09-08-2021 Workshop Packet - Laserfiche WebLink

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Fire Equipment Fund (457): An annual property tax levy also funds this fund. In addition, donations from the LCFD are added to this fund. Fire equipment vehicles are funded through this fund. There will be approximately $1,361,613 in this fund as of 12/31/2021. This is enough to fund the aerial truck that will be purchased in 2022 and is budgeted at $1,352,000. Cell Tower Sale: The closing on the two cell towers occurred in 2020. As part of the sale, the City received a lump sum payment of $324,873 and will receive $72,774 per year for the next nine years. All transactions related to the sale of these cell towers have been recorded in the Owasso/Woodlyn Redevelopment Fund (474). The current cash balance in Fund 474 is $672,618. A transfer from the EDA Fund (105) in the amount of $350,000 occurred in 2013 when Fund 474 was created. It is proposed to return these funds plus interest to the EDA Fund in the amount of $443,370. The remaining funds of $322,618 can be left in Fund 474 or the funds can be transferred to another fund. Storm Water Utility: Over the past few years, the City Council has been considering establishing a Stormwater Utility due to the increasing costs of maintaining the City’s stormwater system. If the utility is established, property owners will pay for stormwater fee based on their impact to the stormwater system. The fee will be added to the quarterly utility bill. In addition, approximately $16,490 in General Fund operating expenditures will shifted to the new utility fund and there will be a corresponding reduction in the property tax levy. It is proposed to include $24,600 in the Infrastructure Capital Projects Fund (450) to move the establishment of the storm water fund forward. PRESENTATION: Staff will present the attached PowerPoint on the 2022 Budget and Operating Levy at the workshop.