures of funds include engineering, construction, 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, such as when the City
closes bond funds that have cash balances remaining after bonds
are defeased, and from the General Fund or Liquor Fund, among
other funds that may provide transfers for capital.
Transfers out in 2021 include $200,000 to the Sewer Fund for
future capital expenses and $3,776,538 to Debt Service Fund, for
early redemption of the judgment portion of the 2014A Bonds.
The Community Center Fund transferred $425,000 of cash to the
Capital Project Fund in 2021, which was possible because the
Community Center Fund received other intergovernmental
funding revenue related to the pandemic.
The Plan reflects the assumption that annual transfers from the
Liquor Fund will be made to the Capital Projects Fund to provide
funding for capital expenditures.
Balance Sheet
The Capital Projects Fund is projected to have negative cash in
future years based on the assumptions in the Plan, which will
need to be adjusted through timing of capital expenditures and
various funding opportunities.
52
Accounts receivable and payable are projected to remain at
historical levels. The special assessments receivable are
projected to be paid for by property owners as scheduled.
Land held for resale in the amount of approximately $800,000 is
assumed to continue to be held.
Expenditure and bond proceeds in year 2024 includes the Public
Works facility project at estimated cost of $30.0 million.
($6.0)
($4.0)
($2.0)
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
$35.0
$40.0
$45.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 37.
Capital Projects Fund
Sources and Uses of Funds
Bond proceeds
Non property tax
revenue
Property tax revenue
Expenditures
53
Table 14
City of Monticello
Finance Plan
Capital Projects Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 647,085 1,153,476 1,475,419 1,882,825 1,750,000 2,000,000 2,500,000 3,000,000 3,500,000 3,500,000 3,500,000 3,500,000
Special assessments 1,416,718 400,236 127,734 105,640 346,196 263,966 246,989 308,153 284,360 232,648 223,596 214,545
Charges for services 23,492 26,865 - - - - - - - - - -
Investment earnings (95,522) (459,248) 174,847 75,022 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Sale of capital assets 271,840 - - - - - - - - - - -
Intergovernmental for capital 2,571,685 596,684 3,489,669 3,766,513 1,158,488 841,512 1,600,000 600,000 600,000 600,000 600,000 600,000
Other revenue for capital 121,611 7,088 - - - - - - - - - -
Bond proceeds - - - 30,448,780 5,073,529 4,770,000 4,670,000 4,670,000 3,555,000 4,265,000 - -
Transfer in 2,088,430 108,801 2,750,000 1,000,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Total Revenues 7,045,339 1,833,902 8,017,669 37,278,780 8,928,214 8,475,478 9,616,989 9,178,153 8,539,360 9,197,648 4,923,596 4,914,545
Expenditures
Capital outlay / acquisition of capital 6,700,347 2,822,118 9,272,669 41,750,000 12,842,000 6,630,000 12,076,954 6,100,000 13,332,000 8,238,172 8,200,000 4,000,000
Transfer out 7,307,624 - - - - - - - - - - -
Current - Public works - 5,654 - 35,000 - - - - - - - -
Cost of issuance of bonds - - - 448,780 73,529 70,000 70,000 70,000 55,000 65,000 - -
Total Expenditures 14,007,971 2,827,772 9,272,669 42,233,780 12,915,529 6,700,000 12,146,954 6,170,000 13,387,000 8,303,172 8,200,000 4,000,000
Net Change in Fund Balances (6,962,632) (993,870) (1,255,000) (4,955,000) (3,987,316) 1,775,478 (2,529,965) 3,008,153 (4,847,640) 894,476 (3,276,404) 914,545
Ending Fund Balance 11,862,620 10,868,750 9,613,750 4,658,750 671,434 2,446,913 (83,052) 2,925,101 (1,922,538) (1,028,063) (4,304,466) (3,389,921)
Assets
Cash and investments 12,384,528 10,913,353 10,801,168 5,346,168 858,852 2,134,331 (895,634) 2,112,519 (2,735,120) (1,840,645) (5,117,048) (4,202,503)
All other receivables and prepaid items 23,492 - - - - - - - - - - -
Special assessments receivable / deferred 2,480,994 2,342,052 2,386,530 1,774,820 1,526,403 1,346,664 1,773,923 1,570,924 1,379,705 1,228,773 1,077,841 926,909
Land held for resale / inventory 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582 837,582
Total Assets 15,726,596 14,092,987 14,025,280 7,958,570 3,222,837 4,318,576 1,715,871 4,521,026 (517,834) 225,710 (3,201,625) (2,438,012)
Liabilities
All other liabilities 117,631 207,108 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Deferred inflows of resources 3,746,345 3,017,129 4,386,530 3,274,820 2,526,403 1,846,664 1,773,923 1,570,924 1,379,705 1,228,773 1,077,841 926,909
Total Liabilities and deferred inflows 3,863,976 3,224,237 4,411,530 3,299,820 2,551,403 1,871,664 1,798,923 1,595,924 1,404,705 1,253,773 1,102,841 951,909
Fund Balance 11,862,620 10,868,750 9,613,750 4,658,750 671,434 2,446,913 (83,052) 2,925,101 (1,922,538) (1,028,063) (4,304,466) (3,389,921)
Total Liab, deferred inflows, and fund
balance 15,726,596 14,092,987 14,025,280 7,958,570 3,222,837 4,318,576 1,715,871 4,521,026 (517,834) 225,710 (3,201,625) (2,438,012)
54
STREET LIGHTING IMPROVEMENT FUND
The Street Lighting Improvement Fund is used to account for the
capital costs for street lighting owned and maintained 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. Timing of capital expenditures will need to
be evaluated in light of available funding in future years.
Expenditures
The expenditures of funds include capital improvements of the
street lighting system.
Transfers
A one-time transfer in of $250,000 from the Deputy Registrar
Fund is included in the Plan in year 2023. The funds will be used
to pay for project costs in the downtown, specifically for project
costs to bury electric power lines to support redevelopment of
Block 52.
Balance Sheet
The ending cash balance is projected to be impacted by timing of
capital improvements and non-recurring interfund transfers.
($0.6)
($0.4)
($0.2)
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 38.
Street Lighting Improvement Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance Ending Cash Balance
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 39.
Street Lighting Improvement Fund
Sources and Uses of Funds
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
55
Table 15
City of Monticello
Finance Plan
Street Lighting Improvement Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes 189,460 161,384 190,000 175,000 178,500 182,070 185,711 189,426 193,214 197,078 201,020 205,040
Investment earnings (5,181) (45,715) 9,500 10,000 - - - - - - - -
Intergovernmental for capital - - 472,500 - - - - - - - - -
Transfer in - - 250,000 - - - - - - - - -
Total Revenues 184,279 115,669 922,000 185,000 178,500 182,070 185,711 189,426 193,214 197,078 201,020 205,040
Expenditures
Capital outlay / acquisition of capital - 37,993 1,130,000 1,380,000 235,000 - - - - - - -
Current - Public works - - - 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Total Expenditures - 37,993 1,130,000 1,430,000 285,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Net Change in Fund Balances 184,279 77,676 (208,000) (1,245,000) (106,500) 132,070 135,711 139,426 143,214 147,078 151,020 155,040
Ending Fund Balance 1,180,207 1,257,883 1,049,883 (195,117) (301,617) (169,547) (33,836) 105,590 248,804 395,883 546,903 701,943
Assets
Cash and investments 1,122,668 1,213,352 989,883 (255,117) (361,617) (229,547) (93,836) 45,590 188,804 335,883 486,903 641,943
All other receivables and prepaid items 57,539 44,531 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Total Assets 1,180,207 1,257,883 1,049,883 (195,117) (301,617) (169,547) (33,836) 105,590 248,804 395,883 546,903 701,943
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,180,207 1,257,883 1,049,883 (195,117) (301,617) (169,547) (33,836) 105,590 248,804 395,883 546,903 701,943
Total Liab, deferred inflows, and fund
balance 1,180,207 1,257,883 1,049,883 (195,117) (301,617) (169,547) (33,836) 105,590 248,804 395,883 546,903 701,943
56
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
Revenues include park dedication fees and investment earnings
on the Fund’s cash balance, in addition to other non-recurring
revenues. Bond proceeds are anticipated in 2026 for costs of the
next phase at Bertram Chain of Lakes Regional Athletic Park.
While not reflected in the Plan, additional bonds may need to be
issued in future years to pay for certain other 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 planned in the CIP.
Expenditures
The expenditures of funds include capital improvements of the
park and pathway system.
Transfers
Future transfers in of $250,000 from the Liquor Fund are
projected annually into this Fund.
Balance Sheet
The Park and Pathway Fund is projected to not have sufficient
revenue to cover planned capital improvements. The City will
address this in future decisions among the various strategies the
City has available.
($6.0)
($5.0)
($4.0)
($3.0)
($2.0)
($1.0)
$0.0
$1.0
$2.0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 41.
Park and Pathway Dedication Fund
Sources and Uses of Funds
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
57
Table 16
City of Monticello
Finance Plan
Park and Pathway Improvement Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 9,006 850 815 779 743 707 672 636 600 565 0 0
Other intergovernmental - 150,000 - - - - - - - - - -
Charges for services - 144,832 - - - - - - - - - -
Investment earnings (14,790) (41,780) 2,185 221 2,257 2,293 2,328 2,364 2,400 2,435 3,000 3,000
Other revenues - - - - - - - - - - - -
Bond proceeds - - - - - 4,570,000 - - - - - -
Transfer in 1,112,997 - 1,000,000 - 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
Total Revenues 1,107,213 253,902 1,003,000 1,000 253,000 4,823,000 253,000 253,000 253,000 253,000 253,000 253,000
Expenditures
Capital outlay / acquisition of capital 705,081 45,702 1,375,000 87,000 4,525,000 5,250,000 50,000 133,000 1,715,000 - - -
Transfer out 18,997 - - - - - - - - - - -
Current - Recreation and culture - 500 - - - - - - - - - -
Cost of issuance of bonds - - - - - 70,000 - - - - - -
Total Expenditures 724,078 46,202 1,375,000 87,000 4,525,000 5,320,000 50,000 133,000 1,715,000 - - -
Net Change in Fund Balances 383,135 207,700 (372,000) (86,000) (4,272,000) (497,000) 203,000 120,000 (1,462,000) 253,000 253,000 253,000
Ending Fund Balance 1,100,613 1,308,313 936,313 850,313 (3,421,687) (3,918,687) (3,715,687) (3,595,687) (5,057,687) (4,804,687) (4,551,687) (4,298,687)
Assets
Cash and investments 1,102,269 1,308,313 936,313 847,140 (3,424,331) (3,920,803) (3,717,274) (3,596,745) (5,058,216) (4,804,687) (4,551,687) (4,298,687)
All other receivables and prepaid items 4,760 4,231 - - - - - - - - - -
Special assessments receivable / deferred - - - 3,173 2,644 2,116 1,587 1,058 529 0 0 0
Total Assets 1,107,029 1,312,544 936,313 850,313 (3,421,687) (3,918,687) (3,715,687) (3,595,687) (5,057,687) (4,804,687) (4,551,687) (4,298,687)
Liabilities
All other liabilities 1,656 - - - - - - - - - - -
Deferred inflows of resources 4,760 4,231 - - - - - - - - - -
Total Liabilities and deferred inflows 6,416 4,231 - - - - - - - - - -
Fund Balance 1,100,613 1,308,313 936,313 850,313 (3,421,687) (3,918,687) (3,715,687) (3,595,687) (5,057,687) (4,804,687) (4,551,687) (4,298,687)
Total Liab, deferred inflows, and fund
balance 1,107,029 1,312,544 936,313 850,313 (3,421,687) (3,918,687) (3,715,687) (3,595,687) (5,057,687) (4,804,687) (4,551,687) (4,298,687)
58
WATER FUND
The Water Fund is a Proprietary Fund used to account for the
costs of providing municipal water services to residents and
businesses. The Fund is considered self-supporting in that the
services rendered are financed through user charges.
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 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 regardless of
the timing of cashflows.
Revenues
Revenue sources are charges for services, special assessments,
access and trunk charges from development, and other sources
including investment earnings, and penalties and interest on
charges for services, among other sources.
In 2023, the City successfully secured state funding in the
amount of $11 million to pay for costs to construction a water
treatment facility. The total cost of the project is estimated at
$28 million, and construction is anticipated in 2025 and 2026.
Future growth from development, which impacts the projection
of operating and non-operating revenue for the Water Fund, is
assumed to average 82 units per year between 2023-2032 for
new residential and commercial customer units.
The Plan includes the rates approved for 2024, and rates for
years 2025-2033 are estimated at 7.0% annually. The Plan
assumes an annual increase in the trunk and access charges of
4.0% along with an average of 100 acres per year to be platted
and subject to the trunk charge.
The fee increases are projected as needed to cover both
increasing operating costs and to pay for the cost of maintenance
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 in years 2028-2032. The City will need to consider
whether to adjust the otherwise planned rate increases, modify
its capital plans, consider debt or other financing, or a
combination of these strategies.
For purposes of the Plan, the revenue objective for the Water
Fund 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
reserve purposes
The Plan anticipates proceeds from the issuance of general
obligation revenue bonds to finance the construction of a water
treatment facility only. There is no bonding included for other
capital improvement projects.
Expenses
Expenses include operations, capital, interest expense on debt,
and depreciation of capital assets.
59
The Plan anticipates the addition of new position (1.0 FTE) in
2028 (to coincide with operation of the water treatment plant)
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 capital expenditures will be supported by net revenues of
the Water Fund. There is no existing debt outstanding for which
revenues of the Water Fund are currently 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.
60
-$4.0
-$2.0
$0.0
$2.0
$4.0
$6.0
$8.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ending unrestricted Net Position as % of ExpensesMillionsChart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart44.
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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Customer Units (ERU)Volume Billed (1,000 Gal)Chart 45.
Water Fund
Customers and Annual Volume Billed
Water Volume
Billed
Total Customer
Units
61
Table 17
City of Monticello
Finance Plan
Water Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 37,421 25,593 10,000 10,000 - - - - - - - -
Licenses and permits - - 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Other intergovernmental 17,491 76,233 - - - - - - - - - -
Charges for services 1,598,654 1,623,892 1,582,049 1,706,955 2,178,920 2,358,236 2,575,941 2,776,401 3,021,206 3,233,215 3,513,943 3,759,919
Investment earnings (28,964) (232,824) 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 98,933 64,799 5,951 6,045 3,051 3,051 3,051 3,051 3,051 3,051 3,051 3,051
Intergovernmental for capital - - - - 6,000,000 5,000,000 - - - - - -
Connection / access charges 164,129 100,545 65,000 65,000 304,150 162,795 301,729 120,533 275,892 16,588 281,716 14,886
Penalties and interest 26,093 29,278 30,000 30,000 - - - - - - - -
Trunk charges 78,430 184,921 15,000 15,000 1,567,647 1,539,941 1,678,974 1,632,524 1,786,066 1,698,854 1,922,103 1,835,799
Total 1,992,187 1,872,437 1,760,000 1,885,000 10,105,768 9,116,022 4,611,694 4,584,509 5,138,215 5,003,708 5,772,812 5,665,654
Expenses
FTE Increases / Current Expenses - - - - - - - - 99,000 101,970 219,029 225,600
Depreciation 499,945 497,021 517,271 546,521 959,185 1,390,776 1,480,998 1,553,596 1,628,027 1,723,174 1,801,438 1,881,705
Transfer out - - - - - - - - - - - -
Interest payments - - - - - 207,568 176,700 355,104 321,500 309,700 297,700 285,400
Operating expense before depreciation 761,658 844,725 1,432,000 1,234,000 1,271,020 1,309,151 1,348,425 1,388,878 1,430,544 1,473,461 1,517,664 1,563,194
Cost of issuance of bonds - - - - 135,000 120,000 - - - - - -
Total 1,261,603 1,341,746 1,949,271 1,780,521 2,365,205 3,027,494 3,006,123 3,297,578 3,479,071 3,608,305 3,835,831 3,955,899
Change in Net Position 730,584 530,691 (189,271) 104,479 7,740,563 6,088,528 1,605,571 1,286,931 1,659,144 1,395,404 1,936,981 1,709,755
Ending net position 14,512,333 15,043,024 14,853,753 14,958,232 22,698,795 28,787,323 30,392,894 31,679,825 33,338,969 34,734,373 36,671,353 38,381,108
Assets
Cash and investments 5,930,504 7,400,620 6,430,308 5,936,045 7,285,101 5,341,618 4,535,148 3,917,596 3,658,371 2,391,929 2,384,801 2,135,599
Due from other governments 9,590 - - - - - - - - - - -
All other receivables and prepaid items 182,210 223,534 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Special assessments receivable / deferred 352,392 354,634 149,831 125,094 104,245 83,396 62,547 41,698 20,849 0 0 0
Capital assets 21,962,535 22,237,913 23,047,913 24,217,913 40,724,453 57,988,089 61,596,978 64,500,906 67,478,151 71,284,020 74,414,566 77,625,228
Accumulated depreciation (13,722,360) (14,204,028) (14,721,299) (15,267,820) (16,227,005) (17,617,781) (19,098,779) (20,652,375) (22,280,402) (24,003,576) (25,805,014) (27,686,719)
Deferred outflows of resources 71,780 70,787 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 14,786,651 16,083,460 15,068,753 15,173,232 32,048,795 45,957,323 47,257,894 47,969,825 49,038,969 49,834,373 51,156,353 52,236,108
Liabilities
Due to other governmental units - - - - - - - - - - - -
All other liabilities 175,417 390,990 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Deferred inflows of resources 98,901 649,446 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Bonds payable - - - - 9,135,000 16,955,000 16,650,000 16,075,000 15,485,000 14,885,000 14,270,000 13,640,000
Total Liabilities and Deferred Inflows 274,318 1,040,436 215,000 215,000 9,350,000 17,170,000 16,865,000 16,290,000 15,700,000 15,100,000 14,485,000 13,855,000
Total Liabilities, Deferred Inflows, and Net Position 14,786,651 16,083,460 15,068,753 15,173,232 32,048,795 45,957,323 47,257,894 47,969,825 49,038,969 49,834,373 51,156,353 52,236,108
62
Table 18
City of Monticello
Finance Plan - Change in Ending Cash Balance
Water Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,432,000 1,234,000 1,406,020 1,429,151 1,348,425 1,388,878 1,529,544 1,575,431 1,736,693 1,788,794
Capital Acquisition / Outlay 810,000 1,170,000 16,506,540 17,263,636 3,608,889 2,903,928 2,977,245 3,805,869 3,130,546 3,210,662
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - 507,568 481,700 930,104 911,500 909,700 912,700 915,400
Total Use of Cash 2,242,000 2,404,000 17,912,560 19,200,354 5,439,014 5,222,910 5,418,289 6,291,000 5,779,939 5,914,856
Source of Cash
Revenues 1,760,000 1,885,000 10,105,768 9,116,022 4,611,694 4,584,509 5,138,215 5,003,708 5,772,812 5,665,654
Bond Proceeds - - 9,135,000 8,120,000 - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 1,760,000 1,885,000 19,240,768 17,236,022 4,611,694 4,584,509 5,138,215 5,003,708 5,772,812 5,665,654
Net Change in Other Assets and Liabilities (488,312) 24,737 20,849 20,849 20,849 20,849 20,849 20,849 - -
Change in Cash Balance (970,312) (494,263) 1,349,057 (1,943,483) (806,471) (617,552) (259,225) (1,266,442) (7,127) (249,202)
Ending Cash 6,430,308 5,936,045 7,285,101 5,341,618 4,535,148 3,917,596 3,658,371 2,391,929 2,384,801 2,135,599
Ending Cash by Purpose
Cash for next year planned capital 1,170,000 1,506,540 4,263,636 3,608,889 2,903,928 2,977,245 3,805,869 3,130,546 3,210,662 2,750,662
Cash for next year debt service - - 507,568 481,700 930,104 911,500 909,700 912,700 915,400 912,800
Cash for 3-months operating reserve 308,500 317,755 327,288 337,106 347,219 382,386 393,858 434,173 447,199 460,615
Cash available for future capital / unassigned 4,951,808 4,111,750 2,186,610 913,923 353,896 (353,535) (1,451,056) (2,085,491) (2,188,459) (1,988,477)
Ending Cash 6,430,308 5,936,045 7,285,101 5,341,618 4,535,148 3,917,596 3,658,371 2,391,929 2,384,801 2,135,599
63
Table 19
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Water Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential, commercial, and irrigation customers 4,449 4,449 4,449 4,536 4,671 4,738 4,861 4,905 5,008 5,009 5,106 5,106
Volume billed:
Residential, commercial, and irrigation Tier 1: First 1000 gallons 53,388 53,388 53,388 54,432 56,052 56,856 58,332 58,860 60,096 60,108 61,272 61,272
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 490,896 510,897 510,897 520,293 534,873 542,109 555,393 560,145 571,269 571,377 581,853 581,853
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 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 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 664,284 664,285 664,285 674,725 690,925 698,965 713,725 719,005 731,365 731,485 743,125 743,125
Industrial customers 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
Total Customers 4,451 4,451 4,451 4,538 4,673 4,740 4,863 4,907 5,010 5,011 5,108 5,108
Total Volume Billed 693,619 693,620 693,620 704,060 720,260 728,300 743,060 748,340 760,700 760,820 772,460 772,460
State connection charge (per year)874 874 874 961 1,096 1,163 1,286 1,330 1,433 1,434 1,531 1,531
Trunk water charge - residential (per residential unit)68 13 13 87 135 67 123 44 103 1 97 -
Water access charge - 1 1/4" line 264 - - 87 135 67 123 44 103 1 97 -
Trunk Charge for Annexation Areas (per acre)- - - 100 100 100 100 100 100 100 100 100
Customer Fees (in dollars)
Residential, commercial, and irrigation minimum first 1000 gallons 7.81 8.04 8.68 9.37 10.03 10.73 11.48 12.29 13.15 14.07 15.05 16.11
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 1.83 1.88 2.03 2.19 2.35 2.51 2.69 2.87 3.07 3.29 3.52 3.77
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 2.12 2.18 2.35 2.54 2.72 2.91 3.11 3.33 3.56 3.81 4.08 4.36
Residential, commercial, and irrigation Tier 4: >33,000 gallons 2.32 2.39 2.58 2.79 2.98 3.19 3.41 3.65 3.91 4.18 4.47 4.79
Industrial Tier 1: >0 gallons 2.22 2.29 2.47 2.67 2.85 3.05 3.27 3.50 3.74 4.00 4.28 4.58
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
Trunk water charge - residential (per residential unit)1,182 1,182 1,182 1,229 1,278 1,330 1,383 1,438 1,496 1,555 1,618 1,682
Trunk water charge - non-residential (per acre)2,954 2,954 2,954 3,072 3,195 3,323 3,456 3,594 3,738 3,887 4,043 4,204
Water access charge - 1 1/4" line 1,266 1,266 2,010 2,090 2,174 2,261 2,351 2,445 2,543 2,645 2,751 2,861
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
Revenue by Fee Type (in Dollars)
Volume billed:
Residential, commercial, and irrigation minimum first 1000 gallons 416,960 429,240 463,408 510,267 562,236 610,221 669,887 723,267 790,147 845,626 922,342 986,906
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 898,340 960,486 1,037,121 1,140,690 1,254,741 1,360,736 1,491,666 1,609,739 1,756,626 1,879,945 2,048,422 2,191,812
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 190,800 163,500 176,250 190,350 203,675 217,932 233,187 249,510 266,976 285,664 305,661 327,057
Residential, commercial, and irrigation Tier 4: >33,000 gallons 69,600 59,750 64,500 69,660 74,536 79,754 85,336 91,310 97,702 104,541 111,859 119,689
Total Residential Volume Billed 1,575,700 1,612,976 1,741,279 1,910,968 2,095,188 2,268,643 2,480,076 2,673,826 2,911,451 3,115,776 3,388,284 3,625,463
Volume billed:
Industrial Tier 1: >0 gallons 65,124 67,177 72,457 78,254 83,732 89,593 95,865 102,575 109,755 117,438 125,659 134,455
State connection charge (per year)8,500 8,500 8,500 9,346 10,658 11,309 12,505 12,932 13,933 13,943 14,886 14,886
Trunk water charge - residential (per residential unit)80,000 15,000 15,000 106,947 172,591 89,082 170,081 63,276 154,048 1,555 156,912 -
Water access charge - 1 1/4" line 334,224 - - 181,865 293,492 151,485 289,224 107,601 261,959 2,645 266,830 -
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
Total Revenue 2,063,548 1,703,653 1,837,236 3,628,780 4,050,717 4,060,971 4,556,643 4,529,458 5,083,164 4,948,657 5,717,761 5,610,603
64
SEWER FUND
The Sewer Fund is a Proprietary Fund used 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 rendered 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 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 regardless of
the timing of cashflows.
Revenues
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 projection
of operating and non-operating revenue for the Sewer Fund, is
assumed to average 82 units per year between 2023-2032 for
new residential and commercial customer 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 infrastructure for sanitary
sewer service, including improvements to the wastewater
treatment plant.
The Plan includes a Trunk Charge for Annexation Areas on a per
acre basis and 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 period. 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 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
reserve purposes
The Plan does not anticipate that bonding will be needed to
finance planned capital improvements. The Fund is projected to
have cash sufficient to meet both operating and capital needs.
Expenses
Expenses include 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
65
Bonds ($1,120,000 payable as of 2023 year-end) and the General
Obligation Revenue Note issued to the Public Facilities Authority,
Series 2015A ($1,378,000 payable as of 2023 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. Capital
assets offset by increase in accumulated depreciation are
expected to increase with planned capital improvements.
66
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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%
50%
100%
150%
200%
250%
300%
350%
400%
450%
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ending unrestricted Net Position as % of ExpensesMillionsChart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Customer Units (ERU)Volume Billed (1,000 Gal)Chart 49.
Sewer Fund
Customers and Annual Volume Billed
Sewer Volume
Billed
Total Customer
Units
67
Table 20
City of Monticello
Finance Plan
Sewer Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 39,124 28,298 - - 1,210 469 459 448 438 428 418 408
Charges for services 2,639,514 2,873,479 2,838,844 2,922,844 3,560,340 3,718,196 3,934,950 4,085,606 4,300,553 4,420,841 4,645,753 4,775,375
Investment earnings (39,020) (334,719) 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 1,922 1,662 4,656 4,656 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Transfer in 200,000 - - - - - - - - - - -
Intergovernmental for capital 38,978 166,458 - - - - - - - - - -
Connection / access charges 973,921 805,211 200,000 200,000 652,374 333,484 630,583 232,342 560,208 5,602 559,703 -
Penalties and interest 45,009 50,776 50,500 50,500 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Trunk charges 257,766 249,385 - - 785,870 687,511 811,566 685,626 821,802 640,597 859,377 677,469
Total 4,157,214 3,840,550 3,119,000 3,203,000 5,079,794 4,819,660 5,457,559 5,084,022 5,763,001 5,147,468 6,145,251 5,533,252
Expenses
Depreciation 1,202,802 1,199,870 1,224,245 1,241,745 1,374,100 1,400,526 1,526,002 1,542,503 1,558,211 1,636,754 1,656,660 1,798,325
Interest payments 64,371 45,451 55,491 49,023 42,100 34,491 26,562 18,011 8,770 7,558 6,335 5,092
Operating expense before depreciation 1,777,133 1,980,086 2,336,509 2,288,977 2,357,646 2,428,376 2,501,227 2,576,264 2,653,552 2,733,158 2,815,153 2,899,608
Total 3,044,306 3,225,407 3,616,245 3,579,745 3,773,846 3,863,393 4,053,790 4,136,778 4,220,532 4,377,470 4,478,148 4,703,024
Change in Net Position 1,112,908 615,143 (497,245) (376,745) 1,305,948 956,267 1,403,768 947,245 1,542,468 769,998 1,667,103 830,227
Ending net position 24,183,374 24,798,517 24,301,272 23,924,527 25,230,474 26,186,741 27,590,509 28,537,754 30,080,222 30,850,220 32,517,323 33,347,550
Assets
Cash and investments 8,438,613 10,127,111 9,229,739 9,111,555 6,206,760 7,203,175 4,804,578 6,313,954 8,704,965 7,887,638 10,298,405 7,142,620
Due from other governments 22,602 - - - - - - - - - - -
All other receivables and prepaid items 532,679 507,727 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000
Special assessments receivable / deferred 448,783 53,251 265,655 230,839 197,486 164,826 132,167 99,507 66,848 34,189 33,934 33,679
Capital assets 51,754,815 52,129,545 53,104,545 53,804,545 59,098,741 60,155,778 65,174,805 65,834,836 66,463,163 69,604,902 70,401,152 76,067,744
Accumulated depreciation (33,630,550) (34,830,422) (36,054,667) (37,296,412) (38,670,512) (40,071,038) (41,597,040) (43,139,543) (44,697,754) (46,334,508) (47,991,168) (49,789,493)
Deferred outflows of resources 89,608 97,878 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 27,656,550 28,085,090 27,035,272 26,340,527 27,322,474 27,942,741 29,004,509 29,598,754 31,027,222 31,682,220 33,232,323 33,944,550
Liabilities
All other liabilities 220,601 467,016 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000
Deferred inflows of resources 121,022 9,557 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000
Bonds payable 3,116,000 2,810,000 2,498,000 2,180,000 1,856,000 1,520,000 1,178,000 825,000 711,000 596,000 479,000 361,000
Unamortized bond prem/disc 15,553 - - - - - - - - - - -
Total Liabilities and Deferred Inflows 3,473,176 3,286,573 2,734,000 2,416,000 2,092,000 1,756,000 1,414,000 1,061,000 947,000 832,000 715,000 597,000
Total Liabilities, Deferred Inflows, and Net Position 27,656,550 28,085,090 27,035,272 26,340,527 27,322,474 27,942,741 29,004,509 29,598,754 31,027,222 31,682,220 33,232,323 33,944,550
68
Table 21
City of Monticello
Finance Plan - Change in Ending Cash Balance
Sewer Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 2,336,509 2,288,977 2,357,646 2,428,376 2,501,227 2,576,264 2,653,552 2,733,158 2,815,153 2,899,608
Capital Acquisition / Outlay 975,000 700,000 5,294,196 1,057,037 5,019,027 660,031 628,327 3,141,739 796,250 5,666,592
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)367,491 367,023 366,100 370,491 368,562 371,011 122,770 122,558 123,335 123,092
Total Use of Cash 3,679,000 3,356,000 8,017,942 3,855,904 7,888,815 3,607,306 3,404,648 5,997,455 3,734,738 8,689,291
Source of Cash
Revenues 3,119,000 3,203,000 5,079,794 4,819,660 5,457,559 5,084,022 5,763,001 5,147,468 6,145,251 5,533,252
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 3,119,000 3,203,000 5,079,794 4,819,660 5,457,559 5,084,022 5,763,001 5,147,468 6,145,251 5,533,252
Net Change in Other Assets and Liabilities (337,372) 34,816 33,354 32,659 32,659 32,659 32,659 32,659 255 255
Change in Cash Balance (897,372) (118,184) (2,904,795) 996,415 (2,398,598) 1,509,376 2,391,012 (817,328) 2,410,767 (3,155,785)
Ending Cash 9,229,739 9,111,555 6,206,760 7,203,175 4,804,578 6,313,954 8,704,965 7,887,638 10,298,405 7,142,620
Ending Cash by Purpose
Cash for next year planned capital 700,000 5,294,196 1,057,037 5,019,027 660,031 628,327 3,141,739 796,250 5,666,592 5,686,589
Cash for next year debt service 367,023 366,100 370,491 368,562 371,011 122,770 122,558 123,335 123,092 122,837
Cash for 3-months operating reserve 572,244 589,412 607,094 625,307 644,066 663,388 683,290 703,788 724,902 746,649
Cash available for future capital / unassigned 7,590,472 2,861,847 4,172,137 1,190,280 3,129,470 4,899,469 4,757,379 6,264,264 3,783,819 586,545
Ending Cash 9,229,739 9,111,555 6,206,760 7,203,175 4,804,578 6,313,954 8,704,965 7,887,638 10,298,405 7,142,620
69
Table 22
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Sewer Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential and commercial customers 4,433 4,433 4,433 4,520 4,655 4,722 4,845 4,889 4,992 4,993 5,090 5,090 5,156
Volume billed:
Residential and commercial Tier 1: First 1000 gallons 53,196 53,196 53,196 54,240 55,860 56,664 58,140 58,668 59,904 59,916 61,080 61,080 61,872
Residential and commercial Tier 2: 1,001-10,000 gallons 276,446 276,446 276,446 285,842 300,422 307,658 320,942 325,694 336,818 336,926 347,402 347,402 354,530
Total Residential Volume Billed 329,642 329,642 329,642 340,082 356,282 364,322 379,082 384,362 396,722 396,842 408,482 408,482 416,402
Industrial customers 1 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 43,027
Industrial BOD5 per lb 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243 449,243
Industrial TSS per lb 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528 219,528
Total Customers 4,434 4,434 4,434 4,521 4,656 4,723 4,846 4,890 4,993 4,994 5,091 5,091 5,157
Total Volume Billed 372,669 372,669 372,669 383,109 399,309 407,349 422,109 427,389 439,749 439,869 451,509 451,509 459,429
Sewer access charge per unit 264 2 2 87 135 67 123 44 103 1 97 - 66
Trunk sewer charge residential per unit 50 9 9 87 135 67 123 44 103 1 97 - 66
City Sewer Manual Charges (Units)2 2 2 2 2 2 2 2 2 2 2 2 2
Trunk Charge for Annexation Areas (per acre)- - - 100 100 100 100 100 100 100 100 100 100
Customer Fees (in dollars)
Residential and commercial minimum first 1000 gallons 10.10 10.40 10.61 10.93 11.26 11.59 11.94 12.30 12.67 13.05 13.44 13.84 14.26
Residential and commercial Tier 2: 1,001-10,000 gallons 6.19 6.38 6.51 6.71 6.91 7.11 7.33 7.55 7.77 8.01 8.25 8.49 8.75
Industrial all usage 3.840 3.960 4.040 4.161 4.286 4.415 4.547 4.683 4.824 4.969 5.118 5.271 5.429
Industrial BOD5 per lb 0.415 0.427 0.436 0.449 0.463 0.476 0.491 0.505 0.521 0.536 0.552 0.569 0.586
Industrial TSS per lb 0.570 0.587 0.599 0.617 0.635 0.655 0.674 0.694 0.715 0.737 0.759 0.782 0.805
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% 13.4%
Sewer discharge - percent of sewer bill for all customers 0.0% 0.0% 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 4,423 4,423 4,555 4,692 4,832 4,977 5,127 5,280 5,439 5,602 5,770 5,943 6,122
Trunk sewer charge residential per unit 1,594 1,594 1,641 1,690 1,741 1,793 1,847 1,902 1,959 2,018 2,079 2,141 2,205
Trunk sewer charge non-residential per acre 3,995 3,995 4,115 4,238 4,366 4,497 4,631 4,770 4,914 5,061 5,213 5,369 5,530
Trunk sewer charge - Meadow Oaks Lift Station 2,823 2,823 - - - - - - - - - - -
City Sewer Manual Charges (Units)160,517 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500 162,500
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 6,978
Revenue by Fee Type (in Dollars)
Volume billed:
Residential and commercial minimum first 1000 gallons 537,280 553,238 564,410 592,751 628,768 656,953 694,287 721,610 758,917 781,842 820,941 845,570 882,230
Residential and commercial Tier 1: First 1000 gallons - - - - - - - - - - - - -
Residential and commercial Tier 2: 1,001-10,000 gallons 1,711,201 1,763,725 1,799,663 1,916,656 2,074,852 2,188,572 2,351,562 2,457,972 2,618,181 2,697,591 2,864,911 2,950,858 3,101,746
Total Residential Volume Billed 2,248,480 2,316,964 2,364,073 2,509,407 2,703,621 2,845,525 3,045,849 3,179,582 3,377,098 3,479,432 3,685,852 3,796,428 3,983,976
Volume billed:
Industrial all usage 165,224 170,387 173,829 179,044 184,415 189,948 195,646 201,516 207,561 213,788 220,201 226,808 233,612
Industrial BOD5 per lb 186,436 191,827 195,870 201,746 207,798 214,032 220,453 227,067 233,879 240,895 248,122 255,566 263,233
Industrial TSS per lb 125,131 128,863 131,497 135,442 139,505 143,691 148,001 152,441 157,015 161,725 166,577 171,574 176,721
Sewer access charge per unit 1,167,672 8,500 8,754 408,174 652,374 333,484 630,583 232,342 560,208 5,602 559,703 - 404,022
Trunk sewer charge residential per unit 80,000 15,000 15,442 147,050 235,026 120,142 227,176 83,704 201,822 2,018 201,641 - 145,554
City Sewer Manual Charges (Units)321,034 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000 325,000
Trunk Charge for Annexation Areas (per acre)- - - 534,800 550,844 567,369 584,390 601,922 619,980 638,579 657,737 677,469 697,793
Total Revenue 4,293,977 3,156,540 3,214,465 4,440,663 4,998,584 4,739,191 5,377,100 5,003,574 5,682,562 5,067,040 6,064,833 5,452,844 6,229,910
Total Revenues by Category (in Dollars)
Charges for services 3,046,305 3,133,040 3,190,269 3,350,640 3,560,340 3,718,196 3,934,950 4,085,606 4,300,553 4,420,841 4,645,753 4,775,375 4,982,542
Connection / access charges 1,167,672 8,500 8,754 408,174 652,374 333,484 630,583 232,342 560,208 5,602 559,703 - 404,022
Trunk charges 80,000 15,000 15,442 681,850 785,870 687,511 811,566 685,626 821,802 640,597 859,377 677,469 843,347
Total Revenue 4,293,977 3,156,540 3,214,465 4,440,663 4,998,584 4,739,191 5,377,100 5,003,574 5,682,562 5,067,040 6,064,833 5,452,844 6,229,910
70
STORMWATER FUND
The Stormwater Fund is a Proprietary Fund for the accounting for
costs of providing a municipal stormwater 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 subsequent amortization of
the deferred outflows. Revenues 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 regardless of the timing
of cashflows.
Revenues
Revenue sources for the Stormwater Fund are charges for
services, trunk charges from development, and other sources
including investment earnings, penalties, and interest on charges
for services, among other sources.
The Plan is based on $0.50 increase annually in the monthly fee
for storm sewer services. Trunk area charges are planned to
increase by 3.0% annually to pay for infrastructure of the system.
The Plan assumes an average of 100 acres per year are platted,
and after adjusting for ponds and wetland areas not subject to
the stormwater 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 planning
period. For purposes of the Plan, the revenue objective for the
Stormwater 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
reserve 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 included in the Plan
without other revenue sources to pay for the projects.
Expenses
Expenses include operations, capital, interest expense on debt,
and depreciation of capital assets. The Plan anticipates the
addition of a position (1.0 FTE) in 2026 and a second position (1.0
FTE) in 2027. 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. There
is no existing debt outstanding 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 sufficient
revenues available to pay for planned capital improvements
based on the proposed timing and amount for projects. The City
will need to consider its options to address the projected
shortfall. Accounts receivable and payable are projected to
remain at historic amounts during the planning period.
71
-$2.0
-$1.5
-$1.0
-$0.5
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
-150%
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
($1.0)
($0.5)
$0.0
$0.5
$1.0
$1.5
$2.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ending unrestricted Net Position as % of ExpensesMillionsChart 51.
Stormwater 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 52.
Stormwater Fund
Revenues and Expenses
Revenues
Expenses
-
2,000
4,000
6,000
8,000
10,000
12,000
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Chart 53.
Stormwater Fund
Equivalent Residential Customer Units Billed
Total
Residential
Equivalent
Customer Units
72
Table 23
City of Monticello
Finance Plan
Stormwater Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 21,861 7,821 - - - - - - - - - -
Other intergovernmental - - 300,000 1,840,000 - - - - - - - -
Charges for services 356,747 522,851 600,000 600,000 600,402 660,312 726,024 785,568 851,580 908,448 975,834 1,033,236
Investment earnings (7,724) (54,412) 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Other revenues - 6,295 - - - - - - - - - -
Intergovernmental for capital 39,132 54,917 - - - - - - - - - -
Connection / access charges - - - - - - - - - - - -
Trunk charges 328,530 172,702 60,000 60,000 326,460 336,254 346,342 356,732 367,434 378,457 389,810 401,505
Total 738,546 710,174 962,000 2,502,000 928,862 998,566 1,074,366 1,144,300 1,221,014 1,288,905 1,367,644 1,436,741
Expenses
FTE Increases / Current Expenses - - - - - 49,500 152,985 157,575 162,302 167,171 172,186 177,352
Depreciation 510,323 467,342 477,842 528,217 557,717 594,967 610,192 610,192 617,692 617,692 617,692 617,692
Operating expense before depreciation 222,528 330,653 566,000 584,000 601,520 619,566 638,153 657,297 677,016 697,327 718,246 739,794
Total 732,851 797,995 1,043,842 1,112,217 1,159,237 1,264,033 1,401,330 1,425,064 1,457,010 1,482,189 1,508,124 1,534,837
Change in Net Position 5,695 (87,821) (81,842) 1,389,783 (230,375) (265,467) (326,964) (280,764) (235,996) (193,285) (140,480) (98,096)
Ending net position 6,440,836 6,353,015 6,271,173 7,660,956 7,430,581 7,165,115 6,838,151 6,557,387 6,321,391 6,128,106 5,987,626 5,889,530
Assets
Cash and investments 1,407,666 1,627,949 1,529,746 1,450,417 610,754 (536,752) (849,530) (507,108) (412,418) 24,984 502,196 1,021,792
Due from other governments 39,132 - - - - - - - - - - -
All other receivables and prepaid items 41,158 38,910 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Special assessments receivable / deferred 137,993 113,307 95,636 77,965 64,971 51,976 38,982 25,988 12,994 0 0 0
Capital assets 19,613,831 19,905,664 20,325,664 22,340,664 23,520,664 25,010,664 25,619,664 25,619,664 25,919,664 25,919,664 25,919,664 25,919,664
Accumulated depreciation (14,763,001) (15,230,343) (15,708,185) (16,236,402) (16,794,119) (17,389,086) (17,999,278) (18,609,470) (19,227,162) (19,844,854) (20,462,546) (21,080,238)
Deferred outflows of resources 490 38,016 115 116 117 118 119 120 121 122 123 124
Total Assets and Deferred Outflows 6,477,269 6,493,503 6,292,976 7,682,760 7,452,386 7,186,921 6,859,958 6,579,195 6,343,200 6,149,916 6,009,437 5,911,342
Liabilities
All other liabilities 33,455 136,951 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740
Deferred inflows of resources 2,978 3,537 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 36,433 140,488 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 Posit 6,477,269 6,493,503 6,292,976 7,682,760 7,452,386 7,186,921 6,859,958 6,579,195 6,343,200 6,149,916 6,009,437 5,911,342
73
Table 24
City of Monticello
Finance Plan - Change in Ending Cash Balance
Stormwater Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 566,000 584,000 601,520 669,066 791,138 814,872 839,318 864,497 890,432 917,145
Capital Acquisition / Outlay 420,000 2,015,000 1,180,000 1,490,000 609,000 - 300,000 - - -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 986,000 2,599,000 1,781,520 2,159,066 1,400,138 814,872 1,139,318 864,497 890,432 917,145
Source of Cash
Revenues 962,000 2,502,000 928,862 998,566 1,074,366 1,144,300 1,221,014 1,288,905 1,367,644 1,436,741
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 962,000 2,502,000 928,862 998,566 1,074,366 1,144,300 1,221,014 1,288,905 1,367,644 1,436,741
Net Change in Other Assets and Liabilities (74,203) 17,671 12,994 12,994 12,994 12,994 12,994 12,994 - -
Change in Cash Balance (98,203) (79,329) (839,664) (1,147,506) (312,778) 342,422 94,690 437,402 477,212 519,596
Ending Cash 1,529,746 1,450,417 610,754 (536,752) (849,530) (507,108) (412,418) 24,984 502,196 1,021,792
Ending Cash by Purpose
Cash for next year planned capital 2,015,000 1,180,000 1,490,000 609,000 - 300,000 - - - -
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 146,000 150,380 167,266 197,784 203,718 209,829 216,124 222,608 229,286 236,165
Cash available for future capital / unassigned (631,254) 120,037 (1,046,513) (1,343,536) (1,053,248) (1,016,937) (628,542) (197,624) 272,910 785,627
Ending Cash 1,529,746 1,450,417 610,754 (536,752) (849,530) (507,108) (412,418) 24,984 502,196 1,021,792
74
Table 25
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Stormwater Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers
Stormwater Monthly Basic Charge - Residential 4,115 4,115 4,115 4,202 4,337 4,404 4,527 4,571 4,674 4,675 4,772 4,772
Stormwater Monthly Basic Charge - Commercial 4,739 4,739 4,739 4,760 4,760 4,767 4,781 4,781 4,788 4,788 4,795 4,795
Stormwater Trunk (net acre)77 14 14 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 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 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)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)4,374 4,374 4,505 4,640 4,779 4,923 5,070 5,223 5,379 5,541 5,707 5,878
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)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)10,247 10,247 10,554 10,871 11,197 11,533 11,879 12,235 12,602 12,980 13,369 13,771
Revenue by Fee Type (in Dollars)
Stormwater Monthly Basic Charge - Residential 148,140 197,520 222,210 252,120 286,242 317,088 353,106 383,964 420,660 448,800 486,744 515,376
Stormwater Monthly Basic Charge - Commercial 170,604 227,472 255,906 285,600 314,160 343,224 372,918 401,604 430,920 459,648 489,090 517,860
Stormwater Trunk (net acre)328,530 60,000 61,799 316,952 326,460 336,254 346,342 356,732 367,434 378,457 389,810 401,505
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 647,274 484,992 539,915 854,672 926,862 996,566 1,072,366 1,142,300 1,219,014 1,286,905 1,365,644 1,434,741
Total Revenues by Category (in Dollars)
Charges for services 318,744 424,992 478,116 537,720 600,402 660,312 726,024 785,568 851,580 908,448 975,834 1,033,236
Connection / access charges
Trunk charges 328,530 60,000 61,799 316,952 326,460 336,254 346,342 356,732 367,434 378,457 389,810 401,505
Total Revenue 647,274 484,992 539,915 854,672 926,862 996,566 1,072,366 1,142,300 1,219,014 1,286,905 1,365,644 1,434,741
75
LIQUOR FUND
The Liquor Fund is a Proprietary Fund used for the accounting for
costs of the municipal liquor operations. The Fund is supposed to
be self-supporting in that the services 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 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 regardless of
the timing of cashflows.
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 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
reserve 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 to pay for capital
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 include operations, capital, 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
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 projected 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 operating transfers from the Liquor
Fund.
Balance Sheet
Future estimated receivables and payable are projected to
remain at historic amounts during the planning period. There are
no planned bonds payable projected.
76
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ending unrestricted Net Position as % of ExpensesMillionsChart 55.
Liquor 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
$3.5
$4.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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.
77
Table 26
City of Monticello
Finance Plan
Liquor Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (9,622) (82,243) 12,306 12,151 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Other revenues 1,577 5,685 - - - - - - - - - -
Net sales for enterprise fund 7,104,357 7,168,374 7,357,694 7,504,849 7,729,994 7,961,894 8,200,751 8,446,774 8,700,177 8,961,182 9,230,018 9,506,918
Cost of goods sold for enterprise fund (5,200,541) (5,256,029) (5,407,500) (5,515,651) (5,681,121) (5,851,554) (6,027,101) (6,207,914) (6,394,151) (6,585,976) (6,783,555) (6,987,062)
Total 1,895,771 1,835,787 1,962,500 2,001,349 2,060,874 2,122,340 2,185,650 2,250,860 2,318,026 2,387,206 2,458,463 2,531,857
Expenses
Depreciation 35,202 20,923 24,173 24,173 27,298 28,086 28,874 29,662 30,450 31,238 32,026 32,814
Transfer out - - 2,250,000 1,000,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
Operating expense before depreciation 877,971 1,037,104 1,222,500 1,231,349 1,268,289 1,306,338 1,345,528 1,385,894 1,427,471 1,470,295 1,514,404 1,559,836
Total 913,173 1,058,027 3,496,673 2,255,522 2,045,587 2,084,424 2,124,402 2,165,556 2,207,921 2,251,533 2,296,430 2,342,650
Change in Net Position 982,598 777,760 (1,534,173) (254,173) 15,286 37,916 61,248 85,304 110,105 135,673 162,033 189,206
Ending net position 1,930,339 2,708,099 1,173,926 919,753 935,039 972,955 1,034,204 1,119,507 1,229,612 1,365,285 1,527,318 1,716,524
Assets
Cash and investments 1,943,412 2,809,741 932,602 702,602 620,186 654,688 713,311 796,776 905,831 1,041,242 1,203,801 1,394,321
All other receivables and prepaid items 9,300 8,118 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 423,796 530,707 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Capital assets 988,459 1,007,269 1,137,269 1,137,269 1,262,269 1,293,769 1,325,269 1,356,769 1,388,269 1,419,769 1,451,269 1,482,769
Accumulated depreciation (910,002) (930,926) (955,099) (979,272) (1,006,570) (1,034,656) (1,063,530) (1,093,192) (1,123,642) (1,154,880) (1,186,906) (1,219,720)
Deferred outflows of resources 196,409 164,587 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409
Total Assets and Deferred Outflows 2,651,374 3,589,496 1,772,016 1,517,843 1,533,129 1,571,045 1,632,294 1,717,597 1,827,702 1,963,375 2,125,408 2,314,614
Liabilities
All other liabilities 460,796 867,111 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647
Deferred inflows of resources 260,239 14,286 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 721,035 881,397 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090
Total Liabilities, Deferred Inflows, and Net Posit 2,651,374 3,589,496 1,772,016 1,517,843 1,533,129 1,571,045 1,632,294 1,717,597 1,827,702 1,963,375 2,125,408 2,314,614
78
Table 27
City of Monticello
Finance Plan - Change in Ending Cash Balance
Liquor Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,222,500 1,231,349 1,268,289 1,306,338 1,345,528 1,385,894 1,427,471 1,470,295 1,514,404 1,559,836
Capital Acquisition / Outlay 130,000 - 125,000 31,500 31,500 31,500 31,500 31,500 31,500 31,500
Interfund Transfers Out 2,250,000 1,000,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 3,602,500 2,231,349 2,143,289 2,087,838 2,127,028 2,167,394 2,208,971 2,251,795 2,295,904 2,341,336
Source of Cash
Revenues 1,962,500 2,001,349 2,060,874 2,122,340 2,185,650 2,250,860 2,318,026 2,387,206 2,458,463 2,531,857
Total Source of Cash 1,962,500 2,001,349 2,060,874 2,122,340 2,185,650 2,250,860 2,318,026 2,387,206 2,458,463 2,531,857
Net Change in Other Assets and Liabilities (237,139) - - - - - - - - -
Change in Cash Balance (1,877,139) (230,000) (82,416) 34,502 58,622 83,466 109,055 135,411 162,559 190,520
Ending Cash 932,602 702,602 620,186 654,688 713,311 796,776 905,831 1,041,242 1,203,801 1,394,321
Ending Cash by Purpose
Cash for next year planned capital - 125,000 31,500 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 307,837 317,072 326,585 336,382 346,474 356,868 367,574 378,601 389,959 401,658
Cash available for future capital / unassigned 624,765 260,530 262,102 286,806 335,337 408,409 506,757 631,141 782,342 942,664
Ending Cash 932,602 702,602 620,186 654,688 713,311 796,776 905,831 1,041,242 1,203,801 1,394,321
79
FIBER OPTICS FUND
The Fiber Optics Fund is a Proprietary Fund used 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. Revenues 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 accruals of revenues earned and
expenses incurred regardless of the timing of cashflows.
Revenues
The major revenue sources for the Fiber Optics Fund come from
charges for services. Other revenues include investment
earnings, other intergovernmental, and other nonrecurring
revenues.
Based on projected revenues and expenses, the Fiber Optics
Fund is projected to maintain adequate cash balance 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
reserve purposes
The Plan does not anticipate proceeds from the issuance of
bonds to finance improvements capital improvements. The Fiber
Optics Fund is projected to have cash sufficient to pay for capital
improvements. Capital improvements are only projected for
continued expansion to new neighborhoods; costs for upgrades
or large replacements to the system are not anticipated in the
planning period.
Expenses
Expenses include 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 are
no planned capital improvements included in the Plan and no
issuance of future bonds.
80
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ending unrestricted Net Position as % of ExpensesMillionsChart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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.
81
Table 28
City of Monticello
Finance Plan
Fiber Optics Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes 53,942 53,000 - - - - - - - - - -
Other intergovernmental - - - - - - - - - - - -
Charges for services 1,945,217 1,978,590 1,869,708 2,027,500 2,068,050 2,109,411 2,151,599 2,194,631 2,238,524 2,283,294 2,328,960 2,375,539
Fines and forfeitures - - - - - - - - - - - -
Investment earnings (4,496) (37,000) 9,512 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Other revenues 2,521 216,502 780 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Total 1,997,184 2,211,092 1,880,000 2,040,000 2,080,550 2,121,911 2,164,099 2,207,131 2,251,024 2,295,794 2,341,460 2,388,039
Expenses
Depreciation 378,578 380,890 385,890 390,890 396,150 401,410 406,670 411,930 417,190 422,450 427,710 432,970
Operating expense before depreciation 1,700,697 1,621,188 1,750,000 1,683,000 1,733,490 1,785,495 1,839,060 1,894,231 1,951,058 2,009,590 2,069,878 2,131,974
Total 2,079,275 2,002,078 2,135,890 2,073,890 2,129,640 2,186,905 2,245,730 2,306,161 2,368,248 2,432,040 2,497,588 2,564,944
Change in Net Position (82,091) 209,014 (255,890) (33,890) (49,090) (64,994) (81,630) (99,030) (117,224) (136,246) (156,128) (176,905)
Ending net position 12,267,574 12,476,588 12,220,698 12,186,808 12,137,718 12,072,724 11,991,094 11,892,064 11,774,839 11,638,594 11,482,466 11,305,562
Assets
Cash and investments 935,050 1,228,402 1,172,545 1,329,545 1,466,207 1,592,225 1,706,867 1,809,369 1,898,936 1,974,743 2,035,927 2,081,595
Due from other governments 2,942 53,000 - - - - - - - - - -
All other receivables and prepaid items 140,498 138,662 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000
Capital assets 15,466,302 15,771,862 15,971,862 16,171,862 16,382,260 16,592,658 16,803,056 17,013,454 17,223,852 17,434,250 17,644,648 17,855,046
Accumulated depreciation (4,096,930) (4,477,819) (4,863,709) (5,254,599) (5,650,749) (6,052,159) (6,458,829) (6,870,759) (7,287,949) (7,710,399) (8,138,109) (8,571,079)
Deferred outflows of resources - - - - - - - - - - - -
Total Assets and Deferred Outflows 12,447,862 12,714,107 12,420,698 12,386,808 12,337,718 12,272,724 12,191,094 12,092,064 11,974,839 11,838,594 11,682,466 11,505,562
Liabilities
All other liabilities 180,288 237,519 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Deferred inflows of resources - - - - - - - - - - - -
Total Liabilities and Deferred Inflows 180,288 237,519 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Total Liabilities, Deferred Inflows, and Net Po 12,447,862 12,714,107 12,420,698 12,386,808 12,337,718 12,272,724 12,191,094 12,092,064 11,974,839 11,838,594 11,682,466 11,505,562
82
Table 29
City of Monticello
Finance Plan - Change in Ending Cash Balance
Fiber Optics Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,750,000 1,683,000 1,733,490 1,785,495 1,839,060 1,894,231 1,951,058 2,009,590 2,069,878 2,131,974
Capital Acquisition / Outlay 200,000 200,000 210,398 210,398 210,398 210,398 210,398 210,398 210,398 210,398
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 1,950,000 1,883,000 1,943,888 1,995,893 2,049,458 2,104,629 2,161,456 2,219,988 2,280,276 2,342,372
Source of Cash
Revenues 1,880,000 2,040,000 2,080,550 2,121,911 2,164,099 2,207,131 2,251,024 2,295,794 2,341,460 2,388,039
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 1,880,000 2,040,000 2,080,550 2,121,911 2,164,099 2,207,131 2,251,024 2,295,794 2,341,460 2,388,039
Net Change in Other Assets and Liabilities 14,143 - - - - - - - - -
Change in Cash Balance (55,857) 157,000 136,662 126,018 114,642 102,502 89,568 75,806 61,184 45,667
Ending Cash 1,172,545 1,329,545 1,466,207 1,592,225 1,706,867 1,809,369 1,898,936 1,974,743 2,035,927 2,081,595
Ending Cash by Purpose
Cash for next year planned capital 200,000 210,398 210,398 210,398 210,398 210,398 210,398 210,398 210,398 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 420,750 433,373 446,374 459,765 473,558 487,765 502,398 517,469 532,994 548,983
Cash available for future capital / unassigned 551,795 685,775 809,435 922,062 1,022,911 1,111,206 1,186,141 1,246,875 1,292,536 1,482,611
Ending Cash 1,172,545 1,329,545 1,466,207 1,592,225 1,706,867 1,809,369 1,898,936 1,974,743 2,035,927 2,081,595
83
DEPUTY REGISTRAR FUND
The Deputy Registrar Fund is a Proprietary Fund used 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 financed through user charges.
The Deputy Registrar 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
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 regardless of the timing of cashflows.
Revenues
The major revenue sources for the Deputy Registrar Fund comes
from charges for services. Other revenue is from investment
earnings.
Based on projected revenues and expenses, the Deputy Registrar
Fund is projected to maintain adequate cash balance 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
reserve purposes
Expenses
Expenses include 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 in. However, the Plan
includes a transfer of $1,750,000 to the Capital Projects Fund in
2023 to support the Downtown Roadway and Pedestrian
Improvement Project. An annual $100,000 transfer out to the
Community Center Fund is projected beginning in 2024 through
the long-term planning period.
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 $300,000
between 2024-2032.
84
$0.0
$0.1
$0.1
$0.2
$0.2
$0.3
$0.3
$0.4
$0.4
$0.5
$0.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 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%
2%
4%
6%
8%
10%
12%
14%
16%
18%
$0.0
$0.0
$0.0
$0.1
$0.1
$0.1
$0.1
$0.1
$0.2
$0.2
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ending unrestricted Net Position as % of ExpensesMillionsChart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032MillionsChart 62.
Deputy Registrar Fund
Revenues and Expenses
Revenues
Expenses
85
Table 30
City of Monticello
Finance Plan
Deputy Registrar Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other intergovernmental - - - - - - - - - - - -
Charges for services 941,759 889,451 840,000 900,000 918,000 936,360 955,087 974,189 993,673 1,013,546 1,033,817 1,054,493
Investment earnings (11,867) (76,557) 19,800 10,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 915 6,043 11,200 8,000 - - - - - - - -
Total 930,807 818,937 871,000 918,000 943,000 961,360 980,087 999,189 1,018,673 1,038,546 1,058,817 1,079,493
Expenses
Depreciation 8,178 20,975 20,975 23,725 24,100 24,475 24,850 25,225 25,600 25,975 27,475 27,850
Transfer out - - 1,750,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Operating expense before depreciation 584,076 756,261 792,000 785,000 804,625 824,741 845,359 866,493 888,155 910,359 933,118 956,446
Total 592,254 777,236 2,562,975 908,725 928,725 949,216 970,209 991,718 1,013,755 1,036,334 1,060,593 1,084,296
Change in Net Position 338,553 41,701 (1,691,975) 9,275 14,275 12,144 9,878 7,471 4,917 2,212 (1,776) (4,803)
Ending net position 2,314,352 2,356,053 664,078 673,353 687,628 699,772 709,650 717,121 722,039 724,250 722,474 717,671
Assets
Cash and investments 2,018,584 2,240,031 401,389 324,389 347,764 369,383 389,111 406,807 422,325 435,511 401,210 409,257
Due from other governments 66,445 76,035 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 3,272 2,615 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272
Capital assets 648,013 656,884 656,884 766,884 781,884 796,884 811,884 826,884 841,884 856,884 916,884 931,884
Accumulated depreciation (69,626) (90,601) (111,576) (135,301) (159,401) (183,876) (208,726) (233,951) (259,551) (285,526) (313,001) (340,851)
Deferred outflows of resources 107,220 132,790 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220
Total Assets and Deferred Outflows 2,773,908 3,017,754 1,123,634 1,132,909 1,147,184 1,159,328 1,169,206 1,176,677 1,181,595 1,183,806 1,182,030 1,177,227
Liabilities
Due to other governmental units - - - - - - - - - - - -
All other liabilities 316,482 651,052 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482
Deferred inflows of resources 143,074 10,649 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074
Total Liabilities and Deferred Inflows 459,556 661,701 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556
Total Liabilities, Deferred Inflows, and Net Posit 2,773,908 3,017,754 1,123,634 1,132,909 1,147,184 1,159,328 1,169,206 1,176,677 1,181,595 1,183,806 1,182,030 1,177,227
86
Table 31
City of Monticello
Finance Plan - Change in Ending Cash Balance
Deputy Registrar Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 792,000 785,000 804,625 824,741 845,359 866,493 888,155 910,359 933,118 956,446
Capital Acquisition / Outlay - 110,000 15,000 15,000 15,000 15,000 15,000 15,000 60,000 15,000
Interfund Transfers Out 1,750,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Use of Cash 2,542,000 995,000 919,625 939,741 960,359 981,493 1,003,155 1,025,359 1,093,118 1,071,446
Source of Cash
Revenues 871,000 918,000 943,000 961,360 980,087 999,189 1,018,673 1,038,546 1,058,817 1,079,493
Total Source of Cash 871,000 918,000 943,000 961,360 980,087 999,189 1,018,673 1,038,546 1,058,817 1,079,493
Net Change in Other Assets and Liabilities (167,642) - - - - - - - - -
Change in Cash Balance (1,838,642) (77,000) 23,375 21,619 19,728 17,696 15,517 13,187 (34,301) 8,047
Ending Cash 401,389 324,389 347,764 369,383 389,111 406,807 422,325 435,511 401,210 409,257
Ending Cash by Purpose
Cash for next year planned capital 110,000 15,000 15,000 15,000 15,000 15,000 15,000 60,000 15,000 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 196,250 201,156 206,185 211,340 216,623 222,039 227,590 233,280 239,112 246,285
Cash available for future capital / unassigned 95,139 108,233 126,579 143,044 157,488 169,768 179,735 142,232 147,099 112,972
Ending Cash 401,389 324,389 347,764 369,383 389,111 406,807 422,325 435,511 401,210 409,257
87
BENEFIT ACCRUAL FUND
The Benefit Accrual Fund is an Internal Service Fund used 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. Revenues 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 regardless of
the timing of cashflows.
Revenues
The major revenue source comes from charges for services to
other City Governmental Funds.
Based on projected revenues and expenses, the Fund is
projected to maintain adequate cash balance over the planning
period.
Expenses
Expenses include operating costs only for employee benefits.
Transfers
There are no interfund transfers planned.
Balance Sheet
Future estimated receivables and payable are projected to
remain at approximate historic amounts during the planning
period.
88
Table 32
City of Monticello
Finance Plan
Benefit Accrual Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (1,898) (11,885) - - - - - - - - - -
Charges to other funds (19,915) 9,325 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Total Revenues (21,813) (2,560) 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 (19,915) 9,325 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Total Expenditures (19,915) 9,325 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 (1,898) (11,885) - - - - - - - - - -
Ending Fund Balance 25,799 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914
Assets
Cash and investments 306,920 304,360 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914
Total Assets 306,920 304,360 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914
Liabilities
All other liabilities 281,121 290,446 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Total Liabilities and deferred inflows 281,121 290,446 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Fund Balance 25,799 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914 13,914
Total Liab, deferred inflows, and fund balance 306,920 304,360 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914 313,914
89
CENTRAL EQUIPMENT FUND
The Central Equipment Fund is an Internal Service Fund used for
the accounting for costs of providing equipment for
governmental purposes, not including the enterprise operations.
The Fund is supposed to be self-supporting in that the cost of
equipment is to be financed through user charges to city
departments.
The Central Equipment 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
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 regardless of the timing of cashflows.
Revenues
Revenue sources come from charges for services to other City
Governmental Funds, most notably the General Fund. Other
revenue is from investment earnings.
Based on projected revenues and expenses, the Fund is not
projected to maintain adequate cash balance over the planning
period. The City will need to adjust the timing or amount of
future equipment acquisitions or be prepared to support the
Central Equipment Fund with charges to other funds enough to
cover expenses in the future.
Expenses
Expenses include capital (equipment) acquisitions and
depreciation of capital assets.
Depreciation is reported as an expense and is adjusted for
anticipated annual depreciable capital acquisitions.
Transfers
The City has transferred in revenue from other City funds in prior
years to provide cash for future equipment acquisition. The Plan
does not include any future transfers in.
Balance Sheet
There are no existing or planned bonds payable projected. The
current bonds payable will be fully paid off in 2024.
90
Table 33
City of Monticello
Finance Plan
Central Equipment Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (1,330) (51,466) 10,000 10,000 - - - - - - - -
Sale of capital assets - - - - - - - - - - - -
Other revenue for capital 89,705 33,529 109,000 10,500 - - - - - - - -
Transfer in 1,573,657 - - - - - - - - - - -
Charges to other funds 552,369 578,400 633,000 567,500 700,000 700,000 800,000 800,000 800,000 800,000 800,000 800,000
Total Revenues 2,214,401 560,463 752,000 588,000 700,000 700,000 800,000 800,000 800,000 800,000 800,000 800,000
Expenditures
Interest payments 6,720 5,220 3,570 1,830 - - - - - - - -
Other expenses (62) (69) 2,430 - - - - - - - - -
Depreciation 241,156 379,442 513,142 542,342 688,942 747,342 1,016,942 1,046,842 1,099,142 1,109,842 1,234,342 1,260,542
Transfer out - - - - - - - - - - - -
Total Expenditures 247,814 384,593 519,142 544,172 688,942 747,342 1,016,942 1,046,842 1,099,142 1,109,842 1,234,342 1,260,542
Net Change in Fund Balances 1,966,587 175,870 232,858 43,828 11,058 (47,342) (216,942) (246,842) (299,142) (309,842) (434,342) (460,542)
Ending Fund Balance 3,773,478 3,949,348 4,182,206 4,226,034 4,237,092 4,189,750 3,972,808 3,725,966 3,426,824 3,116,982 2,682,640 2,222,098
Assets
Cash and investments 1,411,889 1,383,686 733,020 967,190 201,190 317,190 (1,578,810) (1,077,810) (800,810) (107,810) (552,810) (14,810)
Due from other governments - 483 - - - - - - - - - -
All other receivables and prepaid items 50,722 - - - - - - - - - - -
Capital assets 3,628,968 4,110,695 5,447,695 5,739,695 7,205,695 7,789,695 10,485,695 10,784,695 11,307,695 11,414,695 12,659,695 12,921,695
Accumulated depreciation (1,086,161) (1,425,367) (1,938,509) (2,480,851) (3,169,793) (3,917,135) (4,934,077) (5,980,919) (7,080,061) (8,189,903) (9,424,245) (10,684,787)
Deferred outflows of resources - - - - - - - - - - - -
Total Assets 4,005,418 4,069,497 4,242,206 4,226,034 4,237,092 4,189,750 3,972,808 3,725,966 3,426,824 3,116,982 2,682,640 2,222,098
Liabilities
All other liabilities 51,940 149 - - - - - - - - - -
Bonds payable 180,000 120,000 60,000 - - - - - - - - -
Total Liabilities and deferred inflows 231,940 120,149 60,000 - - - - - - - - -
Fund Balance 3,773,478 3,949,348 4,182,206 4,226,034 4,237,092 4,189,750 3,972,808 3,725,966 3,426,824 3,116,982 2,682,640 2,222,098
Total Liab, deferred inflows, and fund balance 4,005,418 4,069,497 4,242,206 4,226,034 4,237,092 4,189,750 3,972,808 3,725,966 3,426,824 3,116,982 2,682,640 2,222,098
91
INFORMATION TECHNOLOGY (IT) FUND
The IT Fund is an Internal Service Fund used for the accounting
for costs of providing information technology services to city
departments. The Fund is supposed to be self-supporting in that
the cost of providing IT services is to be financed through user
charges to city departments.
The IT 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 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 regardless of
the timing of cashflows.
Revenues
Revenue sources come from charges for services to other City
funds. Other revenue is from investment earnings. 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 planning
period. The Fund is projected to have cash sufficient to 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 include 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 interfund transfers planned for this Fund.
Balance Sheet
There are no existing or planned bonds payable projected.
92
Table 34
City of Monticello
Finance Plan
IT Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (1,075) (6,977) 3,853 3,858 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Other revenues - - 5,139 6,148 - - - - - - - -
Charges to other funds 270,890 423,450 529,008 549,994 560,994 572,214 658,046 671,207 684,631 698,323 712,290 726,536
Total Revenues 269,815 416,473 538,000 560,000 564,994 576,214 662,046 675,207 688,631 702,323 716,290 730,536
Expenditures
Depreciation 28,397 32,313 34,791 34,791 34,791 34,791 34,791 34,791 34,791 34,791 34,791 34,791
Operating expense before depreciation 276,755 438,568 513,220 560,000 579,600 599,886 617,883 636,419 655,512 675,177 695,432 716,295
Total Expenditures 305,152 470,881 548,011 594,791 614,391 634,677 652,674 671,210 690,303 709,968 730,223 751,086
Net Change in Fund Balances (35,337) (54,408) (10,011) (34,791) (49,397) (58,463) 9,372 3,997 (1,672) (7,644) (13,933) (20,550)
Ending Fund Balance 364,583 310,175 300,164 265,373 215,976 157,513 166,885 170,882 169,210 161,565 147,632 127,081
Assets
Cash and investments 171,997 86,813 47,822 47,822 33,216 9,544 53,707 92,495 125,614 152,760 173,618 187,858
All other receivables and prepaid items 53,501 55,473 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000
Capital assets 220,669 308,399 333,179 333,179 333,179 333,179 333,179 333,179 333,179 333,179 333,179 333,179
Accumulated depreciation (68,733) (101,046) (135,837) (170,628) (205,419) (240,210) (275,001) (309,792) (344,583) (379,374) (414,165) (448,956)
Total Assets 377,434 349,639 300,164 265,373 215,976 157,513 166,885 170,882 169,210 161,565 147,632 127,081
Liabilities
All other liabilities 12,851 39,464 - - - - - - - - - -
Total Liabilities and deferred inflows 12,851 39,464 - - - - - - - - - -
Fund Balance 364,583 310,175 300,164 265,373 215,976 157,513 166,885 170,882 169,210 161,565 147,632 127,081
Total Liab, deferred inflows, and fund balance 377,434 349,639 300,164 265,373 215,976 157,513 166,885 170,882 169,210 161,565 147,632 127,081
93
FACILITIES MAINTENANCE FUND
The Facilities Maintenance Fund was established as an Internal
Service Fund for the accounting for costs of maintaining
municipal facilities. The Fund is supposed to be self-supporting 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. Revenues 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 comes from charges for services to
other City funds.
Based on projected revenues and expenses, the Fund will either
need to reduce costs or adjust charges to other City funds to
remain in good operational standing.
Expenses
Expenses include operations, capital, and depreciation of capital
assets.
The Finance Plan includes the addition of new staff (1.0 FTE) in
years 2027.
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.
94
Table 35
City of Monticello
Finance Plan
Facilities Maintenance Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings - (2) - - - - - - - - - -
Other revenues - - 25,000 50,000 - - - - - - - -
Transfer in - 150,000 - - - - - - - - - -
Charges to other funds 160,139 473,483 378,000 385,000 408,100 432,586 467,193 495,224 524,938 556,434 589,820 625,209
Total Revenues 160,139 623,481 403,000 435,000 408,100 432,586 467,193 495,224 524,938 556,434 589,820 625,209
Expenditures
FTE Increases / Current Expenses - - - - - - 100,000 103,000 106,090 219,273 225,851 232,626
Depreciation - - - - - - - - 5,000 5,000 5,000 5,000
Operating expense before depreciation 193,993 553,722 403,000 435,000 443,700 452,574 461,625 470,858 480,275 489,881 499,678 509,672
Total Expenditures 193,993 553,722 403,000 435,000 443,700 452,574 561,625 573,858 591,365 714,153 730,529 747,298
Net Change in Fund Balances (33,854) 69,759 - - (35,600) (19,988) (94,433) (78,634) (66,427) (157,719) (140,709) (122,089)
Ending Fund Balance (33,854) 35,905 35,905 35,905 305 (19,683) (114,116) (192,749) (259,176) (416,896) (557,604) (679,693)
Assets
Cash and investments 2,209 74,909 35,905 35,905 305 (19,683) (114,116) (192,749) (304,176) (456,896) (592,604) (709,693)
All other receivables and prepaid items - 2,307 - - - - - - - - - -
Capital assets - - - - - - - - 50,000 50,000 50,000 50,000
Accumulated depreciation - - - - - - - - (5,000) (10,000) (15,000) (20,000)
Total Assets 2,209 77,216 35,905 35,905 305 (19,683) (114,116) (192,749) (259,176) (416,896) (557,604) (679,693)
Liabilities
Due to other governmental units 80 91 - - - - - - - - - -
All other liabilities 35,983 41,220 - - - - - - - - - -
Total Liabilities and deferred inflows 36,063 41,311 - - - - - - - - - -
Fund Balance (33,854) 35,905 35,905 35,905 305 (19,683) (114,116) (192,749) (259,176) (416,896) (557,604) (679,693)
Total Liab, deferred inflows, and fund balance 2,209 77,216 35,905 35,905 305 (19,683) (114,116) (192,749) (259,176) (416,896) (557,604) (679,693)
95
APPENDICES
96
Appendix A – Page 1 of 2
City of Monticello
Projected Staffing Additions (Full-Time Equivalents/FTE)
All City Funds
2024 2025 2026 2027 2028 2029 2030 2031 2032
GOVERNMENTAL FUNDS
General Fund
City Hall
Community Service Officer 1.00
Planner 1.00
Fire
Chief 1.00
PW
Engineering Staff 0.50
Streets Operator 1.00
Recreation and culture
Parks Operator 1.00 1.00 2.00
Staff (PT)3.00
Seasonal Staff (6m)2.00 0.50 1.50 6.00 1.00
Seasonal Staff (3m)0.25 0.75 0.50
MCC Fund
Programmer (FT)1.00 1.00
Total Governmental Funds 0.00 2.00 0.00 3.00 4.75 9.00 4.75 0.00 2.50
PROPRIETARY FUNDS
Water/Sewer Funds
Operator 1.00 1.00
Stormwater Fund
Operator 0.50 1.00
FM Fund
Operator 1.00 1.00
Total Proprietary Funds 0.00 0.00 0.50 1.00 1.00 1.00 0.00 2.00 0.00
97
Appendix A – Page 2 of 2
City of Monticello
Projected Staffing Additions (Dollars)
All City Funds
2024 2025 2026 2027 2028 2029 2030 2031 2032
GOVERNMENTAL FUNDS
General Fund
City Hall
Community Service Officer 113,000$
Planner 117,000$
Fire
Chief 129,000$
PW
Engineering Staff 49,500$
Streets Operator 98,000$
Recreation and culture
Parks Operator 98,000$ 101,000$ 220,000$
Staff (PT)114,000$
Seasonal Staff (6m)75,000$ 17,000$ 54,000$ 216,000$ 38,000$
Seasonal Staff (3m)9,000$ 27,000$ 20,000$
MCC Fund
Programmer (FT)92,000$ 95,000$
Total Governmental Funds -$ 75,000$ -$ 287,500$ 369,000$ 532,000$ 179,000$ -$ 240,000$
PROPRIETARY FUNDS
Water/Sewer Funds
Operator 99,000$ 114,000$
Stormwater Fund
Operator 49,500$ 102,000$
FM Fund
Operator 100,000$ 110,000$
Total Proprietary Funds -$ -$ 49,500$ 102,000$ 100,000$ 99,000$ -$ 224,000$ -$
98
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 Increase by 3.0% Annually
Select Property Type Location Identification Detail
Customer
Classification for
Utility Billing
Construction
Completion
Y ear
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
99
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 Increase 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
100
Appendix C – Page 1 of 19
City of Monticello
Summary of Tax Increment Financing (TIF) Districts
TIF Districts are Included as "Sub-Funds" of the Economic Development Authority (EDA) Fund
District Number 1-6 1-19 1-20 1-22 1-24 1-29 1-30
Name Raindance
Mississippi
Shores Prairie West Downtown St. Henry
Front Porch
Assoc.
Central MN
Housing
Type Redevelopment Housing (Rental) Redevelopment Redevelopment Housing (Rental) Housing (Owner) Housing (Owner)
Date Established 11/12/1985 3/13/1995 6/24/1996 3/10/1997 8/24/1998 3/15/2002 6/24/2002
Date Certified 12/5/1985 4/28/1995 12/23/1996 6/30/1997 1/8/1999 8/22/2002 8/22/2002
Year of First Increment 1988 1998 1999 1999 2001 2004 2004
Date of Decertification 12/31/2013 12/31/2023 12/31/2018 12/31/2023 12/31/2026 12/31/2029 12/31/2029
District Number 1-34 1-40 1-41 1-42 1-43 1-45 1-46
Name Interchange
Briggs
(Rivertown) UMC Headwaters Apts
Headwaters
Villas Block 52 WiHa
Type
Renewal &
Renovation Housing (Rental)
Economic
Development Housing (Rental) Housing (Rental) Redevelopment
Economic
Development
Date Established 7/25/2005 6/25/2018 9/3/2019 2/14/2022 2/14/2022 6/27/2022 7/11/2022
Date Certified 8/1/2006 7/3/2018 5/3/2021 7/7/2023 7/10/2023 7/6/2023 7/10/2023
Year of First Increment 2007 2020 2022
Date of Decertification 12/31/2022 12/31/2045 12/31/2030
101
Appendix C – Page 2 of 19
City of Monticello
Finance Plan
EDA General Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 368,427 388,291 402,000 451,000 464,530 478,466 492,820 507,604 522,833 538,518 554,673 571,313
Property taxes other - - - - - - - - - - - -
Tax increment - - - - - - - - - - - -
Other intergovernmental - 375,547 - - - - - - - - - -
Charges for services 3,170 130,973 - - - - - - - - - -
Investment earnings (4,440) (115,830) 42,000 42,000 - - - - - - - -
Other revenues 39,302 838,752 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Sale of capital assets - - - - - - - - - - - -
Transfer in - - - - - - - - - - - -
Total Revenues 406,459 1,617,733 450,000 499,000 470,530 484,466 498,820 513,604 528,833 544,518 560,673 577,313
Expenditures
Current - Economic development 526,830 1,051,116 450,000 499,000 511,475 524,262 537,368 550,803 564,573 578,687 593,154 607,983
Transfer out 90,607 - - - - - - - - - - -
TIF pay-go note payments - - - - - - - - - - - -
Excess increments - - - - - - - - - - - -
Total Expenditures 617,437 1,051,116 450,000 499,000 511,475 524,262 537,368 550,803 564,573 578,687 593,154 607,983
Net Change in Fund Balances (210,978) 566,617 - - (40,945) (39,796) (38,549) (37,198) (35,740) (34,169) (32,481) (30,670)
Ending Fund Balance 4,448,040 5,014,657 5,014,657 5,014,657 4,973,712 4,933,916 4,895,367 4,858,169 4,822,429 4,788,260 4,755,779 4,725,109
Assets
Cash and investments 813,772 2,745,696 2,911,698 2,926,698 2,900,753 2,875,957 2,852,408 2,820,210 2,784,470 2,750,301 2,717,820 2,687,150
Taxes receivable 2,508 13,843 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508
Notes receivable - 127,246 - - - - - - - - - -
Due from other funds 136,782 124,149 110,363 95,363 80,363 65,363 50,363 45,363 45,363 45,363 45,363 45,363
All other receivables and prepaid items 3,752 18,465 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752 3,752
Land held for resale / inventory 3,513,757 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336 2,006,336
Total Assets 4,470,571 5,035,735 5,034,657 5,034,657 4,993,712 4,953,916 4,915,367 4,878,169 4,842,429 4,808,260 4,775,779 4,745,109
Liabilities
Due to other governmental units 190 326 - - - - - - - - - -
All other liabilities 21,386 19,030 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources 955 1,722 - - - - - - - - - -
Escrow deposits - - - - - - - - - - - -
Total Liabilities and deferred inflows 22,531 21,078 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Fund Balance 4,448,040 5,014,657 5,014,657 5,014,657 4,973,712 4,933,916 4,895,367 4,858,169 4,822,429 4,788,260 4,755,779 4,725,109
Total Liab, deferred inflows, and fund balance 4,470,571 5,035,735 5,034,657 5,034,657 4,993,712 4,953,916 4,915,367 4,878,169 4,842,429 4,808,260 4,775,779 4,745,109
102
Appendix C – Page 3 of 19
City of Monticello
Finance Plan
GMEF Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (5,492) - - - - - - - - - - -
Other revenues 7,276 9,114 8,000 8,000 7,600 7,220 6,859 6,516 6,190 5,881 5,587 5,307
Total Revenues 1,784 9,114 8,000 8,000 7,600 7,220 6,859 6,516 6,190 5,881 5,587 5,307
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances 1,784 9,114 8,000 8,000 7,600 7,220 6,859 6,516 6,190 5,881 5,587 5,307
Ending Fund Balance 1,235,051 1,244,165 1,252,165 1,260,165 1,267,765 1,274,985 1,281,844 1,288,360 1,294,550 1,300,431 1,306,018 1,311,325
Assets
Cash and investments 918,218 937,668 1,061,496 1,079,103 1,096,596 1,113,701 1,130,739 1,147,637 1,164,414 1,181,092 1,197,692 1,214,234
Notes receivable 316,833 306,497 190,669 181,062 171,169 161,284 151,105 140,723 130,136 119,339 108,326 97,091
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 1,235,051 1,244,165 1,252,165 1,260,165 1,267,765 1,274,985 1,281,844 1,288,360 1,294,550 1,300,431 1,306,018 1,311,325
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,235,051 1,244,165 1,252,165 1,260,165 1,267,765 1,274,985 1,281,844 1,288,360 1,294,550 1,300,431 1,306,018 1,311,325
Total Liab, deferred inflows, and fund balance 1,235,051 1,244,165 1,252,165 1,260,165 1,267,765 1,274,985 1,281,844 1,288,360 1,294,550 1,300,431 1,306,018 1,311,325
103
Appendix C – Page 4 of 19
City of Monticello
Finance Plan
TIF Future Fund
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues - - - - - - - - - - - -
Expenditures
Current - Economic development 866 - - - - - - - - - - -
Total Expenditures 866 - - - - - - - - - - -
Net Change in Fund Balances (866) - - - - - - - - - - -
Ending Fund Balance (45,363) (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 - - - - - - - - - - - -
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - - - - - - - - - - -
Liabilities
Due to other funds 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363 45,363
Fund Balance (45,363) (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 - - - - - - - - - - - -
104
Appendix C – Page 5 of 19
City of Monticello
Finance Plan
TIF 6 Fund
Redevelopment District 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Investment earnings (69) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues (69) - - - - - - - - - - -
Expenditures
Current - Economic development 35 - 18,001 - - - - - - - - -
Transfer out - - - - - - - - - - 281,000 -
Total Expenditures 35 - 18,001 - - - - - - - 281,000 -
Net Change in Fund Balances (104) - (18,001) - - - - - - - (281,000) -
Ending Fund Balance 749,001 749,001 731,000 731,000 731,000 731,000 731,000 731,000 731,000 731,000 450,000 450,000
Assets
Cash and investments 18,001 18,001 60,000 120,000 180,000 240,000 300,000 360,000 420,000 480,000 259,000 450,000
Due from other funds 731,000 731,000 671,000 611,000 551,000 491,000 431,000 371,000 311,000 251,000 191,000 -
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 749,001 749,001 731,000 731,000 731,000 731,000 731,000 731,000 731,000 731,000 450,000 450,000
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 749,001 749,001 731,000 731,000 731,000 731,000 731,000 731,000 731,000 731,000 450,000 450,000
Total Liab, deferred inflows, and fund balance 749,001 749,001 731,000 731,000 731,000 731,000 731,000 731,000 731,000 731,000 450,000 450,000
105
Appendix C – Page 6 of 19
City of Monticello
Finance Plan
TIF 19 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 39,674 41,053 40,000 - - - - - - - - -
Investment earnings (628) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 39,046 41,053 40,000 - - - - - - - - -
Expenditures
Current - Economic development 35 173,000 132,137 165 - - - - - - - -
Total Expenditures 35 173,000 132,137 165 - - - - - - - -
Net Change in Fund Balances 39,011 (131,947) (92,137) (165) - - - - - - - -
Ending Fund Balance 131,947 - (92,137) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302)
Assets
Cash and investments 131,947 - (92,137) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302)
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 131,947 - (92,137) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302)
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 131,947 - (92,137) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302)
Total Liab, deferred inflows, and fund balance 131,947 - (92,137) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302) (92,302)
106
Appendix C – Page 7 of 19
City of Monticello
Finance Plan
TIF 20 Fund
Redevelopment 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Investment earnings (583) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues (583) - - - - - - - - - - -
Expenditures
Current - Economic development 35 48 104,595 350 - - - - - - - -
Total Expenditures 35 48 104,595 350 - - - - - - - -
Net Change in Fund Balances (618) (48) (104,595) (350) - - - - - - - -
Ending Fund Balance 104,220 104,172 (423) (773) (773) (773) (773) (773) (773) (773) (773) (773)
Assets
Cash and investments 104,220 104,172 (423) (773) (773) (773) (773) (773) (773) (773) (773) (773)
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 104,220 104,172 (423) (773) (773) (773) (773) (773) (773) (773) (773) (773)
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 104,220 104,172 (423) (773) (773) (773) (773) (773) (773) (773) (773) (773)
Total Liab, deferred inflows, and fund balance 104,220 104,172 (423) (773) (773) (773) (773) (773) (773) (773) (773) (773)
107
Appendix C – Page 8 of 19
City of Monticello
Finance Plan
TIF 22 Fund
Redevelopment and Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 308,224 296,000 308,000 - - - - - - - - -
Investment earnings (2,524) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 305,700 296,000 308,000 - - - - - - - - -
Expenditures
Current - Economic development 3,812 171,695 317,648 1,750 - - - - - - - -
TIF pay-go note payments 11,987 12,191 10,270 - - - - - - - - -
Excess increments 183,012 188,360 176,595 176,595 - - - - - - - -
Total Expenditures 198,811 372,246 504,513 178,345 - - - - - - - -
Net Change in Fund Balances 106,889 (76,246) (196,513) (178,345) - - - - - - - -
Ending Fund Balance 507,130 430,884 234,371 56,026 56,026 56,026 56,026 56,026 56,026 56,026 56,026 56,026
Assets
Cash and investments 504,232 437,082 234,371 56,026 56,026 56,026 56,026 56,026 56,026 56,026 56,026 56,026
Taxes receivable 4,733 2,687 - - - - - - - - - -
All other receivables and prepaid items - - - - - - - - - - - -
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 672,165 602,969 397,571 219,226 219,226 219,226 219,226 219,226 219,226 219,226 219,226 219,226
Liabilities
Unearned revenue 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
All other liabilities - 6,198 - - - - - - - - - -
Deferred inflows of resources 1,835 2,687 - - - - - - - - - -
Total Liabilities and deferred inflows 165,035 172,085 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
Fund Balance*507,130 430,884 234,371 56,026 56,026 56,026 56,026 56,026 56,026 56,026 56,026 56,026
Total Liab, deferred inflows, and fund balance 672,165 602,969 397,571 219,226 219,226 219,226 219,226 219,226 219,226 219,226 219,226 219,226
108
Appendix C – Page 9 of 19
City of Monticello
Finance Plan
TIF 24 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 57,716 59,835 58,000 60,000 60,000 60,000 - - - - - -
Investment earnings (813) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 56,903 59,835 58,000 60,000 60,000 60,000 - - - - - -
Expenditures
Current - Economic development 35 233,911 174,301 200 - - - - - - - -
Total Expenditures 35 233,911 174,301 200 - - - - - - - -
Net Change in Fund Balances 56,868 (174,076) (116,301) 59,800 60,000 60,000 - - - - - -
Ending Fund Balance 174,076 - (116,301) (56,501) 3,499 63,499 63,499 63,499 63,499 63,499 63,499 63,499
Assets
Cash and investments 174,076 - (116,301) (56,501) 3,499 63,499 63,499 63,499 63,499 63,499 63,499 63,499
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 174,076 - (116,301) (56,501) 3,499 63,499 63,499 63,499 63,499 63,499 63,499 63,499
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 174,076 - (116,301) (56,501) 3,499 63,499 63,499 63,499 63,499 63,499 63,499 63,499
Total Liab, deferred inflows, and fund balance 174,076 - (116,301) (56,501) 3,499 63,499 63,499 63,499 63,499 63,499 63,499 63,499
109
Appendix C – Page 10 of 19
City of Monticello
Finance Plan
TIF 29 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 34,961 36,119 35,000 44,000 44,000 44,000 44,000 44,000 44,000 - - -
Investment earnings (988) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 33,973 36,119 35,000 44,000 44,000 44,000 44,000 44,000 44,000 - - -
Expenditures
Current - Economic development 35 230,083 194,354 365 - - - - - - - -
Total Expenditures 35 230,083 194,354 365 - - - - - - - -
Net Change in Fund Balances 33,938 (193,964) (159,354) 43,635 44,000 44,000 44,000 44,000 44,000 - - -
Ending Fund Balance 193,964 - (159,354) (115,719) (71,719) (27,719) 16,281 60,281 104,281 104,281 104,281 104,281
Assets
Cash and investments 193,964 - (159,354) (115,719) (71,719) (27,719) 16,281 60,281 104,281 104,281 104,281 104,281
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 193,964 - (159,354) (115,719) (71,719) (27,719) 16,281 60,281 104,281 104,281 104,281 104,281
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 193,964 - (159,354) (115,719) (71,719) (27,719) 16,281 60,281 104,281 104,281 104,281 104,281
Total Liab, deferred inflows, and fund balance 193,964 - (159,354) (115,719) (71,719) (27,719) 16,281 60,281 104,281 104,281 104,281 104,281
110
Appendix C – Page 11 of 19
City of Monticello
Finance Plan
TIF 30 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 16,009 16,895 16,000 17,000 17,000 17,000 17,000 17,000 17,000 - - -
Investment earnings (629) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 15,380 16,895 16,000 17,000 17,000 17,000 17,000 17,000 17,000 - - -
Expenditures
Current - Economic development 2,615 38,622 113,386 215 - - - - - - - -
TIF interfund loan payments - - 11,846 15,000 15,800 15,800 15,800 5,800 - - - -
Total Expenditures 2,615 38,622 125,232 15,215 15,800 15,800 15,800 5,800 - - - -
Net Change in Fund Balances 12,765 (21,727) (109,232) 1,785 1,200 1,200 1,200 11,200 17,000 - - -
Ending Fund Balance 21,727 - (109,232) (107,447) (106,247) (105,047) (103,847) (92,647) (75,647) (75,647) (75,647) (75,647)
Assets
Cash and investments 113,146 78,500 (44,232) (57,447) (71,247) (85,047) (98,847) (92,647) (75,647) (75,647) (75,647) (75,647)
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 113,146 78,500 (44,232) (57,447) (71,247) (85,047) (98,847) (92,647) (75,647) (75,647) (75,647) (75,647)
Liabilities
Due to other funds 91,419 78,500 65,000 50,000 35,000 20,000 5,000 - - - - -
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows 91,419 78,500 65,000 50,000 35,000 20,000 5,000 - - - - -
Fund Balance 21,727 - (109,232) (107,447) (106,247) (105,047) (103,847) (92,647) (75,647) (75,647) (75,647) (75,647)
Total Liab, deferred inflows, and fund balance 113,146 78,500 (44,232) (57,447) (71,247) (85,047) (98,847) (92,647) (75,647) (75,647) (75,647) (75,647)
111
Appendix C – Page 12 of 19
City of Monticello
Finance Plan
TIF 34 Fund
Renewal and Renovation 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 217,828 220,840 - - - - - - - - - -
Investment earnings (252) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 217,576 220,840 - - - - - - - - - -
Expenditures
Current - Economic development 35 48 54,818 - - - - - - - - -
Transfer out 198,700 197,925 - - - - - - - - - -
Total Expenditures 198,735 197,973 54,818 - - - - - - - - -
Net Change in Fund Balances 18,841 22,867 (54,818) - - - - - - - - -
Ending Fund Balance 54,503 77,370 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552
Assets
Cash and investments 54,503 77,370 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 54,503 77,370 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 54,503 77,370 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552
Total Liab, deferred inflows, and fund balance 54,503 77,370 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552 22,552
112
Appendix C – Page 13 of 19
City of Monticello
Finance Plan
TIF 39 Fund
Economic Development 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 45,247 - - - - - - - - - - -
Investment earnings - - - - - - - - - - - -
Transfer in 90,607 - - - - - - - - - - -
Total Revenues 135,854 - - - - - - - - - - -
Expenditures
Current - Economic development 5,258 - - - - - - - - - - -
Total Expenditures 5,258 - - - - - - - - - - -
Net Change in Fund Balances 130,596 - - - - - - - - - - -
Ending Fund Balance - - - - - - - - - - - -
Assets
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - - - - - - - - - - -
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - - - - - - - - - - - -
Total Liab, deferred inflows, and fund balance - - - - - - - - - - - -
113
Appendix C – Page 14 of 19
City of Monticello
Finance Plan
TIF 40 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 13,030 49,559 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000
Investment earnings (5) - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues 13,025 49,559 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000
Expenditures
Current - Economic development 35 48 - 50 500 500 500 500 500 500 500 500
TIF pay-go note payments 11,727 44,603 60,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049 62,049
Total Expenditures 11,762 44,651 60,049 62,099 62,549 62,549 62,549 62,549 62,549 62,549 62,549 62,549
Net Change in Fund Balances 1,263 4,908 11,951 9,901 9,451 9,451 9,451 9,451 9,451 9,451 9,451 9,451
Ending Fund Balance 1,598 6,506 18,457 28,358 37,809 47,260 56,711 66,162 75,613 85,064 94,515 103,966
Assets
Cash and investments 1,598 6,506 18,457 28,358 37,809 47,260 56,711 66,162 75,613 85,064 94,515 103,966
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets 1,598 6,506 18,457 28,358 37,809 47,260 56,711 66,162 75,613 85,064 94,515 103,966
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,598 6,506 18,457 28,358 37,809 47,260 56,711 66,162 75,613 85,064 94,515 103,966
Total Liab, deferred inflows, and fund balance 1,598 6,506 18,457 28,358 37,809 47,260 56,711 66,162 75,613 85,064 94,515 103,966
114
Appendix C – Page 15 of 19
City of Monticello
Finance Plan
TIF 41 Fund
Economic Development 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000
Investment earnings - - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Sale of capital assets 300,000 - - - - - - - - - - -
Transfer in - - - - - - - - - - 281,000 -
Total Revenues 300,000 - - 65,000 65,000 65,000 65,000 65,000 65,000 65,000 346,000 65,000
Expenditures
Current - Economic development - 286 - 261 - - - - - - - -
TIF interfund loan payments - - 5,000 40,000 58,500 58,500 58,500 58,500 58,500 58,500 58,500 58,500
Total Expenditures - 286 5,000 40,261 58,500 58,500 58,500 58,500 58,500 58,500 58,500 58,500
Net Change in Fund Balances 300,000 (286) (5,000) 24,739 6,500 6,500 6,500 6,500 6,500 6,500 287,500 6,500
Ending Fund Balance (731,000) (731,286) (736,286) (711,547) (705,047) (698,547) (692,047) (685,547) (679,047) (672,547) (385,047) (378,547)
Assets
Cash and investments - - (65,286) (100,547) (154,047) (207,547) (261,047) (314,547) (368,047) (421,547) (194,047) (378,547)
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - (65,286) (100,547) (154,047) (207,547) (261,047) (314,547) (368,047) (421,547) (194,047) (378,547)
Liabilities
Due to other funds 731,000 731,286 671,000 611,000 551,000 491,000 431,000 371,000 311,000 251,000 191,000 -
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows 731,000 731,286 671,000 611,000 551,000 491,000 431,000 371,000 311,000 251,000 191,000 -
Fund Balance (731,000) (731,286) (736,286) (711,547) (705,047) (698,547) (692,047) (685,547) (679,047) (672,547) (385,047) (378,547)
Total Liab, deferred inflows, and fund balance - - (65,286) (100,547) (154,047) (207,547) (261,047) (314,547) (368,047) (421,547) (194,047) (378,547)
115
Appendix C – Page 16 of 19
City of Monticello
Finance Plan
TIF 42 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 156,129 157,699 159,285 160,886 162,504 164,137 165,787 167,454
Investment earnings - - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues - - - - 156,129 157,699 159,285 160,886 162,504 164,137 165,787 167,454
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances - - - - 156,129 157,699 159,285 160,886 162,504 164,137 165,787 167,454
Ending Fund Balance - - - - 156,129 313,828 473,113 633,999 796,503 960,640 1,126,427 1,293,881
Assets
Cash and investments - - - - 156,129 313,828 473,113 633,999 796,503 960,640 1,126,427 1,293,881
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - - - 156,129 313,828 473,113 633,999 796,503 960,640 1,126,427 1,293,881
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - - - - 156,129 313,828 473,113 633,999 796,503 960,640 1,126,427 1,293,881
Total Liab, deferred inflows, and fund balance - - - - 156,129 313,828 473,113 633,999 796,503 960,640 1,126,427 1,293,881
116
Appendix C – Page 17 of 19
City of Monticello
Finance Plan
TIF 43 Fund
Affordable Housing 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 146,137 198,104 200,123 202,162 204,221 206,301 208,402 210,523
Investment earnings - - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues - - - - 146,137 198,104 200,123 202,162 204,221 206,301 208,402 210,523
Expenditures
Current - Economic development - 127,246 - - - - - - - - - -
Total Expenditures - 127,246 - - - - - - - - - -
Net Change in Fund Balances - (127,246) - - 146,137 198,104 200,123 202,162 204,221 206,301 208,402 210,523
Ending Fund Balance - (127,246) (127,246) (127,246) 18,891 216,995 417,118 619,280 823,501 1,029,802 1,238,204 1,448,727
Assets
Cash and investments - - (127,246) (127,246) 18,891 216,995 417,118 619,280 823,501 1,029,802 1,238,204 1,448,727
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - (127,246) (127,246) 18,891 216,995 417,118 619,280 823,501 1,029,802 1,238,204 1,448,727
Liabilities
All other liabilities - 127,246 - - - - - - - - - -
Total Liabilities and deferred inflows - 127,246 - - - - - - - - - -
Fund Balance - (127,246) (127,246) (127,246) 18,891 216,995 417,118 619,280 823,501 1,029,802 1,238,204 1,448,727
Total Liab, deferred inflows, and fund balance - - (127,246) (127,246) 18,891 216,995 417,118 619,280 823,501 1,029,802 1,238,204 1,448,727
117
Appendix C – Page 18 of 19
City of Monticello
Finance Plan
TIF 45 Fund
Redevelopment 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 233,854 236,386 238,943 241,525 244,134 246,768 249,430 252,117
Investment earnings - - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues - - - - 233,854 236,386 238,943 241,525 244,134 246,768 249,430 252,117
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances - - - - 233,854 236,386 238,943 241,525 244,134 246,768 249,430 252,117
Ending Fund Balance - - - - 233,854 470,240 709,183 950,708 1,194,842 1,441,610 1,691,040 1,943,157
Assets
Cash and investments - - - - 233,854 470,240 709,183 950,708 1,194,842 1,441,610 1,691,040 1,943,157
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - - - 233,854 470,240 709,183 950,708 1,194,842 1,441,610 1,691,040 1,943,157
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - - - - 233,854 470,240 709,183 950,708 1,194,842 1,441,610 1,691,040 1,943,157
Total Liab, deferred inflows, and fund balance - - - - 233,854 470,240 709,183 950,708 1,194,842 1,441,610 1,691,040 1,943,157
118
Appendix C – Page 19 of 19
City of Monticello
Finance Plan
TIF 46 Fund
Economic Development 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 30,273 92,093 155,143 219,443 221,941 224,464 227,012 229,586
Investment earnings - - - - - - - - - - - -
Other revenues - - - - - - - - - - - -
Total Revenues - - - - 30,273 92,093 155,143 219,443 221,941 224,464 227,012 229,586
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances - - - - 30,273 92,093 155,143 219,443 221,941 224,464 227,012 229,586
Ending Fund Balance - - - - 30,273 122,366 277,509 496,952 718,893 943,357 1,170,369 1,399,955
Assets
Cash and investments - - - - 30,273 122,366 277,509 496,952 718,893 943,357 1,170,369 1,399,955
All other receivables and prepaid items - - - - - - - - - - - -
Total Assets - - - - 30,273 122,366 277,509 496,952 718,893 943,357 1,170,369 1,399,955
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - - - - 30,273 122,366 277,509 496,952 718,893 943,357 1,170,369 1,399,955
Total Liab, deferred inflows, and fund balance - - - - 30,273 122,366 277,509 496,952 718,893 943,357 1,170,369 1,399,955
119
Appendix D
City of Monticello
Debt Service Tax Levy Summary
Tax Collection Year Levy for Existing Debt Levy for Planned
New Debt Total Levy Annual % Change
2023 1,999,581 - 1,999,581 -13.5%
2024 2,026,175 - 2,026,175 1.3%
2025 2,259,248 2,312,214 4,571,462 125.6%
2026 2,367,571 2,690,073 5,057,644 10.6%
2027 1,970,622 2,679,810 4,650,432 -8.1%
2028 1,794,231 2,678,865 4,473,096 -3.8%
2029 1,600,096 2,681,096 4,281,192 -4.3%
2030 1,585,702 2,686,241 4,271,943 -0.2%
2031 1,186,469 3,074,456 4,260,925 -0.3%
2032 1,181,043 3,002,764 4,183,807 -1.8%
2033 413,543 2,999,693 3,413,236 -18.4%
2034 409,530 3,004,339 3,413,869 0.0%
2035 - 3,005,704 3,005,704 -12.0%
2036 - 3,009,090 3,009,090 0.1%
2037 - 3,008,933 3,008,933 0.0%
2038 - 3,010,481 3,010,481 0.1%
2039 - 3,013,448 3,013,448 0.1%
2040 - 3,017,674 3,017,674 0.1%
2041 - 3,022,819 3,022,819 0.2%
2042 - 3,018,199 3,018,199 -0.2%
2043 - 3,024,998 3,024,998 0.2%
2044 - 3,026,756 3,026,756 0.1%
2045 - 3,028,673 3,028,673 0.1%
2046 - 3,030,536 3,030,536 0.1%
2047 - 3,030,536 3,030,536 0.0%
2048 - 3,030,536 3,030,536 0.0%
2049 - 3,030,536 3,030,536 0.0%
120
$0
$10
$20
$30
$40
$50
$60
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Appendix E
Residential
Example Monthly Water Bill
10,000 Gallon Monthly Volume Billed
Monthly Bill Annual Percent Change
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Appendix F
Residential
Example Monthly Sanitary Sewer Bill
10,000 Gallon Monthly Volume Billed
Monthly Bill Annual Percent Change
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Appendix G
Residential
Example Monthly Stormwater Bill
1 Unit
Monthly Bill Annual Percent Change
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
3.4%
3.6%
3.8%
4.0%
4.2%
4.4%
4.6%
4.8%
Appendix H
Residential
Example Monthly Bill -Combined for Water, Sanitary Sewer, and Stormwater
10,000 Gallons of Volume and 1 Unit for Stormwater
Stormwater Water Sanitary Sewer Annual Percent Change