10-25-2017 Council Packet - Laserfiche WebLink

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Park Land Acquisition Fund #456: This fund generates its revenue from park charges on building permits associated with new development. It has built up a substantial balance over the last number of years. The City has internally limited the usage of these funds for acquisition purposes. Last year, we authorized some usage for Parks Capital Improvements. The main expenditures planned here are the two houses remaining on Round Lake. There is an opportunity to use TIF 3-2 close-out funds to address these expenditures that would free up additional dollars for Park improvements. Your comments on that possibility are needed. Fire Equipment Replacement Fund #457: This fund is supported be levy dollars and donations for the Fire Department’s charitable gaming operations. We paid for a new pumper in 2017 at a cost of $675,770. We are also facing the replacement of the aerial ladder truck. Owasso/Woodlyn Redevelopment Fund #474: This fund was established to track costs associated with the acquisition in this redevelopment area that will likely become a TIF District in the future. The only expenditures are accrued interest on the Interfund Loan and a share of the audit costs. If our sale goes through, we will have a large fund balance to work with. Water & Sewer Capital Replacement Fund #604: This is the fund that is paying debt service on the Public Works Building. It is largely funded by depreciation on the Water and Sewer funds respectively. In the past it has paid for painting the water tower, the new water meters, and the Vactor. The replacement of the Vactor is coming up in 2019 and is estimated at $450,000. That machine will be 20 years old at that point in time. This fund continues to be very healthy. The Council should review these funds and make changes as they deem appropriate. Staff will be ready to answer any questions you may have before the meeting or at it. General Fund Update: The Council chose to set our preliminary levy at 6.95 percent to reduce dependence on LGA in the General fund by $60,000. (This also helps the General Capital Improvement Fund.) We are also showing a projected deficit of $29,578. Here is an update of the most recent developments in the General Fund: • The creation of the apprentice position in Public Works to address the current staff opening will save about $6,500 in the General Fund. That savings could be applied to the projected deficit or we could hold on to those savings and consider the creation of a second apprentice position to provide more stability in Public Works staffing, address seasonal needs, and build more capacity for work tasks and responding to after-hours call