C Bonding Report
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
~
-
-
MEMORANDUM
TO:
Mayor
City Council Members
Greg Sticha, Finance Director ~,
April 20, 2006
FROM:
DATE:
SUBJ:
Bonding and Financial Position Update
BACKGROUND
In May, the City Council will be asked to approve an authorization calling for sale
of General Obligation Special Assessment Bonds and to sell those Bonds, for the
2005 MUSA expansion project.
Staff is providing copies of all our most current financial information and
documents in order to keep the Council updated before making any decisions
about bonding for this project. Each of the documents will be discussed and
reviewed at the meeting.
The documents included are the Key FinancialStrategiesspreadsheetprojecting
the financial condition of the city's general fund, the debtlevy schedule for the
upcoming 20 years, the Revolving Assessment fund projections, the projected
available cash surplus, and the projected bonding schedules based on anticipated
debt rates for the month of May prepared by Ehlers.
As an additional note, in the past the revolving assessmentfundhadbeen
calculated and documented in theory only. FinancestaffhasofficiallYC;reatedthe
fund on the financial system as of January 1, 2006.. Thisprocesswillinc;ludeth~
transfer of funds from anumber of funds as we will discuss on Apri124th. The
council will have to officially act on those transfersat.a!aterdateiftheyso
d~cide. Itshould alsobe noted that the 2005 general fundfinancialprojectionsare
un-auditedatthispointand subject to minor changes.
ATTACHMENTS
1. Key Financial Strategies General Fund Projections
2. Bond Tax LevySchedule
3. Revolving Assessment Fund Projections
4. Available Cash Surplus Breakdown
5. Bonding Projection Docull1ynts (Ehlers and Associates)
The City of Chanhassen . A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play.
CITY OF CHANHASSEN
KEY FINANCIAL STRATEGIES
Inflation Assumptions for General Fund Revenue 3.00%
Expenses 3.00%
2003 2004 2005 2006 2007 2008 2009 2010
GENERAL FUND ACTUAL ACTUAL Estimate Budget PROJECTED PROJECTED PROJECTED PROJECTED
REVENUE
GENERAL PROPERTY TAX 6,118,451 6,461,356 5,993,574 6,179,600 6,364,988 6,555,938 6,752,616 6,955,194
LICENSES 119,905 102,636 132,932 110,200 113,506 116,911 120,419 124,031
PERMITS 1,265,597 1,191,420 1,027,205 1,161,300 1,196,139 1,232,023 1,268,984 1,307,053
FINES & PENAL TIES 43,732 61,801 97,056 76,500 78,795 81,159 83,594 86,101
INTERGOVERNMENTAL REVENUE 223,618 360,226 219,511 205,000 211,150 217,485 224,009 230,729
CHARGES FOR CURRENT SERVICES 609,512 721,470 697,346 659,500 679,285 699,664 720,653 742,273
OTHER REVENUE 334,072 168,644 306,696 223,000 229,690 236,581 243,678 250,988
TOTAL REVENUE 8,714,887 9,067,553 8,474,320 8,615,100 8,873,553 9,139,760 9,413,952 9,696,371
EXPENSES EXCL. CAPITAL COSTS
GENERAL GOVERNMENT 1,548,062 1,751,744 1,819,933 1,868,900 1,924,967 2,032,716 2,118,697 2,182,258
LAW ENFORCEMENT 2,424,125 2,429,464 2,525,399 2,758,100 2,920,843 3,088,468 3,341,122 3,601,356
PUBLIC WORKS 1,678,314 1,773,655 1,823,564 1,908,500 1,965,755 2,024,728 2,147,969 2,274,909
COMMUNITY DEVELOPMENT 312,446 325,917 362,100 395,000 406,850 419,056 431,627 444,576
PARKS AND RECREATION 1,632,218 1,620,979 1,595,331 1 ,684,600 1,735,138 1,812,192 1,866,558 1,922,555
OTHER USES 815,000 807,786
TOTAL EXPENSES 8,410,165 8,709,545 8,126,327 8,615,100 8,953,553 9,377,160 9,905,974 10,425,654
Fund Balance 5,917,535 6,532,532 6,880,525 6,880,525 6,800,525 6,563,125 6,071,103 5,341,820
Policy for Cash Flow 3,328,530 3,106,543 3,192,300 3,288,069 3,386,711 3,488,312 3,592,962
Catastrophic Reserve 15% 1,218,949 1,292,265 1,343,033 1,406,574 1 ,485,896 1 ,563,848
4,325,492 4,484,565 4,631,102 4,793,285 4,974,208 5,156,810
Percentage of Gen Fund Expenditures 80.4% 79.9% 76.8% 72.5% 66.3% 58.2%
Excess Fund Balance 2,207,041 2,395,960 2,249,423 2,007,240 1 ,588,917 914,293 5,341,820
Assumptions. Added On 2006 2007 2008 2009 2010
Permit Revenue 235,000
Expenses
General Government 50,000 25,000
Law Enforcement 80,000 80,000 160,000 160,000
Public Works 62,500 62,500
Parks and Recreation 25,000
80,000 155,000 247,500 222,500
Note:
The additional amount of permit revenue in 2006 is anticipated development related to the 212
construction.
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Chanhassen, MN
$6,835,000 General Obligation Improvement Bonds, Series 2006B
Sources & Uses
Dated 06/13/20061 Delivered 06/13/2006
Sources Of Funds
Par Amount of Bonds.... .......,.....,........... ..... ....,... ........ ........ ......,.... ,............... ..,. ,.,......... ...... .......... .... ,........... .......,...,................ ..... $6,835,000.00
Total Sources..............,.......",........""......".......,............,..,.......,.......,....""........",........,.........."...,......,.....,.......,..,....,..."......,...... $6,835,000.00
Uses Of Funds
Total Underwriter's Discount (O,800%). ,.,..... ,...... ,.... ......,.... ................ ....... ........ ............. ,..,..... .......... ..,............ .....,....... ...............
Costs of Issuance..,.... ........ .,.......... ,........... .... .......,.......... ......... ,.., ............ ....... ..... ........ .....,., ............ ................... ............. .............
Deposit to Capitalized Interest (CI F) Fund............................... ......... ...,... ................. .......... ......... .... ,....................................... ......
Deposit to Project Construction Fund..,................ .... ........ ...,... ........ ........ ...,............ .... .................................... ................... ..,.. .......
Rounding Amount... "",.... ..". ... .... .,.....,.. ."". .,.".,.. ...... ...,.", ,... ",...,. ....... ."".... ..... ... ............ ,.."." .."",., ........ .... .., "..",...... ... .... ..,.....
54,680.00
39,500.00
179,538.92
6,556,690,00
4,591.08
Total Uses..,.......................,.............".......,...."....."..,....".........""..............;, ,..,...."..",..,..""..........."....,..............""........ "...... ",.. $6,835,000,00
06A$6,465GOlmprovement / SINGLEPUKPOSE /4/19/2006/ 6:42AM
Ehlers & Associates, Inc.
Leaders in Public Finance
Page 1
Chanhassen, MN
$6,835,000 General Obligation Improvement Bonds, Series 2006B
Debt Service Schedule
Date
06/13/2006
02/01/2007
08/01/2007
02/01/2008
08/01/2008
02/01/2009
08/01/2009
02/01/2010
08/01/2010
02/01/2011
08/01/2011
02/01/2012
08/01/2012
02/01/2013
08/01/2013
02/01/2014
Principal
Coupon
Interest Total P+I Fiscal Total
179,538,92 179,538.92 179,538.92
141,741.25 141,741.25
141,741,25 976,741.25 1,118,482.50
125,250.00 125,250.00
125,250,00 1,125,250.00 1,250,500.00
105,250.00 105,250.00
105,250.00 1,105,250.00 1,210,500.00
85,000,00 85,000.00
85,000.00 1,085,000,00 1,170,000.00
64,500.00 64,500.00
64,500.00 1,064,500.00 1,129,000.00
43,500.00 43,500.00
43,500.00 1,043,500.00 1,087,000.00
22,000,00 22,000.00
22,000.00 1,022,000.00 1,044,000.00
$1,354,021.42 $8,189,021.42
835,000.00 3,950%
1,000,000.00 4,000%
1,000,000.00 4.050%
1,000,000.00 4.100%
1,000,000.00 4.200%
1,000,000.00 4.300%
1,000,000,00 4.400%
$6,835,000.00
Total
Yield Statistics
Bond Year Dollars...... .......,.......... ,............... ......... ,..,............... ......................................... ......................... .................. .......... ....,....... $32,163.83
Average Life.. ............ ".. ."... ,..,.. ,. ". ,.. ........ "."",. ..".... ,. .... ...,.,.. ...........,.. ... ... .... ...... ...... .......... ... ... .,....... .".... "" .,.. ,.,..... .,.. ",.,.,.... .....,. 4. 706 Years
Average Coupon...... .......... ......... ".. ""..., .,.. ".,.... ..... ...""... ."., ,..."" ,.,. ... "... ... ....... ..... ...,..... ................. ....... ....,... .,.,..., ",. """". ... ",.". 4.2097638%
Net Interest Cost (N IC).............. ...... ................... ...... ............ ................ ................ ................. .............. ............................. ............ ..... 4,3797684%
True Interest Cost (TIC)............,.......... ......., ,............... ........ .................... ........ ................................................ ........................ .......... 4.3957343%
Bond Yield for Arbitrage Purposes.......... .................................. ................................. ..............,............................ ......... ............ ......, 4.2028777%
All Inclusive Cost (AIC)......,.... ...,.................... .................... ........... ......., ................ ,..................... ...... ........ ................. ....................... 4.5363606%
IRS Form 8038
Net Interest Cost.......................... ........ ............... ........................ ................ .......... ......,................... ..... ......... ...................... ............... 4.2097638%
Weighted Average Maturity................ ................,.. .................................... ..... .............................. ........ ......... ............. .....,................. 4. 706 Years
06A$6,465GOlmprovement I SINGLEPUKPOSE 14/19/2006 I 6:42AM
Ehlers & Associates, Inc.
Leaders in Public Finance
Page 2
Chanhassen, MN
$6,835,000 General Obligation Improvement Bonds, Series 2006B
Net Debt Service Schedule
Date Principal Coupon Interest Total P+I CIF Net New D/S Fiscal Total
06/13/2006
02/01/2007 179,538,92 179,538.92 (179,538,92)
08/01/2007 141,741.25 141,741.25 141,741.25
02/01/2008 835,000.00 3.950% 141,741.25 976,741.25 976,741.25 1,118,482.50
08/01/2008 125,250.00 125,250.00 125,250.00
02/01/2009 1,000,000.00 4,000% 125,250.00 1,125,250,00 1,125,250.00 1,250,500.00
08/01/2009 105,250,00 105,250.00 105,250,00
02/01/2010 1,000,000.00 4.050% 105,250.00 1,105,250.00 1,105,250.00 1,210,500.00
08/01/2010 85,000.00 85,000.00 85,000.00
02/01/2011 1,000,000.00 4,100% 85,000.00 1,085,000.00 1,085,000.00 1,170,000.00
08/01/2011 64,500.00 64,500.00 64,500.00
02/01/2012 1,000,000.00 4.200% 64,500,00 1,064,500.00 1,064,500.00 1,129,000.00
08/01/2012 43,500.00 43,500.00 43,500.00
02/01/2013 1,000,000,00 4.300% 43,500.00 1,043,500.00 1,043,500.00 1,087,000.00
08/01/2013 22,000.00 22,000.00 22,000.00
02/01/2014 1,000,000.00 4.400% 22,000.00 1,022,000.00 1,022,000.00 1,044,000.00
Total $6,835,000.00 $1,354,021.42 $8,189,021.42 (179,538.92) $8,009,482.50
06A $6,465 GO Improvement I SINGLE PUKPOSE I 4/19/2006 I 6:42AM
Ehlers & Associates, Inc.
Leaders in Public Finance
Page 3
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