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General Capital Improvement Fund (Page 32)
<br />Background
<br />The General Capital Improvement Fund was created to fund capital improvements and acquisition
<br />projects not accounted for in another Capital Project Fund. These improvements have been historically
<br />been building improvements, public works equipment, small fire equipment, and parks improvements.
<br />Typically the expenditures in this fund have included the purchase of tangible personal property
<br />(equipment) or facilities used in the City operations.
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<br />Sources of Funds
<br />The fund receives it revenues from many sources including Local Government Aid (LGA) and transfers
<br />from the General Fund and other funds. It appears to have been the past practice to budget one year of
<br />LGA to fund the capital projects in this fund for the next 5 years.
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<br />Fund Outlook
<br />With only one year of LGA ($347,503) budgeted, there are only sufficient funds to fund the improvements
<br />for the next three years (through 2023). If three years of LGA are added to the revenues, there are
<br />sufficient funds to fund the improvements identified in the next five years. Another option is to delay
<br />some of the 2021-2025 park projects that were identified in the Parks Master Plan beyond 2025. 2020 Estimate 2021 2022 2023 2024 2025 Revenues $680,488 $445,503 $441,400 $45,500 $43,000 $34,800 Expenditures 691,834 1,276,870 897,680 320,740 437,350 248,160 Net inc./(dec.) in fund balance (11,346) (831,367) (456,280) (275,240) (394,350) (213,360) Beginning Fund Balance 1,663,637 $1,652,291 $820,924 $364,644 $89,404 $(304,946) Ending Fund Balance $1,652,291 $820,924 $364,644 $89,404 $(304,946) $(518,306)
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<br />Infrastructure Capital Project Fund (Page 33)
<br />Background
<br />Street, trails, and storm sewer projects are funded with the Infrastructure Capital Project Fund that was
<br />established in 1995 as a way to systematically fund these infrastructure projects. Streets improvements
<br />in the next five years are identified on a map on Page 27. As in the past, these streets will be funded with
<br />a combination of the property tax levy and assessments assessed to the property owners in the project
<br />area.
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<br />Source of Funds
<br />The fund receives revenues from many sources including the franchise fee for electric and gas, property
<br />taxes, and special assessments.
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<br />Fund Outlook
<br />With a property tax levy of $122,200 per year, the fund will have sufficient funds for the infrastructure
<br />projects identified in the next five years. 2020 Estimate 2021 2022 2023 2024 2025 Revenues $2,531,327 $844,400 $811,200 $807,400 $805,000 $801,400 Expenditures 3,539,254 1,207,610 1,198,130 1,042,300 1,168,280 1,064,040 Net inc./(dec.) in fund balance (1,007,927) (363,210) (386,930) (234,900) (363,280) (262,640) Beginning Fund Balance $3,474,818 $2,466,891 $2,103,681 $1,716,751 $1,481,551 $1,118,571 Ending Fund Balance $2,466,891 $2,103,681 $1,716,751 $1,481,851 $1,118,571 $855,931
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<br />Park Land Acquisition Fund (Page 34)
<br />Background
<br />The Park Land Acquisition Fund is used to account for park charge payments received from development.
<br />Per City Code 2101.060, the funds may only be used for the purposes of land acquisition, land
<br />development and capital outlay for parks, playgrounds, public open space, storm water holding pond
<br />areas, and debt retirement in connection with land previously acquired for such public purposes.
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