12-16-2020 Council Packet - Laserfiche WebLink

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CAPITAL PROJECT FUNDS-OTHER Overview Capital Project funds are used to account for the financial resources to be used for the acquisition or construction of major capital facilities. The City of Little Canada has many Capital Project funds. The Capital Project funds are classified in two categories (Capital Project Funds-Other, and Capital Project Funds-TIF). Capital Project Funds-Other •General Capital Improvement Fund (Fund 400) •Infrastructure Capital Improvement Fund (Fund 450) •10% Fund (Fund 408) •Park Land Acquisition Fund (Fund 456) •Fire Equipment Replacement Fund (Fund 457) •Owasso/Woodlyn Redevelopment Fund (Fund 474) The Capital Project Funds-Other are included in the Five Year Capital Improvement Plan (CIP) with the exception of the Owasso/Woodlyn Redevelopment Fund. The 2021-2025 CIP was approved by Council on November 18th, 2020. The 2021 projects from the approved CIP are included in the 2021 budget. A summary of the Capital Project Funds-Other are included below: General Capital Improvement Fund (400): This Capital Project Fund is to account for major capital improvements and acquisition projects not accounted for in another Capital Project fund. 2021 projects include: 2021 Building improvements $147,800 Administration 61,700 Fire 234,650 Parks and recreation 635,150 Public Works equipment 197,050 Total $1,276,870 The Pioneer Park playground improvements were identified as a 2021 project in the 2020-2024 CIP approved last fall. These improvements are not included in this 2021 budget in order to allow time to complete the Pioneer Park planning process before beginning these improvements. Infrastructure Capital Improvement Fund (450): The Infrastructure Capital Improvement Fund is used to account for amounts received and the related expenditures for the City’s street and various infrastructure projects. 2021 projects include the reconstruction of Greenbrier Circle ($512,300) and Old County Road C ($631,750). Repaving of the South Owasso Railroad crossing ($35,000) is proposed for 2021 through a partnership with the railroad. 10% Fund (408): This fund is currently used to account for amounts received and related to the City’s charitable gambling contributions. These funds may only be used for expenditures identified in Minnesota Statutes, section 349.12(7)(a). It is proposed to increase the contribution to the Canadian Days fireworks from $6,500 to $7,500 in the 2021 budget. Park Land Acquisition Fund (456): The Park Land Acquisition Fund is used to account for allowed uses of park acquisition fees. Per City Code 2101.060, the funds may only be used for the purposes of land acquisition, land development and capital outlay for parks, playgrounds, public open space, storm water holding pond areas, and debt retirement in connection 81