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Home My WebLink AboutCOW 2003-03-24 Item 2 - Presentation - Financial Planning Model Update't 9 o s S%`O 1 9 o t ie N 2, 1908 CAS Number: 03-038 Agenda Item Title: Original Sponsor: I Timeline: Sponsor's Summary: Recommendations: Sponsor: Committee: Administration: I Cost Impact (if known): I Fund Source (if known): Meeting Date 3/24/03 1 Meeting Date 3/24/03 3/24/03 3/24/03 COUNCIL AGENDA SYNOPSIS Meeting Date I 3/24/03 Prepared by ARD Present update Finance Safety Present Update Finance Safety Present Update N/A N/A 1 Mayor's review 1 Council review 1 0,•:to/' %iii: Initials Original Agenda Date: 3/24/03 Financial Planning Model update (along with Long Term Debt Schedule). Council Admin. X Present at March 24, 2003 meeting. Provide update to current status of Planning Model (Attachment A) and integrate the Long Term Debt Schedule in for discussion. r i�i�� Action Attachments Staff Report dated March 19, 2003 Revised Attachment A Financial Planning Model Long -Term Debt Sdhedule as of December 31, 2002 ITEM Na Aritiffiletir To: Mayor Steve Mullet 86 City Council From: Alan R. Doerschel, Finance Director Date: March 19, 2003 Subject: Financial Planning Model Update and Long -Term Debt Schedule Financial Plannine Model Update: The revised March 24, 2003 Attachment A for the 2003 -2008 Six -year planning period reflects very little change from the Adopted Model passed in December. The actual cash carryover from 2002 forward to 2003 was $372,000 less than anticipated when the plan was adopted last December. This is a combination of several smaller revenue and expenditure changes along with a $200,000 shortfall in property tax collections for 2002. Also, the estimate for carryover cash was reduced by $100,000 for each year 2004 -2008 to reflect the tighter budgets, which generate smaller unspent totals. The earlier estimated balance in 2008 of $1.9 million is now estimated at $1.0 million. This could easily be a negative amount with just a slightly less favorable sales tax growth rate. Essentially we are in about the same financial position as when the Budget and Financial Plan were adopted. However, as pointed out by the State's Chief Economist on March 19, 2003, we will continue to see negative growth during the near term. Lone -Term Debt Schedule The attached Debt Schedule as of December 31, 2002 has a balance of $21,005,000. This does not include the $11,000,000 we will issue in June /July, 2003 for the Clubhouse, South Park Bridge and Tukwila Village. The debt service requirements for the long -term debt identified above is accounted for in the Planning Model. The City has authority to issue a larger amount of debt than the above totals. However, the impact on our ability to pay the additional debt service would require new revenue sources or reducing current services and /or the Capital Plan. REVENUES General Revenues Sales Tax Property Tax Utility Tax (New) Franchise Contract -SCL (New) Charges /Fees for Service Trans. In -Other Funds Intergovernmental Revenue Other Taxes /Misc. Beginning Fund Balance Subtotal Dedicated Revenues (Capital) Real Estate Taxes Motor Vehicle Taxes Interest Income Property Tax Parking Tax Repayment from Utilities Subtotal TOTAL AVAILABLE (See Attachment A -1) EXPENDITURES Operations Maintenance: (See Attachment B) Subtotal Available Capital Attachment C Neighborhood Revitalization Residential Streets Parks Trails General Govemment Facilities General Government Economic Development Bridges Arterial Streets Debt Service 1994 Debt Service -1999 2000 New Bond Issue 2003 Leased Space Tukwila Village Admin /Engineering Overhead Subtotal Capital /Overhead Balance by Year 1 Accumulated Totals ATTACHMENT A CITY OF TUKWILA TOTAL REVENUES EXPENDITURES 2003 -2008 Preliminary Analysis in 000's 2003 2004 2005 2006 14,700 15,288 15,900 16,536 17,200 9,800 9,996 10,196 10,450 10,712 1,630 1,720 2,666 2,799 3,527 600 630 980 1,029 1,296 2,681 2,839 2,986 3,140 3,302 1,840 1,913 1,990 2,070 2,152 1,498 622 654 686 721 2,673 2,806 2,964 3,111 3,274 15,969 200 200 300 300 51,391 36,014 38,536 40,121 42,484 43,933 252,479 600 650 650 650 700 330 350 450 450 450 204 212 250 250 250 130 130 130 130 130 85 250 250 250 250 250 200 0 0 0 1,599 1,792 1,730 1,730 1,780 1,780 10,411 52,990 37,806 40,266 41,851 44,264 45,713 262,890 33,532 33,814 35,000 36,573 38,214 19,458 3,992 5,266 5,278 6,050 170 370 485 570 70 1,283 734 108 238 208 (710) 0 0 0 0 800 860 860 860 960 1,124 587 100 100 100 3,527 2,260 2,390 2,832 2,070 515 515 515 515 515 1,085 1,085 1,085 1,085 1,085 0 0 395 395 395 0 0 110 120 130 934 1.018 1.069 1.122 1.172 8,728 7,429 7,117 7,837 6,705 10,730 (3,437) (1,851) (2,559) (655) 10,730 7,293 5,442 2,883 2,228 IV Updated: 03/20/03 2007 2008 Totals 1 17,688 97,312 10,980 62,134 3,704 16,046 1,361 5,896 3,467 18,415 2,239 12,204 758 4,939 3,436 18,264 300 17,269 700 3,950 450 2,480 250 1,416 130 780 250 1,335 0 450 39,930 217,063 5,783 45,827 70 1,735 88 2,659 0 (710) 960 5,300 100 2,111 2,395 15,474 515 3,090 1,085 6,510 395 1,580 150 510 1.218 6.533 6,976 44,792 (1,193) 1,035 1,035 General Government G.O. Bonds: 1994 Maturing 2014 Community Center Fire Sta. #53 1999 Maturing 2015 6300 Bldg. Tuk. Village 2000 Maturing 2015 Valley Com. Center Totals General Government Water /Sewer Bonds 1993 Maturing 2006 1995 Maturing 2015 Total Water/ Sewer NOTES: City of Tukwila Long -Term Debt Schedule As of December 31, 2002 Original $6,000,000 10,000,000 2,551,000 $18,551,000 $2,704,000 $15,847,000 $2,925,000 4,500,000 $7,425,000 12/31/02 Redeemed Balance $1,560,000 $4,440,000 920,000 9,080,000 224,000 2,327,000 $1,850,000 990,000 $2,840,000 $1,075,000 3,510,000 $4,585,000 Public Works Trust Fund Loans Water, Sewer, Surface Water $1,553,000 $980,000 $573,000 Totals All Long -Term Debt $27,529,000 $6,524,000 $21,005,000 There will be an $11 million plus bond issue in 2003 for the Golf Clubhouse $5 million, South Park Bridge $3 million and Tukwila Village $3 million. Any funding for connectivity bonding is not included in the Planning Model. All other bonding including the $11 million in 2003 is included.