10-13-2021 Workshop Packet - Laserfiche WebLink

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II. Fire Equipment Fund (457) Background: The Fire Equipment Fund was created in 2013 to accumulate funds for future fire apparatus purchases. The property tax levy has been set at a constant level of funding of $160,000 per year since that time. Source of Funds: The property tax levy of $160,000 per year is main source of funding for this fund. In addition, the Little Canada Fire Department makes periodic donations to the City, which are accounted for in this fund. The following are the equipment purchases in future years: Year Equipment Original Equip Date Amount 2022 Aerial Truck 1992 $1,352,000 2023 Replace Grass Rig/Pickup 2009 $80,560 2025 Replace Rescue/Utility Truck 2000 $623,805 2028 Pumper 2006 $500,000 2029-31 3 Command Vehicles 2019-2021 $65,000/yr. Fund Outlook: With a continued property tax levy of $160,000 per year, the fund will have sufficient funds for the fire apparatus purchases identified in the next ten years. NOTE: If there are opportunities to lower expenditures or delay future purchases, the property tax levy for this fund may be reduced or redirected to other funds for other project needs. III. Park Land Acquisition Fund (456) Background: The Park Land Acquisition Fund is used to account for park fees received from development. 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 with land previously acquired for such public purposes. - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 Fund BalanceRevenues and ExpendituresFire Equipment Fund Revenues Expenditures Fund Balance