HomeMy WebLinkAboutDebt Service Study 1986 CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE STUDY
NOVEMBER, 1986
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE STUDY
FINANCIAL PROJECTIONS
TABLE OF CONTENTS
Page No.
SECTION I - INTERPRETATION OF FINANCIAL PROJECTIONS AND
ACCOUNTANT'S RECOMMENDATIONS
Introduction 1
Individual Fund Analysis:
Special Assessment Funds:
G.O. Storm Sewer Bonds of 1971 (502) 7
Improvement Bonds of 1976 (506) 9
G.O. Improvement Bonds of 1982 (518) 10
G.O. Improvement Bonds of 1983 (519) 13
Closed Bond Fund (500) 14
Completed Construction Fund (510) 17
Debt Service Funds:
Storm Sewer Bonds of 1982 (301) 19
Summary and Conclusions 21
SECTION II - FINANCIAL PROJECTIONS Reference
Accountant's Report on the Compilation of the
Financial Projections
Summary of Significant Financial Projection Assumptions
G.O. Storm Sewer Bonds of 1971 (502):
Financial projections of cash flow based on the following:
95% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 1
7% Future Investment Interest Exhibit 2
9% Future Investment Interest Exhibit 3
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 4
7% Future Investment Interest Exhibit 5
9% Future Investment Interest Exhibit 6
50% Cancellation of Scheduled Property Taxes and
90% Collection Rate for Special Assessments at:
5% Future Investment Interest Exhibit 7
7% Future Investment Interest Exhibit 8
9% Future Investment Interest Exhibit 9
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE STUDY
FINANCIAL PROJECTIONS
TABLE OF CONTENTS
SECTION II - FINANCIAL PROJECTIONS (continued)
Improvement Bonds of 1976 (506):
Financial projections of cash flow based on the following:
95% Collection Rate for Assessments at:
5% Future Investment Interest Exhibit 10
7% Future Investment Interest Exhibit 11
9% Future Investment Interest Exhibit 12
90% Collection Rate for Assessments at:
5% Future Investment Interest Exhibit 13
7% Future Investment Interest Exhibit 14
9% Future Investment Interest Exhibit 15
G.O. Improvement Bonds of 1982 (518):
Financial projections of cash flow based on the following:
95% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 16
7% Future Investment Interest Exhibit 17
9% Future Investment Interest Exhibit 18
90% Collection Rate for Taxes and Assessments at:
5% Future Investment Interest Exhibit 19
7% Future Investment Interest Exhibit 20
9% Future Investment Interest Exhibit 21
Increase of Scheduled Property Taxes and
90% Collection Rate for Taxes and Special Assessments at:
5% Future Investment Interest Exhibit 22
7% Future Investment Interest Exhibit 23
9% Future Investment Interest Exhibit 24
G.O. Improvement Bonds of 1983 (519):
Financial projections of cash flow based on the following:
95% Collection Rate for Assessments at:
5% Future Investment Interest Exhibit 25
7% Future Investment Interest Exhibit 26
9% Future Investment Interest Exhibit 27
90% Collection Rate for Assessments at:
5% Future Investment Interest Exhibit 28
7% Future Investment Interest Exhibit 29
9% Future Investment Interest Exhibit 30
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE STUDY
FINANCIAL PROJECTIONS
TABLE OF CONTENTS
SECTION II - FINANCIAL PROJECTIONS (continued)
Increase of Scheduled Property Taxes and
90% Collection Rate for Taxes and Special Assessments at:
5% Future Investment Interest Exhibit 31
7% Future Investment Interest Exhibit 32
9% Future Investment Interest Exhibit 33
Storm Sewer Bonds of 1982 (301):
Financial Projection of cash flow based on the following:
95% Collection Rate for Taxes at:
5% Future Investment Interest Exhibit 34
7% Future Investment Interest Exhibit 35
9% Future Investment Interest Exhibit 36
90% Collection Rate for Taxes 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
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City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 2
The projections referred to in this report ware compiled by VOTO, TAUTGES, REDPATH &
CO., LTD. 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 cash -flow projections can be used to moni-
tor actual future results on an annual basis 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
General and Special Assessment Debt Funds of the City of Oak Park Heights, Minnesota
account for bonded debt which totaled $481,000 at December 31, 1985 and $540,000
at December 31, 1984.
Total general and special assessment bonded debt outstanding for the past six years
is graphically illustrated as follows:
General & Special Assessment Debt
$1 ,600,000
$1,400,000 '>
$1,200.000 < <> < << >x= «.. <:<:w
$19000,000
$800,000
$600,000
$400,000
$ 200,000
i :2ti
y;t
V
�c
1 9 5 5
G
9 1.84
1980 1981 1.82 198
Storm Sewer Debt El Spec;faf Assessment Debt
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 3
As shown above, total general and special assessment bonded debt decreased from
$1,560,000 at December 31, 1980 to $481,000 at December 31, 1985. A substantial portion
of this decrease is attributable to the 1984 Bond Defeasance Program whereby $805,000
of bonds were placed in escrow along with adequate cash balances to assure timely debt
retirement.
All remaining general and special assessment debt of the City is payable over the
years 1986 through 2003 as shown below.
1982
1971 1976 1982 1983 Storm
Improvement Improvement Improvement Improvement Sewer
Year Bonds Bonds Bonds Bonds Bonds
1986 $ 10,000 $ 20,000 $ 15,000 $ 9,000 $ 5,000
1987 10,000 15,000 9,000 5,000
1988 10,000 15,000 9,000 5,000
1989 10,000 15,000 9,000 10,000
1990 10,000 15,000 9,000 10,000
1991 10,000 20,000 9,000 10,000
1992 20,000 9,000 10,000
1993 20,000 8,000 10,000
1994 10,000
1995 10,000
1996 10,000
1997 10,000
1998 15,000
1999 15,000
2000 15,000
2001 1 5, 000
2002 15,000
2003 15,000
Totals $ 60,000 $ 20,000 $ 135,000 $ 71,000 $ 195,000
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 4
-A graphic illustration of the above future bonded debt payments (principal only) is
as follows:
6eneral & Special Assessment Debt Payments
(Principal only)
$60,000
$50,000
$40.000
$30,000
$20,000
10.000
$0
`55 87 'M '69 90 91 92 93 94 '95 96 97 96 1 99 '00 '01 '02 *03
1 ■ Storm Sewer Debt E3 Special Assessment Debt 1,
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 the bonds. Bond payment schedules are set
at the time the individual bond issues are sold. Revenue (to finance these bond payments)
are contingent upon actual payment by property owners. The primary sources of revenue
for these funds is special assessments charged to benefiting property owners. 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.
General Debt Funds (as opposed to Special Assessment Debt Funds) are less suscep-
tible to collection variables because the prime revenue source is property taxes. The
City of Oak Park Heights realizes a solid collection rate for property taxes (over 99%
for 1985).
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 5
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 are presented
in the Summary of Significant Financial Projection Assumptions in the Financial
Projection section of this report.
One important element of these financial projections which will effect options
available to the City is future interest on investments. Such interest represents a
major portion of the projected balances presented herein and is only a projection at
this time. Future interest on investments is speculative and highly subject to market
yield plus other factors as shown below.
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 50, 7 %, and 9% to present various potential out-
comes. Interest is a direct function of monies available to invest. A
reduction of monies available has a compounding effect over the term of
the bond fund. For instance, the cancellation of $10,000 in tax levies
would have a compounding effect when considering foregone interest
(annual compounding), as follows:
INTEREST RATES
YEARS 5% 7% 9%
5 $12,834 $14,176 $15,657
10 16,470 20,097 24, 51 4
15 21,137 28,489 38,380
20 27,126 40,387 60,092
25 34,829 57,254 94,084
Monthly, quarterly or semi - annual compounding will
result in even greater effects. This factor must be con-
sidered carefully in making a decision to reduce cash assets
of a debt service fund.
Another feature which may affect the ability of the 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 effective interest earned
- by the Debt Service Funds to an amount less than that which
is available in the market.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page b
INDIVIDUAL DEBT SERVICE FUND ANALYSIS
The financial projections 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 out-
comes do not exist at this time nor is their eventuality a certainty. These final out-
comes will become a certainty only with the passage of time and the exact circumstances
as used in the projection assumptions.
These projections are intended to be conservative and accurate only within the fra-
mework and limitations of the specific projection assumptions for each set of financial
projections. However, for long -term planning purposes, these projections can and should
be used to monitor the future operations of the Special Assessment Debt Funds and the
General Debt Fund of the City. More important, the format of these projections is such
that future monitoring is readily and easily accomplished. A summary of these financial
projections (by individual fund) is presented in the following pages.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 7
G.O. STORM SEWER BONDS OF 1971 (502)
Cash flow projections for this fund are presented in Exhibits 1 through 9. Final
bond maturity is scheduled for May, 1991.
Cash flow projections were prepared on several sets of assumptions. Projected cash
balances (deficits) in the final year of bond maturity are summarized as follows:
Projected Cash Position
Assuming Interest Earnings of:
Assumptions 50 7% 9%
Full levy of scheduled property tax levies
and a 95% collection rate for property taxes
and special assessments:
Projection before investment interest $ 28,166 $ 28,166 $ 28,166
Future projected investment interest 10,417 16,860 24,263
Projected cash position - December 31, 1991 $ 38,583 $ 45,026 $ 52,429
Full levy of scheduled tax levies and a
90% collection rate for property taxes
and special assessments:
Projection before investment interest $ 24, 61 2 $ 24, 61 2 $ 24, 61 2
Future projected investment interest 9,756 15,801 22
Projected cash position - December 31, 1991 $ 34,368 $ 40,413 $ 47,384
50% cancellation of scheduled property tax
levies and a 90% collection rate for property
taxes and special assessments:
Projection before investment interest $ 3,462 $ 3,462 $ 3,462
Future projected investment interest 6,730 11,086 16,223
Projected cash position - December 31, 1991 $ 10,192 $ 14,548 $ 19,685
All projections indicate that this fund will have sufficient assets to meet bonded
debt obligations under all variable assumptions used and presented above.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 8
Historical scheduled and actual (plus estimated future) tax levies for this bond
issue (from inception) have been /will be as follows:
Actual/ Cumulative
Year Scheduled Estimated Change Change
1972/1973 $ 10,000 $ 10,000
1973/1974 10,000 10,000
1974/1975 10,000 10,000
1975/1976 10,000 10,000
1976/1977 10,000 10,000
1977/1978 12,000 12,000
1978/1979 12,000 12,000
1979/1980 12,000 12,000
1 980/1 981 13,000 37, 000 $ 24,000 $ 24,000
1981/1982 12,000 12,000 24,000
1982/1983 12,000 12,000 24,000
1983/1984 12,000 12,000 24,000
1984/1985 11,000 11,000 24,000
1985/1986 11,000 22,000 11,000 35,000
1986/1987 11,000 5,500 (5,500) 29,500
1987/1988 12,000 6,000 (6,000) 23,500
1988/1989 12,000 6,000 (6,000) 17,500
1989/1990 12,000 6,000 (6,000) 11,500
Totals $ 204,000 $ 215,500 $ 11,500
Current projections indicate that the City may partially (i.e., 500) cancel tax
levies over the remaining term of this bond issue. The City's 1986/1987 tax levy for
this bond issue was reduced by 50o in accordance with this study which was in process
when such tax levy was certified. Future tax levies will be similarily reduced as shown
above.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 9
IMPROVEMENT BONDS OF 1976 (506)
Cash flow projections for this fund are presented in Exhibits 10 through 15. Final
bond maturity is scheduled for October, 1986.
Cash flow projections were prepared on several sets of assumptions. Projected cash
balances (deficits) in the final year of bond maturity are summarized as follows:
Projected Cash Position
Assuming Interest Earnings of:
Assumptions 5% 7% 9%
95% collection rate for special assessments:
Projection before investment interest $ 54,208 $ 54,208 $ 54,208
Future projected investment interest 3,257 4,950 6,679
Projected cash position - December 31, 1986 $ 57,465 $ 59,158 $ 60,887
90% collection rate for special assessments:
Projection before investment interest $ 54,092 $ 54,092 $ 54,092
Future projected investment interest 3,257 4,947 6,677
Projected cash position - December 31, 1986 $ 57,349 $ 59,039 $ 60,769
This bond issue will fully mature and be retired in 1986. The remaining balance in
this fund should be approximately $59,000 at December 31, 1986. This fund should be
closed and the remaining assets transferred to the Closed Bond Fund at December 31,
1986.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 10
G.O. IMPROVEMENT BONDS OF 1982 (518)
Cash flow projections for this fund are presented in Exhibits 16 through 24. Final
bond maturity is scheduled for August, 1993.
Cash flow projections were prepared on several sets of assumptions. Projected cash
balances (deficits) in the final year of bond maturity are summarized as follows:
Projected Cash Position
Assuming Interest Earnings of:
Assumptions 5% 7% 9%
Full levy of scheduled property tax levies
and a 95% collection rate for property taxes
and special assessments:
Projection before investment interest $ (35,016) $ (35,016) $ (35,016)
Future projected investment interest 6,903 11,468 17
Projected cash position - December 31, 1993 $ (28,113) $ (23,548) $ (17,806)
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Full levy of scheduled tax levies and a
90% collection rate for property taxes
and special assessments:
Projection before investment interest $ (41,034) $ (41,034) $ (41,034)
Future projected investment interest 6,250 10,357 15,305
Projected cash position - December 31, 1993 $ (34,784) $ (30,677) $ (25,729)
$5,000 annual increase of scheduled property tax
levies and a 90% collection rate for property
taxes and special assessments:
Projection before investment interest $ (14,034) $ (14,034) $ (14,034)
Future projected investment interest 9,398 16,071 24,793
Projected cash position - December 31, 1993 $ (4,636) $ 2,037 $ 10,759
The preceding summary indicates that this fund will not have sufficient assets to
meet bonded debt obligations. Accordingly, the City should consider increasing future
tax levies.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 11
Historical scheduled and actual (plus estimated future) tax levies for this bond
issue (from inception) have been /will be as follows:
Actual / Cumulative
Year Scheduled Estimated Change Change
1 982/1 983 $ 5,000 $ 5,000
1 983/1 984 6,000 6,000
1 984/1 985 6,000 52,000 $ 46,000 $ 46,000
1 985/1 986 6,000 1 2, 000 6,000 52,000
1 986/1 987 7,000 12,000 5, 000 57,000
1 987/1 988 7,000 1 2, 000 5,000 62,000
1 988/1 989 7,000 1 2, 000 5,000 67,000
1 989/1 990 8,000 1 3, 000 5,000 72,000
1 990/1 991 8,000 1 3, 000 5,000 77,000
1 991 /1 992 8,000 1 3, 000 5,000 82,000
Totals $ 68,000 $ 150,000 $ 82,000
As shown above, property tax levies were increased in the years 1984/1985 and
1985/1986. The remaining scheduled tax levies should be increased in response to this
Debt Study. The City's 1986/1987 tax levy for this bond issue was increased by $5,000
in accordance with this study which was in process when such tax levy was certified.
Future tax levies will be similarily increased.
The $165,000 Bonds of 1982 were issued with an initial term of 11 years. These
bonds have a remaining term of 8 years from January 1, 1986 and will fully mature in
1993. A comparison of projections contained in this report (at a 90% collection rate
and a 7% investment yield) with the original bond issue estimates or budget is as
follows:
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 12
Original 12/31/85 Budget
Budget Projections Variance
Assets Provided /Projected:
Special Assessments:
Rolls adopted $ 127,000 $ 90,400 $ (36,600)
Interest Earnings:
On assessments 87,313 41,422
On investments 19,036
Total 87,313 60,458 (26,855)
Property Taxes:
Received /levied /or to be levied 68,000 140,615 72,615
Other Assets:
Bond proceeds 18,150 19,087 937
Other
Total 18,150 19,087 937
Statutory 5% reserve (13,226) (21,136) (7,910)
Net Assets Provided /Projected 287,237 289,424 2,187
Bond Requirements:
Bond principal 165,000 165,000
Bond interest 122,237 122,237
Paying agent's fees 150
Total Bond Requirements 287,237 287,387 150
Projected Final Balance $ -0- $ 2,037 $ 2,037
As shown above, the bond issue requires additional tax levies because of a variance
between originally projected and actual special assessments. The additional tax levies
previously certified plus the additional tax levies to be certified (see previous page)
with fully finance this bond issue at final maturity in 1993.
The Improvement Bonds of 1982 were used to finance the City's Anderson /Linquist pro-
ject which was assessed in 1983. According to a report from the City Engineer dated
June 28, 1982, this project included a high level of over - sizing costs. Additionally,
this project abuts Highway 212. Accordingly, only one side of the street could be
assessed. The above Special Assessment budget variance occurred because the City did
not make a final decision on the level of special assessments until after this bond
issue was sold. At the time this bond issue was sold, projected special assessments
varied between $74,200 and $142,500 depending upon the actual assessment rate to be used.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 13
G.O. IMPROVEMENT BONDS OF 1983 (519)
Cash flow projections for this fund are presented in Exhibits 25 through 33. Final
bond maturity is scheduled for February, 1993.
Cash flow projections were prepared on several sets of assumptions. Projected cash
balances (deficits) in the final year of bond maturity are summarized as follows:
Projected Cash Position
Assuming Interest Earnings of:
Assumptions 5% 7% 9%
95% collection rate for special assessments:
Projection before investment interest $ (11,247) $ (11,247) $ (11,247)
Future projected investment interest 5,801 9,759 15,064
Projected cash position - December 31, 1993 $ (5,446) $ (1,488) $ 3,817
90% collection rate for special assessments:
Projection before investment interest $ (13,127) $ (13,127) $ (13,127)
Future projected investment interest 5,565 9,323 14,211
Projected cash position - December 31, 1993 $ (7,562) (3,804) $ 1,084
Increase of scheduled property tax levies and
a 90% collection rate for property taxes and
special assessments:
Projection before investment interest $ (8,627) $ (8,627) $ (8,627)
Future projected investment interest 6,629 11,360 17,798
Projected cash position - December 31, 1993 $ (1,998) $ 2,733 $ 9,171
The preceding summary indicates that this fund will require tax levies or a transfer
from another fund. Two options available to the City are (1) a $5,000 tax levy cer-
tified in 1986 for collection in 1987 or (2) a $5,000 transfer from the Closed Bond Fund
in 1986. The City certified an additional 1986/1987 tax levy of $5,000 to resolve this
shortfall.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 14
CLOSED BOND FUNDS (500)
The Closed Bond Fund is being used to receipt all connection charges as well as spe-
cial assessments previously appropriated to Special Assessment Bonds. The assets of
this fund are available for use at the Council's discretion.
A summary of transactions of the Closed Bond Fund from inception is as follows:
1984 1985 Total
Fund Balance - beginning of year $ -0- $ 615,914 $ -0-
Revenue Sources:
Connection charges 18,809 18,809
Interest on investments 3,819 43,723 47,542
Assessments and other - net 8,485 8,485
General property taxes 1,225 1,225
Transfer in:
G.O. Bonds of 1967 and 1968 431,460 431,460
G.O. Bonds of 1977 72,292 72,292
G.O. Bonds of 1978 and 1979 108,343 108,343
Sewer and Water Bonds of 1982 1,764 1,764
Total sources 615,914 74,006 689,920
Revenue Uses:
Transfer out:
Sewer and Water Bonds of 1982
(Construction) 40,364 40,364
G.O. Improvement Bonds of 1983
(Construction) 4,270 4,270
Total uses -0- 44,634 44,634
Fund Balance - end of year $ 615,914 $ 645,286 $ 645,286
The net assets of the Closed Bond Fund include cash and investments plus other
assets and liabilities as follows for the past two years:
December 31,
Description 1984 1985
Cash, investments and other liquid assets $ 453,958 $ 518,146
Receivables:
Assessments 111,056 98,340
Other funds 50,900 28,800
Total net assets $ 615,914 $ 645,286
Increase $ 29,372
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 15
A cash flow projection for this fund assuming a 90% collection rate for special
assessments and a 7% investment interest rate is as follows:
Investment Balance
Year Other Assessments Interest End of Year
1/1/86 $ 518,146
1986 (1) $ 34,157 $ 15,047 $ 39,312 606,662
1987 (2) 59,000 13,525 49,822 729,009
1988 12,783 54,522 796,314
1989 12,085 59,515 867,914
1990 11,388 64,830 944,132
1991 10,690 70,485 1,025,307
1992 5,806 76,424 1,107,537
1993 5,557 82,540 1,195,634
1994 5,308 89,090 1,290,032
1995 5,059 96,111 1,391,202
1996 4,810 103,635 1,499,647
1997 4,562 111,700 1,615,909
1998 4,314 120,349 1,740,572
1999 338 129,544 1,870,454
Totals $ 93,157 $111,272 $ 1,147,879
(1) Repayment of interfund loan 28,800
Assessment prepayment 5,537
(2) Transfer in from Fund 506 59,000
The Closed Bond Fund was established in 1984 after the City advanced
refunded /defeased the Improvement Bonds of 1967 and 1968. The use of this Fund allows
the City to accumulate balances remaining after final payment of individual bond issues.
The above projected balances are available to be used by the City at the discretion of
the City Council.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 16
The above projected balances (through 1999 will materialize only if the City takes
no action to utilize this balance for other purposes. Other purposes the City may wish
to utilize the above balance include the following:
• Temporary funding of other debt service fund deficits.
• Supplemental financing of construction deficits.
• Full financing of minor construction projects.
• Supplemental financing of replacement of systems (water and sewer) which had been
previously addressed.
We recommend that the City review the existing and projected balance of this Fund
and expand formal written City policy regarding the intended use of such balance.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 17
COMPLETED CONSTRUCTION FUND (510)
A summary of transactions of the completed construction fund from inception is as
follows:
1977-
1982 1983 1984 1985 Total
Fund Balance - beginning of year $ -0- $ 89,210 $ 90,252 $ 89,773 $ -0-
Revenue Sources:
Special assessments 58,815 3,891 3,127 5,263 71,096
Interest on investments 3,325 3,031 5,293 2,775 14,424
Transfers in - unbonded construction
projects:
Swager #2 10,897 10,897
Swager #3, 4, and 5 19,122 19,122
Port of Sunnyside 28,256 28,256
Interim construction 768 768
1979 Utilities 9,693 9,693
Total sources 120,415 6,922 18,881 8,038 154,256
Revenue Uses:
Construction costs 30,205 30,205
Professional services 1,000 5,880 2,020 5,701 14,601
Transfers out:
Nigh Security Facility 17,340 17,340
Total uses 31,205 5,880 19,360 5,701 62,146
Fund Balance - end of year $ 89,210 $ 90,252 $ 89,773 $ 92,110 $ 92,110
The net assets of the completed construction fund for the past six years is as
follows:
Description 1980 1981 1982 1983 1984 1985
Cash and investments $ 17,985 $ (244) $ 21,883 $ 50,075 $ 31,286 $ 45,612
Receivables:
Connection charges 20,945 22,757 23,647
Assessments 70,929 61,300 46,507 39,032 58,499 47,248
Other funds 360 168 1,209 473
Payables:
Other funds (34,229) (47) (2,827) (64) (1,211)
Other (12) (12)
$ 75,990 $ 83,934 $ 89, 21 0 $ 90,252 $ 89,773 $ 92,110
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 18
A cash flow projection for this fund assuming a 90% collection rate for special
assessments and a 7% investment rate is as follows:
Professional Investment Balance -
Year Services Assessments Interest End of Year
1/1/86 $ 45,040
1986 $ (6,000) $ 9,552 $ 3,374 51,966
1987 (6,000) 8,716 3,866 58,548
1988 (6,000) 8,240 4,344 65,132
1989 (6,000) 7, 763 4,824 71,719
1990 (6,000) 7,284 5,304 78,307
1991 (6,000) 3,044 5,705 81,056
1992 (6,000) 2, 868 5,906 83,830
1993 (6,000) 2,691 6,108 86,629
1994 (6,000) 2,332 6,310 89,271
1995 (6,000) 2,063 6,499 91,833
Totals $ (60,000) $ 54,553 $ 52,240
The City currently uses the Completed Construction Fund as a vehicle for interim
financing for minor construction projects and to provide final financing on unbonded
projects. Any remaining balance is available to be used by the City at the discretion
of the City Council.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 19
STORM SEWER BONDS OF 1982 (301)
Cash flow projections for this fund are presented in Exhibits 34 through 39. Final
bond maturity is scheduled for December, 2003.
Cash flow projections were prepared on several sets of assumptions. Projected cash
balances (deficits) in the final year of bond maturity are summarized as follows:
Projected Cash Position
Assuming Interest Earnings of:
Assumptions 5% 7% 9%
95% collection rate for property taxes:
Projection before investment interest $ 3,134 $ 3,134 $ 3,134
Future projected investment interest 5,538 10,321 17,412
Projected cash position - December 31, 2004 $ 8,672 $ 13,455 $ 20,546
90% collection rate for property taxes:
Projection before investment interest $ (18,591) $ (18,591) $ (18,591)
Future projected investment interest 557 897 1
Projected cash position - December 31, 2004 $ (18,034) $ (17,694) $ (17,308)
As shown above, this bond issue will be adequately financed at a 95% tax collection
rate. The City's actual tax collection rate for the past several years has been
approximately 100 %. Accordingly, the above projected deficiencies at a 90% tax collec-
tion rate can be ignored, subject to continuing monitoring.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 20
Historical actual and estimated future tax levies for this bond issue (from incep-
tion) have been /will be as follows:
Scheduled/
Year Estimated
1983/1984 $ 26,516
1984/1985 26,069
1985/1986 25,623
1986/1987 25,177
1987/1988 24,731
1988/1989 29,508
1989/1990 28,563
1 990/1 991 27,592
1991/1992 26,621
1992/1993 25,597
1993/1994 24,593
1994/1995 23,523
1995/1996 22,473
1996/1997 21,397
1997/1998 25,571
1998/1999 23,956
1999/2000 22,333
2000/2001 20,695
2001/2002 19,057
2002/2003 17,404
Totals $ 486,999
The projections of this bond account indicate that all scheduled future tax levies
will be needed to meet the debt requirements of this bond account. Additionally, should
actual investment yields be 7% or less and actual collection rates fall below 95 %, this
bond account may require additional tax levies. This bond account should be monitored
closely over the next few years to determine early if such additional levies are
actually required.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 21
SUMMARY AND CONCLUSION
The preceding section of this report relates to the financial projections of the
individual bond issues. Those projections indicate that certain bond funds have ade-
quate assets assigned; while one has more than adequate assets assigned; and, two bond
funds require nominal additional financing. Overall, these bond funds are in a
sound projected financial position. Any potential financing required is manageable over
the terms of the particular bond issues.
The preceding analytical review of each of the various bond issues of the City have
identified various excess balances and some nominal deficiencies. Such deficiencies are
easily resolved by utilizing the excess balances and /or annual additional tax levies.
The following schedule summarizes the changes recommended in the preceding sections of
this report.
Scheduled 1971 1982 1983 Revised
Tax Year Levies Bonds Bonds Bonds Levies
1986/87 $ 43,177 $ (5,500) $ 5,000 $ 5,000 $ 47,677
1987/88 43,731 (6,000) 5,000 42,731
1988/89 48,508 (6,000) 5,000 47,508
1989/90 48,563 (6,000) 5,000 47,563
1990/91 35,592 5,000 40,592
1991/92 34,621 5,000 39,621
1992/93 25,597 25,597
1993/94 24,593 24,593
1994/95 23,523 23,523
1995/96 22,473 22,473
1996/97 21,397 21,397
1997/98 25,571 25,571
1998/99 23,956 23,956
1999/00 22,333 22,333
2000/01 20,695 20,695
2001/02 19,057 19,057
2002/03 17,404 17,404
Totals $ 500,791 $(23,500) $ 30,000 $ 5,000 $ 512,291
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 22
Based upon the original scheduled tax levies and the above adjustments, the revised
tax levies for City bonded debt (by bond issues) are as follows:
1982
Storm Total
Special Assessment Bonds Sewer Revised
Tax Year 1971 1982 1983 Bonds Levies
1986/87 $ 5,500 $ 12,000 $ 5,000 $ 25,177 $ 47,677
1987/88 6,000 12,000 24,731 42,731
1988/89 6,000 12,000 29,508 47,508
1989/90 6,000 13,000 28,563 47,563
1990/91 13,000 27,592 40,592
1991/92 13,000 26,621 39,621
1992/93 25,597 25,597
1993/94 24,593 24,593
1994/95 23,523 23,523
1995/96 22,473 22,473
1996/97 21,397 21,397
1997/98 25,571 25,571
1998/99 23,956 23,956
1999/00 22,333 22,333
2000/01 20,695 20,695
2001/02 19,057 19,057
2002/03 17,404 17,404
$ 23,500 $ 75,000 $ 5,000 $ 408,791 $ 512,291
As shown above, most (80 %) of the City's bonded debt tax levy commitment relates to
the 1982 Storm Sewer Bonds. Future tax levies for special assessment debt total
$103,500 and extend out to the tax year 1991/92 only thereafter, the 1982 Storm Sewer
Bonds will be the only remaining bonded debt tax levy commitment. These bonds were
financed totally by tax levies.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 23
A graphic illustration of the above future tax levies, plus a history of past debt
service tax levies is as follows:
6eneral & Special Assessment Debt Tax Levies
(Historical Actual and Estimated Future)
$80,000
$70,000
$60,000
$50,000
$40,000
$20,000
$ I0,000
X �J
$0
'83 '84 W '86 '87 B8 '89 '90 '9 1 '92 '93 '94 '95 % '97 W 1 99 '00 '01 '02 '03
1 0 General Debt B Special Assessment Debt I
As shown above, the City's debt service tax levies have decreased substantially since
1985. This is the result of the advance refunding/defeasance of the City's 1967 and
1968 bond issues plus other bonded debt tax levy adjustments. Future debt service tax
levies will be under $50,000 (approximately 1 mill) per year and decrease to under
$25,000 after 1993.
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
General and Special Assessment Debt Funds.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 24
For the past six 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 deficiencies of certain special assessment bond
issues (i.e., 1977, 1978, 1979 and 1983 Bond Issues). This was accomplished by can-
cellation and /or redesignation of tax levies primarily from the 1967 and 1968 Bond
Issues. This Special Report verifies that these past actions did not impair the finan-
cial position of the Bonds of 1967 and 1968 Debt Service Fund. The 1967 and 1968 Bond
Issues were advance refunded /defeased in 1984 and the remaining balance ($431,000) was
transferred to the Closed Bond Fund. More important, the past financial deficiencies of
the 1977, 1978, 1979 and 1993 Bond Issues have been totally eliminated.
As stated previously, the financial projections contained herein indicate that the
General and Special Assessment Debt Service Funds of the City are in a sound financial
position. More important, these funds should develop additional excess reserve balances
if the City's assessment and tax collection rates stay at a high level.
The fund balance (operating reserve) of the General Fund has been as shown below for the
past ten years.
Year Ended Fund Increase
December 31, Balance (Decrease)
1976 $ 239,503
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 300,999 118,060
1983 453,507 152,508
1984 579,612 126,105
1985 656,865 77,253
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 25
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 activities (funds) places an implied
liability on the General Fund.
Prior to 1982, the fund balance of the General Fund was below the minimum required
cash -flow level. The City has adopted operating budgets at levels sufficient to increase
the General Fund reserve balance for the past several years. This was accomplished par-
tially by the cancellation of Special Assessment Debt Service tax levies. This has
enabled the City to achieve a more appropriate operating balance in the General Fund.
Accordingly, the additional reserve balances in the City's Close Bond Fund can be used
for other purposes at the discretion of the City Council.
Past Debt Study Projections compiled for the City have identified specific problem
areas which the City corrected over the subsequent years. This analysis and Report con-
tains no such problem areas. All deficiencies identified are relatively nominal and
easily resolved over the remaining bond terms with very little effect upon the future
tax levies of the City. Additionally, the City started taking action on these nominal
amounts with the certification of its 1986/1987 tax levy. Future tax levies will con-
tinue the existing program.
City of Oak Park Heights, Minnesota
Interpretation of Financial Projections
Page 26
The City had five General and Special Assessment Bond Issues outstanding in 1986.
The 1976 Improvement Bonds were fully retired in 1986. The remaining three Special
Assessment Bond Issues will be fully retired by 1993. At that time, the City will have
one General Bond Issue outstanding - the Storm Sewer Bonds of 1982 - which will be fully
retired in the year 2003.
Respectfully submitted,
VOTO, TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
November 17, 1986
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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:
Beginning Cash Assets
The January 1, 1986 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 as such 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 sets of exhibits have been prepared on
the basis of interest earnings compounded monthly at 5, 7 and 9%
interest.
Tax Levies
Tax levies are included as scheduled in the original bond sale resolu-
tion and adjusted for the actual levies collectible in 1986. The
assumed collection rate is detailed in the Table of Contents. The
County collects property taxes and remits such collections primarily in
July and December of each year. Certain Homestead Credits are received
at various indeterminable times during the year. For purposes of pro-
jection, it has been assumed that the City receives one -half of the pro-
perty tax levy in July and December.
The City Council has the authority to cancel or increase debt service
tax levies as deemed appropriate.
City of Oak Park Heights, Minnesota
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 other than those
received prior to June 30, 1986. 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 collec-
tions will be received in July and the remaining half in December. The
projections assume collection rates as detailed in the Table of
Contents.
Assessments - Other
Included under "Assessments - Other" are rolls in which prepayments were
received in the first six months of 1986.
Other Receipts
Represents prepayments received through June, 1986 and portions of tax
levies (at a 95% collection rate) which were levied for collection in
1986.
FLNO CODE 502 CITY OF CAK NARK HEIGHTS PAGE 3
COMPOUNOEO MONTHLY CASHFLOva SChEUULE
G,O,STORM SEINER IMPNOV 1971
JANUARY 1, 1966
* * D I S H U k S E m E N T S * * * * * * * * * + * * * * * k E C £ I P i S * * * * * * * t
BEGINNING DEH'I INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTFkEST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS Pt1P, /II >>T, OOT 01HFk 5.000 Z 95 x 95 95 X IN OTHER
198b 30,h39 13,115 1,563 2.0.900 388
1987 40,315 12,560 1,695 10,450 36b
1986 40,326 11,995 11720 11+400 346
1989 41,797 11,425 1,805 11#400 324
1990 43,901 10,855 1,925 11,400 304
1991 46,673 10,285 11911 2764
1992 38,563
TOTAL 70,235 10,417 65,550 21012
I
UNAUDITED - SEE ACCUUNTANT'S COMPIL.ATIOiy REPORT
SEE ACCOMPANYING SUMMARY OF SIGNTFICANT FlvArdCJAL PR,6JECTTON ASSUMPTIONS EXHIHIT 1
FONI) CODE 502 CITY OF OAK PARK HEIGHTS PAGE 3
COMPU0NUED mOM HLY CASHFLOA SCHEUULE
G.O.STORm SE�vEk IMPRUV 1971
JANUARY 1, 1966
* z D I S 8 U R S E v E N T S ** z x x x * x x x x x ** R E C E I P T S * * * ** z
OEGINNING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /IdT. OUT OTHER 7.000 % 95 % 95 % 95 "/. IN OTHER
1986 30,839 13,115 2,072 20,900 388
1987 41,084 12,5b0 2,629 100450 366
1988 411969 11,995 2,135 11,400 346
1989 44,455 I1,425 2,940 11,400 324
1990 47,694 10,655 3,202 11,400 304
1991 51,745 10,285 3,262 284
1992 45,026
TOTAL, 70,235 16,860 65,550 21012
I
UNAUDITED SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYIWG SUMMARY OF SIGNIFICANT FINANCIAL Pkt JECT1()N A86LJMpTI11igS FXHI6IT 2
FUND CODE Sul CITY OF OAK PARK HEIGHTS PAGE 3
CHMPOUNOED MONTHLY CASHFLOA SCHEDULE
G.U.STORM SEINER INPHOV 1971
JANUARY 1, 1986
I
I
** 0 I S 8 U R S E M E N T S ** * * ** k * * * * * * ** ! t E C E I P T S * * + **
BEGINNING DEBT INVESIMEPNT TAX REGULAR OTHER
CASH PAYMENT IRANSFEHS INTEREST LEVTES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PkIN. /INT. OuT Ot Ht- _R 9.000 % 95 X 95 X 95 X IN OTHER
1966 30,639 13,115 2,791 240900 388
1987 41,803 12,560 3,621 100450 366
1988 43,680 11,995 3,663 110400 3146
1969 47,294 110425 4,252 110400 324
199() 51,645 I 4,136 1104140 304
1991 57,430 1.012115 5,OUu 284
1992 52,429
TOTAL 70,255 240263 650550 20012
I .
i
is
i
!I
UNAUDITED SEE ACCOUNTAMI S COMPILATION REPORT
SEE ACCOMPANYING SUMMARY UE SIGNIFICANT FINANCIAL PROJFCTION ASSOMPIJofg3 ExHIBTT 3
FUND CODE 502 CITY OF OAK PARK HEIGHTS PAGE 3
CUMPDUNDED MONTHLY CASHFLMv SCHEDULE
G,U.STORM SERER IMPROV 1971
JANUARY 1, 1966
** U 1 S b U H S t M E h i S *+ * * * * * * * +* * * R E C E I P T S * * **
bEGINNIWG DEBT INVESTMENT TAX REGULAR OTHER
" CASH PAYVFNI TRANSFERS INTEKEST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PLAIN. /INT. OUT UiHtR 5,000 X 90 % 90 ti 90 6 IN OTHER
198b 30,839 13,115 1,348 19,600 368
1987 39,240 12,560 1,834 91900 348
1986 36,5b2 11,995 11625 101800 328
1989 39,320 11,425 1,b7b 10:800 308
1990 40,679 10,855 1,7`x8 10,800 288
1991 42,670 10,265 1,715 268
1992 34,368
TOTAL 70,235 9,758 620100 1,908
I
I
1
j
UNAUDITED - SEE ACCOUNTANT 'S COMPILATION REPORT
SEE" ACCOMPANYING SUMMARY OF SIGNIFICANT FINANCIAL PROJECT TON ASSt1MPTTONS EXHIBIT �{
FUND CODE 502 CITY OF OAK PARK HEIGHTS PAGE 3
COMP0UNOEO MONTHLY CASHFLOvv SCHEDULE
G.U.STORM SEwtR IMPROV 1971
JANUARY 1, 1986
* x D I S B U R S F M E N T S ** a t * * ** z * * * * ** R E C E I P T S * * * ** a
8EGINNING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /INT. UoT OTHER 7,000 X 90 % 90 x 90 % IN OTHER
1986 30,639 13,115 2,046 19x800 368
1987 39,938 12,560 21532 91 348
1968 401158 11,995 2,587 10$800 328
1989 41,676 11,425 21736 10$800 308
1990 44,297 101855 2,937 10,800 288
1991 47.407 10,285 2,963 268
1992 40,413
TOTAL 70.235 15,801 b2,100 11908
i
j,
I
i
I
i
UNAUDITED - SEE ACCOUNTANTS COMPILATION REPORT
SEE ACCUMPAwYI'dG SUN(MARV OF SIGNIFICANT FINANCIAL PROJECTION AssujAP'(IUNS EXHIBIT 5
FUND CODE 502 L1TY OF f1AK PARK HEIGHTS PAGE 3
COMPOUNDED MONTHLY CASHFLUr+ SCHEDULE
G.O.SIORM SERER INPkOV 1971
JANUARY 1, 1986
** D I S H U R S E M E N T S ** * * * * * * * * * * ** R E C E I P T S * * * **
BEGINtiING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /INT (Jul" OTHER 9.000 '/. 90 % Nu Y. 90 % IN OTHER
1986 30,839 13,115 2,759 190800 368
1987 40,651 120560 3,481 9,900 348
1988 41,826 11,995 3,b59 10,800 328
1989 44,o1b 11,425 3,965 10,800 308
1990 48,266 10,855 4,360 10,800 288
1991 52,859 10,285 4,542 268
1992 47,384
TUTA�, 70,235 22,772 62,100 1,908
I"
UNAUDITED SEE ACCOUNTANT'S COMPILATION REPOkT
SEE ACCOMPANYING SUMMARY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS EXHIHIT (D
FUND CURE 502 CITY OF GAK NARK HEIGHTS PAGE 3
COMP:')UNDED MONTHLY CASHFLOA SCHEDULE
6,(),STf3Ra' SEwEK ImPKOV 1971 -
JANUARY 1, 1986
+* D I S A U R S E M E N T S ** ** x ** * R E C F I P T S * * * * * * ** t * * * +* r
6EGIOwlNG UFHT INVESTMFNT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMF_N(S TRANSFERS
YEAR ASSETS PRIN,fINI. (JUT UTHER 5.000 x 90 A 90 X 90 X IN OTHER
1986 30,839 13,115 1,348 368 19,80x)
1987 39,244 12,560 1,564 4,950 348
1986 53,542 11,995 1,302 5,400 328
1989 26,577 11,425 11073 5x400 308
1990 23,933 10,855 654 5,460 288
1991 19,625 101285 584 268
1992 16,192
i
TOTAL 70,235 6,750 21,150 11908 19,600
r
i`
i
i
I
-- - UNAUPITED — SEE ACCUONTANT'S CiIMPILATION RFPORT
SEE ACCOMPANYIiaG SUM'4ARY OF SIGNIFICANT FINAr,C1AL PROJECTION ASSOmPTIONS EXHIBIT -I
FuNO CUuF_ 502 CITY (IF OAK HANK HEIGHTS PAGE 3
COMPUUNPEU wt)'oTHLY CASHFLUN SCHEDULE
G SEattl IN1PKoV 1971
JANUARY 1, 196b
i�
R E C E I P 7
6E61Nt UERT INVESTMENT TAX REGULAR OTHER
CASH PAYiENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PK1: 1 T. ouT OTHER 7 000 % 90 % 90 x 40 C IN 0THER
1986 30,839 13,115 2,046 368 19,800
1987 39,938 12x560 2, 427 4 348
1986 35,103 11,995 2,097 5,400 328
1989 30,933 11,425 1,807 50400 308
1990 21,025 10 11537 50400 288
1991 230393 10,285 1,172 268
1992 14,54b
TOTAL 70,235 It,0db 210150 1 19,600
- jN4trttITED — SEE ACC004TANT'S CUMPILATJD--f ttEPORT
SEE ACCOMPANYING StlNINAttY OF SIGNTFlt'Ai�IT F1NA PROJECTION ASSUMPI IONS EXHIBIT �
FUND CODE 502 CITY OF OAK PARK HEIGHTS
PAGE 3
CO^"PtiUNUEO jAOtJHLY CASHFLOA SCHEDULE
G.U.STOkM SEWER IIAPROV 1971
JANUARY 1, 1986 !
* D I S 8 i1 k S E ni E N T S x r a a a a * z* k E C E I P T S * * * * * ** t
REGtwNING DEBT INVFSTMEINT TAX REGULAR OTHER !
CASH PAYMENT TRANSFERS TNT'EREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS !'
YEAR ASSETS Pk IN. /TNT. OUT TITHER 9.000 % 90 % 90 % 90 % IN 1(THER
L_
I -.
1986 30,839 13,115 2,759 368 19,800
1987 40,651 12,56? 3,347 40 348
1986 36,736 11,995 21992 50400 328
1989 35.461 11,425 2,693 50400 308
1990 30,437 10 18 2,417 5,400 ?88
1991 27,687 10,285 2 268
1992 19,685
�I-
TOTAL 70,235 16,223 21,150 11908 19,800
i
i
i
j
4NAUUIIED — SEE ACCOONTANToS COHPILATION RFPORT — -
SEE ACCOmPANYI J6 Sill INIARY OF SIGN IFICAt FTmANCIAL PROJECIION ASSUMPI ICr)S EXHIBIT (I
FUND CODE 506 C I T Y OF t1Atc PAkK HEIGHTS
PAGE 4
COMPOUNDED MONTHLY CASHFLO4 SCHEDULE
G.O.bCNDS OF 197b
JANUARY 1, 1966
* x D 1 S H U R S E M E N T S x x x x x x x x x x x x x x x R E C E I P T S x x x x x x x x x x x x* x
BEGINNING DENT INVESTMLNT TAX REGULAR OTHER
CASH PAYMENT TRA146FEkS INTFkEST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PkIN. /1NT. OUT UT HER 5.000 % 95 % 95 ! 95 % IN OTHER
196b 73, 07 1 21,060 5,257 2,197
1987 57,465 2,821 483
1988 60,769
TOTAL P1r060 b,U 2,680
i
i
UNAUDITED - SEE ACCOUPJTANTIS COMPILATION RFPORT
SEE ACCOMPANYING StJMAARY OF SIGNIFICANT FIilAi4lAL PHOJECTION A35u E.XHINTT iD
FUNC) CODE 50b CITY OF OAK PARK HEIGHTS PAGE 4
COMPOUVDED MONTHLY CASHFLDw SCHEDULE
G.O.t5ONGS OF 1976
,JANUARY 1, 1986
i'
* * D I S B U R S E M E N T S ** x x x x x x x x x x x x x R E C E I P T S x x x x x x x x x x x x x x x
BEG INN INU DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRAINSFEH� INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /INT. OUT OTHER 7.000 X 95 % 95 X 95 G IN OTHER
1986 73,071 [1,060 4,950 2,197
1987 59,156 4,408 483
1988 64,049
TOTAL 21.060 9,3S8 2,680
UNAUDITED SEE ACCOUNT ANT'S COMPII..AfiUN REPORT
SEE ACCOAPANYING SUMUAkY OF 516NTFICANI' FIVAn1CIAL PROJECTION ASSUI EXHIHIT I
FUND CODE 5Ub CITY OF OAK PARK HEIGHTS PAGE 4
COMPOUNDED MONTHLY CASHF1.Uw SCnEDULE
G.0.86NOS OF 197b
JANUARY 1, 1966
* * D I S N U R S E M E N T S * * * * * * * * * * * * * * * ft E C E I P T S * * * * * * * * * * * + * * ■
bEGINTING OE81 INVESTmEiVT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM, /INT. OUT UTHER 9.000 % ,5 G 95 C 95 C IN OTHER I`
198b 73,071 21,060 b,b79 2,197
1987 60,867 61115 483
1968 67,485
TOTAL 21,060 121794 2
i
I ,
UNAUDITED SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYIVG SUih,llARY OF aIGNIFICANT FTrIAJJCIAL PROJECTION ASSUiwPTjONS EXHIRTT 19
FUND CODE 50b CITY OF OAK PARK HEIGHTS PAGE 4
COMPOUNDED MONTHLY CASHFL(I'N SCHEDULE
6.0.BUNDS OF 197b
JANUARY 1, 1966
** D I S B U R S E M E N 1 S* * * * * * * * * * ** R E C E I P T S *+ **
BEGINNING DEB INVESTIMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PKIN. /INT, OUT OTHER 5.000 X 9u % 90 4 90 X IN OTHER
j
1986 73,071 21,060 3,257 21Ob1
1947 57 2,415 459
1968 &0,423
TOIAL 211060 b, 072 2,540
i
i.
i
i
i
f
I'I
UNAUDITED - SEE ACCUUNIANTIS COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS EXHIBIT 13
FUND COOS 50b CITY OF OAK PARK HEIGHTS PAGE 4
COMPO',)NDED MONTHLY CASHFLOm1 SCHEDULE
G.O.BCNDS 11F 1976
JANUARY 1, 1986 -
* * D I S E3 U R S E M F N T S * * * * * * * * * * * * * * R F C. E T P T S * * * * * * * a
_ - - bEGINNING 0E8T INVESTMENT TAX REGULAR OTHER
CASH PAYM ENT TRANSFERS LEVIES ASSESSMENTS ASSFSSMENTS TRANSFERS
� � TI
YEAR ASSETS Pk Ira, /TNT. OUT Ui'NEk 7.000 % 9U % 90 % 90 % IN OTHER
1986 73,011 21,060 4,941 21081
1987 59,039 4,397 459
1988 b3,895
TOTAL 21,060 9,344 2,540
'r
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OF SIGNIFICANT FINANCIAL PROiE.CTTO ASSUMPTIONS FXHIBTT 14
FUND CODE 506 CITY OF GArc MARK HEIGHTS
PAGE 4
COMPOUNDED MONTHLY CASHFLO" 6CHE00LE
G,O.bONUS OF 1976
- - JANUARY 1, 1986 -
x x 1) 1 S 8 U R S E M E N T S x x x x x x x x x x x x x to R E C E I P T S
BEGIiNNlNG DEBT INVESIMEigI TAX REGULAR OTHER
CASH PAYNENf TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YtAR ASSETS PRIN./INT. OUT OTHER 9.000 % 90 % 90 % 90 % IN OTHER
I
1986 73,071 21,060 6,617 2,081
1987 hO,7b9 6,103 459
1988 61,331
TOTAL. 21,060 12,780 2,540
- i
UNAUDITED SEE ACCGUNTANV S CONPILATION REPORT
i
SEE ACCOMPANYING SOMM,ARY OF SIG +uIFICA NT FINA"ACIAI PRO JECII(IN ASSUMPTIONS EXHIBIT i5
FUND CODE 518 CITY OF DAK PARK HEIGHTS PAGE b
COMPOUNDED ilON1HLY CASHFLO6 SCHEDULE
IMPRUVEMENT HONUS OF 1982
JANUARY 1, 1966
5 n U K $ E I S x x x x x x x x x x* a re x x R E C E I P T S
BEGINNING DE13 1 INVE5(mEiiT "TAX RE5ULAR OTHER
CASH PAY MI: NI TkA!5FE S INIERt5T LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM, /INT. ()UT OTHEk 5.000 95 x 95 % 45 % IN OTHER
1986 56,188 29,600 2,149 11,400 9,578
1987 49,715 28,024 11813 6,650 81991
1988 39,145 26,450 1,344 6,650 8,406
1989 29,095 24,874 901 6,650 7,819
1990 19,590 23,262 498 7,600 7,233
1991 11,65 26,650 196 7,600 6,646
1992 547- 24,450 7,600 6,061
1993 11,336- 22,250 5,473
1994 28111:3 -
TOTAL 7'05,560 b,903 54,150 600206
i"
i
i
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUM„1ARY OF SIGNIFICANT FINA14CIAL PHOJECI "Ii)N ASSUMHTION5 EXHIHTT ITo
FUND CURE Sid CITY OF OAK PARK HEIGHTS PAGE 6
COMPOUNOEO MONTHLY CASHFLOvti SCHEDULE
IMPROVEMENT BONDS OF 1
JANUARY 1, 1966
** U I S d U R S E A E N T 5 ** * * * * * * * * * * * ** R E C E I P T S * * * **
+3E I -NNINU UEST INVESTMENT TAX REGULAR OTHER
CASH PAYNENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /INT, OUT OTHER 7.000 x 95 % 95 % 95 % IN OTHER
1986 56,186 29,600 3,264 11,400 9,578
1987 50,830 28,024 21838 6#650 81991
1988 41,285 26,45u 2,202 6,650 8,406
1989 32,093 24,874 11591 6,650 7,818
1990 23,278 23,262 1,034 7 7,233
1991 15,883 26,650 479 7,600 6#646
1992 3,958 24,450 6U 7, 60061
1993 6,771- 22,250 5,473
1994 23,548-
TOTAL 205,560 11.4615 54,150 60,206
i.
i"
i
r
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS FXHI6IT 17
FUND CODE 5125 CITY OF OAK PARK HEIGHTS PAGE 6
COMPOUNDED MONtHLY CASHFLON SCHEDULE
INPkOVFNEn7 BLNUS OF 1962
JANUARY 1, 19256
** U I S B Ll R S E M E N T 5* * * * * * ** * * ** R E C E I P T S * * * **
BEGINNING DEBT INVESTMEfVT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIE: ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PR1N. /lIN1. OUT OTHER 9.000 % 95 % 95 % 95 % IN OTHER
198b 56,166 29,600 4,404 11, 9,578 "
1987 51,910 28,024 3,941 6r 650 81991
1988 43,534 26,450 3,201 6#650 8,406
1969 35,341 24,874 2,462 6,650 7,818
1990 27,417 23,262 1,816 71600 7,233
1991 20,8U4 26,650 11012 7#600 6,646
1992 9,412 24,450 346 7,600 6,061
1993 1,029- 22,250 5,473
1994 17,606-
TOTAL 205r56U 17a21U 54,150 bOr20b
i,
I
UNAUDITED SEE ACCOUNTANT'S COMPILATION kEPORT
SEE ACCOMPANYING bUMmARY OF 5IGNTFICANil FIi�ANCIAL. PROJECTION ASSUMPTIOraS EXHIBIT Ig
FUND CURE. 518 CITY OF UAK PARK HEIGHTS PAGE b
CUMPUUNUEU MONTHLY CASHFLUw SCHEDULE
11 FUNDS OF 1982
JANUARY 1, 1
** D 1 S b U k S E N E N T 5 ** * * * * * * * * ** * ** k E C E I P T S * * * **
bEG INN ING DEbi INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAH ASSETS PHIN,/INI . OUT OTHER 5,000 % 90 % go z 90 X IN OTHER
198b 56,188 29,600 2,133 10#800 9#074
1987 48r595 28,024 1,74b 6000 8,519
1988 57,13b 26,450 1,235 (3:.300 7,964
1989 2b,185 24,874 740 6,:500 7,408
1990 15,765 23,262 306 7,200 6,851
1991 b,BbU 26,bS0 04 7,200 b,296
1992 b,21u- 24,450 7,200 5,741
1995 11,719- 22,270 5#185
1994 54,764 -
TOTAL- 20'5,560 b. 250 51 #300 57,038
L:
i
i
UNAODITED - SEE ACCUUNTAUT'S COMPILATION REPORT
SEF ACC OMPA!YIl1G SUM, -IARY f)F SIGNIFICANT FTNANCIAL PnD,7FCTT0 AS3somPTIoN6 FXH11;IT 19
FUND CODE 516 CITY OF OAK PARK HEIGHTS PAGE 6
COMPOUNDED MUNTHLY CASHFLOO� SCHEDULE
IMPROVEMENT HONDS OF 19A2
JANUARY 1, 1966
x x D 1 S 8 Li R S E M E N T S x x x x x x x x x x x x x x x R E C E I P T S x x x x x x x x x x x x x
BEGINNIIU DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM, /JWT, OUT OTHER 7,000 % 90 'Y 90 % 90 % IN OTHER
is
1986 56,188 29,600 :5,241 10,800 9,074
1987 49,703 28,024 2,139 61300 8,519
1988 39,237 26,450 2,034 6,300 7,964
1989 29,085 24,874 1,353 6,300 7,908 =
1990 19,272 23,262 720 71200 6,851
1991 10.761 26,b50 270 71200 6,296
1992 2,103- 24,450 7,200 5,741
1993 13,612 - 22,250 5,185
1994 30,677-
TOTAL 205,560 10,357 511300 57,038
i
is
I
is -
i
I
I
" I
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCO SLPI�1ARY OF SIGNIFICANT FINANCIAL_ PROJECTION ASSUMPTIONS EXHIBIT 2D
FUND CODE 518 CITY OF CAK PARK r1EIGHTS PAGE 6
COMPOUNDED MONTHLY CASHFLOw SCHEDULE
IMPROVEMEN BONDS OF 1982
JANUARY 1, 19b6
x x O 1 S ti U R S E M E iv T S x x * * * * * * * ** x x x x R E C E I P T S
8EGINNING DEBT INVESTMENT TAX REGULAR OTHER ;I
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMEN15 TRANSFERS
YEAR ASSETS PRIM. /INI. JUT OTHER 9.000 % 90 % 90 % 90 % IN OTHER
1986 56,188 29,600 4,373 10,800 9,074
1987 50,835 28,024 3,811 61300 8,519
1988 41,441 2h 2,9b9 6,300 7,964
1989 32,224 24,874 2,146 b,300 7,408
1990 23,206 23,262 1,371 7.200 6,851
1991 150366 2b, 650 bU9 7,200 6,296
1992 21821 24,450 24 7,200 5,741
1993 8 22,250 54185
_- 199�d 25,129^
i
TOTAL 205,560 15,305 51,300 57,038
I
i
i
_ I
1 ,
i
l'
UNAUDITED SEE ACCOUNTANTrS COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OF SIGNTFICANT FINANCIAL PROJECTION ASSUMPTIONS EXHIBIT 21
FUND CUUE 516 CITY O� OAK PARK HEIGHTS PAGE 6
CUMPtJONUEO MONTHLY CASHFLo %N SCHEUULE
- -- . -. -- INFRUVENEN I hSUNDS US: 1982
JANUARY 1, 198b
!. i
i
* * 1) 1 S 6 U k S k N E N i S * * * * * * * * * * * * * * * R E C E I P T S
r3EGINNItvG UEN1 INVESTMENT TAX REGULAR OTHER
CASH PAYNENT (RAIdSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS IRANSFERS
YEAR ASSETS Pk IN. /ItuT. OUI OTHER 5.000 % 90 % 90 x 90 X IN OTHER
1986 56 29,bOU 21153 10,800 9,074
1987 46,595 28'024 11810 100800 8,519
1988 41,70U 26,450 1,5 ?_2 101800 7,964
1969 35,536 24,814 1.270 10'800 7,408
1990 30,140 231262 1,069 I1'lUU 6,851
1991 26,498 2b,650 82U 110700 61296
1992 18,664 24,450 509 11'700 5,741
1993 12,164 22,250 265 51185
1994 4,b3b-
j
TOTAL 205,5b0 9,396 78'300 57'038
i
i
i
i
I
,i
ONAUO - ITF_O SEE ACCOONTANTIS COMPILATION kEF{ikI
SEE hCrAiMPANYIi',jG SUrti'IARY OF 61611JIF1CANT FIN4 PROJECTION ASSUMPTIONS EXHIBIT 22
FUND CODE 516 CIFY OF OAK PARK HEIGHTS PAGE 6
COMPOHNOEO RunTHLY CASHFLOA SCHEUULE
JmPHUVEMENT HU,vUS DF 1982
JANUARY 1, 1966
r D j S 8 U R S E M E N 1 5 k E C E F P T S ** r: *���• w r� A��
t3EGLvNING DEBT 1NVESIAtwT IAx RE60LAR OTHER
CASH PAYMtNt TRAJSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR 46SFIS PHIiN,fINT, OUT UTHtk 7,000 S 9u % 90 % 90 % 1N OTHER -
1986 56x188 290600 3x241 10,1100 9,074
1987 49,703 28,u24 2,834 1O,8uO 8,519
1966 43,632 26,450 2,470 100600 7,964
1989 58,616 24,874 2,100 10,800 7,408
1990 34,110 23,202 11921 11,700 6,851
1991 31,320 26,b5O 1,b07 11;700 6,296
1992 24,273 24,450 1,195 11,700 5,741
1995 -- 18r459 22,250 643 5.18`3
1994 2,037
TOTAL 2U 5, 560 1b,0 11 781 3U0 51,038
i
i
i
'.i
;
- ONAU0ITED - SEE ACCOONTANT'5- COMFILATTON REPORT -
SEF ACCOMPANYING SWOVIARY OF SIGNIFICANT FINANCIAL PkUJECTIOA ASSUMPTIONS EXHIHIT 25
FUND CrIUE 516 CITY OF OAK PARK HEIGHTS PAGE 6
COMPOUNDED 1AUNTHLY CASs -Fl (4A SCHEDULE
IT`'PROVEMENT 8ONDS OF 1982
JANUARY 1, 196E
ii
* w 11 I S b U R S F_ M' F +t T S * * * * + * * * * * * * * R E C E I P T S * * * *
BEGTNrvING DEBT INVESTMENT IAX REGIILAk OTHER
CASH PAYMENT TRANSFERS INTtREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIN. /INT. OUT ClTHFk 9.000 % 90 % 90 % 90 % IN OTHER
198b 56,186 29,600 4,313 100800 9,074
1981 50,435 28,024 3,939 10,800 81519
19118 46,069 26,450 3,559 10,800 71964
1989 41,942 24,674 31250 10,800 7,408
1990 3o,52b 23,2t 3,037 11,700 6,851
1991 36,1152 26,650 2.729 11,700 6,296
1992 30,927 24,450 2,282 11,700 5 3,741
1993 20,200 22,250 ),624 51185
1994 10,759
TOTAL 205,5b0 24,793 78,300 57,038
R,
'i
I ,
i
;i
I �
P I
i
i
--- _1JNAOUITED s SEE ACCI)UNTAlJT'S COMPTLATION PEPOR7
SEE ACC1)0PAiJYTtvG SUNMAkY OF SISNTFICANT FINANCIAL PROJECI TON ASSUrrPTICNS EXHIBIT 2'
FUND CODE 519 CITY OF OAK PARK HEIGHTS PAGE ) '
COMPOUNDED MONTHLY CASHFLOA SCHkUuLE
60 bUNDS CF 1983
JANUARY 1, 1966
* O I S H U R S E M E N T S * ** ** * * *+ R E C E I P T S * * * * * *• r * *+ +
HEGI14NI\iG DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS "1
YEAR ASSETS PRIN. /INT. OUT OTHER 5.000 % 95 % 95 % 95 % IN OTHER
1986 48,602 14,764 1,800 5,543
1987 41,181 14,012 1,456 5,236
1988 33,861 13,252 1.122 4,930
1989 26,661 12,483 794 4,623
1990 19,595 11,704 471 4,316
1 12,678 10,91b 156 4,010
1992 5,930 10,120 3,705
1993 485- 6,360 3,399
- 1994 5,444- 3,092
1995 2,354 -
TOTAL 95,611 51801 38,854
i
i
i
i
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUMHAkY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS FXHTB11 Zrj
a
FUND CODE 519 CITY OF OAK PARK HEIGHTS PAGE 7
COMPOUNDED MONTHLY CASHFLON SCHEUULE
GO 6UNDS CF 1983
JANUARY 1, 1986
* * D I S 8 U R 5 E N E N 1 S * * * * * * * * * * * * * * * k E C E I P T 5
BEGINNING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS 14ANSFER$
YEAR ASSETS PkIN,/INT, OUT OTHER 7,n00 X 95 % 95 % 9S % IN OTHER
1986 48,602 14,7b4 2,733 5,543
1987 42,114 14,012 2,284 5,236
1988 35.622 13,252 1,838 4,930
1989 291138 12x483 11390 4,623
1990 22,bb8 11,704 945 4,316
1991 lb,225 10,916 504 4,010
1992 9,823 10,120 65 3,705
1993 3,473 8,360 30399
1994- 1 9 3,092
1995 1,613
TOTAL 95,611 9,7b8 38,854
i
�I
i .,
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPURT
SEE ACCOMPANYING SUMMARY OF SIGNIFTCANI FINANCIAL PROJECTION ASSUMPIICNS ExHIHIT 2U
FUND CODE 519 CITY OF OAK PARK HEIGHTS PAGE 7
COMPOUNOEU MONTHLY CASHFt.ON SCHEDULE
GO bOKOS CF 1983
JANUARY 1, 19db
i�
** D I S H U R S E M E N T S x x x x x x x x x x x x * ** R E C E I P T S
8EG114111NU LIE ITT INvESTwENt TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM, /IIUT. OUT OTHER 9,000 % 95 % 95 % 95 % IN OTHER
198b 48,002 14,7b4 3,66b 5,543
1987 43,067 14 3,177 5,235
1988 37,448 13.252 2,66.5 4,930
1989 31,609 12,463 2,145 4,623
1990 2b,094 11,704 1,820 4,316
1991 20,326 10,916 11092 4,010
1992 14,512 10,120 559 3,705
1993 8,b56 8,Sb0 122 3,399
1994. 3,611 465 31092
1995 7,374
TOTAL 95,611 15,529 38,854
'I
UNAUDITED - SEE ACCOUNTANT'S COMPILATIO REPORT
SEE ACCOMPANYING SUhMAHY OF SIGNIFICA0 FINANCIAL PROJECTIHN ASSUMPTICNS FXHIHIT 21
FUI"D ConE 519 CTTY OF C'AK FAkK HEIGHTS PACE 7
COMPOUNDED MONTHLY CASHFLO.N SCHEDULE
GO BONDS OF 1963
JAWUARY 1, 1966 -_•
** U T S H U R S E E N T S* * * * ** a t r ** R E C E I P T S * * * * ** a t* t•
BEGINNING DEBT INVESTmENT TAX REGULAR OTHER
CASH PAYMEiJT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFFRS
YEAR ASSETS PRIM, /INT. OUT OTHER 5,000 % 90 % 90 % 90 % IN OTHER
198b 48,b02 14,764 1,795 5,251
1987 40,884 14,012 1,441 4,960
1988 33,273 13,252 11090 4,672
1989 25,783 12,483 747 4,381
1990 18,428 11,704 410 4,090
1991 11,224 10,916 62 3,800
1992 4,190 10,120 3,509
1993 2.421- 8,360 3.219
1994 7,562- 21928
1995 4,634
TOTAL 951bi1 5,565 36,810
i
i
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUNHARY OF SIGN IFICAKf FINANCIAL PROJECTION ASSUOPTICNS EXHTBTT Zvi
FUND CODE 519 CITY OF OAK PARK HEIGHTS
PAGE 7
COMPUU.NDED MONTHLY CASHFLOw SCHEDULE
GU BONDS CF 1983
JANUARY 1, 1
* * D I S 8 U R S E M E N T S * * * * * * * * * * * * * * * R E C E I P T S * * * * * * * * * * * * * a
i'
BEGINNING DEBT INVESIMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS i
YEAR ASSETS PRIM, /TNT. OUT OTHER 7.000 % 90 % 90 % 90 % IN OTHER
'i
198b 48,602 14,764 2172b 5,251
1987 41,815 14x012 2,255 4,960
1988 35,018 13,252 1,786 4,672
1989 28,224 12,483 1,317 4,381
1990 21,439 11,704 849 4,090
1991 14,b74 10,916 383 3,800
1992 71941 10,120 1 3,509
1993 1,337 6,360 3,219
1994 3,804 21928
1995 876-
TOTAL 95,611 9,323 36,810 i.
i
is
j
�I
I
I .
i
UNAUDITED - SEE ACCOuriTANT 5 COMPILATIO(4 REPORT
j.
5 EE ACC0NtPANYING SUN MARY 0 F SIGNIFICANT FINANCIAL PR0JFCTT0N A5SUP'PIICNS EXHTRIT 2)
FUND CODE 519 CITY (7F OAK PARK HEIGHTS PAGE 7
COMPOUNDF,D MONTHLY CASHFLO SCHEDULE
GO bONDS CF 1983
JANUARY 1. 1966
* * D I S B U R S E Ni E N T S* * * * * * * * * * * ** R E C E I P T S + * + *+
SEGINrdING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS TNTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIN. /INT. OUT OTHER 9.f }UU G 90 X 90 X 90 % IN OTHER
198b 48,602 14,764 3,671 5,251
1987 42,76b 14,012 3,140 4 +980
1988 36,854 13,252 2,593 4,672
1989 30,867 12,463 2,042 4,381
1998 24,807 11,704 1,482 41090
1991 18,b75 18,916 920 3x800
1992 120479 10,120 349 3,509
1993 b, 217 8,360 8 3,219
1994 1,084 164 2.928
1995 4,19b
TOTAL 95,611 14,395 36,810
;i
r.!
UNAUDITED - SEE ACCOUNTANT'S COMPILATION RFPORT
SEE ACCOMPANYING $UMMAkY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS EXHIBIT 7j0
d
FUND CODE 519 C11Y OF OAK PARK HEIGHTS PAGE 7
COMPOUNDED i CASHFLOit SCHEUULE
GO BONDS OF 1963
JANUARY 1, 1986
** D I S U U R S E F E N( 5 ** * ** w * *+ d s t a k E C E I P T S * * * * ** a ** t• r
BEG IJvVING DEBT INVE51mUlT TAX REGULAR 0THER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSES PHIIN 114T, OUT OTHER 5.000 X 90 90 90 6 1N OTHER
1986 46,602 14,764 1,795 5,251
1987 4tt,864 14,012 1,504 4,500 4,960
1968 37,836 13,252 1,315 41672
1989 30,571 12,483 983 4,381
1940 23,452 11,704 bS7 4,090
1991 16,495 10,916 338 3,800
1992 9,717 10,120 37 3,509
}s}93 3,143 8,3b0 31219
1994 1,996+ S 2,928
1995 955
TOTAL 95,611 6,632 4,500 36,810
-- tllA}tUT TED - SEE ACCtlONTANt IS CUwPILATION REuOkT
SEE ACCIRIPAtaYli:G SUf+aARY OF SIGN IFTCAaI F1«AwC1AL PROJECTION ASSUNPIIONS + XHIHTT 31
FUND CUUE 519 CITY OF OAK PARK HEIGHTS PAGE 7
COMPOUNDED fvUNTHLY CASHFLUA SCHEDULE
GU 6UNUS OF 19,53
JANUARY I 1966
** D I S 8 U P S E , M E: v( S n a x a r t a* s s H E C E I P T S * m r r t t r t * *•_
BEG ItVNING DEB INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PkIt \ 11 UOT UIHER 7,000 90 7 90 X 90 % IN 01 HEW
1986 48,6U2 14,7614 2,720 5,251
1987 41,815 14,012 2,351 4,500 41960
1986 59,614 13,252 2o12b 4,672
1989 55,160 12,483 1,684 41381
1940 26,14P 11,704 1,244 4,090
1991 2u,372 10,916 8Ub 3,800
1992 14,un4 1u, 120 315 3,509
#993 7,828 8,360 46 3,219
1994 2,753 21)9 2,928
1995 5,920
i
TOTAL. 95,011 I1, 619 4,t)Ou 36,810
- I
i
I
- - -
UNAUHITEO SEE ACCOUNTANT'S COMP ILA IIf3ry REPOfeI'
5EF ' - - f -A ..7 SOS ,F 1rIC FI,I ...L "T I (W II „,P Tr,,,c f - )(NfhTT �7
FUND CODE 519 C17Y OF OAK PARK HEIGHTS PAGE 7
Cut•1POUNUEU MONTHLY CASHFLOA SCHEDULE
GO BONDS OF 1983
JANUARY 1, 1966
x x D I S B U R S E M E W T S ** * x x x x x x x x x x x x R E C E a P T S x x x x x x x x x x x x x x x
BEGINNING DENT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /I.T. GOT CTHER 9.000 % 90 % 90 % 90 % IN CTt
1986 48,602 14,764 3,677 5.251
1987 42,766 14,012 3,266 4,500 4,960
1988 41,462 13,252 3,061 4.672
1989 35,9b3 12,463 2,555 4,381
1990 30,416 11,704 2,046 4,090
1991 24,b50 10,916 11539 3,800
1992 19,273 10,120 1.030 3,509
1993 13,692 61 360 620 3,219
1994 9,171 997 21928
1995 13.096
I
TOTAL 95,611 18,795 4,500 36,810
i.
I
i -,
i.
i,
i
S
HNAtlBITEf3 - -8fE-- ACCOUNTANT 'S CaMP ILA TTON REYOkt
SEE ACCOMPANYIVG SUMMARY OF SIGNIFTCANI FINANCIAL PROJECTION ASSUMPTIONS EXHIBIT 33
FUND CODE 301 CITY OF OAK PARK HEIGHTS PAGE 1
COMPOUNDED MONTHLY CASHFLOAJ SCHEDULE
STORM SEVIER BONDS OF 1982
_. JANUARY 1, 1986
** D I S 8 U R S E M E N 1 S ** ** x x x x x x x x ** R E C E I P T S x x * x x x* x x x x x
BEQINNING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYNENT TRANSFERS INIEHEST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIN. /INT. OUT OTHER 5.000 X 95 X 95 x 95 X II1 OTHER
1986 4,141 24,402 185 24,341
1987 4,265 23,976 193 23,919
198$ 4,401 23,552 1 23r
1989 4,539 28,102 242 28,032
1990 4,711 27,202 248 27,135
1991 4,892 26,278 254 26x212
1992 5,060 25,354 261 250290
1993 5r277 24,376 2b9 24,317
1994. 5,465 23,402 277 23,363
1995 5,723 22,402 285 22,347
1996 5,953 21,402 295 21,349
1997 6,195 20,378 310 2Ur327
1998 b, 454 24,352 366 24,293
1999 6,761 22.816 381 22x758
2000__ 7.090 21,270 406 21r217
2001 7,445 19,710 430 19,661
2002 7,826 18,150 453 18,IO5
2003 8,234 lb,57b 480 16,534
2004 8,672
TOTAL 413,702 5,538 412,695
i
a
UNAUDITED SEE ACCOUtvTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OF 51GNIF[CANT FII6ANCIAL PROJECTION ASSipIPTIOpIS EXHIBIT 3�►
FUND CODE 301 CITY OF CAK PARK HEIGHTS PAGE 1
COMPOU.VUFU MONTHLY CASHFLOW SCHEDULE
STORM SEwE:R 6CN0S OF 1982
JANUARY 1, 1946
** D I S 8 U R S E M E N T S ** * * * * * * * * * * ** R E C E I P T S * * * **
BEGINNING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMEIJT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
I
YEAR ASSETS PRIN./INT. WIT UTHER 7,000 X 95 % 95 X 95 X IN OTHER
1986 4,141 24,402 284 224,341
1987 4,364 23,976 297 23,919
1986 4,604 23,552 309 23,495
1989 4,856 28,102 384 28,032
i'
1990 5,170 27,202 402 27,135
1991 5,505 26,278 421 26,212
1992 5,860 25,354 440 25,290
1993 6,236 24,378 461 24017
1994 6,636 23,402 484 23,363
1995 7,061 22,402 520 22,347
1996 7,546 21,402 559 21,349
1997 8,052 20,378 599 20,327
1998 81600 24,352 702 24,293
1999 9,243 22,816 757 22,758
2000 9,942 21,270 814 211217
2001 10,703 19,710 883 19,bbl
2002 11,537 18115() 9bl 18,105
2UQ3 12,453 16,576 1,044 16,534
2004 13,455
TOTAL 413,702 10,321 412,695
r:
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i
UNAUDITED SEE ACCOU14TANT'S COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OF SIGNIFICANI FINANCIAL PROJECTION ASSUmPTjUNS EXHIBIT 35
FUND CODE 301 CITY (IF OAK PARK HEIGHTS PAGE i
COMPOUNDED MONTHLY CASHFLOA SCHEDULE
S'IURM SEWER BONDS OF 1982
JANUARY 1, 1
i?
** D I S 8 U R S E M E N T S x x x x x x x x x x x x x x x K E C E I P T S x x x x x x x x x x x x x x x!
BEGINNING DEBT INVESTMENT TAX REGULAR OTHEK
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIN./INT. OUT OTHER 9.000 x 95 x 95 % 95 1 1 '4 OTHER
1986 4,141 24,402 383 24,341
1987 4,463 23,976 407 23,919
1988 4#813 23,552 433 23#495
1989 5,189 28,102 542 28#032
1990 5,661 27,202 578 27,135
1991 6,172 26,278 b1b 26#212
1992 b,722 25,354 b58 25#290 j
1993 7,316 24,378 704 24#317
_ -- -1944 7,959 23,402 775 23#3b3
1995 8,b95 22,402 849 22#347
1996 9,489 21,402 93U 21#349
1997 10,366 20,378 11029 20#327
1998 11,344 24,352 1,200 24,293
1999 12,485 22,816 1,334 22 #758
2000- IS,Ybl 21,270 1,461 21x217
2001 15,184 19,710 1,644 19,661
2002 16,784 18,150 11826 18#105
2UO3 18,565 16,576 2#023 16#534
2004 20,546
Ii
TOTAL 413.702 17,412
412#695
I.
G.
i
I'
UNAUDITED - SEE ACCUUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SUMMARY OFF SIGNIFTCAidr FINANCIAL PkUJE.CTION ASSUMPTIONS FXHIHIT 3U
FUND CODE 301 CITY OF OAK PARK HEIGHTS PAGE 1
COMPOONDE1) MONTHLY CASHFLOA SCHEDULE
STORM SEwfR NUNOS OF 1982
_ -- JANUARY 1, 1966
** U I S N U H S E m E N T S * ** * ** * ** R E C E I P T S *
bEGINNI•NG OEtUT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIN. /IiNT, OUT UT HER 5.000 % 90 % 90 % 90 % IN OTHER
1986 4,141 24,402 171 23,Ub1
1987 2,911 23,976 128 22,659
1988 1,782 23,552 86 22,258
1989 574 28,102 84 26,558
1990 88b- 27,202 52 25,707
1991 2,329- 2b,278 26 24,832
1992 3,747- 25,354 6 23x959
1993 5,134 24,378 23,037
1994 6,475- 23,402 22,133
1995 7,744- 22,402 21,171
1996 8,975- 21,4U2 20,225
1997 10,152- 20,378 19r257
1998 11,273- 24,352 239014
1999 12,611+ 22,816 21,560
2000 13,867- 21,270 20,099
2001 15,038- 19,710 18,625
2002 lb,i23- 18,150 17PI51
2003 11,122- 16,578 15,664
2004 18,034-
TOTAL 413,702 557 390,970
i.,
j:
i
UNAUDITED - SEE ACCUONTANT'S COMPILATIOiv REPORT
SEE ACCOMPANYING SUMA ARY OF SIGNIFICANT F1vANCIAL PHUJECTTON ASSUMPTIONS LXHISIT 31
FUND CODE 301 CITY OF OAK PARK HEIGHTS PAGE 1
COMPOUNDED MONTHLY CASHFLW4 SCHEDULE
STURM SEWER BONDS OF 1
JANUARY 1, 1966
* * D I S B U R S E M E N T S ** * * * ** n ** * * * ** R E C E I P T S * * * * *+
BEGINNING DEBT INVESTMENT TAX REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIN./INT. OUT OTHER 7.000 G 90 X 90 % 90 X IN OTHER
i
198b 4,141 24,402 2bl 23,061
1987 3,061 23,976 202 22#659
1988 1.946 23,552 140 22 #258
1989 792 28,102 136 26 #558
1990 616- 27,202 8b 25#707
1991 2,025- 2b,278 52 24032
1992 3,419- 25,354 20 23 #959
1993 4,794- 24,378 23#037
1994_ b,13 -5- 23,402 22#133
1995 7,404- 22,402 21 #171
1996 8,635- 21,402 20 #225
1997 9,812- 20,378 19#257
1998 10,933- 24,352 230014
1999 12,271- 22,816 21,560
2000 13,527- 21,270 200099
2001 14,b98- 19,710 18#b25
?002 15,783- 18,150 17 #151
2003 16,782 16,576 15#bb4
2004 17,694 -
TOTAL 413,702 897 390,970
_ II
i
~ i
UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT
SEE ACCOMPANYING SOMMARY OF SIGNIFICANT FINANCIAL PROJECTION ASSUMPTIONS EXHIBIT 3�
FUND CODE 301 CITY OF OAK PARK HEIGHTS PAGE
COMPUUNOEU MONTHLY CASHFLOw SCHEDULE
STORM SEWER HGNOS OF 1982
JANUARY 1, 1986
* * D I S R U R S E fA E N T S * * * * * * * * * * * * * * * R E C F I P T S * * * * *
£IEGINNI!vG DE.6T INVESTMENT TAI{ REGULAR OTHER
CASH PAYMENT TRANSFERS INTEREST LEVIES ASSESSMENTS ASSESSMENTS TRANSFERS
YEAR ASSETS PRIM. /INT. OUT OTHER 9.000 x 90 % 90 90 6 IN OTHER
1986 4,141 24,402 352 231061
1987 3,152 23,976 279 22,659
1988 2,114 23,552 204 22,258
1989 1,024 28,102 201 26,55b
1990 319 - 2.7,202 125 25,707
1991 11609- 26,278 b2 24#832
1992 3,053- 25,354 40 23#
1993 4,408- 24,378 23#037
1994 - 5,749. 23,402 22x133
1995 7,018- 22,402_ 21,171
1996 8,249- 21.402 20,225
1997 9.426- 20,318 19,257
1998 10,547- 24,352 231014
1999 11,885- 22,816 21,560
2000 13,141- 21,270 20,099
2001 14,312- 19,710 18,625
2002 15,397- 18,150 17 #151
2003 1b,39b- 16,576 1S,bb4
2004 17,308-
. TOTAL 4131702 1,263 390,970
UNAUDITED - SEE ACCOUNTANTS COMPILATION REPORT
-- - - - - --
5 E ACCOMPANYING SUMMARY OF SIGNIFICANT FINANCIAL PRUJECTION ASSUMPTIONS EXHIHIT 30,