DIF budget 9-23-10 RM (through 2017) — File 190159

DRAFT 9-23-10 Fiscal Year 2011 2012 2013 2014 2015 2016 2017 Projected DIF Growth Rate 1.25% 2.5% 4.0% 4.0% 5.0% 5.0% 5.0% Gross Increment 160,062 $ 518,110 $ 1,114,114 $ 1,746,191 $ 2,580,540 $ 3,474,105 $ 4,430,772 $ General Fund Set Aside % 0% 0% 0% 0% 0% 0% 0% General Fund Set Aside Amount - $ - $ - $ - $ - $ - $ - $ Residual Increment 160,062 $ 518,110 $ 1,114,114 $ 1,746,191 $ 2,580,540 $ 3,474,105 $ 4,430,772 $ Net Increment 160,000 $ 518,000 $ 1,114,000 $ 1,746,000 $ 2,581,000 $ 3,474,000 $ 4,431,000 $ OPERATING BUDGET 2011 2012 2013 2014 2015 2016 2017 Administrative & Programmatic Expenditures Personnel - $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 55,000 $ 110,000 $ Fringe Benefits - $ 17,000 $ 17,000 $ 17,000 $ 17,000 $ 17,000 $ 33,000 $ Office Supplies, Postage, IT - $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 10,000 $ Subtotal Operational - $ 77,000 $ 77,000 $ 77,000 $ 77,000 $ 77,000 $ 153,000 $ Programatic Expenditures Business Best Practices - $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ Storefront, Historic, Tenant Programs - $ 27,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ Beautification, Programing, and Marketing - $ 20,000 $ 20,000 $ 20,000 $ 43,000 $ 43,000 $ 44,000 $ Subtotal Programatic - $ 57,000 $ 80,000 $ 80,000 $ 103,000 $ 103,000 $ 104,000 $ Engineering Design & Consulting Expenditures USQ Transportation Plan 25% to 100% 160,000 $ 329,000 $ 365,000 $ - $ - $ - $ - $ Boynton Yards Transportation Plan 25% to 100% - $ 55,000 $ 227,000 $ 512,000 $ 374,000 $ 232,000 $ - $ Design of USQ Parking Structure(s) - $ - $ - $ 200,000 $ 300,000 $ - $ - $ Somerville Ave Central Parking Study and Design - $ - $ - $ - $ 63,000 $ 83,000 $ 100,000 $ Bond Counsel Consulting - $ - $ 104,000 $ - $ - $ - $ - $ IBelt/Bbottom Trans Plan Pt. 1 (to 25%) - $ - $ - $ - $ - $ 210,000 $ 256,000 $ IBelt/Bbottom Trans Plan Pt. 2 (25% to 100%) - $ - $ - $ - $ - $ - $ - $ Design of Open Space and Shared Use Paths - $ - $ - $ - $ - $ 100,000 $ 3,000 $ Subtotal Consulting 160,000 $ 384,000 $ 696,000 $ 712,000 $ 737,000 $ 625,000 $ 359,000 $ D bt S i Somerville DIF Budget - (Program start 1/1/2011) Debt Service Total Bond Level - $ - $ 2,750,000 $ 9,300,000 $ 17,800,000 $ 28,800,000 $ 41,550,000 $ Principle Balance 2,750,000 $ 9,162,500 $ 17,197,500 $ 27,307,500 $ 38,617,500 $ Principle Payment 137,500 $ 465,000 $ 890,000 $ 1,440,000 $ 2,077,500 $ Cumulative Principle Payments - $ 137,500 $ 602,500 $ 1,492,500 $ 2,932,500 $ Interest Payment 123,750 $ 412,313 $ 773,888 $ 1,228,838 $ 1,737,788 $ Total Payment 261,250 $ 877,313 $ 1,663,888 $ 2,668,838 $ 3,815,288 $ Subtotal Bond Costs - $ - $ 261,000 $ 877,000 $ 1,664,000 $ 2,669,000 $ 3,815,000 $ Total Operating Costs 160,000 $ 518,000 $ 1,114,000 $ 1,746,000 $ 2,581,000 $ 3,474,000 $ 4,431,000 $ Increment Funding 160,000 $ 518,000 $ 1,114,000 $ 1,746,000 $ 2,581,000 $ 3,474,000 $ 4,431,000 $ Operating Budget Balance (surplus/deficit) - $ - $ - $ - $ - $ - $ - $ CAPITAL BUDGET 2011 2012 2013 2014 2015 2016 2017 Capital Expenditures Net Bond Proceeds - $ - $ (2,750,000) $ (6,550,000) $ (8,500,000) $ (11,000,000) $ (12,750,000) $ Project Expenditures Webster Avenue Streetscape & Utilities - $ - $ 2,750,000 $ 2,750,000 $ - $ - $ - $ Prospect Street Streetscape & Utilities - $ - $ - $ 3,800,000 $ - $ - $ - $ Somerville Avenue Streetscape & Utilities - $ - $ - $ - $ - $ 4,000,000 $ - $ Washington Street Streetscape & Utilities - $ - $ - $ - $ 3,500,000 $ - $ - $ USQ Parking Structure(s) (land acq and const) - $ - $ - $ - $ 5,000,000 $ 7,000,000 $ 6,750,000 $ Union Square Plaza Improvements - $ - $ - $ - $ - $ - $ 1,250,000 $ Park/path renovation or construction - $ - $ - $ - $ - $ - $ 2,750,000 $ Land Acquisition - $ - $ - $ - $ - $ - $ 2,000,000 $ Subtotal Capital - $ - $ (2,750,000) $ (6,550,000) $ (8,500,000) $ (11,000,000) $ (12,750,000) $ Total Capital Costs - $ - $ (2,777,778) $ (6,616,162) $ (8,585,859) $ (11,111,111) $ (12,878,788) $ Capital Budget Balance (surplus/deficit) - $ - $ - $ - $ - $ - $ - $ Total Budget - $ - $ - $ - $ - $ - $ - $ DRAFT 9-23-10