Monticello LTFP - 2025.01.102024 Long-Term
Financial Management Plan
January 10, 2025
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 .............................................................................................................................. 5
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 ................................................................................. 11
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 ...................................................................................................................... 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 (CIP) AND DEBT .................................................................... 18
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|Source of Revenue for Debt Service .............................................................................. 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 Debt ..................................................................................................... 28
Chart 28|Debt Per Capita .............................................................................................................. 28
FINANCE PLANS
Background .................................................................................................................................... 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
CDBG and SCDP Fund .............................................................................................................. 40
Table 10|Finance Plan ....................................................................................................... 41
Cemetery Fund ........................................................................................................................ 42
Table 11|Finance Plan ....................................................................................................... 43
Debt Service Fund .................................................................................................................... 44
Chart 34|Ending Fund Balance and Cash Balance ............................................................ 45
Chart 35|Source and Use of Funds ................................................................................... 45
Table 12|Finance Plan ....................................................................................................... 46
Capital Projects Fund ............................................................................................................... 47
Chart 36|Ending Fund Balance and Cash Balance ............................................................ 48
Chart 37|Source and Use of Funds ................................................................................... 48
Table 13|Finance Plan ....................................................................................................... 49
Street Lighting Improvement Fund ......................................................................................... 50
Chart 38|Ending Fund Balance and Cash Balance ............................................................ 50
Chart 39|Source and Use of Funds ................................................................................... 50
Table 14|Finance Plan ....................................................................................................... 51
Park and Pathway Dedication Fund ........................................................................................ 52
Chart 40|Ending Fund Balance and Cash Balance ............................................................ 52
Chart 41|Source and Use of Funds ................................................................................... 52
Table 15|Finance Plan ....................................................................................................... 53
Bertram Chain of Lakes (BCOL) Sales Tax Fund ....................................................................... 54
Chart 42|Ending Fund Balance and Cash Balance ............................................................ 54
Chart 43|Source and Use of Funds ................................................................................... 54
Table 16|Finance Plan ....................................................................................................... 55
PROPRIETARY FUNDS
Water Fund .............................................................................................................................. 56
Chart 44|Ending Cash Balance by Purpose ....................................................................... 58
Chart 45|Unrestricted Net Position .................................................................................. 58
Chart 46|Revenues and Expenses..................................................................................... 58
Chart 47|Customers and Annual Volume Billed ............................................................... 58
Table 17|Finance Plan ....................................................................................................... 59
Table 18|Change in Ending Cash Balance ......................................................................... 60
Table 19|Customers and Volume Billed, Rates, and Revenue from Charges ................... 61
Sewer Fund .............................................................................................................................. 62
Chart 48|Ending Cash Balance by Purpose ....................................................................... 64
Chart 49|Unrestricted Net Position .................................................................................. 64
Chart 50|Revenues and Expenses..................................................................................... 64
Chart 51|Customers and Annual Volume Billed ............................................................... 64
Table 20|Finance Plan ....................................................................................................... 65
Table 21|Change in Ending Cash Balance ......................................................................... 66
Table 22|Customers and Volume Billed, Rates, and Revenue from Charges ................... 67
Stormwater Fund ..................................................................................................................... 68
Chart 52|Ending Cash Balance by Purpose ....................................................................... 69
Chart 53|Unrestricted Net Position .................................................................................. 69
Chart 54|Revenues and Expenses..................................................................................... 69
Chart 55|Customers and Volume Sold ............................................................................. 69
Table 23|Finance Plan ....................................................................................................... 70
Table 24|Change in Ending Cash Balance ......................................................................... 71
Table 25|Customers and Volume Billed, Rates, and Revenue from Charges ................... 72
Liquor Fund .............................................................................................................................. 73
Chart 56|Ending Cash Balance by Purpose ....................................................................... 74
Chart 57|Unrestricted Net Position .................................................................................. 74
Chart 58|Revenues and Expenses..................................................................................... 74
Table 26|Finance Plan ....................................................................................................... 75
Table 27|Change in Ending Cash Balance ......................................................................... 76
Fiber Optics Fund ..................................................................................................................... 77
Chart 59|Ending Cash Balance by Purpose ....................................................................... 78
Chart 60|Unrestricted Net Position .................................................................................. 78
Chart 61|Revenues and Expenses..................................................................................... 78
Table 28|Finance Plan ....................................................................................................... 79
Table 29|Change in Ending Cash Balance ......................................................................... 80
Deputy Registrar Fund ............................................................................................................. 81
Chart 62|Ending Cash Balance by Purpose ....................................................................... 82
Chart 63|Unrestricted Net Position .................................................................................. 82
Chart 64|Revenues and Expenses..................................................................................... 82
Table 30|Finance Plan ....................................................................................................... 83
Table 31|Change in Ending Cash Balance ......................................................................... 84
INTERNAL SERVICE FUNDS
Benefit Accrual Fund ............................................................................................................... 85
Table 32|Finance Plan ....................................................................................................... 86
Central Equipment Fund.......................................................................................................... 87
Table 33|Finance Plan ....................................................................................................... 88
Information Technology (IT) Fund ........................................................................................... 89
Table 34|Finance Plan ....................................................................................................... 90
Facilities Maintenance Fund .................................................................................................... 91
Table 35|Finance Plan ....................................................................................................... 92
COMPONENT UNIT FUND
Economic Development Authority (EDA) Fund ....................................................................... 93
Table 36|Finance Plan ....................................................................................................... 95
Table 36a|Summary of Tax Increment Financing (TIF) Districts ....................................... 96
Table 36b|TIF Districts Projected Available Year-End Cash Balances ............................... 97
EDA Sub-Fund Finance Plans
Table 37a|EDA General Fund ..................................................................................... 98
Table 37b|GMEF Fund ................................................................................................ 99
Table 37c|TIF Future Fund ........................................................................................ 100
Table 37d|TIF 6 Fund ................................................................................................ 101
Table 37e|TIF 19 Fund .............................................................................................. 102
Table 37f|TIF 20 Fund ............................................................................................... 103
Table 37g|TIF 22 Fund .............................................................................................. 104
Table 37h|TIF 24 Fund .............................................................................................. 105
Table 37i|TIF 29 Fund ............................................................................................... 106
Table 37j|TIF 30 Fund ............................................................................................... 107
Table 37k|TIF 34 Fund .............................................................................................. 108
Table 37l|TIF 40 Fund ............................................................................................... 109
Table 37m|TIF 41 Fund ............................................................................................. 110
Table 37n|TIF 42 Fund .............................................................................................. 111
Table 37o|TIF 43 Fund .............................................................................................. 112
Table 37p|TIF 45 Fund .............................................................................................. 113
Table 37q|TIF 46 Fund .............................................................................................. 114
APPENDICES ....................................................................................................................... 115
Appendix A|Projected Staffing Additions .................................................................................... 116
Appendix B|Projected Future Development ............................................................................... 118
Appendix C|Debt Service Tax Levy Summary .............................................................................. 120
Appendix D|Water Residential Customer Billing Example .......................................................... 121
Appendix E|Sanitary Sewer Residential Customer Billing Example ............................................ 121
Appendix F|Stormwater Residential Customer Billing Example ................................................. 121
Appendix G|Combined Utilities Residential Customer Billing Example ...................................... 121
1
INTRODUCTION AND SUMMARY
The City of Monticello values stewardship and has incorporated a
Long-Term Financial Management Plan (the Plan) into its annual
financial processes. Monticello is a unique community in that it is
host to the Monticello Nuclear Generating Plant (the “Xcel
Plant”) owned by Xcel Energy (Northern States Power Company).
The future of the Xcel Plant will impact the taxable market value,
and therefore, the financial position of the City. As of tax payable
year 2025, property owned by Xcel Energy in Monticello
comprises approximately 37% of the City’s total tax capacity
value ($14.0 million of $37.5 million).
As of January 2, 2025, Xcel’s license through the U.S. Nuclear
Regulatory Commission (NRC) was renewed through September
8, 2050. However, the nuclear plant must also acquire approval,
called a Certificate of Need (CN), from the Minnesota Public
Utilities Commission (PUC) to operate; current CN approval goes
through 2040. Xcel intends to file a new CN with the PUC to
extend their state approval through 2050 also.
The City is taking a proactive approach to spur sustainable
residential, commercial, and industrial growth, intended to
minimize the detrimental impacts of a future 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 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, Proprietary
Funds, Internal Service Funds, and Discrete Component Unit (the
Monticello Economic Development Authority, or EDA).
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. It should be noted a formal Utility Rate Study is in
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progress and future rate recommendations will be
incorporated in future Plans.
The Plan anticipates future capital improvements for years 2025-
2030 (the “CIP”). Estimates were made by the City for project
costs and the timing of capital projects. The timing of capital
improvements or acquisitions more than 5 years out are
uncertain enough that any capital investments in 2030 or later
are all consolidated into the final year of the CIP titled “2030”.
While the specific timing of changes at the Xcel Plant and the
timing and cost to build out 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.
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 and tax rates 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.
• 2022 and 2023 data are from the audited financial
statements. 2024 and 2025 data reconcile to the budgets
as adopted by the City Council, with limited exception for
currently known facts about 2024 activity.
• 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 the Plan
The Plan is organized into the following sections:
1. Introduction and Summary provides information on the
Plan approach, revenue sufficiency, tax levy and rate
calculations, and projected cash balances.
2. Background provides narrative context for the City’s
operations including governmental services and
municipal utilities.
3. CIP and Debt provides information on the City’s plans for
acquisition/replacement of equipment, improvements to
facilities and transportation, 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,
3
current, and projected revenues and
expenses/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 used to update the
Plan.
Revenue Sufficiency
The Plan evaluates the sufficiency of revenues to meet current
and projected financial projections for the Funds over the next
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.
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
over the next 15-25 years.
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 (TIF) districts
for economic development, housing, and redevelopment
purposes.
• Creation of a tax abatement program to assist with
properties not eligible for TIF.
• Levying of taxes under the authority granted to the EDA
by the City for housing and redevelopment purposes.
• Application for Business Development Funding and
Infrastructure Funding programs administered by the
Minnesota Department of Employment and Economic
Development (DEED).
• Pursuit of other state funding through direct
appropriation.
The use of these tools and pursuit of other funding through state
grants, direct appropriation or specific legislative authority
continue to be a focus of the City and EDA.
The Minnesota legislature authorized the City to hold an election
to allow the voters of Monticello to enact a Local Sales and Use
Tax. The election took place with November 2024; funding to
support improvements to the Bertram Chain of Lakes Regional
Athletic Park was approved while voters rejected using a Local
Sales and Use Tax for improvements at The Pointes at Cedar
Recreation Area. A 0.5% tax,for up to $15 million or 20 years,
whichever occurs first, will commence on April 1, 2025. The tax
can either be used on a Pay-As-You-Go basis, or it can be pledged
to the payment of General Obligation Revenue Bonds.
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 each
Fund to meet City needs, including the need for reserves. City
policy is to maintain a minimum fund balance in the General
4
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.
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
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. As noted earlier, a formal Utility Rate Study is
in progress to further inform upcoming rate increases.
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 aims 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 an 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.
5
City Tax Rate
Future tax levy increases will be necessary to fund planned
expenditures, pay debt service, and to maintain adequate cash
balances across the Funds. A summary of projected annual City
tax levy and tax rates are shown in Figure 1. The tax levy and tax
rates are estimated based on assumptions in the Plan, and in
some cases, may 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 unless otherwise noted. 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
2025 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.
• Taxable market value for property classified as public
utilities, which includes the Xcel Plant, is projected to
decrease by 5.0% for 2026, by 3.0% for 2027, and then by
1.0% annually for future payable years.
• Residential (single-family) housing unit construction is
assumed to average approximately 115 new units per
year between tax payable years 2025-2034. The average
valuation per unit in today’s dollars is estimated at
approximately $320,000 (the analysis assumes annual
valuation growth of 3.0%).
• Multi-family (apartment) housing unit construction is
assumed to average approximately 107 new units per
year between tax payable years 2025-2034. The average
valuation per unit in today’s dollars is estimated at
approximately $175,000 (the analysis assumes annual
valuation growth of 3.0%).
Tax Year Tax Levy ($) % Change in
Tax Levy Tax Rate % Change
in Tax Rate
2023 12,050,000 35.035
2024 13,074,000 8.5% 34.547 -1.4%
2025 14,117,000 8.0% 37.682 9.1%
2026 15,104,571 7.0% 39.429 4.6%
2027 16,206,622 7.3% 40.618 3.0%
2028 17,537,743 8.2% 41.833 3.0%
2029 18,058,958 3.0% 41.593 -0.6%
2030 19,045,404 5.5% 42.169 1.4%
2031 20,087,259 5.5% 42.765 1.4%
2032 20,630,968 2.7% 42.685 -0.2%
2033 20,543,936 -0.4% 40.132 -6.0%
6
• Commercial space construction is assumed to average
approximately 20,000 square feet per year between tax
payable years 2025-2034, with average valuation of $150
per SF in today’s dollars (the analysis assumes annual
valuation growth of 3.0%).
• Industrial space construction is assumed to average
approximately 9,500 square feet per year between tax
payable years 2025-2034, with average valuation of $70
per SF in today’s dollars (the analysis assumes annual
valuation growth of 3.0%).
• Tax increment financing districts will be decertified and
provide approximately $117,000, or approximately 0.34%
increase in tax capacity for the City between tax payable
years 2026-2030.
• Bond issuance is assumed to finance certain project
costs. Bonds are estimated to be payable from taxes,
special assessments, local sales tax (if bonding authority
is utilized), 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 (usage) 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
3-7%, for example, for utility user fees may not be sufficient to
support a pay-go strategy for funding all capital improvement
projects. At times, revenues may not be 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, debt issuance incorporated into the Plan, or more
significant rate increases, or a combination of these strategies,
will be necessary.
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.
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Table 1
Note: The city is striving to gradually increase the tax levy for the Capital Projects Fund until 2028 when the Plan anticipates the issuance
of debt to finance a new public works facility. At such time, the Capital Projects Fund property tax levy will be reduced to account for the
significant increase in the Debt Service Funds levy.
City of Monticello
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
TAX LEVY
General Fund 8,060,000 8,640,000 8,985,000 9,435,000 9,907,000 10,403,000 10,924,000 11,471,000 12,045,000 12,648,000 13,281,000
Debt Service Funds 1,999,581 2,026,175 2,196,193 2,367,571 1,980,622 5,047,743 4,529,958 4,450,404 4,399,259 4,319,968 3,579,936
Special Revenue Funds (Community Center)515,000 525,000 535,000 552,000 569,000 587,000 605,000 624,000 643,000 663,000 683,000
Capital Projects Funds 1,475,419 1,882,825 2,400,807 2,750,000 3,750,000 1,500,000 2,000,000 2,500,000 3,000,000 3,000,000 3,000,000
TAX LEVY 12,050,000 13,074,000 14,117,000 15,104,571 16,206,622 17,537,743 18,058,958 19,045,404 20,087,259 20,630,968 20,543,936
Annual % Change 6.1% 8.5% 8.0% 7.0% 7.3% 8.2% 3.0% 5.5% 5.5% 2.7% -0.4%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 19,372,969 22,954,977 24,125,681 24,849,451 25,594,935 26,362,783 27,153,666 27,968,276 28,807,325 29,671,544 30,561,691
Tax Capacity Public Utilities 15,905,303 15,214,102 14,149,115 13,441,659 13,038,409 12,908,025 12,778,945 12,651,156 12,524,644 12,399,398 12,275,404
Tax Capacity from New Development in Future Years - - - 1,251,637 2,382,534 3,917,802 4,866,421 5,868,306 6,981,115 7,623,190 9,414,082
Total Tax Capacity 35,278,272 38,169,079 38,274,796 39,542,748 41,015,878 43,188,610 44,799,033 46,487,738 48,313,083 49,694,132 52,251,176
Less TC Captured for Powerlines 3,548 3,440 3,440 3,440 3,440 3,440 3,440 3,440 3,440 3,440 3,440
Less TC Captured within TIF Districts 880,955 321,958 807,570 1,231,142 1,112,648 1,261,829 1,376,857 1,319,956 1,338,818 1,358,074 1,056,817
NET TAX CAPACITY 34,393,769 37,843,681 37,463,786 38,308,166 39,899,791 41,923,341 43,418,736 45,164,342 46,970,826 48,332,618 51,190,919
Annual % Change 10.03% -1.00% 2.25% 4.15% 5.07% 3.57% 4.02% 4.00% 2.90% 5.91%
CITY TAX CAPACITY TAX RATE 35.035 34.547 37.682 39.429 40.618 41.833 41.593 42.169 42.765 42.685 40.132
Annual % Change -4.1% -1.4% 9.1% 4.6% 3.0% 3.0% -0.6% 1.4% 1.4% -0.2% -6.0%
CITY PROPERTY TAX LEVY, TAX CAPACITY, AND TAX RATE
8
Table 1a
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.
City of Monticello
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
TAX LEVY
Economic Development Authority Fund 402,000 451,000 499,000 514,000 530,000 546,000 563,000 580,000 598,000 616,000 635,000
TAX LEVY 402,000 451,000 499,000 514,000 530,000 546,000 563,000 580,000 598,000 616,000 635,000
Annual % Change 12.19% 10.64% 3.01% 3.11% 3.02% 3.11% 3.02% 3.10% 3.01% 3.08%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 19,372,969 22,954,977 24,125,681 24,849,451 25,594,935 26,362,783 27,153,666 27,968,276 28,807,325 29,671,544 30,561,691
Tax Capacity Public Utilities 15,905,303 15,214,102 14,149,115 13,441,659 13,038,409 12,908,025 12,778,945 12,651,156 12,524,644 12,399,398 12,275,404
Tax Capacity from New Development in Future Years - - - 1,251,637 2,382,534 3,917,802 4,866,421 5,868,306 6,981,115 7,623,190 9,414,082
Total Tax Capacity 35,278,272 38,169,079 38,274,796 39,542,748 41,015,878 43,188,610 44,799,033 46,487,738 48,313,083 49,694,132 52,251,176
Less TC Captured for Powerlines 3,548 3,440 3,440 3,440 3,440 3,440 3,440 3,440 3,440 3,440 3,440
Less TC Captured within TIF Districts 880,955 321,958 807,570 1,231,142 1,112,648 1,261,829 1,376,857 1,319,956 1,338,818 1,358,074 1,056,817
NET TAX CAPACITY 34,393,769 37,843,681 37,463,786 38,308,166 39,899,791 41,923,341 43,418,736 45,164,342 46,970,826 48,332,618 51,190,919
Annual % Change 10.03% -1.00% 2.25% 4.15% 5.07% 3.57% 4.02% 4.00% 2.90% 5.91%
HRA TAX CAPACITY TAX RATE 1.169 1.192 1.332 1.342 1.328 1.302 1.297 1.284 1.273 1.275 1.240
Annual % Change -6.4% 2.0% 11.7% 0.8% -1.0% -2.0% -0.4% -1.0% -0.9% 0.2% -2.7%
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.
When the annual percentage increase in tax levy is projected to
be greater than the annual increase in net tax capacity, a
projected increase in tax rate occurs.
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. Projected growth in other sectors contributes
to a projected stable city tax rate as shown in Chart 3.
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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%
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Ta
x
C
a
p
a
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i
t
y
a
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P
e
r
c
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t
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f
T
o
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a
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Chart 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Ci
t
y
T
a
x
R
a
t
e
Chart 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 slightly 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
St. Michael
Monticello Pay 2027
Monticello Pay 2024
Monticello Pay 2026
Monticello Pay 2025
Zimmerman
Big Lake
Monticello Pay 2023
Rockford
Hanover
Monticello Pay 2028
Monticello Pay 2033
Albertville
Monticello Pay 2029
Monticello Pay 2032
Monticello Pay 2030
Monticello Pay 2031
Becker
Buffalo
Princeton
Chart 4.
Comparison of other cities Pay 2024 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
2025 2026 2027 2028 2029 2030 2031 2032 2033
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
2025 2026 2027 2028 2029 2030 2031 2032 2033
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
gradually increase over the next 10 years. Future adjustments to
tax levy or expenditures may 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 ending cash balances within the Capital Projects Funds vary
from year to year based on timing of projects and other factors.
Any deficits in cash balance for the Capital Projects Funds, most
notably the Parks & Pathway Improvement Fund, will be
remedied with future decision-making regarding grant
applications, other funding, and timing of future projects.
Future adjustments to revenue and/or spending may be needed
to avoid future expenditures exceeding revenues.
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
En
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g
F
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d
B
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a
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c
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a
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%
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E
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p
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En
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n
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F
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B
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MIL
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Chart 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 of 60-75% of the following year's budgeted
($10.0)
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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
Component Unit Fund ($15.0)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 9.
Ending Cash Balances for Capital Projects Funds by Categories
Capital Projects Fund
Street Lighting
Improvement Fund
Park and Pathway
Improvement Fund
BCOL Sales Tax Fund
12
The Water Fund is projecting 3-7% increases annually in user
rates and 3% increases in development-related fees, which will
be adjusted based on the Utility Rate Study that is in process and
as more information on future capital costs is available. No
bonding for water system infrastructure, except for construction
of a Water Treatment Facility, is included in the Plan.
The increase in the Sewer Fund projected cash balance is driven
by 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. Future
rate increases will be adjusted after completion of the pending
Utility Rate Study.
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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
$5.0
$10.0
$15.0
$20.0
$25.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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
grow gradually. Grant funding through the County and State to
fund a major capital project, improvements to Ditch 33, allow the
city’s focus on this fund to center on operations (street cleaning,
etc.) and capital improvements to stormwater ponds that are
smaller in nature.
The Liquor Fund ending cash balance is projected to increase.
The Plan includes an annual $500,000 transfer of cash from the
Liquor Fund to the Capital Projects Fund. The City will consider
how the projected cash in the Liquor Fund may be used for other
municipal purposes.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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 available cash in the Deputy Registrar
Fund to support other City Funds. The Plan includes an annual
transfer out 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
$3.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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
$0.5
$1.0
$1.5
$2.0
$2.5
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
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Chart 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.
The allocation of the tax levy is projected to remain fairly
consistent with almost 2/3 going to the General Fund and the
remaining 1/3 largely used for capital projects and debt along
with a small portion for the Monticello Community Center.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 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%
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Pe
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T
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Chart 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
Monticello is located along the northern edge of Wright County
approximately 45 miles northwest of the Minneapolis-St. Paul
metropolitan area and 25 miles southeast of the City of St. Cloud.
Major transportation corridors include interstate 94 and State
Highway 25. The land area of the City encompasses approximately
5,720 acres. The City’s estimated population roughly 15,000 .
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.
Water and Sanitary Sewer Systems
The City owns and operates a municipal water system that
provides service to the urbanized portions of the community. 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, operations of
which 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. 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.
Deputy Registrar
The Deputy Registrar (Department of Motor Vehicles, or DMV) is
accounted for in a proprietary fund. The DMV provides vehicle and
other licensing services, and it performs well enough to support an
annual transfer out to the Community Center Fund for operations
along with various one-time financial support to other city
projects.
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.
Discretely Presented Component Unit
The Monticello Economic Development Authority (EDA) is reported
as a Discretely Presented Component Unit. The EDA is a separate
entity; however, the City Council has a level of authority over the
EDA in such a way that not including it in the City’s finances would
minimize the City’s responsibility to the EDA.
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 2024 will be assessed in year 2025 for taxes
first payable in year 2026.
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
2023 2024 2025 2026 2027 2028 2029 2030 2031
Mi
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Chart 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 2023 construction completion, which is reported at zero because that data is already included in
current market value information. Construction completed in 2023 will be valued in year 2024 for first taxes payable in 2025.
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
2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 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 2025-2029
with a final column titled “Future”, which is included in 2030 for
purposes of the Plan, to act as an indication of future intent
without creating expectation from the public regarding timing
and final cost due to the volatile nature of such projections.
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.
City Facilities
The City recognizes the importance of maintaining the assets in
which it has already invested, while also realizing an investment
in new facilities will be needed as the city continues to grow. The
City is comprised of more than 30 buildings, including the
Monticello Community Center (which houses City Hall), a public
works facility, parks shop, fire station, wastewater treatment
plant, liquor store, DMV, library, and parks structures.
Investments in existing city facilities are included in the CIP for
$5.185 million. New construction of a water treatment plant and
public works facility totals $80 million.
Transportation
Growth of the city requires improvements to, and extensions of,
the city’s roadway system, including streets and pathways (both
sidewalks and trails). Investments in transportation can be fueled
by development, available grant funding, and lifespan of road
material, which can make planning and prioritizing road sections
challenging. The city’s CIP includes $16,670,000 in upcoming
transportation improvements.
Utilities Infrastructure
The Utilities Infrastructure portion of the CIP encompasses the
city’s water, wastewater (sewer), stormwater, and fiber optics
systems not included with one of the city’s “Big 6” projects.
Extensions of water and sewer main trunk lines in the northwest
region of Monticello’s Orderly Annexation Area, which will
support new development in that direction, is planned in 2025 at
a cost of $4.13 million.
Improvements to stormwater and drainage systems of
approximately $2.6 million are planned in the next couple of
years. Ditch 33 on the east side of the city will receive funding
from both Wright County and the State. Other investments in
stormwater include ponds which will support development in the
Otter Creek Industrial Park.
Finally, the Fiber Optics Fund, which accounts for Fibernet, is
responsible per franchising agreements to extend utilities to all
areas within city limits. Therefore, extension of lines to serve
new developments is required at the time of their construction.
Parks & Recreation
Upcoming improvements for the benefit of parks and recreation
are estimated at $9.11 million. Projects include 4th Street Park,
Ellison Park, Pioneer Park, and the Great River Regional Trail,
which runs parallel to the Mississippi River through Monticello.
19
Timing of these projects is dependent on grant funding and
prioritization of city resources.
Fleet
Vehicles and equipment are crucial in maintaining and operating
the city. Heavier equipment is mostly used in the streets, utilities,
parks, and fire departments, while vehicles are also used in
engineering, building inspections, DMV, and Community Center
operations. The city’s fleet is mostly accounted for within the
Central Equipment internal service fund, with the exception of
some major fire truck purchases and those funded through
proprietary funds, such as water and sewer.
Downtown
As one of the city’s “Big 6” projects, improvements in the
Downtown of approximately $5.7 million are included in the CIP.
The city initiated a large improvement project in 2023 with
significant costs in 2024. While some costs will continue into
2025, items in the CIP include separate projects within the city’s
downtown area. Much of the remaining downtown projects in
the CIP are dependent on development.
The Pointes at Cedar
Improvements in The Pointes at Cedar (PAC) of approximately
$8.3 million are included in the CIP. 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, in November 2024, did not approve a local
sales and use tax to fund this project; therefore, Council will hold
discussions in the near future to discuss prioritization and
funding strategies for this initiative. While the core of the project
isn’t finalized, street improvements along School Boulevard
(which is the southerly border of the PAC area) received grant
funding and are planned in 2025.
Bertram Chain of Lakes (BCOL) Regional Athletic Park
The BCOL Regional Park is an area to the west of Monticello,
jointly owned with Wright County, includes both passive and
active areas for recreation. The city is responsible for the
construction and maintenance of the athletic (active) part of the
park. Improvements include various ballfields and courts (soccer,
lacrosse, baseball, pickleball, etc.) and supporting infrastructure
(irrigation, concession/restroom building, parking, etc.). Voters
approved a 0.5% sales and use in November 2024 to fund some
of this multi-phase buildout. The sales tax will begin on April 1,
2025, and will be in effect until $15 million is raised or for 20
years, whichever comes first.
Fallon Avenue Improvements
Improvements to Fallon Avenue, including utilities, and adjacent
trail construction, of approximately $15.1 million are planned
over the next decade. Partial funding for these improvements is
assumed in the Plan to come from bonding, with ad valorem
taxes to be pledged to repay the bonds.
Bond Issuance
The Plan anticipates the issuance of bonds to finance some of the
major planned capital improvements. The tables and graphs 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.
20
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 par (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 2.0-3.5% 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. Also, a better credit rating translates into more
favorable interest rates on future bond issues.
.
21
Table 2
City of Monticello
Capital Improvement Plan
Total Capital Outlay by Fund
total Total 2025 2026 2027 2028 2029 2030
General Fund
General Fund Recreation 96,000 11,000 50,000 35,000 - - -
Community Center Fund 115,000 20,000 35,000 60,000 - - -
Cemetery Fund 70,000 - - 70,000 - - -
Capital Projects Fund 78,903,000 5,787,000 4,741,000 22,815,000 26,885,000 6,750,000 11,925,000
Street Lighting Fund 500,000 - - 500,000 - - -
Park & Pathways Fund 11,252,700 916,000 2,323,000 4,880,000 2,078,700 920,000 135,000
BCOL Regional Athletic Park Sales Tax Fund 7,515,000 215,000 1,300,000 3,000,000 - 3,000,000 -
Utility - Water Fund 40,537,512 1,117,000 11,150,000 20,000,000 8,000,000 183,000 87,512
Utility - Water Trunk Fund 7,035,000 985,000 - 305,000 2,400,000 260,000 3,085,000
Utility - Sewer Fund 2,712,972 332,000 1,065,652 1,000,000 83,000 - 232,320
Utility - Sewer Trunk Fund 10,695,000 4,810,000 - 235,000 3,850,000 - 1,800,000
Utility - Stormwater Fund 1,887,427 1,600,000 - 287,427 - - -
Utility - Stormwater Trunk Fund 1,140,000 985,000 100,000 55,000 - - -
Liquor Store Fund 250,000 - 100,000 150,000 - - -
Deputy Registrar Fund - - - - - - -
Fibernet Fund 250,000 250,000 - - - - -
Facilities Maintenance Fund 1,028,000 - 428,000 - - - 600,000
IT Services Fund 77,200 - - 77,200 - - -
Central Equipment Fund 2,581,961 645,000 438,404 450,000 298,557 - 750,000
Summary Total 166,646,772 17,673,000 21,731,056 53,919,627 43,595,257 11,113,000 18,614,832
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 - - - - 40,000,000 3,200,000 - 3,000,000 - -
Public Works Facility 40,000,000
The Pointes at Cedar
Fallon Avenue Improvements 3,200,000 3,000,000
Water Fund - - - 7,000,000 14,000,000 8,000,000 - - - -
Water Treatment Plant 7,000,000 14,000,000 8,000,000
Grand Total - - - 7,000,000 54,000,000 11,200,000 - 3,000,000 - -
23
Table 4
City of Monticello
Summary of Existing Debt
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Principal
General Obligation Bonds 480,000 490,000 500,000 510,000 520,000 370,000 380,000 385,000 395,000 405,000
Special Assessment Bonds 1,120,000 1,145,000 1,165,000 730,000 520,000 490,000 510,000 - - -
Tax Abatement Bonds 605,000 625,000 640,000 655,000 680,000 695,000 710,000 740,000 760,000 -
General Obligation Revenue Bonds 210,000 215,000 225,000 230,000 240,000 - - - - -
PFA Revenue Note 108,000 109,000 111,000 112,000 113,000 114,000 115,000 117,000 118,000 119,000
Internal Service Funds Obligations 60,000 - - - - - - - - -
Total 2,583,000 2,584,000 2,641,000 2,237,000 2,073,000 1,669,000 1,715,000 1,242,000 1,273,000 524,000
Interest
General Obligation Bonds 100,318 90,718 80,918 70,918 60,718 50,318 42,918 35,318 27,233 18,543
Special Assessment Bonds 120,893 97,618 77,150 51,825 33,650 20,700 10,600 - - -
Tax Abatement Bonds 171,473 155,973 139,973 122,573 104,748 86,248 67,108 46,151 23,711 -
General Obligation Revenue Bonds 34,375 28,600 22,150 15,400 8,040 - - - - -
PFA Revenue Note 14,648 13,500 12,341 11,162 9,971 8,770 7,558 6,335 5,092 3,837
Internal Service Funds Obligations 1,830 - - - - - - - - -
Total 443,536 386,408 332,531 271,877 217,126 166,035 128,183 87,804 56,036 22,380
Debt Service
General Obligation Bonds 580,318 580,718 580,918 580,918 580,718 420,318 422,918 420,318 422,233 423,543
Special Assessment Bonds 1,240,893 1,242,618 1,242,150 781,825 553,650 510,700 520,600 - - -
Tax Abatement Bonds 776,473 780,973 779,973 777,573 784,748 781,248 777,108 786,151 783,711 -
General Obligation Revenue Bonds 244,375 243,600 247,150 245,400 248,040 - - - - -
PFA Revenue Note 122,648 122,500 123,341 123,162 122,971 122,770 122,558 123,335 123,092 122,837
Internal Service Funds Obligations 61,830 - - - - - - - - -
Total 3,026,536 2,970,408 2,973,531 2,508,877 2,290,126 1,835,035 1,843,183 1,329,804 1,329,036 546,380
Outstanding
General Obligation Bonds 4,365,000 3,875,000 3,375,000 2,865,000 2,345,000 1,975,000 1,595,000 1,210,000 815,000 410,000
Special Assessment Bonds 4,560,000 3,415,000 2,250,000 1,520,000 1,000,000 510,000 - - - -
Tax Abatement Bonds 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 910,000 695,000 470,000 240,000 - - - - - -
PFA Revenue Note 1,270,000 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000 361,000 242,000
Internal Service Funds Obligations - - - - - - - - - -
Total 16,610,000 14,026,000 11,385,000 9,148,000 7,075,000 5,406,000 3,691,000 2,449,000 1,176,000 652,000
24
Table 5
City of Monticello
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Annual Principal
General Obligation Bonds - - - - - 1,035,000 1,240,000 1,285,000 1,485,000 1,540,000
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - 890,000 1,305,000 1,330,000 1,360,000 1,385,000 1,410,000
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - - - 890,000 2,340,000 2,570,000 2,645,000 2,870,000 2,950,000
Annual Interest
General Obligation Bonds - - - - - 2,068,344 1,550,344 1,455,125 1,565,276 1,464,750
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - 461,261 595,768 544,800 518,200 491,000 463,300
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - - - 461,261 2,664,112 2,095,144 1,973,325 2,056,276 1,928,050
Annual Debt Service
General Obligation Bonds - - - - - 3,103,344 2,790,344 2,740,125 3,050,276 3,004,750
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - 1,351,261 1,900,768 1,874,800 1,878,200 1,876,000 1,873,300
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - - - 1,351,261 5,004,112 4,665,144 4,618,325 4,926,276 4,878,050
Bonds Outstanding at Year End
General Obligation Bonds - - - 40,600,000 43,850,000 42,815,000 44,620,000 43,335,000 41,850,000 40,310,000
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - 20,300,000 28,545,000 27,240,000 25,910,000 24,550,000 23,165,000 21,755,000
PFA Revenue Note - - - - - - - - - -
Internal Service Funds Obligations - - - - - - - - - -
Total - - - 60,900,000 72,395,000 70,055,000 70,530,000 67,885,000 65,015,000 62,065,000
Summary of Planned New Debt
25
Table 6
City of Monticello
Summary of Existing and Planned New Debt
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Annual Principal
General Obligation Bonds 480,000 490,000 500,000 510,000 520,000 1,405,000 1,620,000 1,670,000 1,880,000 1,945,000
Special Assessment Bonds 1,120,000 1,145,000 1,165,000 730,000 520,000 490,000 510,000 - - -
Tax Abatement Bonds 605,000 625,000 640,000 655,000 680,000 695,000 710,000 740,000 760,000 -
General Obligation Revenue Bonds 210,000 215,000 225,000 230,000 1,130,000 1,305,000 1,330,000 1,360,000 1,385,000 1,410,000
PFA Revenue Note 108,000 109,000 111,000 112,000 113,000 114,000 115,000 117,000 118,000 119,000
Internal Service Funds Obligations 60,000 - - - - - - - - -
Total 2,583,000 2,584,000 2,641,000 2,237,000 2,963,000 4,009,000 4,285,000 3,887,000 4,143,000 3,474,000
Annual Interest
General Obligation Bonds 100,318 90,718 80,918 70,918 60,718 2,118,662 1,593,262 1,490,443 1,592,508 1,483,293
Special Assessment Bonds 120,893 97,618 77,150 51,825 33,650 20,700 10,600 - - -
Tax Abatement Bonds 171,473 155,973 139,973 122,573 104,748 86,248 67,108 46,151 23,711 -
General Obligation Revenue Bonds 34,375 28,600 22,150 15,400 469,301 595,768 544,800 518,200 491,000 463,300
PFA Revenue Note 14,648 13,500 12,341 11,162 9,971 8,770 7,558 6,335 5,092 3,837
Internal Service Funds Obligations 1,830 - - - - - - - - -
Total 443,536 386,408 332,531 271,877 678,387 2,830,147 2,223,327 2,061,129 2,112,311 1,950,430
Annual Debt Service
General Obligation Bonds 580,318 580,718 580,918 580,918 580,718 3,523,662 3,213,262 3,160,443 3,472,508 3,428,293
Special Assessment Bonds 1,240,893 1,242,618 1,242,150 781,825 553,650 510,700 520,600 - - -
Tax Abatement Bonds 776,473 780,973 779,973 777,573 784,748 781,248 777,108 786,151 783,711 -
General Obligation Revenue Bonds 244,375 243,600 247,150 245,400 1,599,301 1,900,768 1,874,800 1,878,200 1,876,000 1,873,300
PFA Revenue Note 122,648 122,500 123,341 123,162 122,971 122,770 122,558 123,335 123,092 122,837
Internal Service Funds Obligations 61,830 - - - - - - - - -
Total 3,026,536 2,970,408 2,973,531 2,508,877 3,641,387 6,839,147 6,508,327 5,948,129 6,255,311 5,424,430
Bonds Outstanding at Year End
General Obligation Bonds 4,365,000 3,875,000 3,375,000 43,465,000 46,195,000 44,790,000 46,215,000 44,545,000 42,665,000 40,720,000
Special Assessment Bonds 4,560,000 3,415,000 2,250,000 1,520,000 1,000,000 510,000 - - - -
Tax Abatement Bonds 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 910,000 695,000 470,000 20,540,000 28,545,000 27,240,000 25,910,000 24,550,000 23,165,000 21,755,000
PFA Revenue Note 1,270,000 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000 361,000 242,000
Internal Service Funds Obligations - - - - - - - - - -
Total 16,610,000 14,026,000 11,385,000 70,048,000 79,470,000 75,461,000 74,221,000 70,334,000 66,191,000 62,717,000
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
2024 2025 2026 2027 2028 2029 2030
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Chart 20.
Capital Improvements Plan by Fund Proprietary Funds
Internal Service Funds
BCOL Sales Tax Fund
Park and Pathway
Improvement Fund
Street Lighting Improvement
Fund
Capital Projects Fund
Cemetery Fund
Community Center Fund
General Fund
($10.0)
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
2024 2025 2026 2027 2028 2029 2030
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
$7.0
$8.0
$9.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
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Chart 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
$90.0
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
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2
9
20
3
0
20
3
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20
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20
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3
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5
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9
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4
0
20
4
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20
4
2
20
4
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
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Chart 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%
2023 2024 2025 2026 2027 2028
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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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,
Proprietary Funds, Internal Service Funds, Component Unit Fund.
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.
The Component Unit Fund shows activity for the Monticello
Economic Development Authority (EDA) on a modified accrual
basis, similar to the City’s Governmental Funds.
General Overview of Assumptions for Finance Plans
The general assumptions used to develop the finance plans,
across all of 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 generally estimated to increase
by 2.0-3.0% 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 assumes significant annual
rate increases in the range of 3-7% based on initial
calculations and assumptions by staff. However, the in-
progress Utility Rate Study will assist in informing
assumptions in future financial plans. In certain cases,
either the amount to be spent on capital improvements
will need to be adjusted, or debt issuance incorporated
into the Plan, or a change in assumed rate increases, or a
combination of these strategies, may be necessary.
30
GOVERNMENTAL FUNDS
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
• CDBG and SCDP Fund
• Cemetery Fund
• Debt Service Funds
• Capital Projects Fund
• Street Lighting Improvement Fund
• Park and Pathway Dedication Fund
• Bertram Chain of Lakes Sales Tax 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.
Revenue
Annual sources 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 2023 (most current audited
financial statements), the City reported total intergovernmental
revenue at less than 10% of total revenues for the Governmental
Funds. Property taxes equaled approximately 50% 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 $500,000 from
the Liquor Fund to the Capital Projects Fund, $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
2027 Sources of Funds and 2027-2028 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 consistently 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
$80.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 29.
Total Governmental Funds Source and Use of Funds
Source of Funds Use of Funds
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 11,435,128 12,120,024 13,074,000 14,117,000 15,104,571 16,206,622 17,537,743 18,058,958 19,045,404 20,087,259 20,630,968 20,543,936
Local options sales tax - - - 1,000,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000
Franchise taxes 388,074 400,591 521,500 474,000 493,200 513,270 534,252 556,189 579,127 603,115 628,203 654,444
Property taxes other - - - - 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Special assessments 718,773 1,185,631 351,098 323,341 414,487 314,502 135,342 87,108 83,803 40,058 38,753 2,682
Licenses and permits 613,014 930,901 487,000 482,000 496,460 511,354 526,694 542,495 558,770 575,533 592,799 610,583
Other intergovernmental 1,144,823 1,640,385 1,057,000 825,000 840,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
Charges for services 2,646,202 2,836,161 2,750,843 2,965,700 3,037,410 3,122,830 3,210,820 3,301,461 3,394,837 3,491,035 3,590,145 3,692,259
Fines and forfeitures 36,808 52,413 51,600 78,500 80,855 83,281 85,779 88,352 91,003 93,733 96,545 99,441
Investment earnings (845,528) 1,234,053 162,815 397,599 268,254 267,977 267,812 292,038 290,737 291,095 294,975 295,958
Other revenues 1,003,680 825,761 838,631 1,065,861 804,938 827,668 851,081 875,195 900,023 925,467 951,818 978,959
Sale of capital assets - 32,300 - - - - - - - - - -
Intergovernmental for capital 596,684 586,606 3,766,513 1,185,000 1,500,000 1,700,000 700,000 700,000 700,000 700,000 700,000 700,000
Other revenue for capital 7,088 2,444,594 - - - - - - - - - -
Bond proceeds - - - - - 40,600,000 3,250,000 - 3,045,000 - - -
Transfer in 306,726 4,750,000 1,100,000 1,382,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
Sale of property - 1,650 - - - - - - - - - -
Total Revenues 18,051,472 29,041,070 24,161,000 24,296,000 25,061,175 66,818,505 29,770,522 27,172,796 31,359,705 29,478,295 30,195,206 30,249,262
Expenditures
Current - General government 2,684,854 2,696,531 2,721,856 3,054,797 3,131,167 3,209,446 3,289,682 3,371,924 3,456,222 3,542,628 3,631,194 3,721,974
Current - Public safety 2,989,883 3,263,979 3,882,331 3,973,644 4,072,985 4,174,810 4,279,180 4,386,159 4,495,813 4,608,209 4,723,414 4,841,499
Current - Public works 2,406,209 2,609,129 3,062,573 2,995,852 3,070,748 3,147,517 3,226,205 3,306,860 3,389,532 3,474,270 3,561,127 3,650,155
Current - Sanitation 784,052 817,199 880,557 900,000 922,500 945,563 969,202 993,432 1,018,267 1,043,724 1,069,817 1,096,563
Current - Recreation and culture 3,483,340 4,089,871 4,327,683 4,322,707 4,441,190 4,562,947 4,688,070 4,816,652 4,948,791 5,084,584 5,224,135 5,367,548
Current - Economic development - - 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Other expenses - - 8,316 7,693 - - - - - - - -
FTE Increases / Current Expenses - - - - - 50,500 217,015 449,525 651,761 904,314 1,135,943 1,283,022
Capital outlay / acquisition of capital 2,999,832 12,311,729 9,017,000 6,949,000 8,449,000 31,360,000 28,963,700 10,670,000 12,060,000 - - -
Principal payments 2,315,000 2,160,000 2,205,000 2,260,000 2,305,000 1,895,000 1,720,000 2,590,000 2,840,000 2,410,000 2,640,000 1,945,000
Interest payments 498,959 446,184 392,684 344,308 298,040 245,315 199,115 2,225,609 1,670,969 1,536,594 1,616,220 1,483,293
Transfer out 258,801 750,000 - 380,000 - - - - - - - -
Cost of issuance of bonds - - - - - 600,000 50,000 - 45,000 - - -
Total Expenditures 18,420,930 29,144,622 26,504,000 25,194,000 26,696,630 50,197,097 47,608,169 32,816,163 34,582,356 22,610,323 23,607,850 23,395,052
Net Change in Fund Balances (369,458) (103,552) (2,343,000) (898,000) (1,635,455) 16,621,408 (17,837,646) (5,643,366) (3,222,651) 6,867,972 6,587,357 6,854,210
Beginning Fund Balance 23,286,976 22,917,518 22,813,966 20,470,966 19,572,966 17,937,511 34,558,919 16,721,273 11,077,906 7,855,255 14,723,227 21,310,584
Ending Fund Balance 22,917,518 22,813,966 20,470,966 19,572,966 17,937,511 34,558,919 16,721,273 11,077,906 7,855,255 14,723,227 21,310,584 28,164,794
33
Table 7 – Page 2 of 2
City of Monticello
Finance Plan
Total Governmental Funds
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Assets
Cash and investments 24,179,686 26,612,935 22,435,979 21,056,043 18,821,859 34,965,115 16,649,910 11,029,596 7,812,673 14,680,645 21,268,002 28,122,212
Taxes receivable 131,345 121,142 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Notes receivable 130,422 110,487 112,405 92,225 71,484 50,164 28,251 5,728 - - - -
Due from other governments 20,172 1,450,298 20,000 20,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000
All other receivables and prepaid items 1,424,273 2,034,477 585,000 585,000 585,000 585,000 585,000 585,000 585,000 585,000 585,000 585,000
Special assessments receivable / deferred 3,632,492 3,823,324 3,195,468 1,015,278 645,706 358,529 236,646 157,838 79,559 42,286 5,013 2,506
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 30,355,972 34,990,245 27,286,434 23,706,128 21,201,631 37,036,390 18,577,390 12,855,744 9,554,814 16,385,513 22,935,597 29,787,301
Liabilities
Due to other governmental units 46,259 31,024 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Unearned revenue 445,328 36,358 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
All other liabilities 919,146 1,721,993 650,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
De ferred inflows of resources 5,133,113 9,307,101 5,245,468 2,563,162 1,694,120 907,472 286,117 207,838 129,559 92,286 55,013 52,506
Escrow deposits 894,608 1,079,803 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Total Liabilities and deferred inflows 7,438,454 12,176,279 6,815,468 4,133,162 3,264,120 2,477,472 1,856,117 1,777,838 1,699,559 1,662,286 1,625,013 1,622,506
Fund Balance 23,286,976 23,286,976 23,286,976 23,286,976 17,937,511 34,558,919 16,721,273 11,077,906 7,855,255 14,723,227 21,310,584 28,164,794
Total Liab, deferred inflows, and fund balance 30,725,430 35,463,255 30,102,444 27,420,138 21,201,631 37,036,390 18,577,390 12,855,744 9,554,814 16,385,513 22,935,597 29,787,301
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 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 3-5%, 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
68.2%
Intergovernmental
6.3%
Charges for services
11.5%
All other
14.1%
Chart 31.
General Fund Sources of Revenues
(Based on the 2025 Budget)
Tax
Year Tax Levy ($) % Change in
Tax Levy
2023 8,056,454
2024 8,640,000 7.2%
2025 8,985,000 4.0%
2026 9,435,000 5.0%
2027 9,907,000 5.0%
2028 10,403,000 5.0%
2029 10,924,000 5.0%
2030 11,471,000 5.0%
2031 12,045,000 5.0%
2032 12,648,000 5.0%
2033 13,281,000 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 2.5% annually.
• New positions, 16.0 FTE, are included in the General Fund
Finance Plan at a total estimated cost of approximately
$1.4 million, plus increases for current operating
expenses. The potential additions are as follows:
o Year 2027, 0.5 FTE for Public Works Engineering
Staff ($50,500)
o Year 2028, 1.0 FTE Parks Operator ($97,000)
o Year 2029, 1.0 FTE City Planner and 1.0 FTE Public
Works Street Operator ($226,000)
o Year 2030, 1.0 FTE Community Service Officer and
1.25 FTE Parks Seasonal ($188,750)
o Year 2031, 1.0 FTE for Fire Chief and 1.5 FTE Parks
Part-time Staff ($233,000)
o Year 2032, 1.0 FTE for Public Works Engineering
Staff and 1.75 FTE Pars Seasonal Staff ($204,500)
o Year 2033, 1.0 FTE Parks Operator ($113,000)
o Year 2034, 1.0 FTE Streets Operator, 1.0 FTE Parks
Part-time Staff, and 2.0 FTE Parks Seasonal
($275,000)
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 and is not
included in the Plan.
The General Fund is projected to continue to transfer up to
$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 2024-2033 is projected to average
approximately $10.7 million annually. Accounts receivable and
payable are projected to remain at historical levels.
36
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
l
i
o
n
s
Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
l
l
i
o
n
s
Chart 33.
General Fund
Expenditures and Revenues
All other revenues
Property tax
Expenditures
37
Table 8
City of Monticello
Finance Plan
General Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 7,485,252 8,056,454 8,640,000 8,985,000 9,435,000 9,907,000 10,403,000 10,924,000 11,471,000 12,045,000 12,648,000 13,281,000
Franchise taxes 226,690 243,482 346,500 324,000 340,200 357,210 375,071 393,824 413,515 434,191 455,901 478,696
Property taxes other - - - - 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Special assessments 418 156 100 - - - - - - - - -
Licenses and permits 613,014 930,901 487,000 482,000 496,460 511,354 526,694 542,495 558,770 575,533 592,799 610,583
Other intergovernmental 609,105 1,224,989 1,057,000 825,000 840,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
Charges for services 1,398,877 1,486,973 1,309,743 1,514,900 1,628,518 1,685,516 1,744,509 1,805,566 1,868,761 1,934,168 2,001,864 2,071,929
Fines and forfeitures 36,808 52,413 51,600 78,500 80,855 83,281 85,779 88,352 91,003 93,733 96,545 99,441
Investment earnings (200,442) 434,085 66,426 250,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Other revenues 949,507 784,190 798,631 721,600 757,680 780,410 803,823 827,937 852,776 878,359 904,710 931,851
Sale of property - 1,650 - - - - - - - - - -
Total Revenues 11,119,229 13,215,293 12,757,000 13,181,000 13,749,713 14,145,770 14,759,875 15,403,176 16,076,825 16,781,984 17,520,818 18,294,500
Expenditures
Current - General government 2,684,854 2,696,531 2,721,856 3,054,797 3,131,167 3,209,446 3,289,682 3,371,924 3,456,222 3,542,628 3,631,194 3,721,974
Current - Public safety 2,989,883 3,263,979 3,882,331 3,973,644 4,072,985 4,174,810 4,279,180 4,386,159 4,495,813 4,608,209 4,723,414 4,841,499
Current - Public works 2,400,555 2,601,329 3,027,573 2,995,852 3,070,748 3,147,517 3,226,205 3,306,860 3,389,532 3,474,270 3,561,127 3,650,155
Current - Sanitation 784,052 817,199 880,557 900,000 922,500 945,563 969,202 993,432 1,018,267 1,043,724 1,069,817 1,096,563
Current - Recreation and culture 1,691,871 1,950,378 2,238,683 2,239,707 2,295,700 2,353,092 2,411,919 2,472,217 2,534,023 2,597,373 2,662,308 2,728,865
Current - Economic development - - 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
FTE Increases / Current Expenses - - - - - 50,500 149,015 379,485 579,620 830,009 1,059,409 1,204,191
Capital outlay / acquisition of capital - - - 11,000 50,000 35,000 - - - - - -
Transfer out 150,000 750,000 - - - - - - - - - -
Total Expenditures 10,701,215 12,079,416 12,757,000 13,181,000 13,549,100 13,921,928 14,331,203 14,916,078 15,479,478 16,102,213 16,713,268 17,249,247
Net Change in Fund Balances 418,014 1,135,877 - - 200,613 223,843 428,672 487,097 597,347 679,771 807,550 1,045,253
Beginning Fund Balance 6,624,782 7,042,796 8,178,673 8,178,673 8,178,673 8,379,286 8,603,128 9,031,801 9,518,898 10,116,245 10,796,017 11,603,567
Ending Fund Balance 7,042,796 8,178,673 8,178,673 8,178,673 8,379,286 8,603,128 9,031,801 9,518,898 10,116,245 10,796,017 11,603,567 12,648,820
Assets
Cash and investments 8,412,721 9,464,666 9,153,673 9,153,673 9,354,286 9,578,128 10,006,801 10,493,898 11,091,245 11,771,017 12,578,567 13,623,820
Taxes receivable 131,345 121,142 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Due from other governments 20,172 67,858 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 1,273,634 1,907,687 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000
Special assessments receivable / deferred 146 - - - - - - - - - - -
Total Assets 9,838,018 11,561,353 9,748,673 9,748,673 9,949,286 10,173,128 10,601,801 11,088,898 11,686,245 12,366,017 13,173,567 14,218,820
Liabilities
Due to other governmental units 37,001 15,375 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Unearned revenue 398,888 36,358 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
All other liabilities 634,808 746,048 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000
Deferred inflows of resources 829,917 1,505,096 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Escrow deposits 894,608 1,079,803 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Total Liabilities and deferred inflows 2,795,222 3,382,680 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 7,042,796 8,178,673 8,178,673 8,178,673 8,379,286 8,603,128 9,031,801 9,518,898 10,116,245 10,796,017 11,603,567 12,648,820
Total Liab, deferred inflows, and fund balance 9,838,018 11,561,353 9,748,673 9,748,673 9,949,286 10,173,128 10,601,801 11,088,898 11,686,245 12,366,017 13,173,567 14,218,820
38
COMMUNITY CENTER FUND
The Community Center Fund is a Special Revenue Fund used to
account for the activities of the Community Center facility owned
and operated by the City.
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 may also be
used to support operations as needed.
Intergovernmental revenues in 2022 and 2023 are related to
one-time federal funds received 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.
A new staff position, 1.0 FTE, is assumed in the Community
Center Fund Finance Plan at a total estimated cost of
approximately $68,000 annually in 2028.
Operating expenditures are projected to increase by 3.0%
annually.
Transfers
Ongoing transfers from the Deputy Registrar Fund are assumed
in the Plan at $100,000 annually. Actual amount of transfer will
depend on each year’s financial performance.
Balance Sheet
The available cash balance is projected to decrease over time,
with negative cash balance projected by year 2029. While the
plan does assume property tax levy support will increase by 3%
annually beginning in year 2026, this along with charges for
services is not projected to be sufficient to cover expenditures.
The City plans to address the shortfall and adjust rates and
expenditures as needed to ensure that the fund remains stable.
39
Table 9
City of Monticello
Finance Plan
Community Center Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 485,000 515,000 525,000 535,000 552,000 569,000 587,000 605,000 624,000 643,000 663,000 683,000
Other intergovernmental 385,718 415,396 - - - - - - - - - -
Charges for services 1,007,790 1,255,214 1,399,400 1,403,100 1,360,000 1,387,200 1,414,944 1,443,243 1,472,108 1,501,550 1,531,581 1,562,213
Fines and forfeitures - - - - - - - - - - - -
Investment earnings (10,799) 17,868 1,600 14,900 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462
Other revenues 50,300 34,339 32,000 14,000 35,108 35,108 35,108 35,108 35,108 35,108 35,108 35,108
Transfer in - - 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Revenues 1,918,009 2,237,817 2,058,000 2,067,000 2,048,570 2,092,770 2,138,514 2,184,813 2,232,678 2,281,120 2,331,151 2,381,783
Expenditures
Current - Recreation and culture 1,764,309 2,115,490 2,058,000 2,047,000 2,108,410 2,171,662 2,236,812 2,303,917 2,373,034 2,444,225 2,517,552 2,593,078
FTE Increases / Current Expenses - - - - - - 68,000 70,040 72,141 74,305 76,535 78,831
Capital outlay / acquisition of capital 94,019 27,843 - 20,000 35,000 60,000 - - - - - -
Total Expenditures 1,858,328 2,143,333 2,058,000 2,067,000 2,143,410 2,231,662 2,304,812 2,373,957 2,445,175 2,518,530 2,594,086 2,671,909
Net Change in Fund Balances 59,681 94,484 - - (94,840) (138,892) (166,298) (189,144) (212,497) (237,411) (262,936) (290,126)
Beginning Fund Balance 389,738 449,419 543,903 543,903 543,903 449,063 310,171 143,873 (45,271) (257,769) (495,179) (758,115)
Ending Fund Balance 449,419 543,903 543,903 543,903 449,063 310,171 143,873 (45,271) (257,769) (495,179) (758,115) (1,048,241)
Assets
Cash and investments 473,255 508,676 518,903 518,903 424,063 285,171 118,873 (70,271) (282,769) (520,179) (783,115) (1,073,241)
All other receivables and prepaid items 105,590 77,987 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Total Assets 578,845 586,663 568,903 568,903 474,063 335,171 168,873 (20,271) (232,769) (470,179) (733,115) (1,023,241)
Liabilities
Due to other governmental units 9,258 10,703 - - - - - - - - - -
Unearned revenue 46,440 - - - - - - - - - - -
All other liabilities 73,728 32,057 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Total Liabilities and deferred inflows 129,426 42,760 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Fund Balance 449,419 543,903 543,903 543,903 449,063 310,171 143,873 (45,271) (257,769) (495,179) (758,115) (1,048,241)
Total Liab, deferred inflows, and fund balance 578,845 586,663 568,903 568,903 474,063 335,171 168,873 (20,271) (232,769) (470,179) (733,115) (1,023,241)
40
CDBG and SCDP Fund
The Community Development Block Grant (CDBG) and Small
Cities Development Program (SCDP) grant funds are reported in
one 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 Note Receivable outstanding. The Note is
projected to be amortized by 2030.
41
Table 10
City of Monticello
Finance Plan
CDBG and SCDP Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (30,286) 37,961 - - - - - - - - - -
Other revenues 3,873 3,082 8,000 27,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Total Revenues (26,413) 41,043 8,000 27,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances (26,413) 41,043 8,000 27,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000
Beginning Fund Balance 924,622 898,209 939,252 947,252 974,252 986,252 998,252 1,010,252 1,022,252 1,034,252 1,046,252 1,058,252
Ending Fund Balance 898,209 939,252 947,252 974,252 986,252 998,252 1,010,252 1,022,252 1,034,252 1,046,252 1,058,252 1,070,252
Assets
Cash and investments 767,787 828,765 834,847 882,027 914,768 948,088 982,001 1,016,524 1,034,252 1,046,252 1,058,252 1,070,252
Notes receivable 130,422 110,487 112,405 92,225 71,484 50,164 28,251 5,728 - - - -
Total Assets 898,209 939,252 947,252 974,252 986,252 998,252 1,010,252 1,022,252 1,034,252 1,046,252 1,058,252 1,070,252
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 898,209 939,252 947,252 974,252 986,252 998,252 1,010,252 1,022,252 1,034,252 1,046,252 1,058,252 1,070,252
Total Liab, deferred inflows, and fund balance 898,209 939,252 947,252 974,252 986,252 998,252 1,010,252 1,022,252 1,034,252 1,046,252 1,058,252 1,070,252
42
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 to reserve cemetery
plots for burial or sections in the columbarium within the
cemetery.
Expenditures
The expenditure of funds is for the operations and maintenance
of the Riverside Cemetery.
Transfers
There are no planned transfers of funds.
Balance Sheet
The fund is projected to have revenue sufficient to cover
expenditures and to maintain a positive cash balance.
43
Table 11
City of Monticello
Finance Plan
Cemetery Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Charges for services 67,838 43,727 41,700 47,700 48,893 50,115 51,368 52,652 53,968 55,317 56,700 58,118
Investment earnings (3,519) 6,494 300 4,300 - - - - - - - -
Other revenues - 4,150 - - - - - - - - - -
Total Revenues 64,319 54,371 42,000 52,000 48,893 50,115 51,368 52,652 53,968 55,317 56,700 58,118
Expenditures
Current - Recreation and culture 26,660 24,003 31,000 36,000 37,080 38,192 39,338 40,518 41,734 42,986 44,275 45,604
Capital outlay / acquisition of capital - - - - - 70,000 - - - - - -
Total Expenditures 26,660 24,003 31,000 36,000 37,080 108,192 39,338 40,518 41,734 42,986 44,275 45,604
Net Change in Fund Balances 37,659 30,368 11,000 16,000 11,813 (58,078) 12,030 12,134 12,234 12,331 12,425 12,514
Beginning Fund Balance 80,184 117,843 148,211 159,211 175,211 187,024 128,946 140,975 153,109 165,343 177,675 190,100
Ending Fund Balance 117,843 148,211 159,211 175,211 187,024 128,946 140,975 153,109 165,343 177,675 190,100 202,614
Assets
Cash and investments 118,325 147,906 159,211 175,211 187,024 128,946 140,975 153,109 165,343 177,675 190,100 202,614
All other receivables and prepaid items 518 455 - - - - - - - - - -
Total Assets 118,843 148,361 159,211 175,211 187,024 128,946 140,975 153,109 165,343 177,675 190,100 202,614
Liabilities
All other liabilities 1,000 150 - - - - - - - - - -
Total Liabilities and deferred inflows 1,000 150 - - - - - - - - - -
Fund Balance 117,843 148,211 159,211 175,211 187,024 128,946 140,975 153,109 165,343 177,675 190,100 202,614
Total Liab, deferred inflows, and fund balance 118,843 148,361 159,211 175,211 187,024 128,946 140,975 153,109 165,343 177,675 190,100 202,614
44
DEBT SERVICE FUND
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
outstanding balance of bonds and notes payable at the end of
2023 (audited) was $16,635,000.
The year-end cash balance in the Debt Service Funds is projected
to remain low because the city structures its bonds so that
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. However, large balances
of cash can create arbitrage requirements with the IRS, so the
city maintains modest cash balances in the Debt Service Fund.
Revenue
The Debt Service Funds include the following sources of revenue:
property tax levy, special assessments, interest earnings,
transfers in from other funds, and, from time to time, bond
proceeds for any capitalized interest funds.
The Plan anticipates the issuance of general obligation bonds in
2027, 2028 and 2030. 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
management.
Transfers
Transfers may be related to the closure of a bond sub-fund when
an issue is fully paid off. However, the Plan assumes adjustments
to the tax levy in the final year to avoid any excess balances
needing to be transferred out to other city funds, for example,
for capital improvements.
Balance Sheet
The Plan shows ending cash balance in the Debt Service Funds is
projected to be sufficient to meet all future debt obligations
when due. However, the City will ensure continue to adjust to
ensure an adequate but modest cash balance in its Debt Service
Fund.
45
Use of funds to pay debt service is projected to come from a
combination of property tax revenue and other non-property tax
revenue, including special assessments and interest on
investments.
The Plan projects the payoff of existing debt according to the
amortization schedules with new debt issued in future years
impacting activity in years 2028 and later.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
46
Table 12
City of Monticello
Finance Plan
Debt Service Funds
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 2,311,400 1,999,581 2,026,175 2,196,193 2,367,571 1,980,622 5,047,743 4,529,958 4,450,404 4,399,259 4,319,968 3,579,936
Special assessments 317,269 300,188 244,579 221,532 196,631 135,953 100,024 86,543 83,803 40,058 38,753 2,682
Investment earnings (53,739) 60,046 9,246 3,015 1,792 1,515 1,350 25,576 24,275 24,633 28,513 29,496
Other revenues - - - 28,261 150 150 150 150 139 - - -
Transfer in 197,925 - - - - - - - - - - -
Total Revenues 2,772,855 2,359,815 2,280,000 2,449,000 2,566,144 2,118,240 5,149,267 4,642,226 4,558,622 4,463,949 4,387,234 3,612,113
Expenditures
Other expenses - - 8,316 7,693 - - - - - - - -
Principal payments 2,315,000 2,160,000 2,205,000 2,260,000 2,305,000 1,895,000 1,720,000 2,590,000 2,840,000 2,410,000 2,640,000 1,945,000
Interest payments 498,959 446,184 392,684 344,308 298,040 245,315 199,115 2,225,609 1,670,969 1,536,594 1,616,220 1,483,293
Transfer out 108,801 - - - - - - - - - - -
Total Expenditures 2,922,760 2,606,184 2,606,000 2,612,000 2,603,040 2,140,315 1,919,115 4,815,609 4,510,969 3,946,594 4,256,220 3,428,293
Net Change in Fund Balances (149,905) (246,369) (326,000) (163,000) (36,896) (22,075) 3,230,152 (173,383) 47,652 517,355 131,015 183,821
Beginning Fund Balance 1,124,210 974,305 727,936 401,936 238,936 202,040 179,965 3,410,116 3,236,733 3,284,386 3,801,741 3,932,756
Ending Fund Balance 974,305 727,936 401,936 238,936 202,040 179,965 3,410,116 3,236,733 3,284,386 3,801,741 3,932,756 4,116,576
Assets
Cash and investments 972,580 729,928 401,936 238,936 202,040 179,965 3,410,116 3,236,733 3,284,386 3,801,741 3,932,756 4,116,576
Special assessments receivable / deferred 1,286,063 1,611,964 808,938 618,079 444,415 324,626 236,117 157,838 79,559 42,286 5,013 2,506
Total Assets 2,258,643 2,341,892 1,210,874 857,015 646,454 504,590 3,646,233 3,394,571 3,363,945 3,844,027 3,937,769 4,119,083
Liabilities
All other liabilities 2,502 3,000 - - - - - - - - - -
Deferred inflows of resources 1,281,836 1,610,956 808,938 618,079 444,415 324,626 236,117 157,838 79,559 42,286 5,013 2,506
Total Liabilities and deferred inflows 1,284,338 1,613,956 808,938 618,079 444,415 324,626 236,117 157,838 79,559 42,286 5,013 2,506
Fund Balance 974,305 727,936 401,936 238,936 202,040 179,965 3,410,116 3,236,733 3,284,386 3,801,741 3,932,756 4,116,576
Total Liab, deferred inflows, and fund balance 2,258,643 2,341,892 1,210,874 857,015 646,454 504,590 3,646,233 3,394,571 3,363,945 3,844,027 3,937,769 4,119,083
47
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, including a separate fund to track the collection and use
of a local sales and use tax beginning in 2025 for improvements
at the Bertram Chain of Lakes (BCOL) Regional Athletic Park.
Capital for Proprietary Funds is accounted for separately in the
Proprietary Funds and is not included in this Governmental
Capital Project Fund.
Revenues
Revenues come 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 levy for capital 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. The capital levy amount will be used to
manage the overall levy impacts as new debt services levies
begin in the future.
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 certain
improvements. The projected revenue, without bonding, is not
projected to be sufficient to cover planned spending.
Expenditures
The expenditures of funds include land acquisition, 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 respective Proprietary Fund
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 paid off, and from the General Fund or Liquor Fund, among
others.
The Plan reflects the assumption that annual transfers of
$500,000 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 sufficient cash in
future years based on the assumptions in the Plan, which may
need to be adjusted through timing of capital expenditures and
various funding opportunities as decisions are made each year.
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.
48
Bond proceeds in 2027 and expenditures in 2027 and 2028
include the Public Works facility project at estimated cost of
$40.0 million.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
$50.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 37.
Capital Projects Fund
Sources and Uses of Funds
Bond proceeds
Non property tax
revenue
Property tax revenue
Expenditures
49
Table 13
City of Monticello
Finance Plan
Capital Projects Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 1,153,476 1,548,989 1,882,825 2,400,807 2,750,000 3,750,000 1,500,000 2,000,000 2,500,000 3,000,000 3,000,000 3,000,000
Special assessments 400,236 884,472 105,640 101,066 217,185 177,913 34,717 0 0 0 0 0
Charges for services 26,865 - - - - - - - - - - -
Investment earnings (459,248) 541,853 75,022 100,127 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Sale of capital assets - 32,300 - - - - - - - - - -
Intergovernmental for capital 596,684 586,606 3,766,513 1,185,000 1,500,000 1,700,000 700,000 700,000 700,000 700,000 700,000 700,000
Other revenue for capital 7,088 2,444,594 - - - - - - - - - -
Bond proceeds - - - - - 40,600,000 3,250,000 - 3,045,000 - - -
Transfer in 108,801 3,500,000 1,000,000 880,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Total Revenues 1,833,902 9,538,814 6,830,000 4,667,000 5,067,185 46,827,913 6,084,717 3,300,000 6,845,000 4,300,000 4,300,000 4,300,000
Expenditures
Current - Public works 5,654 7,800 35,000 - - - - - - - - -
Capital outlay / acquisition of capital 2,822,118 10,757,236 7,500,000 5,787,000 4,741,000 22,815,000 26,885,000 6,750,000 11,925,000 - - -
Cost of issuance of bonds - - - - - 600,000 50,000 - 45,000 - - -
Total Expenditures 2,827,772 10,765,036 7,535,000 5,787,000 4,741,000 23,415,000 26,935,000 6,750,000 11,970,000 - - -
Net Change in Fund Balances (993,870) (1,226,222) (705,000) (1,120,000) 326,185 23,412,913 (20,850,283) (3,450,000) (5,125,000) 4,300,000 4,300,000 4,300,000
Beginning Fund Balance 11,862,620 10,868,750 9,642,528 8,937,528 7,817,528 8,143,713 31,556,626 10,706,344 7,256,344 2,131,344 6,431,344 10,731,344
Ending Fund Balance 10,868,750 9,642,528 8,937,528 7,817,528 8,143,713 31,556,626 10,706,344 7,256,344 2,131,344 6,431,344 10,731,344 15,031,344
Assets
Cash and investments 10,913,353 12,280,612 10,124,946 8,504,946 8,331,131 31,244,044 9,893,762 6,443,762 1,318,762 5,618,762 9,918,762 14,218,762
Due from other governments - 1,382,440 - - - - - - - - - -
All other receivables and prepaid items - 1,995 - - - - - - - - - -
Special assessments receivable / deferred 2,342,052 2,207,658 2,386,530 395,083 199,705 32,846 0 0 0 0 0 0
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 14,092,987 16,710,287 13,349,058 9,737,611 9,368,418 32,114,472 10,731,344 7,281,344 2,156,344 6,456,344 10,756,344 15,056,344
Liabilities
Due to other governmental units - 4,946 - - - - - - - - - -
All other liabilities 207,108 875,466 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Deferred inflows of resources 3,017,129 6,187,347 4,386,530 1,895,083 1,199,705 532,846 0 0 0 0 0 0
Total Liabilities and deferred inflows 3,224,237 7,067,759 4,411,530 1,920,083 1,224,705 557,846 25,000 25,000 25,000 25,000 25,000 25,000
Fund Balance 10,868,750 9,642,528 8,937,528 7,817,528 8,143,713 31,556,626 10,706,344 7,256,344 2,131,344 6,431,344 10,731,344 15,031,344
Total Liab, deferred inflows, and fund
balance 14,092,987 16,710,287 13,349,058 9,737,611 9,368,418 32,114,472 10,731,344 7,281,344 2,156,344 6,456,344 10,756,344 15,056,344
50
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 if necessary.
Revenues are projected to be sufficient to cover the planned
capital improvements, however the Plan shows an almost entire
depletion of cash in the fund in 2027. Timing of capital
expenditures will be monitored against assumptions in the Plan
to ensure solid financial position in the fund.
Expenditures
The expenditures of funds include capital improvements of the
street lighting system, which are typically a component of a
larger transportation project in the Capital Projects Fund.
Transfers
A one-time transfer in of $250,000 from the Deputy Registrar
Fund occurred in 2023. The funds were used to pay for project
costs in the downtown, specifically for costs to bury electric
power lines in support of redevelopment on Block 52.
Balance Sheet
The ending cash balance is projected to be impacted by timing of
capital improvements and non-recurring interfund transfers.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 39.
Street Lighting Improvement Fund
Sources and Uses of Funds
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
51
Table 14
City of Monticello
Finance Plan
Street Lighting Improvement Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes 161,384 157,109 175,000 150,000 153,000 156,060 159,181 162,365 165,612 168,924 172,303 175,749
Investment earnings (45,715) 71,449 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Transfer in - 250,000 - - - - - - - - - -
Total Revenues 115,669 478,558 185,000 160,000 163,000 166,060 169,181 172,365 175,612 178,924 182,303 185,749
Expenditures
Capital outlay / acquisition of capital 37,993 38,563 1,430,000 - - 500,000 - - - - - -
Transfer out - - - 380,000 - - - - - - - -
Total Expenditures 37,993 38,563 1,430,000 380,000 - 500,000 - - - - - -
Net Change in Fund Balances 77,676 439,995 (1,245,000) (220,000) 163,000 (333,940) 169,181 172,365 175,612 178,924 182,303 185,749
Beginning Fund Balance 1,180,207 1,257,883 1,697,878 452,878 232,878 395,878 61,938 231,119 403,484 579,096 758,021 940,323
Ending Fund Balance 1,257,883 1,697,878 452,878 232,878 395,878 61,938 231,119 403,484 579,096 758,021 940,323 1,126,072
Assets
Cash and investments 1,213,352 1,651,525 392,878 172,878 335,878 1,938 171,119 343,484 519,096 698,021 880,323 1,066,072
All other receivables and prepaid items 44,531 46,353 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Total Assets 1,257,883 1,697,878 452,878 232,878 395,878 61,938 231,119 403,484 579,096 758,021 940,323 1,126,072
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,257,883 1,697,878 452,878 232,878 395,878 61,938 231,119 403,484 579,096 758,021 940,323 1,126,072
Total Liab, deferred inflows, and fund
balance 1,257,883 1,697,878 452,878 232,878 395,878 61,938 231,119 403,484 579,096 758,021 940,323 1,126,072
52
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. These revenues are unpredictable
and depend on outside parties (i.e. developers); therefore, the
Plan does not include estimates for future collection. While the
City expects 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.
Due to lack of other reliable funding sources for Park and
Pathway improvements, the Plan shows insufficient future ability
to complete capital projects. Additional funding from grants or
transfer of resources from the Capital Projects Fund are needed.
Expenditures
The expenditures of funds include capital improvements of the
park and pathway system.
Transfers
The Deputy Registrar Fund will transfer $402,000 to this fund in
2025 to fund the replacement of the West Bridge Park
playground. No other transfers are planned.
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.
($12.0)
($10.0)
($8.0)
($6.0)
($4.0)
($2.0)
$0.0
$2.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 41.
Park and Pathway Dedication Fund
Sources and Uses of Funds
Bond proceeds
Non property tax revenue
Property tax revenue
Expenditures
53
Table 15
City of Monticello
Finance Plan
Park and Pathway Improvement Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 850 815 779 743 672 636 600 565 0 0 0 0
Other intergovernmental 150,000 - - - - - - - - - - -
Charges for services 144,832 50,247 - - - - - - - - - -
Investment earnings (41,780) 64,297 221 15,257 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Other revenues - - - 275,000 - - - - - - - -
Transfer in - 1,000,000 - 402,000 - - - - - - - -
Total Revenues 253,902 1,115,359 1,000 693,000 5,672 5,636 5,600 5,565 5,000 5,000 5,000 5,000
Expenditures
Current - Recreation and culture 500 - - - - - - - - - - -
Capital outlay / acquisition of capital 45,702 1,488,087 87,000 916,000 2,323,000 4,880,000 2,078,700 920,000 135,000 - - -
Total Expenditures 46,202 1,488,087 87,000 916,000 2,323,000 4,880,000 2,078,700 920,000 135,000 - - -
Net Change in Fund Balances 207,700 (372,728) (86,000) (223,000) (2,317,328) (4,874,364) (2,073,100) (914,435) (130,000) 5,000 5,000 5,000
Beginning Fund Balance 1,100,613 1,308,313 935,585 849,585 626,585 (1,690,743) (6,565,107) (8,638,207) (9,552,642) (9,682,642) (9,677,642) (9,672,642)
Ending Fund Balance 1,308,313 935,585 849,585 626,585 (1,690,743) (6,565,107) (8,638,207) (9,552,642) (9,682,642) (9,677,642) (9,672,642) (9,667,642)
Assets
Cash and investments 1,308,313 1,000,857 849,585 624,469 (1,692,330) (6,566,165) (8,638,736) (9,552,642) (9,682,642) (9,677,642) (9,672,642) (9,667,642)
Special assessments receivable / deferred 4,231 3,702 - 2,116 1,587 1,058 529 0 0 0 0 0
Total Assets 1,312,544 1,004,559 849,585 626,585 (1,690,743) (6,565,107) (8,638,207) (9,552,642) (9,682,642) (9,677,642) (9,672,642) (9,667,642)
Liabilities
All other liabilities - 65,272 - - - - - - - - - -
Deferred inflows of resources 4,231 3,702 - - - - - - - - - -
Total Liabilities and deferred inflows 4,231 68,974 - - - - - - - - - -
Fund Balance 1,308,313 935,585 849,585 626,585 (1,690,743) (6,565,107) (8,638,207) (9,552,642) (9,682,642) (9,677,642) (9,672,642) (9,667,642)
Total Liab, deferred inflows, and fund
balance 1,312,544 1,004,559 849,585 626,585 (1,690,743) (6,565,107) (8,638,207) (9,552,642) (9,682,642) (9,677,642) (9,672,642) (9,667,642)
54
BERTRAM CHAIN OF LAKES (BCOL) SALES TAX FUND
The BCOL Sales Tax Fund is used to account for the collection of a
0.5% local sales and use tax beginning on April 1, 2025 and the
related use of funds for improvements at the BCOL Regional
Athletic Park.
Revenues
Revenues include local sales tax receipts and investment
earnings on the Fund’s cash balance, in addition to other non-
recurring revenues. While not reflected in the Plan, bonds may
be issued to fund park improvements at BCOL with the sales tax
pledged for payment of bonds. Rather the Plan assumes use of
the local sales tax with Pay-As-You-Go capital spending.
Expenditures
The expenditures of funds include capital improvements at the
BCOL Regional Athletic Park and costs payable to the MN
Department of Revenue for administering the tax.
Transfers
No future transfers are anticipated into this Fund.
Balance Sheet
The Fund is not projected to have sufficient cash to cover
planned capital improvements based on current capital spending
assumptions. The City will address this in future decision making
regarding the next phase(s) of the BCOL park.
($2.0)
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 42.
BCOL Sales Tax Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance
Ending Cash Balance
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 43.
Bertram Chain of Lakes Sales Tax Fund
Sources and Uses of Funds
Bond proceeds
Non sales tax revenue
Sales tax revenue
Expenditures
55
Table 16
City of Monticello
Finance Plan
BCOL Sales Tax Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Local options sales tax - - - 1,000,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000
Total Revenues - - - 1,000,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000
Expenditures
Capital outlay / acquisition of capital - - - 215,000 1,300,000 3,000,000 - 3,000,000 - - - -
Total Expenditures - - - 215,000 1,300,000 3,000,000 - 3,000,000 - - - -
Net Change in Fund Balances - - - 785,000 100,000 (1,600,000) 1,400,000 (1,600,000) 1,400,000 1,400,000 1,400,000 1,400,000
Beginning Fund Balance - - - - 785,000 885,000 (715,000) 685,000 (915,000) 485,000 1,885,000 3,285,000
Ending Fund Balance - - - 785,000 885,000 (715,000) 685,000 (915,000) 485,000 1,885,000 3,285,000 4,685,000
Assets
Cash and investments - - - 785,000 765,000 (835,000) 565,000 (1,035,000) 365,000 1,765,000 3,165,000 4,565,000
Due from other governments - - - - 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000
Total Assets - - - 785,000 885,000 (715,000) 685,000 (915,000) 485,000 1,885,000 3,285,000 4,685,000
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - - - 785,000 885,000 (715,000) 685,000 (915,000) 485,000 1,885,000 3,285,000 4,685,000
Total Liab, deferred inflows, and fund
balance - - - 785,000 885,000 (715,000) 685,000 (915,000) 485,000 1,885,000 3,285,000 4,685,000
56
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. It is assumed in the Plan this funding will be
used in 2026 The total cost of the project is estimated at $40
million, and construction is anticipated in 2026-2028.
Future growth from development, which impacts the projection
of operating and non-operating revenue for the Water Fund, is
assumed to average 112 units per year between 2025-2033 for
new residential and commercial customer units.
The Plan includes the rates approved for 2025, and usage rate
increases are estimated at 7.0% annually from 2026-2028, 5.0%
in 2029, and 3.0% annually for 2030-2033. The Plan assumes an
annual increase in the trunk and access charges of 3.0% 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
construction of a new water treatment facility.
Based on projected revenues and expenses, the Water Fund will
have adequate cash available to support planned capital
improvements in future years. The City will monitor actual
results and consider whether to adjust assumed rate increases,
modify its capital plans, consider debt or other financing, or a
combination of these strategies, if needed.
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.
57
The Plan anticipates the addition of new position (1.0 FTE) in
2027 to coincide with operation of the water treatment plan)
and a second position (1.0 FTE) in 2032.
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 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 continue to monitor actual results compared to the Plan
and adjust accordingly.
Future estimated receivables and payable are projected to
remain at historic amounts during the planning period.
58
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 44.
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%
200%
400%
600%
800%
1000%
1200%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
En
d
i
n
g
u
n
r
e
s
t
r
i
c
t
e
d
N
e
t
P
o
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a
s
%
o
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E
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e
s
Mi
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Chart 45.
Water Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 46.
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
6,000
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
To
t
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l
C
u
s
t
o
m
e
r
U
n
i
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(
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(
1
,
0
0
0
G
a
l
)
Chart 47.
Water Fund
Customers and Annual Volume Billed
Water Volume
Billed
Total Customer
Units
59
Table 17
City of Monticello
Finance Plan
Water Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 25,593 26,480 10,000 9,000 - - - - - - - -
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 76,233 101,700 - - - - - - - - - -
Charges for services 1,675,447 1,974,203 1,771,955 1,814,750 2,552,667 2,798,619 3,025,099 3,250,445 3,348,467 3,517,043 3,622,555 3,767,923
Investment earnings (232,824) 384,834 50,000 199,750 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Other revenues 64,799 82,421 6,045 10,500 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Intergovernmental for capital - - - - 11,000,000 - - - - - - -
Connection / access charges 48,990 567,980 - - 414,161 363,734 167,817 379,837 18,859 351,830 17,627 198,274
Penalties and interest 29,278 40,827 30,000 48,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
Trunk charges 184,921 317,493 15,000 - 1,617,662 1,628,585 1,555,705 1,723,492 1,556,518 1,798,219 1,649,753 1,805,092
Total 1,872,437 3,495,938 1,885,000 2,084,000 15,726,490 4,932,938 4,890,621 5,495,773 5,065,844 5,809,093 5,431,934 5,913,288
Expenses
FTE Increases / Current Expenses - - - - - 47,500 48,925 50,393 51,905 53,462 110,066 113,367
Depreciation 497,021 493,027 521,777 574,327 853,077 1,360,702 1,620,702 1,631,777 1,711,090 1,711,090 1,711,090 1,711,090
Interest payments - - - - - - 461,261 595,768 544,800 518,200 491,000 463,300
Operating expense before depreciation 844,725 957,404 1,254,000 1,270,000 1,327,150 1,386,872 1,449,281 1,514,499 1,582,651 1,653,870 1,728,295 1,806,068
Cost of issuance of bonds - - - - - 300,000 135,000 - - - - -
Total 1,341,746 1,450,431 1,775,777 1,844,327 2,180,227 3,095,074 3,715,169 3,792,436 3,890,446 3,936,622 4,040,450 4,093,825
Change in Net Position 530,691 2,045,507 109,223 239,673 13,546,263 1,837,865 1,175,452 1,703,337 1,175,399 1,872,471 1,391,484 1,819,463
Ending net position 15,043,024 17,088,531 17,197,754 17,437,427 30,983,690 32,821,555 33,997,007 35,700,344 36,875,743 38,748,213 40,139,698 41,959,161
Assets
Cash and investments 7,400,620 8,971,775 8,781,048 7,513,897 10,784,086 13,998,501 14,660,505 16,268,468 14,652,445 16,876,005 18,593,580 20,714,133
All other receivables and prepaid items 223,534 882,861 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Special assessments receivable / deferred 354,634 390,059 104,245 83,396 62,547 41,698 20,849 (0) (0) (0) (0) (0)
Capital assets 22,237,913 22,396,093 23,546,093 25,648,093 36,798,093 57,103,093 67,503,093 67,946,093 71,118,605 71,118,605 71,118,605 71,118,605
Accumulated depreciation (14,204,028) (14,658,855) (15,180,632) (15,754,959) (16,608,036) (17,968,738) (19,589,440) (21,221,217) (22,932,307) (24,643,397) (26,354,487) (28,065,577)
Deferred outflows of resources 70,787 46,904 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 16,083,460 18,028,837 17,412,754 17,652,427 31,198,690 53,336,555 62,757,007 63,155,344 63,000,743 63,513,213 63,519,698 63,929,161
Liabilities
All other liabilities 390,990 270,188 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Deferred inflows of resources 649,446 670,118 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Bonds payable - - - - - 20,300,000 28,545,000 27,240,000 25,910,000 24,550,000 23,165,000 21,755,000
Total Liabilities and Deferred Inflows 1,040,436 940,306 215,000 215,000 215,000 20,515,000 28,760,000 27,455,000 26,125,000 24,765,000 23,380,000 21,970,000
Total Liabilities, Deferred Inflows, and Net Position 16,083,460 18,028,837 17,412,754 17,652,427 31,198,690 53,336,555 62,757,007 63,155,344 63,000,743 63,513,213 63,519,698 63,929,161
60
Table 18
City of Monticello
Finance Plan - Change in Ending Cash Balance
Water Fund
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,254,000 1,270,000 1,327,150 1,734,372 1,633,206 1,564,891 1,634,556 1,707,332 1,838,360 1,919,435
Capital Acquisition / Outlay 1,150,000 2,102,000 11,150,000 20,305,000 10,400,000 443,000 3,172,512 - - -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - 1,351,261 1,900,768 1,874,800 1,878,200 1,876,000 1,873,300
Total Use of Cash 2,404,000 3,372,000 12,477,150 22,039,372 13,384,467 3,908,659 6,681,868 3,585,532 3,714,360 3,792,735
Source of Cash
Revenues 1,885,000 2,084,000 15,726,490 4,932,938 4,890,621 5,495,773 5,065,844 5,809,093 5,431,934 5,913,288
Bond Proceeds - - - 20,300,000 9,135,000 - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 1,885,000 2,084,000 15,726,490 25,232,938 14,025,621 5,495,773 5,065,844 5,809,093 5,431,934 5,913,288
Net Change in Other Assets and Liabilities 328,273 20,849 20,849 20,849 20,849 20,849 - - - -
Change in Cash Balance (190,727) (1,267,151) 3,270,189 3,214,416 662,003 1,607,964 (1,616,023) 2,223,561 1,717,574 2,120,553
Ending Cash 8,781,048 7,513,897 10,784,086 13,998,501 14,660,505 16,268,468 14,652,445 16,876,005 18,593,580 20,714,133
Ending Cash by Purpose
Cash for next year planned capital 2,102,000 150,000 5,000 1,265,000 443,000 3,172,512 - - - 2,750,662
Cash for next year debt service - - - 1,351,261 1,900,768 1,874,800 1,878,200 1,876,000 1,873,300 1,875,100
Cash for 3-months operating reserve 317,500 331,788 433,593 408,301 391,223 408,639 426,833 459,590 479,859 494,255
Cash available for future capital / unassigned 6,361,548 7,032,109 10,345,493 10,973,939 11,925,514 10,812,517 12,347,412 14,540,415 16,240,421 15,594,116
Ending Cash 8,781,048 7,513,897 10,784,086 13,998,501 14,660,505 16,268,468 14,652,445 16,876,005 18,593,580 20,714,133
61
Table 19
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Water Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential, commercial, and irrigation customers 4,449 4,599 4,690 4,949 5,130 5,283 5,348 5,498 5,499 5,629 5,629 5,695 5,696
Volume billed:
Residential, commercial, and irrigation Tier 1: First 1000 gallons 53,388 53,388 53,388 56,496 58,668 60,504 61,284 63,084 63,096 64,656 64,656 65,448 65,460
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 490,896 510,897 510,897 538,869 558,417 574,941 581,961 598,161 598,269 612,309 612,309 619,437 619,545
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 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 25,000
Total Residential Volume Billed 664,284 664,285 664,285 695,365 717,085 735,445 743,245 761,245 761,365 776,965 776,965 784,885 785,005
Industrial customers 2 2 2 2 2 2 2 2 2 2 2 2 2
Volume billed:
Industrial Tier 1: >0 gallons 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335 29,335
Total Customers 4,451 4,601 4,692 4,951 5,132 5,285 5,350 5,500 5,501 5,631 5,631 5,697 5,698
Total Volume Billed 693,619 693,620 693,620 724,700 746,420 764,780 772,580 790,580 790,700 806,300 806,300 814,220 814,340
State connection charge (per year)874 874 874 1,133 1,314 1,467 1,532 1,682 1,683 1,813 1,813 1,879 1,880
Trunk water charge - residential (per residential unit)68 13 13 259 181 153 65 150 1 130 - 66 1
Water access charge - 1 1/4" line 264 - - 259 181 153 65 150 1 130 - 66 1
Trunk Charge for Annexation Areas (per acre)- - - 100 100 100 100 100 100 100 100 100 100
Customer Fees (in dollars)
Residential, commercial, and irrigation minimum first 1000 gallons 8.04 8.68 9.37 10.31 11.03 11.80 12.63 13.26 13.66 14.07 14.49 14.93 15.37
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 1.88 2.03 2.19 2.41 2.58 2.76 2.95 3.10 3.19 3.29 3.39 3.49 3.59
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 2.18 2.35 2.79 3.07 3.28 3.51 3.76 3.95 4.07 4.19 4.32 4.44 4.58
Residential, commercial, and irrigation Tier 4: >33,000 gallons 2.39 2.58 3.24 3.56 3.81 4.08 4.36 4.58 4.72 4.86 5.00 5.15 5.31
Industrial Tier 1: >0 gallons 2.29 2.47 2.67 2.93 3.14 3.35 3.59 3.77 3.88 4.00 4.12 4.24 4.37
State connection charge (per year)9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72 9.72
Trunk water charge - residential (per residential unit)1,182 1,182 1,229 1,266 1,304 1,343 1,383 1,425 1,468 1,512 1,557 1,604 1,652
Trunk water charge - non-residential (per acre)2,954 2,954 3,072 3,164 3,259 3,357 3,457 3,561 3,668 3,778 3,891 4,008 4,128
Water access charge - 1 1/4" line 1,266 2,010 2,090 2,153 2,218 2,284 2,353 2,423 2,496 2,571 2,648 2,727 2,809
Trunk Charge for Annexation Areas (per acre)- - - 13,414 13,816 14,231 14,658 15,098 15,551 16,017 16,498 16,992 17,502
Revenue by Fee Type (in Dollars)
Volume billed:
Residential, commercial, and irrigation minimum first 1000 gallons 429,240 479,032 527,344 612,290 679,111 748,321 810,555 874,954 901,367 950,356 978,867 1,020,054 1,050,840
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 922,884 1,037,121 1,118,864 1,298,674 1,439,990 1,586,382 1,718,155 1,854,282 1,910,255 2,013,737 2,074,149 2,161,244 2,226,469
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 196,200 176,250 209,250 230,250 246,368 263,613 282,066 296,169 305,055 314,206 323,632 333,341 343,342
Residential, commercial, and irrigation Tier 4: >33,000 gallons 71,700 64,500 81,000 89,000 95,230 101,896 109,029 114,480 117,915 121,452 125,096 128,849 132,714
Total Residential Volume Billed 1,620,024 1,756,903 1,936,458 2,230,215 2,460,699 2,700,213 2,919,805 3,139,886 3,234,591 3,399,751 3,501,744 3,643,487 3,753,365
Volume billed:
Industrial Tier 1: >0 gallons 67,177 72,457 78,324 85,952 91,968 98,406 105,294 110,559 113,876 117,292 120,811 124,435 128,168
State connection charge (per year)8,500 8,500 8,500 11,017 12,777 14,264 14,896 16,354 16,363 17,627 17,627 18,269 18,278
Trunk water charge - residential (per residential unit)80,000 15,000 15,596 327,894 236,020 205,494 89,921 213,734 1,468 196,517 - 105,846 1,652
Water access charge - 1 1/4" line 334,224 - - 557,627 401,384 349,470 152,922 363,483 2,496 334,203 - 180,005 2,809
Trunk Charge for Annexation Areas (per acre)- - - 1,341,400 1,381,642 1,423,091 1,465,784 1,509,758 1,555,050 1,601,702 1,649,753 1,699,245 1,750,223
Total Revenue 2,109,925 1,852,860 2,038,879 4,554,105 4,584,490 4,790,938 4,748,621 5,353,773 4,923,844 5,667,093 5,289,934 5,771,288 5,654,495
Total Revenues by Category (in Dollars)
Charges for services 1,687,201 1,829,360 2,014,782 2,316,166 2,552,667 2,798,619 3,025,099 3,250,445 3,348,467 3,517,043 3,622,555 3,767,923 3,881,533
Connection / access charges 342,724 8,500 8,500 568,644 414,161 363,734 167,817 379,837 18,859 351,830 17,627 198,274 21,087
Trunk charges 80,000 15,000 15,596 1,669,294 1,617,662 1,628,585 1,555,705 1,723,492 1,556,518 1,798,219 1,649,753 1,805,092 1,751,875
Total Revenue 2,109,925 1,852,860 2,038,879 4,554,105 4,584,490 4,790,938 4,748,621 5,353,773 4,923,844 5,667,093 5,289,934 5,771,288 5,654,495
62
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
including 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 112 units per year between 2025-2033 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
63
Bonds ($1,120,000 at year-end 2023) and the General Obligation
Revenue Note issued to the Public Facilities Authority, Series
2015A ($1,378,000 at year-end 2023).
Transfers
There are no recurring interfund transfers in the Sewer 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.
64
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 48.
Sewer Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
0%
100%
200%
300%
400%
500%
600%
700%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
En
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s
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Chart 49.
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
$8.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 50.
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
6,000
-
100,000
200,000
300,000
400,000
500,000
600,000
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
To
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0
0
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)
Chart 51.
Sewer Fund
Customers and Annual Volume Billed
Sewer Volume
Billed
Total Customer
Units
65
Table 20
City of Monticello
Finance Plan
Sewer Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 28,298 20,866 - 16,000 9,756 9,360 8,965 8,569 8,174 7,778 7,383 6,987
Charges for services 2,873,479 2,903,263 3,122,844 3,279,143 3,809,950 4,058,962 4,235,343 4,502,829 4,631,221 4,898,649 5,037,899 5,254,686
Investment earnings (334,719) 549,727 25,000 249,857 125,000 125,000 125,000 125,000 125,000 125,000 125,000 125,000
Other revenues 1,662 52,945 4,656 - 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Intergovernmental for capital 166,458 203,400 - 1,000,000 - - - - - - - -
Connection / access charges 805,211 1,306,187 - - 901,016 784,481 343,275 815,938 5,603 750,211 - 404,072
Penalties and interest 50,776 57,981 50,500 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Trunk charges 249,385 442,406 - - 875,419 849,964 708,049 895,849 621,998 908,829 657,737 823,028
Total 3,840,550 5,536,775 3,203,000 4,595,000 5,776,140 5,882,768 5,475,632 6,403,184 5,446,995 6,745,468 5,883,018 6,668,773
Expenses
FTE Increases / Current Expenses - - - - - 47,500 48,925 50,393 51,905 53,462 110,066 113,367
Depreciation 1,199,870 1,196,048 1,213,548 1,342,098 1,368,739 1,399,614 1,497,939 1,497,939 1,548,747 1,548,747 1,548,747 1,548,747
Interest payments 45,451 55,170 49,023 42,100 34,491 26,562 18,011 8,770 7,558 6,335 5,092 3,837
Operating expense before depreciation 1,980,086 1,965,772 2,288,977 2,393,400 2,501,103 2,613,653 2,731,267 2,854,174 2,982,612 3,116,829 3,257,087 3,403,656
Total 3,225,407 3,216,990 3,551,548 3,777,598 3,904,333 4,087,328 4,296,142 4,411,276 4,590,821 4,725,374 4,920,991 5,069,608
Change in Net Position 615,143 2,319,785 (348,548) 817,402 1,871,807 1,795,440 1,179,490 1,991,909 856,174 2,020,094 962,027 1,599,166
Ending net position 24,798,517 27,118,302 26,769,754 27,587,156 29,458,963 31,254,403 32,433,893 34,425,802 35,281,976 37,302,070 38,264,097 39,863,263
Assets
Cash and investments 10,127,111 12,692,763 12,576,907 9,309,403 11,187,294 12,844,344 11,274,770 14,689,614 14,953,806 18,412,240 20,811,606 23,847,110
All other receivables and prepaid items 507,727 556,850 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000 475,000
Special assessments receivable / deferred 53,251 262,405 244,770 205,774 166,777 127,781 88,784 49,788 43,196 36,604 30,013 23,421
Capital assets 52,129,545 52,414,091 53,114,091 58,256,091 59,321,743 60,556,743 64,489,743 64,489,743 66,522,063 66,522,063 66,522,063 66,522,063
Accumulated depreciation (34,830,422) (36,026,466) (37,240,014) (38,582,112) (39,950,851) (41,350,465) (42,848,404) (44,346,343) (45,895,090) (47,443,837) (48,992,584) (50,541,331)
Deferred outflows of resources 97,878 53,927 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 28,085,090 29,953,570 29,185,754 29,679,156 31,214,963 32,668,403 33,494,893 35,372,802 36,113,976 38,017,070 38,861,097 40,341,263
Liabilities
All other liabilities 467,016 271,120 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000 220,000
Deferred inflows of resources 9,557 66,148 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000
Bonds payable 2,810,000 2,498,000 2,180,000 1,856,000 1,520,000 1,178,000 825,000 711,000 596,000 479,000 361,000 242,000
Total Liabilities and Deferred Inflows 3,286,573 2,835,268 2,416,000 2,092,000 1,756,000 1,414,000 1,061,000 947,000 832,000 715,000 597,000 478,000
Total Liabilities, Deferred Inflows, and Net Position 28,085,090 29,953,570 29,185,754 29,679,156 31,214,963 32,668,403 33,494,893 35,372,802 36,113,976 38,017,070 38,861,097 40,341,263
66
Table 21
City of Monticello
Finance Plan - Change in Ending Cash Balance
Sewer Fund
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 2,288,977 2,393,400 2,501,103 2,661,153 2,780,192 2,904,567 3,034,516 3,170,291 3,367,152 3,517,023
Capital Acquisition / Outlay 700,000 5,142,000 1,065,652 1,235,000 3,933,000 - 2,032,320 - - -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)367,023 366,100 370,491 368,562 371,011 122,770 122,558 123,335 123,092 122,837
Total Use of Cash 3,356,000 7,901,500 3,937,246 4,264,714 7,084,203 3,027,337 5,189,394 3,293,627 3,490,244 3,639,861
Source of Cash
Revenues 3,203,000 4,595,000 5,776,140 5,882,768 5,475,632 6,403,184 5,446,995 6,745,468 5,883,018 6,668,773
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 3,203,000 4,595,000 5,776,140 5,882,768 5,475,632 6,403,184 5,446,995 6,745,468 5,883,018 6,668,773
Net Change in Other Assets and Liabilities 37,144 38,996 38,996 38,996 38,996 38,996 6,592 6,592 6,592 6,592
Change in Cash Balance (115,856) (3,267,504) 1,877,890 1,657,051 (1,569,575) 3,414,844 264,193 3,458,433 2,399,366 3,035,504
Ending Cash 12,576,907 9,309,403 11,187,294 12,844,344 11,274,770 14,689,614 14,953,806 18,412,240 20,811,606 23,847,110
Ending Cash by Purpose
Cash for next year planned capital 4,142,000 1,065,652 1,235,000 3,933,000 - 2,032,320 - - - 5,686,589
Cash for next year debt service 366,100 370,491 368,562 371,011 122,770 122,558 123,335 123,092 122,837 122,572
Cash for 3-months operating reserve 598,350 625,276 665,288 695,048 726,142 758,629 792,573 841,788 879,256 905,633
Cash available for future capital / unassigned 7,470,457 7,247,984 8,918,444 7,845,285 10,425,858 11,776,107 14,037,898 17,447,360 19,809,512 17,132,315
Ending Cash 12,576,907 9,309,403 11,187,294 12,844,344 11,274,770 14,689,614 14,953,806 18,412,240 20,811,606 23,847,110
67
Table 22
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Sewer Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential and commercial customers 4,433 4,615 4,708 4,967 5,148 5,301 5,366 5,516 5,517 5,647 5,647 5,713 5,714
Volume billed:
Residential and commercial Tier 1: First 1000 gallons 53,196 53,196 53,196 56,304 58,476 60,312 61,092 62,892 62,904 64,464 64,464 65,256 65,268
Residential and commercial Tier 2: 1,001-10,000 gallons 276,446 276,446 276,446 304,418 323,966 340,490 347,510 363,710 363,818 377,858 377,858 384,986 385,094
Total Residential Volume Billed 329,642 329,642 329,642 360,722 382,442 400,802 408,602 426,602 426,722 442,322 442,322 450,242 450,362
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 4,616 4,709 4,968 5,149 5,302 5,367 5,517 5,518 5,648 5,648 5,714 5,715
Total Volume Billed 372,669 372,669 372,669 403,749 425,469 443,829 451,629 469,629 469,749 485,349 485,349 493,269 493,389
Sewer access charge per unit 264 2 2 259 181 153 65 150 1 130 - 66 1
Trunk sewer charge residential per unit 50 9 9 259 181 153 65 150 1 130 - 66 1
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 10.40 10.61 10.93 11.20 11.54 11.88 12.24 12.61 12.98 13.37 13.77 14.19 14.61
Residential and commercial Tier 2: 1,001-10,000 gallons 6.38 6.51 6.71 6.88 7.09 7.30 7.52 7.74 7.98 8.22 8.46 8.72 8.98
Industrial all usage 3.960 4.040 4.160 4.260 4.388 4.519 4.655 4.795 4.939 5.087 5.239 5.396 5.558
Industrial BOD5 per lb 0.427 0.436 0.449 0.460 0.474 0.488 0.503 0.518 0.533 0.549 0.566 0.583 0.600
Industrial TSS per lb 0.587 0.599 0.617 0.632 0.651 0.670 0.691 0.711 0.733 0.755 0.777 0.801 0.825
Industrial Testing - actual cost plus % markup 10.0% 10.0% 10.0% 11.0% 11.3% 11.7%12.0% 12.4% 12.8% 13.1% 13.5% 13.9% 14.4%
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 4,555 4,692 4,833 4,978 5,127 5,281 5,440 5,603 5,771 5,944 6,122 6,306
Trunk sewer charge residential per unit 1,594 1,641 1,690 1,741 1,793 1,847 1,902 1,960 2,018 2,079 2,141 2,205 2,272
Trunk sewer charge non-residential per acre 3,995 4,115 4,238 4,396 4,528 4,664 4,804 4,948 5,096 5,249 5,407 5,569 5,736
Trunk sewer charge - Meadow Oaks Lift Station 2,823 2,823 2,823 2,823 2,823 2,823 2,823 2,823 2,823 2,823 2,823 2,823 2,823
City Sewer Manual Charges (Units)128,500 128,500 128,500 128,500 128,500 128,500 128,500 128,500 128,500 128,500 128,500 128,500 128,500
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 553,238 587,582 617,501 667,565 712,648 755,843 788,064 834,396 859,584 906,234 933,421 972,661 1,002,016
Residential and commercial Tier 1: First 1000 gallons - - - - - - - - - - - - -
Residential and commercial Tier 2: 1,001-10,000 gallons 1,763,725 1,799,663 1,854,953 2,094,396 2,295,753 2,485,234 2,612,567 2,816,389 2,901,742 3,104,134 3,197,258 3,355,299 3,456,927
Total Residential Volume Billed 2,316,964 2,387,245 2,472,454 2,761,961 3,008,401 3,241,077 3,400,631 3,650,785 3,761,326 4,010,368 4,130,679 4,327,959 4,458,943
Volume billed:
Industrial all usage 170,387 173,829 178,992 183,295 188,794 194,458 200,291 206,300 212,489 218,864 225,430 232,193 239,158
Industrial BOD5 per lb 191,827 195,870 201,710 206,652 212,851 219,237 225,814 232,588 239,566 246,753 254,156 261,780 269,634
Industrial TSS per lb 128,863 131,497 135,449 138,742 142,904 147,191 151,607 156,155 160,840 165,665 170,635 175,754 181,026
Sewer access charge per unit 1,167,672 8,754 9,017 1,251,747 901,016 784,481 343,275 815,938 5,603 750,211 - 404,072 6,306
Trunk sewer charge residential per unit 80,000 15,442 15,903 450,919 324,575 282,595 123,658 293,927 2,018 270,250 - 145,559 2,272
City Sewer Manual Charges (Units)257,000 257,000 257,000 257,000 257,000 257,000 257,000 257,000 257,000 257,000 257,000 257,000 257,000
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 4,312,712 3,169,638 3,270,525 5,785,115 5,586,385 5,693,408 5,286,667 6,214,615 5,258,821 6,557,690 5,695,635 6,481,786 6,112,132
Total Revenues by Category (in Dollars)
Charges for services 3,065,040 3,145,442 3,245,605 3,547,649 3,809,950 4,058,962 4,235,343 4,502,829 4,631,221 4,898,649 5,037,899 5,254,686 5,405,761
Connection / access charges 1,167,672 8,754 9,017 1,251,747 901,016 784,481 343,275 815,938 5,603 750,211 - 404,072 6,306
Trunk charges 80,000 15,442 15,903 985,719 875,419 849,964 708,049 895,849 621,998 908,829 657,737 823,028 700,064
Total Revenue 4,312,712 3,169,638 3,270,525 5,785,115 5,586,385 5,693,408 5,286,667 6,214,615 5,258,821 6,557,690 5,695,635 6,481,786 6,112,132
68
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, interest on charges for
services, and capital grants, among other sources.
The Plan is based on $0.25 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
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, which is possible due to grants received to offset
upcoming capital improvements.
Expenses
Expenses include operations, capital, interest expense on debt (if
any), and depreciation of capital assets. The Plan anticipates the
addition of a position (0.5 FTE) in 2027 and a second position (1.0
FTE) in 2028. 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 shown to have sufficient revenues
available to pay for planned capital improvements based on the
proposed timing and amount for projects and associated grant
funding. Accounts receivable and payable are projected to
remain at historic amounts during the planning period.
69
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 52.
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
0%
50%
100%
150%
200%
250%
300%
350%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
En
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Chart 53.
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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 54.
Stormwater Fund
Revenues and Expenses
Revenues
Expenses
-
2,000
4,000
6,000
8,000
10,000
12,000
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Chart 55.
Stormwater Fund
Equivalent Residential Customer Units Billed
Total
Residential
Equivalent
Customer Units
70
Table 23
City of Monticello
Finance Plan
Stormwater Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 7,821 6,367 - - - - - - - - - -
Charges for services 522,851 605,240 600,000 647,791 588,420 628,362 662,574 703,524 734,184 775,050 806,052 842,400
Investment earnings (54,412) 97,174 2,000 55,209 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 6,295 17,424 - - - - - - - - - -
Intergovernmental for capital 54,917 60,750 1,330,000 1,485,000 - - - - - - - -
Penalties and interest - - - 15,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Trunk charges 172,702 228,143 60,000 - 336,274 346,363 356,754 367,456 378,480 389,834 401,529 413,575
Total 710,174 1,015,098 1,992,000 2,203,000 969,694 1,019,725 1,064,328 1,115,980 1,157,664 1,209,884 1,252,581 1,300,975
Expenses
FTE Increases / Current Expenses - - - - - 47,500 145,925 150,303 154,812 159,456 164,240 169,167
Depreciation 467,342 446,768 497,143 561,768 564,268 572,829 572,829 572,829 572,829 572,829 572,829 572,829
Operating expense before depreciation 330,653 203,702 584,000 571,000 596,695 623,546 651,606 680,928 711,570 743,591 777,052 812,019
Total 797,995 650,470 1,081,143 1,132,768 1,160,963 1,243,875 1,370,360 1,404,060 1,439,211 1,475,876 1,514,121 1,554,016
Change in Net Position (87,821) 364,628 910,857 1,070,232 (191,269) (224,151) (306,032) (288,080) (281,547) (265,992) (261,540) (253,040)
Ending net position 6,353,015 6,717,643 7,628,500 8,698,732 8,507,463 8,283,313 7,977,280 7,689,201 7,407,654 7,141,662 6,880,122 6,627,082
Assets
Cash and investments 1,627,949 2,327,160 1,717,714 777,708 1,063,700 1,082,945 1,362,734 1,660,477 1,951,758 2,258,594 2,569,882 2,889,670
Due from other governments - 60,750 - - - - - - - - - -
All other receivables and prepaid items 38,910 55,267 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Special assessments receivable / deferred 113,307 95,125 64,971 51,976 38,982 25,988 12,994 0 0 0 0 0
Capital assets 19,905,664 19,976,694 21,991,694 24,576,694 24,676,694 25,019,121 25,019,121 25,019,121 25,019,121 25,019,121 25,019,121 25,019,121
Accumulated depreciation (15,230,343) (15,677,111) (16,174,254) (16,736,022) (17,300,290) (17,873,119) (18,445,948) (19,018,777) (19,591,606) (20,164,435) (20,737,264) (21,310,093)
Deferred outflows of resources 38,016 22,671 115 116 117 118 119 120 121 122 123 124
Total Assets and Deferred Outflows 6,493,503 6,860,556 7,650,240 8,720,472 8,529,203 8,305,053 7,999,020 7,710,941 7,429,394 7,163,402 6,901,862 6,648,822
Liabilities
All other liabilities 136,951 115,558 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740 17,740
Deferred inflows of resources 3,537 27,355 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Total Liabilities and Deferred Inflows 140,488 142,913 21,740 21,740 21,740 21,740 21,740 21,740 21,740 21,740 21,740 21,740
Total Liabilities, Deferred Inflows, and Net Position 6,493,503 6,860,556 7,650,240 8,720,472 8,529,203 8,305,053 7,999,020 7,710,941 7,429,394 7,163,402 6,901,862 6,648,822
71
Table 24
City of Monticello
Finance Plan - Change in Ending Cash Balance
Stormwater Fund
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 584,000 571,000 596,695 671,046 797,531 831,231 866,382 903,047 941,292 981,187
Capital Acquisition / Outlay 2,015,000 2,585,000 100,000 342,427 - - - - - -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 2,599,000 3,156,000 696,695 1,013,473 797,531 831,231 866,382 903,047 941,292 981,187
Source of Cash
Revenues 1,992,000 2,203,000 969,694 1,019,725 1,064,328 1,115,980 1,157,664 1,209,884 1,252,581 1,300,975
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 1,992,000 2,203,000 969,694 1,019,725 1,064,328 1,115,980 1,157,664 1,209,884 1,252,581 1,300,975
Net Change in Other Assets and Liabilities (2,446) 12,993 12,993 12,993 12,993 12,993 (1) (1) (1) (1)
Change in Cash Balance (609,446) (940,007) 285,993 19,244 279,790 297,742 291,281 306,836 311,288 319,788
Ending Cash 1,717,714 777,708 1,063,700 1,082,945 1,362,734 1,660,477 1,951,758 2,258,594 2,569,882 2,889,670
Ending Cash by Purpose
Cash for next year planned capital 1,100,000 100,000 342,427 - - - - - - -
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 142,750 149,174 167,762 199,383 207,808 216,595 225,762 235,323 245,297 252,656
Cash available for future capital / unassigned 474,964 528,534 553,511 883,562 1,154,927 1,443,881 1,725,996 2,023,271 2,324,586 2,637,015
Ending Cash 1,717,714 777,708 1,063,700 1,082,945 1,362,734 1,660,477 1,951,758 2,258,594 2,569,882 2,889,670
72
Table 25
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Stormwater Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers
Stormwater Monthly Basic Charge - Residential 4,115 4,268 4,353 4,612 4,793 4,946 5,011 5,161 5,162 5,292 5,292 5,358 5,359
Stormwater Monthly Basic Charge - Commercial 4,739 4,894 4,888 4,958 5,014 5,028 5,028 5,035 5,035 5,042 5,042 5,042 5,049
Stormwater Trunk (net acre)77 52 35 70 70 70 70 70 70 70 70 70 70
Storm Sewer Trunk Alternate Ponding Area - Residential (per acre)- - - - - - - - - - - - -
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)- - - - - - - - - - - - -
Storm Sewer Trunk Alternate Ponding Area - Industrial (per acre)- - - - - - - - - - - - -
Customer Fees (in dollars)
Stormwater Monthly Basic Charge - Residential 4.00 4.50 4.75 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00
Stormwater Monthly Basic Charge - Commercial 4.00 4.50 4.75 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00
Stormwater Trunk (net acre)4,268 4,396 4,528 4,664 4,804 4,948 5,096 5,249 5,407 5,569 5,736 5,908 6,085
Storm Sewer Trunk Alternate Ponding Area - Residential (per acre)4,374 4,505 4,640 4,779 4,922 5,070 5,222 5,379 5,540 5,706 5,878 6,054 6,236
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)8,767 9,030 9,301 9,580 9,867 10,163 10,468 10,782 11,106 11,439 11,782 12,136 12,500
Storm Sewer Trunk Alternate Ponding Area - Industrial (per acre)10,247 10,554 10,871 11,197 11,533 11,879 12,235 12,602 12,980 13,370 13,771 14,184 14,610
Revenue by Fee Type (in Dollars)
Stormwater Monthly Basic Charge - Residential 197,520 230,472 248,121 262,884 287,580 311,598 330,726 356,109 371,664 396,900 412,776 433,998 450,156
Stormwater Monthly Basic Charge - Commercial 227,472 264,276 278,616 282,606 300,840 316,764 331,848 347,415 362,520 378,150 393,276 408,402 424,116
Stormwater Trunk (net acre)328,530 228,592 158,480 326,480 336,274 346,363 356,754 367,456 378,480 389,834 401,529 413,575 425,982
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 753,522 723,340 685,217 871,970 924,694 974,725 1,019,328 1,070,980 1,112,664 1,164,884 1,207,581 1,255,975 1,300,254
Total Revenues by Category (in Dollars)
Charges for services 424,992 494,748 526,737 545,490 588,420 628,362 662,574 703,524 734,184 775,050 806,052 842,400 874,272
Connection / access charges
Trunk charges 328,530 228,592 158,480 326,480 336,274 346,363 356,754 367,456 378,480 389,834 401,529 413,575 425,982
Total Revenue 753,522 723,340 685,217 871,970 924,694 974,725 1,019,328 1,070,980 1,112,664 1,164,884 1,207,581 1,255,975 1,300,254
73
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.
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
The Plan assumes an annual $500,000 transfer out of the Liquor
Fund to the Capital Projects Fund. Future projections show, even
with this planned transfer out, there will be sufficient revenues
over expenses in the fund to allocate additional transfers out, if
Council so chooses.
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.
74
$0.0
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$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 56.
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%
50%
100%
150%
200%
250%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 57.
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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 58.
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.
75
Table 26
City of Monticello
Finance Plan
Liquor Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (82,243) 81,214 12,151 74,572 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 5,685 759 - - - - - - - - - -
Cost of goods sold for enterprise fund (5,256,029) (5,173,976) (5,515,651) (5,330,000) (5,489,900) (5,654,597) (5,824,235) (5,998,962) (6,178,931) (6,364,299) (6,555,228) (6,751,885)
Net sales for enterprise fund 7,168,374 7,042,543 7,504,849 7,366,428 7,587,421 7,815,043 8,049,495 8,290,980 8,539,709 8,795,900 9,059,777 9,331,571
Total 1,835,787 1,950,540 2,001,349 2,111,000 2,147,521 2,210,446 2,275,260 2,342,018 2,410,778 2,481,602 2,554,550 2,629,686
Expenses
Depreciation 20,923 10,655 10,655 10,655 13,155 16,905 16,905 16,905 16,905 16,905 16,905 16,905
Transfer out - 2,250,000 1,000,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Operating expense before depreciation 1,037,104 1,134,549 1,231,349 1,336,000 1,376,080 1,417,362 1,459,883 1,503,680 1,548,790 1,595,254 1,643,111 1,692,405
Total 1,058,027 3,395,204 2,242,004 1,846,655 1,889,235 1,934,267 1,976,788 2,020,585 2,065,695 2,112,159 2,160,016 2,209,310
Change in Net Position 777,760 (1,444,664) (240,655) 264,345 258,286 276,179 298,472 321,433 345,083 369,443 394,533 420,376
Ending net position 2,708,099 1,263,435 1,022,780 1,287,125 1,545,411 1,821,590 2,120,061 2,441,494 2,786,577 3,156,020 3,550,553 3,970,929
Assets
Cash and investments 2,809,741 1,364,083 775,002 1,050,002 1,221,443 1,364,527 1,679,903 2,018,241 2,380,229 2,766,577 3,178,015 3,615,296
All other receivables and prepaid items 8,118 10,304 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 530,707 480,484 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000
Capital assets 1,007,269 1,140,860 1,140,860 1,140,860 1,240,860 1,390,860 1,390,860 1,390,860 1,390,860 1,390,860 1,390,860 1,390,860
Accumulated depreciation (930,926) (941,581) (952,236) (962,891) (976,046) (992,951) (1,009,856) (1,026,761) (1,043,666) (1,060,571) (1,077,476) (1,094,381)
Deferred outflows of resources 164,587 102,983 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409 196,409
Total Assets and Deferred Outflows 3,589,496 2,157,133 1,620,870 1,885,215 2,143,501 2,419,680 2,718,151 3,039,584 3,384,667 3,754,110 4,148,643 4,569,019
Liabilities
All other liabilities 867,111 770,125 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647 570,647
Deferred inflows of resources 14,286 123,573 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 881,397 893,698 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090 598,090
Total Liabilities, Deferred Inflows, and Net Posit 3,589,496 2,157,133 1,620,870 1,885,215 2,143,501 2,419,680 2,718,151 3,039,584 3,384,667 3,754,110 4,148,643 4,569,019
76
Table 27
City of Monticello
Finance Plan - Change in Ending Cash Balance
Liquor Fund
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,231,349 1,336,000 1,376,080 1,417,362 1,459,883 1,503,680 1,548,790 1,595,254 1,643,111 1,692,405
Capital Acquisition / Outlay - - 100,000 150,000 - - - - - -
Interfund Transfers Out 1,000,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 2,231,349 1,836,000 1,976,080 2,067,362 1,959,883 2,003,680 2,048,790 2,095,254 2,143,111 2,192,405
Source of Cash
Revenues 2,001,349 2,111,000 2,147,521 2,210,446 2,275,260 2,342,018 2,410,778 2,481,602 2,554,550 2,629,686
Total Source of Cash 2,001,349 2,111,000 2,147,521 2,210,446 2,275,260 2,342,018 2,410,778 2,481,602 2,554,550 2,629,686
Net Change in Other Assets and Liabilities (359,081) - - - - - - - - -
Change in Cash Balance (589,081) 275,000 171,441 143,084 315,377 338,338 361,988 386,348 411,438 437,281
Ending Cash 775,002 1,050,002 1,221,443 1,364,527 1,679,903 2,018,241 2,380,229 2,766,577 3,178,015 3,615,296
Ending Cash by Purpose
Cash for next year planned capital - 100,000 150,000 - - - - - - 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 334,000 344,020 354,341 364,971 375,920 387,198 398,813 410,778 423,101 435,794
Cash available for future capital / unassigned 441,002 605,982 717,102 999,556 1,303,984 1,631,044 1,981,416 2,355,799 2,754,914 3,129,502
Ending Cash 775,002 1,050,002 1,221,443 1,364,527 1,679,903 2,018,241 2,380,229 2,766,577 3,178,015 3,615,296
77
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. Franchise taxes have been received in the past;
however the receipt of those is at the discretion of the
Sherburne-Wright Cable Commission, so no future revenue is
assumed from this source in the Plan.
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.
78
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$3.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 59.
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%
20%
40%
60%
80%
100%
120%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
En
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Chart 60.
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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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Chart 61.
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.
79
Table 28
City of Monticello
Finance Plan
Fiber Optics Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes 53,000 20,587 - - - - - - - - - -
Charges for services 1,978,590 1,928,497 1,988,600 1,897,775 1,935,731 1,974,445 2,013,934 2,054,213 2,095,297 2,137,203 2,179,947 2,223,546
Investment earnings (37,000) 70,617 10,000 50,225 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Other revenues 216,502 6,720 1,400 - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Total 2,211,092 2,026,421 2,000,000 1,948,000 1,958,231 1,996,945 2,036,434 2,076,713 2,117,797 2,159,703 2,202,447 2,246,046
Expenses
Depreciation 380,890 388,543 393,543 399,793 399,793 399,793 399,793 399,793 399,793 399,793 399,793 399,793
Operating expense before depreciation 1,621,188 1,546,938 1,683,000 1,731,000 1,782,930 1,836,418 1,891,510 1,948,256 2,006,703 2,066,905 2,128,912 2,192,779
Total 2,002,078 1,935,481 2,076,543 2,130,793 2,182,723 2,236,211 2,291,303 2,348,049 2,406,496 2,466,698 2,528,705 2,592,572
Change in Net Position 209,014 90,940 (76,543) (182,793) (224,493) (239,266) (254,869) (271,336) (288,699) (306,995) (326,258) (346,526)
Ending net position 12,476,588 12,567,528 12,490,985 12,308,192 12,083,700 11,844,434 11,589,564 11,318,228 11,029,529 10,722,534 10,396,276 10,049,750
Assets
Cash and investments 1,228,402 1,843,793 1,665,559 1,632,559 1,807,860 1,968,387 2,113,310 2,241,767 2,352,861 2,445,659 2,519,194 2,572,461
Due from other governments 53,000 - - - - - - - - - - -
All other receivables and prepaid items 138,662 122,621 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000 140,000
Capital assets 15,771,862 15,945,333 16,145,333 16,395,333 16,395,333 16,395,333 16,395,333 16,395,333 16,395,333 16,395,333 16,395,333 16,395,333
Accumulated depreciation (4,477,819) (4,866,364) (5,259,907) (5,659,700) (6,059,493) (6,459,286) (6,859,079) (7,258,872) (7,658,665) (8,058,458) (8,458,251) (8,858,044)
Total Assets and Deferred Outflows 12,714,107 13,045,383 12,690,985 12,508,192 12,283,700 12,044,434 11,789,564 11,518,228 11,229,529 10,922,534 10,596,276 10,249,750
Liabilities
All other liabilities 237,519 477,855 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Total Liabilities and Deferred Inflows 237,519 477,855 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Total Liabilities, Deferred Inflows, and Net Po 12,714,107 13,045,383 12,690,985 12,508,192 12,283,700 12,044,434 11,789,564 11,518,228 11,229,529 10,922,534 10,596,276 10,249,750
80
Table 29
City of Monticello
Finance Plan - Change in Ending Cash Balance
Fiber Optics Fund
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,683,000 1,731,000 1,782,930 1,836,418 1,891,510 1,948,256 2,006,703 2,066,905 2,128,912 2,192,779
Capital Acquisition / Outlay 200,000 250,000 - - - - - - - -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 1,883,000 1,981,000 1,782,930 1,836,418 1,891,510 1,948,256 2,006,703 2,066,905 2,128,912 2,192,779
Source of Cash
Revenues 2,000,000 1,948,000 1,958,231 1,996,945 2,036,434 2,076,713 2,117,797 2,159,703 2,202,447 2,246,046
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 2,000,000 1,948,000 1,958,231 1,996,945 2,036,434 2,076,713 2,117,797 2,159,703 2,202,447 2,246,046
Net Change in Other Assets and Liabilities (295,234) - - - - - - - - -
Change in Cash Balance (178,234) (33,000) 175,301 160,527 144,924 128,457 111,094 92,798 73,535 53,267
Ending Cash 1,665,559 1,632,559 1,807,860 1,968,387 2,113,310 2,241,767 2,352,861 2,445,659 2,519,194 2,572,461
Ending Cash by Purpose
Cash for next year planned capital 250,000 - - - - - - - - 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 432,750 445,733 459,104 472,878 487,064 501,676 516,726 532,228 548,195 564,641
Cash available for future capital / unassigned 982,809 1,186,827 1,348,755 1,495,509 1,626,246 1,740,091 1,836,135 1,913,431 1,971,000 1,957,821
Ending Cash 1,665,559 1,632,559 1,807,860 1,968,387 2,113,310 2,241,767 2,352,861 2,445,659 2,519,194 2,572,461
81
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 and, at limited times, grants from the State.
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. $1,750,000 was
transferred 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
began in 2024 and is anticipated throughout the planning period.
The Plan shows the potential for other transfers out, which
Council can consider in future decisions on operations and
capital costs of the City.
Balance Sheet
Future estimated receivables and payables are projected to
remain at historic amounts during the planning period.
82
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 62.
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%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
En
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i
n
g
u
n
r
e
s
t
r
i
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t
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Chart 63.
Deputy Registrar Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mi
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Chart 64.
Deputy Registrar Fund
Revenues and Expenses
Revenues
Expenses
83
Table 30
City of Monticello
Finance Plan
Deputy Registrar Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other intergovernmental - 109,075 - - - - - - - - - -
Charges for services 889,451 951,987 900,000 1,100,750 1,122,765 1,145,220 1,168,125 1,191,487 1,215,317 1,239,623 1,264,416 1,289,704
Investment earnings (76,557) 53,531 10,000 25,250 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 6,043 49 8,000 8,000 - - - - - - - -
Capital contributions / other - 385,689 - - - - - - - - - -
Total 818,937 1,500,331 918,000 1,134,000 1,147,765 1,170,220 1,193,125 1,216,487 1,240,317 1,264,623 1,289,416 1,314,704
Expenses
Depreciation 20,975 33,979 36,729 36,729 36,729 36,729 36,729 36,729 36,729 36,729 36,729 36,729
Transfer out - 1,750,000 100,000 502,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Operating expense before depreciation 756,261 656,820 785,000 810,000 834,300 859,329 885,109 911,662 939,012 967,182 996,198 1,026,084
Total 777,236 2,440,799 921,729 1,348,729 971,029 996,058 1,021,838 1,048,391 1,075,741 1,103,911 1,132,927 1,162,813
Change in Net Position 41,701 (940,468) (3,729) (214,729) 176,736 174,162 171,287 168,096 164,576 160,712 156,489 151,891
Ending net position 2,356,053 1,415,585 1,411,856 1,197,127 1,373,863 1,548,025 1,719,312 1,887,408 2,051,984 2,212,696 2,369,185 2,521,076
Assets
Cash and investments 2,240,031 968,818 725,495 547,495 760,960 971,851 1,179,867 1,384,692 1,585,997 1,783,438 1,976,656 2,165,276
Due from other governments 76,035 79,123 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 2,615 3,018 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272 3,272
Capital assets 656,884 1,151,282 1,261,282 1,261,282 1,261,282 1,261,282 1,261,282 1,261,282 1,261,282 1,261,282 1,261,282 1,261,282
Accumulated depreciation (90,601) (255,573) (292,302) (329,031) (365,760) (402,489) (439,218) (475,947) (512,676) (549,405) (586,134) (622,863)
Deferred outflows of resources 132,790 73,156 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220 107,220
Total Assets and Deferred Outflows 3,017,754 2,019,824 1,871,412 1,656,683 1,833,419 2,007,581 2,178,868 2,346,964 2,511,540 2,672,252 2,828,741 2,980,632
Liabilities
All other liabilities 651,052 516,477 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482 316,482
Deferred inflows of resources 10,649 87,762 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074 143,074
Total Liabilities and Deferred Inflows 661,701 604,239 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556 459,556
Total Liabilities, Deferred Inflows, and Net Posit 3,017,754 2,019,824 1,871,412 1,656,683 1,833,419 2,007,581 2,178,868 2,346,964 2,511,540 2,672,252 2,828,741 2,980,632
84
Table 31
City of Monticello
Finance Plan - Change in Ending Cash Balance
Deputy Registrar Fund
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 785,000 810,000 834,300 859,329 885,109 911,662 939,012 967,182 996,198 1,026,084
Capital Acquisition / Outlay 110,000 - - - - - - - - -
Interfund Transfers Out 100,000 502,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Use of Cash 995,000 1,312,000 934,300 959,329 985,109 1,011,662 1,039,012 1,067,182 1,096,198 1,126,084
Source of Cash
Revenues 918,000 1,134,000 1,147,765 1,170,220 1,193,125 1,216,487 1,240,317 1,264,623 1,289,416 1,314,704
Total Source of Cash 918,000 1,134,000 1,147,765 1,170,220 1,193,125 1,216,487 1,240,317 1,264,623 1,289,416 1,314,704
Net Change in Other Assets and Liabilities (166,323) - - - - - - - - -
Change in Cash Balance (243,323) (178,000) 213,465 210,891 208,016 204,825 201,305 197,441 193,218 188,620
Ending Cash 725,495 547,495 760,960 971,851 1,179,867 1,384,692 1,585,997 1,783,438 1,976,656 2,165,276
Ending Cash by Purpose
Cash for next year planned capital - - - - - - - - - 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 202,500 208,575 214,832 221,277 227,916 234,753 241,796 249,049 256,521 264,217
Cash available for future capital / unassigned 522,995 338,920 546,128 750,574 951,952 1,149,939 1,344,202 1,534,389 1,720,135 1,851,060
Ending Cash 725,495 547,495 760,960 971,851 1,179,867 1,384,692 1,585,997 1,783,438 1,976,656 2,165,276
85
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.
86
Table 32
City of Monticello
Finance Plan
Benefit Accrual Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (11,885) 14,730 - - - - - - - - - -
Charges to other funds 9,325 26,757 12,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Total Revenues (2,560) 41,487 12,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Expenditures
Operating expense before depreciation 9,325 26,757 12,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Total Expenditures 9,325 26,757 12,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Net Change in Fund Balances (11,885) 14,730 - - - - - - - - - -
Beginning Fund Balance 25,799 13,914 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644
Ending Fund Balance 13,914 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644
Assets
Cash and investments 304,360 345,847 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644
Total Assets 304,360 345,847 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644
Liabilities
All other liabilities 290,446 317,203 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Total Liabilities and deferred inflows 290,446 317,203 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Fund Balance 13,914 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644 28,644
Total Liab, deferred inflows, and fund balance 304,360 345,847 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644 328,644
87
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
projected to maintain adequate cash balance over the planning
period. This revenue sufficiency assumes that the other City
funds will be able to support the total charges as shown in the
finance plan for the Central Equipment Fund
Expenses
Expenses 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
2014A bonds payable were fully paid off in 2024.
88
Table 33
City of Monticello
Finance Plan
Central Equipment Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (51,466) 62,023 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Sale of capital assets - 103,211 - - - - - - - - - -
Other revenue for capital 33,529 14,255 10,500 10,100 - - - - - - - -
Charges to other funds 578,400 633,000 567,500 644,900 700,000 700,000 800,000 800,000 800,000 800,000 800,000 800,000
Total Revenues 560,463 812,489 588,000 665,000 710,000 710,000 810,000 810,000 810,000 810,000 810,000 810,000
Expenditures
Other expenses (69) 477 1,170 - - - - - - - - -
Depreciation 379,442 412,692 441,892 506,392 550,232 595,232 625,088 625,088 700,088 700,088 700,088 700,088
Interest payments 5,220 3,570 1,830 - - - - - - - - -
Total Expenditures 384,593 416,739 444,892 506,392 550,232 595,232 625,088 625,088 700,088 700,088 700,088 700,088
Net Change in Fund Balances 175,870 395,750 143,108 158,608 159,768 114,768 184,912 184,912 109,912 109,912 109,912 109,912
Beginning Fund Balance 3,773,478 3,949,348 4,345,098 4,488,206 4,646,814 4,806,582 4,921,349 5,106,261 5,291,173 5,401,085 5,510,997 5,620,909
Ending Fund Balance 3,949,348 4,345,098 4,488,206 4,646,814 4,806,582 4,921,349 5,106,261 5,291,173 5,401,085 5,510,997 5,620,909 5,730,821
Assets
Cash and investments 1,383,686 1,094,372 1,290,651 1,310,651 1,582,247 1,842,247 2,353,690 3,163,690 3,223,690 4,033,690 4,843,690 5,653,690
Due from other governments 483 - - - - - - - - - - -
Capital assets 4,110,695 5,133,239 5,425,239 6,070,239 6,508,643 6,958,643 7,257,200 7,257,200 8,007,200 8,007,200 8,007,200 8,007,200
Accumulated depreciation (1,425,367) (1,785,792) (2,227,684) (2,734,076) (3,284,308) (3,879,541) (4,504,629) (5,129,717) (5,829,805) (6,529,893) (7,229,981) (7,930,069)
Total Assets 4,069,497 4,441,819 4,488,206 4,646,814 4,806,582 4,921,349 5,106,261 5,291,173 5,401,085 5,510,997 5,620,909 5,730,821
Liabilities
Due to other governmental units - 2,105 - - - - - - - - - -
All other liabilities 149 34,616 - - - - - - - - - -
Bonds payable 120,000 60,000 - - - - - - - - - -
Total Liabilities and deferred inflows 120,149 96,721 - - - - - - - - - -
Fund Balance 3,949,348 4,345,098 4,488,206 4,646,814 4,806,582 4,921,349 5,106,261 5,291,173 5,401,085 5,510,997 5,620,909 5,730,821
Total Liab, deferred inflows, and fund balance 4,069,497 4,441,819 4,488,206 4,646,814 4,806,582 4,921,349 5,106,261 5,291,173 5,401,085 5,510,997 5,620,909 5,730,821
89
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 and charges to
external users for the Fund’s digital monitor advertising program.
Based on projected revenues and expenses, the Fund is
projected to maintain adequate cash balance over the planning
period. This revenue sufficiency assumes 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.
Future estimated receivables and payable are projected to
remain at approximate historic amounts during the planning
period.
90
Table 34
City of Monticello
Finance Plan
IT Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (6,977) 4,871 3,853 3,850 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Other revenues - 9,665 6,153 6,150 - - - - - - - -
Charges to other funds 423,450 529,009 549,994 584,000 595,680 607,594 698,733 712,707 726,961 741,501 756,331 771,457
Total Revenues 416,473 543,545 560,000 594,000 599,680 611,594 702,733 716,707 730,961 745,501 760,331 775,457
Expenditures
Depreciation 32,313 46,047 46,047 46,047 46,047 53,767 53,767 53,767 53,767 53,767 53,767 53,767
Operating expense before depreciation 438,568 466,543 513,953 547,953 567,131 586,981 604,590 622,728 641,410 660,652 680,472 700,886
Total Expenditures 470,881 512,590 560,000 594,000 613,178 640,748 658,357 676,495 695,177 714,419 734,239 754,653
Net Change in Fund Balances (54,408) 30,955 - - (13,498) (29,154) 44,375 40,212 35,785 31,081 26,092 20,804
Beginning Fund Balance 364,583 310,175 341,130 341,130 341,130 327,632 298,477 342,853 383,065 418,849 449,931 476,023
Ending Fund Balance 310,175 341,130 341,130 341,130 327,632 298,477 342,853 383,065 418,849 449,931 476,023 496,827
Assets
Cash and investments 86,813 119,907 165,871 211,918 244,467 191,879 290,022 384,001 473,552 558,401 638,260 712,831
All other receivables and prepaid items 55,473 64,448 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Capital assets 308,399 308,399 308,399 308,399 308,399 385,599 385,599 385,599 385,599 385,599 385,599 385,599
Accumulated depreciation (101,046) (147,093) (193,140) (239,187) (285,234) (339,001) (392,768) (446,535) (500,302) (554,069) (607,836) (661,603)
Total Assets 349,639 345,661 341,130 341,130 327,632 298,477 342,853 383,065 418,849 449,931 476,023 496,827
Liabilities
All other liabilities 39,464 4,531 - - - - - - - - - -
Total Liabilities and deferred inflows 39,464 4,531 - - - - - - - - - -
Fund Balance 310,175 341,130 341,130 341,130 327,632 298,477 342,853 383,065 418,849 449,931 476,023 496,827
Total Liab, deferred inflows, and fund balance 349,639 345,661 341,130 341,130 327,632 298,477 342,853 383,065 418,849 449,931 476,023 496,827
91
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. Additionally, some future capital facility repairs
will receive insurance proceeds.
Based on projected revenues and expenses, the Fund will, in
certain years, 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.
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. This
Fund is projected to contain cash, capital assets, and fund
balance.
92
Table 35
City of Monticello
Finance Plan
Facilities Maintenance Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings (2) 774 - - - - - - - - - -
Other revenues - 165,192 50,000 50,000 300,000 - - - - - - -
Transfer in 150,000 - - - - - - - - - - -
Charges to other funds 473,483 423,592 385,000 650,000 689,000 730,340 788,767 836,093 886,259 939,434 995,800 1,055,548
Total Revenues 623,481 589,558 435,000 700,000 989,000 730,340 788,767 836,093 886,259 939,434 995,800 1,055,548
Expenditures
Depreciation - - - - 42,800 42,800 42,800 42,800 102,800 102,800 102,800 102,800
Operating expense before depreciation 553,722 529,188 435,000 700,000 714,000 728,280 742,846 757,703 772,857 788,314 804,080 820,162
Total Expenditures 553,722 529,188 435,000 700,000 756,800 771,080 785,646 800,503 875,657 891,114 906,880 922,962
Net Change in Fund Balances 69,759 60,370 - - 232,200 (40,740) 3,122 35,591 10,602 48,321 88,920 132,587
Beginning Fund Balance (33,854) 35,905 96,275 96,275 96,275 328,475 287,735 290,857 326,447 337,050 385,370 474,291
Ending Fund Balance 35,905 96,275 96,275 96,275 328,475 287,735 290,857 326,447 337,050 385,370 474,291 606,878
Assets
Cash and investments 74,909 129,915 96,275 96,275 (56,725) (54,665) (8,743) 69,647 (416,950) (265,830) (74,109) 161,278
All other receivables and prepaid items 2,307 1,872 - - - - - - - - - -
Capital assets - - - - 428,000 428,000 428,000 428,000 1,028,000 1,028,000 1,028,000 1,028,000
Accumulated depreciation - - - - (42,800) (85,600) (128,400) (171,200) (274,000) (376,800) (479,600) (582,400)
Total Assets 77,216 131,787 96,275 96,275 328,475 287,735 290,857 326,447 337,050 385,370 474,291 606,878
Liabilities
Due to other governmental units 91 100 - - - - - - - - - -
All other liabilities 41,220 35,412 - - - - - - - - - -
Total Liabilities and deferred inflows 41,311 35,512 - - - - - - - - - -
Fund Balance 35,905 96,275 96,275 96,275 328,475 287,735 290,857 326,447 337,050 385,370 474,291 606,878
Total Liab, deferred inflows, and fund balance 77,216 131,787 96,275 96,275 328,475 287,735 290,857 326,447 337,050 385,370 474,291 606,878
93
ECONOMIC DEVELOPMENT AUTHORITY (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. Reports on the individual sub-
funds are shown following the total fund summary.
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 36b 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.
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 2024 for
collection in 2025 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 2025, the EDA is budgeted to collect
approximately $361,000 of tax increment revenues.
Other revenues to the EDA Fund include other governmental
revenues (grants passed through the EDA from the State to
development projects) and investment earnings on cash
balances.
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 or payments
on interfund loans issued from the EDA to various TIF districts.
Acquisition of property and other redevelopment project costs
are also 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 sub-fund. Other expenditures
include the return of excess tax increments to the County
pursuant to the state law that governs the use of tax increments.
94
Transfers
The EDA Fund has previously recorded an annual transfer out of
cash from the EDA’s TIF District 1-34 Sub-fund to the City’s 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 chose to use available pooled TIF funds in 2022 to fund
a grant for development in the downtown and to pay down the
balance of a purchase price note in TIF 1-42 and 1-43. Additional
use of pooled TIF, for both uses, is likely in 2025, however, the
EDA has not formally authorized this action, so no assumptions
regarding use of pooled TIF is reflected in the Plan.
The General Fund of the City is projected to continue to transfer
out up to $6,000 annually into the EDA General Sub-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 2023, for the most recent audited financial
statements, the EDA reported a cash balance of $2,163,986 in
the EDA General Sub-fund, which is approximately 51% of the
total reported entire year-end 2023 cash balance managed by
the EDA.
95
Table 36
City of Monticello
Finance Plan
EDA Funds
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 388,291 401,807 451,000 499,000 514,000 530,000 546,000 563,000 580,000 598,000 616,000 635,000
Tax increment 720,301 550,598 258,000 361,000 902,908 907,235 914,810 922,460 865,187 872,991 815,873 589,025
Other intergovernmental 375,547 344,993 - - - - - - - - - -
Charges for services 130,973 1,281 - - - - - - - - - -
Investment earnings (115,830) 177,223 42,000 27,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Other revenues 845,580 39,636 14,000 9,000 8,850 8,708 8,572 8,444 8,321 8,205 8,095 7,990
Transfer in - - - - - - - - - - 342,435 -
Total Revenues 2,344,862 1,515,538 765,000 896,000 1,435,758 1,455,943 1,479,382 1,503,904 1,463,508 1,489,196 1,792,403 1,242,015
Expenditures
Current - Economic development 2,023,817 974,474 502,356 532,000 545,800 559,433 573,406 587,728 602,409 617,457 632,881 648,690
Transfer out 197,925 - - - - - - - - - 623,435 -
TIF pay-go note payments 56,794 63,018 62,049 146,000 146,000 146,000 146,000 146,000 146,000 146,000 146,000 146,000
TIF interfund loan payments - 31,257 50,000 37,000 37,000 36,000 35,000 18,000 17,000 16,000 - -
Excess increments 188,360 180,209 176,595 - - - - - - - - -
Total Expenditures 2,466,896 1,248,958 791,000 715,000 728,800 741,433 754,406 751,728 765,409 779,457 1,402,316 794,690
Net Change in Fund Balances (122,034) 266,580 (26,000) 181,000 706,958 714,510 724,976 752,175 698,099 709,739 390,087 447,325
Beginning Fund Balance 7,008,094 6,886,060 7,152,640 7,126,640 7,307,640 8,014,598 8,729,108 9,454,084 10,206,259 10,904,359 11,614,098 12,004,185
Ending Fund Balance 6,886,060 7,152,640 7,126,640 7,307,640 8,014,598 8,729,108 9,454,084 10,206,259 10,904,359 11,614,098 12,004,185 12,451,510
Assets
Cash and investments 4,404,995 4,222,766 4,796,020 4,983,627 5,718,478 6,460,873 7,214,028 7,994,585 8,721,272 9,459,808 9,878,908 10,198,623
Taxes receivable 16,530 11,826 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508
Notes receivable 433,743 319,490 190,669 181,062 171,169 161,284 151,105 140,723 130,136 119,339 108,326 97,091
All other receivables and prepaid items 18,465 14,159 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 2,169,536 2,744,929 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 7,043,269 7,313,170 7,162,485 7,340,485 8,065,443 8,797,953 9,540,929 10,311,104 11,027,204 11,754,943 12,163,030 12,471,510
Liabilities
Due to other governmental units 326 159 - - - - - - - - - -
All other liabilities 152,474 143,806 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources 4,409 11,073 - - - - - - - - - -
Escrow deposits - 5,492 - - - - - - - - - -
Total Liabilities and deferred inflows 157,209 160,530 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Fund Balance 6,886,060 7,152,640 7,126,640 7,307,640 8,014,598 8,729,108 9,454,084 10,206,259 10,904,359 11,614,098 12,004,185 12,451,510
Total Liab, deferred inflows, and fund balance 7,043,269 7,313,170 7,146,640 7,327,640 8,034,598 8,749,108 9,474,084 10,226,259 10,924,359 11,634,098 12,024,185 12,471,510
96
Table 36a
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 2026 2025 2025 2024
Date of Decertification 12/31/2022 12/31/2045 12/31/2030 12/31/2051 12/31/2050 12/31/2050 12/31/2032
97
TABLE 36b
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 49,450 49,450 TIF 1-6 3 497,295 497,295
TIF 1-19 37,719 37,719 TIF 1-19 37,554 37,554
TIF 1-20 104,142 104,142 TIF 1-20 103,792 103,792
TIF 1-22 220,045 29,600 269,641 519,286 TIF 1-22 311,341 29,600 340,941
TIF 1-24 55,800 55,800 TIF 1-24 245,600 245,600
TIF 1-29 34,654 34,654 TIF 1-29 303,289 303,289
TIF 1-30 80,227 80,227 TIF 1-30 53,368 53,368
TIF 1-34 77,340 77,340 TIF 1-34 77,340 77,340
TIF 1-40 13,478 13,478 TIF 1-40 2 44,379 44,379
TIF 1-41 31,671 31,671 TIF 1-41 2 - -
TIF 1-42 - - TIF 1-42 756,936 756,936
TIF 1-43 - - TIF 1-43 1,161,577 1,161,577
TIF 1-45 - - TIF 1-45 1,942,757 1,942,757
TIF 1-46 - - TIF 1-46 910,373 910,373
Total 482,648 251,478 269,641 1,003,767 Total 3,842,898 2,632,303 6,475,201
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 capitalize 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 2023 Cash Available as of Year End 2033 4
98
Table 37a
City of Monticello
Finance Plan
EDA General Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 388,291 401,807 451,000 499,000 514,000 530,000 546,000 563,000 580,000 598,000 616,000 635,000
Other intergovernmental 375,547 344,993 - - - - - - - - - -
Charges for services 130,973 1,281 - - - - - - - - - -
Investment earnings (115,830) 177,223 42,000 27,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Other revenues 838,752 38,507 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Total Revenues 1,617,733 963,811 499,000 532,000 530,000 546,000 562,000 579,000 596,000 614,000 632,000 651,000
Expenditures
Current - Economic development 1,051,116 1,001,199 499,000 532,000 545,300 558,933 572,906 587,228 601,909 616,957 632,381 648,190
Transfer out - - - - - - - - - - 342,435 -
Total Expenditures 1,051,116 1,001,199 499,000 532,000 545,300 558,933 572,906 587,228 601,909 616,957 974,816 648,190
Net Change in Fund Balances 566,617 (37,388) - - (15,300) (12,933) (10,906) (8,228) (5,909) (2,957) (342,816) 2,810
Beginning Fund Balance 4,448,040 5,014,657 4,977,269 4,977,269 4,977,269 4,961,969 4,949,037 4,938,131 4,929,902 4,923,993 4,921,036 4,578,220
Ending Fund Balance 5,014,657 4,977,269 4,977,269 4,977,269 4,961,969 4,949,037 4,938,131 4,929,902 4,923,993 4,921,036 4,578,220 4,581,030
Assets
Cash and investments 2,745,696 2,163,986 2,874,310 2,889,310 2,889,010 2,891,078 2,895,172 2,891,943 2,886,034 2,883,077 2,540,261 2,543,071
Taxes receivable 13,843 3,810 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508 2,508
Notes receivable 127,246 127,246 - - - - - - - - - -
Due from other funds 124,149 111,607 110,363 95,363 80,363 65,363 50,363 45,363 45,363 45,363 45,363 45,363
All other receivables and prepaid items 18,465 14,159 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 2,006,336 2,581,729 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 5,035,735 5,002,537 4,997,269 4,997,269 4,981,969 4,969,037 4,958,131 4,949,902 4,943,993 4,941,036 4,598,220 4,601,030
Liabilities
Due to other governmental units 326 159 - - - - - - - - - -
All other liabilities 19,030 16,560 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Deferred inflows of resources 1,722 3,057 - - - - - - - - - -
Escrow deposits - 5,492 - - - - - - - - - -
Total Liabilities and deferred inflows 21,078 25,268 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Fund Balance 5,014,657 4,977,269 4,977,269 4,977,269 4,961,969 4,949,037 4,938,131 4,929,902 4,923,993 4,921,036 4,578,220 4,581,030
Total Liab, deferred inflows, and fund balance 5,035,735 5,002,537 4,997,269 4,997,269 4,981,969 4,969,037 4,958,131 4,949,902 4,943,993 4,941,036 4,598,220 4,601,030
99
Table 37b
City of Monticello
Finance Plan
GMEF Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other revenues 9,114 3,092 8,000 3,000 2,850 2,708 2,572 2,444 2,321 2,205 2,095 1,990
Total Revenues 9,114 3,092 8,000 3,000 2,850 2,708 2,572 2,444 2,321 2,205 2,095 1,990
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances 9,114 3,092 8,000 3,000 2,850 2,708 2,572 2,444 2,321 2,205 2,095 1,990
Beginning Fund Balance 1,235,051 1,244,165 1,247,257 1,255,257 1,258,257 1,261,107 1,263,815 1,266,387 1,268,830 1,271,151 1,273,357 1,275,452
Ending Fund Balance 1,244,165 1,247,257 1,255,257 1,258,257 1,261,107 1,263,815 1,266,387 1,268,830 1,271,151 1,273,357 1,275,452 1,277,442
Assets
Cash and investments 937,668 1,055,013 1,064,588 1,077,195 1,089,938 1,102,531 1,115,282 1,128,107 1,141,015 1,154,018 1,167,126 1,180,351
Notes receivable 306,497 192,244 190,669 181,062 171,169 161,284 151,105 140,723 130,136 119,339 108,326 97,091
Total Assets 1,244,165 1,247,257 1,255,257 1,258,257 1,261,107 1,263,815 1,266,387 1,268,830 1,271,151 1,273,357 1,275,452 1,277,442
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,244,165 1,247,257 1,255,257 1,258,257 1,261,107 1,263,815 1,266,387 1,268,830 1,271,151 1,273,357 1,275,452 1,277,442
Total Liab, deferred inflows, and fund balance 1,244,165 1,247,257 1,255,257 1,258,257 1,261,107 1,263,815 1,266,387 1,268,830 1,271,151 1,273,357 1,275,452 1,277,442
100
Table 37c
City of Monticello
Finance Plan
TIF Future Fund
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Total Revenues - - - - - - - - - - - -
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances - - - - - - - - - - - -
Beginning 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)
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 - - - - - - - - - - - -
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
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 - - - - - - - - - - - -
101
Table 37d
City of Monticello
Finance Plan
TIF 6 Fund
Redevelopment District 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other revenues - 29,294 - - - - - - - - - -
Total Revenues - 29,294 - - - - - - - - - -
Expenditures
Current - Economic development - - - - - - - - - - - -
Transfer out - - - - - - - - - - 281,000 -
Total Expenditures - - - - - - - - - - 281,000 -
Net Change in Fund Balances - 29,294 - - - - - - - - (281,000) -
Beginning Fund Balance 749,001 749,001 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 497,295
Ending Fund Balance 749,001 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 497,295 497,295
Assets
Cash and investments 18,001 49,450 107,295 167,295 227,295 287,295 347,295 407,295 467,295 527,295 306,295 497,295
Due from other funds 731,000 728,845 671,000 611,000 551,000 491,000 431,000 371,000 311,000 251,000 191,000 -
Total Assets 749,001 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 497,295 497,295
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 749,001 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 497,295 497,295
Total Liab, deferred inflows, and fund balance 749,001 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 778,295 497,295 497,295
102
Table 37e
City of Monticello
Finance Plan
TIF 19 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 41,053 37,749 - - - - - - - - - -
Total Revenues 41,053 37,749 - - - - - - - - - -
Expenditures
Current - Economic development 173,000 30 165 - - - - - - - - -
Total Expenditures 173,000 30 165 - - - - - - - - -
Net Change in Fund Balances (131,947) 37,719 (165) - - - - - - - - -
Beginning Fund Balance 131,947 - 37,719 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554
Ending Fund Balance - 37,719 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554
Assets
Cash and investments - 37,719 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554
Total Assets - 37,719 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - 37,719 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554
Total Liab, deferred inflows, and fund balance - 37,719 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554 37,554
103
Table 37f
City of Monticello
Finance Plan
TIF 20 Fund
Redevelopment 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Total Revenues - - - - - - - - - - - -
Expenditures
Current - Economic development 48 30 350 - - - - - - - - -
Total Expenditures 48 30 350 - - - - - - - - -
Net Change in Fund Balances (48) (30) (350) - - - - - - - - -
Beginning Fund Balance 104,220 104,172 104,142 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792
Ending Fund Balance 104,172 104,142 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792
Assets
Cash and investments 104,172 104,142 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792
Total Assets 104,172 104,142 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 104,172 104,142 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792
Total Liab, deferred inflows, and fund balance 104,172 104,142 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792 103,792
104
Table 37g
City of Monticello
Finance Plan
TIF 22 Fund
Redevelopment and Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 296,000 269,641 - - - - - - - - - -
Total Revenues 296,000 269,641 - - - - - - - - - -
Expenditures
Current - Economic development 171,695 1,030 1,750 - - - - - - - - -
TIF pay-go note payments 12,191 - - - - - - - - - - -
Excess increments 188,360 180,209 176,595 - - - - - - - - -
Total Expenditures 372,246 181,239 178,345 - - - - - - - - -
Net Change in Fund Balances (76,246) 88,402 (178,345) - - - - - - - - -
Beginning Fund Balance 507,130 430,884 519,286 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941
Ending Fund Balance 430,884 519,286 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941
Assets
Cash and investments 437,082 519,286 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941
Taxes receivable 2,687 4,691 - - - - - - - - - -
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 602,969 687,177 504,141 504,141 504,141 504,141 504,141 504,141 504,141 504,141 504,141 504,141
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 2,687 4,691 - - - - - - - - - -
Total Liabilities and deferred inflows 172,085 167,891 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
Fund Balance 430,884 519,286 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941 340,941
Total Liab, deferred inflows, and fund balance 602,969 687,177 504,141 504,141 504,141 504,141 504,141 504,141 504,141 504,141 504,141 504,141
105
Table 37h
City of Monticello
Finance Plan
TIF 24 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 59,835 55,830 60,000 65,000 65,000 - - - - - - -
Total Revenues 59,835 55,830 60,000 65,000 65,000 - - - - - - -
Expenditures
Current - Economic development 233,911 30 200 - - - - - - - - -
Total Expenditures 233,911 30 200 - - - - - - - - -
Net Change in Fund Balances (174,076) 55,800 59,800 65,000 65,000 - - - - - - -
Beginning Fund Balance 174,076 - 55,800 115,600 180,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600
Ending Fund Balance - 55,800 115,600 180,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600
Assets
Cash and investments - 55,800 115,600 180,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600
Total Assets - 55,800 115,600 180,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - 55,800 115,600 180,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600
Total Liab, deferred inflows, and fund balance - 55,800 115,600 180,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600 245,600
106
Table 37i
City of Monticello
Finance Plan
TIF 29 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 36,119 34,684 44,000 45,000 45,000 45,000 45,000 45,000 - - - -
Total Revenues 36,119 34,684 44,000 45,000 45,000 45,000 45,000 45,000 - - - -
Expenditures
Current - Economic development 230,083 30 365 - - - - - - - - -
Total Expenditures 230,083 30 365 - - - - - - - - -
Net Change in Fund Balances (193,964) 34,654 43,635 45,000 45,000 45,000 45,000 45,000 - - - -
Beginning Fund Balance 193,964 - 34,654 78,289 123,289 168,289 213,289 258,289 303,289 303,289 303,289 303,289
Ending Fund Balance - 34,654 78,289 123,289 168,289 213,289 258,289 303,289 303,289 303,289 303,289 303,289
Assets
Cash and investments - 34,654 78,289 123,289 168,289 213,289 258,289 303,289 303,289 303,289 303,289 303,289
Taxes receivable - 3,325 - - - - - - - - - -
Total Assets - 37,979 78,289 123,289 168,289 213,289 258,289 303,289 303,289 303,289 303,289 303,289
Liabilities
Deferred inflows of resources - 3,325 - - - - - - - - - -
Total Liabilities and deferred inflows - 3,325 - - - - - - - - - -
Fund Balance - 34,654 78,289 123,289 168,289 213,289 258,289 303,289 303,289 303,289 303,289 303,289
Total Liab, deferred inflows, and fund balance - 37,979 78,289 123,289 168,289 213,289 258,289 303,289 303,289 303,289 303,289 303,289
107
Table 37j
City of Monticello
Finance Plan
TIF 30 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 16,895 17,576 17,000 20,000 20,000 20,000 20,000 20,000 - - - -
Total Revenues 16,895 17,576 17,000 20,000 20,000 20,000 20,000 20,000 - - - -
Expenditures
Current - Economic development 38,622 30 215 - - - - - - - - -
TIF interfund loan payments - 1,963 15,000 16,000 16,000 16,000 16,000 - - - - -
Total Expenditures 38,622 1,993 15,215 16,000 16,000 16,000 16,000 - - - - -
Net Change in Fund Balances (21,727) 15,583 1,785 4,000 4,000 4,000 4,000 20,000 - - - -
Beginning Fund Balance 21,727 - 15,583 17,368 21,368 25,368 29,368 33,368 53,368 53,368 53,368 53,368
Ending Fund Balance - 15,583 17,368 21,368 25,368 29,368 33,368 53,368 53,368 53,368 53,368 53,368
Assets
Cash and investments 78,500 80,227 82,368 71,368 60,368 49,368 38,368 53,368 53,368 53,368 53,368 53,368
Total Assets 78,500 80,227 82,368 71,368 60,368 49,368 38,368 53,368 53,368 53,368 53,368 53,368
Liabilities
Due to other funds 78,500 64,644 65,000 50,000 35,000 20,000 5,000 - - - - -
Total Liabilities and deferred inflows 78,500 64,644 65,000 50,000 35,000 20,000 5,000 - - - - -
Fund Balance - 15,583 17,368 21,368 25,368 29,368 33,368 53,368 53,368 53,368 53,368 53,368
Total Liab, deferred inflows, and fund balance 78,500 80,227 82,368 71,368 60,368 49,368 38,368 53,368 53,368 53,368 53,368 53,368
108
Table 37k
City of Monticello
Finance Plan
TIF 34 Fund
Renewal and Renovation 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 220,840 - - - - - - - - - - -
Total Revenues 220,840 - - - - - - - - - - -
Expenditures
Current - Economic development 48 30 - - - - - - - - - -
Transfer out 197,925 - - - - - - - - - - -
Total Expenditures 197,973 30 - - - - - - - - - -
Net Change in Fund Balances 22,867 (30) - - - - - - - - - -
Beginning Fund Balance 54,503 77,370 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340
Ending Fund Balance 77,370 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340
Assets
Cash and investments 77,370 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340
Total Assets 77,370 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 77,370 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340
Total Liab, deferred inflows, and fund balance 77,370 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340 77,340
109
Table 37l
City of Monticello
Finance Plan
TIF 40 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 49,559 70,020 72,000 79,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000
Total Revenues 49,559 70,020 72,000 79,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000 72,000
Expenditures
Current - Economic development 48 30 50 - 500 500 500 500 500 500 500 500
TIF pay-go note payments 44,603 63,018 62,049 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
Total Expenditures 44,651 63,048 62,099 70,000 70,500 70,500 70,500 70,500 70,500 70,500 70,500 70,500
Net Change in Fund Balances 4,908 6,972 9,901 9,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Beginning Fund Balance 1,598 6,506 13,478 23,379 32,379 33,879 35,379 36,879 38,379 39,879 41,379 42,879
Ending Fund Balance 6,506 13,478 23,379 32,379 33,879 35,379 36,879 38,379 39,879 41,379 42,879 44,379
Assets
Cash and investments 6,506 13,478 23,379 32,379 33,879 35,379 36,879 38,379 39,879 41,379 42,879 44,379
Total Assets 6,506 13,478 23,379 32,379 33,879 35,379 36,879 38,379 39,879 41,379 42,879 44,379
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 6,506 13,478 23,379 32,379 33,879 35,379 36,879 38,379 39,879 41,379 42,879 44,379
Total Liab, deferred inflows, and fund balance 6,506 13,478 23,379 32,379 33,879 35,379 36,879 38,379 39,879 41,379 42,879 44,379
110
Table 37m
City of Monticello
Finance Plan
TIF 41 Fund
Economic Development 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - 65,098 65,000 67,000 65,000 65,000 65,000 65,000 65,000 65,000 - -
Transfer in - - - - - - - - - - 342,435 -
Total Revenues - 65,098 65,000 67,000 65,000 65,000 65,000 65,000 65,000 65,000 342,435 -
Expenditures
Current - Economic development 286 1,692 261 - - - - - - - - -
TIF interfund loan payments - 29,294 35,000 21,000 21,000 20,000 19,000 18,000 17,000 16,000 - -
Total Expenditures 286 30,986 35,261 21,000 21,000 20,000 19,000 18,000 17,000 16,000 - -
Net Change in Fund Balances (286) 34,112 29,739 46,000 44,000 45,000 46,000 47,000 48,000 49,000 342,435 -
Beginning Fund Balance (731,000) (731,286) (697,174) (667,435) (621,435) (577,435) (532,435) (486,435) (439,435) (391,435) (342,435) -
Ending Fund Balance (731,286) (697,174) (667,435) (621,435) (577,435) (532,435) (486,435) (439,435) (391,435) (342,435) - -
Assets
Cash and investments - 31,671 19,410 2,410 4,410 7,410 11,410 16,410 22,410 29,410 329,845 -
Total Assets - 31,671 19,410 2,410 4,410 7,410 11,410 16,410 22,410 29,410 329,845 -
Liabilities
Due to other funds 731,286 728,845 686,845 623,845 581,845 539,845 497,845 455,845 413,845 371,845 329,845 -
Total Liabilities and deferred inflows 731,286 728,845 686,845 623,845 581,845 539,845 497,845 455,845 413,845 371,845 329,845 -
Fund Balance (731,286) (697,174) (667,435) (621,435) (577,435) (532,435) (486,435) (439,435) (391,435) (342,435) - -
Total Liab, deferred inflows, and fund balance - 31,671 19,410 2,410 4,410 7,410 11,410 16,410 22,410 29,410 329,845 -
111
Table 37n
City of Monticello
Finance Plan
TIF 42 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 91,344 92,275 93,214 94,164 95,122 96,091 97,069 98,057
Total Revenues - - - - 91,344 92,275 93,214 94,164 95,122 96,091 97,069 98,057
Expenditures
Current - Economic development - 400 - - - - - - - - - -
TIF interfund loan payments - - - - - - - - - - - -
Total Expenditures - 400 - - - - - - - - - -
Net Change in Fund Balances - (400) - - 91,344 92,275 93,214 94,164 95,122 96,091 97,069 98,057
Beginning Fund Balance - - (400) (400) (400) 90,944 183,219 276,433 370,597 465,719 561,810 658,879
Ending Fund Balance - (400) (400) (400) 90,944 183,219 276,433 370,597 465,719 561,810 658,879 756,936
Assets
Cash and investments - - (400) (400) 90,944 183,219 276,433 370,597 465,719 561,810 658,879 756,936
Total Assets - - (400) (400) 90,944 183,219 276,433 370,597 465,719 561,810 658,879 756,936
Liabilities
Due to other funds - 400 - - - - - - - - - -
Total Liabilities and deferred inflows - 400 - - - - - - - - - -
Fund Balance - (400) (400) (400) 90,944 183,219 276,433 370,597 465,719 561,810 658,879 756,936
Total Liab, deferred inflows, and fund balance - - (400) (400) 90,944 183,219 276,433 370,597 465,719 561,810 658,879 756,936
112
Table 37o
City of Monticello
Finance Plan
TIF 43 Fund
Affordable Housing 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 155,567 157,131 158,712 160,307 161,919 163,546 165,190 166,851
Total Revenues - - - - 155,567 157,131 158,712 160,307 161,919 163,546 165,190 166,851
Expenditures
Current - Economic development 127,246 400 - - - - - - - - - -
Total Expenditures 127,246 400 - - - - - - - - - -
Net Change in Fund Balances (127,246) (400) - - 155,567 157,131 158,712 160,307 161,919 163,546 165,190 166,851
Beginning Fund Balance - (127,246) (127,646) (127,646) (127,646) 27,921 185,052 343,764 504,071 665,990 829,536 994,726
Ending Fund Balance (127,246) (127,646) (127,646) (127,646) 27,921 185,052 343,764 504,071 665,990 829,536 994,726 1,161,577
Assets
Cash and investments - - (127,646) (127,646) 27,921 185,052 343,764 504,071 665,990 829,536 994,726 1,161,577
Total Assets - - (127,646) (127,646) 27,921 185,052 343,764 504,071 665,990 829,536 994,726 1,161,577
Liabilities
Due to other funds - 400 - - - - - - - - - -
All other liabilities 127,246 127,246 - - - - - - - - - -
Total Liabilities and deferred inflows 127,246 127,646 - - - - - - - - - -
Fund Balance (127,246) (127,646) (127,646) (127,646) 27,921 185,052 343,764 504,071 665,990 829,536 994,726 1,161,577
Total Liab, deferred inflows, and fund balance - - (127,646) (127,646) 27,921 185,052 343,764 504,071 665,990 829,536 994,726 1,161,577
113
Table 37p
City of Monticello
Finance Plan
TIF 45 Fund
Redevelopment 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
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
Total Revenues - - - - 233,854 236,386 238,943 241,525 244,134 246,768 249,430 252,117
Expenditures
Current - Economic development - 400 - - - - - - - - - -
Total Expenditures - 400 - - - - - - - - - -
Net Change in Fund Balances - (400) - - 233,854 236,386 238,943 241,525 244,134 246,768 249,430 252,117
Beginning Fund Balance - - (400) (400) (400) 233,454 469,840 708,783 950,308 1,194,442 1,441,210 1,690,640
Ending Fund Balance - (400) (400) (400) 233,454 469,840 708,783 950,308 1,194,442 1,441,210 1,690,640 1,942,757
Assets
Cash and investments - - (400) (400) 233,454 469,840 708,783 950,308 1,194,442 1,441,210 1,690,640 1,942,757
Total Assets - - (400) (400) 233,454 469,840 708,783 950,308 1,194,442 1,441,210 1,690,640 1,942,757
Liabilities
Due to other funds - 400 - - - - - - - - - -
Total Liabilities and deferred inflows - 400 - - - - - - - - - -
Fund Balance - (400) (400) (400) 233,454 469,840 708,783 950,308 1,194,442 1,441,210 1,690,640 1,942,757
Total Liab, deferred inflows, and fund balance - - (400) (400) 233,454 469,840 708,783 950,308 1,194,442 1,441,210 1,690,640 1,942,757
114
Table 37q
City of Monticello
Finance Plan
TIF 46 Fund
Economic Development 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - 85,000 155,143 219,443 221,941 224,464 227,012 229,586 232,184 -
Total Revenues - - - 85,000 155,143 219,443 221,941 224,464 227,012 229,586 232,184 -
Expenditures
Current - Economic development - 400 - - - - - - - - - -
TIF pay-go note payments - - - 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000
Total Expenditures - 400 - 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000 76,000
Net Change in Fund Balances - (400) - 9,000 79,143 143,443 145,941 148,464 151,012 153,586 156,184 (76,000)
Beginning Fund Balance - - (400) (400) 8,600 87,743 231,186 377,127 525,591 676,603 830,189 986,373
Ending Fund Balance - (400) (400) 8,600 87,743 231,186 377,127 525,591 676,603 830,189 986,373 910,373
Assets
Cash and investments - - (400) 8,600 87,743 231,186 377,127 525,591 676,603 830,189 986,373 910,373
Total Assets - - (400) 8,600 87,743 231,186 377,127 525,591 676,603 830,189 986,373 910,373
Liabilities
Due to other funds - 400 - - - - - - - - - -
Total Liabilities and deferred inflows - 400 - - - - - - - - - -
Fund Balance - (400) (400) 8,600 87,743 231,186 377,127 525,591 676,603 830,189 986,373 910,373
Total Liab, deferred inflows, and fund balance - - (400) 8,600 87,743 231,186 377,127 525,591 676,603 830,189 986,373 910,373
115
APPENDICES
116
Appendix A – Page 1 of 2
City of Monticello
Projected Staffing Additions (Full-Time Equivalents/FTE)
All City Funds
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
GOVERNMENTAL FUNDS
General Fund
City Hall
Community Service Officer 1.00
Planner 1.00
Fire
Chief 1.00
PW
Engineering Staff 0.50 1.00
Streets Operator 1.00 1.00
Shop
Recreation and culture
Parks Operator 1.00 1.00
Staff (PT)1.50 1.00
Seasonal Staff (6m)1.00 1.00 2.00
Seasonal Staff (3m)0.25 0.75
MCC Fund
Programmer (PT)1.00
Total Governmental Funds 0.00 0.00 1.50 1.00 2.00 2.25 2.50 2.75 1.00 4.00
PROPRIETARY FUNDS
Water/Sewer Funds
Operator 1.00 1.00
Stormwater Fund
Operator 0.50 1.00
Total Proprietary Funds 0.00 0.00 1.50 1.00 0.00 0.00 0.00 1.00 0.00 0.00
117
Appendix A – Page 2 of 2
City of Monticello
Projected Staffing Additions (Dollars)
All City Funds
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
GOVERNMENTAL FUNDS
General Fund
City Hall
Community Service Officer 130,000$
Planner 126,000$
Fire
Chief 161,000$
PW
Engineering Staff 50,500$ 117,000$
Streets Operator 100,000$ 116,000$
Shop
Recreation and culture
Parks Operator 97,000$ 113,000$
Staff (PT)72,000$ 53,000$
Seasonal Staff (6m)47,000$ 50,000$ 106,000$
Seasonal Staff (3m)11,750$ 37,500$
MCC Fund
Programmer (PT)68,000$
Total Governmental Funds -$ -$ 50,500$ 165,000$ 226,000$ 188,750$ 233,000$ 204,500$ 113,000$ 275,000$
PROPRIETARY FUNDS
Water/Sewer Funds
Operator 95,000$ 110,000$
Stormwater Fund
Operator 47,500$ 97,000$
Total Proprietary Funds -$ -$ 142,500$ 97,000$ -$ -$ -$ 110,000$ -$ -$
118
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 Identificdation 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 Haven Ridge 2nd Addition Farmstead & Fallon Residential 2024 No 59 375,000
Industrial Wiha 7th Street Commercial 2024 Yes 73,160 70
Apartments Pointes at Cedar Savanna Vista Residential 2024 No 200 175,000
Apartments Deephaven/Buchholz Block 52 Residential 2024 Yes 2050 87 175,000
Industrial Spaeth Industrial Dundas - Oakwood Commercial 2024 No 6,976 70
Residential Single Family Edmonson Ridge Edmonson/85th Residential 2024 No 54 300,000
Residential Single Family Stony Brook Village Twinhomes - Elm/7th Residential 2025 No 28 300,000
Commercial Deephaven/Buchholz Block 52 Commercial 2025 Yes 2050 13,300 150
Commercial Deephaven/Buchholz Block 52 Commercial 2025 Yes 2050 5,000 150
Commercial Deephaven/Buchholz Block 52 Commercial 2025 Yes 2050 4,700 150
Residential Single Family CHC Twinhomes 7th & CSAH 39 Residential 2025 Yes 82 175,000
Commercial Big River Starbucks Commercial 2025 No 2,453 150
Commercial Big River Chipotle Commercial 2025 No 2,371 150
Commercial Union Crossings Panera Commercial 2025 No 2,400 150
Residential Single Family Haven Ridge 3rd Addition Mixed SF, Fallon/85th Residential 2025 No 53 375,000
Residential Single Family Featherstone 6th 86th Residential 2025 No 21 250,000
Residential Single Family Residential East/West School Blvd or Fallon Residential 2025 No 65 300,000
Commercial Union Crossings Wendys Commercial 2025 No 2,000 150
Commercial Big River Valvoline Commercial 2025 No 2,092 150
Commercial Big River Les Schwab Commercial 2025 No 10,651 150
Commercial Deephaven/Buchholz Block 52 Commercial 2025 Yes 2050 7,000 150
Commercial Big River Pad Site Commercial 2025 No 3,292 150
Commercial Big River Pad Site Commercial 2025 No 4,456 150
Commercial Pointes at Cedar 06 Retail Commercial Commercial 2026 No 10,000 150
Commercial StorageLink Phase II Chelsea West Commercial 2026 No 41,000 150
Industrial Spaeth Industrial Dundas - Oakwood Commercial 2026 No 6,976 70
Residential Single Family Haven Ridge 4th Addition Mixed SF/TH, Fallon/85th Residential 2026 No 91 300,000
Commercial Broadway Plaza - Hotel/EventBroadway/Meadow Oak Commercial 2026 No 29,000 150
Commercial eephaven/Buchholz Hotel/ReChelsea Commercial 2026 No 57,868 150
Commercial Big River Pad Site Commercial 2026 No 5,341 150
Commercial Big River Pad Site Commercial 2026 No 3,719 150
Commercial Pointes at Cedar 08 Retail/Hotel Commercial 2026 No 45,000 150
Residential Single Family Edmonson/85th Meadowbrook Residential 2026 No 82 350,000
119
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 Identificdation 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
Industrial Spaeth Industrial Dundas - Oakwood Commercial 2027 No 6,976 70
Residential Single Family Featherstone 7th 86th/85th Residential 2027 No 56 280,000
Residential Single Family Residential East/West Fallon/85th Residential 2027 No 95 350,000
Commercial 7th Street East Tire Facility Commercial 2027 3,000
Apartments Great River Second Addition 09 Residential Apartments Residential 2028 Yes 100 175,000
Residential Single Family Haven Ridge 5th Addition 85th Residential 2028 No 63 300,000
Apartments Twin Pines School West Residential 2028 No 94 175,000
Commercial Pointes at Cedar 10 Retail Commercial Commercial 2029 No 20,000 150
Residential Single Family Haven Ridge 6th Addition Edmonson Residential 2029 No 49 300,000
Residential Single Family Edmonson East/West Meadowbrook Residential 2029 No 100 350,000
Apartments Pointes at Cedar 11 Residential Apartments Residential 2030 No 100 175,000
Apartments Pointes at Cedar 12 Residential Apartments Residential 2031 No 75 175,000
Apartments Pointes at Cedar 13a Res Mixed Residential 2031 No 100 175,000
Commercial Pointes at Cedar 13 Commercial Commercial 2031 No 95,000 150
Residential Single Family Haven Ridge 7th Addition Edmonson Residential 2031 No 62 300,000
Residential Single Family Residential East/West Fallon/85th Residential 2031 No 65 350,000
Apartments Pointes at Cedar 14 Residential Apartments Residential 2033 No 100 175,000
Residential Single Family Residential East/West School Blvd Residential 2033 No 65 400,000
Commercial Pointes at Cedar 14a Retail/Restaurants Commercial 2034 No 65,000 150
Commercial Pointes at Cedar 15 Retail/Restaurant Commercial 2035 No 45,000 150
Residential Single Family Residential East/West School Blvd Residential 2035 No 65 400,000
Commercial Pointes at Cedar 16 Retail/Restaurant Commercial 2036 No 25,000 150
Commercial Pointes at Cedar 17 Retail/Restaurant Commercial 2037 No 20,000 150
120
Appendix C
City of Monticello
Debt Service Tax Levy Summary
Tax Collection Year Levy for Existing Debt Levy for Planned New Debt Total Levy Annual % Change
2024 2,026,175 - 2,026,175 1.3%
2025 2,196,193 - 2,196,193 8.4%
2026 2,367,571 - 2,367,571 7.8%
2027 1,980,622 - 1,980,622 -16.3%
2028 1,789,231 3,258,512 5,047,743 154.9%
2029 1,600,096 2,929,862 4,529,958 -10.3%
2030 1,573,273 2,877,131 4,450,404 -1.8%
2031 1,196,469 3,202,790 4,399,259 -1.1%
2032 1,164,981 3,154,988 4,319,968 -1.8%
2033 418,543 3,161,393 3,579,936 -17.1%
2034 409,496 3,155,093 3,564,589 -0.4%
2035 - 3,152,205 3,152,205 -11.6%
2036 - 3,157,796 3,157,796 0.2%
2037 - 3,160,999 3,160,999 0.1%
2038 - 3,161,813 3,161,813 0.0%
2039 - 3,165,488 3,165,488 0.1%
2040 - 3,161,340 3,161,340 -0.1%
2041 - 3,165,304 3,165,304 0.1%
2042 - 3,166,511 3,166,511 0.0%
2043 - 3,164,963 3,164,963 0.0%
2044 - 2,871,908 2,871,908 -9.3%
2045 - 2,864,453 2,864,453 -0.3%
2046 - 2,597,359 2,597,359 -9.3%
2047 - 2,594,130 2,594,130 -0.1%
2048 - 2,594,130 2,594,130 0.0%
2049 - 2,594,130 2,594,130 0.0%
2050 - 2,594,130 2,594,130 0.0%
121
$0
$10
$20
$30
$40
$50
$60
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Appendix D
Residential
Example Monthly Water Bill
10,000 Gallon Monthly Volume Billed
Monthly Bill Annual Percent Change
$0
$1
$2
$3
$4
$5
$6
$7
$8
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Appendix F
Residential
Example Monthly Stormwater Bill
1 Unit
Monthly Bill Annual Percent Change
$0
$20
$40
$60
$80
$100
$120
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Appendix E
Residential
Example Monthly Sanitary Sewer Bill
10,000 Gallon Monthly Volume Billed
Monthly Bill Annual Percent Change
$0
$20
$40
$60
$80
$100
$120
$140
$160
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Appendix G
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