City of Eyota, Minnesota

Transcription

1 City of Eyota, Minnesota Continuing Disclosure Report Year Ending December 31, 2013 Prepared 3 November, 2014 Minneapolis Office: 5029 Upton Avenue South Minneapolis, MN Phone Fax

2 CITY OF EYOTA, MINNESOTA City of Eyota City Council Name Tyrel Clark Bryan Cornell Kurt Holst Tony Nelson Ray Schuchard Position Mayor Administration Marlis Knowlton City Clerk-Treasurer Appointed Nancy Eichman City Deputy Clerk Appointed

3 VALUATIONS 2012/2013 Market Value and Tax Capacity Market Value Information Net Tax Capacity Real Estate Taxable $ 87,407,200 $ 915,535 Personal Property 1,146,600 22,782 TOTAL Taxable MV $ 88,553,800 $ 938,317 Captured Tax Capacity (0) Adjusted Net Tax Capacity $ 938,317 Estimated Market Value $ 105,141,600 Economic Market Value $ 107,862,670 Economic Market Value is calculated by the MN Department of Revenue and is based upon Estimated Market Value adjusted by an average sales ratio. Economic Market Value is intended to reflect the "true" market value of real estate in the community. 2012/2013 Tax Capacity by Classification Net Tax Capacity Percent Residential $ 700, % Commercial Industrial 116, % Non-Homestead Residential 79, % Agriculture & Other 42, % TOTAL $ 938, % Trends in Valuations Assessor's Taxable Adjusted Net Year Market Value Market Value * Tax Capacity 2012/13 $ 105,141,600 $ 88,553,800 $ 938, /12 108,118,600 92,372, , /11 110,098, ,748,400 1,142, /10 112,604, ,220,300 1,166, /09 113,679, ,957,734 1,164, /08 105,712, ,998,400 1,090, /07 99,352,900 98,407,900 1,013,958 * Taxable Market Value in 2012 is AFTER reduction for homestead residential exclusion. This new law reduces the taxable market value of lower value homes by up to 43% of appraised value. 3

4 Ten Largest Taxpayers 2012/13 Taxpayer Type of Business Tax Capacity Convenience Store Investments Commercial $ 21,616 Alliant-Interstate Power Utility 14,531 Northwest Invest La Crosse, LLC Commercial 11,648 Higgins Real Estate, LLC Commercial 8,830 Minnesota Energy Resources Utility 8,552 Schumann Grocery Store Commercial 7,718 Individual Agricultural 7,044 Individual Commercial 4,556 Stew, Farmers Elevator Co. Commercial 4,337 Prestige Automotive Commercial 4,308 Total $ 93,140 The Net Tax Capacity of the City s ten largest taxpayers equals 9.22% of the City s total 2012/2013 adjusted net tax capacity. TAX RATES, LEVIES & COLLECTIONS Tax Capacity Rates Debt Only 2008/ / / / / /13 City of Eyota % % % % % 2.328% Olmsted County % % % % % % ISD # % % % % % % TOTAL % % % % % % Tax Levies and Collections Collected During Collected Year Net Collection Year as of 5/20/2013 Levy/Collect Levy Amount Percent Amount Percent 2012/13 $ 548, /12 560,649 $ 554, % $ 557, % 2010/11 533, , % 531, % 2009/10 539, , % 537, % 2008/09 527, , % 527, % 4

5 INDEBTEDNESS (as of 11/1/2014) Legal Debt Limit and Margin Legal Debt Limit (3% of Estimated Market Value) $ 3,154,248 Less: Outstanding Debt Subject to Limit (0) Legal Debt Margin as of 11/1/2014 $ 3,154,248 General Obligation Debt Supported by Special Assessments Date Original Final Principal of Issue Amount Purpose Maturity Outstanding 11/1/2012 $ 337,000 PIR Refunding 2/1/2022 $ 305,000 7/1/ ,000 Improvements Portion of 2010A 2/1/ ,000 7/1/ ,000 Improvements Refunding Portion of 2008A 2/1/ ,000 General Obligation Debt Supported by Revenues $ 1,225,000 Date of Original Final Principal Issue Amount Purpose Maturity Outstanding 11/4/2013 $ 2,200,000 Housing Refunding 2/1/2027 $ 2,200,000 7/1/ ,000 Utility Revenue Portion of 2010A 2/1/ ,000 7/1/ ,000 Disposal System Portion of 2008A 2/1/ ,000 12/1/ ,000 Utility Improvements 2/1/ ,000 Total $ 3,315,000 Summary of Gross Debt Gross Debt GO Debt Supported by Special Assessments $ 1,225,000 GO Debt Supported by Revenues 3,315,000 Total $ 4,540,000 Overlapping Debt 2012/13 % in Total City Taxing Unit Tax Capacity City G.O. Debt Share Olmsted County $ 139,641, % $ 226,395,000 $ 1,521,255 Eyota ISD # 533 4,097, % 11,236,000 2,572,755 Total $ 4,094,011 5

6 Debt Ratios Debt/Economic Debt Net Market Value per Capita G.O. Debt 107,862,670 2,036 Net Direct G.O. Debt* $ 1,225, % $ 602 Net Direct and Overlapping GO Debt 5,319, % 2,612 * Excludes G.O. Revenue Debt GENERAL INFORMATION CITY OF EYOTA The City of Eyota is located in Olmsted County approximately 90 miles southeast of the City of Minneapolis and 10 miles east of the City of Rochester. Interstate 90 runs within 2 miles of the City. U.S. Highway 14 runs through the City. The City's 1990 U.S. Census population count was 1,448, the 2000 US Census count was 1,644 and the current U.S. Census estimate is 2,036. Organization The City incorporated in 1875 and is a statutory city. The City s governing body is the City Council, consisting of the Mayor and four elected council members. Council members are elected at large to serve overlapping fouryear terms. The present Council is comprised of the following members: Name Tyrel Clark Bryan Cornell Kurt Holst Tony Nelson Ray Schuchard Position Mayor Marlis Knowlton is the appointed City Clerk-Treasurer and is responsible for administering Council policy on a day-to-day basis. City Services The City employs four (4) full-time personnel and one (1) part-time person. Departments and services provided by the city include clerical and public works. The City contracts with Olmsted County to provided police/protective services. The insurance class rating is 7. The municipal water system has a 300,000-gallon storage capacity. The system has a total pumping capacity of 500 gallons per minute. There are 715 connections to the municipal water system. The average demand is 125,000 gallons per day with a peak demand of 200,000 gallons per day. The City belongs to a sanitary sewer district that includes three jurisdictions. The City of Eyota has 710 connections to this system. 6

7 Employee Pensions All full-time and certain part-time employees of the City of Eyota are covered by defined benefit plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing, multiple-employer retirement plans. These plans are administered in accordance with Minnesota Statutes Chapters 353 and 356. Total PERA/PEPFF contributions made during fiscal year 2013 amounted to $15,030. Census Data Population Trends Population 1980 U.S. Census 1, U.S. Census 1, U.S. Census 1, U.S. Census 1, U.S. Census Estimate 2,036 Source: U.S. Census Bureau Income and Housing Statistics City of Olmsted State of Eyota County Minnesota 2012 per Capita Income $ 26,411 $ 33,934 $ 30, Median Household Income 66,087 66,667 59,156 Percent Living in Poverty 5.9% 8.5% 11.20% Median Value of Owner Occupied Housing 153, , ,300 Source: U.S. Census & MN Demographer The City of Eyota has 660 single-family homes and 14 multi-family units located within the city limits. Source: City Records Employment Data Labor Force Unemployment Rate Olmsted County Olmsted County State of MN Financial Services September, , % 3.6% September, , % 4.6% Source: Minnesota Department of Employment & Economic Development The Eastwood Bank (a branch of Kasson) is the only bank within the City. They reported deposits of $35,287,000 as of June 30, Source: Thompson Financial Publishing 7

8 Major Employers Employer Product/Service # of Employees Dover Eyota Schools Public education 203 Eyota Market Grocery store 34 Arbor Gardens Senior housing 30 Eyota Kids Korner Day care provider 20 Higgins Custom Cabinetry Housing construction 19 Kwik Trip Service station 18 Country Café Restaurant 10 US Post Office Post officd 8 Tree Frog Treasures Retail 7 Eastwood Bank Bank 6 Healthcare The City of Eyota has no medical facilities available within City limits. The Mayo Clinic and Hospital system is located in Rochester, approximately 10 miles west of the City. Transportation The City of Eyota is located in Olmsted County approximately 110 miles southeast of the City of Minneapolis and 11 miles west of the City of Rochester. Interstate 90 runs within 2 miles of the City. U.S. Highway 14 runs through the City. Inter-City bus service and cab service are both available within the City. Source: MN Department of Employment & Economic Development Education The City has one elementary, one junior high and one senior high school. The total enrollment for the 2013/14 school year was 1,118. The closest post-secondary education facilities are located in the City of Rochester. These are Minnesota Riverland Technical College, Rochester Community College, the University of Minnesota-Rochester and St. Mary's University (a private college). Source: MN Department of Employment & Economic Development Utilities Electricity is provided by Alliant Energy and Peoples Co-op. Minnesota Energy Resources is the natural gas provider for the City. Communications Embarq serves as the local telephone company for the City. The City also has access to cable television and the Internet. The City s Official Newspaper is the Post Bulletin, published in Rochester Monday through Saturday. 8