11-17-2021 Council Packet - Laserfiche WebLink

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Park Land Acquisition Fund (Page 68-69) Background The Park Land Acquisition Fund is used to account for park charge payments 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. Source of Funds The park charge payments received during development is the primary source of revenue in the fund. The fee amount is identified in the City’s Fee Schedule. Significant Highlights in Future Years $325,000 in Pioneer Park playground improvements scheduled for 2023 will be paid from this fund. Fund Outlook There are sufficient revenues to fund the improvements identified for the next five years. 2021 Estimate 2022 2023 2024 2025 2026 Revenues $16,300 $16,300 $16,100 $14,500 $13,200 $12,000 Expenditures 250 60,220 335,240 280,260 255,280 205,300 Net inc./(dec.) in fund balance 16,050 (43,920) (319,140) (265,760) (242,080) (193,300) Beginning Fund Balance $1,253,885 $1,269,935 $1,226,015 $906,875 $641,115 $399,035 Ending Fund Balance $1,269,935 $1,226,015 $906,875 $641,115 $399,035 $205,735 When adding improvements for the next ten years, the resources of the fund balance approaches zero. However, it is unlikely that all identified property acquisitions will become available when identified in the CIP. If acquisitions do become available as reflected, some additional funding will be need to identified. 11