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Infrastructure Capital Project Fund (Page 66-67)
<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 />included for the next ten years were the projects identified in the Pavement Management Plan completed
<br />in the summer of 2021. Streets costs have been increased by 3 percent per year to account for inflation.
<br />The projects are identified on a map on Page 48.
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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, special assessments for street projects, and the Municipal State Aid (MSA) Construction funds.
<br />Franchise fees and MSA dollars were held level for the next ten years for a conservative budget approach.
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<br />Fund Outlook
<br />With a current property tax levy of $122,200 per year, the fund will have sufficient funds for the
<br />infrastructure projects identified in the next five years. Advanced MSA funding may be necessary in the
<br />next five years to fund MSA eligible projects. If other intergovernmental revenues such as the Local Road
<br />Improvement Project (LRIP) funds become available, this will lessen the need of advancing MSA funds.
<br /> 2021 Estimate 2022 2023 2024 2025 2026 Revenues $826,614 $731,250 $2,003,500 $1,965,700 $1,816,200 $1,792,800 Expenditures 729,730 1,904,310 2,347,270 1,203,730 1,443,590 1,935,350 Net inc./(dec.) in fund balance 96,884 (1,173,060) (343,770) 761,970 372,610 (142,550) Beginning Fund Balance $3,004,685 $3,101,569 $1,928,509 $1,584,739 $2,346,709 $2,719,319 Ending Fund Balance $3,101,569 $1,928,509 $1,584,739 $2,346,709 $2,719,319 $2,576,769
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<br />In addition, the fund has sufficient funds for the infrastructure projects identified for the next ten years.
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