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101 <br />■s <br />TO: Mayor and City Council <br />FROM: Mark E. Bernhardson, City Administrator _ <br />DATE: October 16, 1990 <br />SUBJECT: Facilities Financing - 5 Year Projection - 15 Year <br />Projections <br />Attachment: A. Proposed Sources for $3.2 Million <br />B. Excerpt of Financials Dated 10/30/89 & 6/ll/9u <br />C. Financial Projections Dated 10/5/90 <br />D. Financial Projections for Financing the 1.2% <br />Total Increase <br />E. Projections $3.2 Million with 2% Overall Levy <br />F. Financial Projections - 1991/General Fund <br />G. Financial Projections Other Related Funds - <br />1991-1995 <br />H. Excerpt - 1991 Budget/Proposal <br />As noted in Attachment A and B the City has been looking at <br />approximately $3.2-3.3 million in available internal financing <br />and both outline possible sources for that. The City does have <br />selected additional monies which ic could utilize apart from <br />that. <br />A. $3.3 million fund - $3.6 mi1lion in bonds - As noted in <br />Attachment C this places the money for the building aside and <br />uses it to pay the bonds. It would not have any levy but leave a <br />need for $100,000 levy make up in the General Fund. <br />3. Projection of $3.2 million fund/$3.6 bonds/1.2% tota l l.evy^ <br />o ver 19 90 - This projection which was in your packet last time <br />shows that if the City would levy about 1.2% decreasing to about <br />less than 1% over the 15 years that the City would have <br />approximately $2 million when the bonds were all paid up. This <br />however, does have a declining amount into the General Fund and <br />in future years this levy level may not support the financial <br />position of the City as strongly. It would however, be at a <br />level not appreciable greater than that proposed for 1991 taxes <br />overall. <br />C. Projection of $3.2 mil lion fund/$3.6 bonds/with a 2% total <br />levy increase - This is similar to the previous one except the <br />Tevy now goes from 1.2 to 2% under the IIRA/re f er endum scenario <br />with the results giving substantial monies to pay off the bonds <br />and strengthen the amount instead of decreasing as in scenario B <br />going to the General Fund leaving $2.3 million when the bonds are <br />paid off. <br />Fund pro jection 1991-19 95 Genera l Fund - This shows the <br />utilization of monies under the scenario B given expected levy <br />limits and some projection for expenditure inflation. It <br />additionally lists anticipated expenditures such as increased