1

Debt OverviewAugust 25, 2014

City of Bettendorf

2

I. What is City Debt?

3

The City issues debt or borrows money to finance capital projects or equipment that cannot be paid for immediately with cash on hand.

Examples may include: Infrastructure projects including: new and

replacement streets, bridges, bike paths Traffic Signals Sanitary and Stormwater projects Municipal Facilities, major remodeling projects, salt

dome Land purchases Fire trucks, garbage trucks

NOT borrowing for day-to-day operating costs like payroll

1

4

Two types of debt a City can issue:

Municipal Bonds: Bonds issued by a city or other local governments, or

their agencies for a period of time typically up to 20 years (30 years for disaster recovery, etc.). Bonds are usually issued to finance large public capital projects over a longer term.

Loan Agreements and Capital Loan Notes: Allowed by law, these are treated much the same way as

bonds, but look similar to the type of process a consumer would use in borrowing money. Loan agreements are often used to finance public capital projects with a shorter term and are privately placed, rather than bid.

The purposes for which a government may borrow are listed in Chapter 384 of the State Code

5

Two Types of Municipal Bonds:

1) General Obligation Bonds:Bonds for Essential Corporate purposes – such as infrastructure

projects for new street paving, repair or replacement; traffic signals, sanitary sewers, etc. No election required.

Bonds for General Corporate purposes – such as acquisition and development of park land and construction of municipal facilities. Council has authority to issue up to $700,000 without an election. To issue bonds greater than $700,000 requires an election with

60% voting in favor.G.O. Bonds are typically paid through the Debt Levy but may be funded from a revenue stream such as Sewer Fees, Garbage Fees, Stormwater Fees, Gaming revenue, etc. However, the bonds are guaranteed by the “full faith and credit” of the city, if the revenue stream falters. That is, the city guarantees they will be paid.

6

Two Types of Municipal Bonds, con’t:

2) Revenue Bonds: Revenue bonds can be either for essential or general

corporate purpose Paid ONLY by identifiable revenue streams such as

Sanitary Sewer Fees, Stormwater fees, Garbage fees, 1 cent local option sales tax, gaming revenue, tax increment revenues, etc (not property tax levy)

Revenue bonds do not count against the City’s 5% debt limitation as they are NOT guaranteed to be paid by the City.

As a result of the no guarantee of payment, interest rates on revenue bonds are generally higher, require reserves, and coverage ratios. Overall, revenue bonds are more expensive than General Obligation Bonds.

7

II. What is the Legal Debt Limit and Bettendorf’s debt

level?

8

What is the legal debt limit for Cities in Iowa?

• Under the Iowa Constitution, a city can issue General Obligation debt, in a total amount, up to 5% of total assessed valuation. (100% assessed valuation) . There is no levy cap on debt service, the limit is on the amount of debt.

Revenue bonds do not count against the 5% cap as they are not guaranteed to be paid by the City.

EXCEPT, tax increment revenue bonds and annual TIF rebates, by decision of the Iowa Supreme Court, must also be included when looking at the 5% limitation even though they are a revenue bond; no other revenue bonds count towards the 5% cap.

9

What is Bettendorf’s legal debt limit?

For FY 2014/15 the City’s legal MAXIMUM debt limit totals $160,050,504.

The City will have outstanding debt totaling $119,605,000 against that maximum limit at June 30, 2015, equating to 74.73% - (Commonly referred to as Legal Debt Margin Used).

The City has the legal capacity to issue an additional $40,445,504, if needed.

10

III. How does our Debt Margin compare to other

Cities?

11

Debt Margin (6/30/13) & Credit Rating Comparison (6/30/14)City Population

% of Debt Limit Used 6/30/13 Moody’s Rating

Ankeny 45,582 81.6 Aa2Keokuk 10,780 80.9 A2Dubuque* 57,637 78.9 Aa2Bettendorf* 33,217 77.7 Aa2Burlington 25,663 77.2 A2Cedar Rapids* 126,326 73.0 Aa1Davenport* 99,685 72.3 Aa3Altoona 14,541 71.2 Aa3Des Moines* 203,433 69.5 Aa2Fort Dodge 25,206 68.0 Aa3Newton 15,254 67.5 Aa3Indianola 14,782 62.7 Aa3Sioux City* 82,684 61.5 Aa2Clive 15,447 59.2 Aa1Waterloo 68,406 49.4 Aa2Johnston 17,278 47.2 NANorth Liberty 13,374 45.8 Aa3Marshalltown 27,552 44.3 Aa2Ames* 58,965 40.4 Aa1Council Bluffs 62,230 37.3 Aa2Fort Madison 11,051 35.8 A2Mason City 28,079 35.0 Aa2West Des Moines 56,609 34.8 AaaOttumwa 25,023 32.5 A1Muscatine 22,886 28.7 Aa2Clinton 26,885 28.2 Aa2Iowa City 67,862 25.4 AaaMarion 34,768 23.6 Aa1Coralville 18,907 23.2 Baa2Urbandale 39,463 22.5 Aa1Spencer 11,233 18.9 NACedar Falls 39,260 9.9 Aa1Pella 10,352 9.3 Aa3

12

III. How did our Legal Debt Margin get to the level it is?

13

Prior to FY 08/09 our legal debt margin had been in the 50% plus range

1) August 2008 - Issued $13.8 Million TIF bonds for Waterfront Convention Center

2) FY 09/10 – Planned decision by Council to issue G.O. Bonds for Sanitary Sewer and Stormwater projects vs. Revenue Bonds

Provided significant lower interest rates than Revenue Bonds – keeping user fees low

Did not require the City to set a side costly capital reserve accounts or maintain revenue coverage ratios of 115% - 140% of principal and interest payments

14

3) FY 09/10 – Increased Debt Levy $0.50 from $4.50 to $5.00. $0.50 was crossed over, reducing the operating levy

when dispatch was consolidated at SECC. Original plan was to keep Debt Levy at $5.00/$1,000

assessed value for 10 years. Timing of increasing the Debt Levy was perfect with

market conditions as:Interest rates were at record lows:

Borrowed money has been relatively cheap – (2.56% -4.41% True Interest Costs last 5 years, 6/1/14 3.27% )

Council has endless list of projects to complete – so it’s been an excellent time to borrow

Bidding on Projects was very Competitive: Contractors HUNGRY for business Again, a good time to bond for projects if you need to

Increasing the Debt Levy by $.50 to $5.00 has allowed the Council to complete a record $92M in CIP projects over the last 5 years

15

4) FY 13/14 - Bonding for two years vs. one year to save on issuance costs, inflated debt margin

The following chart illustrates how these four factors contribute to the Debt Margin

16

40.91% 38.37% 40.79% 40.38% 42.39%47.78% 48.05% 50.37% 51.76%

59.00%54.21%

60.66%55.00%

59.60%53.94%

5.31% 5.34%5.60% 5.75%

6.56%

6.02%

6.74%

6.11%

6.62%

5.99%

6.24%7.36%

6.57% 9.77% 8.09%

9.57% 10.02%8.85%

10.53%

9.63%

8.56%

9.58%

8.42%

8.26%

7.15%

5.49%4.47% 3.66%

2.79%

11.24%

9.91% 9.10% 8.50%7.74%

6.79%

5.94%

4.98%

4.01%

3.24%

2.81%

1.72%1.90%

2.56%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

FY 2004/05 FY 2005/06 FY 2006/07 FY 2007/08 FY 2008/09 FY 2009/10 FY 2010/11 FY 2011/12 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19

City of Bettendorf Debt Margin10-Year History & 5-Year Projected

GO bonds $0.50 Levy Increase GO Bonds paid by user fees (Enterprise funds) GO Bonds paid by TIF Refunded bonds

(1)

(2)

(3)

(1) TIF Bonds for Waterfront Convention Center issued August, 2008.(2) Increased Debt Levy $0.50 from $4.50 to $5.00 July 1, 2010. $0.50 was crossed over, reducing the operating levy when dispatch was consolidated at SECC.(3) Bonded for two years to save on issuance costs.

52.64%50.20% 51.02%

52.94%

61.72%

72.57% 72.51%75.04%

77.68%

84.53%

74.73%

81.96%

73.54%

77.72%

69.89%

17

The $5.00 Debt Levy has allowed for $90.8 Million of CIP Projects completed in last 5

years including:

Various Street Improvements: $20 M Tanglefoot Lane Reconstruction:

$5.5 M Stormwater Projects – various: $5.0

M Recreation Trails – various: $4.7 M

(60% with Federal Grants) Hopewell Paving: $4.5 M Sanitary Sewer Projects – various:

$3.8 M Street Patching: $3.6 M Belmont Phase 2 Corral-Valley: $3.3

M 18th St Various Reconstruction: $3.2

M Park Land Acquisition : $2.9 M Valley Dr Paving: $2.4 M Park Projects – Various: $2.2 M Alleys: $2.2 M Undesignated Street Resurfacing:

$1.8 M Traffic Signals: $1.8 M Palmer Hills Improvements: $1.8 M 35th St/State to Elm: $1.7 M

Sidewalks: $1.7 M Field Sike Dr, Park, Bridge: $1.7 M I 80/Middle Land Acquisition: $1.5 M Family Museum Renovation: $1.4 M Various Sealcoating: $1.4 M Downtown Streetscape: $1.4 M Library Improvements: $1.4 M Lincoln Road, various plus bridge:

$1.4 M Alcoa Ave: $1.4 M PW Maintenance Expansion: $1.3 M Devils Glen Hopewell to Forrest Grove:

$1.2M 4th Street Paving: $1.2 M Various Municipal Facilities

Improvements: $1.1 M Economic Development Including

Downtown Land Purchases: $1.0 M 6th Street Reconstruction: $1.0 M

18

FY 2014/15 Projects: $24.8 M across all funds – without increasing debt levies

$4.3 million: Forest Grove Road Paving

$1.96 million: Sewer Utility Projects

$1.9 million: Various Street Reconstruction

$1.5 million: Patching, Sealcoating & Street

Preservation

$1.5 million: Utica Ridge Road

$1.5 million: Recreation & Separated Trails

$1.35 million: Hopewell Paving

$1.35 million: Storm Water Projects

$1.3 million: Forest Grove Park Development

$1.2 million: Library Renovation

$1.1 million: Bridge Maintenance

$950,000: 18th Street Reconstruction

$850,000: Downtown Improvements

$640,000: Parks Projects

$600,000: Street Resurfacing

$390,000: Traffic Signals, etc.

$345,000: Sidewalk Program

$290,000: Alley Rehabilitation

$265,000: QCWCC Improvements

$250,000: Annual Funding for Parks

Projects

$145,000: Life Fitness Center

$100,000: Municipal Facilities

Improvements

$55,000: Palmer Hills Golf Course

$50,000: FMAS

19

IV. How does Bettendorf compare to other cities?

20

Urb

anda

le

Cliv

e

Bett

endo

rf

Alto

ona

John

ston

Pella

Ceda

r Fal

ls

Wes

t Des

Moi

nes

Ames

Spen

cer

Mar

ion

Carr

oll

Dubu

que

Mas

on C

ity

Cora

lvill

e

Nor

th Li

bert

y

New

ton

Stor

m La

ke

Ceda

r Rap

ids

Fort

Mad

ison

Indi

anol

a

Wat

erlo

o

Siou

x City

Dave

npor

t

Wau

kee

Burli

ngto

n

Anke

ny

Iow

a Ci

ty

Mus

catin

e

Coun

cil B

luff

s

Des M

oine

s

Keok

uk

Ott

umw

a

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

FY 14/15 Cost of City Services & Utilities for Typical $165,260 ResidenceIncluding City Property Taxes, Solid Waste Fees, Sewer Fees & Storm Water Fees for a sample of 33 Iowa Cities with

2010 Census populations of 10,000 or More*

Storm Water Sewer Solid Waste Property Tax

*Assumptions: Bettendorf median home value of $165,260, 65 gallon or comparable garbage cart, sewer usage of 7.33 units per month (733 cu. ft.), and a Storm Water ERU of 1.00. For cities using private solid waste collection, the cost above reflects rates provided by private haulers. --Prepared by Bettendorf finance staff with FY 14/15 tax levies and service fees from city websites and billing departments as of 7/24/14.

2,56

5

2,20

5

2,15

1

2,12

2

2,05

8

2,04

4

2,00

9

2,00

5

2,05

4

2,00

4

2,00

0

1,97

5

1,90

0

1,89

5

1,84

4

1,83

8

1,83

7

1,75

3

1,73

3

1,67

5

1,64

2

1,63

8

1,60

8

1,60

6

1,60

5

1,59

5

1,56

3

1,55

2

1,54

8

1,53

3

1,49

4

1,42

9

1,27

3

21

Urb

anda

le, 8

26.7

0

Alto

ona,

845

.73

Cliv

e, 8

49.6

3

Pella

, 867

.53

Ames

, 923

.27

Dubu

que,

937

.77

Nor

th Li

bert

y, 9

38.3

5

John

ston

, 964

.82

Ceda

r Fal

ls, 1

004.

49

Anke

ny, 1

012.

12

Carr

oll,

1019

.24

Spen

cer,

1020

.04

Wes

t Des

Moi

nes,

102

4.87

Bett

endo

rf, 1

067.

40

Indi

anol

a, 1

080.

20

Stor

m La

ke, 1

107.

71

Mar

ion,

111

6.69

Wau

kee,

114

8.20

Cora

lvill

e, 1

150.

56

Mas

on C

ity, 1

178.

05

Ceda

r Rap

ids,

129

4.17

Mus

catin

e, 1

332.

94

New

ton,

134

4.59

Burli

ngto

n, 1

355.

41

Fort

Mad

ison

, 138

5.87

Siou

x City

, 139

1.82

Iow

a Ci

ty, 1

420.

81

Dave

npor

t, 14

27.1

7

Des M

oine

s, 1

439.

08

Keok

uk, 1

450.

42

Coun

cil B

luff

s, 1

509.

67

Wat

erlo

o, 1

526.

81

Ott

umw

a, 1

777.

28

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

FY 14/15 Cost of Property Taxes for Median Bettendorf ResidenceA sample of 33 Iowa Cities with 2010 Census populations of 10,000 or More*

*Assumptions: Bettendorf median home value of $165,260.--Prepared by Bettendorf finance staff with FY 14/15tax levies.

22

Ames

, 618

.62

Bett

endo

rf, 6

42.1

4

Urb

anda

le, 6

43.8

4

John

ston

, 644

.13

Anke

ny, 6

46.3

9

Cliv

e, 7

23.5

7

Alto

ona,

812

.44

Pella

, 817

.80

Nor

th Li

bert

y, 8

34.5

6

Wes

t Des

Moi

nes,

854

.77

Wau

kee,

865

.83

Carr

oll,

907.

40

Indi

anol

a, 9

10.0

9

Mar

ion,

922

.87

Mas

on C

ity, 9

30.9

5

Dubu

que,

933

.93

Spen

cer,

937.

23

Ceda

r Fal

ls, 9

53.8

4

Cora

lvill

e, 9

70.2

3

Stor

m La

ke, 1

015.

07

Burli

ngto

n, 1

032.

46

Iow

a Ci

ty, 1

069.

57

Ceda

r Rap

ids,

106

9.96

Siou

x City

, 107

7.70

Mus

catin

e, 1

087.

09

Des M

oine

s, 1

108.

22

Fort

Mad

ison

, 121

5.77

New

ton,

122

8.98

Dave

npor

t, 12

52.8

1

Wat

erlo

o, 1

254.

45

Keok

uk, 1

254.

51

Coun

cil B

luff

s, 1

289.

44

Ott

umw

a, 1

492.

98

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

FY 14/15 Cost of Operating Levy Only for Median Bettendorf ResidenceA sample of 33 Iowa Cities with 2010 Census populations of 10,000 or More*

*Assumptions: Bettendorf median home value of $165,260.--Prepared by Bettendorf finance staff with FY 14/15 tax levies.Current Bettendorf operating (General Fund & Other) Levy = $7.55

23

Dubu

que,

3.8

4

Alto

ona,

33.

29

Pella

, 49.

73

Ceda

r Fal

ls, 5

0.65

Spen

cer,

82.8

2

Stor

m La

ke, 9

2.64

Nor

th Li

bert

y, 1

03.7

8

Carr

oll,

111.

84

New

ton,

115

.61

Cliv

e, 1

26.0

6

Wes

t Des

Moi

nes,

170

.10

Fort

Mad

ison

, 170

.10

Indi

anol

a, 1

70.1

1

Dave

npor

t, 17

4.36

Cora

lvill

e, 1

80.3

3

Urb

anda

le, 1

82.8

6

Mar

ion,

193

.82

Keok

uk, 1

95.9

1

Coun

cil B

luff

s, 2

20.2

3

Ceda

r Rap

ids,

224

.20

Mus

catin

e, 2

45.8

5

Mas

on C

ity, 2

47.1

1

Wat

erlo

o, 2

72.3

7

Wau

kee,

282

.37

Ott

umw

a, 2

84.3

Ames

, 304

.65

Siou

x City

, 314

.12

John

ston

, 320

.69

Burli

ngto

n, 3

22.9

5

Des M

oine

s, 3

30.8

5

Iow

a Ci

ty, 3

51.2

3

Anke

ny, 3

65.7

2

Bett

endo

rf, 4

25.2

6

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

FY 14/15 Cost of Debt Levy Only for Median Bettendorf ResidenceA sample of 33 Iowa Cities with 2010 Census populations of 10,000 or More*

*Assumptions: Bettendorf median home value of $165,260.--Prepared by Bettendorf finance staff with FY 14/15 tax levies.Current Bettendorf Debt Levy = $5.00

24

Bettendorf’s Levy Rate per $1,000 taxable valuation – FY 2014/15

General Fund Levy

$5.44 Strictly operations

$8.10 cap

Trust & Agency Levy

$1.85 Health Insurance & Retirement

No cap

Tort Levy $0.26 Liability Insurance

No cap

Debt Levy $5.00 Capital & Infrastructure

Limited by amount of debt, not levy

Total City Levy $12.5500• Bettendorf has the lowest General Fund levy rate among 33 comparable Iowa

cities with populations of 10,000 or more. Bettendorf is one of very few Iowa cities with a General Fund levy below $8.10. This allows for future growth capacity of 48%, equating to nearly $5 million of potential property taxes.

• In addition, the City has the ability to levy taxes for: IPERS & FICA ($1.54 million) & Emergency levy of $0.27 if needed. ($504,000)

• The debt levy does not affect the City’s ability to adjust other levies or fund other activities.

25

Bett

endo

rf; 2

27.5

5

Urb

anda

le; 2

48.5

2

Wat

erlo

o; 2

52.8

8

Ceda

r Rap

ids;

255

.01

Mar

ion;

275

.12

Mus

catin

e; 3

06.2

6

Spen

cer;

306.

30

Fort

Mad

ison

; 317

.53

Ceda

r Fal

ls; 3

18.9

1

Ames

; 325

.26

Cora

lvill

e; 3

30.8

5

New

ton;

334

.31

Mas

on C

ity; 3

48.9

3

Dubu

que;

368

.55

Cliv

e; 3

74.8

6

Dave

npor

t; 37

5.98

Siou

x City

; 382

.76

Wes

t Des

Moi

nes;

384

.53

John

ston

; 393

.72

Coun

cil B

luff

s; 3

95.9

9

Iow

a Ci

ty; 4

00.8

8

Stor

m La

ke; 4

06.4

6

Carr

oll;

431.

56

Des M

oine

s; 4

31.5

8

Burli

ngto

n; 4

43.8

9

Pella

; 483

.48

Alto

ona;

501

.25

Nor

th Li

bert

y; 5

10.7

8

Keok

uk; 5

38.4

2

Indi

anol

a; 5

82.5

3

Ott

umw

a; 5

91.8

1

Wau

kee;

596

.80

Anke

ny; 6

50.4

9

$0

$100

$200

$300

$400

$500

$600

$700

FY 13/14 Cost of Sewer Utility Charges for Typical Bettendorf ResidenceA sample of 33 Iowa Cities with 2010 Census populations of 10,000 or More*

*Assumptions: Sewer usage of 7.33 units per month (733 cu. ft.) --Prepared by Bettendorf finance staff.

26

Mas

on C

ity, 1

27.2

0

John

ston

, 129

.24

Alto

ona,

132

.00

Wes

t Des

Moi

nes,

135

.00

Cliv

e, 1

37.4

0

Carr

oll,

150.

96

Des M

oine

s, 1

56

New

ton,

158

.40

Mar

ion,

159

.00

Wat

erlo

o, 1

62.0

0

Bett

endo

rf, 1

62.2

4

Dave

npor

t, 17

1.84

Urb

anda

le, 1

74.0

0

Fort

Mad

ison

, 180

.00

Burli

ngto

n, 1

82.4

0

Siou

x City

, 183

.60

Iow

a Ci

ty, 1

90.8

0

Spen

cer,

192.

00

Ott

umw

a, 1

95.6

Pella

, 201

.48

Ceda

r Fal

ls, 2

04.0

0

Wau

kee,

208

.80

Indi

anol

a, 2

13.0

0

Coun

cil B

luff

s, 2

16.0

0

Keok

uk, 2

16

Cora

lvill

e, 2

28.0

0

Ceda

r Rap

ids,

235

.56

Dubu

que,

264

.00

Stor

m La

ke, 2

76.0

0

Mus

catin

e, 2

81.1

6

Nor

th Li

bert

y, 3

04.2

0

Ames

, 315

.00

Anke

ny, 3

15.0

0

$0

$50

$100

$150

$200

$250

$300

$350

FY 14/15 Cost of Solid Waste Charges for Typical Bettendorf ResidenceA sample of 33 Iowa Cities with 2010 Census populations of 10,000 or More*

*Assumptions: 65 gallon or nearest comparable garbage cart. For cities using private waste collection, the cost reflects rates provided by private haulers.--Prepared by Bettendorf finance staff.

27

Pella

, 0.0

0

Nor

th Li

bert

y, 0

.00

New

ton,

0.0

0

Coun

cil B

luff

s, 0

.00

Keok

uk, 0

.00

Ott

umw

a, 0

.00

Fort

Mad

ison

, 12.

00

Mas

on C

ity, 2

1.00

Urb

anda

le, 2

4.00

Cora

lvill

e, 2

4.00

Indi

anol

a, 2

4.00

Burli

ngto

n, 2

7.48

Dave

npor

t, 29

.04

Wat

erlo

o, 3

3.00

Ceda

r Fal

ls, 3

6.00

Carr

oll,

36.0

0

Bett

endo

rf, 3

6.60

Ames

, 41.

40

Siou

x City

, 42.

00

Iow

a Ci

ty, 4

2.00

Stor

m La

ke, 4

8.00

Wes

t Des

Moi

nes,

51.

00

Wau

kee,

51.

00

Alto

ona,

54.

00

Mar

ion,

57.

60

Ceda

r Rap

ids,

58.

80

John

ston

, 60.

60

Anke

ny, 6

6.00

Cliv

e, 6

7.20

Dubu

que,

71.

76

Spen

cer,

87.9

6

Des M

oine

s, 1

23.9

6

Mus

catin

e, 1

37.4

0

$0

$20

$40

$60

$80

$100

$120

$140

$160

FY 14/15 Cost of Storm Water Utility Charges for Typical Bettendorf ResidenceA sample of 33 Iowa Cities with 2010 Census populations of 10,000 or More*

*Assumptions: Storm Water ERU of 1.00--Prepared by Bettendorf finance staff.

28

How do we compare?

In Summary,

Pleased to report that our overall cost of city services ranks 3rd lowest among the 33 comparable cities.

29

V. Budget FY 15/16: Where do we go from here?

30

As we enter goal setting with LYLE, need 3 decision points from Mayor & Council:

1) Establish future level of debt for the City: Stay the course with the debt levy at $5.00?

FY 14/15 is the sixth of the planned ten years Continue “aggressive” plan of improving arterial streets like Middle Rd Accept that Debt Margin Ratio will continue to be higher than 50% for approximately the next

15 years

Or, determine a reduced “target” debt margin ratio which will drive future available CIP $ Begin reducing $1 Million of annual bonding SKIP one or two years of bonding for CIP Projects EXCEPT patching Refinance Sewer and Stormwater GO bonds with Revenue bonds (more costly)

2) Identify plans for future WOW projects that may require significant bonding and utilize a portion of our available debt margin

I-80 Development Sports Complex New recreational facility/Pool Riverfront Development Project

3) Determine Future Bonding Schedule: Annual vs. 2 year bonding Fall bonding vs. Spring bonding

These three decisions will drive staff’s recommendation on CIP for FY 15/16

31

Calendar

Lyle Sumek GOAL SETTING: Tuesday, September 2nd: One-on-One phone interviews with

Mayor & Council Friday, October 3rd: Department Heads and Mayor & Council Saturday, October 4th: Mayor & Council and City Administrator

5 Year CIP: Compilation by Department Heads, following Lyle thru

11/15/14 Council Review late November – December 2014 Adopt CIP by resolution: January 2015 CIP bid letting Jan/Feb/March

Operating Budget: Distribution to Department Heads for requests, October 15 Council Review February 2015, Adoption March 15, 2015

32

Questions?