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(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />Liquor Store <br /> <br />Build second municipal liquor store. A site for this facihty <br />has been acquired. The size and timing of the facility will <br />be influenced by legislative action to allow beer and wine <br />sales at grocery stores and the results of a market analysis. <br /> <br />Timing <br /> <br />Final timing to be determined, but construction <br />anticipated in next five years. A market analysis will be <br />undertaken in 2002. <br /> <br />Estimated Cost <br /> <br />Funding <br /> <br />To be determined. The cost will be influenced by design of <br />the facility, amount of equipment and initial stock, and <br />timing of actual improvements. <br /> <br />Liquor Fund and bonds. <br /> <br />Depending on timing, costs and operations, the liquor <br />Fund could have enough reserves to finance the project <br />with cash. The City can issue liquor revenue bonds to <br />finance all or a part of the project costs. <br /> <br />Any new debt should account for the outstanding debt <br />(1997 Bonds) supported by Liquor Fund revenues. The <br />1997 Bonds will mature on 2/1/07 and can be called at any <br />time. $920,000 in principal remains to be paid. Annual <br />debt service is approximately $196,000. <br /> <br />Municipal Liquor Fund <br /> <br />ReveRu6s <br />Expenses <br />Operating Income <br /> <br />Adjustments <br />Noncapital activities <br />Capital acitivities <br />Interest <br /> <br />Net change in cash <br /> <br />Year end cash <br /> <br />1997 1998 1999 2000 <br />675,454 691,512 826,546 941,722 <br />352,551 455,045 431,835 451,197 <br /> <br />322,903 236,467 394,711 490,525 <br /> <br /> 7,375 <br />(153,450 <br />(362,997 <br /> 33,615 <br /> <br />117,348 64,556 49,508 <br />(131,651) (141,250) 78,600 <br />(166,980) (151,623) (156,025) <br />24,625 20,699 75,439 <br /> <br />(152,554 79,809 187,093 538,047 <br /> <br />603,904 691,795 878,888 1,416,935 <br /> <br />Page <br /> 47 <br /> <br /> <br />