HomeMy WebLinkAboutSpecial Assessment Debt Service StudyCITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE STUDY
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE BOND FUND
FINANCIAL PROJECTIONS
'.FABLE OF CONTENTS
SECTION I - INTERPRETATION OF FINANCIAL PROJECTIONS AND
ACCOUNTANT'S RECOMMENDATIONS
SECTION II - FINANCIAL PROJECTIONS
Accountant's Report on the Compilation of the
Financial Projections
Summary of Significant Financial Projection Assumptions
Financial Projections of Cash Flow for Improvement Bonds of
1967 and 1968 based on the following:
95% Collection Rate for Taxes and Asssessments at:
5% Future Investment Interest Exhibit
7% Future Investment Interest Exhibit
9% Future Investment Interest Exhibit
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit
7% Future Investment: Interest Exhibit
9% Future Investment Interest Exhibit
Full Cancellation of Scheduled Property Taxes and
90% Collection Rate for Special Assessments at:
5% Future Investment Interest Exhibit
7% Future Investment Interest Exhibit
9% Future Investment Interest Exhibit
Financcal Projections of Cash Flow for G.O. Storm Sewer
Bonds of 1971 based on the following:
1
2
3
4
5
6
7
8
9
95% Collection Rate for Taxes and Asssessments at:
5% Future Investment Interest Exhibit 10
7% Future Investment Interest Exhibit 11
9% Future Investment Interest Exhibit 12
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 13
7% Future Investment Interest Exhibit 14
9% Future Investment Interest Exhibit 15
Full Cancellation of Scheduled Property Taxes and
90% Collection Rate for Special Assessments at:
5% Future Investment Interest Exhibit 16
7% Future Investment Interest Exhibit 17
9% Future Investment. Interest Exhibit 18
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE BOND FUND
FINANCIAL PROJECTIONS
TABLE OF CONTENT
SECTION II ° FINANCIAL PROJECTIONS (continued)
Financial Projections of Cash Flow for G.O. Improvement
Bonds of 1976 based on the following:
95% Collection Rate for Taxes and Asssessments at:
5% Future Investment Interest Exhibit 19
7% Future Investment Interest Exhibit 20
9% Future Investment Interest Exhibit 21
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 22
7% Future Investment Interest Exhibit 23
9% Future Investment Interest Exhibit 24
Full Cancellation of Scheduled Property Taxes and
90% Collection Rate for Special Assessments at:
5% Future Investment Interest Exhibit 25
7% Future Investment Interest Exhibit 26
9% Future Investment Interest Exhibit 27
Financial Projections of Cash Flow of G.O. Improvement
Bonds of 1977 based on the following:
95% Collection Rate for Taxes and Asssessments at:
5% Future Investment. Interest Exhibit 28
7% Future Investment Interest Exhibit 29
9% Future Investment Interest Exhibit 30
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 31
7% Future Investment Interest Exhibit 32
9% Future Investment Interest Exhibit 33
Financial Projections of Cash Flow of Improvement Bonds
of 1978 and 1979 based on the following:
95% Collection Rate for Taxes and Asssessments at:
5% Future Investment Interest Exhibit 34
7% Future Investment Interest Exhibit 35
9% Future Investment Interest Exhibit 36
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 37
7% Future Investment Interest Exhibit 38
9% Future Investment Interest Exhibit 39
SECTION I
INTERPRETATION OF FINANCIAL PROJECTIONS
AND ACCOUNTANT'S RECOMMENDATIONS
a
I
Interpretation of Financial Projections
Page 2
The projections contained in this report were compiled by DE LA HUNT VOTO & CO.
The cash flow schedules are computer generated which allows for presentation of various
optional schedules with minimal additional effort. All reports may be updated in future
years. More important the schedules presented herein can be used to monitor actual
future results without the necessity of annual updates.
The purpose of a debt service financial projection is to provide - the City Council
and Administration data on which to base decisions. The current economic climate
requires detailed analysis of all significant phases of a City's operations. The
Special Assessment Debt Funds of the CITY OF OAK PARK HEIGHTS, MINNESOTA account for
bonded debt which totalled $1,585,000 at December 31, 1981, plus additional bonds issued
in the amount of $165,000 in August and $205,000 in December of 1982.
Special Assessment Debt Service Funds are established by bond sale resolutions and
must legally exist during the period the bonds are outstanding. During that period,
these funds collect revenues to pay the principal and interest on bonds in a timely
manner. The primary sources of revenue for these funds is special assessments charged
to benefiting property owners and general debt tax levies. The assessments recover
construction costs over the term of the assessment roll. plus interest at specified
rates. In addition, these funds commonly collect revenue from interest on investments,
general property taxes, and other designated sources.
The combination of the various projected revenue sources along with the scheduled
debt service payments form the basis for the financial projections contained herein. A
description of each factor and the various options available to the City is presented in
the following pages.
Interpretation of Financial Projections
Page 3
DEBT SERVICE PAYMENTS
Debt Service Payments are established by the resolutions approving
the sale of the bonds. The projections contained in this report assume
that the City will not exercise the various call options available. A
call option allows for early retirement of bonds. When considering the
rate of interest on existing bonds as compared to market interest rates
available for invested City monies, it is generally not in the best
interest of the City to call bonds early.
INTEREST ON INVESTMENTS
Interest on investments is the single most significant factor of
the debt service analysis. It is also the most volatile variable in
that accurately predicting future yields on investments is impossible.
The projections contained in this Report have been prepared with
interest yields at 5 %, 7% and 9% to present various potential outcomes.
Interest is a direct function of monies available to invest. A reduc-
tion of monies available has a compounding effect over the term of the
bond fund. For instance, the cancellation of $ in tax levies
would have a compounding effect when considering foregone interest
(annual compounding), as follows:
INTEREST RATES
YEARS _.,._.5% � 7% 9%
5
$12,763
$14,026
$ 15,386
10
16,289
19,672
23,457
15
20,789
27,590
35,927
20
26,533
38,697
55,025
25
33,864
54,274
84,275
Monthly, quarterly or semi - annual compounding will result in even
greater effects. This factor must be considered carefully in making a
decision to reduce cash assets of a debt service fund.
Another feature which may affect the ability of the Special
Assessment Debt Service Fund to earn interest is the cash balances of
other City funds. The method used to distribute interest to the
various City funds is based on average positive cash balances. Should
other City funds carry an overdraft, the total monies available for the
City to invest is lowered. The effect of this is to .limit the effec-
tive interest earned by the Special Assessment Debt Service Funds to an
amount less than that which is available in the market,
Interpretation of Financial Projections
Page 4
PROPERTY TAXES
The City has options available in determining the amount of pro-
perty taxes to be levied for the Special Assessment Debt Service Funds.
The original bond resolutions project an amount needed to assure that
assets will be available for debt requirements. The amount of such
total assets must equal 1050 of debt sevice requirements per Minnesota
Statutes. Over the course of time, various events may take place which
change the original projections which were made at the time of the bond
sale. One significant factor is interest earned on investments. If
significant revenues are generated in excess of original projections,
the property taxes as scheduled may not be fully needed. Conversely,
if the original revenue projections are not met, greater levels of pro-
perty taxes may be required. The option to supplant or cancel future
tax levies must be carefully considered by the City. The projections
contained in this Report have been prepared first on the basis of no
cancellation of tax levies. A second set of projections has been pre-
pared based on complete cancellation of tax levies for selected indivi-
dual funds. The option to cancel taxes must be reviewed on an
individual fund basis.
The current State economic crisis will result in lower State aids
and higher property taxes. In order to mitigate the effects of higher
operating fund levies the City may cancel those taxes not deemed
required in the Special Assessment Debt Service Funds. Such a strategy
may allow the City to incur modest increases in the mill rate.
ASSESSMENTS - REGULAR
The assessments - regular as presented project future principal and
interest installments to be received on existing rolls. Property
owners have the option to prepay assessments. This will reduce the
amount of assessment receipts by the forgone interest which was to be
received. The effect of such prepayment is negligible when considering
that such prepayments give rise to increased cash assets to be invested
and therefore, more interest would be earned on investments.
OTHER RECEIPTS
Other receipts consist of various amounts as follows:
Property Taxes Exhibits 7 to 9, 16 to 18, and 25 to 27 have
been prepared on the basis of complete cancellation of future
tax levies. In order to consider the effect of taxes already
levied for collection in 1982 those levy amounts (net) have
been presented as other receipts in those exhibits only.
Interpretation of Financial Projections
Page 5
OTHER RECEIPTS - Continued
• Prepayments After December 31, 1981, the City received pre-
payments for rolls adopted prior to 1982, which are presented
as other receipts. The collectible 1982 portion is presented
as "assessments regular ".
ASSESSMENTS - OTHER
This represents a roll originally certified for collection in 1982.
Prior to the collection of this roll in 1982, changes were made in the
collection period. The property owner was granted an extension of the
terra for 10 years beginning with the first installment due in 1982.
The property owner prepaid the 1982 installment without interest. For
purposes of projection, this roll is recognized as beginning collection
in 1983 less the amount paid in 1982 by the property owner. The pre-
payment was recognized when received in 1982.
OTHER DISBURSEMENTS
Debt Service Funds generally do not have disbursements other than
debt service payments until all bonds are retirnd.
It is important to consider that upon final bond payment, a fund
which has a remaining cash balance may transfer, with Council approval,
such monies to any other City Fund. The projections contained in this
Report assume no such transfers. Refer to the individual analysis by
fund in the section 'that follows for an analysis of amounts potentially
available.
INDIVIDUAL DEBT SERVICE FUND ANALYSIS
The financial projections contained in and referred to in this Report are
projections only with long -term rather than short -term significance. As such, they
should not be viewed in the same manner as the operating funds of the City. More
important, these projected outcomes do not exist at this time nor is their eventuality a
certainty. These final outcomes will become a certainty only with the passage of time
and the exact circumstances as used in the projection assumptions.
At best, these projections are intended to be conservatively accurate and accurate
only within the framework and limitations of the specific projection assumptions for
each set of financial projections. However, for lon term l annir la rposes these pro-
jections can and should be used to monitor the future operations of the Special
Assessment Debt Funds. More important, the format of these projections is such that
future monitoring is readily and easily accomplished. A summary of these financial pro-
jections (by individual. fund) is presented in the following pages.
Interpretation of Financial Projections
Page 6
IMPROVEMENT BONDS OF 1967 AND 1968 (501
The Improvement Bonds of 1967 and 1968 are presented in Exhibits 1 through 9. The
final bond payment is due in 1998. A summary of the projections at December 31, 1998 is
as follows:
Lill
Full levy of scheduled property taxes and a
95% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position -
December 31, 1998
Projected Cash Position
assuming interest earnings of:
5% 7% 9%
$ 476,818 $ 476,818 $ 476,818
745,865 1,431,246 2,466,916
51.222.6R1 S1.gnR_nrA (%?- Ad 'A_7gA
Assumptions
Full levy of scheduled property taxes and a
90% collection rate for special. assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position -°
December 31, 1998
Projected Cash Position
assuming . interest earnings of:
5% 70 90
$ 422,861 $ 422,861 $ 422,861
718,174 1,383,439 2,393,007
$1,141,035 $1,806,300 $2,815,868
Assumptions
Projected Cash Position (Deficit)
assuming inte rest earnings of:
5% 7%
Full cancellation of future scheduled property
taxes and a 90% collection rate for special
assessments:
Projection before investment interest
Projected investment interest
Projected cash position (deficit) -
December 31, 1998
$ (383,409) $ (383,409) $ (383,409)
330, 713,503 1,366,303
$ (5 2,993) $ 330,094 $ 982,894
Interpretation of Financial Projections
Page 7
As indicated by the preceding schedules, the Decewmber 31, 1998 projected cash
balances are increased substantially by estimated and projected future investment
interest earnings.
All projections (except 5% with full cancellation) indicate that this fund will have
more than adequate cash to make all bond principal and interest payments with or without
the receipt of future - tax levies. These tax levies, collectible 1984 through 1997,
total $896,300. The City has the option of cancelling all or a part of these future tax
levies. The City did cancel a portion of the 1982 scheduled levy and completely can-
celled the 1983 scheduled levy. If the City decides not to cancel tax levies, a pro-
jected surplus will be generated over the next sixteen years. Future scheduled tax
levies for these bond issues are as follows:
Year Of
_ Bonds
Of:
Collection
1967
1968
Total
1984
$ 33,400
$ 32,400
$ 65,800
1985
32,700
31,600
64,300
1986
37,200
30,800
68,000
1987
36,300
29,900
66,200
1988
35,300
29,100
64,400
1989
34,400
33,400
67,800
1990
33,400
32,300
65,700
1991
32,500
31,200
63,700
1992
31,600
29,900
61,500
1993
35,700
29,000
64,700
1994
34,500
27,800
62,300
1995
33,300
26,700
60,000
1996
32,000
25,700
57,700
1997
30,800
33,400
64,200
Totals
$ 473,100
$ 423,200
$ 896,30
The City has been cancelling all or a portion of these tax levies for the past three
years in an effort to minimize the effects of tax increases for General Fund purposes.
This has allowed the City to increase the fund balance of the General Fund toward a
minimum required cash -flow level. The City should continue this policy until an
appropriate level of General Fund operating reserve is achieved.
Interpretation of Financial Projections
Page 8
G.O. STORM SEWER IMPROVEMENT BONDS OF 1971 (502)
The Storm Sewer Bonds of 1971 projections are presented in Exhibits 10 through 18.
The final bond payment is due in 1991. A summary of the projections at December 31,
1991 is as follows:
Assumptions
Full levy of scheduled property taxes and a
95% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position -
December 31, 1991
Projected Cash Position
assuming interest earnings of:
5% 7% 9%
$ 5,694 $ 5,694 $ 5,694
8,596 15,035 23,382
$ 14,290 $ 20,729 $ 29,076
Assumptions
Full levy of scheduled property taxes and a
90% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position -
December 31, 1991
Projected Cash Position
assuming in e of
50 �70 � 9%
$ 213 $ 213 $ 213
6,969 12,363 19,510
$ 7,182 $ 12,576 $ 19,723
Assumptions
Projected Cash Position (Deficit)
as sumin g i nterest earnings of:
5% 7% 9%
Full cancellation of future scheduled property
taxes and a 90% collection rate for special
assessments:
Projection before investment interest
Projected investment interest
Projected cash position (deficit) -
December 31, 1991
$ (71,487) $ (71,487) $ (71,487)
3 ,233 4,943 7,073
el
1r,R AI /FF F, A A C trA AIA ) I
Interpretation of Financial Projections
Pa ge 9
As indicated by the preceding schedules, the December_ 31, 1991 projected cash balan-
ces are composed primarily of estimated and projected future investment interest
earnings.
The schedule indicates that all future scheduled tax levies will be required. These
levies total $81,000 and are collectible 1984 through 1990 at the rate of $11,000 or
$12,000 per year. The projected cash balances are composed entirely of future interest
earned on investments.
The City should monitor the financial results of this fund. Based on these projec-
tions we recommend that the City not cancel any future scheduled tax levies for this
bond issue. Any actual cash balance remaining at December 31, 1991 may be transferred
to another City fund (at that time) at the discretion of the City Council.
Interpretation of Financial Projections
Page 10
IMPROVEMENT BONDS OF 1976 (506)
The Improvement Bonds of 1976 projections are presented in Exhibits 19 through 27.
The final bond payment is due in 1986. A summary of the projections at December 31,
1986 is as follows:
Assumptions
Full levy of scheduled property taxes and a
95% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position
December 31, 1986
Projected Cash Position
assuming interest earnings of:
5% 7% 9 %
$ 30,819 $ 30,819 $ 30,819
17,863 28,726 41,063
$ 48,682 $ 59,545 $ 71,882
Assumptions
Full levy of scheduled property taxes and a
90% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position -
December 31, 1986
Projected Cash Position
assumi " earnings of-
5% 7% 90
$ 28,219 $ 28,219 $ 28,219
17,522 28,210 40,351
$ 45,741 $ 56,429 $ 68,570
Assumptions
Projected Cash Position
as suming _ in terest earnings of:
Full cancellation of future scheduled property
taxes and a 90% collection rate for special
assessments:
Projection before investment interest
Projected investment interest
Projected cash position -
December 31, 1986
$ 7,119 $ 7,119 $ 7,119
15,7 25,422 36, 567
$ 22 ,822 $ 32,541 $ 43,6
Interpretation of Financial Projections
Page 11
As indicated by the preceding schedules, the December 31, 1986 projected cash
balances are increased substantially by estimated and projected future investment
earnings.
All projections indicate that this fund will have adequate cash to make all bond
principal and interest payments with or without the receipt of future tax levies. The
future tax levies are scheduled for collection in 1984 and 1985 at $12,000 for each
year.
The City has the option to cancel these levies or allow the projected surplus to
generate over the next four years. Should the City cancel these future tax levies, the
preceding projections will decrease by the amount of such cancellations plus interest
earnings thereon. Should the City allow these future tax levies to be levied, the pre-
ceding projected cash balances will be available to be transferred to another City fund
at December 31, 1986 at the discretion of the City Council.
Interpretation of Financial Projections
Page 12
G.O. IMP ROVEMENT BON OF 1977 (509
The Improvement Bonds of 1977 projections are presented in Exhibits 28 through 33.
The final bond payment is due in 1983. A summary of the projections at December 31,
1983 is as follows:
Assumptions
Full. levy of scheduled property taxes and a
95% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position °-
December 31, 1983
Projected Cash Position
assuming interest earnings of:
$ 32,755 $ 32,755 $ 32,755
549 827 1,112
$ 33,304 $ 33,582 $ 33,867
ions
Projected Cash Position
assuming inter earnings of:
5% Igo 9%
Ful levy of scheduled property taxes and a
90o collection rate for special assessments
and property taxes:
Projection before investment interest.
Projected investment interest
Projected cash position -
December 31, 1983
$ 28,137 $ 28,137 $ 28,137
452 683 914
$ 28,589 $ 28,820 $ 29,051
All projections indicate that this fund will have sufficient assets to make all bond
principal and interest payments. After bond payments are made, the City will have an
accumulated reserve of approximately $28,000 or 90 of total bond requirements.
The projected cash balance of this fund will be available after final bond payment
in October, 1983. The balance is available to be transferred to another City fund at
the discretion of the City Council after the final. bond payment is made.
Interpretation of Financial Projections
Page 13
The preceding projected surpluses of this bond fund are based (in part) upon the
assumption that the City would collect the remaining special assessments in the years
1982 through 1983. Normally, this can be assured. However, special assessment
delinquencies for this bond issue have been unusually high. Accordingly, the preceding
projected surpluses may not be realized until after 1983.
The special assessment delinquency situation was identified with the regular 1981
City audit. To compensate for these delinquencies (and to enable the City to meet the
1983 final bond maturity), the City increased the 1982 collectible 1983 tax levy for
this bond issue. That action will enable the City to substantially meet the 1983 bond
maturity even if these assessments remain delinquent for 1983. Thereafter (when these
delinquencies are finally paid) any remaining balance in this fund can be transferred to
another City fund at the discretion of the City Council.
Interpretation of Financial Projections
Page 14
IMPROVEMENT BONDS OF 1978 AND 1979 (511
The Improvement Bonds of 1978 and 1979 projections are presented in Exhibits 34
through 39. The final bond payment is due in 1984. A summary of the projections at
December 31, 1984 is as follows:
Assumptions
Projected Cash Position
assuming interest earnings of:
5% 7% 9%
Full levy of scheduled property taxes and a
95% collection rate for special assessments
and property taxes:
Projection before investment interest
Projected investment interest
Projected cash position
December 31, 1984
$ (185) $ (185) $ (185)
10,548 16,577 23,154
$ 10,363 $ 16,392 $ 22,969
Assumptions
Full lev y_ of scheduled property taxes and a
90% collection rate for special assessments
and property taxes:
Projection before investment interest.
Projected investment interest
Projected cash position -
December 31, 1984
Projected Cash Position
as sumin g - inte earnings of:
$ (1,973) $ (1,973) $ (1,973)
10,368 16,298 22,777
$ 8,395 $ 14,3 $ 20,804
All of the projections indicate that this fund will have sufficient assets to make
all bond principal and interest payments. After final payment in November of 1984, the
City will have an accumulated reserve of approximately $14,000. The balance will be
available to transfer to any other City fund at the discretion of the City Council after
final bond payment.
Interpretation of Financial Projections
Page 15
This bond issue was initially intended to be financed 100% by special assessments
and /or charges to developers. However, such assessments and developer charges did not
materialize in time to meet the bond payment schedule. Accordingly, the City took
action to provide alternative financing in the form of tax levies. Those tax levies
($10,000 each year collectible in 1982 and 1983) will enable the City to meet the 1984
bond maturity.
After final bond maturity (and in addition to the projected surpluses shown on the
preceding schedule) the City should continue to collect special assessments and deve-
loper charges. The assessments are due for collection in the years 1985 through 1991
and total approximately $33,000. These monies will become available to the Ctiy as they
are collected.
Interpretation of Financial Projections
Page 16
GENERAL OBLIGAT IMPROVEMENT BONDS OF 1982
In July of 1982, the City issued the G.O. Improvement Bonds of 1982 in the amount of
$165,000. These bonds were issued to finance construction costs for the Anderson-
Linquist Project. This bond is to be financed by assessment to benefiting property
owners ($127,000 principal) and deferred tax levies of $68,000. The assessments are
scheduled to be adopted in 1983 with first year collection in 1984. We have not pre-
pared a projection of cash flow with respect to this bond issue since actual assessment
data was not available. The City should closely monitor this project through the
construction phase and adopt the assessment rolls for this project to insure first year
collection in 1984.
COMPLETED CONSTRUCTION FUND AND 1979 UTILITIES FUND
The above two funds have no bonded debt obligations, but do have assessments
receivable. The assessments are collectible over the next thirteen years. As of
January 1, 1982, these funds were in a cash overdraft position of $244 and $77,805
respectively. The overdrafts are anticipated to be eliminated over the next thirteen
years as follows:
Cash (overdraft) - January 1, 1982
Assessment receipts at 90o collection
rate
Interest earned on investments at 70
Budgeted transfer from General Fund
in 1983
Projected cash balance
Year of final assessment collection
Completed 1979
Construction Utilities Total
$ (244) $ (77,805) $ (78,049)
75,721 58,519 134,240
75,577 1,102 76,679
28,000 28,000
$ 151,175 $ 9,826 $ 161,001
1995 1991
Interpretation of Financial Projections
Page 17
The above cash balances of the completed construction will become available for use
by the City beginning in 1984 when the beginning cash deficit is eliminated. The cash
overdraft in the 1979 utilities will not be available until 1991 when the cash overdraft
is finally eliminated. The monies will be available to be used by the City for City
Council designated purposes. We recommend that the City develop an overall plan for the
use of the projected cash balances in these funds.
OVERVIEW ANALYSIS
The preceding section relates to the various financial projections and analysis of
the City's individual bond issues. The projections indicate that certain bond funds
have:
• adequate assets assigned.
• more than adequate assets assigned.
The bond funds of the City are in a sound financial position based on the projec-
tions contained in this report.
It is important to realize that these projections are rp ojections only These pro-
jections are not entirely "available" for any purpose except for specific debt retire-
ment until final bond maturities occur. It should also be noted and stressed that a
very significant (if not near total) portion of these projected surpluses represent
future investment interest Accordingly, any substantial decrease in revenue now
assigned and committed to these debt service funds (ie: scheduled future tax levies)
will have a negative impact upon the projections.
The following conclusions can be made at this time and with relative certainty:
A. The over -all existing and projected financial positions of the
City's Special Assessment - Debt Service Funds are sound, indi-
cating and reflecting competence and thoughtful financial planning
and management.
B. The City has a tremendous opportunity in terms of long -term finan-
cial planning and management with the present status of these bond
funds and projections.
Interpretation of Financial Projections
Page 18
C. The current and ongoing State financial crisis has resulted in an
increased need for additional minimum operating reserve (Cash Flow
Reserve) for the City's General Fund.
D. The City could (but may not want to) use these projected surpluses
solely to offset future anticipated general purpose tax levy
increases.
The Special Assessment Bonds of the City are payable over various terms.
"Availability" of any of the projected balances is contingent upon final payment of the
individual bond issues of the City. Prior to final maturity, these balances are
"not available" except for payment of principal and interest on the particular bond
issues. Payment of the bonds in accordance with the existing payment schedules would
result in the following surpluses being available to the City at the date indicated.
The schedule below summarizes (as to final maturity date) the preceding projections.
The amounts shown below relate to collection rates of 90% for property taxes and special
assessments and investment interest earnings at a 7% yield.
DATE /BOND FUND
December 31, 1983:
Improvement Bonds of 1977 (
December 31, 1984:
Improvement Bonds of 1978 and 1979
December 31, 1986:
Improvement Bonds of 1976
December 31, 1991:
G.O. Storm Sewer Improvement
Bonds of 1971
PROJECTED CASH BALANCE (OVERDRAFT)
FULL
FULL
LEVY OF
CANCELLATION
SCHEDULED
OF FUTURE
PROPERTY
PROPERTY
TAXES
TAXES DIFFERE
$ 28,820
14,325
56,429
12,576
N/A $ 28,820
N/A 14,325
32,541 23,888
(66, 544) (79, 120)
December 31, 1998
Improvement Bonds of 1967
and 1968
1,806,300
330,094 (1,476,206)
(1) Subject to Special Assessment delinquencies.
Interpretation of Financial Projections
Page 19
The schedule shows certain of the projected balances or deficiencies are long -term.
Through 1986, however, the City could accumulate $100,000 in available reserve balances.
Therefore, the City may have $100,000 to expend or designate at the discretion of the
City Council at December 31, 1986. Bond funds reflecting a projected balance can be
used to compensate for deficiencies in other bond funds or be appropriated for another
purpose after final maturity of the individual bond issues.
The City has several options in the maintenance of these Bond Funds. Which options
to utilize and at what level depends upon the overall financial management plan of the
City and the City's financial management plan for bonded debt. Some of the City's
options are as follows;
1. Cancellation of futuze scheduled tax levies toe
a. offset the additional /supplemental tax levies for other bonded
debt funds.
b. offset other tax levy increases.
C. Decrease over -all City tax levies.
2. Allow the projected balances to materialize, and appropriate such
balances for other purposes when they become available - after
final payment of the individual bond issues.
3. Defeasance of certain bond issues, contingent upon the "right"
Federal Securities market condition and other considerz)i. ions.
4. other considerations and options.
As the preceding listing indicates, the options available to the City are numerous.
More important, these options give the City all the tools necessary for the efficient
and timely maintenance of these bond funds. Utilization of these options is discussed
in the following pages of this Report.
Interpretation of Financial Projections
Page 20
DIRECT REDUC IN LOCAL, PROPERTY TAXES
Several of the Special Assessment Bond Issues are financed (in part) by property
taxes. The preceding analytical sections of this Report indicate that some of these tax
levies will not be needed to meet the bond requirements for specific individual bond
issues. The following schedule summarizes these future tax levies by bond fund.
FUTURE SCHEDULED TAX LEVIES - SPECIAL ASSESSMENT BONDS
January 1, 1983
Year Of
Year
Of Bond Issue
v1976 _
Collection
1967
1
1971
Total
1984
$ 33,400
$ 32,400
$ 12,000
$ 12,000
$ 89,800
1985
32,700
31,600
11,000
12, 000
87,300
1986
37,200
30,800
11,000
79,000
1987
36,300
29,900
11,000
77,200
1988
35,300
29,100
12,000
76,400
1989
34,400
33,400
12,000
79,800
1990
33,400
32,300
12,000
77,700
1991
32,500
31,200
63,700
1992
31,600
29,900
61,500
1993
35,700
29,000
64,700
1994
34,500
27,800
62,300
1995
33,300
26,700
60,000
1996
32,000
25,700
57,700
1997
30,800
33,400
64,200
Totals
$473 ,100
$423,
$ 81,0
$ 24,000
$1,001,300
REDESIGNATION OF PROPERTY TAXES
Debt service tax levies of the City are certified for each ::specific or specific type
bond issue. Total potentially cancellable levies are $896,300 for the Improvement Bonds
of 1967 and 1968. The City has cancelled all or a portion of the tax levies for this
bond issue for collection in 1982 and 1983. The remaining tax levies relate to bonds
maturing in 1998 and any surplus resulting would not be available until 1998, unless the
City took action to make these levies available at an earlier date
Interpretation of Financial Projections
Page 21
The City Council (at its discretion) could adjust these taxes by redesignating them
as being appropriated for bonds maturing in 1984 or 1986. By redesignating, the pro-
jected surplus would be available at an earlier date. This would increase the
"available" surplus in 1986 by $200,000 plus future investment interest earnings. Also,
tax levies for the years 1987 through 1990 could be redesignated for the Improvement
Bonds of 1971. Should the City use this option, it should develop a plan -of- action
relating to the eventual uses of these projected surpluses. This projected surplus
would then be available for use by the City at the Council's discretion.
AD VANCE PAYMENT OF BOND MATURITIES
As stated earlier, these projected surpluses are committed for debt retirement until
final bond maturities. The redesignatinn of property tax option advances the
"availability" date by shifting tax revenue from the later maturity bonds to the earlier
maturity bonds. Other methods of advancing the "availability" date involve prepayment
or advance payment of the scheduled bond maturities.
City bonds can be purchased on the open market at the existing fair market value..
This option would allow the City to purchase its own bonds at a. price usually below par
and without any call. premiums. This option could be exercised contingent upon the level
of excess cash available in each bond fund and actual purchase prices of the bonds
involved. The main handicap to this option is determining who owns what bonds. City
bonds are not registered but are bearer. bonds. Determining who owns what bonds would be
time - consuming. Additionally, willing sellers would be required.
Most City bond issues provide for a "call" privilege. The City has the option of
calling (advance payment) each bond issue prior to maturity, usually subject to a call
premium. This option could also be exercised contingent upon having sufficient excess
cash to retire complete issues at one time. This option, however, usually involves a
call premium over and above the par value of the bonds. Additionally, the fair_ market
vale, of City bonds (in the hands of an investor) is usually less than par value because
of marketing techniques and current high interest yields.
Interpretation of Financial Projections
Page 27_
Another method of advance of outstanding bonds is a process called
"defeasance ". Defeasance is a process whereby cash surpluses (in the bond funds) are
put into a special escrow account and invested in Federal Securities, the principal and
interest on which will be sufficient to pay all debt service on the City bond issue or
issues. By this process, the City bond issue becomes backed by the Federal Government
(ies the Federal Securities). The benefit of defeasance is that the bonds are effec-
tively retired, as far as the City is concerned. Also by this process, the City has
done everything necessary (subject to the ability of the Federal Government retiring its
obligations) to give absolute assurance that the bondholders will be paid. This option
was more attractive when Federal Securities carried high interest yields. These yields
have currently fallen to a level whereby this option may not now be as attractive.
However, yields on Federal Securities should be monitored and this option may be more
attractive in the future. Additionally, this option is available only when the City has
sufficient cash on hand to tranfer to a special escrow account.
SUMMARY AND CONCLUSION
This Special Report, and the financial projections contained herein, was prepared for
the purpose of providing additional information for the management of the City's Special
Assessment Debt Funds.
For the past three years, the City has been cancelling and adjusting the tax levies
related to these bond issues to: (1) augment the operating reserve balance of the
General Fund; and, (2) eliminate prior definciencies of certain special assessment bond
issues (i.e. 1977, 1978 and 1979 Bond Issues). This was accomplished by cancellation
and /or redesignation of tax levies from the 1967 and 1968 Bond Issues. This Special
Report verifies that these past actions did not irnpair the financial position of the
Bonds of 1967 and 1968 Debt Service Fund. More j_mportant, the J ?ast financial deficien-
cies of the 1977, 1978 and 1979 Bond Issues have been totally eliminated.
Interpretation of Financial Projections
Page 23
As stated previously, the financial projections contained herein indicate that the
Special Assessment Debt Service Funds of the City are in a sound financial position.
More important, these funds should develop excess reserve balances if the City were to
allow the future scheduled taxes to be levied. We recommend that the City continue its
policy of utilizing some of these excess tax levies to augment the operating reserves of
its General Fund.
The fund balance (operating reserve) of the General Fund has been as shown below for
the past several years and is budgeted to increase for 1982 and 1983 as follows:
Year Ended
Fund
Increase
December
31,
Balance
(Decrease)
1974
$ 190,547
1975
229,978
$ 39,431
1976
239,503
9,525
1977
268,754
29,251
1978
225,943
(42,811)
1979
186,836
(39,107)
1980
127,647
(59, 189)
1981
182,939
55,292
1982
(Budget)
250,000
67,061
1983
(Budget)
310,000
60,000
The level of the fund balance of the City's General. Fund is one indicator of the
financial strength or independence of a City. This often becomes critical during
periods of high inflation; decreasing State and Federal aids; and, poor economic growth.
Without adequate reserves, a City may be unable to respond to external factors such as
State aid cuts or even changes in the timing of these payments. With adequate reserves,
these external factors are more manageable by the City.
An adequate fund balance for a City's General Fund is required for sound financial
management of the diversified services provided by a City. A City's General Fund is the
unofficial (and sometimes official.) financial backer for all. other City funds.
Inadequate funding of various special purpose a�:t-i.viti_es (funds) places an implied
liability on the General Fund.
Interpretation of Financial Projections
Page 24
The budgeted fund balance of the General Fund is $250,000 for December 31, 1982. At
this level, the City is just above its minimum required cash -flow reserve level computed
as follows:
1982 Budgeted Levy (Includes Homestead
Credit)
Less: Reserve Levy
1982 Anticipated Local Government Aid
Before the Change
in Timing of
State Aid Pavments
$ 471,081
(70,000)
N/A
After the Change
in Timing of
State Aid Payments
$ 471,081
(70, 000)
Total
Minimum Required Cash -Flow Reserve
(One Half of Total)
Increased Reserve Requirement Caused
by Change in State Payment Dates
$ 401,081
a inn cnn
8 474.2R4
$ 237,000
$ 36,500
The City was budgeted to be just above the required minimum General Fund balance by
approximately $13,000 at December 31, 1982. The City has adopted a surplus budget for
1983 which will increase the fund balance of the General Fund by an additional $60,000.
At that level of fund balance, the City has met its minimum cash-flow reserve (subject
to futher negative impact of the State financial situation) plu has provided an addi-
tional reserve to:
• Provide a source of funding for emergency and /or unanticipated expenditures.
• Provide a means of dealing with futhe:r State and Fed(-�) aid cut-backs or
delays in payments.
• Establish reasonable assurance that the City's General Fund is in a position
to provide back -up financing for other city funds should such circumstances
arise.
Prior to December 31, 1982, the fund balance of the General Fund was below the mini-
mum cash -flow level. The City adopted operating budgets at levels sufficient to
increase the General Fund reserve balance for the past three years. This was
accomplished partially by the cancellation of Special Assessment Debt Service tax
Interpretation of Financial Projections
Page 25
levies. This has enabled the City to achieve a more appropriate operating balance in
the General Fund. The projected December 31, 1983 fund balance (in excess of the cash -
flow reserve) of $70,000 represents only 10% of the 1983 operating budget. The City
Council should now consider (and determine as a matter of public record) how high this
operating reserve should be. Once that determination is made, the City should continue
its policy of using the excess Special Assessment tax levies to develop and maintain its
appropriate General Fund reserve balance.
It seems apparent that the City can provide for the reserve balance needs of the
General Fund without consuming all of the excess Special Assessment tax levies. The
more pleasing task for the City to address deals with planned utilization of the addi-
tional reserve balances as they become available. The City could nearly cancel these
tax levies and therefore utilize these additional .reserve balances to decrease overall
City taxes.
Alternatively, the City could: (1) allow these reserve balances to accumulate;
(2) redesignate specific tax levies to bonds with earlier maturities to make these
balances available at an earlier date; and, (3) develop a plan of action for the even-
tual utilization of such reserve balances when they become available.
One such alternative use could be the development of a revolving type fund for
future local improvement projects. Such a. fund would allow the City to finance future
projects without the need for outside bonding for all projects. Numerous other options
also exist.
Overall City policy should establish which options are best and appropriate for the
CITY OF OAK PARK HEIGHTS. Accordingly, the City Council should consider this matter
carefully. Immediate action is not required as substantial reserve balances (if they
are allowed to develop) will not be available until. December 31, 1984 and 1986. A defi-
nitive long range policy and guidelines will aid the City in directing these reserve
balances to best serve the interest and needs of the CITY OF OAK PARK HEIGHTS.
Interpretation of Financial Projections
Page 26
In establishing a policy regarding these reserves, the City must consider that cer-
tain of these projected balances are only "projected/potential/future balances" at this
time. These projections will not be realized until, and unless, the projection assump-
tions actually occur. Additionally, these projected balances are committed to the spe-
cific bond issues until their final maturity.
Our office is available to discuss the contents of this Report and assist the City
in defining future City policy.
Respectfully submitted,
� r
DE LA HUNT VOTO & CO., LTD.
Certified Public Accountants
January 27, 1983
SECTION II
FINANCIAL PROJECTIONS
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CITY OF OAK PARK HEIGHTS, MINNESOTA
SUMMARY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS
In order to compile the following exhibits, various assumptions of future events
must be determined. A summary of such significant management assumptions used in the
compilation of the exhibits is as follows:
_B eginning Cash Assets
The January 1, 1982 beginning cash assets consist of cash,
investments and other balance sheet accounts which represent
current cash conversion type amounts such as accrued interest
receivable, collections due from county, due from other funds and
due to other funds.
Future year's beginning cash assets are the cumulative result of
all projected financial activity in each of the following
categories.
Debt Payment of Principal and Interest
Future Debt service payments have been compiled from original bond
sale resolutions. The call options have not been considered
since call options are generally not favorable to the City and the
exercise of future call options is not predictable. Debt payments
are assumed to be made in the month preceding due dates which fall
on the first day of the month.
Investment Interest
Interest is calculated on positive cash asset balances based on
average quarterly balances. The various exhibits have been pre-
pared on the basis of interest earnings compounded quarterly on a
5 %, 7% and 9% investment yield.
Tax Levies
Tax levies are included as scheduled in the original bond sale
resolution. The assumed collection :rate :is 95% and 90 `.ibe
County collects property taxes and remits such collections pri-
marily in July and December of each year. Certain Homestead
Credits are received at various indeterminable times during the
year. For purposes of projection, it has been assumed that the
City receives one -half of the property tax levy in July and the
other half in December.
The City Council has the authority to cancel or increase debt ser-
vice tax levies as deemed appropriate. Exhibits 7 to 9, 16 to 18,
and 25 to 27 have been prepared based on cancellation of levies
collectible in the year 1984 through 1997. Those amounts levied
for collection in 1983 are presented as other receipts for that
year.
Summary of significant Financial
Projection Assumptions
Page 2
Regular Assessments
Upon completion of construction, the City adopts assessment rolls
to charge benefited property owners. These assessments are
extended over a period for collection with interest added on the
unpaid portion. It is the option of property owners to prepay
their assessment upon adoption of the roll (full amount) or at any
future time (remaining amount). The projections assume no
prepayments of existing rolls. The effect of future prepayments is
to reduce assessment receipts by an amount equal to future
assessment interest and to increase cash assets at the time of the
payment which should allow for greater future investment earnings.
The collection of assessments is the responsibility of the County.
The County remits assessment collections primarily in July and
December of each year. The projections assume one -half of the
assessment collections will be received in July and the remaining
half in December. The projections assume a collection rate of
95% and 90%.
Assessments - O t h er .
This represents a roll for which collection begins in 1983. This
roll is presented with the same basic assumptions as under
"Assessments - Regular"
Other Recei
Other receipts consist of the following:
® Collection of prepayments on existin rolls.
® Exhibits 7 to 9, 16 to 18, and 25 to 27 assume full can-
cellation of property taxes collectible in the years 1983 - -1993.
The property taxes levied for collection in 1982 are presented
as other receipts.
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