HomeMy WebLinkAbout[05b] Debt Management Study{.I7'S' (1F fiT.JDL~F 1~FC
Council Agenda Item 5 b
MEETING DATE: June 4, 2009
AGENDA ITEM: Debt Management Study
SUBMITTED BY: Administration/Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION: Annually, Monte Eastvold, financial advisor from Northland Securities,
prepares an analysis of the outstanding bonds held by the City of St. Joseph. Attached is the 2009 debt
study as prepared by Monte Eastvold and reviewed by staff. The debt study provides information of
what the required tax levies should be, what debts might be a candidate to refund or payoff early, how
many years remain on each debt, and the summary of the debt costs versus the requirements to pay the
total debt.
Based on the debt analysis, Monte recommends refinancing the public works facility bonds (page 3 of
the study) with GO CIP bonds. A separate agenda item is prepared for this recommendation.
Also, Monte recommends considering an early payoff of the 2002 GO water revenue bonds (page 2 of
the study) on the call date of December 1, 2009. Staff recommends waiting until later in the year for
this decision to see how well the water fund is performing.
The Debt Management Study is also used for budgeting, making sure that I levies are budgeted and
levies meet the needs of the bond issue. For your convenience a table has been included illustrating the
bond levies for 2009 and the scheduled for 2010. As you can see, the levies are reduced for 2010, this
was also noted by the auditors. If you use the current valuation, the reduction in bond levies would
result in a 1.036 reduction in tax capacity.
BUDGET/FISCAL IMPACT: None
ATTACHMENTS: 2009 Debt Management Study, Table of 2009/2010 Debt Levy
REQUESTED COUNCIL ACTION: None -information only
45 South 71h Street
., ~.,;,
Suite 2500
NORTHLAND SECURITIES Minneapolis, MN S.i402
w. ~.:..
(800) 851-2920
(612) 851-5904
Fax (612) 851-5917
E X T E R N A L M E M O R A N D U M
DATE: May 28, 2009
TO: Mayor & City Council
City of St. Joseph, MN
FROM: Monte Eastvold, Vice President /''v
Northland Securities
RE: Debt Management Study
Attached is a copy of the Debt Management Study that incorporates information from the City's
2008 Audit. The Debt Management Study:
Analyzes existing debt of the City, noting revenue sources to service the debt,
Analyzes existing and future debt service Fund Balances based upon anticipated revenue
sources; in short, a cash flow analysis for each outstanding bond issue, and
Notes special features such as early call provisions that may enhance or create financing
mechanism for other City needs.
This Debt Management Study has been submitted to the Cite of St. Joseph at no cost. I look
forward to reviewing this information with you at your June 4a' meeting.
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City of St. Joseph
Debt Tax Capacity Rate Estimates
as of May 29, 2009
2002 Bond Improvements
$4.700M GO Improvement Bond
2003 Bond Improvements
$700K Public Project Revenue Bond
$750K Improvement Refunding Bond
$815K Fire Hall Refunding Bond
2004 Bond Improvements
$590K Improvement Bond
2005 Bond Improvements
$645K Public Project Crossover Refunding
$1.655M GO Improvement Bond
$3 120M GO Improvement Bond
2006 Bond Improvements
$250K Certificate of Indebtdness
$2.375M GO Improvement Bond
2007 Bond Improvements
$2.875M GO Improvement Bond
$980K GO Refunding Bond
2008 Bond Improvements
$290K GO Certificate of Indebtedness
2009 Bond Improvements
$3.01 M GO Improvement Crossover Refunding
TOTAL LEVY -Bond Indebtedness
2009 Tax Capacity Rate
Tax Capacity Rate related to debt
2009 2010
Actual Scheduled
66,000.00 69,000.00
$ 66,000.00 66,000.00
14,000.00 10,000.00
35,330.00 31,900.00
115,330.00 107,900.00
33,000.00 -
110 , 0 00.00 105 , 000.00
15,000.00 16,000.00
55,000.00 50,000.00
180,000.00 171,000.00
69,000.00
61,000.00 61,000.00
130,000.00 61,000.00
36,000.00 38,000.00
2,500.00 8,500.00
38,500.00 46,500.00
65,500.00 66,000.00
- 69,000.00
628,330.00 590,400.00
48.408% 47.333%
16.825% 15.789%
1.036% reduction