August 22, 2013 2013 Financial Management Plan

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August 22
, 2013


2013
Financial Management Plan


City of
Ashland
,

Wisconsin






Prepared by:


City Staff


And


Ehlers








_____________________________________________________________________________________________

Financial Management Plan

Page
2

City of Ashland, WI

August 23
, 2013


Table of Contents

Executive Summary

................................
................................
......................

4

Background

................................
................................
................................
...

5

Implementation

................................
................................
..............................

7

Objectives

................................
................................
................................
................................
..........

7

Market Value Proje
ctions

................................
................................
................................
.................

8

General Fund Revenues

................................
................................
................................
..................

8

General Fund Balance
................................
................................
................................
......................

9

General Fund Operating Needs
................................
................................
................................
.....

11

On
-
Going Actions

................................
................................
................................
............................

11

Financing Ca
pital Investment

................................
................................
......

12

Street Improvements Fund
................................
................................
................................
.............

12

Capital Equipment and Facilities

................................
................................
................................
...

13

Park Improvements

................................
................................
................................
.........................

14

Waterfront

and Land Development, Urban Forestry

................................
................................
....

15

Total Capital Projects

................................
................................
................................
.....................

16

Vaughn Library Fund

................................
................................
................................
......................

17

Putting It All Together


Impacts on Future Mill rates

................................
.

18

Homeowner Tax Impact

................................
................................
................................
.............

19

Debt

................................
................................
................................
................................
..................

19

Existing Debt

................................
................................
................................
...............................

19

Proposed Debt

................................
................................
................................
............................

20

Alternative De
bt Solution

................................
................................
................................
............

21

Water and Sewer Service

................................
................................
................................
..............

22

Water Fund

................................
................................
................................
................................
..

22

Sewer Fund

................................
................................
................................
................................
.

22

JFK Memorial Airport and Ashland Marina Funds

................................
................................
.......

22

JFK Memorial Airport Fund

................................
................................
................................
........

22

Ashland Marina Fund
................................
................................
................................
..................

22

Community Development

................................
................................
............

23

Tax Increment Districts (TID)

................................
................................
................................
.........

23

TID 6
................................
................................
................................
................................
.............

23

TID 7
................................
................................
................................
................................
.............

23

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Financial Management Plan

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3

City of Ashland, WI

August 23
, 2013

TID 8
................................
................................
................................
................................
.............

23

TID 9
................................
................................
................................
................................
.............

24

Distressed Districts

................................
................................
................................
.....................

24

Appendix

A


Fund Balance Policy

................................
.............................

26

Appendix B


Financial Management Plan Schedules

...............................

29




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Financial Management Plan

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4

City of Ashland, WI

August 23
, 2013

Executive Summary

Financial planning allows the government to view their present approach to financial management from
an overall, long
-
range vantage point.
The financial management planning process charts a path
to a
strong financial future
and identifies

areas that should be monitored and potentially addressed
. It also
guides the City
Council and staff in making decisions about capital spending and growth b
y providing
guidelines for

managing debt and keeping the
mill rate

and future tax levy increases both predictable and
manageable.
We recommend that the plan be updated annually to reflect changing priorities and
resources.


This Financial Management Plan b
alances the forecasted revenues against competing demands for
service
s
, including expansion
, maintenance, and

reconstruction of streets, parks,

TID districts, water,
sewer, and
storm
water system
s
,
along with the
library,
airport and marina
. In the proces
s of completing
the plan, several trends and opportunities emerged.




The
city’s tax levy has remained steady since 2009 as the city restrained growth in expenditures
to offset the decline in equalized value. Since 2009, the city’s equalized value has dropped by

5.6
% and

the tax levy only increased by 4.0% in four years or 1%
per year.

T
he
overall
mill
rate has been increasing slowly. Between 2009 and 2013 the
overall
mill rate has increased
10%.




The City intends to continue to make
annual tr
ansfers from the
G
eneral
F
und

for capital

infrastructure
.

Funds currently receivin
g annual transfers include the

Capital
Projects

Fu
nd
s,
Streets Fund,

Vaughn Library Fund,

Park Fund
,
Urban Forestry
,
and the

Airport Fund
.


Regular transfers
could

reduce the City’s reliance on debt
.




The reallocation of the 2009B (BAB) bond issue in
2012 changed the structure of existing debt

between the funds.

This shift in bond proceeds among funds
has met

the requirement to spend
all proceeds within three years
.





The City has

been levying approximately $1.
2
M a year in debt and special levies. Th
e
reallocation of the 2009B (BAB) issue will increase that by
$55,000
a year through 2019.




To offset the reallocation
of the 2009B issue, we recommend the City refinance the 2007B bond
issue before year end. This will restructure debt and provide a
dditional debt levy capacity in the
future without a levy increase.




Staff has identifie
d capital projects and equipment

needs of

$
19.8M

over the next five years.
Capital projects
and equipment
vary from immediate or “regulation required” needs to

maintaining operations and City enhanceme
n
ts.

If all the projects are completed
, additional debt
of $10.8M will increase the debt levy by $1.2M by 2018
. This equates to
2.75 mills or $233/year
for an $85,000 house.




The City could maintain the existing debt levy at $1.2M and issue $4.5M in new debt
over a 15
year term
without increasing the levy
,
if the 2007B bond issue is refinanced. If the City wishes
to decrease the outstanding debt service after 2018, then a less
er amount should be financed.





The City applied for an increase in water rates with the Wisconsin Public Service Commission
(PSC) which included a shift in how the public fire protection costs were billed. Previously,
those costs were paid for by a tax
levy. However, the PSC recently approved shifting those costs
a
way from the

tax levy to billing customers directly on their utility bill. This shift resulted
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Financial Management Plan

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5

City of Ashland, WI

August 23
, 2013

moving
$450,000
from the General Fund to the Water Fund, helping to “hold the line” on
operat
ing expenditures for 2013.




The increase in the water rate will provide the City with a Return on Rate Base of 5.0
%

and allow
the City to

move
forward with

capital projects for 2014 and 2015

in the range identifies
. In
2016, the STH 137 reconstruction i
s anticipated to need approximately
$
500
,
00
0 of new debt.




With recently approved rate increases for the Sewer Fund,
the City can move forward

with capital
projects for 2014 and 2015.
$1.2M
of the $1.7M
for the new
Supervisory Control a
nd Data
Acq
uisition (
SCADA
)

system can be financed

based on the proposed CIP projects
.




The Airport Fund continues to be stable, assuming there are no changes to the contributions made
by the City and County. The anticipated runway resurfacing in 2018

is expected to

cost $2.7M.
The majority of the cost
is proposed to

be paid for with outside funding.




For the Marina Fund, the CIP proposes $1.8M in projects through 2018. However, current cash
flow projections show the fund can only support $900k. To maintain stable

cash balances, all
projects would need to be financed

or delayed
.




Transfers from the General Fund and Intergovernmental revenues continue
to
cover operating
expenses and provide a stable cash balance in the Library Fund through 2018

with proposed CIP
projects
.





Three out of four of the
City’s
TID districts are struggling financially
. However, there are
opportunities
in state statute
for TID 6 to assist TID 7, 8, and 9
using the “distressed districts”
legislation. This allows the districts to transfer funds and
extend the life

of the districts by
another 10 years.




The debt service reserve fund reduces the tax debt levy $100,000 per year. The fund should be
used for thr
ee more years and any remaining funds could be used to handle current pension
obligations estimated to be approximately $200,000. Future debt service after 2016/17 could be
structured to not need these funds.




The plan provides
measurable guidelines for fi
nancial heal
th.

Background

F
inancial planning for cities often takes an incremental approach: budgeting and fi
nancial reporting focus
on one year periods. In reality, a single year cannot capture the true financial implications. Current
financial conditions grow out of historical trends. Financial needs, threats and opportunities lie beyond
the end of the next
fiscal year. Allocating monies for one project may eliminate resources needed for
others. In reality, effective financial planning requires a historical context, a comprehensive approach and
a long
-
term view.


One successful strategy the City of
Ashland

has used to maintain a stab
le mill

rate is to seek alternate
Financial management is the ongoing effort to balance the competing forces of revenues and
expenditures. The revenue side of the equation focuses on affordability and the expenditure side
addresses community needs and desires.
Financial management attempts to make the best use of
available resources to serve the community. Planning examines the current and future ability to meet this
objective.


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Financial Management Plan

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6

City of Ashland, WI

August 23
, 2013

sources of fee revenue, such as
franchise fee, refuse & disposal fees, and ambulance fees
. Fee revenue
has the advantage of allocating the cost of service to the user and does not exempt propert
ies that are
otherwise tax
-
exempt.


Future capital and operating needs may require
mill rate

increases.
Mill rate
s
are determined by

the value
of

existing property and the increases in
value

due to new growth.



Figure
1
-

Framework for Financial Planning

Figure 1

illustrates the framework for financial management planning in
Ashland
.

How the City of
Ashland

operates within this framework will shape the future of the community.


Revenues control many municipal actions. Is f
unding available? Are the taxpayer/user impacts
acceptable? The answers to these questions often shape spending decisions. This plan focuses on the
following

primary revenue sources for the City:


1.

Property taxes and other revenues derived from property v
aluation.

2.

Revenues received from the State and other units of government.

3.

Fees collected by the City for various purposes.

4.

Charges paid by the users of municipal utilities and other services
.


Expenditures result from City decisions to meet community needs
:

The support of community needs falls
into four broad categories:




The wide range of services financed through the General Fund.



Investments to build and maintain the infrastructure required to support community development.



Providing public buildings, pa
rks, recreational facilities, and other facilities desired by the
residents.



The operation and maintenance of municipal utilities and other services.


Debt ties to both revenues and expenditures. The ability to borrow money allows the City to finance
capi
tal investment that cannot be paid for with current revenues. Debt creates a demand on future
revenues that competes with services for available funds.


Planning must recognize that the environment for funding municipal activities will change. The
commun
ity will change. The form and pace of development influences the demand for public services
and facilities. Development also shapes the revenue base drawn upon to finance municipal activities.
The demographic makeup of the City influences the need for s
ervices and the ability to pay
.
An older
population seeks different services and facilities. An aging physical environment requires more
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Financial Management Plan

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7

City of Ashland, WI

August 23
, 2013

investment in rehabilitating existing infrastructure and greater attention to potential community
redevelopment.


The

other important change factor is legislative change. Many of the essential powers and resources of
the City are derived from the State. The property tax system, aid programs, debt authority, and economic
development tools are among the essential financi
al resources derived from the State.


This report describes a continuing approach for comprehensive financial management.



Implementation

T
his section summarizes the objectives, polic
i
es and actions through the planning process. Together, they
provide a
framework for financial planning and decision making.



Objectives

The City Council has adopted
a Fund Balance Policy
to guide planning and decision making. T
his policy

set forth the fundamental objectives for managing the financial reso
urces of the City. The policy is

found
in
Appendix A
. The objectives sought by the City through financial management are as follows:


1.

Enhance the City Council's policy
-
making ability by
providing accurate information on the full
costs of various authority or service levels.


2.

Assist sound management of the City government by providing accurate and timely information
on financial condition.


3.

Provide sound principles to guide the important d
ecisions of the City Council and of
management which have significant fiscal impact.


4.

Set forth operational principles which minimize the cost of local government, to the extent
consistent with services desired by the public, and which minimize financial r
isk.


5.

Employ revenue policies and forecasting tools to prevent overly optimistic expectations of
revenues; which distribute the costs of municipal services fairly; and which provide adequate
funds to operate desired programs.


6.

Provide essential public faci
lities and prevent deterioration of the City's infrastructure including
its public facilities and its capital plant.


7.

Protect and enhance the
bond

rating and pr
ovide for the timely payment on

all
municipal debt.


8.

Ensure the legal use and protection of all
City funds through a good system of financial and
accounting controls.


9.

Maintain a Risk Management Program that will minimize the impact of legal liabilities, natural
disasters or other emergencies through the following activities:

i.

Loss Prevention
-

Preven
t negative occurrences.

ii.

Loss Control
-

Reduce or mitigate expenses of a negative occurrence.

iii.

Loss Financing
-

Provide a means to finance losses.

iv.

Loss Information Management
-

Collect and analyze relevant data to make prudent loss
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Financial Management Plan

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City of Ashland, WI

August 23
, 2013

prevention, loss control a
nd loss financing decisions.


10.

Record expenditures in a manner which allocates to current taxpayers and/or users the full cost
of providing current services.


11.

Employ fair user charges where direct benefit is identifiable and the costs are measurable.



Market Value Projections

The

Financial Management Plan makes relatively conservative assumptions about future development
and inflationary growth.
It assumes continued decline in market values through 2013, followed by
2.0%

increases
through
20
18
, as show
n in the
following
chart
.





General Fund Revenues

The ability to raise monies needed to support

city

services is a key to financial planning. Understanding
the sources and limitations of General Fund revenues is essential.


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Financial Management Plan

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9

City of Ashland, WI

August 23
, 2013





Nearly 25%

of General Fund revenues come from property taxes. The ability to levy general
property taxes
is currently

limited
b
y state statute.

This plan assume
s

that levy increases will
not
exceed levy limits

and instead will
be restricted
by

the City’s own prudent year
-
to
-
year increases.





In addition to the
General Fund
, property taxes fund
a portion of
transfers to capital fun
ds for
infrastructure replacement
, public safety equipment replacement, recycling,

and
debt service

for
general obligation debt
.


General Fund Balance

Fund balance is intended to serve as a measure of the financial resources available in a governmental
fund. It is essential that governments maintain adequate levels of
f
und balance to mitigate current and
future risks (e.g., revenue shortfalls and unanti
cipated expenditures) and to ensure stable
mill rate
s.
The
City has done an excellent job of creating and maintaining a strong balance in the General Fund.

Fund balance levels in the General Fund are a crucial consideration in long
-
term financial planni
ng
.




The City strives to maintain
unassigned

fund balance

in the General Fund equal to 30
% of
expenditures for the subsequent year

net of trans
fers to infrastructure in order

to provide adequate
resources until the next tax revenue collection cycle.




Maintenance of the
General Fund balance is an important factor in maintaining the City’s existing
bond rating.
Credit rating agencies monitor levels of fund balance and unrestricted fund balance
to evaluate a government’s continued creditworthiness.




Fund
s set aside for future capital improvements
will
be transferred

annually

to capital funds, a
practice the City follows.



The chart below shows the trends for total fund balance as a percent of total General Fund expenditures.


-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
General Fund Revenue Sources

Property Taxes
Intergovernmental Revenues
Other Revenues
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Financial Management Plan

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City of Ashland, WI

August 23
, 2013




0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
General Fund Balance as a Percent of
Expenditures (Excluding Debt)

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Financial Management Plan

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11

City of Ashland, WI

August 23
, 2013

General Fund Operating
Needs


C
ities provide services primarily through their employees

-

p
olice, fire, public works, and administrative
services
.
T
he payout of accrued sick and vacation time for retiring employees will increase personnel
costs for the next several years.
The P
olice Department antic
i
pates
at least
three

retirements in 2014, two
in 2015, one in 2016 and one in 2017 for a total cost of over $
167
,000. Likewise, the Fire
/Ambulance,

Admin
istrative, and
Public Works

departments

are anticipating
eleven

retirements over the next five years
at a
combined
cost of
$172,000.






The City Council has
historically

fund
ed

capital project and special revenue funds,

(including

the Vaughn
Library
), and the Airport

using
a portion of the property tax levy. Annual transfers of approximately
$7
2
0,000
(
7
% of General Fund expenditures) are made from the General Fund to
the various funds.



O
perating expenses
,
not
including
transfers
,

are projected to increase by an average of

3.
0
%

per year.


On
-
Going Actions

Periodic review of the City’s financial plan is
imperative
.
Implement
at
ion of
the financial management
plan is an on
-
going activity for staff and the
City
Council.



1.

Prepare annual financial
management documents as required by State Law and City Policy.



Annual Budget



Comprehensive Annual Financial Report



Annual Report for Tax Increment Financing Districts



5
-
Year Capital Improvement Plan


2.

Prepare annual funding projection and plan for
infrastructure replacement

for all funds including:



Vaughn Library



Parks and
Park Fund
s

$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
2013
2014
2015
2016
2017
2018
Accrued Sick and Vacation

Police Department
Fire Department
Admin/Public Works

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Financial Management Plan

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12

City of Ashland, WI

August 23
, 2013



Capital
Projects

Fund



Building Facilities Fund



Waterfront Development Fund



Land Development Fund



Urban Forestry Fund



Water Utility Fund



Sewer Utility Fund



Airport
Utility Fund



Marina Utility Fund


3.

Conduct periodic review of all non
-
tax revenues



On an ongoing basis, m
onitor new legislation and legal challenges to cities’ use of fees
including building permits.



Conduct
internal
review and adjustment of all fees and ch
arges
annually.



Conduct formal review of utility fees and charges in intervals of not more than three (3)
years.


4.

Prepare annual projections of
assessed and equalized values
, tax levies and
mill rate
s.


5.

Conduct

an
annual

review of outstanding debt to deter
mine necessary revenue adjustments and

a

quarterly review

of

the
potential to call or refinance bonds.


Financing Capital Investment

Buildings,
infrastructure,

technology and major equipment are the physical foundation fo
r providing
services to constituents. The procurement, construction, and maintenance of capital assets are a critical
activity of local governments and therefore require careful planning.


Capital planning is critical to water, sewer, transportation, and
other essential public services. Capital
facilities and infrastructure are important legacies that serve current and future generations. It is
extremely difficult for governments to address the current and long
-
term needs

of their constituents
without a
sound multi
-
year capital plan that clearly identifies capital and major equipment needs,
maintenance requirements, funding options, and operating budget impacts.



Street Improvements Fund

The City has established a
capital project

fund to f
inance the
con
struction or reconstruction

of the street
system.

Revenues to this fund include:



Wisconsin state aids



Grants



Transfers from General Fund



Long
-
term debt

Maintenance activities such as crack sealing

and seal coating are part of the general fund operating
budget.


Projecte
d Projects

~

Future street projects include:



2015: Ellis Avenue (Front Street to 6
th

Street)
-

$410,000

o

$290,000 is anticipated from WisDOT

o

$120,000 estimated City portion

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13

City of Ashland, WI

August 23
, 2013



2016: Rebuild STH 137
-

$4,850,000

o

$4,000,000 is anticipated from

WisDOT

o

$600,000 from the Water Fund

o

$250,000 from the Sewer Fund



Projected Cash Balances


Cash balances in the Street
Improvements Fund are

expected to remain stable. The City anticipates using
cash on hand to pay for the 2015 street project
, h
owever
the cost to rebuild STH 137
will be paid for with
other
internal and external financing. The chart below shows the projected cash balance over time

based
on these projects
.






The projected
cash

flow

for the Capital Improvement
Fund
can be found
in
Appendix
B
.



Capital Equipment and Facilities

The City maintains several funds to account for capital expenditures related to equipment and facilities.
The capital equipment funds account for the equipment re
placement for Public Works, Police, Fire, and
Technology. The Building Facilities Fund pays for renovation and expansion of city buildings.


Estimates of

equipment needs
range from $
90,000

to

$
650,000

per year
, and average $
325,000
.

There are
three prima
ry sources of revenue for the Capital Equipment Fund
s
:


a.

A one
-
time reallocation

of
the 2009B (BAB) bond proceeds resulting in an additional
$927,000 in 2013,

b.

$100,000 annual property tax levy, and

c.

$95,000 annual transfer from the General Fund
.


The Buil
ding Facilities Fund averages $50,000 a year in projects, with two exceptions: in 2014 there are
two public safety projects under consideration:


a.

$3.5 million for a
new
public safety (fire) building

b.

$1.5 million for
a new police facility


$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
2012
2013
2014
2015
2016
2017
2018
Street Improvements Fund

Actual and Projected Cash Balance

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Financial Management Plan

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14

City of Ashland, WI

August 23
, 2013

(50,000)
0
50,000
100,000
150,000
2012
2013
2014
2015
2016
2017
2018
Projected Year End Balances

Building Facilities Fund

0
200,000
400,000
600,000
800,000
2012
2013
2014
2015
2016
2017
2018
Projected Year End Balances

Capital Equipment Funds

The primary sou
rces of revenue for this fund include a property tax levy and issuing long
-
term debt. Debt
will be the primary source of revenue to complete both public safety facilities.



I
t is important to note
the financial management plan shows all projects
currently slated to occur within
the Capital Equipment Funds and Building Facilities Fund. The City Council may re
-
evaluate or re
-
prioritize projects in the future depending on funding available or other internal and external revenue
sources.





The cash

flow projection for the Capital Equipment Fund
s and Building Facilities Fund

is contained in
Appendix
B
.


Park Improvements

Improvements to the park system will be made incrementally each year. Specific improvement projects

are identified and prioritized as part of the overall Capital Improvement Plan (CIP). The CIP is a
planning document and subject to change depending upon overall City priorities and the funding
available.


The City of
Ashland

has outlined goals and proje
ct for the next

five

years in the CIP, some of which have
funding sources and some which will need to secure funding sources.




Bayview Beach Pier and Beach: This is a multi
-
year project starting in 2013 with total costs of
$1.76 million

will make this par
k ADA compliant

o

Along with ADA compliance, this park will also see the creation of a new parking lot and
campground for an additional $600,000 in 2016 & 2017



Several parks are slated for renovation, including Ellis Park and Prentice Park & Campground
.



Repl
acement of playground equipment, upgrading ball fields, renovating restrooms, and
resurfacing tennis courts are
also
expected to occur within the next five years


Possibly the most important issue facing the City and its park and recreation system is to
fi
nd
adequate
funding to improve existing facilities to help meet the demands of the public at large.
Currently the single
largest funding source is
the issuance of long term debt.
Additional f
unding of the system can be
accomplished through allocations fro
m the General Fund, partnerships with service organizations,
actively pursuing grant opportunities
, and
donations
.

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Financial Management Plan

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15

City of Ashland, WI

August 23
, 2013


Park projects may be re
-
evaluated and/or re
-
prioritized based on funding ability.

The projected fund
balance is shown in the
following
grap
h

and assumes $3.8 million in new long
-
term debt is issued over
the next five years
.





The cash flow projections for the Parks Fund and Parks WCC Fund are contained in
Appendix E
.


Waterfront and Land Development, Urban Forestry

Per the City’s
most recent Comprehensive Plan, approximately
4,950 acres or
55% of the land in Ashland
is currently undeveloped.
The majority of open space land is in the south and east part of the City.
Although there are a few vacant lots where buildings have been re
moved but not replaced.


There are a few projects expected to be completed within the next five years. Below is a summary by
Fund:




Waterfront Development Fund:

o

2013: Prentice and Bayview Park Improvements
-

$88,300




Land Development Fund:

o

2013: Wetland

Mitigation Bank
-

$60,000

o

2014: Wetland Delineation & Beaser Avenue Study
-

$62,000

o

2015: Beaser Avenue Redevelopment Site
-

$800,000



Paid for using $400,000 CDBG Grant & $400,000 Note

o

2016: Public Works Security Fence
-

$30,000




Urban Forestry

Fund
:

o

2013: Tree Replacement
-

$10,000


The graph
s below show

the projected cash balances for
each of the funds
, and points to the ong
o
ing need
to find additional revenue

sources

for the Land Development and Urban Forestry Funds
.

The
Waterfront
and Land Develop
ment Funds, along with the Urban Forestry Fund

funding plan
s are

contained in
Appendix
B
.

0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2012
2013
2014
2015
2016
2017
2018
Projected Year End Balance

Parks WCC Fund

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Financial Management Plan

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16

City of Ashland, WI

August 23
, 2013





Total Capital Projects

The City of Ashland has developed a complete and comprehensive capital improvement plan through
2018. Some of the projects are funded and

others still need to determine funding sources. Below is a
summary of capital projects, by year and by fund.



(50,000)
0
50,000
100,000
150,000
200,000
250,000
300,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Projected Year End Balances

Waterfront, Land, and Urban Forestry Funds

Waterfront Development Fund
Land Development Fund
Urban Forestry Fund
2014
2015
2016
2017
2018
7,957,342
$

2,938,273
$

6,027,490
$

1,266,095
$

472,601
$

Total 2014 - 2018 Capital Project Costs
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
2014
2015
2016
2017
2018
Projected 2014
-
2018 Capital Projects by Fund
Public Works
Fire Department
Police Department
Technology
Building Facilities
Waterfront Development
Parks & Rec - WCC
Land Development
Streets
Urban Forestry
Parks & Rec
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17

City of Ashland, WI

August 23
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Vaughn Library

Fund

The Va
ughn Public Library opened in 18
88 and serves the Chequamegon Bay area. The library currently
has programs for all

ages including: summer reading programs, children and teen programs
, adult book
clubs and book readings with local authors, computer classes, and special art exhibits, to name a few.


The Library is classified as a Special Revenue Fund and as such, reve
nues generated are limited as to how
and where they may be spent. The Library Fund has three major revenue sources:




Transfers from the General Fund



Intergovernmental Revenues



Programs Fees


Like most gove
rnmental departments, staffing
makes up the majority of costs. For the Library, personnel
costs are over 70% of total operating expenditures. The annual operating budget provides for adequate
cash
reserves, as shown in the chart below.



Revenues in the Vaughn Library Fund

can only
be used to support library operations and programs. Any
capital projects (excluding office equipment) are paid for from the Building Facilities Fund.


C
ash flow projections for the
Vaughn Library Fund

are in
Appendix
B
.





-
20,000
40,000
60,000
80,000
100,000
120,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Projected Year End Cash Balances

Vaughn Library

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18

City of Ashland, WI

August 23
, 2013

Putting It
Together


Impacts
on Future
Mill rate
s

This section of the plan

includes the full amount of proposed capital projects and the impact it has on the
tax levy and debt levels.


Alternatives to these tax levy and debt levels are also a part of this section.

The City will continue to be faced with serious challenges from outside sources, including but not limited
to economic
adjustments
, natural disasters, and policy changes by the state and federal governments. As
such, the City is focu
sing on implementation of systems that ar
e adaptable and regenerative.

Annual
updates are recommended to reflect changing resources and community

priorities.


Buildings, infrastructure, technology, and major equipment are the physical foundation for provid
ing
services to
constituents
.

The procurement, construction and maintenance of capital assets are a critical
activity of the City and therefore require careful planning.

Operational costs including personnel must
also be included in long range projections

in order to assess the long
-
range impact of all costs for the City
and to project required revenue streams.


This plan projects that property values will continue to decline in the short term and that recovery will be
slow and steady once they begin to in
crease. The impact to the City of these projections is a declining tax
base over which the property tax levy may be spread.
As the tax base declines,
mill rate
s increase even
with little or no increases in the
tax levy.


The projected capital improvement

plan over the next five years

is aggressive
. In order to accomplish
these goals, annual increases in the debt levy results in steady increases in the mill rate
.

The total
projected levy
as compared to the mill rate
is shown in the
following
graph:




The total mill rate is projected to increase 40% by 2018 as compared to 2009.
The majority of the
increase is attributable to the additional debt the City would acquire as a result of the CIP
. Below
is a comparison of the mill rate with and withou
t the i
ncrease in the debt levy
.


$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Projected Mill Rates Compared to Projected
Property Tax Levy

Tax Levy
Mill Rate
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19

City of Ashland, WI

August 23
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Ho
meowner Tax Impact

Mill rates have been stable though 2013, resulting in minimal changes to homeowners though 2013. That
may change in the near future, depending on upcoming projects and their subsequent financing.
The char
t
below shows the changes in value the average priced home in
Ashland

has and is expected to experience,
and the corresponding City property tax.






Debt

he ability to incur and support debt

is a vital part of the financial management plan. Debt provides the
capacity to meet many important equipment, infrastructure and development needs.

Debt also allows the
City to spread the cost of infrastructure across current and future users.

The cap
acity of the City to
borrow money is more dependent on the ability to raise the revenues needed to pay debt service than on a
definable debt limit.


The City’s annual debt levy has been averaging $1.2 million a year for the last several years. The city
will start to see existing debt decline in 201
8

as issues are paid off. However, the completion of capital
projects in the CIP

would offset any savings and would result in the debt levy doubling to nearly $2.4
million by 2016.


Existing Debt

The chart
below

summarizes the existing debt for the City of
Ashland
. This summary illustrates several
debt management issues:

0.0000
5.0000
10.0000
15.0000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Equalized Tax Rate

Year

City of Ashland

Equalized Tax Rate

Baseline
With 2014-2018 CIP
Year
Equalized Value
City Property Taxes
Change in Taxes
2009
$90,686
$767.47
2010
90,235
762.20
-0.69%
2011
88,034
780.58
2.41%
2012
88,655
784.22
0.47%
2013
85,000
792.74
1.09%
2014
86,700
878.45
10.81%
2015
88,434
1,045.71
19.04%
2016
90,203
1,095.79
4.79%
2017
92,007
1,049.95
-4.18%
2018
93,847
1,105.82
5.32%
Impact on Average Homeowner
T

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20

City of Ashland, WI

August 23
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With the exception of the 2007 Safe Drinking Water Fund Loan, all existing debt is paid in full
by 20
21
.




The redistribution of the 2009B (BAB) bond issue and the refunding of the 2007 CIP & TID 6
Note will keep the City
just below a
$1.2 million annual debt levy through 2017.




With careful planning, the City can add new debt

to

support
future capital projects
.





Proposed Debt

Projects included in the current financial management plan average $
3.7

million per year, with the
majority of the funding coming from long
-
term debt.


Year

Total CIP Projects

Projected New Debt

% of Debt to Projects

2014

$
7,957,342

$7,300,000

92%

2015

2,938,273

1,615,000

55
%

2016

6,027,490

307,750

5
% *

2017

1,266,095

1,144,000

9
0%

2018

472,601

280,000

59
%

* Note


The largest project in 2016 is the reconstruction of STH 137, which includes approximately
$4.0 million in aid from WisDOT.


The issuance of new long
-
term debt would cause a sharp increase
beginning in 2015
in the annual debt
levy, as shown in the

chart below.



$0
$1,000,000
$2,000,000
$3,000,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Existing and Proposed Debt Service

Existing Debt Service
Proposed Debt Service
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City of Ashland, WI

August 23
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Alternative Debt Solution

The City’s current debt levy is around $1.2 million per year. With re
-
prioritization of some capital
projects, the City can prudently time new debt issues to maintain an annual debt levy of $1.2 million, thus
eliminating spikes in the mill rate and impact to tax payers.


Five Year Steps:

Three Options

A step
-
down approach allows the City to plan well into the future and know precisely when additional
debt levy funds will be “available” while minimizing impacts to tax payers. Knowing when additional
levy dollars are available
helps to

prior
itize

capital

projects, especially those projects with larger price
tags.

Option #1: $400,000 Step

~
This option steps the annual debt service levy from $1.2
million to $800,000 beginning in 2018, then down to $400,000 in 2023. This allows the City to
issue bonds in
2014 and 2017 of $2.0 million and $3.0 million, respective
ly, to pay for capital
projects and still provide additional levy capacity beginning in 2019.




Option #2
: $
350,000

Step

~
This

option is the same as Option #1, except the second
“step” in 2018 would be at $700,000 and the third “step” in 2023 would be at $350,000. This
option would allow the City to decrease the total annual debt levy over time, because the
maximum cap would be
reduced from $1.2 million to $1.05 million beginning in 2019. Existing
debt would not allow the cap to be reduced any earlier.


With this option, new debt issued in 2014 & 2017 would be reduced from the $2.0 million and
$3.0 million shown in Option #1, to

$1.75 million and $2.625 million, respectively.


Option #3
: $
300,000

Step

~
Same concept as Options #1, & #2, except the seco
nd “step”
in 2018 would be at $6
00,000 and the thir
d “step” in 2023 would be at $30
0,000. This option
would allow the City to d
ecrease the total annual debt levy
cap to $900,000

beginning in 2019.


New debt issued in 2014 and 2017 would be $1.5 million and $2.25 million, respectively.


$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
Total Debt Service Property Tax Levy
Wrap Around New Debt Issued in 2014 & 2017
Refund 2007B CIP Note
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22

City of Ashland, WI

August 23
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Water and Sewer Service

The water

and sewer funds are enterprise
funds, which mean
s

they shou
ld be self
-
supporting with
revenues from the sale of water and sewer services.


Water Fund

The City recently filed a full rate case application with the Wisconsin Public Service Commission (PSC)
and was issued an overall rate increase of 32% beginning in May 2013 and shifted the Public Fire
Protection fee from the tax levy to billing customers d
irectly.


The reallocation of the 2009B (BAB) issue resulted in an additional $360,000
in

the Water Fund

in 2012
.
These dollars

reduced the

deficit
balance in the Available Cash & Investments. The rate increase recently
approved by the PSC will

cure this deficit in 201
4
.

Based on current projects, project costs and projected
revenues, t
he only additional debt projected
at this time
for this fund

is in 2016 for $500,000 to rebuilding
of STH 137.


Sewer Fund

The City recently approved a 5.9% sew
er rate increase, effective May 1
st
.T
he reallocation of the 2009B
(BAB) issue resulted in additional funds of $260,000 going to the Sewer Fund in 2012. These dollars did
offset a potential deficit balance in the Available Cash & Investments. The rate inc
rease recently
approved by the City Council will help to minimize the amount of debt needed to pay for a new $1.7
million SCADA system

and

it will allow deferred maintenance requirements
and other capital
expenditures
that have not occurred over the past s
everal years

to move forward,

which

includes I & I
(
inflow and infiltration) issues.
. We are recommending the City issue debt of $1.2 million to fund this
project.
Based on this projection and their assumptions, t
h
e remaining balance could

be paid for wi
th
cash on hand.
The financial management plan also provides for replenishing the
Equipment
Replacement Account back to
2009 levels by 2016
.


Cash flow projections for the Water and Sewer Funds are in
Appendix
B
.



JFK Memorial
Airport and
Ashla
nd
Marina Funds

The airport and marina funds are also enterprise funds, and as such should be self
-
supporting

with
revenues from rent and
slip
leases
, fuel sales
, and other miscellaneous revenues. The financial
management plan only projects inflationary
increases of 2% to current revenues.


JFK Memorial Airport

Fund


The airport is a joint venture between the City and County of Ashland. Currently, City and County
equally share any operating deficits and capital costs. The City is responsible for operati
ng and
maintaining the airport.

This fund has built and maintained a steady cash balance of $250,000 since 2010.
Current projections
keep Cash at around $200,000/year.


Current capital projects through 2018 include replacing runway lights in 2015 for $
500,000 and
resurfacing the runway in 2018 for $2.7 million. The majority of funding for capital projects is expected
to come from FFA/BOA. Any additional costs can be paid for using cash in the Airport Fund.


Ashland Marina Fund

The Ashland Marina provides access to Chequamegon Bay and to the Apostle Islands National Lakeshore
in Lake Superior. Operating costs are paid for with slip leases, fuel sales, boat storage, and a boat hoist.
This fund has maintained a steady cash balance

between $275,000 and $325,000 since 2009.
However,
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23

City of Ashland, WI

August 23
, 2013

capital projects are projected to average $370,000/year. Thus, the use of long
-
term debt is recommended
to pay for projects each year.


Capital projects for this fund include:



Dredging the marina in 2
015 for $200,000,



Dock replacement for $225,000 in 2016,



$350,000 in 2017 for renovating and upgrading the marina office building, and



$750,000 in 2018 for heated indoor storage.


Since these capital projects will benefit future marina customers, usin
g debt to pay for the projects shifts
the burden away from current customers.


Cash flow projections for the Airport and Marina Funds are in
Appendix
B
.


Community Development


Through its Comprehensive Plan, Capital Improvement Program and other program
s, the City has made a
serious commitment to linking its planning and development to financial management. Summarized
below are some of the planning activities that underscore and support this effort.


T
ax Increment
Districts (TID
)


Tax i
ncrement financing enables a City
to
use property taxes generated by a new development to finance
certain development expenses.

The city currently has four active TID districts.

Three of the districts are
currently running deficits that are not expected

to be
resolved

prior to district expiration.



TID 6

This is the oldest district in Ashland. It was created in 1994 to promote light industrial and commercial
development and redevelopment of business properties located between Prentice Avenue and
Vaughn
Avenue and Main Street and 6
th

Street. This district is expected to continue until 2022. There is only one
obligation currently outstanding: the 2007CIP & TID 6 Note, which is expected to be refinan
ced in 2013.
This district is projected

to have
a positive fund balance of $2.3 million by 2022, when the district
expires.


TID 7

This district was created in 1997 to promote the development of industrial land for industrial growth and
the development of commercial properties to serve industrial growth
. This district has a maximum life of
23 years and is expected to continue until 2023.


The capital project fund for this district still has a balance of $290,000 mostly due to unspent grant
proceeds of $204,000. The City needs to determine how these fun
ds can be spent. The special revenue
fund is currently paying on the 2009A bond, which will be paid in full by 2019. However, this fund has a
deficit balance, which is not expected to be cured prior to the district expiration in 2023.
The c
urrent
projec
tions

show a deficit balance of ($517,000) at the end of 2023. If the grant monies can be used to
pay for debt, the deficit would be reduced to ($202,000) by the end of 2023.


TID 8

This district, similar to TID 7, was also created in 1997 to promote the

development of industrial land for
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24

City of Ashland, WI

August 23
, 2013

industrial growth and the development of commercial properties to serve industrial growth. This district
has a maximum life of 23 years and is expected to continue until 2023.


The proceeds from the capital project fund

have been spent, leaving only the special revenue fund to pay
for outstanding obligations. At this time, this district is only paying on the 2009A bond which will be
paid in full by 2019. However, this district also has a negative fund balance which is
not expected to be
cured prior to 2023 when the district expires. Current
projections
show ($82,000) by the end of 2023.


TID 9

This district was created in 2006 to promote the development of industrial land for industrial growth, the
development of
commercial properties to serve industrial growth, waterfront development to promote
medium density residential housing, and the development of public works infrastructure. This district has
a maximum life of 20 years and is expected to continue until 2027
.


This district was created on
the cusp of the housing bubble. As such, when the market collapsed in 2008,
the development of this project stopped.
The result of which is minimal tax increment generated to pay
for outstanding debt.
As a result,
this di
strict has a negative fund balance. To resolve the issue of unspent
bond proceeds, $950,000 of the
2009B (BAB) issue
was taken

out of the TID
and used to pay for various
other projects, including those in the
water and sewer funds.
Accordingly, the annua
l bond payments
have been reallocated to the appropriate funds.


Unless future development occurs, this district is
projected

to have a negative fund balance of $1.5
million when the district expires in 2027.


Distressed Districts

An option to address the
negative balances in TID 7, 8, & 9

provided there was no amendment to the
district’s after October 1, 2009

is to declare these districts “distressed”. TID 6 could be used as a donor
district to assist the remaining TID’s in
resolving

their deficits. Dist
ressed districts allow:



Transfer of funds from a donor district to the distressed districts



Freezes all participating districts


no new projects could be created



Extends the life of the districts by 10 years.


The table below
projects

how an additional 10 years of increment along with transfers from TID 6 can
cure all outstanding deficits.


Description

TID 6

TID 7

TID 8

TID 9

Unadjusted Balances

(at
expiration)

$
2.3 m
illion

($517,000)

($82,000)

($1.5 million)

Additional 10 Years of
Increment

$2.4 million

$388,000

$830,000

$1.0 million

Transfers

($629,000)

$129,000

N/A

500,000

Adjusted Balances

$4.1 million

$0

$748,000

$0


The TID’s could be decertified once the deficit has been cured and all outstanding obligations have been
paid.

TID’s can be declared distressed no later than September 30, 2015 when this provision is scheduled
to sunset.


Once designated as a distressed TID, the TID may not:

1.

Amend its project plan to add any new costs

2.

Become part of another TID with overlapp
ing boundaries

3.

Expend any funds outside its boundaries

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Financial Management Plan

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City of Ashland, WI

August 23
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4.

Add any territory

5.

Become a donor district

6.

Make an expenditure after its original expenditure period expires


In addition, any increments collected by a distressed TID that exceeds the amount needed to
meet the
TID’s annual expenditures identified in its existing project plan must be applied to retire outstanding debt
obligations of the TID or placed in a reserve fund for that option.


The designation of a distress TID will reduce the City’s ability to a
ssist with development within the
distress
ed

TID. There are limited options that could provide assistance but these options will depend on
the specific facts relate
d to the proposed development and could require approval by the joint review
board. Projec
ts identified in the project plan however remain as eligible expenditures.


Cash flow projections for the all TIDs are in
Appendix
B
.

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26

City of Ashland, WI

August 23
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Appendix A



Fund Balance Policy



To achieve these objectives, the City uses

a set of policies to guide decision making. The policies in this
section blend existing City policies with new criteria developed in the financial management planning
process. The financial management policies should be reviewed periodically to maintain

relevance and
effectiveness.


1100.1 Intent
The objectives of this fund balance policy are as follows:



Preserve the credit worthiness (credit rating) of the City of Ashland for borrowing monies at
favorable interest rates.



Provide working capital for the

City of Ashland to meet cash flow needs during the year.



Provide a comfortable margin of safety to address unanticipated expenditures/emergencies and
unexpected declines in revenue due to economic downturn, natural disasters, etc.



Provide a natural resour
ce to stabilize fluctuations from year to year in the property taxes paid by
the City’s taxpayers.


1100.2 Background

Fund balance refers to the difference between assets and liabilities in the governmental funds balance
sheet. This information is one of
the most widely used elements of state and local government
financial statements for analysis. Of central importance are the credit reviews performed by
municipal bond analysts and fund balance information used by oversight bodies, federal, state,
county,

and local legislators to assess the financial health of an organization. Additionally, financial
statement users examine fund balance information to identify the available liquid resources that can
be used to repay long
-
term debt, reduce property taxes,
add new programs, expend existing programs,
or enhance the financial position of the City.


Currently, fund balance is divided into three basic classifications for accounting and monitoring
purposes; reserved, unreserved
-
designated, and unreserved
-
undesign
ated. Reserved fund balance is
that portion of the fund balance that is not available for the subsequent year’s budget due to legal
restrictions or resources which are not available for current spending. Unreserved fund balance
includes funds set aside b
y management for specific uses, which are labeled “designated”. The
balance of unreserved fund balance is labeled “undesignated”, which indicates it is available for
appropriation.


The Governmental Accounting Standards Board (GASB) has found that the use
fulness and the value
of fund balance information provided is significantly reduced by misunderstandings regarding the
message that it conveys, and the inconsistent treatment and financial reporting practices of
governments. In March 2009, in order to imp
rove how fund balance information is reported and
enhance its decision
-
usefulness, GASB issued Statement No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions.


1100.3 Definitions

In compliance with GASB Statement 54, the City of Ashland

adopts the following definitions and
uses of fund balance categories.


Definitions of Fund Equity



A fund’s equity is generally the difference between its assets and its
liabilities. The
Fund Balance

is an accounting distinction made between the portion
s of fund equity
that are spendable and non
-
spendable. These are broken up into five categories:

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City of Ashland, WI

August 23
, 2013

1)

Non
-
spendable fund balance



Includes amounts either not in spendable form or legally or
contractually required to be maintained intact. This would include i
nventory, prepaids, and
non
-
current receivables such as long
-
term loans and notes receivable and property held for
resale (unless the proceeds are restricted, committed or assigned). This also includes amounts
that are legally or contractually required to

be maintained intact (principal balance of
endowments and permanent funds).


2)

Restricted fund balance



Reflects the same definition as restricted net assets on the
government wide Statement of Net Assets: which are constraints places on the use of
amounts

that are either externally imposed by creditors (such as through debt covenants,
grantors, contributors, or laws or regulations of other governments); or imposed by law
through constitutional provisions or enabling legislation.



3)

Committed fund balance



Includes amounts that are committed for specific purposes by
formal action of the City Council. Amounts classified as “committed” are not subject to legal
enforceability like restricted fund balance; however, those amounts cannot be used for any
other pur
pose unless the City Council removes or changes the limitation by taking the same
form of action it employed to previously impose the limitation. The action to commit fund
balance must occur prior to year end; however, actual amounts can be determined in
the
subsequent period.


The City Council is the highest level of decision
-
making authority for the City of Ashland.
The formal action that is required to be taken to establish, modify, or rescind a fund balance
commitment is a resolution approved by the C
ity Council at a council meeting. The
resolution must either be approved or rescinded, as applicable, prior to the last day of the
fiscal year for which the commitment is made. The amount subject to the constraint may be
determined in the subsequent peri
od.


4)

Assigned fund balance



Amounts that are intended by the City Council to be used for
specific purposes, but are neither restricted nor committed, should be reported as assigned
fund balance. Intent should be expressed by the City Council itself or a
subordinate high
-
level body or official possessing the authority to assign amounts to be used for specific
purposes in accordance with policy established by the City Council. The would include ANY
activity reported in a fund other than the General Fund th
at is not otherwise restricted more
narrowly by the above definitions. The City Council is not allowed to assign balances that
result in a residual deficit.


The City Council of the City of Ashland has authorized the city’s Administrator as the
official a
uthorized to assign fund balance to a specific purpose as approved by this fund
balance policy.


5)

Unassigned fund balance



Includes any remaining amounts after applying the above
definitions (amounts not classified as non
-
spendable, restricted, committed o
r assigned).
Planned spending in the subsequent year’s budget would be included here and can no longer
be described as “designated” unless formally committed or assigned. Special rules exist for
using this classification in funds other than the General F
und. In funds other than the General
Fund unassigned is only used if the balance is negative, therefore, the General Fund is the
only fund that will report a positive unassigned balance.


Unassigned fund balance is an important measure of economic stabili
ty. It is essential that
the City of Ashland maintain adequate levels of unassigned fund balance to mitigate financial
_____________________________________________________________________________________________

Financial Management Plan

Page
28

City of Ashland, WI

August 23
, 2013

risk that can occur from unforeseen revenue fluctuations, unanticipated expenditures, and
similar circumstances. The fund balance also
provides cash flow liquidity for the City of
Ashland’s general operations.


1100.4 Order of Expenditure of Funds

It is the policy of the City of Ashland when multiple categories of fund balance are available for
expenditure (for example, a construction
project is being funded partly by a grant, funds set aside by
the City of Ashland, and unassigned fund balance), the City of Ashland will use restricted resources
first, followed by committed, assigned, and finally unassigned (if applicable).


1100.5 Mini
mum Fund Balance

It is the goal of the City of Ashland to achieve and maintain a total fund balance in the General Fund
equal to 30% of expenditures in order to:


1.

Provide adequate working capital sufficient to meet the city’s cash
-
flow requirements, thus
m
inimizing cash
-
flow (short
-
term) borrowing during the annual operating cycle;


2.

Function as a safeguard to fund unanticipated expenses that the city might incur or to fund
unrealized revenue which may occur but shall not be considered available to meet recu
rring
operating expenses; and


3.

Demonstrate fiscal responsibility, which will help to reduce the city borrowing costs with the
goal of achieving a higher credit rating.


If fund balance falls below the goal or has a deficiency, the City will analyze expense
s and revenues
to make any adjustments necessary to replenish the fund balance in future years.





_____________________________________________________________________________________________

Financial Management Plan

Page
29

City of Ashland, WI

August 23
, 2013

Appendix B



Financ
ial

Management Plan
Schedules

8/22/2013
CITY OF ASHLAND, WISCONSINDRAFT
8/22/2013

FINANCIAL MANAGEMENT PLAN (FMP)
LONG RANGE BUDGET PROJECTIONS
Inflation Assumptions
1Revenue (Non-property tax)

0.0%2.0%2.0%3.0%3.0%3.5%3.5%3.5%3.5%3.5%3.5%3.5%
2Expenses 0.0%2.0%2.5%3.5%3.5%4.0%4.0%4.0%4.0%4.0%4.0%4.0%

Coll. Yr200920102011201220132014201520162017201820192020202120222023
GENERAL FUNDACTUALACTUALACTUALPRELIM.BUDGETED
REVENUE
3GENERAL PROPERTY TAX2,388,852 2,493,194 2,579,344 2,449,165 2,415,149 2,582,021 2,491,438 2,579,664 2,780,707 2,920,389 3,067,021 3,220,929 3,382,456 3,551,955 3,729,801
4SPECIAL ASSESSMENTS- - 3,497 151,179 - - - - - - - - - - -
5INTERGOVERNMENTAL REVENUE4,623,980 4,693,599 4,798,447 4,665,917 4,645,898 4,738,816 4,880,980 5,027,410 5,203,369 5,385,487 5,573,979 5,769,068 5,970,986 6,179,970 6,396,269
6LICENSES & PERMITS134,718 125,108 139,941 143,357 132,000 134,640 138,679 142,840 147,839 153,013 158,369 163,912 169,649 175,586 181,732
7FINES & FORFEITURES55,918 66,741 63,128 54,748 60,000 61,200 63,036 64,927 67,200 69,552 71,986 74,505 77,113 79,812 82,605
8PUBLIC CHARGES FOR SERVICES1,332,988 1,251,370 1,232,909 1,320,636 1,316,150 1,342,473 1,382,747 1,424,230 1,474,078 1,525,670 1,579,069 1,634,336 1,691,538 1,750,742 1,812,018
9INTERGOVERNMENTAL CHARGES FOR SERVICES926,347 962,345 793,744 809,615 872,380
889,828 916,522 944,018 977,059 1,011,256 1,046,650 1,083,282 1,121,197 1,160,439 1,201,055
10INVESTMENT INCOME39,743 53,453 20,958 13,558 20,700 21,114 21,747 22,400 23,184 23,995 24,835 25,704 26,604 27,535 28,499
11MISCELLANEOUS REVENUE75,501 55,526 98,725 66,202 54,600 55,692 57,363 59,084 61,152 63,292 65,507 67,800 70,173 72,629 75,171
12TOTAL REVENUE9,578,047 9,701,336 9,730,693 9,674,377 9,516,877 9,825,784 9,952,513 10,264,572 10,734,586 11,152,654 11,587,415 12,039,537 12,509,715 12,998,669 13,507,149
EXPENSES
13CURRENT
14GENERAL GOVERNMENT1,707,179 1,814,595 1,682,002 1,660,965 1,749,517 1,793,255 1,856,019 1,920,980 1,997,819 2,077,731 2,160,841 2,247,274 2,337,165 2,430,652 2,527,878
15PUBLIC SAFETY4,599,342 4,690,310 4,813,449 4,685,859 4,513,776 4,748,470 4,788,552 4,956,151 5,154,397 5,360,573 5,574,996 5,797,996 6,029,916 6,271,113 6,521,957
16PUBLIC WORKS1,836,435 1,804,386 1,824,649 1,846,758 1,922,748 1,970,817 2,039,795 2,111,188 2,195,636 2,283,461 2,374,800 2,469,791 2,568,583 2,671,326 2,778,180
17HEALTH AND HUMAN SERVICES122,427 144,656 148,650 151,297 166,218 170,373 176,337 182,508 189,809 197,401 205,297 213,509 222,049 230,931 240,168
18LEISURE ACTIVIES607,966 555,622 529,202 516,990 559,725 573,718 593,798 614,581 639,164 664,731 691,320 718,973 747,732 777,641 808,747
19CONSERVATION & DEVELOPMENT211,607 192,360 214,008 232,337 209,090 214,317 221,818 229,582 238,765 248,316 258,249 268,578 279,322 290,494 302,114
28TOTAL EXPENSES9,084,956 9,201,929 9,211,960 9,094,206
9,121,074 9,470,951 9,676,319 10,014,991 10,515,590 10,932,214 11,365,502 11,816,122 12,284,767 12,772,158 13,279,044
29REVENUE OVER (UNDER) EXPENSES493,091 499,407 518,733 580,171 395,803 354,833 276,194 249,581 218,996 220,440 221,913 223,415 224,948 226,511 228,105
OTHER FINANCING SOURCES / (USES)
30TRANSFERS IN - PILOT271,243 298,861 314,245 339,445 314,000 304,456 310,545 316,756 323,091 329,553 336,144 342,867 349,724 356,718 363,852
31TRANSFERS IN - OTHER8,384 17,500 20,450 102,676 11,000 - - - - - - - - - -
32BOND PROCEEDS- - - - - - - - - -
33TRANSFERS OUT - VAUGHN LIBRARY FUND(364,755) (372,357) (368,746) (359,527) (329,363) (335,950) (342,669) (349,522) (356,512) (363,642) (370,915) (378,333) (385,900) (393,618) (401,490)
34TRANSFERS OUT - CAPITAL PROJECTS FUNDS(170,086) (233,350) (313,350) (332,511) (303,820) (235,000) (155,000) (127,000) (95,000) (95,000) (95,000) (95,000) (95,000) (95,000) (95,000)
35TRANSFERS OUT - ALL OTHER FUNDS(253,809) (107,044) (105,913) (59,490) (87,620) (88,339) (89,070) (89,815) (90,575) (91,351) (92,142) (92,949) (93,772) (94,611) (95,467)
36TOTAL OTHER SOURCES / (USES)(509,023) (396,390) (453,314) (309,407) (395,803) (354,833) (276,194) (249,581) (218,996)
(220,440) (221,913) (223,415) (224,948) (226,511) (228,105)
270764
37Ending General Cash Fund Balance (FB)3,696,844 3,799,861 3,372,438 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202 3,643,202
38% of FB to Current Year Exp (basis for City Policy)41%41%37%40%40%38%38%36%35%33%32%31%30%29%27%
39% of FB to Current Year Revenues (calcs used by Moody's)39%39%35%38%38%37%37%35%34%33%31%30%29%28%27%
40GENERAL FUND OPERATING TAX LEVY2,281,386 2,389,503 2,468,629 2,326,823 2,312,347 2,582,021 2,491,438 2,579,664 2,780,707 2,920,389 3,067,021 3,220,929 3,382,456 3,551,955 3,729,801
41ANNUAL INCREASE4.7%3.3%-5.7%-0.6%11.7%-3.5%3.5%7.8%5.0%5.0%5.0%5.0%5.0%5.0%
Payoff
422003A Refunding of 1994A2013180,333 175,243 175,515 180,475154,950
43State of WI Trust Fund Loan2017- - 10,423 38,839 38,839 38,838 38,839 34,551
442007 CIP & TIF 6 Development2017411,962 410,563 414,125 412,125 414,750 413,500 414,625 420,188
452007 Safe Drinking Water Fund Loan2027- 16,039 15,315 15,314 15,408 13,315 13,314 13,313 13,312 13,310 13,309 13,308 13,307 13,306 13,304
462009A Refunding of 1998B, 1999A, 2000A, & 2007A2019121,043 185,736 186,687 154,657 101,726 89,310 71,428 70,150 46,688 24,076 - - - - -
472009B GO Taxable Note (BAB)2019394,900
281,325 272,561 325,862 437,740 608,482 650,283 650,678 680,577 687,891 - - - - -
482011A GO Promissory Note2021- - - 104,534 104,583 107,912 106,772 110,442 108,842 111,992 109,788 112,530 - - -
49Less: Debt Service Reserve- (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
50Recycling Fund Levy90,000 95,000 95,000 95,000 108,000 108,000 108,000 108,000 108,000 108,000 108,000 108,000 108,000 108,000 108,000
51Fire Capital Equipment Levy75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000
52Police Capital Equipment Levy25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
60TOTAL SPECIAL LEVIES1,298,2381,163,9061,169,6261,326,8061,375,9961,379,3571,403,2611,407,3221,057,4191,045,269331,097333,838221,307221,306221,304

61TOTAL TAX LEVY3,579,6243,553,4093,638,2553,653,6293,688,3433,961,3783,894,6993,986,9863,838,1263,965,6583,398,1183,554,7673,603,7633,773,2613,951,105
62POTENTIAL NEW DEBT LEVY (SEE PAGE 4)- - - - - 25,741870,6401,011,2641,046,8831,179,2891,211,6961,558,9161,964,0051,964,0051,964,005
64NET LEVY TO TAXPAYERS3,579,6243,553,4093,638,2553,653,6293,688,3433,987,1194,765,3394,998,2504,885,0095,144,9474,609,8145,113,6
835,567,7675,737,2665,915,109
65
66LEVY LIMITS - Operating Portion0.364%3,666,9283,839,7973,974,3794,008,8543,357,9201,818,779-1,147,768-7,354,149-19,249,262-43,590,701-92,815,165
67 - Debt Portion1,074,2071,258,2602,127,0622,276,0351,896,3022,016,5581,334,7931,684,7541,977,3121,977,3111,977,309
68 - Total Levy Limit4,741,1355,098,0576,101,4416,284,8895,254,2223,835,337187,026-5,669,396-17,271,950-41,613,390-90,837,857
69NET LEVY OVER / (UNDER) LEVY LIMITS(1,052,792) (1,110,938) (1,336,102) (1,286,639) (369,213) 1,309,609 4,422,788 10,783,078 22,839,718 47,350,656 96,752,966
74EQUALIZED VALUE (TID IN)438,796,900439,633,400429,198,300432,838,700414,058,400422,339,568430,786,359439,402,087448,190,128457,153,931466,297,009475,622,950485,135,409494,838,117504,734,879
75TID EQUALIZED VALUE15,818,40018,952,20018,876,10019,801,40018,584,80018,956,49619,335,62619,722,33820,116,78520,519,12120,929,50321,348,09321,775,05522,210,55622,654,767
76EQUALIZED VALUE (TID OUT)422,978,500420,681,200410,322,200413,037,300395,473,600403,383,072411,450,733419,679,748428,073,343436,634,810445,367,506454,274,856463,360,353472,627,560482,080,112
77NEW EQUALIZED VALUE (SEE PAGE 7)000000000000000
78TOTAL EQUALIZED VALUE422,978,500420,681,200410,322,200413,037,300395,473,600403,383,072411,450,733419,679,748428,073,343436,634,810445,367,506454,274,856463,360,353472,627,560482,080,112
79ASSESSMENT RATIO83.837%84.416%88.229%92.053%96.507%96.507%96.507%96.507%96.507%96.507%96.507%96.507%96.507%96.507%96.507%
82EQUALIZED TAX RATE FOR OPERATIONS5.3936 5.6801 6.0163 5.6334 5.8470 6.4009 6.0553 6.1467 6.4959 6.6884 6.8865 7.0903 7.2998 7.5153 7.7369
83EQUALIZED TAX RATE FOR DEBT3.0693 2.7667 2.8505 3.2123 3.4794 3.4833 5.5265 5.7629 4.9158 5.0948 3.4641 4.1665 4.7162 4.6237 4.5331
84CITY EQUALIZED TAX RATE (Line 63/Line 77)8.4629 8.4468 8.8668 8.8458 9.3264 9.8842 11.5818 11.9097 11.4116 11.7832 10.3506 11.2568 12.0161 12.1391 12.2700
85TAX RATE % CHANGE-0.19%4.97%-0.24%5.43%5.98%17.17%2.83%-4.18%3.26%-12.16%8.76%6.75%1.02%1.08%
82City Taxes $85,000 in 2013767.47 762.20 780.58 784.22 792.74 856.96 1,024.22 1,074.29 1,049.95 1,105.82 990.80 1,099.09 1,196.70 1,233.13 1,271.36
83% tax increase/decrease avg home 85,000 value-0.69%2.41%0.47%1.09%8.10%19.52%4.89%-2.27%5.32%-10.40%10.93%8.88%3.04%3.10%
84Existing Valuation Inflation / (Deflation)-0.5%-2.5%0.7%-4.3%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%
GENERAL FUND BUDGET PROPERTY TAX LEVY AND TAX IMPACT
PROJECTEDPROJECTED
Jeanne Vogt:
Includes a $450,000 reduction in Fire Protection
Fees shifted to Water Fund.
Page 1 - Summary
8/22/2013
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3CAPITAL PROJECTS EQUIPMENT FUND (460, 461, 462, 463)
4
5
6 2013Inflation Rate2.0%
7Project Dollar
8DEP
T
PROJECT NAM
E
Useful Life
Y
ea
r
Cos
t
20122013201
4
201
5
201
6
2017201820192020202120222023
9Public Works16 cu. yd. Rear Loader Garbage Packer201350,000 - 50,000 - - - - - - - - - -
10Public WorksSemi Tractor Replacement201320,000 - 20,000 - - - - - - - - - -
11Public WorksTruck Mounted Snowblower2013140,000 - 140,000 - - - - - - - - - -
12Public Works10 yard tandum axle dump truck 2019125,000 - - - - - - - 140,770 - - - -
13Public Works10 yard tandum axle dump truck 2020125,000 - - - - - - - - 143,586 - - -
14Public WorksSterling Patrol Truck2021110,000 - - - - - - - - - 128,883 - -
15Public WorksAerial Bucket Truck2022100,000 -
- - - - - - - - - 119,509 -
16Public WorksSkid Steer202365,000 - - - - - - - - - - - 79,235
17TOTAL PUBLIC WORKS EQUIPMENT- 210,000 - - - - - - - - - -
18Fire EquipmentReplacement of Ambulance #42013138,000 - 138,000 - - - - - - - - - -
19Fire Equipment2014 Capital Projects2014450,000 - - 459,000 - - - - - - - - -
20Fire Equipment2016 Capital Projects2016195,000 - - - - 206,936 - - - - - - -
21TOTAL FIRE EQUIPMENT - 138,000 459,000 - 206,936 - - - - -
- -
22Police EquipmentPatrol Vehicle Replacement (SUV)201332,980 - 32,980 - - - - - - - - - -
23Police EquipmentPatrol Vehicle Replacement (Sedan)201328,890 - 28,890 - - - - - - - - - -
24Police Equipment2015 Capital Projects201557,500 - - - 59,823 - - - - - - - -
25Police Equipment2016 Capital Projects201657,000 - - - - 60,489 - - - - - - -
26Police Equipment2017 Capital Projects201757,000 - - - - - 61,699 - - - - - -
27Police Equipment2018 Capital Projects201835,000 - - - - - - 38,643 - - - - -
28TOTAL POLICE EQUIPMENT-
61,870 - 59,823 60,489 61,699 38,643 - - - - -
29TechnologyFinancial Software2013180,000 - 180,000 - - - - - - - - - -
30TechnologyDigital Recording System20133,000 - 3,000 - - - - - - - - - -
31TechnologyWeb Redesign201310,000 - 10,000 - - - - - - - - - -
32Technology2014 Capital Projects2014118,500 - - 120,870 - - - - - - - - -
33Technology2015 Capital Projects201582,200 - - - 85,521 - - - - - - - -
34Technology2016 Capital Projects201626,700 - - - - 28,334 -
- - - - - -
35Technology2017 Capital Projects201733,200 - - - - - 35,937 - - - - - -
36Technology2018 Capital Projects2018- - - - - - - - - - - - -
37TOTAL TECHNOLOGY- - 193,000 120,870 85,521 28,334 35,937 - - - - - -
38- - - - - - - - - - - -
39Actual Current Year Projects- 41,060 - - - - - - - - - - -
40Debt Service- - 10,116 50,625 50,625 50,625 50,625 50,625 50,625 50,625 50,625 50,625
41Total Expenses328,789
41,060 602,870 589,986 195,968 346,383 148,260 89,267 191,395 194,210 179,507 170,134 129,859
42
43201220132014201520162017201820192020202120222023
44Revenue
45Bonded Debt- - - - - - - - - - - -
46G.O. Promissory Notes- 87,400 350,000 - - - - - - - - -
472009B Reallocation of Proceeds932,880
48Property Tax Levy100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
49Township Revenue- 43,181 87,942 - 37,550
50Grants8,327
51General Fund Transfer102,468 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000 95,000
52Building & Facilities Fund Transfer- 12,000
53Other Transfers In/(Out)(115,547)
54Interest Income1.5%Rate- 20,138 16,461 17,504 18,511
17,840 19,569 22,207 23,354 24,475 25,834 27,354
55Debt Levy- - 10,116 50,625 50,625 50,625 50,625 50,625 50,625 50,625 50,625 50,625
56Other Income18,825
57Total Revenue1,046,953357,719659,519263,129301,686263,465265,194267,832268,979270,100271,459272,979
58
59Total Revenues over Expenditures- 1,005,893(245,151)69,53367,160(44,698)115,205175,92676,43774,76890,592101,325143,119
60
61Cash BalanceActual12/31/2011336,626 1,342,5191,097,3681,166,9011,234,0611,189,3631,304,5681,480,4941,556,9311,631,6991,722,2921,823,6161,966,736
62
63
64Annual Debt Levy (based on year collected)
65 RateTerm
66G.O. Promissory Notes20122.75%10 - - - - - - - - - - - - -
67G.O. Promissory Notes20132.75%10 - - - 10,116 10,116 10,116 10,116 10,116 10,116 10,116 10,116 10,116 10,116
68G.O. Promissory Notes20142.75%10 - - - - 40,509 40,509 40,509 40,509 40,509 40,509 40,509 40,509 40,509
69G.O. Promissory Notes20152.75%10
- - - - - - - - - - - - -
70G.O. Promissory Notes20162.75%10 - - - - - - - - - - - - -
71G.O. Promissory Notes20172.75%10 - - - - - - - - - - - - -
72G.O. Promissory Notes20182.75%10 - - - - - - - - - - - - -
73G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
74G.O. Promissory Notes20202.75%10 - - - - - - - - - -
- - -
75G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
76G.O. Promissory Notes20222.75%10 - - - - - - - - - - - - -
77
78
New Debt Levy (To Page 2, Line 9)- - - 10,116 50,625 50,625 50,625 50,625 50,625 50,625 50,625 50,625 50,625
Page 2 - Capital Projects Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3BUILDING AND FACILITIES FUND (450)
4
5
6 2013Inflation Rate2.0%
7Project Dollar Prelim.
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
9Fire Department Boiler201328,000 - 28,000 - - - - - - - - - -
10City Hall Fire Alarm Installation/Pendants201324,000 - 24,000 - - - - - - - - - -
11City Technology Space201314,750 - 14,750 - - - - - - - - - -
12City Hall 3rd Floor Police Security Wall20133,500 - 3,500 - - - - - - - - - -
13Police Patrol Room Outer Door20132,500 - 2,500 - - - - - - - - - -
14Kreher Park Restroom Renovation201325,000 - 25,000 - - - - - - - - - -
15Public Works Carpentry Shop Air Quality201310,000 -
10,000 - - - - - - - - - -
16Vaughn Library 3rd Floor Painting20131,250 - 1,250 - - - - - - - - - -
17Paint/Stain CRY Park Pavillions/Dugouts/Bldgs20135,000 - 5,000 - - - - - - - - - -
18Paint City Hall Exterior Windows/Trim201315,000 - 15,000 - - - - - - - - - -
19Ellis Fire Station - Refinish Concrete Floor201323,000 - 23,000 - - - - - - - - - -
20Prentice Park Showers201325,000 - 25,000 - - - - - - - - - -
21Carpet Replacement for Bretting Center gymnastics20135,000 - 5,000 - - - -
- - - - - -
22Steel Storage Building (to replace old WWTP Bldg)201375,000 - 75,000 - - - - - - - - - -
232014 Capital Projects20145,447,100 - - 5,556,042 - - - - - - - - -
242015 Capital Projects2015535,500 - - - 557,134 - - - - - - - -
252016 Capital Projects2016248,250 - - - - 263,445 - - - - - - -
262017 Capital Projects2017156,500 - - - - - 169,401 - - - - - -
272018 Capital Projects2018260,500 - - - - - - 287,613 - - - -
-
28- - - - - - - - - - - -
29- - - - - - - - - - - -
30Actual Current Year Projects- 46,109 - - - - - - - - - - -
31Debt Service- - 8,680 627,888 662,610 671,609 688,275 707,951 707,951 707,951 707,951 707,951
32Total Expenses 46,109 257,000 5,564,722 1,185,022 926,055 841,009 975,888 707,951 707,951 707,951 707,951 707,951
33
34201220132014201520162017201820192020202120222023
35Revenue
36Bonded Debt- - - - - - - - - - - -
37G.O. Promissory Notes- 75,000 5,350,000 300,000 77,750 144,000 170,000
- - - - -
38Property Tax Levy- - 165,600 250,000 200,000 12,500 120,500 - - - - -
39Grants22,965 3,500
40General Fund Transfer35,000 30,000 -
41Waterfront Development Transfer- 50,000 -
42Parks & Recreation Transfer- 5,000 -
43WCC Transfer- 2,500 -
44Transfer to Police Capital- (12,000)
45Interest Income1.5%Rate2,310 1,861 292 (258) (369) (160) (356) (318) (323) (328) (333) (338)
46Debt Levy- - 8,680 627,888 662,610 671,609 688,275 707,951 707,951 707,951 707,951 707,951
47-
48Total Revenue60,275152,3615,528,0721,177,630939,991827,949978,419707,633707,628707,623707,618707,613
49
50Total Revenues over Expenditures- 14,166(104,639)(36,650)(7,392)13,936(13,061)2,531(318)(323)(328)(333)(338)
51
52Cash BalanceActual12/31/2011109,908 124,07419,435(17,215)(24,607)(10,671)(23,732)(21,201)(21,519)(21,842)(22,170)(22,503)(22,841)
53
54
55Annual Debt Levy (based on year collected)
56 RateTerm
57G.O. Promissory Notes20122.75%10 - - - - - - - - - - - - -
58G.O. Promissory Notes20132.75%10 - - - 8,680 8,680 8,680 8,680 8,680 8,680 8,680 8,680 8,680 8,680
59G.O. Promissory Notes20142.75%10 - - - - 619,208 619,208 619,208 619,208 619,208 619,208 619,208 619,208 619,208
60G.O. Promissory Notes20152.75%10 - - - - - 34,722 34,722 34,722 34,722 34,722 34,722 34,722 34,722
61G.O. Promissory Notes20162.75%10 - - - - - - 8,999 8,999 8,999 8,999 8,999 8,999 8,999
62G.O. Promissory Notes20172.75%10 - - - - - -
- 16,667 16,667 16,667 16,667 16,667 16,667
63G.O. Promissory Notes20182.75%10 - - - - - - - - 19,676 19,676 19,676 19,676 19,676
64G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
65G.O. Promissory Notes20202.75%10 - - - - - - - - - - - - -
66G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
67G.O. Promissory Notes20222.75%10 - - - - - - - - - - - - -
68
69
New Debt Levy (To Page 2, Line 10)- - - 8,680 627,888 662,610 671,609 688,275 707,951 707,951 707,951 707,951 707,951
Page 3 - Building and Facilities Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3WATERFRONT DEVELOPMENT FUND (453)
4
5
6 2013Inflation Rate2.0%
7Project Dollar Prelim.
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
9Prentice Park Improvement201363,300 - 63,300 - - - - - - - - - -
10Bayview Park Improvements201325,000 - 25,000 - - - - - - - - - -
11- - - - - - - - - - - -
25Actual Current Year Projects- 20,392 - - - - - - - - - - -
26Debt Service- - - - - - - - - - - -
27Total Expenses 20,392 88,300 - - - - - - - - - -
28
29201220132014201520162017201820192020202120222023
30Revenue
31Bonded Debt- - - -
- - - - - - - -
32G.O. Promissory Notes- - - - - - - - - - - -
33Grants- 37,200 - - - - - - - - - -
34General Fund Transfer(13,934) 29,100 -
35Room Tax94,432 85,000 -
36Transfer to General Fund- (11,000) -
37Transfer to Building & Facilities Fund- (50,000) -
38Transfer to Parks & Recreation- (52,600)
39Interest Income1.5%Rate1,200 4,227 3,531 3,584 3,638 3,693 3,748 3,804 3,861 3,919 3,978 4,038
40Debt Levy- - - - - - - - - - - -
41-
42Total Revenue81,69841,9273,5313,5843,6383,6933,7483,8043,8613,9193,9784,038
43
44Total Revenues over Expenditures- 61,306(46,373)
3,5313,5843,6383,6933,7483,8043,8613,9193,9784,038
45
46Cash BalanceActual12/31/2011220,497 281,803235,430238,961242,545246,183249,876253,624257,428261,289265,208269,186273,224
47
48
49Annual Debt Levy (based on year collected)
50 RateTerm
51G.O. Promissory Notes20122.75%10 - - - - - - - - - - - - -
52G.O. Promissory Notes20132.75%10 - - - - - - - - - - - - -
53G.O. Promissory Notes20142.75%10 - - - - - - - - - - - - -
54G.O. Promissory Notes20152.75%10 - - - - - - - - - - - - -
55G.O. Promissory Notes20162.75%10 - - - - - - - - - - - - -
56G.O. Promissory Notes20172.75%10
- - - - - - - - - - - - -
57G.O. Promissory Notes20182.75%10 - - - - - - - - - - - - -
58G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
59G.O. Promissory Notes20202.75%10 - - - - - - - - - - - - -
60G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
61G.O. Promissory Notes20222.75%10 - - - - - - - - - -
- - -
62
63
New Debt Levy (To Page 2, Line 11)- - - - - - - - - - - - -
Page 4 - Waterfront Development Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3PARKS & RECREATION - WCC (454)
4
5
6 2013Inflation Rate2.0%
7Project Dollar Prelim.
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
9Prentice Park Boardwalk Repair2013144,000 - 144,000 - - - - - - - - - -
102014 Capital Projects20141,563,000 - - 1,594,260 - - - - - - - - -
112015 Capital Projects2015880,000 - - - 915,552 - - - - - - - -
122016 Capital Projects2016219,000 - - - - 232,405 - - - - - - -
132017 Capital Projects2017930,000 - - - - - 1,006,662 - - - - - -
142018 Capital Projects2018100,000 - - - - - - 110,408 - - - - -
15- - -
- - - - - - - - -
24- - - - - - - - - - - -
25Actual Current Year Projects- - - - - - - - - - - - -
26Debt Service- - - 185,184 291,085 317,706 433,445 446,177 446,177 446,177 446,177 446,177
27Total Expenses871,784 - 144,000 1,594,260 1,100,736 523,490 1,324,367 543,853 446,177 446,177 446,177 446,177 446,177
28
29201220132014201520162017201820192020202120222023
30Revenue
31Bonded Debt- - - - - - - - - - - -
32G.O. Promissory Notes- - 1,600,000 915,000 230,000 1,000,000 110,000 - - -
- -
33Grants- 57,600 - - - - - - - - - -
34Waterfront Development Fund Transfer- 49,400 -
35WCC- 25,000 -
36General Fund Transfer- 12,000 -
37Transfer to Building & Facilities Fund- (5,000) -
38Transfer to Parks & Recreation- (20,000)
39Interest Income1.5%Rate- 497 130 218 213 180 83 78 79 80 82 83
40Debt Levy- - - 185,184 291,085 317,706 433,445 446,177 446,177 446,177 446,177 446,177
41-
42Total Revenue0119,4971,600,1301,100,402521,2981,317,886543,528446,255446,256446,257446,259446,260
43
44Total Revenues over Expenditures- 0(24,503)5,870(334)(2,192)(6,482)(325)7879808283
45
46Cash BalanceActual12/31/201133,165 33,1658,66214,53214,19812,0065,5255,1995,2775,3565,4365,5185,601
47
48
49Annual Debt Levy (based on year collected)
50 RateTerm
51G.O. Promissory Notes20122.75%10 - - - - - - -
- - - - - -
52G.O. Promissory Notes20132.75%10 - - - - - - - - - - - - -
53G.O. Promissory Notes20142.75%10 - - - - 185,184 185,184 185,184 185,184 185,184 185,184 185,184 185,184 185,184
54G.O. Promissory Notes20152.75%10 - - - - - 105,902 105,902 105,902 105,902 105,902 105,902 105,902 105,902
55G.O. Promissory Notes20162.75%10 - - - - - - 26,620 26,620 26,620 26,620 26,620 26,620 26,620
56G.O. Promissory Notes20172.75%10 - - - - - - - 115,740 115,740 115,740 115,740 115,740 115,740
57G.O. Promissory Notes20182.75%10
- - - - - - - - 12,731 12,731 12,731 12,731 12,731
58G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
59G.O. Promissory Notes20202.75%10 - - - - - - - - - - - - -
60G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
61G.O. Promissory Notes20222.75%10 - - - - - - - - - - - - -
62
63
New Debt Levy (To Page 2, Line 12)- - - - 185,184 291,085 317,706 433,445 446,177 446,177 446,177 446,177 446,177
Page 5 - Parks and Recreation Fund - WCC
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3LAND DEVELOPMENT FUND (456)
4
5
6 2013Inflation Rate2.0%
7Project Dollar
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
9Wetland Mitigation Bank201360,000 - 60,000 - - - - - - - - - -
102014 Capital Projects2014152,000 - - 155,040 - - - - - - - - -
112015 Capital Projects2015825,000 - - - 858,330 - - - - - - - -
122016 Capital Projects201630,000 - - - - 31,836 - - - - - - -
13- - - - - - - - - - - -
24- - - - - - - - - - - -
25Actual Current Year Projects- - - - - -
- - - - - - -
26Debt Service- - 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944
27Total Expenses - 60,000 161,984 865,274 38,781 6,944 6,944 6,944 6,944 6,944 6,944 6,944
28
29201220132014201520162017201820192020202120222023
30Revenue
31Bonded Debt- - - 400,000 - - - - - - - -
32G.O. Promissory Notes- 60,000 - - - - - - - - - -
33Grants- - - 400,000 - - - - - - - -
34Waterfront Development Fund Transfer- - - - - - - - - - - -
35WCC- - 15,000 -
- - - - - - - -
36General Fund Transfer- - 140,000 60,000 32,000 - - - - - - -
37Transfer to Building & Facilities Fund- - - - - - - - - - - -
38Transfer to Parks & Recreation- - - - - - - - - - - -
39Interest Income1.5%Rate- 21 21 21 46 50 50 51 52 53 53 54
40Debt Levy- - 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944
41-
42Total Revenue060,021161,965866,96538,9906,9946,9946,9956,9966,9976,9976,998
43
44Total Revenues over Expenditures- 021(19)1,69121050505152535354
45
46Cash BalanceActual12/31/20111,400 1,4001,4211,4023,0933,3033,3533,4033,4543,5063,5593,6123,666
47
48
49Annual Debt Levy (based on year collected)
50 RateTerm
51G.O. Promissory Notes2012
2.75%10 - - - - - - - - - - - - -
52G.O. Promissory Notes20132.75%10 - - - 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944
53G.O. Promissory Notes20142.75%10 - - - - - - - - - - - - -
54G.O. Promissory Notes20152.75%10 - - - - - - - - - - - - -
55G.O. Promissory Notes20162.75%10 - - - - - - - - - - - - -
56G.O. Promissory Notes20172.75%10 - - - - - - - - -
- - - -
57G.O. Promissory Notes20182.75%10 - - - - - - - - - - - - -
58G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
59G.O. Promissory Notes20202.75%10 - - - - - - - - - - - - -
60G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
61G.O. Promissory Notes20222.75%10 - - - - - - - - - - - - -
62
63
New Debt Levy (To Page 2, Line 13)- - - 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944 6,944
Page 6 - Land Development Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3STREET IMPROVEMENT FUND (470)
4
5
6 2013Inflation Rate2.0%
7Project Dollar
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
97th Ave. East2019455,000 - - - - - - - 512,404 - - - -
105th Ave E (3rd to 6th)2019175,000 - - - - - - - 197,078 - - - -
117th Street East Main to 3rd; 6th to 11th20191,065,000 - - - - - - - 1,199,363 - - - -
122nd Ave West 6th to 11th2019367,000 - - - - - - - 413,302 - - - -
136th Astreet East 21st to 22nd2019165,000 - - - - - - - 185,817 - - - -
147th Street East Main to 3rd; 6th to 11th2019757,000 - - - - - - - 852,505 - - - -
1512th Ave. East Main to 6th, 6 blocks2019722,000 -
- - - - - - 813,089 - - - -
16year two capital plan 30 Blocks of water mains and street repairs20204,900,000 - - - - - - - - 5,628,560 - - -
17Maple Lane: Beaser to Sanborn Av - Total rebuild to 66 foot ROW,
L
20214,300,000 - - - - - - - - - 5,038,135 - -
18Rebuild STH 137 to City standards20164,850,000 - - - - 5,146,859 - - - - - - -
19year four capital plan 30 Blocks20224,900,000 - - - - - - - - - - 5,855,954 -
20year five capital plan 30 Blocks20234,900,000 - - - - - - - - - - - 5,973,073
21Ellis Ave - Front St to 6th St2015410,000 - - - 426,564 - - - - - - - -
22
23- - - - - - - - - - - -
24Actual Current Year Projects164,061 - - - - - -
- - - - -
25Debt Service- - - - - - - - 347,219 752,308 752,308 752,308
26Total Expenses 164,061 - - 426,564 5,146,859 - - 4,173,558 5,975,779 5,790,444 6,608,262 6,725,381
27
28201220132014201520162017201820192020202120222023
29Revenue
30Bonded Debt- - - - - - - - - - - -
31G.O. Promissory Notes- - - - - - - 3,000,000 3,500,000 - - -
322009B Reallocation of Proceeds(423,836)
33State Aid- - - 290,000 4,244,832 - - 15,000 - - - -
34Grants191,297
35Capital Project Fund Transfer94,613 - -
36General Fund Transfer140,043 - - - -
37Water/Sewer Fund Transfer-
- - - 902,027 - - 1,159,000 1,900,000
38Transfers (Out)- -
39Interest Income1.5%Rate- 3,349 3,400 3,451 1,454 1,476 1,498 1,520 1,550 (1,855) (77,455) (166,456)
40Debt Levy- - - - - - - - 347,219 752,308 752,308 752,308
41-
42Total Revenue2,1173,3493,400293,4515,148,3131,4761,4984,175,5205,748,769750,453674,853585,852
43
44Total Revenues over Expenditures- (161,944)3,3493,400(133,113)1,4541,4761,4981,962(227,010)(5,039,990)(5,933,409)(6,139,529)
45
46Cash BalanceActual12/31/2011385,231 223,287226,636230,03696,92398,37799,853101,351103,313(123,696)(5,163,687)(11,097,095)(17,236,624)
47
48
49Annual Debt Levy (based on year collected)
50 RateTerm
51G.O. Promissory Notes20122.75%10 - - - - - - - - - - - - -
52G.O. Promissory Notes20132.75%10 - - - - - - - - - - - - -
53G.O. Promissory Notes20142.75%10 - - - - - - - - - - - - -
54G.O. Promissory Notes20152.75%10 - - - - - - - - - - - - -
55G.O. Promissory Notes20162.75%10 - - - - - - - - - - - - -
56G.O. Promissory Notes20172.75%10 - - - - - - - - - - - - -
57G.O. Promissory Notes20182.75%10 - - - - - - - - - - - - -
58G.O. Promissory Notes20192.75%10 - - - - - - -
- - 347,219 347,219 347,219 347,219
59G.O. Promissory Notes20202.75%10 - - - - - - - - - - 405,089 405,089 405,089
60G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
61G.O. Promissory Notes20222.75%10 - - - - - - - - - - - - -
62
63
New Debt Levy (To Page 2, Line 14)- - - - - - - - - 347,219 752,308 752,308 752,308
Page 7 - Street Improvement Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3URBAN FORESTRY (480)
4
5
6 2013Inflation Rate2.0%
7Project Dollar
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
9Replacement Trees201310,000 - 10,000 - - - - - - - - - -
10- - - - - - - - - - - -
11- - - - - - - - - - - -
12- - - - - - - - - - - -
24- - - - - - - - - - - -
25Actual Current Year Projects- 38,699 - - - - - - - - - - -
26Debt Service- - - - - - - - - - -
-
27Total Expenses 38,699 10,000 - - - - - - - - - -
28
29201220132014201520162017201820192020202120222023
30Revenue
31Bonded Debt- - - - - - - - - - - -
32G.O. Promissory Notes- - - - - - - - - - - -
33Grants12,230 - - - - - - - - - - -
35General Fund Transfer10,000 10,000 -
38Interest Income1.5%Rate- (298) (303) (307) (312) (316) (321) (326) (331) (336) (341) (346)
39Debt Levy- - - - - - - - - - - -
40-
41
Total Revenue22,2309,702-303-307-312-316-321-326-331-336-341-346
42
43Total Revenues over Expenditures- (16,469)(298)(303)(307)(312)(316)(321)(326)(331)(336)(341)(346)
44
45Cash BalanceActual12/31/2011(3,403) (19,872)(20,170)(20,473)(20,780)(21,092)(21,408)(21,729)(22,055)(22,386)(22,722)(23,063)(23,409)
46
47
48Annual Debt Levy (based on year collected)
49 RateTerm
50G.O. Promissory Notes20122.75%10 - - - - - - - - - - - - -
51G.O. Promissory Notes20132.75%10 - - - - - - - - - - - - -
52G.O. Promissory Notes20142.75%10 - - - - - - - - - - - - -
53G.O. Promissory Notes20152.75%10 - - - - - - - - - - - - -
54G.O. Promissory Notes20162.75%10 - - - - - - - - - - -
- -
55G.O. Promissory Notes20172.75%10 - - - - - - - - - - - - -
56G.O. Promissory Notes20182.75%10 - - - - - - - - - - - - -
57G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
58G.O. Promissory Notes20202.75%10 - - - - - - - - - - - - -
59G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
60G.O. Promissory Notes20222.75%10 - - - -
- - - - - - - - -
61
62
New Debt Levy (To Page 2, Line 15)- - - - - - - - - - - - -
Page 8 - Urban Forestry Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3PARKS & RECREATION (481)
4
5
6 2013Inflation Rate2.0%
7Project Dollar
8DEPTPROJECT NAMEUseful Life
Y
earCost201220132014201520162017201820192020202120222023
9Prentice Park Redevelopment Planning201330,000 - 30,000 - - - - - - - - - -
10Beaser Park Playgroung Equipment Replacement201345,000 - 45,000 - - - - - - - - - -
11Hodgkins Park Playground Equipment Replacement201335,000 - 35,000 - - - - - - - - - -
12Regrading Hodgkins Mens & Women's Fields20135,000 - 5,000 - - - - - - - - - -
1315th Ave East Park Bench201310,000 - 10,000 - - - - - - - - - -
14Purple Park Restrooms201310,000 - 10,000 - - - - - - - - - -
15Pearson Plaza Bell Tower Design20135,000 -
5,000 - - - - - - - - - -
16- - - - - - - - - - - -
25Actual Current Year Projects- 3,126 - - - - - - - - - - -
26Debt Service- - - - - - - - - - - -
27Total Expenses 3,126 140,000 - - - - - - - - - -
28
29201220132014201520162017201820192020202120222023
30Revenue
31Bonded Debt- - - - - - - - - - - -
32G.O. Promissory Notes- - - - - - - - - - -
-
33General Fund Transfer30,000 15,000 - - - - - - - - - -
34Parks & Rec - WCC Transfer- 20,000 -
35Waterfront Development Transfer- 3,200 -
36Grants- 35,000 -
37Donations10,000 -
38Interest Income1.5%Rate- 1,153 168 171 173 176 179 181 184 187 190 193
39Debt Levy- - - - - - - - - - - -
40-
41Total Revenue40,00074,353168171173176179181184187190193
42
43Total Revenues over Expenditures- 36,874(65,647)168171173176179181184187190193
44
45Cash BalanceActual12/31/201140,000 76,87411,22711,39511,56611,73911,91512,09412,27512,45912,64612,83613,029
46
47
48Annual Debt Levy (based on year collected)
49 RateTerm
50G.O. Promissory Notes20122.75%10 - - - - - - - - - - - - -

51G.O. Promissory Notes20132.75%10 - - - - - - - - - - - - -
52G.O. Promissory Notes20142.75%10 - - - - - - - - - - - - -
53G.O. Promissory Notes20152.75%10 - - - - - - - - - - - - -
54G.O. Promissory Notes20162.75%10 - - - - - - - - - - - - -
55G.O. Promissory Notes20172.75%10 - - - - - - - - - - - - -
56G.O. Promissory Notes20182.75%10 - - - - - -
- - - - - - -
57G.O. Promissory Notes20192.75%10 - - - - - - - - - - - - -
58G.O. Promissory Notes20202.75%10 - - - - - - - - - - - - -
59G.O. Promissory Notes20212.75%10 - - - - - - - - - - - - -
60G.O. Promissory Notes20222.75%10 - - - - - - - - - - - - -
61
62
New Debt Levy (To Page 2, Line 16)- - - - - - - - - - - - -
Page 9 - Parks and Recreation Fund
8/22/2013
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3
V
AUGHN LIBRARY FUND (215)Inflation Rate2.0%
4
5
6ActualActualActualPrelim.Budget
7Library Fund200920102011201220132014201520162017201820192020202120222023
8Revenues
9Taxes- - - - - - - - -
10Intergovernmental119,930 139,359 159,563 165,702 177,110 180,652 184,265 187,950 191,709 195,543 199,454 203,443 207,512 211,662 215,895
11Charges for Services5,141 5,250 6,199 5,645 5,897 6,015 6,135 6,258 6,383 6,511 6,641 6,774 6,909 7,047 7,188
12Investment Income1,958 1,158 259 507 507 517 527 538 549 560 571 582 594 606 618
13Miscellaneous- 139 166 264 - - - - - - - - - - -
14Total Revenues127,029 145,906 166,187 172,118 183,514 187,184 190,927 194,746 198,641 202,614 206,666 210,799 215,015 219,315 223,701

15
16Expenditures
17Current Expenditures492,661 499,898 525,480 481,704 512,370 522,617 533,069 543,730 554,605 565,697 577,011 588,551 600,322 612,328 624,575
18Capital Outlay- - - - - - - - - - - - - - -
19Debt Service- - - - - - - - - - - - - - -
20Total Expenditures492,661 499,898 525,480 481,704 512,370 522,617 533,069 543,730 554,605 565,697 577,011 588,551 600,322 612,328 624,575
21
22Excess/(Deficiency) of Revenues over Expenditures(365,632) (353,992) (359,293) (309,586) (328,856) (335,433) (342,142) (348,984) (355,964) (363,083) (370,345) (377,752) (385,307) (393,013) (400,874)
23
24Other Financing Sources/(Uses)
25Long-Term Debt Issued- - -
26Transfers In (General Fund)364,755 372,357 368,746 359,527 329,363 335,950 342,669 349,522 356,512 363,642 370,915 378,333 385,900 393,618
401,490
27Transfers (Out)- - - - - - - - - - - - - - -
28Total Non-Operating Revenues/(Expenses)364,755 372,357 368,746 359,527 329,363 335,950 342,669 349,522 356,512 363,642 370,915 378,333 385,900 393,618 401,490
29
30Net Change in Fund Balance(877) 18,365 9,453 49,941 507 517 527 538 548 559 570 581 593 605 616
31Ending Fund Balance(877) 17,488 26,941 76,882 77,389 77,906 78,433 78,971 79,519 80,078 80,648 81,229 81,822 82,427 83,043
32
33Ending Cash14,483 36,908 51,793 102,193 77,389 77,906 78,433 78,971 79,519 80,078 80,648 81,229 81,822 82,427 83,043
Projections
Page 10 - Vaughn Library Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3TID #6 (Combined Special Revenue and Capital Projects Funds)
4
5
6OriginalAmended
7District Type
8Creation Resolution Date9/13/19949/21/2006
9Base Year1/1/19941/1/2006
10Final Pro
j
ect Expenditure
s
9/13/200
4
9/13/201
7
11Final Increment20222022 Interest Rate1.0%
12Base Value
s
408,90
0
$ 5,250,70
0
$ Inflation Rate2.0%
13
14ProjectedPreviousActualActualActualPrelim.Budget
15TID #6 TotalsYears20092010201120122013201
4
201
5
2016201720182019202020212022
16Revenues
17Investment Income75,431 65,250 1,242 472 400 209 751 759 766 774 782 789 797 805 813 822
18Property Sales302,025 302,025 - - - - - - - - - - - - - -
19Donations150,000 150,000
20State/Federal Grants8,414 8,414
21Total Revenues535,870 525,689 1,242 472 400 209 751 759 766 774 782 789 797 805 813 822
22
23Expenditures
24Capital Outlay2,624,682 2,524,902 99,181 299 150 150 - - - - - - -
25Total Expenditures2,624,682 2,524,902 99,181 299 150 150 - - - - - - - -
- -
26
27Excess/(Deficiency) of Revenues over Expenditures(2,088,812) (1,999,213) (97,939) 173 250 59 751 759 766 774 782 789 797 805 813 822
28
29Other Financing Sources/(Uses)
30Long-Term Debt Issued2,148,359 2,148,359 - - -
31Transfers In/(Out)23,427 10,487 21,940 (9,000)
32Total Non-Operating Revenues/(Expenses)2,171,786 2,158,846 - - 21,940 (9,000) - - - - - - - - - -
33
34Net Change in Fund Balance82,974 159,633 (97,939) 173 22,190 (8,941) 751 759 766 774 782 789 797 805 813 822
35Ending CAPITAL PROJECT Fund Balanc
e
82,97
4
159,63
3
61,69
4
61,867 84,057 75,11
6
75,867 76,62
6
77,392 78,16
6
78,948 79,737 80,53
4
81,339 82,152 82,97
4

36
37Revenues
38Tax Increment4,759,928 1,472,758 215,618 234,618 218,149 226,535 239,225 239,225 239,225 239,225 239,225 239,225 239,225 239,225 239,225 239,225
39Intergovernmental84,513 15,827 443 5,484 5,258 4,921 5,258 5,258 5,258 5,258 5,258 5,258 5,258 5,258 5,258 5,258
40Investment Income216,735 103,832 3,731 3,540 1,356 1,257 4,542 5,418 6,301 7,236 8,267 9,306 11,682 14,161 16,747 19,359
41Total Revenues5,061,176 1,592,417 219,792 243,642 224,763 232,713 249,025 249,901 250,784 251,719 252,750 253,789 256,165 258,644 261,230 263,842
42
43Expenditures
44Current Expenditures100,037 100,037 - - - - - - - - - - -
45Total Expenditures100,037 100,037 - - -
- - - - - - - - - - -
46
47Excess/(Deficiency) of Revenues over Expenditures4,961,139 1,492,380 219,792 243,642 224,763 232,713 249,025 249,901 250,784 251,719 252,750 253,789 256,165 258,644 261,230 263,842
48
49Other Financing Sources/(Uses)
50Debt Service Payments(2,761,362) (1,228,786) (170,388) (193,070) (188,240) (178,570) (161,465) (161,618) (157,276) (148,582) (148,827) (16,191) (8,349) - - -
51Transfers In / (Out)- - - - -
52Total Non-Operating Revenues/(Expenses)(2,761,362) (1,228,786) (170,388) (193,070) (188,240) (178,570) (161,465) (161,618) (157,276) (148,582) (148,827) (16,191) (8,349) - - -
53
54Net Change in Fund Balance2,199,777 263,594 49,404 50,572 36,523 54,143 87,560 88,283 93,508 103,137 103,923 237,598 247,816 258,644 261,230 263,842
55Ending SPECIAL REVENUE Fund Balanc
e
2,199,77
7
263,59
4
312,99
8
363,57
0
400,09
3
454,23
6
541,79
6
630,07
9
723,58
7
826,72
4
930,64
7
1,168,24
5
1,416,061 1,674,70
5
1,935,93
5
2,199,77
7

56
57COMBINED TID #6 FUNDS2,282,751 423,22
7
374,692 425,43
7
484,15
0
529,352 617,66
3
706,70
5
800,97
9
904,89
0
1,009,59
5
1,247,98
2
1,496,59
5
1,756,04
4
2,018,08
7
2,282,751
Projections
General TID Information
Industrial
CAPITAL PROJECT FUND SPECIAL REVENUE FUND
Page 11 - TID 6 Funds
1
CITY OF ASHLAND, WISCONSIN
Questions:
2
FINANCIAL MANAGEMENT PLAN (FMP)
1) Spent or unspent? What are grant terms?
3TID #7 (Combined Special Revenue and Capital Projects Funds)
4
5
6OriginalAmended
7District Type
8Creation Resolution Date9/9/1997N/A
9Base Year1/1/1997N/A
10Final Project Expenditures9/9/20049/9/2016
11Final Increment20212021Interest Rate1.0%
12Base Values374,900$ -$ Inflation Rate2.0%
13
14ProjectedPreviousActualActual
A
ctualPrelim.Budget
15TID #7TotalsYears2009201020112012201320142015201620172018201920202021
16Revenues
17Investment Income85,506 39,059 15,224 2,569 974 716 2,878 2,907 2,936 2,965 2,995 3,025 3,055 3,086 3,117
18Property Sales24,650 12,150 12,500 - -
19State/ Federal Grants204,000 204,000
20Miscellaneous Revenues629 529 100
21Total Revenues314,785 255,738 27,824 2,569 974 716 2,878 2,907 2,936 2,965 2,995 3,025 3,055 3,086 3,117
22
23Expenditures
24Capital Outlay923,078 922,628 - 150 150 150
25Total Expenditures923,078 922,628 - 150 150 150 - - - - - - - - -
26
27Excess/(Deficiency) of Revenues over Expenditure
s
(608,293) (666,890) 27,824 2,419 824 566 2,878 2,907 2,936 2,965 2,995 3,025 3,055 3,086 3,117
28
29Other Financing Sources/(Uses)
30Long-Term Debt Issued925,000 925,000 - - -
31Transfers In/(Out)(1,915) (1,915) - - -
32Total Non-Operating Revenues/(Expenses)923,085 923,085 - - - - - - - - - - - - -
33
34Net Change in Fund Balance314,792 256,195 27,824 2,419 824 566 2,878 2,907 2,936 2,965 2,995 3,025 3,055 3,086 3,117
35Ending CAPITAL PROJECT Fund Balance314,792 256,195 284,019 286,438 287,262 287,828 290,706 293,613 296,549 299,514 302,509 305,534 308,589 311,675 314,792
36
37Revenues
38Taxes903,904 374,765 40,752 42,433 27,662 68,552 38,860 38,860 38,860 38,860 38,860 38,860 38,860 38,860 38,860
39Intergovernmental6,783 963 785 661 574 380 380
380 380 380 380 380 380 380 380
40Investment Income(46,218) 36,429 (24,717) (3,494) (1,655) (1,247) (5,141) (5,416) (5,677) (5,882) (5,981) (6,073) (6,024) (5,837) (5,503)
41Total Revenues864,469 412,157 16,820 39,600 26,581 67,685 34,099 33,824 33,563 33,358 33,259 33,167 33,216 33,403 33,737
42
43Expenditures
44Current Expenditures2,574 2,917 (343) - -
45Total Expenditures2,574 2,917 (343) - - - - - - - - - - - -
46
47Excess/(Deficiency) of Revenues over Expenditure
s
861,895 409,240 17,163 39,600 26,581 67,685 34,099 33,824 33,563 33,358 33,259 33,167 33,216 33,403 33,737
48
49Other Financing Sources/(Uses)
50Debt Service Payments(1,378,502) (674,244) (78,342) (115,201) (112,989) (93,604) (61,568) (59,982) (54,053) (43,231) (42,458) (28,258) (14,572) - -
51Transfers In/(Out)- -
52Total Non-Operating Revenues/(Expenses)(1,378,502) (674,244) (78,342) (115,201) (112,989) (93,604) (61,568) (59,982) (54,053) (43,231) (42,458) (28,258) (14,572) - -
53
54Net Change in Fund Balance(516,607) (265,004) (61,179) (75,601) (86,408) (25,919) (27,469) (26,158) (20,490) (9,873) (9,199) 4,909 18,644 33,403 33,737
55Ending SPECIAL REVENUE Fund Balanc
e
(516,607) (265,004) (326,183) (401,784) (488,192) (514,111) (541,580) (567,738) (588,228) (598,101) (607,300) (602,391) (583,747) (550,344) (516,607)
56
57COMBINED TID #7 FUNDS(201,815) (8,809) (42,164) (115,346) (200,930) (226,283) (250,874) (274,125) (291,679) (298,587) (304,791) (296,857) (275,158) (238,669) (201,815)
Projections
General TID Information
Industrial
CAPITAL PROJECT FUND SPECIAL REVENUE FUND
Page 12 - TID 7 Funds
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3TID #8 (Combined Special Revenue and Capital Projects Funds)
4
5
6OriginalAmended
7District Type
8Creation Resolution Date9/9/1997N/A
9Base Year1/1/1997N/A
10Final Project Expenditures9/9/20049/9/2016
11Final Increment20212021Interest Rate1.0%
12Base Values255,200$ -$ Inflation Rate2.0%
13
14ProjectedPreviousActualActual
A
ctualPrelim.Budget
15TID #8TotalsYears2009201020112012201320142015201620172018201920202021
16Revenues
17Investment Income16,702 10,666 409 438 177 130 521 526 532 537 542 548 553 559 564
18Property Sales16,800 5,000 - 11,800 -
19State/Federal Grants382,041 382,041
20Miscellaneous10 10
21Total Revenues415,553 397,717 409 12,238 177 130 521 526 532 537 542 548 553 559 564
22
23Expenditures
24Capital Outlay1,558,565 1,553,975 1,690 2,600 150 150
25Total Expenditures1,558,565 1,553,975 1,690 2,600 150 150 - - - - - - - - -
26
27Excess/(Deficiency) of Revenues over Expenditure
s
(1,143,012) (1,156,258) (1,281) 9,638 27 (20) 521 526 532 537 542 548 553 559 564
28
29Other Financing Sources/(Uses)
30Long-Term Debt Issued1,200,000 1,200,000 - - -
31Transfers In/(Out)- - - - -
32Total Non-Operating Revenues/(Expenses)1,200,000 1,200,000 - - - - - - - - - - - - -
33
34Net Change in Fund Balance56,988 43,742 (1,281) 9,638 27 (20) 521 526 532 537 542 548 553 559 564
35Ending CAPITAL PROJECTS Fund Balanc
e
56,988 43,742 42,461 52,099 52,126 52,106 52,627 53,153 53,685 54,222 54,764 55,312 55,865 56,424 56,988
36
37Revenues
38Taxes1,684,302 619,633 67,893 72,760 76,048 77,010 85,662 85,662 85,662 85,662 85,662 85,662 85,662 85,662 85,662
39Intergovernmental601 196 29 22 24 33 33 33 33 33 33 33 33 33 33
40Investment Income(51,832) (8,803) (1,903) (2,824) (1,382) (1,091) (4,596) (4,626) (4,634) (4,562) (4,341) (4,107) (3,677) (3,056) (2,230)
41Total Revenues1,633,071 611,026 66,019 69,958 74,690 75,952 81,099 81,069 81,061 81,133 81,354 81,588 82,018 82,639 83,465
42
43Expenditures
44Current Expenditures6,235 6,235 - - -
45Total Expenditures6,235 6,235 - - - - - - - - - - - -
-
46
47Excess/(Deficiency) of Revenues over Expenditure
s
1,626,836 604,791 66,019 69,958 74,690 75,952 81,099 81,069 81,061 81,133 81,354 81,588 82,018 82,639 83,465
48
49Other Financing Sources/(Uses)
50Debt Service Payments(1,766,334) (806,356) (105,128) (157,338) (154,317) (127,840) (84,087) (81,921) (73,824) (59,042) (57,987) (38,593) (19,901) - -
51Transfers In/(Out)-
52Total Non-Operating Revenues/(Expenses)(1,766,334) (806,356) (105,128) (157,338) (154,317) (127,840) (84,087) (81,921) (73,824) (59,042) (57,987) (38,593) (19,901) - -
53
54Net Change in Fund Balance(139,498) (201,565) (39,109) (87,380) (79,627) (51,888) (2,988) (852) 7,237 22,091 23,367 42,995 62,117 82,639 83,465
55Ending SPECIAL REVENUE Fund Balanc
e
(139,498) (201,565) (240,674) (328,054) (407,681) (459,569) (462,557) (463,409) (456,172) (434,081) (410,714) (367,719) (305,602) (222,963) (139,498)
56
57COMBINED TID #7 FUNDS(82,510) (157,823) (198,213) (275,955) (355,555) (407,463) (409,930) (410,256) (402,487) (379,859) (355,950) (312,407) (249,737) (166,539) (82,510)
Projections
General TID Information
Industrial
CAPITAL PROJECT FUND SPECIAL REVENUE FUND
Page 13 - TID 8 Funds
1
CITY OF ASHLAND, WISCONSIN
Questions:
2
FINANCIAL MANAGEMENT PLAN (FMP)
1) Any of the Water and Sewer projects in 2012 located within the boundaries of TID9?
3TID #9 (Combined Special Revenue and Capital Projects Funds) - Looking for ways to spend BAB bond proceeds
4
5
6OriginalAmended
7District Type
8Creation Resolution Date8/8/2006N/A
9Base Year1/1/2006N/A
10Final Project Expenditures2/2/2021N/A
11Final Increment2027N/AInterest Rate1.0%
12Base Values2,359,600$ -$ Inflation Rate2.0%
13
14ProjectedPreviousActualActual
A
ctualPrelim.Budget
15TID #9TotalsYears20092010201120122013201420152016201720182019202020212022
16Revenues
17Investment Income5,354 (3,337) 4,448 17,387 2,885 2,090 (1,126) (1,137) (1,148) (1,160) (1,171) (1,183) (1,195) (1,207) (1,219) (1,231)
18Property Sales7,965 7,965
19State/Federal Grants46,877 46,877
20Miscellaneous 1,000 1,000
21Total Revenues61,196 5,628 4,448 17,387 49,762 2,090 (1,126) (1,137) (1,148) (1,160) (1,171) (1,183) (1,195) (1,207) (1,219) (1,231)
22
23Expenditures
24Capital Outlay2,633,436 856,320 518,788 1,237,353 16,985 3,990
25Debt Service66,372 - 66,372
26Total Expenditures2,699,808 856,320 585,160 1,237,353 16,985 3,990 - - - - - - - - - -
27
28Excess/(Deficiency) of Revenues over Expenditure
s
(2,638,612) (850,692) (580,712) (1,219,966) 32,777 (1,900) (1,126) (1,137) (1,148) (1,160) (1,171) (1,183) (1,195) (1,207) (1,219) (1,231)
29
30Other Financing Sources/(Uses)
31Long-Term Debt Issued2,507,938 - 3,456,000 - - (948,062)
32Transfers In/(Out)- - - - -
33Total Non-Operating Revenues/(Expenses)2,507,938 - 3,456,000 - - (948,062) - - - - - - - - - -
34
35Net Change in Fund Balance(130,674) (850,692) 2,875,288 (1,219,966) 32,777 (949,962) (1,126) (1,137) (1,148) (1,160) (1,171) (1,183) (1,195) (1,207) (1,219) (1,231)
36Ending Fund Balance(130,674) (850,692) 2,024,596 804,630 837,407 (112,555) (113,681) (114,818) (115,966) (117,126) (118,297) (119,480) (120,675) (121,882) (123,101) (124,332)
37
38Revenues
39Taxes1,781,721 - - 62,496 114,430 94,775 100,668 100,668 100,668 100,668 100,668 100,668 100,668 100,668 100,668 100,668
40Intergovernmental6,801
61 51 89 680 370 370 370 370 370 370 370 370 370 370 370
41Investment Income(223,556) - - (1,188) (1,091) (1,089) (4,387) (6,146) (8,263) (10,497) (12,971) (15,472) (18,153) (20,899) (20,098) (19,288)
42Total Revenues1,564,966 61 51 61,397 114,019 94,056 96,651 94,892 92,775 90,541 88,067 85,566 82,885 80,139 80,940 81,750
43
44Expenditures
45Current Expenditures- - - - - -
46Total Expenditures- - - - - - - - - - - - - - - -
47
48Excess/(Deficiency) of Revenues over Expenditure
s
1,564,966 61 51 61,397 114,019 94,056 96,651 94,892 92,775 90,541 88,067 85,566 82,885 80,139 80,940 81,750
49
50Other Financing Sources/(Uses)
51Debt Service Payments(2,990,869) - - (252,585) (244,667) (210,986) (272,578) (306,627) (316,208) (337,932) (338,137) (353,674) (357,475) - - -
52Transfers In/(Out)- - - - - - - - - - - - - - - -
53Total Non-Operating Revenues/(Expenses)(2,990,869) - - (252,585) (244,667) (210,986) (272,578) (306,627) (316,208) (337,932) (338,137) (353,674) (357,475) - - -
54
55Net Change in Fund Balance(1,425,903) 61 51 (191,188) (130,648) (116,930) (175,927) (211,735) (223,433) (247,391) (250,070) (268,108) (274,590) 80,139 80,940 81,750
56Ending Fund Balance(1,425,903) 61 112 (191,076) (321,724) (438,654) (614,581) (826,316) (1,049,749) (1,297,140) (1,547,210) (1,815,318) (2,089,908) (2,009,769) (1,928,829)
(1,847,079)
57
58COMBINED TID #7 FUNDS(1,556,577) (850,631) 2,024,708 613,554 515,683 (551,209) (728,262) (941,134) (1,165,715) (1,414,266) (1,665,507) (1,934,798) (2,210,583) (2,131,651) (2,051,930) (1,971,411)
Projections
General TID Information
Mixed use
CAPITAL PROJECT FUND SPECIAL REVENUE FUND
Page 14 - TID 9 Funds
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
Inflation Rate2.0%
3Water Fund (680)
4 PSC Rate Incr.
5 32% - Eff. 5/8
6ActualActualActualPrelim.Budget
7WATER FUND2009201020112012201320142015201620172018
8Operating Revenues
9Charges for Services1,607,799 1,633,112 1,641,734 1,618,799 1,944,676 2,111,370 2,111,370 2,111,370 2,111,370 2,111,370
10Total Operating Revenues1,607,799 1,633,112 1,641,734 1,618,799 1,944,676 2,111,370 2,111,370 2,111,370 2,111,370 2,111,370
11
12Operating Expenses
13Operation and Maintenance920,292 877,188 953,207 854,206 990,805 1,010,621 1,030,833 1,051,450 1,072,479 1,093,929
14Depreciation384,699 371,592 377,604 373,641 384,700 392,394 400,242 408,247 416,412 424,740
15Taxes1,405 1,559 1,902 1,244 2,000 2,040 2,081 2,123 2,165 2,208
16Total Operating Expenses1,306,396 1,250,339 1,332,713 1,229,091 1,377,505 1,405,055 1,433,156 1,461,820 1,491,056 1,520,877
17
18Net Operations301,403 382,773 309,021 389,708 567,171 706,315 678,214 649,550 620,314 590,493
19Non-Operating Revenues/(Expenses)
20Investment Income18,983 11,591 5,723 3,039 3,039 3,100 3,162 3,225
3,290 3,356
21Interest Expense(263,663) (248,849) (236,736) (242,868) (224,113) (213,800) (202,622) (190,777) (178,374) (165,358)
22Amortization Expense(3,505) (1,466) (1,284) (3,401) (3,504) (3,574) (3,645) (3,718) (3,792) (3,868)
23Loss on Sale of Capital Assets- - - - - - - - - -
24Capital Contributions207,741 106,278 67,572 383,721 191,328 195,155 199,058 203,039 207,100 211,242
25Transfers In/(Out)(271,243) (298,861) (314,245) (339,445) (298,486) (304,456) (310,545) (316,756) (323,091) (329,553)
26Total Non-Operating Revenues/(Expenses)(311,687) (431,307) (478,970) (198,954) (331,736) (323,575) (314,592) (304,987) (294,867) (284,181)
27
28Change in Net Assets(10,284) (48,534) (169,949) 190,754 235,435 382,740 363,622 344,563 325,447 306,312
29Ending Net Assets7,453,677 7,405,143 7,235,194 7,425,948 7,661,383 8,044,123 8,407,745 8,752,308 9,077,755 9,384,067
30
31CIP Funding
32Purchase of Capital Assets(573,692) (521,846) (209,014) (1,039,419) (139,500) (204,000) (276,746) (636,725)
- -
33Bond Proceeds2,312,920 - - 367,522 456,000 - - 500,000 - -
34Bond P&I - Future - 20 yrs at 2.0%(27,887) (27,887) (27,887) (27,887) (27,887)
37Bond P&I - Future - 20 yrs at 2.0%(30,578) (30,578)
38Bond P&I - Future - 20 yrs at 2.0%-
39Bond P&I - Future - 20 yrs at 2.0%
40Bond Prin - Existing(2,608,851) (356,218) (367,095) (384,935) (348,673) (369,024) (375,185) (381,021) (390,341) (387,637)
41
42Beginning Cash & Equivalents1,720,559 1,334,856 853,585 541,883 565,031 1,152,993 1,327,216 1,411,261 1,618,438 1,911,490
43 Add net operations (line 18)301,403 382,773 309,021 389,708 567,171 706,315 678,214 649,550 620,314 590,493
44 Add back depreciation (line 15)384,699 371,592 377,604 373,641 384,700 392,394 400,242 408,247 416,412 424,740
45 Add net non operating (line 26)(311,687) (431,307) (478,970) (198,954) (331,736) (323,575) (314,592) (304,987) (294,867) (284,181)
46 Add capital and bond (lines 32-36)(869,623) (878,064) (576,109) (1,056,832) (32,173) (600,911) (679,818) (545,633) (448,807) (446,103)
47 Net change in balance sheet items305,536 171,952 98,420 417,596
48 Other investments(196,031)
(98,217) (41,668) 97,989
49Ending Cash & Equivalents1,334,856853,585541,883565,0311,152,9931,327,2161,411,2611,618,4381,911,4902,196,439
50
51Cash & Investments822,929296,14200587,962762,185846,2301,053,4071,346,4591,631,408
52Reserve Account240,033240,033240,033240,033240,033240,033240,033240,033240,033240,033
53Redemption Account271,894317,410301,850324,998324,998324,998324,998324,998324,998324,998
54Replacement Account0000
55Ending Cash & Equivalents1,334,856853,585541,883565,0311,152,9931,327,2161,411,2611,618,4381,911,4902,196,439
Projections
Page 15 - Water Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3Sewer Fund (690)Inflation Rate2.0%
4 5.9% Rate Incr.
5
A
pproved 5/1
6ActualActualActualPrelim.Budge
t
7SEWER FUND2009201020112012201320142015201620172018
8Operating Revenues
9Charges for Services1,775,107 1,812,090 1,740,503 1,751,921 1,821,302 1,855,284 1,855,284 1,855,284 1,855,284 1,855,284
10Total Operating Revenues1,775,107 1,812,090 1,740,503 1,751,921 1,821,302 1,855,284 1,855,284 1,855,284 1,855,284 1,855,284
11
12Operating Expenses
13Operation and Maintenance1,031,911 1,076,253 1,167,399 1,227,878 1,290,141 1,315,944 1,342,263 1,369,108 1,396,490 1,424,420
14Depreciation696,610 662,544 690,860 710,576 660,860 674,077 687,559 701,310 715,336 729,643
15Taxes- - - -
16Total Operating Expenses1,728,521 1,738,797 1,858,259 1,938,454 1,951,001 1,990,021 2,029,822 2,070,418 2,111,826 2,154,063
17
18Net Operations46,586 73,293 (117,756) (186,533) (129,699) (134,737) (174,538) (215,134) (256,542) (298,779)
19Non-Operating Revenues/(Expenses)
20Investment Income32,115 24,609 18,817 10,559 10,559 10,770 10,985 11,205 11,429 11,658
21Interest Expense(79,667) (61,366) (52,110) (55,942) (45,344) (37,674) (30,785) (23,018) (14,954) (6,797)
22Amortization Expense(1,507) (315) (315)
(1,865) (500) (510) (520) (530) (541) (552)
23Loss on Sale of Capital Assets- - - - - - - - - -
24Capital Contributions232,853 242,847 127,199 141,724 186,156 189,879 193,677 197,551 201,502 205,532
25Transfers In/(Out)- - - (1,307) 487,305 - - - - -
26Total Non-Operating Revenues/(Expenses)183,794 205,775 93,591 93,169 638,176 162,465 173,357 185,208 197,436 209,841
27
28Change in Net Assets230,380 279,068 (24,165) (93,364) 508,477 27,728 (1,181) (29,926) (59,106) (88,938)
29Ending Net Assets12,374,848 12,653,916 12,629,751 12,536,387 13,044,864 13,072,592 13,071,411 13,041,485 12,982,379 12,893,441
30
31CIP Funding
32Purchase of Capital Assets(186,525) (399,907) (642,133) (762,934) (1,993,919) - - (265,302) - -
33Bond Proceeds1,366,302 - - 269,101 1,200,000
34Bond P&I - Future - 20 yrs at 2.0%(73,388) (73,388) (73,388) (73,388) (73,388)
35Bond P&I - Future - 20 yrs at 2.0%
- - -
36Bond P&I - Future - 20 yrs at 2.0%- -
37Bond P&I - Future - 20 yrs at 2.0%-
38Bond P&I - Future - 20 yrs at 2.0%
39Bond P&I - Future - 20 yrs at 2.0%
40Bond Prin - Existing(2,078,437) (789,991) (268,158) (270,912) (255,285) (266,102) (268,896) (267,524) (274,155) (264,078)
41
42Beginning Cash2,369,129 2,359,508 2,165,968 1,548,211 1,338,418 1,458,551 1,820,866 2,164,960 2,230,130 2,538,817
43 Add net operations (line 18)46,586 73,293 (117,756) (186,533) (129,699) (134,737) (174,538) (215,134) (256,542) (298,779)
44 Add back depreciation (line 15)696,610 662,544 690,860 710,576 660,860 674,077 687,559 701,310 715,336 729,643
45 Add net non operating (line 26)183,794 205,775 93,591 93,169 638,176 162,465 173,357 185,208 197,436 209,841
46 Add capital and bond (lines 32-36)(898,660) (1,189,898) (910,291) (764,745) (1,049,204) (339,490) (342,284) (606,214) (347,543) (337,466)
47 Net change in balance sheet items150,658 180,775 (364,837) (30,484)
48 Other investments(188,609) (126,029) (9,324) (31,776)
49Ending Cash2,359,508 2,165,968 1,548,211 1,338,418 1,458,551 1,820,866 2,164,960 2,230,130 2,538,817 2,842,055
50
51Cash & Investments10010070,40173,180193,313325,628439,722254,892563,579866,817
52Reserve Account- - - - -
53Redemption Account485,704 204,095 202,883 190,208 190,208 190,208 190,208 190,208 190,208 190,208
54Replacement Account1,873,704 1,961,773 1,274,927 1,075,030 1,075,030 1,305,030 1,535,030 1,785,030 1,785,030 1,785,030
55Ending Cash & Equivalents2,359,508 2,165,968 1,548,211 1,338,418 1,458,551 1,820,866 2,164,960 2,230,130 2,538,817 2,842,055
Projections
Page 16 - Sewer Fund
8/22/2013
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3Airport Fund (610)Inflation Rate2.0%
4
5
6ActualActualActualPrelim.Budget
7AIRPORT FUND2009201020112012201320142015201620172018
8Operating Revenues
9Charges for Services159,233 232,712 215,644 227,856 194,223 198,107 202,069 206,110 210,232 214,437
10Total Operating Revenues159,233 232,712 215,644 227,856 194,223 198,107 202,069 206,110 210,232 214,437
11
12Operating Expenses
13Operation and Maintenance232,706 190,209 249,415 261,791 231,045 235,666 240,379 245,187 250,091 255,093
14Depreciation44,420 135,903 132,575 134,369 134,369 137,056 139,797 142,593 145,445 148,354
15Taxes- - - - - - - - - -
16Total Operating Expenses277,126 326,112 381,990 396,160 365,414 372,722 380,176 387,780 395,536 403,447
17
18Net Operations(117,893) (93,400) (166,346) (168,304) (171,191) (174,615) (178,107) (181,670) (185,304) (189,010)
19Non-Operating Revenues/(Expenses)
20Investment Income1,945 1,722 1,569 693 1,000 1,020 1,040 1,061 1,082
1,104
21Interest Expense(87) (79) (70) (62) - - - - - -
22Amortization Expense- - - - - - - - - -
23Loss on Sale of Capital Assets- - - - - - - - - -
24Capital Contributions- 821,218 51,724 (204) 83,000 48,750 740,000 - - 2,585,000
25Transfers In/(Out)63,883 63,883 62,690 22,690 35,823 36,539 37,270 38,015 38,775 39,551
26Total Non-Operating Revenues/(Expenses)65,741 886,744 115,913 23,117 119,823 86,309 778,310 39,076 39,857 2,625,655
27
28Change in Net Assets(52,152) 793,344 (50,433) (145,187) (51,368) (88,306) 600,203 (142,594) (145,447) 2,436,645
29Ending Net Assets1,850,195 2,643,539 2,593,106 2,447,919 2,396,551 2,308,245 2,908,448 2,765,854 2,620,407 5,057,052
30
31CIP Funding
32Purchase of Capital Assets(14,422) (15,647) (9,910) (90,750) (50,000) (800,000) - - (2,700,000)

33Bond Proceeds
34Bond P&I - Future - 10 yrs at 2.75%
35Bond P&I - Future - 20 yrs at 5.0%
36
37Beginning Cash144,796 160,305 265,324 275,896 264,450 256,701 255,451 195,451 195,450 195,448
38 Add net operations (line 18)(117,893) (93,400) (166,346) (168,304) (171,191) (174,615) (178,107) (181,670) (185,304) (189,010)
39 Add back depreciation (line 15)44,420 135,903 132,575 134,369 134,369 137,056 139,797 142,593 145,445 148,354
40 Add net non operating (line 24)65,741 886,744 115,913 23,117 119,823 86,309 778,310 39,076 39,857 2,625,655
41 Add capital and bond (lines 33-36)(14,422) (15,647) - (9,910) (90,750) (50,000) (800,000) - - (2,700,000)
10 Net change in balance sheet items39,384 12,796 (11,800) 8,498
11 Other investments(1,721) (821,377) (59,770) 784
12Ending Cash160,305 265,324 275,896 264,450 256,701 255,451 195,451 195,450 195,448 80,447
Projections
Page 17 - Airport Fund
1
CITY OF ASHLAND, WISCONSIN
2
FINANCIAL MANAGEMENT PLAN (FMP)
3Marina Fund (620)Inflation Rate2.0%
4
5
6ActualActualActualPrelim.Budget
7MARINA FUND2009201020112012201320142015201620172018
8Operating Revenues
9Charges for Services233,729 248,151 276,852 272,766 223,100 227,562 232,113 236,755 241,490 246,320
10Total Operating Revenues233,729 248,151 276,852 272,766 223,100 227,562 232,113 236,755 241,490 246,320
11
12Operating Expenses
13Operation and Maintenance172,562 163,698 181,590 211,124 169,380 172,768 176,223 179,747 183,342 187,009
14Depreciation(169,156) 37,640 52,882 57,206 57,206 58,350 59,517 60,707 61,921 63,159
15Taxes- - - - - - -
16Total Operating Expenses3,406 201,338 234,472 268,330 226,586 231,118 235,740 240,454 245,263 250,168
17
18Net Operations230,323 46,813 42,380 4,436 (3,486) (3,556) (3,627) (3,699) (3,773) (3,848)
19Non-Operating Revenues/(Expenses)
20Investment Income2,933 2,089 1,190 1,149 1,748 1,783 1,819 1,855 1,892 1,930
21Interest Expense(6,313)
(21,163) (17,737) (16,834) (9,950) (9,030) (7,851) (6,425) (4,782) (2,979)
22Amortization Expense- - - - - - - - - -
23Loss on Sale of Capital Assets- - - - - - - - - -
24Capital Contributions1,265,064 151,024 - - - - - - - -
25Transfers In/(Out)65,376 - - (2,275) - - - - - -
26Total Non-Operating Revenues/(Expenses)1,327,060 131,950 (16,547) (17,960) (8,202) (7,247) (6,032) (4,570) (2,890) (1,049)
27
28Change in Net Assets1,557,383 178,763 25,833 (13,524) (11,688) (10,803) (9,659) (8,269) (6,663) (4,897)
29Ending Net Assets1,557,383 1,736,146 1,761,979 1,748,455 1,736,767 1,725,964 1,716,305 1,708,036 1,701,373 1,696,476
30
31CIP Funding
32Purchase of Capital Assets(622,644) (441,218) (174,723) - - (85,000) (305,000) (225,000) (500,000) (750,000)
33Bond Proceeds459,000
85,000 300,000 225,000 500,000 750,000
34Bond P&I - Future - 20 yrs at 2.0%(5,198) (5,198) (5,198) (5,198)
35Bond P&I - Future - 20 yrs at 2.0%(18,347) (18,347) (18,347)
36Bond P&I - Future - 20 yrs at 2.0%(13,760) (13,760)
37Bond P&I - Future - 20 yrs at 2.0%(30,578)
38Bond P&I - Future - 20 yrs at 2.0%
39Bond Prin - Existing(19,168) (20,722) (56,356) (38,387) (45,344) (48,223) (53,501) (55,181) (59,739)
40
41Beginning Cash34,838 326,043 367,465 275,345 264,188 271,319 273,522 264,959 240,350 203,122
42 Add net operations (line 18)230,323 46,813 42,380 4,436 (3,486) (3,556) (3,627) (3,699) (3,773) (3,848)
43 Add back depreciation (line 14)(169,156) 37,640 52,882 57,206 57,206 58,350 59,517 60,707 61,921 63,159
44 Add net non operating (line 26)1,327,060 131,950 (16,547) (17,960) (8,202) (7,247) (6,032) (4,570) (2,890) (1,049)
45 Add capital and bond (lines 32-36)(163,644) (460,386) (195,445) (56,356) (38,387) (45,344) (58,421) (77,046) (92,487) (127,623)
10 Net change in balance sheet items49,564 (23,656) (13,513) 3,191
11 Other investments(982,942) 309,061 38,123 (1,674)
12Ending Cash326,043 367,465 275,345 264,188 271,319 273,522 264,959 240,350 203,122 133,761
Projections
Page 18 - Marina Fund