City Council Agenda Packet 11-13-2007 Special
AGENDA
City Council, 2008 Budget Workshop
Tuesday, November 13, 2007
Mayor:
Clint Herbst
Council Members: Wayne Mayer, Tom Perrault, Brian Stumpf, and Susie Wojchouski
1. Discussion of proposed 2008 budget changes and tax levy of $7,600,000.
2. Workload issues and project priorities.
3. Special Revenue Fund Changes.
4. Truth-In-Taxation Hearing, December 4th at 5 p.m.
Discussion on information to be presented.
5. Adjourn.
TAX LEVY SUMMARY
2008 Budget
All Funds
$805,545
$3,843,555
$36,660
$0
$20,000
$650
$0
$0
$0
$1,246,570
$547,020
.'tc\t,I;$6;5C)C);C)C)C)
$793,285
$4,810,415
$38,000
$0
$33,965
$5,185
$20,000
$0
$0
$1,399,150
$500,000
,;!>OC),OOO
Parks
General
Libra
Trans ortation
Shade Tree
OAA
HRA
Debt Service
Ca ital 1m . Revolvin
Communit Center
Street Reconstruction
Net Certified Levy Decrease/Increase
Maximum Lev Allowed
$0
N/A
16.92% $1,100,000
Payable 2002 Tax Capacity Rate
Payable 2003 Tax Capacity Rate
Payable 2004 Tax Capacity Rate
Payable 2005 Tax Capacity Rate
Payable 2006 Tax Capacity Rate
Payable 2007 Tax Capacity Rate
Est. Payable 2008 Tax Capacity Rate
67.645
65.558
62.452
58.760
51.040
42.601
47.519
2001/Pa able 2002 $9,606,212 67.645 $6,498,079 $17,233,103
2002/Pa able 2003 $10,344,950 65.558 $6,782,018 $18,428,608
2003/Pa able 2004 $11,141,052 62.452 $6,957,915 $21,825,368
2004/Pa able 2005 $11,840,000 58.76 $6,957,915 $28,586,683
2005 Pa able 2006 $13,224,144 51.04 $6,750,000 $27,553,943
2006/Pa able 2007 $15,257,996 42.601 $6,500,000 $38,685,291
Est. Pa able 2008 $15,993,681 47.519 $7,600,000 $27,603,026
COMMENTS:
2007 Budget.xls:Tax Levy Sum:11/8/2007
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Estimated Fund Balances based on 2008 Preliminary Budget
(1)
Estimated (1/2 annual budget)
Balance Estimated Working Capital
Fund 12/31/2008 Needs/Restricted Funds
General 4,821,800 3,577,000
Library 8,300 20,000
Street Reconstruction 20,600 0 nfa
HRA 1,392,000 1,392,000
OAA 0 0
Capital Outlay 5,896,800 4,500,000 (land)
EDA 1,650,400 1,650,400
Mn. Initiative Fund 1,017,000 1,017,000
Shade Tree 17,500 18,300
Park Dedication Fund 937,500 0 nfa
Park 534,500 428,000
Community Center 315,000 1,265,000
($15 million committed
Sewer Access (trunk) 5,049,400 1,800,000 over 10 Yr)
($2.1 million committed
Water Access (trunk) 408,000 311,000 over 8 yr)
($1.8 million committed
Storm Sewer Access (trunk) 1,257,100 265,000 over 8 yr)
Water 1 ,758,250 0
Sewer 1 ,884,460 0
Liquor 1,647,460 0
Cemetery 134,000 100,000
All debt funds (Bonds) 9,381,000 9,381,000
TOTAL: $ 38,131,070 $ 25,724,700
LESS: Proposed use of Fund Balance for 2008 Budget:
LESS: Proposed fund balances to be used for future projects - see below:
LESS: PW land purchase November 2007:
TOTAL. UNALLOCATED FUND BALANCES:
Estimated
Unallocated
Fund Balances
1,244,800
0
20,600 (5)
0 (2)
0
1,396,000 (3)
0 (2)
0 (2)
0
937,500 (5)
106,500 (5)
0
(4)
0
(4)
0
(4)
0
1,758,250 (5)
1,884,460 (5)
1,647,460
34,000
0
$ 9,029,570
$ (935,184)
$ (4,707,310) 15)
$ (465,000)
$ 2,922,076
Notes:
1. Working Capital needs determined by using 1/2 of 2008 operating budgets
For necessary operations
2. Restricted funds include EDA, HRA & Minn. Initiative Fund ( need to be used for
specific Econ. Development purposes)
3. Estimated Balance in Capital outlay fund includes $4.5 million in land - not
readily accessible cash
4. Sewer, Water and Storm sewer Access funds, while having substantial balances,
have future commitments for debt requirements that will be relying on
housing/commercial growth. Estimated NEGATIVE Fund Balance in Storm
Sewer Access Fund in future years.
5. Future Projects: YMCA land, PW facility, BioSolids project, Fire Hall, EDA Land
Purchases, Street & Hwy. improvements.
TAX LEVY BY FUND
All Funds, 2008 Budget
Street
Reconstruction
7%
Community I
Center .-J
18%
General
64%
Shade Tree
0%
Parks j
10%
I
OM
0%
Library
1%
General $4,810,415 63.3%
Library $38,000 0.5%
OM $5,185 0.1%
HRA $20,000 0.3%
Parks $793,285 10.4%
Community Center $1,399,150 18.4%
Shade Tree $33,965 0.4%
Street Reconstruction $500,000 6.6%
TOTAL $7,600,000
2007 BUDGET.XLS:Chart-Tax Levy by Fund:11/8/2007
13
,'-
MEMORANDUM
Date: November 5, 2007.
To: City Council, Administrator, O'Neill.
From: Tom Kelly.
Re: Elimination/Creation of Special Revenue Funds.
The city currently accounts for 15 Special Revenue Funds. According to generally
accepted accounting principals (GAAP) special revenue funds may be used "to account
for the proceeds of specific revenue sources (other than for major capital projects) that
are legally restricted to expenditures for specified purposes." This definition is intended
to apply to legal restrictions imposed by outside parties, but it is commonly interpreted
to apply, as well, to restrictions imposed on specific resources by the City. Based on
this definition, the finance staff recommends the following changes;
. Eliminate Street Reconstruction Fund (Fund 212).
. Eliminate Parks - Administration and Maintenance (Fund 225).
. Create a Special Revenue Fund for the DMV activities.
The reasoning behind these changes is as follows;
Street Reconstruction Fund - This fund's revenue source is a property tax levy of about
$500,000 each year. The revenue is then transferred to the Capital Improvement Funds
to pay the City's share of street reconstruction costs. By eliminating this fund the tax
levy would go directly into the Capital Improvement Fund where it will be used, thus
eliminating the need for the transfer. If all the funds are not used in a year, the balance
can, and will, be maintained and tracked in the Capital Equipment Fund. By doing this,
it eliminates extra work for finance and audit staff by eliminating the transfer of funds.
Parks - Administration and Maintenance - Most cities record this activity as a General
Fund department. The City's past audit firm, reported this activity as a General Fund
activity and not a separate fund. The City's new audit firm, MMKR, met with staff on
November 2nd and discussed moving this into the General Fund. They support the
move, stating all cities they currently audit have Parks as a department within the
General Fund. This fund should not be confused with the Park and Pathway Dedication
Fund, which will still exist. The park records expenditures related to maintenance of the
parks and its main revenue source is property taxes. The expenditures can easily be
maintained within the General Fund as a separate department.
The only issue is the fund balance of the fund. Currently, if expenditures of the fund are
less than revenues, the funds are retained for future park maintenance expenditures.
However if the fund balance were to be negative, then a larger tax levy would be
required in the future to make up the difference. If it is the intent to use reserves in this
manner, it should be retained as a Special Revenue Fund. If it is not the intent to
maintain a fund balance for park maintenance, then by closing into the General Fund
the difference between revenue and expenditures would roll into the General Fund's
fund balance along with all other operating funds of the City to be used as City Council
.' ~
feels best serves the City. However funds could be reserved for future park
maintenance items as needed in the future.
The Parks - Administration and Maintenance Fund has a cash balance of $494,888 as
of October 31 st. If this fund is closed into the General Fund, staff recommends closing
the fund at year-end with any cash balance transferred to the Parks and Pathway
Dedication Fund to be used for future park and pathway construction or to help
purchase the YMCA property.
Finally, staff would like to create a new Special Revenue Fund for the DMV. While the
DMV is not design to be self-supporting, revenue and expenditures of the DMV should
be offset and any operating profits and losses should be maintained by the DMV, with
losses covered by future tax levies. The benefit is the ability of staff to keep Council
informed as to the cost of providing this service. The City's new audit firm supported
this move, stating they typically see these activities as a Special Revenue Fund or an
Enterprise Fund. If approved, this change would take place at year-end also. Staff
would review revenues and expenditures associated with this activity for the past five
years to determine a beginning fund balance (reserves).
MONTICELLO COMMUNITY EDUCATION
302 Washington Street
Monticello, MN 55362
Telephone (763) 271-0320
Fax (763) 271-0329
MEMO
To:
From:
Members of the Monticello City Council
l1Hzit
Duane Gates, Community Education Director
Subject:
Continued Support for the Summer Recreation Program
Date:
Nov. 7,2007
The purpose of this memo is to request your continued financial support to the Summer
Recreation Program for 2008.
I am making this request for several reasons.
1. The children of this community will benefit by your continued support. This past sum-
mer over 3300 registrations for recreation activities were received. This does not include indi-
viduals who participated in special events such as Wednesdays in the Park held at Pioneer
Park and the two fine arts productions of King Midas and Robin Hood that were attended by
another 1300 individuals.
2. This action would continue the long-standing Joint Powers Agreement for the Summer
Recreation Program between the City of Monticello and the Monticello School District.
This agreement has been in effect for over 30 years. During that time, the summer recreation
program, funded cooperatively with the school district, has provided a variety of constructive
educational and recreational activities for the young people of our community.
3. Finally, when our two governmental bodies work together, I believe there is a sense of
community, spirit of cooperation and positive energy that is created in our community.
In conclusion, I believe that we should build upon existing cooperative efforts, like the Summer
Recreation Program, to create a positive framework and spirit of cooperation between our gov-
ernmental units. I believe this spirit will benefit not only the youth in Monticello, but all members
of our community.
If you have any questions regarding this request, please do not hesitate to contact me at 763-
271-0321.