01 - Title PagesIntroduction
Financing
Exhibit I
Exhibit II
Exhibit III
Exhibit IV
Exhibit V
Exhibit VI
Exhibit VII
Exhibit VIII
Exhibit IX
Exhibit X
CITY OF GOLDEN VALLEY, MINNESOTA
2023-2032 CAPITAL IMPROVEMENT PROGRAM
TABLE OF CONTENTS
- General Fund Projects
- Water & Sewer Utility Fund Financing
- Brookview Golf Course Fund Financing
- Equipment Replacement Fund Financing
- Building Funds —Buildings, Cablecasting
- Park Improvement Fund Financing
- Storm Water Utility Fund Financing
- City Municipal State Aid Street Fund Financing
- Capital Improvement Fund Financing
- Street Reconstruction Fund Financing
Vehicles & Equipment (V&E)
Parks (P)
Brookview Golf (GC)
Buildings (B)
Buildings
Cablecasting (C)
Storm Water (SS)
Water & Sanitary Sewer Utility (W&SS)
Streets (S)
Appendix
Special Assessment Policy
Fleet Operation, Maintenance, and Replacement Policy
city of
golden
valley
2023-2032 Capital Improvement Program
Considered by City Council
December 6, 2022
Reviewed by Council
September 13, 2022
Reviewed by Planning Commission
November 28, 2022
Mayor
Shep Harris
Council
Maurice Harris, Denise La Mere -Anderson, Gillian Rosenquist, Kimberly Sanberg
Management Team
Tim Cruikshank
Rick Birno
Maria Cisneros
John Crelly
Virgil Green
Tim Kieffer
Marc Nevinski
Kirsten Santelices
Sue Virnig
Cheryl Weiler
City Manager
Parks and Recreation Director
City Attorney
Fire Chief
Police Chief
Public Works Director
Physical Development Director
Human Resources Director
Finance Director
Communications Director
December 6, 2022
The Honorable Shepard Harris, Mayor
Members of the City Council
Dear Mayor Harris and City Council Members:
The Adopted Capital Improvement Program (CIP) for years FY 2023-2032 is presented with this
transmittal.
The CIP is a 10-year fiscal planning instrument used to identify needed capital projects and
delineate the financing and timing of the associated projects. Generally these projects exceed
$5,000 in cost and require long-term financing. An annual capital improvement budget,
encompassing the projects outlined for the first two years of the CIP, is presented to the Council
with the biennial budget.
The CIP also identifies bond issues and as many other potential revenues necessary to fund
certain improvements. Each project in the program is brought forth in the upcoming year for
discussion and approval at a council meeting.
Each city in the metropolitan area is required to adopt a CIP. As part of the Metropolitan Land
Planning Act passed by the State Legislature in 1976, each city is required to adopt a
Comprehensive Plan. In 2018, the City of Golden Valley's 2040 Comprehensive Plan was
approved and included:
• updated zoning and subdivision codes;
• housing implementation programs;
• a CIP related to transportation, sewers, and parks and open space facilities
Because of its relationship to the Comprehensive Plan, the CIP is reviewed by the Planning
Commission. This is a 10-year plan to coincide with the Comprehensive Plan document.
The CIP should be viewed as a vehicle to accomplish the goals outlined in the City's
Comprehensive Plan. These goals cover housing, sanitary and storm sewers, public facilities,
transportation and parks and open spaces. An orderly expenditure of funds on capital items is a
means of accomplishing the Comprehensive Plan.
A complete CIP is an indispensable tool for the City Council and City staff as they manage and
control the timing and financing of capital improvements needed to maintain the current high
level of City services. A CIP is also used by the bond rating agencies to not only evaluate the
current and future financial condition of a city, but also to evaluate the quality of a city's
management. Adoption of this comprehensive CIP for 2023-2032 will enhance the City's ability
to maintain its current Aa1 bond rating.
Finally, a CIP is a valuable document for commission members and citizens to use to gain an
understanding of how their City works and the means to accomplish its overall plan.
The process for completing the 2023-2032 CIP was much the same as the process for the
2023-2024 Budget. Project requests were submitted by all the divisions and reviewed by the
Management Team and appropriate supervisors to establish the feasibility and priority of the
projects and match with available financing.
The CIP is a planning document or guide for the future capital improvements in the City which in
no way constitutes formal approval of the various projects. All of the projects will be formally
approved through the City's purchasing or public improvement process.
Each section lists the upcoming projects, project overview, and an estimated cost of the project.
The Financing section includes a narrative analysis of financing sources involved in the program
along with exhibits analyzing some of these sources, with special emphasis on the City's Capital
Project Funds. Also included is an exhibit that provides a current list of bonded debt to finance
the existing programs and expenditures and sources by year. The sections are:
Financing
Vehicles and Equipment
Parks
Golf Course
Buildings
Cablecasting
Storm Sewers
Water & Sanitary Sewer Utility
Streets
I look forward to completing these important projects in the coming fiscal year. As we move
forward with this FY 2023-2032, 1 hope that this CIP meets your approval and provides a useful
tool for the Council as it makes decisions regarding these projects.
Timothy Cruikshank
City Manager
CITY OF GOLDEN VALLEY, MINNESOTA
2023 - 2032 CAPITAL IMPROVEMENT PROGRAM
FINANCING
The 2023-2032 Capital Improvement Program (CIP), which is detailed on the following pages, is financed
from a variety of sources. The purpose of this section is to describe and analyze these sources, in as much
detail as possible, so that the users of this CIP can be certain that the program as outlined can be financed
from available financing sources.
General Fund
The General Fund is the main operating fund of the City, and as such contains most of the City's operating
divisions. The main revenue source for this fund is property taxes revenues. Large, non -recurring capital
outlay expenditures are usually made from one of the City's capital project funds. Level annual transfers from
the General Fund to these funds help to even out the annual budgeting process. The General Fund fund
balance as of December 31, 2021 was $15,554,908. Exhibit I lists the General Fund transfers to Funds for
projects in the CIP.
Water & Sewer Utility Fund
The Water & Sewer Utility Fund is an enterprise fund, which is involved in the operation and renewal &
replacement of the City's water and sanitary sewer systems. The main sources of revenue for this fund are
the user charges to those residential and commercial/industrial customers connected to the systems and
franchise fees to help with infrastructure improvements. Per City policy, new lateral water and sewer system
projects are assessed at 100% of cost unless there are unusual circumstances involved, in which case the
City would pay for the difference from the reserve account. Since the City is essentially fully developed, there
should be fewer and fewer of these projects in future years. These lateral water and sewer system projects
are usually requested by property owners, so it is very hard to project when they might occur and the total
cost.
The trunk water system is owned and operated under a joint powers agreement with the cities of Golden
Valley, New Hope and Crystal. This organization is known as the Joint Water Commission. The operating and
capital improvement expenditures of the trunk water system are shared by the three cities. In 2014, an
Emergency Water Supply was approved. Financing was through an interfund loan with an additional fee on
water consumption. In 2015, another interfund loan was used to finance the break on the water main that
carries water from Minneapolis to Crystal through Robbinsdale.
The trunk sanitary sewer system is owned by Metropolitan Council Environmental Services to which the City
makes monthly payments for the operation of and the capital improvements to the trunk system.
The fund balance or net position that is unrestricted at 12/31/21 was $16,304,233. The financial position of
this fund is extremely important because the City is facing large expenditures in future years for the renewal
and replacement of aging water and sewer lines. Exhibit II is a list of projects in the program financed by the
Water & Sewer Utility Fund.
Brookview Golf Course Fund
The Brookview Golf Course Fund is an enterprise fund, which is involved in the operation and improvement
of the City's golf course and newly developed Lawn Bowling Course in 2018. The main revenue source is
green fees paid by the golfers. The golf course consists of an 18 hole regulation course, a 9 hole par 3
course and a driving range. Other revenue sources come from the lawn bowling course, pro shop, curling,
winter disc golf and Three -One -Six Restaurant. Many of the improvements to the course are part of regular
course maintenance, but where specific projects can be defined and costs estimated, they are included in the
program. Major pieces of equipment used by the golf course are also included in the program. In December
2017, Brookview opened its new facility which included the restaurant, golf pro shop and par 3 building. In
2020, curling will be offered for winter activity. In 2022, the course installed a new irrigation system. In 2023,
the project will be completed at the driving range. The net position in this fund as of December 31, 2021 was
$1,748,148. Exhibit III is a list of the major course improvements and equipment included in the program and
the projected working capital balances of this fund.
Storm Sewer Utility Fund
The Storm Sewer Utility Fund is an enterprise fund, which is involved in the maintenance and improvement of
the City's storm water system including storm sewers and holding ponds. The fund is financed from charges
to all the property in the City based on the level of estimated storm water runoff from a given class of
property. Projects funded are those related to the Pavement Management Program, the City's adopted Storm
Water Management Plan and projects constructed in conjunction with the other cities that are members of the
Bassett Creek Water Management Commission. Exhibit VII is an analysis of the projected revenue,
expenditures and cash balances in this fund. In 2016, bonds were sold and will be paid back with tax
increment received from The Liberty development. The net position in this fund as of December 31, 2021 was
$11,558,787.
Equipment Replacement Fund
This capital project fund is used to finance major vehicle and equipment purchases for General Fund
divisions. In 2021, the main source of revenue is a transfer from the General Fund. In the past, certificates of
Indebtedness were sold and the last one was made in February 2021. Exhibit IV is an analysis of the
projected revenue, expenditures and cash balances in this fund.
Buildinq Fund
This capital project fund is used to finance major improvements to buildings used by the General Fund
divisions. A comprehensive building study took place in 2020 through mid-2021. It will evaluate all public
buildings with an emphasis on the Public Safety needs. A major source of financing in this fund is a transfer
from the General Fund. Exhibit V is an analysis of the projected revenue, expenditures and cash balances of
this fund.
Cablecasting Fund
This capital project fund was separately designated in 2014 to account for the franchise fees collected for
cablecasting. These monies are designated for any future improvements for the council chambers to provide
cablecasting of public meetings. CCX Media Television/Northwest Community Television provides service
and programing for the city. The council chambers remodel finished in mid-2022.
Park Improvement Fund
This capital project fund is used to finance park and open space improvements. One of the revenue sources
in this fund is an annual transfer from the General Fund along with park dedication fees. Exhibit VI is an
analysis of the projected revenue, expenditures and cash balances of this fund.
Municipal State Aid (MSA) Fund
This fund is used to account for monies held in account both by the City and the State of Minnesota for use in
the maintenance and improvement of municipal state aid streets located in the City. Streets are designated
as municipal state aid based on criteria established by the State. Each city is allowed a maximum number of
miles of these designated streets. Every improvement project involving these streets must first be approved
by the State. If approved, a certain portion of the projected cost is advanced to the City from its MSA account
at the State, with the balance being paid upon completion. The monies that finance the City's MSA account at
the State come from the State gasoline tax.
The City's MSA account at the State is essentially the City's money and the amount in the account at any one
time is included as an asset of this fund. The State also participates directly in various street and storm sewer
improvement projects with the City, when the particular project benefits or involves State highways and rights
of way. On the worksheets for street and storm sewer projects, the designation under the financing analysis
of MSA refers to the City's MSA account at the State, and State of Minnesota refers to direct State
participation. Exhibit VIII is an analysis of the projected revenue, expenditures and cash balances of the
Municipal State Aid Fund.
Capital Improvement Fund
Revenues for this fund will primarily come from a portion of the franchise fees that are not designated for
payment of debt service from the Douglas Drive project. Monies in this fund finance infrastructure
improvements. Exhibit IX is an analysis of the projected revenue, expenditures and cash balances of this
fund.
Street Reconstruction Capital Improvement Fund
Revenues for this fund will primarily come from a bond sale that will finance the yearly pavement
management program (PMP) planned through 2024 and the infrastructure renewal program (IRP) starting in
2025. This fund will receive a general fund transfer to pay for the overlays that are planned to maintain the
streets that have been reconstructed. Exhibit X is an analysis of the projected revenue, expenditures and
cash balances of this fund.
General Obligation Bonds
To finance certain projects the City must borrow funds externally by issuing general obligation municipal
bonds. The method(s) of financing the repayment of these bonds differentiates the various types of bonds
used in the program.
Tax Increment Bonds
The proceeds of these bond issues are used to pay for public improvements in specially designated tax
increment districts. The debt service on the bonds is repaid from property taxes on the increased value in
the district over a base year's value. The property taxes on the increased value (increment) are not
distributed to the various taxing jurisdictions but are retained by the City to pay off the debt service on the
bonds. The increased value in the district comes from the increased commercial/industrial/residential
development or made possible by the public improvements financed by the bonds. The City has four tax
increment districts. Two districts have sold bonds for improvements: Highway 55 West and
Winnetka/Medicine Lake Road.
Special Assessment Bonds
Per State Statute, if at least 20% of the bond principal for a public improvement is financed by special
assessments against benefited properties, the balance can be financed from tax levies against all the
property in the City without the need of a bond referendum. On the project worksheets, if special
assessment bond financing is involved, we have indicated the amount of bonds to be repaid from special
assessments and tax levies.
The pavement management program and the future infrastructure renewal program use special
assessment bonds for financing along with assessments from benefiting properties. These street projects
will extend over a longer period than is included in the 2023-2032 CIP and will be financed by annual
special assessment bond issues. On the project worksheet for the pavement management program, the
method of financing is indicated as just Special Assessment Bonds.
Municipal State Aid (MSA) Revenue Bonds
MSA bonds were sold in 2007 for the first time for the City of Golden Valley. The project was Golden
Valley Road and Bridge replacement. The debt service payments will be repaid over twenty years with
State Aid Allotments used to improve and maintain Municipal State Aid roads.
Street Reconstruction Bonds
Douglas Drive street improvements were paid for from street reconstruction bonds sold in 2016. The
payment of debt service will be from franchise fees.
Lease Revenue Bonds
Lease revenue bonds were sold by the Housing and Redevelopment Authority (HRA) and will be paid
back by a lease with the City of Golden Valley. This instrument was used to finance the Brookview facility.
Exhibit XI is an analysis of the current general obligation bonded debt of the City of Golden Valley.
CITY OF GOLDEN VALLEY
2023 - 2032 CIP
GENERAL FUND (FUND 1000)
EXHIBIT I
EXPENDITURES
PROJECT (1)
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Transfer to Building Fund
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
$850,000
$900,000
$950,000
$1,000,000
Transfer to Equipment Fund
1,150,000
1,200,000
1,250,000
1,300,000
1,350,000
1,400,000
1,450,000
1,500,000
1,550,000
1,600,000
Transfer to Park Improvement Fund
400,000
425,000
450,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
Transfer to Street Reconstruction
800,000
850,000
850,000
900,000
950,000
1,000,000
1,050,000
1,100,000
1,160,000
1,150,000
Overlays
Totals
$2 900,000
$3,075,000
$3,200,000
$3 400,000
$3,550,000
$3,700,000
$3,850,000
$4,000,000
$4,150,000
$4,250,000
Notes:
(1) Each transfer will be outlined in the respective funds.
Net Position @ 1/1
Revenue:
CITY OF GOLDEN VALLEY
2023-2032 CIP
WATER AND SEWER UTILITY FUND (FUND 7120)
EXHIBIT II
2023 2024 2025 2026 2027 2028
2029 2030 2031
$18,819,174 $15,461,559 $13,659,989 $11,946,899 $10,042,412 $8,926,627 $8,189,610 $6,866,397 $6,086,992
Franchise Fees
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
ARP
750,000
Operating Revenue
11,165,520
11,388,830
11,616,607
11,848,939
12,085,918
12,327,636
12,574,189
12,825,673
13,082,186
Total Revenue for Operations
13,415,520
12,888,830
13,616,607
13,848,939
14,085,918
14,327,636
14,574,189
14,825,673
15,082,186
Total Available
32,234,694
28,350,389
27,276,596
25,795,838
24,128,330
23,254,263
22,763,799
21,692,070
21,169,178
Expenditures:
Operating Expenditures:
Administration
Sewer Maintenance
Water Maintenance
Sub -Total Operations
Capital Outlay:
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Sub -Total Capital Expenses
Total Expenses
Net Position @ 12/31
(653,770)
(664,475)
(681,087)
(698,114)
(715,567)
(733,456)
(751,792)
(770,587)
(789,852)
(3,671,715)
(3,813,825)
(3,928,240)
(4,046,087)
(4,167,470)
(4,292,494)
(4,421,268)
(4,553,906)
(4,690,524)
(5,647,650)
(5,827,100)
(5,885,371)
(5,944,225)
(6,003,667)
(6,063,704)
(6,124,341)
(6,185,584)
(6,247,440)
(9,973,135)
(10,305,400)
(10,494,698)
(10,688,426)
(10,886,703)
(11,089,653)
(11,297,402)
(11,510,078)
(11,727,816)
(6,800,000)
(4,385,000)
(4,835,000)
(5,065,000)
(4,315,000)
(3,975,000)
(4,600,000)
(4,095,000)
(4,275,000)
(6,800,000)
(4,385,000)
(4,835,000)
(5,065,000)
(4,315,000)
(3,975,000)
(4,600,000)
_(4,095,000)
_(4,275,000)
_
(16,773,135)
(14,690,400)
(15,329,698)
(15,753,426)
(15,201,703)
(15,064,653)
(15,897,402)
(15,605,078)
(16,002,816)
$15,461,559
$13,659,989
$11,946,899
$10,042,412
$8,926,627
$8,189,610
$6,866,397
$6,086,992
$5,166,363
CITY OF GOLDEN VALLEY
2023-2032 CIP
BROOKVIEW GOLF COURSE FUND (FUND 7150)
EXHIBIT III
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Net Position @ 1/1 $1,800,181 $1,478,516 $1,494,901 $1,502,254 $1,288,764 $1,449,702 $1,648,426 $1,902,378 $2,204,093 $2,591,198
Revenue:
Total Course Revenue 4,184,000 4,234,000 4,361,020 4,491,851 4,626,606 4,765,404 4,908,366 5,055,617 5,207,286 5,363,505
Total Available 5,984,181 5,712,516 5,855,921 5,994,104 5,915,370 6,215,107 6,556,792 6,957,995 7,411,378 7,954,702
Expenses:
Operating Expenses:
Capital Outlay
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Total Expenses
Net Position @ 12/31
(4,008,980) (4,052,615) (4,133,667) (4,216,341) (4,300,667) (4,386,681) (4,474,414) (4,563,903) (4,655,181) (4,748,284)
(496,685)
(165,000)
(220,000)
(489,000)
(165,000)
(180,000)
(180,000)
(190,000)
(165,000)
(264,900)
(4,505,665) (4,217,615) (4,353,667) (4,705,341) (4,465,667) (4,566,681) (4,654,414) (4,753,903) (4,820,181) (5,013,184)
$1,478,516 $1,494,901 $1,502,254 $1,288,764 $1,449,702 $1,648,426 $1,902,378 $2,204,093 $2,591,198 $2,941,518
CITY OF GOLDEN VALLEY
2023-2032 CIP
EQUIPMENT REPLACEMENT FUND (FUND 5700)
EXHIBIT IV
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Fund Balance @ 1/1
3,057,577
2,766,448
2,287,407
2,003,576
2,281,907
2,583,021
2,202,146
2,967,463
3,095,432
2,509,682
Revenue:
Sale of Assets (Auction proceeds):
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
Trade In of Toolcats/Loaders
260,000
260,000
260,000
260,000
260,000
260,000
260,000
260,000
260,000
260,000
General Fund Transfer
1,150,000
1,200,000
1,300,000
1,400,000
1,500,000
1,600,000
1,650,000
1,700,000
1,750,000
1,800,000
Transfers for future equipment
Interest Earnings (Beginning Balance)
30,576
27,664
22,874
20,036
22,819
25,830
22,021
29,675
30,954
25,097
Total Available
4,548,153
4,304,112
3,920,281
3,733,612
4,114,726
4,518,851
4,184,168
5,007,137
5,186,387
4,644,779
Expenditures:
2023
(1,781,705)
2024
(2,016,705)
2025
(1,916,705)
2026
(1,451,705)
2027
(1,531,705)
2028
(2,316,705)
2029
(1,216,705)
2030
(1,161,705)
2031
(1,926,705)
2032
(2,904,205)
Future Fire Trucks(2032/2035)
(750,000)
(750,000)
Total Expenditures
(1,781,705)
(2,016,705)
(1,916,705)
(1,451,705)
(1,531,705)
(2,316,705)
(1,216,705)
(1,911,705)
(2,676,705)
(2,904,205)
Fund Balance @12/31
2,766,448
2,287,407
2,003,576
2,281,907
2,583,021
2,202,146
2,967,463
3,095,432
2,509,682
1,740,574
CITY OF GOLDEN VALLEY
2023-2032 CIP
BUILDING FUND (FUND 5200)
EXHIBIT V
2023
2024 2025 2026
2027
2028
2029
2030
2031
2032
Fund Balance @ 1/1
$2,432,161
$1,915,402 $15,694,768 $55,132,478
$3,915,972
$4,365,342
$4,913,082
$5,669,930
$1,532,455
$2,463,948
Revenue:
Transfer From General Fund
550,000
600,000 650,000 700,000
750,000
800,000
850,000
900,000
950,000
1,000,000
Revenue Bonds (Paid for by Local Sales Tax)
53,000,000
HRA Lease Revenue Bonds
30,000,000
Materials Management and Budget
17,000,000
Interest Earnings
18,241
14,366 117,711 413,494
29,370
32,740
36,848
42,524
11,493
18,480
Total Available
3,000,402
19,529,768 69,462,478 56,245,972
4,695,342
5,198,082
5,799,930
36,612,455
2,493,948
3,482,428
Expenditures:
2023 (1,085,000)
2024 (3,835,000)
2025 (14,330,000)
2026 (52,330,000)
2027 (330,000)
2028 (285,000)
2029 (130,000)
2030 (35,080,000)
2031 (30,000)
2032 (30,000)
Total Expenditures (1,085,000) (3,835,000) (14,330,000) (52,330,000) (330,000) (285,000) (130,000) (35,080,000) (30,000) (30,000)
Fund Balance @ 12/31 $1,915,402 $15,694,768 $55,132,478 $3,915,972 $4,365,342 $4,913,082 $5,669,930 $1,532,455 $2,463,948 $3,452,428
CITY OF GOLDEN VALLEY
2022-2031 CIP
CABLECASTING FUND (FUND 5500)
EXHIBIT V-1
2023
2024 2025
2026
2027
2028
2029
2030
2031
2032
Fund Balance @ 1/1
$64,915
$102;585 $132,247
$157,909
$178,698
$194,592
$205,565
$211,593
$212,651
$213,714
Revenue:
Franchise Fees
37,345
29,150 25,000
20,000
15,000
10,000
5,000
0
0
0
Interest Earnings
325
513 661
790
893
973
1,028
11,058
1,063
1,069
Total Available
102,585
132,247 157,909
178,698
194,592
205,565
211,593
212,651
213,714
214,782
Expenditures:
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Total Expenditures
0
0 0
0
0
0
0
0
0
0
Fund Balance @ 12/31
$102,585
$132,247 $157,909
$178,698
$194,592
$205,565
$211,593
$212,651
$213,714
$214,782
CITY OF GOLDEN VALLEY
2023-2032 CIP
PARK IMPROVEMENT FUND (FUND 5600)
EXHIBIT VI
2023
2024
2025 2026
2027
2028
2029
2030
2031
2032
Fund Balance @ 1/1
$1,258,080
$427,516
$400,722 $453,728
$282,131
$384,247
$487,129
$590,782
$695,213
$800,427
Revenue:
Transfer From General Fund Levy
400,000
425,000
450,000 500,000
500,000
500,000
500,000
500,000
500,000
500,000
Park Dedication Fees
Park Dedication Fees-Optum
Park Dedication Fees-Azteca
Fund Raising for ARC Park Equipment
1,800,000
Hennepin County Grants
Interest Earnings
9,436
3,206
3,005 3,403
2,116
2,882
3,653
4,431
5,214
6,003
Total Available
1,667,516
2,655,722
853,728 957,131
784,247
887,129
990,782
1,095,213
1,200,427
1,306,430
Expenditures:
2023 (1,240,000)
2024 (2,255,000)
2025 (400,000)
2026 (675,000)
2027 (400,000)
2028 (400,000)
2029 (400,000)
2030 (400,000)
2031 (400,000)
2032 (400,000)
Total Expenditures (1,240,000) (2,255,000) (400,000) (675,000) (400,000) (400,000) (400,000) (400,000) (400,000) (400,000)
Fund Balance @ 12/31 $427,516 $400,722 $453,728 $282,131 $384,247 $487,129 $590,782 $695,213 $800,427 $906,430
CITY OF GOLDEN VALLEY
2023 - 2032 CIP
STORM WATER UTILITY FUND (FUND 7300)
EXHIBIT VII
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Net Position @ 1/1
$6,799,834
$5,432,659
$4,102,339
$5,202,442
$4,358,250
$3,045,627
$2,305,195
$2,527,981
$2,568,927
$2,866,521
Revenue:
Storm Sewer Charges
2,875,000
2,975,000
3,034,500
3,095,190
3,157,094
3,220,236
3,284,640
3,350,333
3,417,340
3,485,687
Bassett Creek Watershed Management Commission
1,450,000
1,000,000
1,750,000
450,000
Hennepin County
300,000
370,000
1,125,000
1,125,000
State of MN (Bridge Bonds/DNR)
1,000,000
1,780,000
Other-BWSR
1,000,000
I IJA
1,000,000
Three Rivers Park District
150,000
150,000
Bonded Debt-Water/Sewer-HRA-2016D
180,400
182,850
179,800
182,150
178,775
179,650
181,009
181,009
181,009
181,009
Sale of Assets
50,500
50,500
50,500
50,500
50,500
60,500
50,500
50,500
50,500
50,500
Interest Earnings
50,000
50,000
41,023
52,024
43,582
30,456
23,052
25,280
25,689
28,665
Total Revenue
4,905,900
5,628,350
7,055,823
5,609,864
4,704,951
4,765,842
3,539,201
3,607,122
3,674,538
3,745,861
Total Available
11,705,734
11,061,009
11,158,162
10,812,306
9,063,201
7,811,469
5,844,396
6,135,103
6,243,465
6,612,381
Expenditures:
Operating Expenditures:
Storm Water Maintenance
(656,805)
(664,055)
(677,336)
(690,883)
(704,700)
(718,794)
(733,170)
(747,834)
(762,790)
(778,046)
Street Cleaning
(172,750)
(178,320)
(181,886)
(185,524)
(189,235)
(193,019)
(196,880)
(200,817)
(204,834)
(208,930)
Environmental Services
(593,120)
(608,445)
(626,698)
(645,499)
(664,864)
(684,810)
(705,355)
(726,515)
(748,311)
(770,760)
Debt Service - Revenue Bonds (2037)
(180,400)
(182,850)
(179,800)
(182,150)
(178,775)
(179,650)
(181,010)
(181,010)
(181,010)
(181,010)
Sub -Total of Operations
(1,603,075)
(1,633,670)
(1,665,721)
(1,704,056)
(1,737,574)
(1,776,274)
(1,816,415)
(1,856,176)
(1,896,945)
(1,938,746)
Capital Outlay:
2023
(4,670,000)
2024
(5,325,000)
2025
(4,290,000)
2026
(4,750,000)
2027
(4,280,000)
2028
(3,730,000)
2029
(1,500,000)
2030
(1,710,000)
2031
(1,480,000)
2032
(1,770,000)
Sub -Total of Capital Expenditures
(4,670,000)
(5,325,000)
(4,290,000)
(4,750,000)
(4,280,000)
(3,730,000)
(1,500,000)
(1,710,000)
(1,480,000)
(1,770,000)
Total Expenditures
(6,273,075)
(6,958,670)
(5,955,721)
(6,454,056)
(6,017,574)
(5,506,274)
(3,316,415)
(3,566,176)
(3,376,945)
(3,708,746)
Net Position @ 12/31
$5,432,659
$4,102,339
$5,202,442
$4,358,250
$3,045,627
$2,305,195
$2,527,981
$2,568,927
$2,866,521
$2,903,635
Fund Balance @ 1/1
Revenue:
State Aid Bond Payments
Annual Maintenance Allotment From State
Annual Maintenance Allotment From State
Special Assessments:
Golden Hills/Xenia Avenue
State Bonding -Grant-55 Douglas
Other Governmental Units
State Aid Bond Payments
Assessments
Zenith State Aid
Lindsay Street
Interest Earnings (% of Beg. Bal.)
Total Available
Expenditures:
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Fund Balance @ 12/31
CITY OF GOLDEN VALLEY
2023-2032 CIP
CITY MUNICIPAL STATE AID CAPITAL PROJECT
FUND (FUND
5100)
EXHIBIT VIII
2023
2024
2025 2026
2027
2028
2029
2030
2031
2032
4,486,427
4,666,187
4,476,246 4,564,225
4,159,321
2,357,888
2,523,659
2,632,634
2,742,425
2,853,041
155,000
160,000
165,000 175,000
180,000
315,047
315,047
315,047 315,047
315,047
315,047
315,047
315,047
315,047
315,047
14,025
10,725
7,321 3,712
58,040
58,040
58,040 58,040
58,040
58,040
6,500,000
1,578,500
5,000,000
2,000,000
33,648
34,996
33,572 34,232
31,195
17,684
18,927
19,745
20,568
21,398
11,562,187
11,823,496
5,055,225 7,150,256
4,743,603
2,748,659
2,857,634
2,967,425
3,078,041
3,189,485
(6,896,000)
(7,347,250)
(491,000)
(2,990,935)
(2,385,715)
(225,000)
(225,000)
(225,000)
(225,000)
(225,000)
(6,896,000) (7,347,250) (491,000) (2,990,935) (2,385,715) (225,000) (225,000) (225,000) (225,000) (225,000)
$4 666 187 $4 476 246 $4 564 225 $4 159,321 $2,357,888 $2,523,659 $2,632,634 $2,742,425 $2,853,041 $2,964,485
Fund Balance @ 1/1
Revenue:
Franchise Fees (Centerpoint/Xcel)
General Fund Transfer
Transfer from Street Reconstruction
Special Assessment Bonds
Interfund Loan from Utility Fund (ends 2025)
Interest Earnings
Total Available
Expenditures:
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Total Expenditures
Fund Balance @ 12/31
CITY OF GOLDEN VALLEY
2023 - 2032 CIP
CAPITAL IMPROVEMENT FUND (FUND 6100)
EXHIBIT IX
2023
2024
2025 2026
2027
2028
2029
2030
2031
2032
$4,623,057
$3,416,228
$1,134,330 $1,377,613
$1,784,289 $2,245,032
$2,930,383
$3,702,586
$4,132,512
$3,286,737
300,000
300,000
300,000 300,000
300,000
300,000
200,000
200,000
200,000
200,000
850,000 900,000
950,000
1,000,000
1,050,000
1,100,000
1,150,000
1,150,000
1,137,000
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
194,040
194,040
194,040
46,231
34,162
11,343 13,776
17,843
22,450
29,304
37,026
41,325
32,867
5,163,328
5,081,430
2,489,713 5,591,389
6,052,132
6,567,483
7,209,686
8,039,612
8,523,837
7,669,605
(1,747,100)
(3,947,100)
(1,112,100)
(3,807,100)
(3,807,100)
(3,637,100)
(3,507,100)
(3,907,100)
(5,237,100)
(3,507,100)
(1,747,100) (3,947,100) (1,112,100) (3,807,100) (3,807,100) (3,637,100) (3,507,100) (3,907,100) (5,237,100) (3,507,100)
$3,416,228 $1,134,330 $1,377,613 $1,784,289 $2,245,032 $2,930,383 $3,702,586 $4,132,512 $3,286,737 $4,162,505
Fund Balance @ 1/1
Revenue:
Bond Proceeds
Transfer to Capital Improvement Fund
Transfers from General Fund -Overlays
Interest Earnings (1% of Beg. Bal.)
Total Available
Expenditures:
2022
2023
2024
Transfer 2025
2026
2027
2028
2029
2030
2031
2032
Total Expenditures
Fund Balance @ 12/31
CITY OF GOLDEN VALLEY
2023 - 2032 CIP
STREET RECONSTRUCTION CAPITAL IMPROVEMENT FUND (FUND 5400)
EXHIBIT X
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
$1,910,686
$1,520,240
($0)
($0)
($0)
($0)
($0)
($0)
($0)
($0)
3,800,000
4,200,000
0
0
0
0
0
0
0
0
800,000
850,000
0
0
0
0
0
0
0
0
9,553
7,601
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
6,520,240
6,577,841
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(5,000,000) //
(5,20Q;b00)
(1,377,841)
(5,000,000) (6,577,841) 0 0 0 0 0 0 0 0
$1,520,240 ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0)