Monticello LTFP - 2026.01.30
Long-Term Financial Management Plan
Updated January 30, 2026
Table of Contents
INTRODUCTION AND SUMMARY ............................................................................................. 1
Approach for the Plan .................................................................................................................... 2
Organization of the Plan ................................................................................................................ 2
Revenue Sufficiency ....................................................................................................................... 2
Economic Development Programs .......................................................................................... 2
Local Sales and Use Tax Funding ............................................................................................. 3
Fund Balance Policy for General Fund ..................................................................................... 3
Proprietary Funds Cash Position and Net Position .................................................................. 3
Levy and Rate Calculations ............................................................................................................ 4
City Tax Rate ............................................................................................................................ 4
Utility Rates ............................................................................................................................. 5
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 ..................................................................................................................... 29
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 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
Transportation Improvements Fund ...................................................................................... 56
Chart 44|Ending Fund Balance and Cash Balance ........................................................... 56
Chart 45|Source and Use of Funds .................................................................................. 56
Table 17|Finance Plan ..................................................................................................... 57
PROPRIETARY FUNDS
Water Fund ........................................................................................................................... 58
Chart 46|Ending Cash Balance by Purpose ...................................................................... 60
Chart 47|Unrestricted Net Position ................................................................................ 60
Chart 48|Revenues and Expenses ................................................................................... 60
Chart 49|Customers and Annual Volume Billed .............................................................. 60
Table 18|Finance Plan ..................................................................................................... 61
Table 19|Change in Ending Cash Balance ........................................................................ 62
Table 20|Customers and Volume Billed, Rates, and Revenue from Charges ................... 63
Sewer Fund ............................................................................................................................ 64
Chart 50|Ending Cash Balance by Purpose ...................................................................... 66
Chart 51|Unrestricted Net Position ................................................................................ 66
Chart 52|Revenues and Expenses ................................................................................... 66
Chart 53|Customers and Annual Volume Billed .............................................................. 66
Table 21|Finance Plan ..................................................................................................... 67
Table 22|Change in Ending Cash Balance ........................................................................ 68
Table 23|Customers and Volume Billed, Rates, and Revenue from Charges ................... 69
Stormwater Fund .................................................................................................................. 70
Chart 54|Ending Cash Balance by Purpose ...................................................................... 71
Chart 55|Unrestricted Net Position ................................................................................ 71
Chart 56|Revenues and Expenses ................................................................................... 71
Chart 57|Customers and Volume Sold ............................................................................ 71
Table 24|Finance Plan ..................................................................................................... 72
Table 25|Change in Ending Cash Balance ........................................................................ 73
Table 26|Customers and Volume Billed, Rates, and Revenue from Charges ................... 74
Liquor Fund ........................................................................................................................... 75
Chart 58|Ending Cash Balance by Purpose ...................................................................... 76
Chart 59|Unrestricted Net Position ................................................................................ 76
Chart 60|Revenues and Expenses ................................................................................... 76
Table 27|Finance Plan ..................................................................................................... 77
Table 28|Change in Ending Cash Balance ........................................................................ 78
Fiber Optics Fund .................................................................................................................. 79
Chart 61|Ending Cash Balance by Purpose ...................................................................... 80
Chart 62|Unrestricted Net Position ................................................................................ 80
Chart 63|Revenues and Expenses ................................................................................... 80
Table 29|Finance Plan ..................................................................................................... 81
Table 30|Change in Ending Cash Balance ........................................................................ 82
Deputy Registrar Fund ........................................................................................................... 83
Chart 64|Ending Cash Balance by Purpose ...................................................................... 84
Chart 65|Unrestricted Net Position ................................................................................ 84
Chart 66|Revenues and Expenses ................................................................................... 84
Table 31|Finance Plan ..................................................................................................... 85
Table 32|Change in Ending Cash Balance ........................................................................ 86
INTERNAL SERVICE FUNDS
Benefit Accrual Fund ............................................................................................................. 87
Table 33|Finance Plan ..................................................................................................... 88
Central Equipment Fund ........................................................................................................ 89
Table 34|Finance Plan ..................................................................................................... 90
Information Technology (IT) Fund ......................................................................................... 91
Table 35|Finance Plan ..................................................................................................... 92
Facilities Maintenance Fund .................................................................................................. 93
Table 36|Finance Plan ..................................................................................................... 94
COMPONENT UNIT FUND
Economic Development Authority (EDA) Fund ...................................................................... 95
Table 37|Finance Plan ..................................................................................................... 97
Table 37a|Summary of Tax Increment Financing (TIF) Districts ...................................... 98
Table 37b|TIF Districts Projected Available Year-End Cash Balances .............................. 99
EDA Sub-Fund Finance Plans
Table 38a|EDA General Fund .................................................................................. 100
Table 38b|GMEF Fund ............................................................................................ 101
Table 38c|TIF Future Fund ...................................................................................... 102
Table 38d|TIF 6 Fund .............................................................................................. 103
Table 38e|TIF 19 Fund ............................................................................................ 104
Table 38f|TIF 20 Fund ............................................................................................. 105
Table 38g|TIF 22 Fund ............................................................................................ 106
Table 38h|TIF 24 Fund ............................................................................................ 107
Table 38i|TIF 29 Fund ............................................................................................. 108
Table 38j|TIF 30 Fund ............................................................................................. 109
Table 38k|TIF 34 Fund ............................................................................................. 110
Table 38l|TIF 40 Fund ............................................................................................. 111
Table 38m|TIF 41 Fund ........................................................................................... 112
Table 38n|TIF 42 Fund ............................................................................................ 113
Table 38o|TIF 43 Fund ............................................................................................ 114
Table 38p|TIF 45 Fund ............................................................................................ 115
Table 38q|TIF 46 Fund ............................................................................................ 116
APPENDICES ......................................................................................................................... 117
Appendix A|Projected Staffing Additions .................................................................................. 118
Appendix B|Projected Future Development ............................................................................. 120
Appendix C|Debt Service Tax Levy Summary ............................................................................ 122
Appendix D|Water Residential Customer Billing Example ......................................................... 123
Appendix E|Sanitary Sewer Residential Customer Billing Example ........................................... 123
Appendix F|Stormwater Residential Customer Billing Example ................................................ 123
Appendix G|Combined Utilities Residential Customer Billing Example ..................................... 123
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. This document is intended to serve as a
guide for the ongoing financial management for the City of
Monticello, with a broad focus to inform strong, fiscally
responsible decisions for the City Council and staff in strategic
growth, development, and improvements.
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 2026,
property owned by Xcel Energy in Monticello comprises
approximately 38% of the City’s total tax capacity value ($15.6
million of $41.1 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 will file a new CN with the PUC to extend
their state approval through 2050 also.
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. A recent Utility Rate Study was completed and
incorporated into this Plan update.
The Plan anticipates future capital improvements for years 2026-
2034 (the “CIP”). Estimates were made by the City for project
costs and the timing of capital projects.
While the specific timing of changes at the Xcel Plant and the
timing and cost 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.
2
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.
• 2023 and 2024 data are from the audited financial
statements. 2025 balances are as reported in draft as of
the date of this update, and 2026 data reconciles to the
budgets as adopted by the City Council.
• 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. Capital Improvement Plan (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,
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 forecasts for the Funds over the next ten
years, which may be shown to be insufficient. Future decisions
regarding tax levies, debt issuances, and timing of expenditures
may need to be altered from the Plan to ensure a stable financial
position.
Economic Development Programs
In partnership, the City and the Monticello Economic
Development Authority (EDA) have a history of actively
leveraging economic development programs to assist with
3
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.
Local Sales and Use Tax Funding
Monticello’s Local Sales and Use Tax supports improvements to
the Bertram Chain of Lakes Regional Athletic Park. The 0.5% tax
began on April 1, 2025, and is effective for up to $15 million or
20 years, whichever occurs first. 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 continues to actively manage its Funds to achieve policy
goals and maintain sufficient balances within each Fund to meet
City needs, including reserves. City policy is to maintain a
minimum fund balance in the General Fund equivalent to 60-75%
of the following year’s budgeted operating expenditures. The
policy recognizes the need for the City to cash flow its
expenditures for the period between the semi-annual tax
disbursements it receives from the County, among other needs
for cash balance.
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 solely focus on “funding depreciation”, it is better to gain a
strong understanding of the expected future costs and their
timing to plan for replacement of infrastructure and facilities.
Utilizing a planned schedule for capital improvements and the
incorporation of the City’s Capital Improvement Plan (CI)P into
this Plan achieves this goal. CIPs combined with financial
management targets are critical elements that allow for setting
rates that meet City goals.
4
Financial management targets begin with criteria for evaluating
overall financial condition. For instance, do projections show
sufficient revenues to cover planned operating and capital
improvement expenses? The Utilities must do better than break
even, but by how much? If debt is issued, what impact does that
have on user rates? The Plan helps answer these questions by
allocating projected year-end cash balance for the Utilities to
defined purposes.
The Plan provides a second criterion to evaluate revenue
sufficiency for the Utilities in addition to the cash objectives,
which 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.
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.
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 between 3.0% and 5.0% for 2027 and later.
• General Fund non-tax revenues are estimated to increase
by 2.5% to 4.0% annually. There are no major changes
assumed for non-tax revenue collections for the General
Fund.
• Current expenses in the General Fund are estimated to
increase by 2.25% annually unless otherwise noted. This
Tax Year Tax Levy ($) % Change in
Tax Levy Tax Rate % Change
in Tax Rate
2024 13,074,000 34.547
2025 14,117,000 8.0% 37.701 9.1%
2026 15,159,000 7.4% 37.742 0.1%
2027 16,022,582 5.7% 39.267 4.0%
2028 16,758,651 4.6% 40.103 2.1%
2029 17,493,936 4.4% 40.490 1.0%
2030 18,761,332 7.2% 42.002 3.7%
2031 19,286,590 2.8% 41.406 -1.4%
2032 19,848,894 2.9% 41.207 -0.5%
2033 19,814,103 -0.2% 39.404 -4.4%
2034 20,262,273 2.3% 38.533 -2.2%
5
rate is low based on current market conditions (inflation)
but it provides an expectation to strongly manage costs,
and 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 certain
funds, including 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
applicable.
• The preliminary taxable market value of property for
2026 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 3.0% for 2027 and 2028, and then by 1.0%
annually for future payable years.
• Residential (single-family) housing unit construction is
assumed to average approximately 90 new units per year
between tax payable years 2027-2034. The average
valuation per unit in today’s dollars is estimated at
approximately $345,000 (the analysis assumes annual
valuation growth of 3.0%).
• Multi-family (apartment) housing unit construction is
assumed to average approximately 70 new units per year
between tax payable years 2027-2034. The average
valuation per unit in today’s dollars is estimated at
approximately $200,000 (the analysis assumes annual
valuation growth of 3.0%).
• Commercial space construction is assumed to average
approximately 25,000 square feet per year between tax
payable years 2027-2034, 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 7,000 square feet per year between tax
payable years 2028-2029, 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 $81,000 (0.20%) in 2026, $72,000
(0.17%) in 2029, $77,000 (0.17%) in 2031, and $237,000
(0.49%) in 2032.
• Bond issuance is assumed to finance certain project
costs. Bonds are estimated to be payable from property
taxes or 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.
6
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, based on the Utility Rate Study completed in 2025,
demonstrates that annual rate increases in the range of 3-8%, for
example, for utility user fees may be needed to support a pay-go
strategy for funding the majority of capital improvement
projects. Additionally, the rate study calls for significant increases
to development-related fees (trunk and access charges) of up to
20% in the Water Fund to ensure development pays for itself. 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, or the timing of the project
completion, 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.
7
Table 1
Note: The city is striving to gradually increase the tax levy for the Capital Projects Fund until 2027 when the Plan anticipates payments to
commence related to the issuance of debt in 2026 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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
TAX LEVY
General Fund 8,640,000 8,985,000 9,457,000 9,741,000 10,131,000 10,537,000 10,959,000 11,398,000 11,968,000 12,328,000 12,822,000
Debt Service Funds 2,026,175 2,196,193 2,305,511 4,712,582 4,540,651 4,351,936 4,678,332 4,245,590 4,217,894 3,803,103 3,736,273
Special Revenue Funds (Community Center)525,000 535,000 552,000 569,000 587,000 605,000 624,000 643,000 663,000 683,000 704,000
Capital Projects Funds 1,882,825 2,400,807 2,844,489 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,000,000 3,000,000 3,000,000
TAX LEVY 13,074,000 14,117,000 15,159,000 16,022,582 16,758,651 17,493,936 18,761,332 19,286,590 19,848,894 19,814,103 20,262,273
Annual % Change 8.5% 8.0% 7.4% 5.7% 4.6% 4.4% 7.2% 2.8% 2.9% -0.2% 2.3%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 23,049,377 23,983,696 25,571,446 26,338,589 27,128,747 27,942,609 28,780,888 29,644,314 30,533,644 31,449,653 32,393,143
Tax Capacity Public Utilities 15,119,702 14,122,456 15,508,234 15,042,987 14,591,697 14,445,780 14,301,323 14,158,309 14,016,726 13,876,559 13,737,793
Tax Capacity from New Development in Future Years - - - 305,721 1,179,620 2,024,920 2,737,311 3,943,936 4,726,091 5,842,248 7,352,089
Total Tax Capacity 38,169,079 38,106,152 41,079,680 41,687,298 42,900,064 44,413,310 45,819,522 47,746,559 49,276,461 51,168,460 53,483,026
Less TC Captured for Powerlines 3,440 3,434 3,398 3,398 3,398 3,398 3,398 3,398 3,398 3,398 3,398
Less TC Captured within TIF Districts 321,958 657,678 911,561 879,790 1,107,339 1,204,051 1,147,912 1,164,189 1,104,123 880,764 895,291
NET TAX CAPACITY 37,843,681 37,445,040 40,164,721 40,804,110 41,789,327 43,205,861 44,668,212 46,578,972 48,168,940 50,284,299 52,584,336
Annual % Change -1.05% 7.26% 1.59% 2.41% 3.39% 3.38% 4.28% 3.41% 4.39% 4.57%
CITY TAX CAPACITY TAX RATE 34.547 37.701 37.742 39.267 40.103 40.490 42.002 41.406 41.207 39.404 38.533
Annual % Change -1.3% 9.1% 0.1% 4.0% 2.1% 1.0% 3.7% -1.4% -0.5% -4.4% -2.2%
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 the city’s taxable market value.
City of Monticello
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
TAX LEVY
Economic Development Authority Fund 451,000 499,000 504,000 520,000 536,000 553,000 570,000 588,000 606,000 625,000 644,000
TAX LEVY 451,000 499,000 504,000 520,000 536,000 553,000 570,000 588,000 606,000 625,000 644,000
Annual % Change 10.6% 1.0% 3.2% 3.1% 3.2% 3.1% 3.2% 3.1% 3.1% 3.0%
TAX CAPACITY
Tax Capacity Not Including Public Utilities 23,049,377 23,983,696 25,571,446 26,338,589 27,128,747 27,942,609 28,780,888 29,644,314 30,533,644 31,449,653 32,393,143
Tax Capacity Public Utilities 15,119,702 14,122,456 15,508,234 15,042,987 14,591,697 14,445,780 14,301,323 14,158,309 14,016,726 13,876,559 13,737,793
Tax Capacity from New Development in Future Years - - - 305,721 1,179,620 2,024,920 2,737,311 3,943,936 4,726,091 5,842,248 7,352,089
Total Tax Capacity 38,169,079 38,106,152 41,079,680 41,687,298 42,900,064 44,413,310 45,819,522 47,746,559 49,276,461 51,168,460 53,483,026
Less TC Captured for Powerlines 3,440 3,434 3,398 3,398 3,398 3,398 3,398 3,398 3,398 3,398 3,398
Less TC Captured within TIF Districts 321,958 657,678 911,561 879,790 1,107,339 1,204,051 1,147,912 1,164,189 1,104,123 880,764 895,291
NET TAX CAPACITY 37,843,681 37,445,040 40,164,721 40,804,110 41,789,327 43,205,861 44,668,212 46,578,972 48,168,940 50,284,299 52,584,336
Annual % Change -1.05% 7.26% 1.59% 2.41% 3.39% 3.38% 4.28% 3.41% 4.39% 4.57%
HRA TAX CAPACITY TAX RATE 1.192 1.333 1.255 1.274 1.283 1.280 1.276 1.262 1.258 1.243 1.225
Annual % Change 2.1% 11.8% -5.9% 1.5% 0.7% -0.2% -0.3% -1.1% -0.3% -1.2% -1.4%
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.
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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%
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Ta
x
C
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P
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T
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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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Ci
t
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T
a
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R
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t
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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 still 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 2024
Dayton
Hanover
Monticello Pay 2025
Monticello Pay 2026
Monticello Pay 2034
Big Lake
Monticello Pay 2027
Monticello Pay 2033
Monticello Pay 2028
Monticello Pay 2029
Rockford
Monticello Pay 2032
Monticello Pay 2031
Monticello Pay 2030
Albertville
Becker
Buffalo
Princeton
Chart 4.
Comparison of other cities Pay 2025 tax rates to Monticello including comparison to future
projected tax payable years for Monticello based on the Plan
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2026 2027 2028 2029 2030 2031 2032 2033 2034
Chart 5.
Residential Property
City Property Taxes for Different Valued Property
Residential $300,000 Residential $400,000
Residential $500,000 Residential $600,000
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
2026 2027 2028 2029 2030 2031 2032 2033 2034
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 Transportation Improvements Fund, will require
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%
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
En
d
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n
g
F
u
n
d
B
a
l
a
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c
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a
s
%
o
f
E
x
p
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s
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En
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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
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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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 ($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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Chart 9.
Ending Cash Balances for Capital Projects Funds by Categories
Capital Projects Fund
Street Lighting
Improvement Fund
Park Dedication
Fund
Transportation
Improvement Fund
12
The Water Fund is projecting 3-8% increases annually in user
rates and increases in development-related fees of 20% through
2029 and 5% thereafter, as shown in the 2025 Utility Rate Study.
No bonding for water system infrastructure, except for
construction of a Water Treatment Facility, is included in the
Plan. The debt issued for the Water Treatment Facility is
projected to be issued in when construction occurs, which causes
a negative balance in 2026 for “Cash for following year planned
capital”.
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. The
2025 Utility Rate Study calls for rate increases from 3.0% to 4.0%
through the life of the Plan.
($15.0)
($10.0)
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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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
$30.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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
because the Plan assumes resources will accumulate in the Fund
until a specific capital project or initiative is identified for future
use of funds.
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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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
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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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
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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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
$3.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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Chart 16.
Total City Tax Levy All City Funds
General Fund
Special Revenue Funds
(Community Center)
Debt Service Funds
Capital Projects Funds
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Pe
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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)
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
5,760 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 funding 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 2025 will be assessed in year 2026 for taxes
first payable in year 2027.
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
2024 2025 2026 2027 2028 2029 2030 2031 2032
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 2024 construction completion, which is reported at zero because that data is already included in
current market value information. Construction completed in 2025 will be valued in year 2026 for first taxes payable in 2027.
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
2026 2027 2028 2029 2030 2031 2032 2033 2034
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 2-5%.
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 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 Plan for
$6.356 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 Plan includes $29,158,700 in upcoming
transportation improvements through 2034.
Utilities Infrastructure
The Utilities Infrastructure portion of the CIP encompasses the
city’s water, wastewater (sewer), stormwater, and fiber optics
systems not included with any of the city’s “Big 6” projects.
Completion of an extension of water main trunk lines towards
the northwest region of Monticello’s Orderly Annexation Area,
which will support new development in that direction, is planned
in 2026 at a cost of $1 million. The associated sewer main line
extension is estimated at $6 million but is assumed later than
2034. Additional improvements to the influent lift station at the
Wastewater Treatment Plant is included in 2030 for $4 million.
Improvements to stormwater and drainage systems of almost $4
million are planned in the next five years. Ditch 33 on the east
side of the city is anticipated to receive funding from both Wright
County and the State in 2026. 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 for extending utilities to all areas within city limits
per franchising agreements. 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 $1.922 million. Projects include Ellison Park,
Pioneer Park, and the Community Center’s Skate Park Area.
19
Timing of these projects is somewhat 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. Total fleet costs
included in the Plan are $7,643,231, including $2.25 million in fire
trucks.
Fallon Avenue Improvements
Improvements to Fallon Avenue, including utilities, and adjacent
trail construction, of approximately $21.2 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.
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, and 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 began in 2025, and will
be in effect until $15 million is raised or for 20 years, whichever
comes first. It is anticipated in the Plan that $15 million will be
collected by 2032.
Downtown
As one of the city’s “Big 6” projects, improvements in the
Downtown are included in the Plan. A major city-initiated
improvement project occurred in 2023 and 2024. The Plan
includes one project for a parking lot expansion for $175,000 in
Block 51, but much of the remaining downtown projects are
dependent on development and not included in the Plan.
The Pointes at Cedar
Improvements in The Pointes at Cedar (PAC) development area
of approximately $1.2 million are included in the Plan.
Anticipated capital costs include parkland acquisition and
continuation of the paused design engineering contract.
Voters, in November 2024, did not approve a local sales and use
tax to fund this project; therefore, Council will hold future
discussions to discuss prioritization and funding strategies for
this initiative.
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.
The estimated annual debt service for future bonds is included in
the finance plans for the Governmental Debt Service Funds and
the Proprietary Funds.
20
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
with an estimated 2.6-4.0% interest rate on the bonds,
depending on the repayment years assumed.
Bond Rating
Moody’s Investors Service (Moody’s) upgraded the City’s bond
rating of the City’s outstanding general obligation debt from A1
to Aa3 on October 4, 2023. The City has not issued general
obligation debt since 2020. The rating agency recognized the
City’s strong reserves across operating funds and essential
enterprises, among other factors. The City’s bond rating is
mentioned here because the maintenance and continued
relative growth of reserves through revenue sufficiency is an
important credit factor for maintaining the City’s credit rating
going forward. 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
Fund 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total
Cemetery Fund $70,000 $70,000
Capital Projects Fund $21,681,000 $19,705,000 $5,673,700 $4,376,000 $100,000 $3,785,000 $3,630,000 $58,950,700
Transportation Improvement Fund $1,260,000 $2,500,000 $3,105,000 $2,625,000 $2,145,000 $4,350,000 $300,000 $3,150,000 $2,250,000 $21,685,000
Street Light Improvement Fund $500,000 $500,000
Bertram Sales Tax Fund $1,705,000 $4,543,121 $2,442,322 $3,723,668 $4,047,193 $16,461,304
Water Fund $12,800,000 $20,175,000 $12,250,000 $333,000 $157,512 $90,000 $45,805,512
Water Trunk/Access Sub-Fund $1,405,000 $305,000 $2,400,000 $260,000 $150,000 $1,885,000 $6,405,000
Sewer Fund $866,000 $195,000 $283,000 $1,315,000 $4,300,000 $407,320 $7,366,320
Sewer Trunk/Access Sub-Fund $1,060,000 $235,000 $3,850,000 $250,000 $2,600,000 $300,000 $6,000,000 $14,295,000
Stormwater Fund $2,000,000 $400,000 $450,000 $2,850,000
Stormwater Trunk/Access Sub-Fund $685,000 $55,000 $100,000 $120,000 $600,000 $300,000 $1,860,000
Liquor Fund $150,000 $150,000 $300,000
Deputy Registrar Fund $45,000 $45,000
Fiber Optics Fund $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $1,800,000
Facilities Maintenance Fund $58,000 $45,000 $103,000
Central Equipment Fund $530,000 $675,000 $393,557 $440,395 $830,000 $158,225 $300,795 $32,655 $323,622 $3,684,249
IT Fund $117,350 $117,350
Grand Total $44,192,000 $49,233,471 $28,405,257 $12,351,717 $9,232,512 $17,109,213 $4,880,795 $7,819,848 $9,073,622 $182,298,435
22
Table 3
City of Monticello
Capital Improvement Plan
Planned Bond Proceeds to Pay Project Costs*
Project Costs Paid from Bond Proceeds 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Capital Projects Fund - 35,000,000 - 3,200,000 - - 3,000,000 - - -
Public Works Facility 35,000,000
Fallon Avenue Improvements 3,200,000 3,000,000
Water Fund - 12,800,000 19,200,000 - - - - - - -
Water Treatment Plant 12,800,000 19,200,000
Grand Total - 47,800,000 19,200,000 3,200,000 - - 3,000,000 - - -
*Estimated bond proceeds deposited to construction fund. Does not include bond proceeds to pay cost of issuance or capitalized interest.
23
Table 4
City of Monticello
Summary of Existing Debt
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Principal
General Obligation Bonds 490,000 500,000 510,000 520,000 370,000 380,000 385,000 395,000 405,000 410,000
Special Assessment Bonds 1,145,000 1,165,000 730,000 520,000 490,000 510,000 - - - -
Tax Abatement Bonds 625,000 640,000 655,000 680,000 695,000 710,000 740,000 760,000 - -
General Obligation Revenue Bonds 215,000 225,000 230,000 240,000 - - - - - -
PFA Revenue Note 109,000 111,000 112,000 113,000 114,000 115,000 117,000 118,000 119,000 120,000
Total 2,584,000 2,641,000 2,237,000 2,073,000 1,669,000 1,715,000 1,242,000 1,273,000 524,000 530,000
Interest
General Obligation Bonds 90,718 80,918 70,918 60,718 50,318 42,918 35,318 27,233 18,543 9,430
Special Assessment Bonds 97,618 77,150 51,825 33,650 20,700 10,600 - - - -
Tax Abatement Bonds 155,973 139,973 122,573 104,748 86,248 67,108 46,151 23,711 - -
General Obligation Revenue Bonds 28,600 22,150 15,400 8,040 - - - - - -
PFA Revenue Note 13,500 12,341 11,162 9,971 8,770 7,558 6,335 5,092 3,837 2,572
Total 386,408 332,531 271,877 217,126 166,035 128,183 87,804 56,036 22,380 12,002
Debt Service
General Obligation Bonds 580,718 580,918 580,918 580,718 420,318 422,918 420,318 422,233 423,543 419,430
Special Assessment Bonds 1,242,618 1,242,150 781,825 553,650 510,700 520,600 - - - -
Tax Abatement Bonds 780,973 779,973 777,573 784,748 781,248 777,108 786,151 783,711 - -
General Obligation Revenue Bonds 243,600 247,150 245,400 248,040 - - - - - -
PFA Revenue Note 122,500 123,341 123,162 122,971 122,770 122,558 123,335 123,092 122,837 122,572
Total 2,970,408 2,973,531 2,508,877 2,290,126 1,835,035 1,843,183 1,329,804 1,329,036 546,380 542,002
Outstanding
General Obligation Bonds 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 3,415,000 2,250,000 1,520,000 1,000,000 510,000 - - - - -
Tax Abatement Bonds 4,880,000 4,240,000 3,585,000 2,905,000 2,210,000 1,500,000 760,000 - - -
General Obligation Revenue Bonds 695,000 470,000 240,000 - - - - - - -
PFA Revenue Note 1,161,000 1,050,000 938,000 825,000 711,000 596,000 479,000 361,000 242,000 122,000
Total 14,026,000 11,385,000 9,148,000 7,075,000 5,406,000 3,691,000 2,449,000 1,176,000 652,000 122,000
24
Table 5
City of Monticello
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Annual Principal
General Obligation Bonds - - 1,190,000 1,240,000 1,290,000 1,510,000 1,570,000 1,635,000 1,860,000 1,935,000
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - - - - - - -
PFA Revenue Note - - 540,000 1,420,000 1,455,000 1,490,000 1,535,000 1,575,000 1,615,000 1,655,000
Total - - 1,730,000 2,660,000 2,745,000 3,000,000 3,105,000 3,210,000 3,475,000 3,590,000
Annual Interest
General Obligation Bonds - - 2,078,533 1,380,400 1,330,800 1,445,534 1,333,925 1,272,000 1,363,390 1,241,925
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - - - - - - -
PFA Revenue Note - - 385,630 903,909 797,680 759,850 721,110 681,200 640,250 598,260
Total - - 2,464,164 2,284,309 2,128,480 2,205,384 2,055,035 1,953,200 2,003,640 1,840,185
Annual Debt Service
General Obligation Bonds - - 3,268,533 2,620,400 2,620,800 2,955,534 2,903,925 2,907,000 3,223,390 3,176,925
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - - - - - - -
PFA Revenue Note - - 925,630 2,323,909 2,252,680 2,249,850 2,256,110 2,256,200 2,255,250 2,253,260
Total - - 4,194,164 4,944,309 4,873,480 5,205,384 5,160,035 5,163,200 5,478,640 5,430,185
Bonds Outstanding at Year End
General Obligation Bonds - 35,700,000 34,510,000 36,535,000 35,245,000 33,735,000 35,225,000 33,590,000 31,730,000 29,795,000
Special Assessment Bonds - - - - - - - - - -
Tax Abatement Bonds - - - - - - - - - -
General Obligation Revenue Bonds - - - - - - - - - -
PFA Revenue Note - 13,055,000 32,100,000 30,680,000 29,225,000 27,735,000 26,200,000 24,625,000 23,010,000 21,355,000
Total - 48,755,000 66,610,000 67,215,000 64,470,000 61,470,000 61,425,000 58,215,000 54,740,000 51,150,000
Summary of Planned New Debt
25
Table 6
City of Monticello
Summary of Existing and Planned New Debt
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Annual Principal
General Obligation Bonds 490,000 500,000 1,700,000 1,760,000 1,660,000 1,890,000 1,955,000 2,030,000 2,265,000 2,345,000
Special Assessment Bonds 1,145,000 1,165,000 730,000 520,000 490,000 510,000 - - - -
Tax Abatement Bonds 625,000 640,000 655,000 680,000 695,000 710,000 740,000 760,000 - -
General Obligation Revenue Bonds 215,000 225,000 230,000 240,000 - - - - - -
PFA Revenue Note 109,000 111,000 652,000 1,533,000 1,569,000 1,605,000 1,652,000 1,693,000 1,734,000 1,775,000
Total 2,584,000 2,641,000 3,967,000 4,733,000 4,414,000 4,715,000 4,347,000 4,483,000 3,999,000 4,120,000
Annual Interest
General Obligation Bonds 90,718 80,918 2,149,451 1,441,118 1,381,118 1,488,451 1,369,243 1,299,233 1,381,933 1,251,355
Special Assessment Bonds 97,618 77,150 51,825 33,650 20,700 10,600 - - - -
Tax Abatement Bonds 155,973 139,973 122,573 104,748 86,248 67,108 46,151 23,711 - -
General Obligation Revenue Bonds 28,600 22,150 15,400 8,040 - - - - - -
PFA Revenue Note 13,500 12,341 396,792 913,880 806,450 767,408 727,445 686,292 644,087 600,832
Total 386,408 332,531 2,736,040 2,501,435 2,294,515 2,333,567 2,142,839 2,009,236 2,026,020 1,852,187
Annual Debt Service
General Obligation Bonds 580,718 580,918 3,849,451 3,201,118 3,041,118 3,378,451 3,324,243 3,329,233 3,646,933 3,596,355
Special Assessment Bonds 1,242,618 1,242,150 781,825 553,650 510,700 520,600 - - - -
Tax Abatement Bonds 780,973 779,973 777,573 784,748 781,248 777,108 786,151 783,711 - -
General Obligation Revenue Bonds 243,600 247,150 245,400 248,040 - - - - - -
PFA Revenue Note 122,500 123,341 1,048,792 2,446,880 2,375,450 2,372,408 2,379,445 2,379,292 2,378,087 2,375,832
Total 2,970,408 2,973,531 6,703,040 7,234,435 6,708,515 7,048,567 6,489,839 6,492,236 6,025,020 5,972,187
Bonds Outstanding at Year End
General Obligation Bonds 3,875,000 39,075,000 37,375,000 38,880,000 37,220,000 35,330,000 36,435,000 34,405,000 32,140,000 29,795,000
Special Assessment Bonds 3,415,000 2,250,000 1,520,000 1,000,000 510,000 - - - - -
Tax Abatement Bonds 4,880,000 4,240,000 3,585,000 2,905,000 2,210,000 1,500,000 760,000 - - -
General Obligation Revenue Bonds 695,000 470,000 240,000 - - - - - - -
PFA Revenue Note 1,161,000 14,105,000 33,038,000 31,505,000 29,936,000 28,331,000 26,679,000 24,986,000 23,252,000 21,477,000
Total 14,026,000 60,140,000 75,758,000 74,290,000 69,876,000 65,161,000 63,874,000 59,391,000 55,392,000 51,272,000
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
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 20.
Capital Improvements Plan by Fund
Proprietary Funds
Internal Service Funds
Transportation Improvement
Fund
BCOL Sales Tax Fund
Park Dedication Fund
Street Lighting Improvement
Fund
Capital Projects Fund
Cemetery Fund
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
2025 2026 2027 2028 2029 2030 2031
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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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 23.
Source of Revenue for Governmental 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
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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
20
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4
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2
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6
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9
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Chart 25.
Total Debt Outstanding Existing and Planned New Debt
Planned New Debt Existing Debt
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
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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%
2024 2025 2026 2027 2028 2029
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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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, and 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
may 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
2.5-4.0% 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 2.0-4.0% annually, with exceptions as noted in the
individual finance plans. Exceptions include potential
staffing additions and other operating adjustments.
• Rates charges for water, sanitary sewer, and stormwater
services are planned to increase based on the 2025 Utility
Rate Study. Proposed future rates in the Plan are at a
level to provide sufficient revenue to support these
services. Details on proposed rates can be found in the
summary of the financial plans for the Water Fund,
Sanitary Sewer Fund, and the Stormwater Fund that
follow, and in the Appendix.
30
TOTAL GOVERNMENTAL FUNDS COMBINED
The table that follows provides total sources and uses of funds
for the following Governmental Funds combined. Individual
Finance Plans are then provided for each of the following funds:
• General Fund
• Community Center Fund
• CDBG and SCDP Fund
• Cemetery Fund
• Debt Service Funds
• Capital Projects Fund
• Street Lighting Improvement Fund
• Park Dedication Fund
• Bertram Chain of Lakes (BCOL) Sales Tax Fund
• Transportation Improvements 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 2024 (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 just over 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 increase steadily in the near term with some larger
planned increases in the future to address service demands.
The Plan includes a potential increase of approximately $1.5
million for new employees, including the operational costs to
support these new positions. Appendices, Exhibit A, includes a
listing of potential positions (FTE and dollars).
Transfers
Recurring transfers are included in the Plan for $100,000 from
the Deputy Registrar Fund to the Community Center Fund to
support operations and for $6,000 from the General Fund to the
EDA Fund for board member stipends.
Other one-time transfers are detailed in the financial plans for
the respective funds.
Balance Sheet
For purposes of the Plan, land held for resale by the City or EDA
is assumed to be held and not sold. Sale of land held for resale
may impact the projected ending cash balances in the Plan.
31
2027 Sources of Funds and 2027-2028 Uses of Funds are high
due to the anticipated construction and issuance of bonds for a
new Public Works Facility.
Future adjustments to assumptions for planned spending and
funding opportunities may be 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
$45.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 12,120,024 13,233,182 14,061,935 15,159,000 16,022,582 16,758,651 17,493,936 18,761,332 19,286,590 19,848,894 19,814,103 20,262,273
Local options sales tax - - 1,801,623 2,250,000 2,300,000 2,350,000 2,400,000 2,450,000 2,500,000 - - -
Franchise taxes 400,591 409,068 351,950 1,118,500 1,924,588 1,972,702 2,022,020 2,072,570 2,124,384 2,177,494 2,231,931 2,287,730
Property taxes other - - - - 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Special assessments 1,185,631 1,177,064 536,834 409,922 326,663 150,920 101,952 97,914 59,900 57,635 20,604 19,556
Licenses and permits 930,901 924,801 903,268 580,000 597,400 615,322 633,782 652,795 672,379 692,550 713,327 734,727
Municipal state aid (construction)- - - 730,000 751,900 774,457 797,691 821,621 846,270 871,658 897,808 924,742
Other intergovernmental 1,640,385 856,498 722,667 616,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
Charges for services 2,836,161 4,436,966 3,694,238 3,172,000 3,290,910 3,414,304 3,542,353 3,675,232 3,813,125 3,956,222 4,104,721 4,258,826
Fines and forfeitures 52,413 65,940 83,847 78,000 80,340 82,750 85,233 87,790 90,423 93,136 95,930 98,808
Investment earnings 1,234,053 1,137,121 1,082,352 659,942 537,385 543,698 544,682 545,720 546,577 548,402 549,929 551,622
Other revenues 825,761 928,221 963,663 939,636 944,254 976,613 1,009,106 1,043,770 1,079,637 1,116,632 1,155,065 1,194,844
Sale of capital assets 32,300 - - - - - - - - - - -
Intergovernmental for capital 586,606 1,136,453 18,905 1,431,000 1,000,000 1,000,000 - - - - - -
Other revenue for capital 2,444,594 72,930 43,379 135,000 - - - - - - - -
Bond proceeds - - - 35,700,000 700,000 3,265,000 - - 3,060,000 - - -
Transfer in 4,750,000 1,800,000 1,584,952 125,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Capital contributions / other - - 250,000 - - - - - - - - -
Sale of property 1,650 - - - - - - - - - - -
Total Revenues 29,041,070 26,178,244 26,099,613 63,104,000 29,247,022 32,675,417 29,401,753 30,979,745 34,850,286 30,133,624 30,354,417 31,104,127
Expenditures
Current - General government 2,692,581 2,985,060 3,186,432 3,319,770 3,394,465 3,470,840 3,548,934 3,628,785 3,710,433 3,793,918 3,879,281 3,966,565
Current - Public safety 3,263,979 3,923,882 4,005,030 4,130,648 4,223,588 4,318,618 4,415,787 4,515,142 4,616,733 4,720,610 4,826,823 4,935,427
Current - Public works 2,609,129 2,648,079 2,780,654 3,124,720 3,195,026 3,266,914 3,340,420 3,415,579 3,492,430 3,571,010 3,651,357 3,733,513
Current - Sanitation 817,199 911,886 941,458 1,038,450 1,079,988 1,123,188 1,168,115 1,214,840 1,263,433 1,313,971 1,366,529 1,421,191
Current - Recreation and culture 4,089,871 4,202,774 4,636,233 4,445,412 4,551,051 4,659,209 4,769,946 4,883,323 4,999,404 5,118,253 5,239,937 5,364,524
Current - Economic development 3,950 5,114 3,661 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Other expenses - - 6,024 8,959 - - - - - - - -
FTE Increases / Current Expenses - - - - - 149,000 288,470 355,874 548,550 848,007 962,697 1,223,578
Capital outlay / acquisition of capital 12,311,729 8,720,379 6,276,932 24,646,000 26,818,121 8,778,700 9,443,322 2,745,000 11,858,668 3,930,000 7,197,193 2,250,000
Principal payments 2,160,000 2,205,000 2,260,000 2,305,000 3,085,000 2,960,000 2,845,000 3,110,000 2,695,000 2,790,000 2,265,000 2,345,000
Interest payments 446,184 402,034 344,309 298,040 2,323,848 1,579,515 1,488,065 1,566,159 1,415,394 1,322,944 1,381,933 1,251,355
Transfer out 750,000 1,200,000 1,082,951 25,000 - - - - - - - -
Cost of issuance of bonds - - - 700,000 - 65,000 - - 60,000 - - -
Total Expenditures 29,144,622 27,204,208 25,523,684 44,048,000 48,677,087 30,376,985 31,314,059 25,440,702 34,666,045 27,414,711 30,776,751 26,497,152
Net Change in Fund Balances (103,552) (1,025,964) 575,929 19,056,000 (19,430,066) 2,298,433 (1,912,307) 5,539,042 184,241 2,718,912 (422,334) 4,606,975
Beginning Fund Balance 22,917,518 22,813,966 21,788,002 22,363,931 41,419,931 21,989,866 24,288,299 22,375,992 27,915,035 28,099,275 30,818,188 30,395,854
Ending Fund Balance 22,813,966 21,788,002 22,363,931 41,419,931 21,989,866 24,288,299 22,375,992 27,915,035 28,099,275 30,818,188 30,395,854 35,002,829
33
Table 7 – Page 2 of 2
City of Monticello
Finance Plan
Total Governmental Funds
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Assets
Cash and investments 26,612,935 22,585,732 21,040,473 40,070,435 21,541,225 23,862,710 21,956,660 27,495,703 27,679,943 30,398,856 29,976,522 34,583,497
Taxes receivable 121,142 173,948 106,159 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Notes receivable 110,487 90,307 71,484 50,164 28,251 5,728 - - - - - -
Due from other governments 1,450,298 2,843,810 1,206,402 1,050,000 170,000 170,000 170,000 170,000 170,000 170,000 170,000 170,000
All other receivables and prepaid items 2,034,477 2,086,040 2,151,997 2,080,250 2,080,250 2,080,250 2,080,250 2,080,250 2,080,250 2,080,250 2,080,250 2,080,250
Special assessments receivable / deferred 3,823,324 2,531,838 2,283,557 745,386 452,645 321,225 232,881 145,066 91,791 38,516 20,008 1,500
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 34,990,245 31,149,257 27,697,654 44,933,818 25,209,953 27,377,495 25,377,373 30,828,600 30,959,566 33,625,204 33,184,362 37,772,829
Liabilities
Due to other governmental units 31,024 160,932 26,839 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Unearned revenue 36,358 35,074 35,074 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
All other liabilities 1,721,993 1,210,139 285,873 310,000 310,000 310,000 310,000 310,000 310,000 310,000 310,000 310,000
Deferred inflows of resources 9,307,101 7,123,765 3,893,851 2,243,886 1,950,087 1,819,196 1,731,381 1,643,566 1,590,291 1,537,016 1,518,508 1,500,000
Escrow deposits 1,079,803 831,345 1,092,086 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Total Liabilities and deferred inflows 12,176,279 9,361,255 5,333,723 3,513,886 3,220,087 3,089,196 3,001,381 2,913,566 2,860,291 2,807,016 2,788,508 2,770,000
Fund Balance 22,813,966 21,788,002 22,363,931 41,419,931 21,989,866 24,288,299 22,375,992 27,915,035 28,099,275 30,818,188 30,395,854 35,002,829
Total Liab, deferred inflows, and fund balance 34,990,245 31,149,257 27,697,654 44,933,818 25,209,953 27,377,495 25,377,373 30,828,600 30,959,566 33,625,204 33,184,362 37,772,829
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 2.5-4.0%, 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
68.1%
Intergovernmental
4.4%
Charges for services
12.0%
All other
15.4%
Chart 31.
General Fund Sources of Revenues
(Based on the 2026 Budget)
Tax
Year Tax Levy ($) % Change in
Tax Levy
2024 8,685,314
2025 8,925,181 2.8%
2026 9,457,000 6.0%
2027 9,741,000 3.0%
2028 10,131,000 4.0%
2029 10,537,000 4.0%
2030 10,959,000 4.0%
2031 11,398,000 4.0%
2032 11,968,000 5.0%
2033 12,328,000 3.0%
2034 12,822,000 4.0%
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 2.25% annually.
• New positions, 11.5 FTE, are included in the General Fund
Finance Plan at a total estimated cost of approximately
$1.1 million, plus increases for current operating
expenses. The potential additions are as follows:
o Year 2028, 0.5 FTE for Public Works Engineering
Staff and 1.0 FTE Parks Operator ($149,000)
o Year 2029, 1.0 FTE Public Works Street Operator
($100,000)
o Year 2030, 1.25 FTE PT Parks Seasonal Staff
($58,750)
o Year 2031, 1.0 FTE Community Service Officer and
1.0 FTE PT Parks Seasonal ($182,000)
o Year 2032, 1.0 FTE for Fire Chief and 1.0 FTE for
Public Works Engineering Staff (283,000)
o Year 2033, 1.75 FTE PT Parks Operator ($89,250)
o Year 2034, 1.0 FTE Streets Operator and 1.0 FTE
Parks Operator ($232,000)
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 compared 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, which is adjusted to actual cost annually.
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, 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 2025-2034 is projected to average
approximately $10.4 million annually. Accounts receivable and
payable are projected to remain at consistent levels.
36
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 8,056,454 8,685,314 8,925,181 9,457,000 9,741,000 10,131,000 10,537,000 10,959,000 11,398,000 11,968,000 12,328,000 12,822,000
Franchise taxes 243,482 203,292 197,814 293,500 300,838 308,358 316,067 323,969 332,068 340,370 348,879 357,601
Property taxes other - - - - 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000
Special assessments 156 364 1,854 - - - - - - - - -
Licenses and permits 930,901 924,801 903,268 580,000 597,400 615,322 633,782 652,795 672,379 692,550 713,327 734,727
Other intergovernmental 1,224,989 854,998 722,667 616,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000 650,000
Charges for services 1,486,973 1,674,926 1,682,828 1,668,000 1,734,720 1,804,109 1,876,273 1,951,324 2,029,377 2,110,552 2,194,974 2,282,773
Fines and forfeitures 52,413 65,940 83,847 78,000 80,340 82,750 85,233 87,790 90,423 93,136 95,930 98,808
Investment earnings 434,085 424,236 353,001 300,200 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Other revenues 784,190 875,009 947,146 893,300 924,566 956,925 990,418 1,025,082 1,060,960 1,098,094 1,136,527 1,176,306
Sale of property 1,650 - - - - - - - - - - -
Total Revenues 13,215,293 13,708,880 13,817,606 13,886,000 14,349,863 14,869,465 15,409,773 15,970,960 16,554,208 17,273,702 17,788,638 18,443,215
Expenditures
Current - General government 2,692,581 2,985,060 3,186,432 3,319,770 3,394,465 3,470,840 3,548,934 3,628,785 3,710,433 3,793,918 3,879,281 3,966,565
Current - Public safety 3,263,979 3,923,882 4,005,030 4,130,648 4,223,588 4,318,618 4,415,787 4,515,142 4,616,733 4,720,610 4,826,823 4,935,427
Current - Public works 2,601,329 2,636,247 2,676,377 3,124,720 3,195,026 3,266,914 3,340,420 3,415,579 3,492,430 3,571,010 3,651,357 3,733,513
Current - Sanitation 817,199 911,886 941,458 1,038,450 1,079,988 1,123,188 1,168,115 1,214,840 1,263,433 1,313,971 1,366,529 1,421,191
Current - Recreation and culture 1,950,378 2,101,073 2,314,547 2,266,412 2,317,406 2,369,548 2,422,863 2,477,377 2,533,118 2,590,113 2,648,391 2,707,980
Current - Economic development 3,950 5,114 3,661 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
FTE Increases / Current Expenses - - - - - 149,000 253,470 319,824 511,419 809,761 923,304 1,183,003
Transfer out 750,000 1,200,000 - - - - - - - - - -
Total Expenditures 12,079,416 13,763,262 13,127,505 13,886,000 14,216,473 14,704,108 15,155,589 15,577,548 16,133,566 16,805,382 17,301,686 17,953,678
Net Change in Fund Balances 1,135,877 (54,382) 690,101 - 133,390 165,356 254,184 393,412 420,642 468,320 486,952 489,537
Beginning Fund Balance 7,042,796 8,178,673 8,124,291 8,814,392 8,814,392 8,947,782 9,113,139 9,367,322 9,760,735 10,181,376 10,649,697 11,136,649
Ending Fund Balance 8,178,673 8,124,291 8,814,392 8,814,392 8,947,782 9,113,139 9,367,322 9,760,735 10,181,376 10,649,697 11,136,649 11,626,185
Assets
Cash and investments 9,464,666 8,588,421 9,433,251 9,362,892 9,496,282 9,661,639 9,915,822 10,309,235 10,729,876 11,198,197 11,685,149 12,174,685
Taxes receivable 121,142 173,948 106,159 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Due from other governments 67,858 366,133 165,052 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
All other receivables and prepaid items 1,907,687 2,044,154 2,065,531 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Special assessments receivable / deferred - 1,458 2,553 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Total Assets 11,561,353 11,174,114 11,772,546 11,514,392 11,647,782 11,813,139 12,067,322 12,460,735 12,881,376 13,349,697 13,836,649 14,326,185
Liabilities
Due to other governmental units 15,375 149,147 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Unearned revenue 36,358 35,074 35,074 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
All other liabilities 746,048 422,505 203,147 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
Deferred inflows of resources 1,505,096 1,611,752 1,612,847 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
Escrow deposits 1,079,803 831,345 1,092,086 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Total Liabilities and deferred inflows 3,382,680 3,049,823 2,958,154 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000 2,700,000
Fund Balance 8,178,673 8,124,291 8,814,392 8,814,392 8,947,782 9,113,139 9,367,322 9,760,735 10,181,376 10,649,697 11,136,649 11,626,185
Total Liab, deferred inflows, and fund balance 11,561,353 11,174,114 11,772,546 11,514,392 11,647,782 11,813,139 12,067,322 12,460,735 12,881,376 13,349,697 13,836,649 14,326,185
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 2023 were 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 2.5%
annually, knowing costs much be kept conservative due to the
discretionary nature of membership revenues.
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 at an average of $125,000
annually. While the plan does assume property tax levy support
will increase by 3% annually, this along with charges for services
may not be sufficient to cover expenditures because raising rates
too much could lead to a loss in memberships and users. The City
will closely monitor the activities, operations, and rates in the
fund to ensure that the fund remains stable.
39
Table 9
City of Monticello
Finance Plan
Community Center Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 515,000 525,000 535,000 552,000 569,000 587,000 605,000 624,000 643,000 663,000 683,000 704,000
Other intergovernmental 415,396 1,500 - - - - - - - - - -
Charges for services 1,255,214 1,266,399 1,352,238 1,459,000 1,510,065 1,562,917 1,617,619 1,674,236 1,732,834 1,793,484 1,856,255 1,921,224
Investment earnings 17,868 19,254 3,192 20,000 1,462 1,462 1,462 1,462 1,462 1,462 1,462 1,462
Other revenues 34,339 50,374 14,141 14,000 18,538 18,538 18,538 18,538 18,538 18,538 18,538 18,538
Transfer in - 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Revenues 2,237,817 1,962,527 2,004,571 2,145,000 2,199,065 2,269,917 2,342,619 2,418,236 2,495,834 2,576,484 2,659,255 2,745,224
Expenditures
Current - Recreation and culture 2,115,490 2,072,948 2,289,974 2,145,000 2,198,625 2,253,591 2,309,930 2,367,679 2,426,871 2,487,542 2,549,731 2,613,474
FTE Increases / Current Expenses - - - - - - 35,000 36,050 37,132 38,245 39,393 40,575
Capital outlay / acquisition of capital 27,843 96,760 - - - - - - - - - -
Total Expenditures 2,143,333 2,169,708 2,289,974 2,145,000 2,198,625 2,253,591 2,344,930 2,403,729 2,464,002 2,525,788 2,589,124 2,654,049
Net Change in Fund Balances 94,484 (207,181) (285,403) - 440 16,327 (2,311) 14,507 31,832 50,696 70,132 91,176
Beginning Fund Balance 449,419 543,903 336,722 51,319 51,319 51,759 68,086 65,775 80,282 112,114 162,810 232,942
Ending Fund Balance 543,903 336,722 51,319 51,319 51,759 68,086 65,775 80,282 112,114 162,810 232,942 324,117
Assets
Cash and investments 508,676 349,516 57,787 56,319 56,759 73,086 70,775 85,282 117,114 167,810 237,942 329,117
All other receivables and prepaid items 77,987 38,988 46,194 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
Total Assets 586,663 388,504 103,981 96,319 96,759 113,086 110,775 125,282 157,114 207,810 277,942 369,117
Liabilities
Due to other governmental units 10,703 11,785 11,839 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
All other liabilities 32,057 39,997 40,823 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
Total Liabilities and deferred inflows 42,760 51,782 52,662 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000
Fund Balance 543,903 336,722 51,319 51,319 51,759 68,086 65,775 80,282 112,114 162,810 232,942 324,117
Total Liab, deferred inflows, and fund balance 586,663 388,504 103,981 96,319 96,759 113,086 110,775 125,282 157,114 207,810 277,942 369,117
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 2029.
41
Table 10
City of Monticello
Finance Plan
CDBG and SCDP Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 37,961 42,062 44,207 28,350 - - - - - - - -
Other revenues 3,082 2,838 2,276 1,650 1,000 1,000 - - - - - -
Total Revenues 41,043 44,900 46,483 30,000 1,000 1,000 - - - - - -
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances 41,043 44,900 46,483 30,000 1,000 1,000 - - - - - -
Beginning Fund Balance 898,209 939,252 984,152 1,030,635 1,060,635 1,061,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635
Ending Fund Balance 939,252 984,152 1,030,635 1,060,635 1,061,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635
Assets
Cash and investments 828,765 893,845 959,151 1,010,471 1,033,384 1,056,907 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635
Notes receivable 110,487 90,307 71,484 50,164 28,251 5,728 - - - - - -
Total Assets 939,252 984,152 1,030,635 1,060,635 1,061,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 939,252 984,152 1,030,635 1,060,635 1,061,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635
Total Liab, deferred inflows, and fund balance 939,252 984,152 1,030,635 1,060,635 1,061,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635 1,062,635
42
CEMETERY FUND
The Cemetery Fund is used to account for operations at the
Riverside Cemetery. The Hillside Cemetery is fully occupied, 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Charges for services 43,727 51,815 74,355 45,000 46,125 47,278 48,460 49,672 50,913 52,186 53,491 54,828
Investment earnings 6,494 7,999 10,157 5,000 - - - - - - - -
Other revenues 4,150 - 100 - - - - - - - - -
Total Revenues 54,371 59,814 84,612 50,000 46,125 47,278 48,460 49,672 50,913 52,186 53,491 54,828
Expenditures
Current - Recreation and culture 24,003 28,753 31,712 34,000 35,020 36,071 37,153 38,267 39,415 40,598 41,816 43,070
Capital outlay / acquisition of capital - - - - 70,000 - - - - - - -
Total Expenditures 24,003 28,753 31,712 34,000 105,020 36,071 37,153 38,267 39,415 40,598 41,816 43,070
Net Change in Fund Balances 30,368 31,061 52,900 16,000 (58,895) 11,208 11,307 11,404 11,498 11,588 11,675 11,758
Beginning Fund Balance 117,843 148,211 179,272 232,172 248,172 189,277 200,485 211,792 223,196 234,694 246,283 257,958
Ending Fund Balance 148,211 179,272 232,172 248,172 189,277 200,485 211,792 223,196 234,694 246,283 257,958 269,716
Assets
Cash and investments 147,906 179,689 231,900 247,922 189,027 200,235 211,542 222,946 234,444 246,033 257,708 269,466
All other receivables and prepaid items 455 283 272 250 250 250 250 250 250 250 250 250
Total Assets 148,361 179,972 232,172 248,172 189,277 200,485 211,792 223,196 234,694 246,283 257,958 269,716
Liabilities
All other liabilities 150 700 - - - - - - - - - -
Total Liabilities and deferred inflows 150 700 - - - - - - - - - -
Fund Balance 148,211 179,272 232,172 248,172 189,277 200,485 211,792 223,196 234,694 246,283 257,958 269,716
Total Liab, deferred inflows, and fund balance 148,361 179,972 232,172 248,172 189,277 200,485 211,792 223,196 234,694 246,283 257,958 269,716
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
2024 (audited) was $14,026,000.
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 reporting and/or rebate
requirements with the Internal Revenue Service (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
2026, 2028 and 2031. 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 continue to adjust as needed 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 2027 and later.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 1,999,581 2,026,175 2,196,193 2,305,511 4,712,582 4,540,651 4,351,936 4,678,332 4,245,590 4,217,894 3,803,103 3,736,273
Special assessments 300,188 283,443 275,204 172,864 124,431 92,880 79,625 77,112 40,058 38,753 2,682 2,594
Investment earnings 60,046 43,775 55,954 3,939 2,923 4,236 5,220 6,258 7,115 8,940 10,467 12,160
Other revenues - - - 30,686 150 150 150 150 139 - - -
Bond proceeds - - - - 700,000 - - - - - - -
Total Revenues 2,359,815 2,353,393 2,527,351 2,513,000 5,540,087 4,637,916 4,436,931 4,761,852 4,292,902 4,265,587 3,816,251 3,751,027
Expenditures
Other expenses - - 6,024 8,959 - - - - - - - -
Principal payments 2,160,000 2,205,000 2,260,000 2,305,000 3,085,000 2,960,000 2,845,000 3,110,000 2,695,000 2,790,000 2,265,000 2,345,000
Interest payments 446,184 402,034 344,309 298,040 2,323,848 1,579,515 1,488,065 1,566,159 1,415,394 1,322,944 1,381,933 1,251,355
Transfer out - - - - - - - - - - - -
Total Expenditures 2,606,184 2,607,034 2,610,333 2,612,000 5,408,848 4,539,515 4,333,065 4,676,159 4,110,394 4,112,944 3,646,933 3,596,355
Net Change in Fund Balances (246,369) (253,641) (82,982) (99,000) 131,238 98,401 103,866 85,693 182,508 152,643 169,319 154,672
Beginning Fund Balance 974,305 727,936 474,295 391,313 292,313 423,552 521,953 625,819 711,512 894,020 1,046,664 1,215,982
Ending Fund Balance 727,936 474,295 391,313 292,313 423,552 521,953 625,819 711,512 894,020 1,046,664 1,215,982 1,370,655
Assets
Cash and investments 729,928 475,186 393,887 292,313 423,552 521,953 625,819 711,512 894,020 1,046,664 1,215,982 1,370,655
Special assessments receivable / deferred 1,611,964 815,799 566,423 414,581 305,229 223,186 151,372 79,559 42,286 5,013 2,506 -
Total Assets 2,341,892 1,290,985 960,310 706,895 728,781 745,139 777,191 791,071 936,306 1,051,677 1,218,489 1,370,655
Liabilities
All other liabilities 3,000 2,700 2,574 - - - - - - - - -
Deferred inflows of resources 1,610,956 813,990 566,423 414,581 305,229 223,186 151,372 79,559 42,286 5,013 2,506 -
Total Liabilities and deferred inflows 1,613,956 816,690 568,997 414,581 305,229 223,186 151,372 79,559 42,286 5,013 2,506 -
Fund Balance 727,936 474,295 391,313 292,313 423,552 521,953 625,819 711,512 894,020 1,046,664 1,215,982 1,370,655
Total Liab, deferred inflows, and fund balance 2,341,892 1,290,985 960,310 706,895 728,781 745,139 777,191 791,071 936,306 1,051,677 1,218,489 1,370,655
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 and transportation improvements, and
park dedication projects, including a separate fund to track the
collection and use of a local sales and use tax 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. A gas franchise tax goes
into effect in 2026 that will help replace certain special
assessment charges.
The property tax levy for capital is planned to increase over time
to allow the City to reduce (but not eliminate) 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 does not reflect any recurring transfer in.
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 2026 and expenditures in 2026 and 2027
include the Public Works facility project at estimated cost of
$35.0 million.
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 1,548,989 1,996,693 2,405,561 2,844,489 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,000,000 3,000,000 3,000,000
Special assessments 884,472 892,478 259,033 236,351 201,596 57,440 21,762 20,802 19,842 18,882 17,922 16,962
Charges for services - 1,443,826 584,817 - - - - - - - - -
Investment earnings 541,853 488,054 522,031 250,160 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Sale of capital assets 32,300 - - - - - - - - - - -
Intergovernmental for capital 586,606 1,136,453 18,905 1,177,000 1,000,000 - - - - - - -
Other revenue for capital 2,444,594 64,980 43,379 135,000 - - - - - - - -
Bond proceeds - - - 35,700,000 - 3,265,000 - - 3,060,000 - - -
Transfer in 3,500,000 1,700,000 1,082,952 25,000 - - - - - - - -
Total Revenues 9,538,814 7,722,484 4,916,678 40,368,000 2,401,596 5,022,440 2,221,762 2,720,802 6,279,842 3,218,882 3,217,922 3,216,962
Expenditures
Current - Public works 7,800 11,832 104,277 - - - - - - - - -
Capital outlay / acquisition of capital 10,757,236 7,923,010 5,561,188 21,681,000 19,705,000 5,673,700 4,376,000 100,000 3,785,000 3,630,000 - -
Cost of issuance of bonds - - - 700,000 - 65,000 - - 60,000 - - -
Total Expenditures 10,765,036 7,934,842 5,665,465 22,381,000 19,705,000 5,738,700 4,376,000 100,000 3,845,000 3,630,000 - -
Net Change in Fund Balances (1,226,222) (212,358) (748,787) 17,987,000 (17,303,404) (716,260) (2,154,238) 2,620,802 2,434,842 (411,118) 3,217,922 3,216,962
Beginning Fund Balance 10,868,750 9,642,528 9,430,170 8,681,383 26,668,383 9,364,979 8,648,719 6,494,481 9,115,283 11,550,125 11,139,007 14,356,929
Ending Fund Balance 9,642,528 9,430,170 8,681,383 26,668,383 9,364,979 8,648,719 6,494,481 9,115,283 11,550,125 11,139,007 14,356,929 17,573,891
Assets
Cash and investments 12,280,612 9,818,447 6,838,080 24,855,801 8,552,397 7,836,137 5,681,899 8,302,701 10,737,543 10,326,425 13,544,347 16,761,309
Due from other governments 1,382,440 2,477,677 1,041,350 1,000,000 - - - - - - - -
All other receivables and prepaid items 1,995 1,500 - - - - - - - - - -
Special assessments receivable / deferred 2,207,658 1,711,408 1,711,408 327,718 144,858 96,010 80,009 64,007 48,005 32,003 16,002 -
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 16,710,287 14,846,614 10,428,420 27,021,101 9,534,837 8,769,729 6,599,490 9,204,290 11,623,131 11,196,011 14,397,931 17,598,891
Liabilities
Due to other governmental units 4,946 - - - - - - - - - - -
All other liabilities 875,466 721,594 35,629 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Deferred inflows of resources 6,187,347 4,694,850 1,711,408 327,718 144,858 96,010 80,009 64,007 48,005 32,003 16,002 -
Total Liabilities and deferred inflows 7,067,759 5,416,444 1,747,037 352,718 169,858 121,010 105,009 89,007 73,005 57,003 41,002 25,000
Fund Balance 9,642,528 9,430,170 8,681,383 26,668,383 9,364,979 8,648,719 6,494,481 9,115,283 11,550,125 11,139,007 14,356,929 17,573,891
Total Liab, deferred inflows, and fund
balance 16,710,287 14,846,614 10,428,420 27,021,101 9,534,837 8,769,729 6,599,490 9,204,290 11,623,131 11,196,011 14,397,931 17,598,891
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 electric
franchise taxes and investment earnings on the cash balance in
the Fund, and non-recurring transfers in from other funds as
necessary.
Revenues are projected to be sufficient to cover the planned
capital improvements. Timing of actual 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 Transportation
Improvements 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, while still sufficient, is projected to be
impacted by timing of capital improvements and non-recurring
interfund transfers.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 38.
Street Lighting Improvement Fund
Ending Fund Balance and Cash Balance
Ending Fund Balance Ending Cash Balance
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 39.
Street Lighting Improvement Fund
Sources and Uses of Funds
Bond proceeds
Non franchise tax revenue
Franchise tax revenue
Expenditures
51
Table 14
City of Monticello
Finance Plan
Street Lighting Improvement Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes 157,109 205,776 154,136 150,000 153,750 157,594 161,534 165,572 169,711 173,954 178,303 182,760
Investment earnings 71,449 65,510 66,900 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenue for capital - 5,236 - - - - - - - - - -
Transfer in 250,000 - - - - - - - - - - -
Total Revenues 478,558 276,522 221,036 175,000 178,750 182,594 186,534 190,572 194,711 198,954 203,303 207,760
Expenditures
Capital outlay / acquisition of capital 38,563 596,882 - - - - - 500,000 - - - -
Transfer out - - 380,000 25,000 - - - - - - - -
Total Expenditures 38,563 596,882 380,000 25,000 - - - 500,000 - - - -
Net Change in Fund Balances 439,995 (320,360) (158,964) 150,000 178,750 182,594 186,534 (309,428) 194,711 198,954 203,303 207,760
Beginning Fund Balance 1,257,883 1,697,878 1,377,518 1,218,554 1,368,554 1,547,304 1,729,898 1,916,431 1,607,003 1,801,715 2,000,669 2,203,971
Ending Fund Balance 1,697,878 1,377,518 1,218,554 1,368,554 1,547,304 1,729,898 1,916,431 1,607,003 1,801,715 2,000,669 2,203,971 2,411,732
Assets
Cash and investments 1,651,525 1,376,403 1,178,554 1,328,554 1,507,304 1,689,898 1,876,431 1,567,003 1,761,715 1,960,669 2,163,971 2,371,732
All other receivables and prepaid items 46,353 1,115 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
Total Assets 1,697,878 1,377,518 1,218,554 1,368,554 1,547,304 1,729,898 1,916,431 1,607,003 1,801,715 2,000,669 2,203,971 2,411,732
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,697,878 1,377,518 1,218,554 1,368,554 1,547,304 1,729,898 1,916,431 1,607,003 1,801,715 2,000,669 2,203,971 2,411,732
Total Liab, deferred inflows, and fund
balance 1,697,878 1,377,518 1,218,554 1,368,554 1,547,304 1,729,898 1,916,431 1,607,003 1,801,715 2,000,669 2,203,971 2,411,732
52
PARK DEDICATION FUND
The Park 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 driven by development; therefore, the Plan does not include
estimates for future collection. While future park dedication fees
are expected with future development, these funds will be used
for projects that may not be planned in the CIP.
Park dedication fees are specifically restricted to new park
services and because park improvements that are maintenance
in nature have no other separate funding sources, accumulated
unrestricted park improvement funding from previous years was
transferred out to the Capital Projects Fund in 2025 and will be
accounted for there going forward.
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 remain stable. Capital
improvements for development are difficult to predict so the
Plan is silent on assumptions for future revenues or projects.
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 40.
Park Dedication 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
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 41.
Park 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 Dedication Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 815 779 743 707 636 600 565 - - - - -
Charges for services 50,247 - - - - - - - - - - -
Investment earnings 64,297 46,231 7,777 4,293 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Other revenue for capital - 2,714 - - - - - - - - - -
Transfer in 1,000,000 - 402,000 - - - - - - - - -
Capital contributions / other - - 250,000 - - - - - - - - -
Total Revenues 1,115,359 49,724 660,520 5,000 3,636 3,600 3,565 3,000 3,000 3,000 3,000 3,000
Expenditures
Capital outlay / acquisition of capital 1,488,087 103,727 664,151 - - - - - - - - -
Transfer out - - 702,951 - - - - - - - - -
Total Expenditures 1,488,087 103,727 1,367,102 - - - - - - - - -
Net Change in Fund Balances (372,728) (54,003) (706,582) 5,000 3,636 3,600 3,565 3,000 3,000 3,000 3,000 3,000
Beginning Fund Balance 1,308,313 935,585 881,582 175,000 180,000 183,636 187,236 190,801 193,801 196,801 199,801 202,801
Ending Fund Balance 935,585 881,582 175,000 180,000 183,636 187,236 190,801 193,801 196,801 199,801 202,801 205,801
Assets
Cash and investments 1,000,857 904,225 175,000 180,000 182,578 186,707 190,801 193,801 196,801 199,801 202,801 205,801
Special assessments receivable / deferred 3,702 3,173 3,173 1,587 1,058 529 - - - - - -
Total Assets 1,004,559 907,398 178,173 181,587 183,636 187,236 190,801 193,801 196,801 199,801 202,801 205,801
Liabilities
All other liabilities 65,272 22,643 - - - - - - - - - -
Deferred inflows of resources 3,702 3,173 3,173 1,587 - - - - - - - -
Total Liabilities and deferred inflows 68,974 25,816 3,173 1,587 - - - - - - - -
Fund Balance 935,585 881,582 175,000 180,000 183,636 187,236 190,801 193,801 196,801 199,801 202,801 205,801
Total Liab, deferred inflows, and fund
balance 1,004,559 907,398 178,173 181,587 183,636 187,236 190,801 193,801 196,801 199,801 202,801 205,801
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 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 such as intergovernmental revenues in 2026.
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 projected to have sufficient cash to cover potential
capital improvements based on current capital spending
assumptions; however, the Plan shows a small amount of
additional funding may be needed toward the end of tax receipt
collections to complete projects in process at that time. The City
will address this in future decision making regarding the next
phase(s) of the BCOL park.
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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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
$4.0
$4.5
$5.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 43.
Bertram Chain of Lakes Sales Tax Fund
Sources and Uses of Funds
Non sales tax revenue
Sales tax revenue
Bond proceeds
Expenditures
55
Table 16
City of Monticello
Finance Plan
BCOL Sales Tax Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Local options sales tax - - 1,801,623 2,250,000 2,300,000 2,350,000 2,400,000 2,450,000 2,500,000 - - -
Investment earnings - - 19,133 23,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Intergovernmental for capital - - - 254,000 - - - - - - - -
Total Revenues - - 1,820,756 2,527,000 2,305,000 2,355,000 2,405,000 2,455,000 2,505,000 5,000 5,000 5,000
Expenditures
Capital outlay / acquisition of capital - - 51,593 1,705,000 4,543,121 - 2,442,322 - 3,723,668 - 4,047,193 -
Total Expenditures - - 51,593 1,705,000 4,543,121 - 2,442,322 - 3,723,668 - 4,047,193 -
Net Change in Fund Balances - - 1,769,163 822,000 (2,238,121) 2,355,000 (37,322) 2,455,000 (1,218,668) 5,000 (4,042,193) 5,000
Beginning Fund Balance - - - 1,769,163 2,591,163 353,042 2,708,042 2,670,720 5,125,720 3,907,052 3,912,052 (130,141)
Ending Fund Balance - - 1,769,163 2,591,163 353,042 2,708,042 2,670,720 5,125,720 3,907,052 3,912,052 (130,141) (125,141)
Assets
Cash and investments - - 1,772,863 2,591,163 233,042 2,588,042 2,550,720 5,005,720 3,787,052 3,792,052 (250,141) (245,141)
Due from other governments - - - - 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000
Total Assets - - 1,772,863 2,591,163 353,042 2,708,042 2,670,720 5,125,720 3,907,052 3,912,052 (130,141) (125,141)
Liabilities
All other liabilities - - 3,700 - - - - - - - - -
Total Liabilities and deferred inflows - - 3,700 - - - - - - - - -
Fund Balance - - 1,769,163 2,591,163 353,042 2,708,042 2,670,720 5,125,720 3,907,052 3,912,052 (130,141) (125,141)
Total Liab, deferred inflows, and fund
balance - - 1,772,863 2,591,163 353,042 2,708,042 2,670,720 5,125,720 3,907,052 3,912,052 (130,141) (125,141)
56
TRANSPORTATION IMPROVEMENTS FUND
The Transportation Improvements Fund is used to account for
the collection of a gas franchise tax beginning in 2026. A future
increase in electric franchise fees is anticipated but has not been
approved or implemented.
Revenues
Revenues include gas franchise taxes, state aid for construction,
and investment earnings on the Fund’s cash balance, in addition
to other non-recurring revenues.
Expenditures
The expenditures of funds include capital improvements for
street maintenance and improvements. Costs associated with
street projects for street lighting will be funded by the Street
Lighting Improvements Fund, and utility improvements will be
paid for out of the respective Proprietary Fund.
Expenditure estimates in the Plan are based on ideal project
timing related to the current condition of each city street;
however, future decision making will address shortfalls in
available funding based on cashflow projections to alter these
projections.
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. As noted above, the City will address this in future
decision making regarding street conditions and improvements.
($2.0)
($1.5)
($1.0)
($0.5)
$0.0
$0.5
$1.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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Chart 44.
Transportation Improvements 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
$4.0
$4.5
$5.0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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Chart 45.
Transportation Improvements Fund
Sources and Uses of Funds
Bond proceeds
Non franchise tax
revenueFranchise tax revenue
57
Table 17
City of Monticello
Finance Plan
Transportation Improvements Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes - - - 675,000 1,470,000 1,506,750 1,544,419 1,583,029 1,622,605 1,663,170 1,704,749 1,747,368
Municipal state aid (construction)- - - 730,000 751,900 774,457 797,691 821,621 846,270 871,658 897,808 924,742
Investment earnings - - - - - 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Intergovernmental for capital - - - - - 1,000,000 - - - - - -
Total Revenues - - - 1,405,000 2,221,900 3,286,207 2,347,109 2,409,651 2,473,875 2,539,828 2,607,557 2,677,110
Expenditures
Capital outlay / acquisition of capital - - - 1,260,000 2,500,000 3,105,000 2,625,000 2,145,000 4,350,000 300,000 3,150,000 2,250,000
Total Expenditures - - - 1,260,000 2,500,000 3,105,000 2,625,000 2,145,000 4,350,000 300,000 3,150,000 2,250,000
Net Change in Fund Balances - - - 145,000 (278,100) 181,207 (277,891) 264,651 (1,876,125) 2,239,828 (542,443) 427,110
Beginning Fund Balance - - - - 145,000 (133,100) 48,107 (229,784) 34,867 (1,841,258) 398,570 (143,872)
Ending Fund Balance - - - 145,000 (133,100) 48,107 (229,784) 34,867 (1,841,258) 398,570 (143,872) 283,238
Assets
Cash and investments - - - 145,000 (133,100) 48,107 (229,784) 34,867 (1,841,258) 398,570 (143,872) 283,238
Due from other governments - - - - - - - - - - - -
Total Assets - - - 145,000 (133,100) 48,107 (229,784) 34,867 (1,841,258) 398,570 (143,872) 283,238
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance - - - 145,000 (133,100) 48,107 (229,784) 34,867 (1,841,258) 398,570 (143,872) 283,238
Total Liab, deferred inflows, and fund
balance - - - 145,000 (133,100) 48,107 (229,784) 34,867 (1,841,258) 398,570 (143,872) 283,238
58
WATER FUND
The Water Fund is a Proprietary Fund used to account for the
costs of providing municipal water services to residents and
businesses. The Fund is considered self-supporting in that the
services rendered are financed through user charges.
The Water Fund is presented on an accrual basis. There is a
recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recognized
when earned. There is a capitalization of certain expenses and
the subsequent depreciation of the capitalized costs. There are
accruals of revenues earned and expenses incurred regardless of
the timing of cashflows.
Revenues
Revenue sources for the Water Fund 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 2027. The total cost of the project is estimated at $45
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 90 units per year between 2026-2034 for
new residential and commercial customer units.
The Plan includes the rates approved for 2026, and usage rate
increases are estimated at 5.0-8.0% annually from 2027-2034 as
recommended in the 2025 Utility Rate Study. Additionally, the
Plan assumes an annual increase in the trunk and access charges
of 20.0% through 2029 and 5.0% annually thereafter. The Plan
includes 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.
59
Expenses
Expenses include operations, capital, interest expense on debt,
and depreciation of capital assets.
The Plan anticipates the addition of new position (0.5 FTE in 2027
and the remaining 0.5 FTE in 2028) to coincide with operation of
the water treatment plan) and a second position (1.0 FTE) in
2032, which is split between the Water Fund and Sewer Fund.
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, but debt
issuance is anticipated in 2026 and 2027.
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.
60
-$15.0
-$10.0
-$5.0
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 46.
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%
1400%
1600%
1800%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
En
d
i
n
g
u
n
r
e
s
t
r
i
c
t
e
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N
e
t
P
o
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a
s
%
o
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E
x
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s
Mi
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Chart 47.
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
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
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Chart 48.
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
6,400
6,800
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
To
t
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C
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o
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U
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(
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,
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0
0
G
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)
Chart 49.
Water Fund
Customers and Annual Volume Billed
Water Volume
Billed
Total Customer
Units
61
Table 18
City of Monticello
Finance Plan
Water Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 26,480 26,380 20,434 8,000 55 55 55 55 55 55 55 55
Licenses and permits - - 4,245 2,500 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Other intergovernmental 101,700 - - - - - - - - - - -
Charges for services 1,974,203 1,952,128 2,188,837 1,931,000 2,697,944 2,960,130 3,242,464 3,470,260 3,722,461 3,987,108 4,248,135 4,500,602
Investment earnings 384,834 472,767 539,798 290,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Other revenues 82,421 106,072 367,421 48,500 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Intergovernmental for capital - - - 500,000 11,000,000 - - - - - - -
Connection / access charges 567,980 344,510 - 100,000 646,514 551,928 608,681 278,325 585,864 622,995 472,620 105,975
Penalties and interest 40,827 47,893 54,219 48,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000
Trunk charges 317,493 63,429 38,632 50,000 767,339 804,876 944,853 793,658 998,292 1,054,284 1,008,093 844,096
Total 3,495,938 3,013,179 3,213,586 2,978,000 15,380,853 4,585,990 5,065,054 4,811,299 5,575,673 5,933,442 5,997,903 5,719,727
Expenses
FTE Increases / Current Expenses - - - - 47,500 97,425 100,348 103,358 106,459 164,653 224,592 231,330
Depreciation 493,027 483,768 500,408 855,533 1,367,533 1,733,783 1,748,608 1,756,296 1,803,421 1,803,421 1,805,671 1,805,671
Interest payments - - - - 385,630 903,909 797,680 759,850 721,110 681,200 640,250 598,260
Operating expense before depreciation 957,404 965,374 924,906 1,267,000 1,317,680 1,370,387 1,425,203 1,482,211 1,541,499 1,603,159 1,667,286 1,733,977
Cost of issuance of bonds - - - 255,000 385,000 - - - - - - -
Total 1,450,431 1,449,142 1,425,314 2,377,533 3,503,343 4,105,504 4,071,838 4,101,715 4,172,489 4,252,433 4,337,799 4,369,238
Change in Net Position 2,045,507 1,564,037 1,788,272 600,467 11,877,509 480,485 993,215 709,584 1,403,184 1,681,009 1,660,104 1,350,489
Ending net position 17,088,531 18,652,568 20,440,840 21,041,307 32,918,816 33,399,302 34,392,517 35,102,101 36,505,285 38,186,295 39,846,399 41,196,888
Assets
Cash and investments 8,971,775 10,468,835 12,343,773 12,703,271 24,566,812 10,764,578 11,511,900 12,180,268 11,966,873 13,876,304 15,637,079 17,138,240
All other receivables and prepaid items 882,861 888,108 887,240 887,240 887,240 887,240 887,240 887,240 887,240 887,240 887,240 887,240
Special assessments receivable / deferred 390,059 434,235 214,913 161,415 107,917 54,418 920 920 920 920 920 920
Capital assets 22,396,093 22,903,212 23,568,795 37,773,795 58,253,795 72,903,795 73,496,795 73,804,307 75,689,307 75,689,307 75,779,307 75,779,307
Accumulated depreciation (14,658,855) (15,142,623) (15,643,031) (16,498,564) (17,866,097) (19,599,880) (21,348,488) (23,104,784) (24,908,205) (26,711,626) (28,517,297) (30,322,968)
Deferred outflows of resources 46,904 26,967 26,967 26,967 26,967 26,967 26,967 26,967 26,967 26,967 26,967 26,967
Total Assets and Deferred Outflows 18,028,837 19,578,734 21,398,657 35,054,124 65,976,633 65,037,119 64,575,334 63,794,918 63,663,102 63,769,112 63,814,216 63,509,705
Liabilities
All other liabilities 270,188 255,729 287,380 287,380 287,380 287,380 287,380 287,380 287,380 287,380 287,380 287,380
Deferred inflows of resources 670,118 670,437 670,437 670,437 670,437 670,437 670,437 670,437 670,437 670,437 670,437 670,437
Bonds payable - - - 13,055,000 32,100,000 30,680,000 29,225,000 27,735,000 26,200,000 24,625,000 23,010,000 21,355,000
Total Liabilities and Deferred Inflows 940,306 926,166 957,817 14,012,817 33,057,817 31,637,817 30,182,817 28,692,817 27,157,817 25,582,817 23,967,817 22,312,817
Total Liabilities, Deferred Inflows, and Net Position 18,028,837 19,578,734 21,398,657 35,054,124 65,976,633 65,037,119 64,575,334 63,794,918 63,663,102 63,769,112 63,814,216 63,509,705
62
Table 19
City of Monticello
Finance Plan - Change in Ending Cash Balance
Water Fund
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 924,906 1,522,000 1,750,180 1,467,812 1,525,550 1,585,569 1,647,958 1,767,812 1,891,878 1,965,307
Capital Acquisition / Outlay 665,583 14,205,000 20,480,000 14,650,000 593,000 307,512 1,885,000 - 90,000 -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - 925,630 2,323,909 2,252,680 2,249,850 2,256,110 2,256,200 2,255,250 2,253,260
Total Use of Cash 1,590,489 15,727,000 23,155,810 18,441,721 4,371,230 4,142,931 5,789,068 4,024,012 4,237,128 4,218,567
Source of Cash
Revenues 3,213,586 2,978,000 15,380,853 4,585,990 5,065,054 4,811,299 5,575,673 5,933,442 5,997,903 5,719,727
Bond Proceeds - 13,055,000 19,585,000 - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 3,213,586 16,033,000 34,965,853 4,585,990 5,065,054 4,811,299 5,575,673 5,933,442 5,997,903 5,719,727
Net Change in Other Assets and Liabilities 251,841 53,498 53,498 53,498 53,498 - - - - -
Change in Cash Balance 1,874,938 359,498 11,863,541 (13,802,233) 747,322 668,368 (213,395) 1,909,430 1,760,775 1,501,160
Ending Cash 12,343,773 12,703,271 24,566,812 10,764,578 11,511,900 12,180,268 11,966,873 13,876,304 15,637,079 17,138,240
Ending Cash by Purpose
Cash for next year planned capital 650,000 (10,105,000) 14,650,000 593,000 307,512 1,885,000 - 90,000 - 2,750,662
Cash for next year debt service - 925,630 2,323,909 2,252,680 2,249,850 2,256,110 2,256,200 2,255,250 2,253,260 2,260,230
Cash for 3-months operating reserve 380,500 437,545 366,953 381,388 396,392 411,990 441,953 472,969 491,327 506,067
Cash available for future capital / unassigned 11,313,273 21,445,096 7,225,950 7,537,511 8,558,146 7,627,169 9,268,720 11,058,084 12,892,492 11,621,281
Ending Cash 12,343,773 12,703,271 24,566,812 10,764,578 11,511,900 12,180,268 11,966,873 13,876,304 15,637,079 17,138,240
63
Table 20
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Water Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential, commercial, and irrigation customers 4,684 5,086 5,355 5,466 5,637 5,755 5,865 5,903 5,998 6,095 6,161 6,163 6,229
Volume billed:
Residential, commercial, and irrigation Tier 1: First 1000 gallons 50,877 57,079 53,181 54,513 56,565 57,981 59,301 59,757 60,897 62,061 62,853 62,877 63,669
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 197,759 190,632 202,355 214,343 232,811 245,555 257,435 261,539 271,799 282,275 289,403 289,619 296,747
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 180,275 122,745 121,070 121,070 121,070 121,070 121,070 121,070 121,070 121,070 121,070 121,070 121,070
Residential, commercial, and irrigation Tier 4: >33,000 gallons 179,942 92,698 120,503 120,503 120,503 120,503 120,503 120,503 120,503 120,503 120,503 120,503 120,503
Total Residential Volume Billed 608,853 463,154 497,109 510,429 530,949 545,109 558,309 562,869 574,269 585,909 593,829 594,069 601,989
Industrial customers 4 4 4 4 4 4 4 4 4 4 4 4 4
Volume billed:
Industrial Tier 1: >0 gallons 91,200 88,200 88,200 88,200 88,200 88,200 88,200 88,200 88,200 88,200 88,200 88,200 88,200
Total Customers 4,688 5,090 5,359 5,470 5,641 5,759 5,869 5,907 6,002 6,099 6,165 6,167 6,233
Total Volume Billed 700,053 551,354 585,309 598,629 619,149 633,309 646,509 651,069 662,469 674,109 682,029 682,269 690,189
State connection charge (per year)4,684 5,086 5,355 5,466 5,637 5,755 5,865 5,903 5,998 6,095 6,161 6,163 6,229
Trunk water charge - residential (per residential unit)269 52 52 111 171 118 110 38 95 97 66 2 66
Water access charge - 1 1/4" line 283 105 105 111 171 118 110 38 95 97 66 2 66
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 8.68 9.37 10.31 11.13 11.96 12.84 13.78 14.62 15.42 16.24 17.10 18.07 19.10
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 2.16 2.36 2.41 2.60 2.81 3.03 3.26 3.47 3.67 3.88 4.09 4.34 4.60
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 2.58 2.79 3.07 3.32 3.59 3.86 4.16 4.43 4.69 4.95 5.23 5.54 5.87
Residential, commercial, and irrigation Tier 4: >33,000 gallons 3.00 3.24 3.56 3.84 4.15 4.47 4.81 5.13 5.42 5.73 6.04 6.41 6.79
Industrial Tier 1: >0 gallons 2.47 2.67 2.93 3.16 3.41 3.68 3.96 4.22 4.46 4.71 4.97 5.27 5.59
State connection charge (per year)9.72 9.72 9.72 15.24 15.24 15.24 15.24 15.24 15.24 15.24 15.24 15.24 15.24
Trunk water charge - residential (per residential unit)1,182 1,229 1,266 1,519 1,823 2,187 2,625 2,756 2,894 3,039 3,190 3,350 3,518
Trunk water charge - non-residential (per acre)2,954 3,072 3,164 3,797 4,556 5,468 6,561 6,889 7,234 7,595 7,975 8,374 8,793
Water access charge - 1 1/4" line 2,010 2,090 2,153 2,732 3,278 3,934 4,721 4,957 5,205 5,465 5,738 6,025 6,326
Trunk Charge for Annexation Areas (per acre)- - - 3,797 4,556 5,468 6,561 6,889 7,234 7,595 7,975 8,374 8,793
Revenue by Fee Type (in Dollars)
Volume billed:
Residential, commercial, and irrigation minimum first 1000 gallons 487,885 571,870 662,521 730,039 809,344 886,604 969,510 1,035,315 1,109,836 1,187,556 1,264,038 1,336,522 1,427,832
Residential, commercial, and irrigation Tier 2: 1,001-10,000 gallons 427,159 449,892 487,676 557,292 653,733 742,956 839,265 908,067 997,952 1,094,455 1,184,368 1,256,368 1,364,526
Residential, commercial, and irrigation Tier 3: 10,001-33,000 gallons 465,110 342,459 371,685 401,952 434,109 467,752 504,003 536,763 567,627 599,414 632,681 670,642 710,881
Residential, commercial, and irrigation Tier 4: >33,000 gallons 539,826 300,342 428,991 462,732 499,750 538,481 580,213 617,927 653,458 690,051 728,349 772,050 818,373
Total Residential Volume Billed 1,919,980 1,664,561 1,950,872 2,152,015 2,396,935 2,635,793 2,892,991 3,098,071 3,328,872 3,571,477 3,809,437 4,035,582 4,321,612
Volume billed:
Industrial Tier 1: >0 gallons 225,264 235,494 258,426 278,712 301,009 324,337 349,473 372,189 393,590 415,631 438,698 465,020 492,922
State connection charge (per year)45,528 49,436 52,051 83,302 85,908 87,706 89,383 89,962 91,410 92,888 93,894 93,924 94,930
Trunk water charge - residential (per residential unit)317,958 63,908 65,832 168,609 311,699 258,108 288,732 104,731 274,918 294,741 210,573 6,700 232,157
Water access charge - 1 1/4" line 568,830 219,450 226,065 303,252 560,606 464,221 519,299 188,364 494,455 530,108 378,726 12,050 417,546
Trunk Charge for Annexation Areas (per acre)- - - 379,700 455,640 546,768 656,122 688,928 723,374 759,543 797,520 837,396 879,266
Total Revenue 3,077,561 2,232,849 2,553,245 3,365,590 4,111,798 4,316,935 4,795,999 4,542,244 5,306,618 5,664,387 5,728,848 5,450,672 6,438,432
Total Revenues by Category (in Dollars)
Charges for services 2,145,244 1,900,055 2,209,298 2,430,727 2,697,944 2,960,130 3,242,464 3,470,260 3,722,461 3,987,108 4,248,135 4,500,602 4,814,534
Connection / access charges 614,358 268,886 278,116 386,554 646,514 551,928 608,681 278,325 585,864 622,995 472,620 105,975 512,476
Trunk charges 317,958 63,908 65,832 548,309 767,339 804,876 944,853 793,658 998,292 1,054,284 1,008,093 844,096 1,111,422
Total Revenue 3,077,561 2,232,849 2,553,245 3,365,590 4,111,798 4,316,935 4,795,999 4,542,244 5,306,618 5,664,387 5,728,848 5,450,672 6,438,432
64
SEWER FUND
The Sewer Fund is a Proprietary Fund used to account for the
costs of providing municipal sanitary sewer services, including for
the wastewater treatment plant. The Fund is considered self-
supporting in that the services rendered are financed through
user charges.
The Sewer Fund is presented on an accrual basis. There is a
recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recognized
when earned. There is a capitalization of certain expenses and
the subsequent depreciation of the capitalized costs. There are
accruals of revenues earned and expenses incurred regardless of
the timing of cashflows.
Revenues
Revenue sources for the Sewer Fund are charges for services,
special assessments, 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 90 units per year between 2026-2034 for
new residential and commercial customer units.
The Plan is based on annual fee increases (3.0% through 2029
and 4.0% thereafter) for sanitary sewer services usage rates. The
trunk and access charges are projected to increase by 4.0%
annually. 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.
The Plan anticipates the addition of new position (1.0 FTE) in
2032, which is split between the Water Fund and Sewer Fund
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.
65
Annual debt service payments are supported by net revenues of
the Sewer Fund. There is existing debt outstanding for which
revenues of the Sewer Fund are pledged. The General Obligation
Series 2013B Bonds ($910,000 at year-end 2024) and the General
Obligation Revenue Note issued to the Public Facilities Authority,
Series 2015A ($1,270,000 at year-end 2024).
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.
66
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
l
l
i
o
n
s
Chart 50.
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%
800%
900%
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
En
d
i
n
g
u
n
r
e
s
t
r
i
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e
s
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Chart 51.
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
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Mi
l
l
i
o
n
s
Chart 52.
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
6,400
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
To
t
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0
0
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l
)
Chart 53.
Sewer Fund
Customers and Annual Volume Billed
Sewer Volume
Billed
Total Customer
Units
67
Table 21
City of Monticello
Finance Plan
Sewer Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 20,866 99,967 25,338 14,000 9,360 8,965 8,569 8,174 7,778 7,383 6,987 0
Charges for services 2,903,263 3,084,266 2,734,806 3,016,000 4,227,116 4,461,522 4,698,153 4,913,526 5,199,591 5,502,982 5,786,589 6,007,256
Investment earnings 549,727 674,635 749,143 425,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000
Other revenues 52,945 6,339 123,688 - 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Intergovernmental for capital 203,400 - - - - - - - - - - -
Connection / access charges 1,306,187 669,887 374,792 300,000 893,824 641,462 621,892 223,429 580,915 616,871 436,516 13,757
Penalties and interest 57,981 71,955 82,698 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000
Trunk charges 442,406 87,228 130,343 50,000 797,556 725,643 738,372 615,367 765,573 800,779 758,932 630,667
Total 5,536,775 4,694,277 4,220,808 3,870,000 6,247,856 6,157,593 6,386,986 6,080,496 6,873,857 7,248,014 7,309,024 6,971,680
Expenses
FTE Increases / Current Expenses - - - - - - - - - 55,000 56,650 58,350
Depreciation 1,196,048 1,189,075 1,193,949 1,242,099 1,252,849 1,356,174 1,389,049 1,502,799 1,577,982 1,577,982 1,585,482 1,735,482
Interest payments 55,170 49,211 41,753 34,491 26,562 18,011 8,770 7,558 6,335 5,092 3,837 2,572
Operating expense before depreciation 1,965,772 1,825,508 2,268,809 2,459,509 2,557,889 2,660,204 2,766,613 2,877,277 2,992,368 3,112,063 3,236,545 3,366,007
Total 3,216,990 3,063,794 3,504,511 3,736,099 3,837,299 4,034,389 4,164,431 4,387,634 4,576,686 4,750,137 4,882,515 5,162,411
Change in Net Position 2,319,785 1,630,483 716,297 133,901 2,410,556 2,123,203 2,222,555 1,692,862 2,297,172 2,497,877 2,426,509 1,809,269
Ending net position 27,118,302 28,748,785 29,465,082 29,598,983 32,009,539 34,132,743 36,355,298 38,048,160 40,345,331 42,843,209 45,269,717 47,078,986
Assets
Cash and investments 12,692,763 14,971,895 16,157,611 15,383,901 18,387,597 17,493,265 19,788,160 18,325,412 19,082,838 23,047,289 26,646,871 24,071,622
All other receivables and prepaid items 556,850 574,920 578,745 578,745 578,745 578,745 578,745 578,745 578,745 578,745 578,745 578,745
Special assessments receivable / deferred 262,405 290,994 475,529 363,239 250,948 138,658 26,367 19,775 13,184 6,592 (0) (0)
Capital assets 52,414,091 52,537,852 52,732,795 54,658,795 55,088,795 59,221,795 60,536,795 65,086,795 68,094,115 68,094,115 68,394,115 74,394,115
Accumulated depreciation (36,026,466) (37,215,541) (38,409,490) (39,651,589) (40,904,438) (42,260,612) (43,649,661) (45,152,460) (46,730,442) (48,308,424) (49,893,906) (51,629,388)
Deferred outflows of resources 53,927 25,434 25,434 25,434 25,434 25,434 25,434 25,434 25,434 25,434 25,434 25,434
Total Assets and Deferred Outflows 29,953,570 31,185,554 31,560,624 31,358,525 33,427,081 35,197,285 37,305,840 38,883,702 41,063,873 43,443,751 45,751,259 47,440,528
Liabilities
All other liabilities 271,120 173,827 156,600 156,600 156,600 156,600 156,600 156,600 156,600 156,600 156,600 156,600
Deferred inflows of resources 66,148 82,942 82,942 82,942 82,942 82,942 82,942 82,942 82,942 82,942 82,942 82,942
Bonds payable 2,498,000 2,180,000 1,856,000 1,520,000 1,178,000 825,000 711,000 596,000 479,000 361,000 242,000 122,000
Total Liabilities and Deferred Inflows 2,835,268 2,436,769 2,095,542 1,759,542 1,417,542 1,064,542 950,542 835,542 718,542 600,542 481,542 361,542
Total Liabilities, Deferred Inflows, and Net Position 29,953,570 31,185,554 31,560,624 31,358,525 33,427,081 35,197,285 37,305,840 38,883,702 41,063,873 43,443,751 45,751,259 47,440,528
68
Table 22
City of Monticello
Finance Plan - Change in Ending Cash Balance
Sewer Fund
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 2,268,462 2,459,509 2,557,889 2,660,204 2,766,613 2,877,277 2,992,368 3,167,063 3,293,195 3,424,357
Capital Acquisition / Outlay 194,943 1,926,000 430,000 4,133,000 1,315,000 4,550,000 3,007,320 - 300,000 6,000,000
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)366,100 370,491 368,562 371,011 122,770 122,558 123,335 123,092 122,837 122,572
Total Use of Cash 2,829,505 4,756,000 3,356,450 7,164,215 4,204,382 7,549,835 6,123,024 3,290,155 3,716,033 9,546,929
Source of Cash
Revenues 4,220,808 3,870,000 6,247,856 6,157,593 6,386,986 6,080,496 6,873,857 7,248,014 7,309,024 6,971,680
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 4,220,808 3,870,000 6,247,856 6,157,593 6,386,986 6,080,496 6,873,857 7,248,014 7,309,024 6,971,680
Net Change in Other Assets and Liabilities (205,587) 112,291 112,291 112,291 112,291 6,592 6,592 6,592 6,592 -
Change in Cash Balance 1,185,716 (773,709) 3,003,696 (894,332) 2,294,895 (1,462,747) 757,425 3,964,451 3,599,582 (2,575,249)
Ending Cash 16,157,611 15,383,901 18,387,597 17,493,265 19,788,160 18,325,412 19,082,838 23,047,289 26,646,871 24,071,622
Ending Cash by Purpose
Cash for next year planned capital 1,926,000 430,000 4,133,000 1,315,000 4,550,000 3,007,320 - 300,000 6,000,000 5,686,589
Cash for next year debt service 370,491 368,562 371,011 122,770 122,558 123,335 123,092 122,837 122,572 123,297
Cash for 3-months operating reserve 614,877 639,472 665,051 691,653 719,319 748,092 791,766 823,299 856,089 881,772
Cash available for future capital / unassigned 13,246,242 13,945,868 13,218,535 15,363,842 14,396,283 14,446,665 18,167,980 21,801,153 19,668,210 17,379,964
Ending Cash 16,157,611 15,383,901 18,387,597 17,493,265 19,788,160 18,325,412 19,082,838 23,047,289 26,646,871 24,071,622
69
Table 23
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Sewer Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers and Usage
Residential and commercial customers 4,587 4,989 5,258 5,369 5,540 5,658 5,768 5,806 5,901 5,998 6,064 6,066 6,132
Volume billed:
Residential and commercial Tier 1: First 1000 gallons 158,410 143,229 149,933 151,265 153,317 154,733 156,053 156,509 157,649 158,813 159,605 159,629 160,421
Residential and commercial Tier 2: 1,001-10,000 gallons 289,942 271,876 297,642 309,630 328,098 340,842 352,722 356,826 367,086 377,562 384,690 384,906 392,034
Total Residential Volume Billed 448,352 415,105 447,575 460,895 481,415 495,575 508,775 513,335 524,735 536,375 544,295 544,535 552,455
Industrial customers 1 1 1 1 1 1 1 1 1 1 1 1 1
Volume billed:
Industrial all usage 43,027 40,588 44,322 44,322 44,322 44,322 44,322 44,322 44,322 44,322 44,322 44,322 44,322
Industrial BOD5 per lb 449,243 478,152 424,263 424,263 424,263 424,263 424,263 424,263 424,263 424,263 424,263 424,263 424,263
Industrial TSS per lb 219,528 232,148 169,083 169,083 169,083 169,083 169,083 169,083 169,083 169,083 169,083 169,083 169,083
Total Customers 4,588 4,990 5,259 5,370 5,541 5,659 5,769 5,807 5,902 5,999 6,065 6,067 6,133
Total Volume Billed 491,379 455,693 491,897 505,217 525,737 539,897 553,097 557,657 569,057 580,697 588,617 588,857 596,777
Sewer access charge per unit 182 125 129 111 171 118 110 38 95 97 66 2 66
Trunk sewer charge residential per unit 157 52 - 111 171 118 110 38 95 97 66 2 66
City Sewer Manual Charges (Units)2 2 2 2 2 2 2 2 2 2 2 2 2
Trunk Charge for Annexation Areas (per acre)- - - - 100 100 100 100 100 100 100 100 100
Customer Fees (in dollars)
Residential and commercial minimum first 1000 gallons 10.61 10.93 11.20 11.54 11.89 12.24 12.61 13.11 13.64 14.18 14.75 15.34 15.96
Residential and commercial Tier 2: 1,001-10,000 gallons 6.51 6.71 6.88 7.09 7.30 7.52 7.75 8.06 8.38 8.71 9.06 9.43 9.80
Industrial all usage 4.040 4.160 4.260 4.390 4.522 4.657 4.797 4.989 5.189 5.396 5.612 5.836 6.070
Industrial BOD5 per lb 0.436 0.449 0.460 0.474 0.488 0.503 0.518 0.539 0.560 0.583 0.606 0.630 0.655
Industrial TSS per lb 0.599 0.617 0.632 0.651 0.671 0.691 0.711 0.740 0.769 0.800 0.832 0.865 0.900
Industrial Testing - actual cost plus % markup 10.0% 10.0% 10.0% 11.0% 11.0% 11.0%11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
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 4,555 4,692 4,833 5,026 5,227 5,436 5,654 5,880 6,115 6,359 6,614 6,878 7,154
Trunk sewer charge residential per unit 1,641 1,690 1,741 1,811 1,883 1,959 2,037 2,119 2,203 2,291 2,383 2,478 2,578
Trunk sewer charge non-residential per acre 4,115 4,238 4,396 4,572 4,755 4,945 5,143 5,349 5,563 5,785 6,016 6,257 6,507
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)244,300 259,700 250,000 255,000 260,000 265,000 270,000 275,000 280,000 285,000 290,000 295,000 300,000
Trunk Charge for Annexation Areas (per acre)- - - 4,572 4,755 4,945 5,143 5,349 5,563 5,785 6,016 6,257 6,507
Revenue by Fee Type (in Dollars)
Volume billed:
Residential and commercial minimum first 1000 gallons 584,017 654,357 706,675 743,499 790,195 831,236 872,819 913,712 965,808 1,020,952 1,073,473 1,116,781 1,174,089
Residential and commercial Tier 2: 1,001-10,000 gallons 1,887,522 1,824,288 2,047,777 2,195,277 2,396,001 2,563,739 2,732,691 2,875,065 3,076,043 3,290,381 3,486,600 3,628,100 3,843,100
Total Residential Volume Billed 2,471,539 2,478,645 2,754,452 2,938,776 3,186,196 3,394,975 3,605,509 3,788,777 4,041,852 4,311,333 4,560,074 4,744,881 5,017,189
Volume billed:
Industrial all usage 173,829 168,846 188,812 194,574 200,411 206,423 212,616 221,120 229,965 239,164 248,730 258,680 269,027
Industrial BOD5 per lb 195,870 214,690 195,161 201,101 207,134 213,348 219,748 228,538 237,680 247,187 257,074 267,357 278,051
Industrial TSS per lb 131,497 143,235 106,860 110,073 113,375 116,776 120,280 125,091 130,095 135,298 140,710 146,339 152,192
Sewer access charge per unit 829,010 586,500 623,457 557,886 893,824 641,462 621,892 223,429 580,915 616,871 436,516 13,757 472,135
Trunk sewer charge residential per unit 257,637 87,880 - 201,021 322,068 231,136 224,084 80,507 209,319 222,275 157,288 4,957 170,123
City Sewer Manual Charges (Units)488,600 519,400 500,000 510,000 520,000 530,000 540,000 550,000 560,000 570,000 580,000 590,000 600,000
Trunk Charge for Annexation Areas (per acre)- - - - 475,488 494,508 514,288 534,859 556,254 578,504 601,644 625,710 650,738
Total Revenue 4,547,983 4,199,197 4,368,742 4,713,430 5,918,496 5,828,628 6,058,417 5,752,322 6,546,079 6,920,631 6,982,036 6,651,680 7,609,455
Total Revenues by Category (in Dollars)
Charges for services 3,461,336 3,524,817 3,745,285 3,954,523 4,227,116 4,461,522 4,698,153 4,913,526 5,199,591 5,502,982 5,786,589 6,007,256 6,316,459
Connection / access charges 829,010 586,500 623,457 557,886 893,824 641,462 621,892 223,429 580,915 616,871 436,516 13,757 472,135
Trunk charges 257,637 87,880 - 201,021 797,556 725,643 738,372 615,367 765,573 800,779 758,932 630,667 820,861
Total Revenue 4,547,983 4,199,197 4,368,742 4,713,430 5,918,496 5,828,628 6,058,417 5,752,322 6,546,079 6,920,631 6,982,036 6,651,680 7,609,455
70
STORMWATER FUND
The Stormwater Fund is a Proprietary Fund used to account for
the 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 Stormwater 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 annual increases in the monthly fee for
storm sewer services by 3.0% per year through 2029 and by 4.0%
per year thereafter. Trunk area charges are planned to increase
by 4.0% 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 70 acres per year.
Based on projected revenues and expenses, the Stormwater
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
(none), and depreciation of capital assets. The Plan anticipates
the addition of a position (0.5 FTE) in 2028 and a second position
(1.0 FTE) in 2030. Depreciation is reported as an expense and is
adjusted for anticipated annual depreciable capital acquisitions.
New capital is depreciated over a 40-year term in the Plan. There
is no existing debt outstanding in the Stormwater Fund.
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.
71
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 54.
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%
100%
200%
300%
400%
500%
600%
700%
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 55.
Stormwater Fund
Unrestricted Net Position
Ending Unrestricted
Net Position
Ending Unrestricted
Net Position as % of
Expenses
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 56.
Stormwater Fund
Revenues and Expenses
Revenues
Expenses
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Chart 57.
Stormwater Fund
Equivalent Residential Customer Units Billed
Total
Residential
Equivalent
Customer Units
72
Table 24
City of Monticello
Finance Plan
Stormwater Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Special assessments 6,367 5,378 4,337 4,000 - - - - - - - -
Charges for services 605,240 663,057 651,292 685,000 723,060 752,263 790,099 824,319 864,595 906,402 947,770 986,405
Investment earnings 97,174 128,605 151,330 90,375 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 17,424 2,469 74 - - - - - - - - -
Intergovernmental for capital 60,750 69,487 - 1,945,625 - - - - - - - -
Penalties and interest - - 13,687 15,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Trunk charges 228,143 235,240 93,140 125,000 353,153 367,279 381,970 397,249 413,139 429,664 446,851 464,725
Total 1,015,098 1,104,236 913,860 2,865,000 1,121,213 1,164,542 1,217,069 1,266,568 1,322,734 1,381,067 1,439,621 1,496,130
Expenses
FTE Increases / Current Expenses - - - - - 52,000 53,560 165,167 170,122 175,225 180,482 185,897
Depreciation 446,768 442,026 449,674 516,799 528,174 530,674 533,674 548,674 548,674 559,924 559,924 567,424
Operating expense before depreciation 203,702 202,576 226,620 572,000 577,720 600,829 624,862 649,856 675,851 702,885 731,000 760,240
Total 650,470 644,602 676,294 1,088,799 1,105,894 1,183,503 1,212,096 1,363,697 1,394,646 1,438,034 1,471,406 1,513,561
Change in Net Position 364,628 459,634 237,566 1,776,201 15,319 (18,961) 4,973 (97,129) (71,912) (56,967) (31,786) (17,430)
Ending net position 6,717,643 7,177,277 7,414,843 9,191,044 9,206,363 9,187,402 9,192,375 9,095,246 9,023,333 8,966,366 8,934,580 8,917,150
Assets
Cash and investments 2,327,160 2,941,136 3,306,815 2,936,642 3,046,962 3,480,503 3,920,977 3,772,522 4,249,283 4,302,240 4,830,378 5,080,372
Due from other governments 60,750 69,487 69,487 69,487 69,487 69,487 69,487 69,487 69,487 69,487 69,487 69,487
All other receivables and prepaid items 55,267 58,705 55,475 55,475 55,475 55,475 55,475 55,475 55,475 55,475 55,475 55,475
Special assessments receivable / deferred 95,125 79,307 87,309 65,482 43,654 21,827 0 0 0 0 0 0
Capital assets 19,976,694 20,253,255 20,559,186 23,244,186 23,699,186 23,799,186 23,919,186 24,519,186 24,519,186 24,969,186 24,969,186 25,269,186
Accumulated depreciation (15,677,111) (16,119,137) (16,568,811) (17,085,610) (17,613,784) (18,144,458) (18,678,132) (19,226,806) (19,775,480) (20,335,404) (20,895,328) (21,462,752)
Deferred outflows of resources 22,671 11,128 11,128 11,128 11,128 11,128 11,128 11,128 11,128 11,128 11,128 11,128
Total Assets and Deferred Outflows 6,860,556 7,293,881 7,520,589 9,296,790 9,312,109 9,293,148 9,298,121 9,200,992 9,129,079 9,072,112 9,040,326 9,022,896
Liabilities
All other liabilities 115,558 81,373 70,515 70,515 70,515 70,515 70,515 70,515 70,515 70,515 70,515 70,515
Deferred inflows of resources 27,355 35,231 35,231 35,231 35,231 35,231 35,231 35,231 35,231 35,231 35,231 35,231
Escrow deposits - - - - - - - - - - - -
Bonds payable - - - - - - - - - - - -
Unamortized bond prem/disc - - - - - - - - - - - -
Total Liabilities and Deferred Inflows 142,913 116,604 105,746 105,746 105,746 105,746 105,746 105,746 105,746 105,746 105,746 105,746
Total Liabilities, Deferred Inflows, and Net Position 6,860,556 7,293,881 7,520,589 9,296,790 9,312,109 9,293,148 9,298,121 9,200,992 9,129,079 9,072,112 9,040,326 9,022,896
73
Table 25
City of Monticello
Finance Plan - Change in Ending Cash Balance
Stormwater Fund
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 226,620 572,000 577,720 652,829 678,422 815,023 845,972 878,110 911,482 946,137
Capital Acquisition / Outlay 305,931 2,685,000 455,000 100,000 120,000 600,000 - 450,000 - 300,000
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 532,551 3,257,000 1,032,720 752,829 798,422 1,415,023 845,972 1,328,110 911,482 1,246,137
Source of Cash
Revenues 913,860 2,865,000 1,121,213 1,164,542 1,217,069 1,266,568 1,322,734 1,381,067 1,439,621 1,496,130
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 913,860 2,865,000 1,121,213 1,164,542 1,217,069 1,266,568 1,322,734 1,381,067 1,439,621 1,496,130
Net Change in Other Assets and Liabilities (15,630) 21,827 21,827 21,827 21,827 - - - - -
Change in Cash Balance 365,679 (370,173) 110,320 433,540 440,474 (148,455) 476,762 52,957 528,138 249,994
Ending Cash 3,306,815 2,936,642 3,046,962 3,480,503 3,920,977 3,772,522 4,249,283 4,302,240 4,830,378 5,080,372
Ending Cash by Purpose
Cash for next year planned capital 739,375 455,000 100,000 120,000 600,000 - 450,000 - 300,000 -
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 143,000 144,430 163,207 169,605 203,756 211,493 219,528 227,871 236,534 243,630
Cash available for future capital / unassigned 2,424,440 2,337,212 2,783,755 3,190,897 3,117,221 3,561,029 3,579,756 4,074,369 4,293,844 4,836,742
Ending Cash 3,306,815 2,936,642 3,046,962 3,480,503 3,920,977 3,772,522 4,249,283 4,302,240 4,830,378 5,080,372
74
Table 26
City of Monticello
Finance Plan - Customers and Volume Billed, Rates, and Revenue from Charges
Stormwater Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj
Customers
Stormwater Monthly Basic Charge - Residential 6,200 6,200 6,457 6,568 6,739 6,857 6,967 7,005 7,100 7,197 7,263 7,265 7,331
Stormwater Monthly Basic Charge - Commercial 4,900 4,900 4,912 4,954 4,961 4,961 4,968 4,968 4,975 4,975 4,975 4,982 4,989
Stormwater Trunk (net acre)52 35 121 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 4.50 4.75 4.75 5.00 5.15 5.30 5.52 5.74 5.97 6.21 6.45 6.71 6.98
Stormwater Monthly Basic Charge - Commercial 4.50 4.75 4.75 5.00 5.15 5.30 5.52 5.74 5.97 6.21 6.45 6.71 6.98
Stormwater Trunk (net acre)4,396 4,528 4,664 4,851 5,045 5,247 5,457 5,675 5,902 6,138 6,384 6,639 6,904
Storm Sewer Trunk Alternate Ponding Area - Residential (per acre)4,505 4,640 4,779 4,970 5,169 5,376 5,591 5,814 6,047 6,289 6,540 6,802 7,074
Storm Sewer Trunk Alternate Ponding Area - Commercial (per acre)9,030 9,301 9,580 9,963 10,362 10,776 11,207 11,655 12,122 12,606 13,111 13,635 14,180
Storm Sewer Trunk Alternate Ponding Area - Industrial (per acre)10,554 10,871 11,197 11,645 12,111 12,595 13,099 13,623 14,168 14,735 15,324 15,937 16,574
Revenue by Fee Type (in Dollars)
Stormwater Monthly Basic Charge - Residential 334,800 353,400 368,049 394,080 416,470 436,475 461,217 482,281 508,375 535,933 562,482 585,142 614,076
Stormwater Monthly Basic Charge - Commercial 264,600 279,300 279,984 297,240 306,590 315,787 328,882 342,038 356,220 370,469 385,288 401,263 417,900
Stormwater Trunk (net acre)228,592 158,480 564,344 339,570 353,153 367,279 381,970 397,249 413,139 429,664 446,851 464,725 483,314
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 827,992 791,180 1,212,377 1,030,890 1,076,213 1,119,542 1,172,069 1,221,568 1,277,734 1,336,067 1,394,621 1,451,130 1,515,290
Total Revenues by Category (in Dollars)
Charges for services 599,400 632,700 648,033 691,320 723,060 752,263 790,099 824,319 864,595 906,402 947,770 986,405 1,031,976
Trunk charges 228,592 158,480 564,344 339,570 353,153 367,279 381,970 397,249 413,139 429,664 446,851 464,725 483,314
Total Revenue 827,992 791,180 1,212,377 1,030,890 1,076,213 1,119,542 1,172,069 1,221,568 1,277,734 1,336,067 1,394,621 1,451,130 1,515,290
75
LIQUOR FUND
The Liquor Fund is a Proprietary Fund used to account for the
costs of the municipal liquor operations. The Fund is 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 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; however, none are anticipated in the Plan.
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 does not assume any recurring transfers out of the
Liquor Fund. Future Council direction will dictate use of funds
accumulated in this Fund.
Balance Sheet
Future estimated receivables and payable are projected to
remain at historic amounts during the planning period. There are
no planned bonds payable projected.
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2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 58.
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
$4.5
$5.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 59.
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
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 60.
Liquor Fund
Revenues and Expenses
Revenues
Expenses*
*Revenues are reported as net of cost of goods sold. Cost of goods sold is not included as part of the Expenses.
77
Table 27
City of Monticello
Finance Plan
Liquor Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 81,214 74,419 62,510 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 759 12,308 4 - - - - - - - - -
Cost of goods sold for enterprise fund (5,173,976) (4,792,223) (4,595,533) (4,628,000) (4,720,560) (4,814,971) (4,911,271) (5,009,496) (5,109,686) (5,211,880) (5,316,117) (5,422,440)
Net sales for enterprise fund 7,042,543 6,481,607 6,337,632 6,428,000 6,556,560 6,687,691 6,821,445 6,957,874 7,097,031 7,238,972 7,383,751 7,531,427
Total 1,950,540 1,776,111 1,804,613 1,850,000 1,886,000 1,922,720 1,960,174 1,998,378 2,037,345 2,077,092 2,117,634 2,158,987
Expenses
Depreciation 10,655 19,575 19,575 19,575 19,575 23,325 27,075 27,075 27,075 27,075 27,075 27,075
Transfer out 2,250,000 1,000,000 - - - - - - - - - -
Operating expense before depreciation 1,134,549 1,139,590 1,183,899 1,450,000 1,493,500 1,538,305 1,584,454 1,631,988 1,680,947 1,731,376 1,783,317 1,836,817
Total 3,395,204 2,159,165 1,203,474 1,469,575 1,513,075 1,561,630 1,611,529 1,659,063 1,708,022 1,758,451 1,810,392 1,863,892
Change in Net Position (1,444,664) (383,054) 601,139 380,425 372,925 361,090 348,645 339,315 329,323 318,642 307,242 295,095
Ending net position 1,263,435 880,381 1,481,520 1,861,945 2,234,870 2,595,960 2,944,605 3,283,920 3,613,243 3,931,885 4,239,127 4,534,222
Assets
Cash and investments 1,364,083 877,772 1,490,135 1,890,135 2,282,635 2,517,050 2,742,770 3,109,160 3,465,558 3,811,275 4,145,592 4,467,762
All other receivables and prepaid items 10,304 17,380 18,717 18,717 18,717 18,717 18,717 18,717 18,717 18,717 18,717 18,717
Land held for resale / inventory 480,484 490,182 490,182 490,182 490,182 490,182 490,182 490,182 490,182 490,182 490,182 490,182
Capital assets 1,140,860 1,140,860 1,140,860 1,140,860 1,140,860 1,290,860 1,440,860 1,440,860 1,440,860 1,440,860 1,440,860 1,440,860
Accumulated depreciation (941,581) (961,156) (980,731) (1,000,306) (1,019,881) (1,043,206) (1,070,281) (1,097,356) (1,124,431) (1,151,506) (1,178,581) (1,205,656)
Deferred outflows of resources 102,983 54,961 54,961 54,961 54,961 54,961 54,961 54,961 54,961 54,961 54,961 54,961
Total Assets and Deferred Outflows 2,157,133 1,619,999 2,214,124 2,594,549 2,967,474 3,328,564 3,677,209 4,016,524 4,345,847 4,664,489 4,971,731 5,266,826
Liabilities
All other liabilities 770,125 562,836 555,822 555,822 555,822 555,822 555,822 555,822 555,822 555,822 555,822 555,822
Deferred inflows of resources 123,573 176,782 176,782 176,782 176,782 176,782 176,782 176,782 176,782 176,782 176,782 176,782
Total Liabilities and Deferred Inflows 893,698 739,618 732,604 732,604 732,604 732,604 732,604 732,604 732,604 732,604 732,604 732,604
Total Liabilities, Deferred Inflows, and Net
Position 2,157,133 1,619,999 2,214,124 2,594,549 2,967,474 3,328,564 3,677,209 4,016,524 4,345,847 4,664,489 4,971,731 5,266,826
78
Table 28
City of Monticello
Finance Plan - Change in Ending Cash Balance
Liquor Fund
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,183,899 1,450,000 1,493,500 1,538,305 1,584,454 1,631,988 1,680,947 1,731,376 1,783,317 1,836,817
Capital Acquisition / Outlay - - - 150,000 150,000 - - - - -
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 1,183,899 1,450,000 1,493,500 1,688,305 1,734,454 1,631,988 1,680,947 1,731,376 1,783,317 1,836,817
Source of Cash
Revenues 1,804,613 1,850,000 1,886,000 1,922,720 1,960,174 1,998,378 2,037,345 2,077,092 2,117,634 2,158,987
Total Source of Cash 1,804,613 1,850,000 1,886,000 1,922,720 1,960,174 1,998,378 2,037,345 2,077,092 2,117,634 2,158,987
Net Change in Other Assets and Liabilities (8,351) - - - - - - - - -
Change in Cash Balance 612,363 400,000 392,500 234,415 225,720 366,390 356,398 345,717 334,317 322,170
Ending Cash 1,490,135 1,890,135 2,282,635 2,517,050 2,742,770 3,109,160 3,465,558 3,811,275 4,145,592 4,467,762
Ending Cash by Purpose
Cash for next year planned capital - - 150,000 150,000 - - - - - 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 362,500 373,375 384,576 396,114 407,997 420,237 432,844 445,829 459,204 472,980
Cash available for future capital / unassigned 1,127,635 1,516,760 1,748,059 1,970,936 2,334,773 2,688,924 3,032,714 3,365,446 3,686,388 3,944,782
Ending Cash 1,490,135 1,890,135 2,282,635 2,517,050 2,742,770 3,109,160 3,465,558 3,811,275 4,145,592 4,467,762
79
FIBER OPTICS FUND
The Fiber Optics Fund is a Proprietary Fund used for the
accounting for costs of the municipal fiber optics system. The
Fund is meant 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
only neighborhood expansions included in the Plan which do not
require issuance of future bonds.
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2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 61.
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%
140%
160%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 62.
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
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 63.
Fiber Optics Fund
Revenues and Expenses
Revenues
Expenses
*Revenues are reported as net of cost of goods sold. Cost of goods sold is not included as part fo the Expenses.
81
Table 29
City of Monticello
Finance Plan
Fiber Optics Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Franchise taxes 20,587 12,510 - - - - - - - - - -
Charges for services 1,928,497 1,943,059 1,883,713 1,838,000 1,865,570 1,893,554 1,921,957 1,950,786 1,980,048 2,009,749 2,039,895 2,070,493
Investment earnings 70,617 92,094 107,395 65,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Other revenues 6,720 72,591 3,633 - - - - - - - - -
Total 2,026,421 2,120,254 1,994,741 1,903,000 1,885,570 1,913,554 1,941,957 1,970,786 2,000,048 2,029,749 2,059,895 2,090,493
Expenses
Depreciation 388,543 392,869 393,625 398,625 403,625 408,625 413,625 418,625 423,625 428,625 433,625 438,625
Operating expense before depreciation 1,546,938 1,638,737 1,622,764 1,648,000 1,672,720 1,697,811 1,723,278 1,749,127 1,775,364 1,801,994 1,829,024 1,856,460
Total 1,935,481 2,031,606 2,016,389 2,046,625 2,076,345 2,106,436 2,136,903 2,167,752 2,198,989 2,230,619 2,262,649 2,295,085
Change in Net Position 90,940 88,648 (21,648) (143,625) (190,775) (192,882) (194,946) (196,966) (198,941) (200,871) (202,754) (204,591)
Ending net position 12,567,528 12,656,176 12,634,528 12,490,903 12,300,128 12,107,246 11,912,300 11,715,334 11,516,393 11,315,522 11,112,767 10,908,176
Assets
Cash and investments 1,843,793 2,176,411 2,550,139 2,605,139 2,617,989 2,633,732 2,652,411 2,674,070 2,698,754 2,726,508 2,757,378 2,791,412
Due from other governments - - - - - - - - - - - -
All other receivables and prepaid items 122,621 86,507 86,507 86,507 86,507 86,507 86,507 86,507 86,507 86,507 86,507 86,507
Capital assets 15,945,333 16,011,159 16,041,388 16,241,388 16,441,388 16,641,388 16,841,388 17,041,388 17,241,388 17,441,388 17,641,388 17,841,388
Accumulated depreciation (4,866,364) (5,259,233) (5,652,858) (6,051,483) (6,455,108) (6,863,733) (7,277,358) (7,695,983) (8,119,608) (8,548,233) (8,981,858) (9,420,483)
Total Assets and Deferred Outflows 13,045,383 13,014,844 13,025,176 12,881,551 12,690,776 12,497,894 12,302,948 12,105,982 11,907,041 11,706,170 11,503,415 11,298,824
Liabilities
All other liabilities 477,855 358,668 390,648 390,648 390,648 390,648 390,648 390,648 390,648 390,648 390,648 390,648
Total Liabilities and Deferred Inflows 477,855 358,668 390,648 390,648 390,648 390,648 390,648 390,648 390,648 390,648 390,648 390,648
Total Liabilities, Deferred Inflows, and Net
Position 13,045,383 13,014,844 13,025,176 12,881,551 12,690,776 12,497,894 12,302,948 12,105,982 11,907,041 11,706,170 11,503,415 11,298,824
82
Table 30
City of Monticello
Finance Plan - Change in Ending Cash Balance
Fiber Optics Fund
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 1,622,764 1,648,000 1,672,720 1,697,811 1,723,278 1,749,127 1,775,364 1,801,994 1,829,024 1,856,460
Capital Acquisition / Outlay 30,229 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Interfund Transfers Out - - - - - - - - - -
Debt Service (includes transfers for debt)- - - - - - - - - -
Total Use of Cash 1,652,993 1,848,000 1,872,720 1,897,811 1,923,278 1,949,127 1,975,364 2,001,994 2,029,024 2,056,460
Source of Cash
Revenues 1,994,741 1,903,000 1,885,570 1,913,554 1,941,957 1,970,786 2,000,048 2,029,749 2,059,895 2,090,493
Bond Proceeds - - - - - - - - - -
Interfund Transfers In - - - - - - - - - -
Total Source of Cash 1,994,741 1,903,000 1,885,570 1,913,554 1,941,957 1,970,786 2,000,048 2,029,749 2,059,895 2,090,493
Net Change in Other Assets and Liabilities 31,980 - - - - - - - - -
Change in Cash Balance 373,728 55,000 12,850 15,743 18,679 21,659 24,684 27,754 30,871 34,034
Ending Cash 2,550,139 2,605,139 2,617,989 2,633,732 2,652,411 2,674,070 2,698,754 2,726,508 2,757,378 2,791,412
Ending Cash by Purpose
Cash for next year planned capital 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 412,000 418,180 424,453 430,819 437,282 443,841 450,499 457,256 464,115 478,038
Cash available for future capital / unassigned 1,938,139 1,986,959 1,993,536 2,002,912 2,015,129 2,030,229 2,048,255 2,069,252 2,093,263 2,263,374
Ending Cash 2,550,139 2,605,139 2,617,989 2,633,732 2,652,411 2,674,070 2,698,754 2,726,508 2,757,378 2,791,412
83
DEPUTY REGISTRAR FUND
The Deputy Registrar Fund is a Proprietary Fund used for the
accounting for costs of providing vehicle and other licensing
services to the public. The Fund is supposed to be self-supporting
in that the services rendered are financed through user charges.
The Deputy Registrar Fund is presented on an accrual basis.
There is a recognition of expenses when incurred and the
subsequent amortization of the deferred outflows. Revenues are
recognized when earned. There is a capitalization of certain
expenses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred regardless of the timing of cashflows.
Revenues
The major revenue sources for the Deputy Registrar Fund comes
from charges for services. Other revenue is from investment
earnings 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 ability to allow 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.
84
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 64.
Deputy Registrar Fund
Ending Cash Balance by Purpose
Cash available for future
capital / unassigned
Cash for 3-months
operating reserve
Cash for next year debt
service
Cash for next year
planned capital
0%
50%
100%
150%
200%
250%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 65.
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
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Chart 66.
Deputy Registrar Fund
Revenues and Expenses
Revenues
Expenses
85
Table 31
City of Monticello
Finance Plan
Deputy Registrar Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other intergovernmental 109,075 - - - - - - - - - - -
Charges for services 951,987 1,157,908 1,091,509 1,100,500 1,122,510 1,144,960 1,167,859 1,191,217 1,215,041 1,239,342 1,264,129 1,289,411
Investment earnings 53,531 56,387 59,222 40,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Other revenues 49 8,364 31,389 8,500 - - - - - - - -
Capital contributions / other 385,689 - - - - - - - - - - -
Total 1,500,331 1,222,659 1,182,120 1,149,000 1,147,510 1,169,960 1,192,859 1,216,217 1,240,041 1,264,342 1,289,129 1,314,411
Expenses
Depreciation 33,979 33,972 33,972 33,972 33,972 33,972 35,097 35,097 35,097 35,097 35,097 35,097
Transfer out 1,750,000 100,000 502,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Operating expense before depreciation 656,820 667,631 737,279 860,000 885,800 912,374 939,745 967,938 996,976 1,026,885 1,057,692 1,089,422
Total 2,440,799 801,603 1,273,251 993,972 1,019,772 1,046,346 1,074,842 1,103,035 1,132,073 1,161,982 1,192,789 1,224,519
Change in Net Position (940,468) 421,056 (91,131) 155,028 127,738 123,614 118,017 113,182 107,968 102,360 96,340 89,892
Ending net position 1,415,585 1,836,641 1,745,510 1,900,538 2,028,276 2,151,890 2,269,907 2,383,089 2,491,058 2,593,417 2,689,757 2,779,649
Assets
Cash and investments 968,818 1,412,034 1,343,756 1,532,756 1,694,466 1,852,052 1,960,166 2,108,445 2,251,511 2,388,967 2,520,404 2,645,393
Due from other governments 79,123 87,450 98,093 98,093 98,093 98,093 98,093 98,093 98,093 98,093 98,093 98,093
All other receivables and prepaid items 3,018 5,112 4,828 4,828 4,828 4,828 4,828 4,828 4,828 4,828 4,828 4,828
Capital assets 1,151,282 1,151,282 1,151,282 1,151,282 1,151,282 1,151,282 1,196,282 1,196,282 1,196,282 1,196,282 1,196,282 1,196,282
Accumulated depreciation (255,573) (289,545) (323,517) (357,489) (391,461) (425,433) (460,530) (495,627) (530,724) (565,821) (600,918) (636,015)
Deferred outflows of resources 73,156 37,263 37,263 37,263 37,263 37,263 37,263 37,263 37,263 37,263 37,263 37,263
Total Assets and Deferred Outflows 2,019,824 2,403,596 2,311,705 2,466,733 2,594,471 2,718,085 2,836,102 2,949,284 3,057,253 3,159,612 3,255,952 3,345,844
Liabilities
All other liabilities 516,477 446,795 446,035 446,035 446,035 446,035 446,035 446,035 446,035 446,035 446,035 446,035
Deferred inflows of resources 87,762 120,160 120,160 120,160 120,160 120,160 120,160 120,160 120,160 120,160 120,160 120,160
Total Liabilities and Deferred Inflows 604,239 566,955 566,195 566,195 566,195 566,195 566,195 566,195 566,195 566,195 566,195 566,195
Total Liabilities, Deferred Inflows, and Net
Position 2,019,824 2,403,596 2,311,705 2,466,733 2,594,471 2,718,085 2,836,102 2,949,284 3,057,253 3,159,612 3,255,952 3,345,844
86
Table 32
City of Monticello
Finance Plan - Change in Ending Cash Balance
Deputy Registrar Fund
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Use of Cash
Operations & Maintenance and Other Expense 737,279 860,000 885,800 912,374 939,745 967,938 996,976 1,026,885 1,057,692 1,089,422
Capital Acquisition / Outlay - - - - 45,000 - - - - -
Interfund Transfers Out 502,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Total Use of Cash 1,239,279 960,000 985,800 1,012,374 1,084,745 1,067,938 1,096,976 1,126,885 1,157,692 1,189,422
Source of Cash
Revenues 1,182,120 1,149,000 1,147,510 1,169,960 1,192,859 1,216,217 1,240,041 1,264,342 1,289,129 1,314,411
Total Source of Cash 1,182,120 1,149,000 1,147,510 1,169,960 1,192,859 1,216,217 1,240,041 1,264,342 1,289,129 1,314,411
Net Change in Other Assets and Liabilities (11,119) - - - - - - - - -
Change in Cash Balance (68,278) 189,000 161,710 157,586 108,114 148,279 143,065 137,457 131,437 124,989
Ending Cash 1,343,756 1,532,756 1,694,466 1,852,052 1,960,166 2,108,445 2,251,511 2,388,967 2,520,404 2,645,393
Ending Cash by Purpose
Cash for next year planned capital - - - 45,000 - - - - - 50,000
Cash for next year debt service - - - - - - - - - -
Cash for 3-months operating reserve 215,000 221,450 228,094 234,936 241,984 249,244 256,721 264,423 272,356 280,526
Cash available for future capital / unassigned 1,128,756 1,311,306 1,466,373 1,572,116 1,718,182 1,859,201 1,994,789 2,124,545 2,248,049 2,314,867
Ending Cash 1,343,756 1,532,756 1,694,466 1,852,052 1,960,166 2,108,445 2,251,511 2,388,967 2,520,404 2,645,393
87
BENEFIT ACCRUAL FUND
The Benefit Accrual Fund is an Internal Service Fund used for the
accounting for costs of providing benefits to City personnel for
the non-proprietary funds only. The Fund is supposed to be self-
supporting in that the accrual of benefits to personnel are
financed through user charges to other City funds.
The Benefit Accrual Fund is presented on an accrual basis. There
is a recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recognized
when earned. There is a capitalization of certain expenses and
the subsequent depreciation of the capitalized costs. There are
accruals of revenues earned and expenses incurred regardless of
the timing of cashflows.
Revenues
The major revenue source comes from charges for services to
other City Governmental Funds.
Based on projected revenues and expenses, the Fund is
projected to maintain adequate cash balance over the planning
period.
Expenses
Expenses include operating costs only for employee benefits.
Transfers
There are no interfund transfers planned.
Balance Sheet
Future estimated receivables and payable are projected to
remain at approximate historic amounts during the planning
period.
88
Table 33
City of Monticello
Finance Plan
Benefit Accrual Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 14,730 17,299 19,562 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Charges to other funds 26,757 37,907 15,000 20,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Total Revenues 41,487 55,206 34,562 30,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Expenditures
Operating expense before depreciation 26,757 37,907 15,000 30,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Total Expenditures 26,757 37,907 15,000 30,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Net Change in Fund Balances 14,730 17,299 19,562 - - - - - - - - -
Beginning Fund Balance 13,914 28,644 45,943 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505
Ending Fund Balance 28,644 45,943 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505
Assets
Cash and investments 345,847 401,053 420,615 445,615 470,615 495,615 520,615 545,615 570,615 595,615 620,615 645,615
Total Assets 345,847 401,053 420,615 445,615 470,615 495,615 520,615 545,615 570,615 595,615 620,615 645,615
Liabilities
All other liabilities 317,203 355,110 355,110 380,110 405,110 430,110 455,110 480,110 505,110 530,110 555,110 580,110
Total Liabilities and deferred inflows 317,203 355,110 355,110 380,110 405,110 430,110 455,110 480,110 505,110 530,110 555,110 580,110
Fund Balance 28,644 45,943 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505 65,505
Total Liab, deferred inflows, and fund balance 345,847 401,053 420,615 445,615 470,615 495,615 520,615 545,615 570,615 595,615 620,615 645,615
89
CENTRAL EQUIPMENT FUND
The Central Equipment Fund is an Internal Service Fund used for
the accounting for costs of providing equipment for
governmental purposes, not including the enterprise operations.
The Fund is supposed to be self-supporting in that the cost of
equipment is to be financed through user charges to city
departments.
The Central Equipment Fund is presented on an accrual basis.
There is a recognition of expenses when incurred and the
subsequent amortization of the deferred outflows. Revenues are
recognized when earned. There is a capitalization of certain
expenses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred regardless of the timing of cashflows.
Revenues
Revenue sources come from charges for services to other City
Governmental Funds, most notably the General Fund. Other
revenue is from sales of capital assets and 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.
90
Table 34
City of Monticello
Finance Plan
Central Equipment Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 62,023 42,468 48,857 20,100 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 14,255 60,810 - 5,000 - - - - - - - -
Charges to other funds 633,000 607,744 644,900 693,900 700,000 725,000 750,000 750,000 750,000 750,000 750,000 750,000
Total Revenues 812,489 711,022 693,757 719,000 710,000 735,000 760,000 760,000 760,000 760,000 760,000 760,000
Expenditures
Other expenses 477 6,829 - - - - - - - - - -
Depreciation 412,692 470,824 524,908 560,863 615,100 563,521 503,304 543,444 520,739 504,095 473,330 457,374
Interest payments 3,570 1,830 - - - - - - - - - -
Total Expenditures 416,739 479,483 524,908 560,863 615,100 563,521 503,304 543,444 520,739 504,095 473,330 457,374
Net Change in Fund Balances 395,750 231,539 168,849 158,137 94,900 171,479 256,696 216,556 239,261 255,905 286,670 302,627
Beginning Fund Balance 3,949,348 4,345,098 4,576,637 4,745,486 4,903,624 4,998,524 5,170,003 5,426,699 5,643,255 5,882,516 6,138,421 6,425,091
Ending Fund Balance 4,345,098 4,576,637 4,745,486 4,903,624 4,998,524 5,170,003 5,426,699 5,643,255 5,882,516 6,138,421 6,425,091 6,727,717
Assets
Cash and investments 1,094,372 987,554 1,143,303 1,332,261 1,367,261 1,708,704 2,028,309 1,958,309 2,560,084 3,019,289 3,746,634 4,183,012
Due from other governments - - - - - - - - - - - -
Capital assets 5,133,239 5,851,718 6,392,554 6,922,554 7,597,554 7,991,111 8,431,506 9,261,506 9,419,731 9,720,526 9,753,181 10,076,803
Accumulated depreciation (1,785,792) (2,262,421) (2,787,329) (3,348,191) (3,963,291) (4,526,812) (5,030,116) (5,573,560) (6,094,299) (6,598,394) (7,071,724) (7,529,098)
Total Assets 4,441,819 4,576,851 4,748,528 4,906,624 5,001,524 5,173,003 5,429,699 5,646,255 5,885,516 6,141,421 6,428,091 6,730,717
Liabilities
Due to other governmental units 2,105 - - - - - - - - - - -
All other liabilities 34,616 214 3,042 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Bonds payable 60,000 - - - - - - - - - - -
Total Liabilities and deferred inflows 96,721 214 3,042 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Fund Balance 4,345,098 4,576,637 4,745,486 4,903,624 4,998,524 5,170,003 5,426,699 5,643,255 5,882,516 6,138,421 6,425,091 6,727,717
Total Liab, deferred inflows, and fund balance 4,441,819 4,576,851 4,748,528 4,906,624 5,001,524 5,173,003 5,429,699 5,646,255 5,885,516 6,141,421 6,428,091 6,730,717
91
INFORMATION TECHNOLOGY (IT) FUND
The IT Fund is an Internal Service Fund used for the accounting
for costs of providing information technology services to city
departments. The Fund is supposed to be self-supporting in that
the cost of providing IT services is to be financed through user
charges to city departments.
The IT Fund is presented on an accrual basis. There is a
recognition of expenses when incurred and the subsequent
amortization of the deferred outflows. Revenues are recognized
when earned. There is a capitalization of certain expenses and
the subsequent depreciation of the capitalized costs. There are
accruals of revenues earned and expenses incurred regardless of
the timing of cashflows.
Revenues
Revenue sources come from charges for services to other City
funds. Other revenue is from investment earnings 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.
92
Table 35
City of Monticello
Finance Plan
IT Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 4,871 5,782 6,921 3,850 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Other revenues 9,665 6,050 5,285 6,150 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Charges to other funds 529,009 550,263 597,496 584,000 601,520 619,566 638,153 657,297 677,016 697,327 718,246 739,794
Total Revenues 543,545 562,095 609,702 594,000 610,520 628,566 647,153 666,297 686,016 706,327 727,246 748,794
Expenditures
Depreciation 46,047 43,494 44,841 35,387 47,122 20,694 15,644 1,250 1,250 1,250 1,250 1,250
Operating expense before depreciation 466,543 503,943 573,339 594,000 611,820 630,175 649,080 668,552 688,609 709,267 730,545 752,461
Total Expenditures 512,590 547,437 618,180 629,387 658,942 650,869 664,724 669,802 689,859 710,517 731,795 753,712
Net Change in Fund Balances 30,955 14,658 (8,478) (35,387) (48,422) (22,303) (17,571) (3,505) (3,843) (4,191) (4,549) (4,918)
Beginning Fund Balance 310,175 341,130 355,788 347,310 311,923 263,501 241,198 223,626 220,121 216,278 212,088 207,539
Ending Fund Balance 341,130 355,788 347,310 311,923 263,501 241,198 223,626 220,121 216,278 212,088 207,539 202,621
Assets
Cash and investments 119,907 155,538 167,117 163,868 45,218 43,609 41,682 39,427 36,834 33,893 30,595 26,927
All other receivables and prepaid items 64,448 89,776 96,716 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Capital assets 308,399 308,399 321,870 321,870 439,220 439,220 439,220 439,220 439,220 439,220 439,220 439,220
Accumulated depreciation (147,093) (190,587) (235,428) (270,815) (317,937) (338,631) (354,276) (355,526) (356,776) (358,026) (359,276) (360,526)
Total Assets 345,661 363,126 350,275 314,923 266,501 244,198 226,626 223,121 219,278 215,088 210,539 205,621
Liabilities
All other liabilities 4,531 7,338 2,965 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Total Liabilities and deferred inflows 4,531 7,338 2,965 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Fund Balance 341,130 355,788 347,310 311,923 263,501 241,198 223,626 220,121 216,278 212,088 207,539 202,621
Total Liab, deferred inflows, and fund balance 345,661 363,126 350,275 314,923 266,501 244,198 226,626 223,121 219,278 215,088 210,539 205,621
93
FACILITIES MAINTENANCE FUND
The Facilities Maintenance Fund was established as an Internal
Service Fund for the accounting for costs of maintaining
municipal facilities. The Fund is supposed to be self-supporting in
that the costs of maintaining municipal facilities are financed
through user charges to other City funds.
The Facilities Maintenance Fund is presented on an accrual basis.
There is a recognition of expenses when incurred and the
subsequent amortization of the deferred outflows. Revenues are
recognized when earned. There is a capitalization of certain
expenses and the subsequent depreciation of the capitalized
costs. There are accruals of revenues earned and expenses
incurred.
Revenues
The major revenue source comes from charges for services to
other City funds. 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. The
General Fund transferred $500,000 into the Fund in 2024 to
account for unbudgeted increase is workflow through the
Facilities Maintenance Fund. Adjustments to budgeting
assumptions will limit the needs for a transfer to cover future
shortfalls in the Fund.
Balance Sheet
There are no existing or planned bonds payable projected. This
Fund is projected to contain cash, capital assets, and fund
balance.
94
Table 36
City of Monticello
Finance Plan
Facilities Maintenance Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Investment earnings 774 (831) 2,595 - - - - - - - - -
Other revenues 165,192 14,841 95,261 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Transfer in - 500,000 - - - - - - - - - -
Charges to other funds 423,592 385,000 734,000 700,000 721,000 742,630 764,909 787,856 811,492 835,837 860,912 886,739
Total Revenues 589,558 899,010 831,856 725,000 746,000 767,630 789,909 812,856 836,492 860,837 885,912 911,739
Expenditures
Depreciation - - - - 5,800 5,800 10,300 10,300 10,300 10,300 10,300 10,300
Operating expense before depreciation 529,188 876,070 903,303 725,000 739,500 754,290 769,376 784,763 800,459 816,468 832,797 849,453
Total Expenditures 529,188 876,070 903,303 725,000 745,300 760,090 779,676 795,063 810,759 826,768 843,097 859,753
Net Change in Fund Balances 60,370 22,940 (71,447) - 700 7,540 10,233 17,793 25,733 34,069 42,815 51,986
Beginning Fund Balance 35,905 96,275 119,215 47,768 47,768 48,468 56,008 66,241 84,034 109,767 143,836 186,651
Ending Fund Balance 96,275 119,215 47,768 47,768 48,468 56,008 66,241 84,034 109,767 143,836 186,651 238,637
Assets
Cash and investments 129,915 151,610 74,582 70,768 19,268 32,608 8,141 36,234 72,267 116,636 169,751 232,037
All other receivables and prepaid items 1,872 1,386 3,139 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Capital assets - - - - 58,000 58,000 103,000 103,000 103,000 103,000 103,000 103,000
Accumulated depreciation - - - - (5,800) (11,600) (21,900) (32,200) (42,500) (52,800) (63,100) (73,400)
Total Assets 131,787 152,996 77,721 72,768 73,468 81,008 91,241 109,034 134,767 168,836 211,651 263,637
Liabilities
Due to other governmental units 100 105 - - - - - - - - - -
All other liabilities 35,412 33,676 29,953 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Total Liabilities and deferred inflows 35,512 33,781 29,953 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Fund Balance 96,275 119,215 47,768 47,768 48,468 56,008 66,241 84,034 109,767 143,836 186,651 238,637
Total Liab, deferred inflows, and fund balance 131,787 152,996 77,721 72,768 73,468 81,008 91,241 109,034 134,767 168,836 211,651 263,637
95
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 redevelopment or affordable housing
projects. The summary is intended to inform future planning by
the EDA, which 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 2025 for
collection in 2026 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 2026, the EDA is budgeted to collect
approximately $789,000 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 obligations related to TIF districts and the return of
excess tax increments to the County pursuant to the state law
that governs the use of tax increments.
96
Transfers
The EDA chose to use available pooled TIF funds in 2025 to pay
off the remaining balance of a purchase price note in TIF 1-42
and 1-43 from 2022.
The General Fund of the City is projected to continue to transfer
up to $6,000 annually into the EDA General Sub-fund to cover
the stipends to EDA board members. The actual transfers is
adjusted to account for actual meeting held and attended by
each board member.
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 2024, for the most recent audited financial
statements, the EDA reported a cash balance of $1,731,171 in
the EDA General Sub-fund, which is approximately 52% of the
total year-end 2024 cash balance managed by the EDA.
97
Table 37
City of Monticello
Finance Plan
Total EDA Funds
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 401,807 460,343 495,729 504,000 520,000 536,000 553,000 570,000 588,000 606,000 625,000 644,000
Tax increment 550,598 266,105 578,417 789,000 909,000 979,443 995,675 931,285 939,922 870,585 639,000 645,000
Other intergovernmental 344,993 294,248 25,355 - - - - - - - - -
Charges for services 1,281 19,246 5,641 - - - - - - - - -
Investment earnings 177,223 159,232 153,291 75,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 39,636 27,595 164,540 11,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Transfer in - - - - - - - - 247,071 - - -
Total Revenues 1,515,538 1,226,769 1,422,973 1,379,000 1,485,000 1,571,443 1,604,675 1,557,285 1,830,993 1,532,585 1,320,000 1,345,000
Expenditures
Current - Economic development 974,474 1,222,442 1,143,074 590,000 605,250 620,369 635,865 651,750 668,031 684,719 701,825 719,358
Transfer out - - - - - - - - 247,071 - - -
TIF pay-go note payments 63,018 68,415 357,187 515,000 687,000 757,443 773,675 777,285 785,922 794,585 573,000 579,000
TIF interfund loan payments 31,257 24,786 37,467 20,002 17,553 15,120 13,431 11,691 23,658 - - -
Excess increments 180,209 269,641 3,040 - - - - - - - - -
Total Expenditures 1,248,958 1,585,284 1,540,768 1,125,002 1,309,803 1,392,932 1,422,971 1,440,726 1,724,682 1,479,304 1,274,825 1,298,358
Net Change in Fund Balances 266,580 (358,515) (117,795) 253,998 175,197 178,511 181,704 116,559 106,311 53,281 45,175 46,642
Beginning Fund Balance 6,886,060 7,152,640 6,794,125 6,676,330 6,930,328 7,105,525 7,284,036 7,465,740 7,582,299 7,688,610 7,741,891 7,787,067
Ending Fund Balance 7,152,640 6,794,125 6,676,330 6,930,328 7,105,525 7,284,036 7,465,740 7,582,299 7,688,610 7,741,891 7,787,067 7,833,709
Assets
Cash and investments 4,222,766 3,325,759 3,402,111 4,404,292 4,589,863 4,779,265 4,972,400 5,100,960 5,219,869 5,286,375 5,345,436 5,685,673
Taxes receivable 11,826 6,968 3,465 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500
Notes receivable 319,490 702,211 387,885 378,000 367,626 356,735 345,304 333,303 320,705 307,480 293,595 -
All other receivables and prepaid items 14,159 11,653 3,402 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Land held for resale / inventory 2,744,929 2,923,129 2,923,129 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 7,313,170 6,969,720 6,719,992 6,965,328 7,140,525 7,319,036 7,500,740 7,617,299 7,723,610 7,776,891 7,822,067 7,868,709
Liabilities
Due to other governmental units 159 168 - - - - - - - - - -
All other liabilities 143,806 130,708 6,020 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Deferred inflows of resources 11,073 3,465 - - - - - - - - - -
Escrow deposits 5,492 41,254 37,642 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Total Liabilities and deferred inflows 160,530 175,595 43,662 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
Fund Balance 7,152,640 6,794,125 6,676,330 6,930,328 7,105,525 7,284,036 7,465,740 7,582,299 7,688,610 7,741,891 7,787,067 7,833,709
Total Liab, deferred inflows, and fund balance 7,313,170 6,969,720 6,719,992 6,965,328 7,140,525 7,319,036 7,500,740 7,617,299 7,723,610 7,776,891 7,822,067 7,868,709
98
Table 37a
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 2026 2025 2024
Date of Decertification 12/31/2022 12/31/2045 12/31/2030 12/31/2051 12/31/2051 12/31/2050 12/31/2032
99
TABLE 37b
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 3 142,323 142,323 TIF 1-6 3 535,651 535,651
TIF 1-19 - - TIF 1-19 - -
TIF 1-20 - - TIF 1-20 - -
TIF 1-22 - - - - TIF 1-22 - - -
TIF 1-24 115,860 115,860 TIF 1-24 187,860 187,860
TIF 1-29 118,854 118,854 TIF 1-29 326,854 326,854
TIF 1-30 84,299 84,299 TIF 1-30 131,836 131,836
TIF 1-34 - - TIF 1-34 - -
TIF 1-40 29,396 29,396 TIF 1-40 2 117,396 117,396
TIF 1-41 24,338 24,338 TIF 1-41 2 - -
TIF 1-42 - - TIF 1-42 151,569 151,569
TIF 1-43 - - TIF 1-43 285,569 285,569
TIF 1-45 - - TIF 1-45 24,524 24,524
TIF 1-46 2,313 2,313 TIF 1-46 72,313 72,313
Total 168,974 348,409 - 517,383 Total 632,488 1,201,084 1,833,572
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 not 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 Estimated as of Year End 2025 Cash Available as of Year End 2034 4
100
Table 38a
City of Monticello
Finance Plan
EDA General Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Property taxes 401,807 460,343 495,729 504,000 520,000 536,000 553,000 570,000 588,000 606,000 625,000 644,000
Other intergovernmental 344,993 294,248 25,355 - - - - - - - - -
Charges for services 1,281 19,246 5,641 - - - - - - - - -
Investment earnings 177,223 159,232 153,291 75,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Other revenues 38,507 20,286 17,295 11,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Total Revenues 963,811 953,355 697,311 590,000 576,000 592,000 609,000 626,000 644,000 662,000 681,000 700,000
Expenditures
Current - Economic development 1,001,199 1,232,227 584,839 590,000 604,750 619,869 635,365 651,250 667,531 684,219 701,325 718,858
Transfer out - - - - - - - - - - - -
Total Expenditures 1,001,199 1,232,227 584,839 590,000 604,750 619,869 635,365 651,250 667,531 684,219 701,325 718,858
Net Change in Fund Balances (37,388) (278,872) 112,472 - (28,750) (27,869) (26,365) (25,250) (23,531) (22,219) (20,325) (18,858)
Beginning Fund Balance 5,014,657 4,977,269 4,698,397 4,810,869 4,810,869 4,782,119 4,754,250 4,727,885 4,702,635 4,679,104 4,656,885 4,636,561
Ending Fund Balance 4,977,269 4,698,397 4,810,869 4,810,869 4,782,119 4,754,250 4,727,885 4,702,635 4,679,104 4,656,885 4,636,561 4,617,703
Assets
Cash and investments 2,163,986 1,731,171 1,994,816 2,750,675 2,738,244 2,710,375 2,684,010 2,659,236 2,635,705 2,613,486 2,593,162 2,574,304
Taxes receivable 3,810 6,968 3,465 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500
Notes receivable 127,246 127,246 - - - - - - - - - -
Due from other funds 111,607 109,779 92,919 75,358 59,039 59,039 59,039 58,563 58,563 58,563 58,563 58,563
All other receivables and prepaid items 14,159 11,653 3,402 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Land held for resale / inventory 2,581,729 2,759,929 2,759,929 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 5,002,537 4,746,746 4,854,531 4,845,869 4,817,119 4,789,250 4,762,885 4,737,635 4,714,104 4,691,885 4,671,561 4,652,703
Liabilities
Due to other governmental units 159 168 - - - - - - - - - -
All other liabilities 16,560 3,462 6,020 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000
Deferred inflows of resources 3,057 3,465 - - - - - - - - - -
Escrow deposits 5,492 41,254 37,642 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Total Liabilities and deferred inflows 25,268 48,349 43,662 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
Fund Balance 4,977,269 4,698,397 4,810,869 4,810,869 4,782,119 4,754,250 4,727,885 4,702,635 4,679,104 4,656,885 4,636,561 4,617,703
Total Liab, deferred inflows, and fund balance 5,002,537 4,746,746 4,854,531 4,845,869 4,817,119 4,789,250 4,762,885 4,737,635 4,714,104 4,691,885 4,671,561 4,652,703
101
Table 38b
City of Monticello
Finance Plan
GMEF Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other revenues 3,092 10,541 19,999 - - - - - - - - -
Total Revenues 3,092 10,541 19,999 - - - - - - - - -
Expenditures
Current - Economic development - - - - - - - - - - - -
Total Expenditures - - - - - - - - - - - -
Net Change in Fund Balances 3,092 10,541 19,999 - - - - - - - - -
Beginning Fund Balance 1,244,165 1,247,257 1,257,798 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797
Ending Fund Balance 1,247,257 1,257,798 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797
Assets
Cash and investments 1,055,013 682,833 889,912 899,797 910,171 921,062 932,493 944,494 957,092 970,317 984,202 1,277,797
Notes receivable 192,244 574,965 387,885 378,000 367,626 356,735 345,304 333,303 320,705 307,480 293,595 -
Total Assets 1,247,257 1,257,798 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 1,247,257 1,257,798 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797
Total Liab, deferred inflows, and fund balance 1,247,257 1,257,798 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797 1,277,797
102
Table 38c
City of Monticello
Finance Plan
TIF Future Fund
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Total Revenues - - - - - - - - - - - -
Expenditures
Current - Economic development - 13,200 - - - - - - - - - -
Total Expenditures - 13,200 - - - - - - - - - -
Net Change in Fund Balances - (13,200) - - - - - - - - - -
Beginning Fund Balance (45,363) (45,363) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563)
Ending Fund Balance (45,363) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563)
Assets
Cash and investments - - - - - - - - - - - -
Total Assets - - - - - - - - - - - -
Liabilities
Due to other funds 45,363 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563
Total Liabilities and deferred inflows 45,363 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563 58,563
Fund Balance (45,363) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563) (58,563)
Total Liab, deferred inflows, and fund balance - - - - - - - - - - - -
103
Table 38d
City of Monticello
Finance Plan
TIF 6 Fund
Redevelopment District 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Other revenues 29,294 21,554 - - - - - - - - - -
Total Revenues 29,294 21,554 - - - - - - - - - -
Expenditures
Current - Economic development - - 17,127 - - - - - - - - -
Transfer out - - - - - - - - 247,071 - - -
Total Expenditures - - 17,127 - - - - - 247,071 - - -
Net Change in Fund Balances 29,294 21,554 (17,127) - - - - - (247,071) - - -
Beginning Fund Balance 749,001 778,295 799,849 782,722 782,722 782,722 782,722 782,722 782,722 535,651 535,651 535,651
Ending Fund Balance 778,295 799,849 782,722 782,722 782,722 782,722 782,722 782,722 535,651 535,651 535,651 535,651
Assets
Cash and investments 49,450 112,601 142,323 194,973 249,213 305,093 362,662 421,971 236,001 535,651 535,651 535,651
Due from other funds 728,845 687,248 640,399 587,749 533,509 477,629 420,060 360,751 299,650 - - -
Total Assets 778,295 799,849 782,722 782,722 782,722 782,722 782,722 782,722 535,651 535,651 535,651 535,651
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 778,295 799,849 782,722 782,722 782,722 782,722 782,722 782,722 535,651 535,651 535,651 535,651
Total Liab, deferred inflows, and fund balance 778,295 799,849 782,722 782,722 782,722 782,722 782,722 782,722 535,651 535,651 535,651 535,651
104
Table 38e
City of Monticello
Finance Plan
TIF 19 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 37,749 - - - - - - - - - - -
Total Revenues 37,749 - - - - - - - - - - -
Expenditures
Current - Economic development 30 - 37,719 - - - - - - - - -
Total Expenditures 30 - 37,719 - - - - - - - - -
Net Change in Fund Balances 37,719 - (37,719) - - - - - - - - -
Beginning Fund Balance - 37,719 37,719 - - - - - - - - -
Ending Fund Balance 37,719 37,719 - - - - - - - - - -
Assets
Cash and investments 37,719 37,719 - - - - - - - - - -
Total Assets 37,719 37,719 - - - - - - - - - -
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 37,719 37,719 - - - - - - - - - -
Total Liab, deferred inflows, and fund balance 37,719 37,719 - - - - - - - - - -
105
Table 38f
City of Monticello
Finance Plan
TIF 20 Fund
Redevelopment 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Total Revenues - - - - - - - - - - - -
Expenditures
Current - Economic development 30 - 104,142 - - - - - - - - -
Total Expenditures 30 - 104,142 - - - - - - - - -
Net Change in Fund Balances (30) - (104,142) - - - - - - - - -
Beginning Fund Balance 104,172 104,142 104,142 - - - - - - - - -
Ending Fund Balance 104,142 104,142 - - - - - - - - - -
Assets
Cash and investments 104,142 104,142 - - - - - - - - - -
Total Assets 104,142 104,142 - - - - - - - - - -
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 104,142 104,142 - - - - - - - - - -
Total Liab, deferred inflows, and fund balance 104,142 104,142 - - - - - - - - - -
106
Table 38g
City of Monticello
Finance Plan
TIF 22 Fund
Redevelopment and Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 269,641 - 4,674 - - - - - - - - -
Total Revenues 269,641 - 4,674 - - - - - - - - -
Expenditures
Current - Economic development 1,030 1,200 250,079 - - - - - - - - -
TIF pay-go note payments - - - - - - - - - - - -
Excess increments 180,209 269,641 3,040 - - - - - - - - -
Total Expenditures 181,239 270,841 253,119 - - - - - - - - -
Net Change in Fund Balances 88,402 (270,841) (248,445) - - - - - - - - -
Beginning Fund Balance 430,884 519,286 248,445 - - - - - - - - -
Ending Fund Balance 519,286 248,445 - - - - - - - - - -
Assets
Cash and investments 519,286 248,445 - - - - - - - - - -
Taxes receivable 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 687,177 411,645 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
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 - - - - - - - - - - - -
Deferred inflows of resources 4,691 - - - - - - - - - - -
Total Liabilities and deferred inflows 167,891 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
Fund Balance 519,286 248,445 - - - - - - - - - -
Total Liab, deferred inflows, and fund balance 687,177 411,645 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200 163,200
107
Table 38h
City of Monticello
Finance Plan
TIF 24 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 55,830 60,156 71,188 72,000 - - - - - - - -
Total Revenues 55,830 60,156 71,188 72,000 - - - - - - - -
Expenditures
Current - Economic development 30 192 71,092 - - - - - - - - -
Total Expenditures 30 192 71,092 - - - - - - - - -
Net Change in Fund Balances 55,800 59,964 96 72,000 - - - - - - - -
Beginning Fund Balance - 55,800 115,764 115,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860
Ending Fund Balance 55,800 115,764 115,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860
Assets
Cash and investments 55,800 115,764 115,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860
Total Assets 55,800 115,764 115,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 55,800 115,764 115,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860
Total Liab, deferred inflows, and fund balance 55,800 115,764 115,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860 187,860
108
Table 38i
City of Monticello
Finance Plan
TIF 29 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 34,684 41,737 42,539 52,000 52,000 52,000 52,000 - - - - -
Total Revenues 34,684 41,737 42,539 52,000 52,000 52,000 52,000 - - - - -
Expenditures
Current - Economic development 30 31 45 - - - - - - - - -
Total Expenditures 30 31 45 - - - - - - - - -
Net Change in Fund Balances 34,654 41,706 42,494 52,000 52,000 52,000 52,000 - - - - -
Beginning Fund Balance - 34,654 76,360 118,854 170,854 222,854 274,854 326,854 326,854 326,854 326,854 326,854
Ending Fund Balance 34,654 76,360 118,854 170,854 222,854 274,854 326,854 326,854 326,854 326,854 326,854 326,854
Assets
Cash and investments 34,654 76,360 118,854 170,854 222,854 274,854 326,854 326,854 326,854 326,854 326,854 326,854
Taxes receivable 3,325 - - - - - - - - - - -
Total Assets 37,979 76,360 118,854 170,854 222,854 274,854 326,854 326,854 326,854 326,854 326,854 326,854
Liabilities
Deferred inflows of resources 3,325 - - - - - - - - - - -
Total Liabilities and deferred inflows 3,325 - - - - - - - - - - -
Fund Balance 34,654 76,360 118,854 170,854 222,854 274,854 326,854 326,854 326,854 326,854 326,854 326,854
Total Liab, deferred inflows, and fund balance 37,979 76,360 118,854 170,854 222,854 274,854 326,854 326,854 326,854 326,854 326,854 326,854
109
Table 38j
City of Monticello
Finance Plan
TIF 30 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 17,576 20,606 20,867 20,000 21,000 21,000 21,000 - - - - -
Total Revenues 17,576 20,606 20,867 20,000 21,000 21,000 21,000 - - - - -
Expenditures
Current - Economic development 30 31 45 - - - - - - - - -
TIF interfund loan payments 1,963 3,232 2,467 1,651 794 - - - - - - -
Total Expenditures 1,993 3,263 2,512 1,651 794 - - - - - - -
Net Change in Fund Balances 15,583 17,343 18,355 18,349 20,206 21,000 21,000 - - - - -
Beginning Fund Balance - 15,583 32,926 51,281 69,630 89,836 110,836 131,836 131,836 131,836 131,836 131,836
Ending Fund Balance 15,583 32,926 51,281 69,630 89,836 110,836 131,836 131,836 131,836 131,836 131,836 131,836
Assets
Cash and investments 80,227 82,257 84,299 85,518 89,836 110,836 131,836 131,836 131,836 131,836 131,836 131,836
Total Assets 80,227 82,257 84,299 85,518 89,836 110,836 131,836 131,836 131,836 131,836 131,836 131,836
Liabilities
Due to other funds 64,644 49,331 33,018 15,888 - - - - - - - -
Total Liabilities and deferred inflows 64,644 49,331 33,018 15,888 - - - - - - - -
Fund Balance 15,583 32,926 51,281 69,630 89,836 110,836 131,836 131,836 131,836 131,836 131,836 131,836
Total Liab, deferred inflows, and fund balance 80,227 82,257 84,299 85,518 89,836 110,836 131,836 131,836 131,836 131,836 131,836 131,836
110
Table 38k
City of Monticello
Finance Plan
TIF 34 Fund
Renewal and Renovation 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - - - - - - - - -
Total Revenues - - - - - - - - - - - -
Expenditures
Current - Economic development 30 - 77,340 - - - - - - - - -
Transfer out - - - - - - - - - - - -
Total Expenditures 30 - 77,340 - - - - - - - - -
Net Change in Fund Balances (30) - (77,340) - - - - - - - - -
Beginning Fund Balance 77,370 77,340 77,340 - - - - - - - - -
Ending Fund Balance 77,340 77,340 - - - - - - - - - -
Assets
Cash and investments 77,340 77,340 - - - - - - - - - -
Total Assets 77,340 77,340 - - - - - - - - - -
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 77,340 77,340 - - - - - - - - - -
Total Liab, deferred inflows, and fund balance 77,340 77,340 - - - - - - - - - -
111
Table 38l
City of Monticello
Finance Plan
TIF 40 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 70,020 76,017 83,917 87,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000
Total Revenues 70,020 76,017 83,917 87,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000
Expenditures
Current - Economic development 30 31 45 - 500 500 500 500 500 500 500 500
TIF pay-go note payments 63,018 68,415 75,525 75,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000 85,000
Total Expenditures 63,048 68,446 75,570 75,000 85,500 85,500 85,500 85,500 85,500 85,500 85,500 85,500
Net Change in Fund Balances 6,972 7,571 8,347 12,000 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500
Beginning Fund Balance 6,506 13,478 21,049 29,396 41,396 50,896 60,396 69,896 79,396 88,896 98,396 107,896
Ending Fund Balance 13,478 21,049 29,396 41,396 50,896 60,396 69,896 79,396 88,896 98,396 107,896 117,396
Assets
Cash and investments 13,478 21,049 29,396 41,396 50,896 60,396 69,896 79,396 88,896 98,396 107,896 117,396
Total Assets 13,478 21,049 29,396 41,396 50,896 60,396 69,896 79,396 88,896 98,396 107,896 117,396
Liabilities
All other liabilities - - - - - - - - - - - -
Total Liabilities and deferred inflows - - - - - - - - - - - -
Fund Balance 13,478 21,049 29,396 41,396 50,896 60,396 69,896 79,396 88,896 98,396 107,896 117,396
Total Liab, deferred inflows, and fund balance 13,478 21,049 29,396 41,396 50,896 60,396 69,896 79,396 88,896 98,396 107,896 117,396
112
Table 38m
City of Monticello
Finance Plan
TIF 41 Fund
Economic Development 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment 65,098 64,441 73,302 78,000 78,000 78,000 78,000 78,000 78,000 - - -
Transfer in - - - - - - - - 247,071 - - -
Total Revenues 65,098 64,441 73,302 78,000 78,000 78,000 78,000 78,000 325,071 - - -
Expenditures
Current - Economic development 1,692 31 45 - - - - - - - - -
TIF interfund loan payments 29,294 21,554 35,000 18,351 16,759 15,120 13,431 11,691 23,658 - - -
Total Expenditures 30,986 21,585 35,045 18,351 16,759 15,120 13,431 11,691 23,658 - - -
Net Change in Fund Balances 34,112 42,856 38,257 59,649 61,241 62,880 64,569 66,309 301,413 - - -
Beginning Fund Balance (731,286) (697,174) (654,318) (616,061) (556,412) (495,171) (432,291) (367,722) (301,413) - - -
Ending Fund Balance (697,174) (654,318) (616,061) (556,412) (495,171) (432,291) (367,722) (301,413) - - - -
Assets
Cash and investments 31,671 32,930 24,338 31,337 38,338 45,338 52,338 59,338 299,650 - - -
Total Assets 31,671 32,930 24,338 31,337 38,338 45,338 52,338 59,338 299,650 - - -
Liabilities
Due to other funds 728,845 687,248 640,399 587,749 533,509 477,629 420,060 360,751 299,650 - - -
Total Liabilities and deferred inflows 728,845 687,248 640,399 587,749 533,509 477,629 420,060 360,751 299,650 - - -
Fund Balance (697,174) (654,318) (616,061) (556,412) (495,171) (432,291) (367,722) (301,413) - - - -
Total Liab, deferred inflows, and fund balance 31,671 32,930 24,338 31,337 38,338 45,338 52,338 59,338 299,650 - - -
113
Table 38n
City of Monticello
Finance Plan
TIF 42 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - - 92,000 93,000 94,000 95,000 96,000 97,000 98,000 99,000
Total Revenues - - - - 92,000 93,000 94,000 95,000 96,000 97,000 98,000 99,000
Expenditures
Current - Economic development 400 31 - - - - - - - - - -
TIF pay-go note payments - - - - 73,000 74,000 75,000 76,000 77,000 78,000 79,000 80,000
Total Expenditures 400 31 - - 73,000 74,000 75,000 76,000 77,000 78,000 79,000 80,000
Net Change in Fund Balances (400) (31) - - 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000
Beginning Fund Balance - (400) (431) (431) (431) 18,569 37,569 56,569 75,569 94,569 113,569 132,569
Ending Fund Balance (400) (431) (431) (431) 18,569 37,569 56,569 75,569 94,569 113,569 132,569 151,569
Assets
Cash and investments - - - - 18,569 37,569 56,569 75,569 94,569 113,569 132,569 151,569
Total Assets - - - - 18,569 37,569 56,569 75,569 94,569 113,569 132,569 151,569
Liabilities
Due to other funds 400 431 431 431 - - - - - - - -
Total Liabilities and deferred inflows 400 431 431 431 - - - - - - - -
Fund Balance (400) (431) (431) (431) 18,569 37,569 56,569 75,569 94,569 113,569 132,569 151,569
Total Liab, deferred inflows, and fund balance - - - - 18,569 37,569 56,569 75,569 94,569 113,569 132,569 151,569
114
Table 38o
City of Monticello
Finance Plan
TIF 43 Fund
Affordable Housing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - - 145,000 155,000 157,000 159,000 161,000 163,000 165,000 167,000 169,000
Other revenues - - 127,246 - - - - - - - - -
Total Revenues - - 127,246 145,000 155,000 157,000 159,000 161,000 163,000 165,000 167,000 169,000
Expenditures
Current - Economic development 400 31 - - - - - - - - - -
TIF pay-go note payments - - - 115,000 123,000 125,000 127,000 129,000 131,000 133,000 135,000 137,000
Total Expenditures 400 31 - 115,000 123,000 125,000 127,000 129,000 131,000 133,000 135,000 137,000
Net Change in Fund Balances (400) (31) 127,246 30,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000
Beginning Fund Balance (127,246) (127,646) (127,677) (431) 29,569 61,569 93,569 125,569 157,569 189,569 221,569 253,569
Ending Fund Balance (127,646) (127,677) (431) 29,569 61,569 93,569 125,569 157,569 189,569 221,569 253,569 285,569
Assets
Cash and investments - - - 29,569 61,569 93,569 125,569 157,569 189,569 221,569 253,569 285,569
Total Assets - - - 29,569 61,569 93,569 125,569 157,569 189,569 221,569 253,569 285,569
Liabilities
Due to other funds 400 431 431 - - - - - - - - -
All other liabilities 127,246 127,246 - - - - - - - - - -
Total Liabilities and deferred inflows 127,646 127,677 431 - - - - - - - - -
Fund Balance (127,646) (127,677) (431) 29,569 61,569 93,569 125,569 157,569 189,569 221,569 253,569 285,569
Total Liab, deferred inflows, and fund balance - - - 29,569 61,569 93,569 125,569 157,569 189,569 221,569 253,569 285,569
115
Table 38p
City of Monticello
Finance Plan
TIF 45 Fund
Redevelopment 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - - 222,582 225,000 261,000 264,000 267,000 270,000 273,000 276,000 279,000 282,000
Total Revenues - - 222,582 225,000 261,000 264,000 267,000 270,000 273,000 276,000 279,000 282,000
Expenditures
Current - Economic development 400 31 45 - - - - - - - - -
TIF pay-go note payments - - 222,582 225,000 261,000 264,000 267,000 265,000 268,000 271,000 274,000 277,000
Total Expenditures 400 31 222,627 225,000 261,000 264,000 267,000 265,000 268,000 271,000 274,000 277,000
Net Change in Fund Balances (400) (31) (45) - - - - 5,000 5,000 5,000 5,000 5,000
Beginning Fund Balance - (400) (431) (476) (476) (476) (476) (476) 4,524 9,524 14,524 19,524
Ending Fund Balance (400) (431) (476) (476) (476) (476) (476) 4,524 9,524 14,524 19,524 24,524
Assets
Cash and investments - - - - - - - 4,524 9,524 14,524 19,524 24,524
Total Assets - - - - - - - 4,524 9,524 14,524 19,524 24,524
Liabilities
Due to other funds 400 431 476 476 476 476 476 - - - - -
Total Liabilities and deferred inflows 400 431 476 476 476 476 476 - - - - -
Fund Balance (400) (431) (476) (476) (476) (476) (476) 4,524 9,524 14,524 19,524 24,524
Total Liab, deferred inflows, and fund balance - - - - - - - 4,524 9,524 14,524 19,524 24,524
116
Table 38q
City of Monticello
Finance Plan
TIF 46 Fund
Economic Development 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Actual Actual Estimated Proj Proj Proj Proj Proj Proj Proj Proj Proj
Revenues
Tax increment - 3,148 59,348 110,000 155,000 219,443 229,675 232,285 234,922 237,585 - -
Total Revenues - 3,148 59,348 110,000 155,000 219,443 229,675 232,285 234,922 237,585 - -
Expenditures
Current - Economic development 400 192 511 - - - - - - - - -
TIF pay-go note payments - - 59,080 100,000 145,000 209,443 219,675 222,285 224,922 227,585 - -
Total Expenditures 400 192 59,591 100,000 145,000 209,443 219,675 222,285 224,922 227,585 - -
Net Change in Fund Balances (400) 2,956 (243) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 - -
Beginning Fund Balance - (400) 2,556 2,313 12,313 22,313 32,313 42,313 52,313 62,313 72,313 72,313
Ending Fund Balance (400) 2,556 2,313 12,313 22,313 32,313 42,313 52,313 62,313 72,313 72,313 72,313
Assets
Cash and investments - 3,148 2,313 12,313 22,313 32,313 42,313 52,313 62,313 72,313 72,313 72,313
Total Assets - 3,148 2,313 12,313 22,313 32,313 42,313 52,313 62,313 72,313 72,313 72,313
Liabilities
Due to other funds 400 592 - - - - - - - - - -
Total Liabilities and deferred inflows 400 592 - - - - - - - - - -
Fund Balance (400) 2,556 2,313 12,313 22,313 32,313 42,313 52,313 62,313 72,313 72,313 72,313
Total Liab, deferred inflows, and fund balance - 3,148 2,313 12,313 22,313 32,313 42,313 52,313 62,313 72,313 72,313 72,313
117
APPENDICES
118
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
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)1.00
Seasonal Staff (6m)1.00 1.00
Seasonal Staff (3m)0.25 0.75
MCC Fund
Programmer (PT)1.00
Total Governmental Funds 0.00 0.00 0.00 1.50 2.00 1.25 2.00 2.00 1.75 2.00
PROPRIETARY FUNDS
Water/Sewer Funds
Operator 0.50 0.50 1.00
Stormwater Fund
Operator 0.50 1.00
Total Proprietary Funds 0.00 0.00 0.50 1.00 0.00 1.00 0.00 1.00 0.00 0.00
119
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 134,000$
Fire
Chief 166,000$
PW
Engineering Staff 52,000$ 117,000$
Streets Operator 100,000$ 116,000$
Shop
Recreation and culture
Parks Operator 97,000$ 116,000$
Staff (PT)48,000$
Seasonal Staff (6m)47,000$ 51,000$
Seasonal Staff (3m)11,750$ 38,250$
MCC Fund
Programmer (PT)35,000$
Total Governmental Funds -$ -$ -$ 149,000$ 135,000$ 58,750$ 182,000$ 283,000$ 89,250$ 232,000$
PROPRIETARY FUNDS
Water/Sewer Funds
Operator 47,500$ 48,500$ 110,000$
Stormwater Fund
Operator 52,000$ 110,000$
Total Proprietary Funds -$ -$ 47,500$ 100,500$ -$ 110,000$ -$ 110,000$ -$ -$
120
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 Meadowbrook Edmonson Avenue Residential 2025 No 11 350,000
Residential Single Family Featherstone 6th 86th Residential 2025 No 21 300,000
Commercial Big River - Les Schwab Chelsea East Commercial 2025 No 10,651 150
Commercial Big Bore 7th St Commercial 2025 No 5,067 75
Commercial Pointes at Cedar 08 Retail/Hotel Commercial 2025 No 45,000 150
Apartments Twin Pines School Blvd East/Walmart Residential 2026 No 93 200,000
Commercial Deephaven/Buchholz Block 52 Commercial 2026 Yes 2050 30,300 150
Residential Single Family Meadowbrook Edmonson Avenue Residential 2026 No 54 350,000
Residential Single Family Country Club Villas 7th Street Residential 2026 Yes 2050 22 275,000
Residential Single Family Stony Brook Village Twinhomes - Elm/7th Residential 2026 No 28 350,000
Commercial Big River - Valvoline Chelsea East Commercial 2026 No 1,462 150
Commercial Restaurant Chelsea East Commercial 2026 No 2,500 150
Commercial Discount Tire 7th St Commercial 2026 No 7,020 150
Commercial MN Sports Card 7th St Commercial 2026 No 4,400 150
Industrial Spaeth Industrial Dundas - Oakwood Commercial 2026 No 6,976 70
Residential Single Family Haven Ridge 3rd Addition Mixed SF/TH, Fallon/85th Residential 2027 No 49 350,000
Residential Single Family Meadowbrook Edmonson Residential 2027 No 65 300,000
Industrial Spaeth Industrial Dundas - Oakwood Commercial 2027 No 6,976 70
Residential Single Family Featherstone 7th 86th/85th Residential 2027 No 56 325,000
Residential Single Family Haven Ridge 4th Addition Mixed SF/TH, Fallon/85th Residential 2028 No 66 350,000
Residential Single Family Meadowbrook Edmonson Residential 2028 No 52 350,000
Apartments Pointes at Cedar 07 Residential Apartments Residential 2029 No 150 200,000
Residential Single Family Residential East/West School Blvd or Fallon Residential 2029 No 65 350,000
Residential Single Family Haven Ridge 5th Addition 85th Residential 2029 No 43 350,000
Commercial Pointes at Cedar 10 Retail Commercial Commercial 2029 No 20,000 150
Residential Single Family Haven Ridge 6th Addition Edmonson Residential 2030 No 37 350,000
Apartments Pointes at Cedar 13a Res Mixed Residential 2030 No 100 200,000
Residential Single Family Residential East/West School Blvd or Fallon Residential 2031 No 65 350,000
Commercial Pointes at Cedar 13 Commercial Commercial 2031 No 95,000 150
Residential Single Family Haven Ridge 7th Addition Edmonson Residential 2031 No 29 400,000
Apartments Pointes at Cedar 09 Residential Apartments Residential 2032 No 75 200,000
Apartments Pointes at Cedar 11 Residential Apartments Residential 2032 No 100 200,000
Residential Single Family Residential East/West School Blvd and/or Fallon Residential 2032 No 65 350,000
Residential Single Family Haven Ridge 8th Addition RA South Wetland Residential 2032 No 30 450,000
Apartments Pointes at Cedar 14 Residential Apartments Residential 2033 No 100 175,000
Residential Single Family Residential East/West School Blvd and/or Fallon Residential 2033 No 65 300,000
121
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
Apartments Pointes at Cedar 12 Residential Apartments Residential 2034 No 75 200,000
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 and/or Fallon Residential 2035 No 65 350,000
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
122
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
2025 2,196,193 - 2,196,193 8.4%
2026 2,305,511 - 2,305,511 5.0%
2027 1,980,622 2,731,960 4,712,582 104.4%
2028 1,789,231 2,751,420 4,540,651 -3.6%
2029 1,600,096 2,751,840 4,351,936 -4.2%
2030 1,575,022 3,103,310 4,678,332 7.5%
2031 1,196,469 3,049,121 4,245,590 -9.2%
2032 1,165,544 3,052,350 4,217,894 -0.7%
2033 418,543 3,384,560 3,803,103 -9.8%
2034 400,502 3,335,771 3,736,273 -1.8%
2035 - 3,335,141 3,335,141 -10.7%
2036 - 3,336,664 3,336,664 0.0%
2037 - 3,334,905 3,334,905 -0.1%
2038 - 3,345,589 3,345,589 0.3%
2039 - 3,341,888 3,341,888 -0.1%
2040 - 3,339,919 3,339,919 -0.1%
2041 - 3,349,999 3,349,999 0.3%
2042 - 3,345,274 3,345,274 -0.1%
2043 - 3,352,361 3,352,361 0.2%
2044 - 3,344,434 3,344,434 -0.2%
2045 - 3,054,109 3,054,109 -8.7%
2046 - 3,005,599 3,005,599 -1.6%
2047 - 277,121 277,121 -90.8%
2048 - - - -100.0%
123
$0
$10
$20
$30
$40
$50
$60
$70
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
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
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Appendix F
Residential
Example Monthly Stormwater Bill
1 Unit
Monthly Bill Annual Percent Change
$0
$20
$40
$60
$80
$100
$120
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
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
$180
$200
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
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