12-15-2021 Council Packet - Laserfiche WebLink

Home Browse Search

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 2022-2031 CIP was approved by Council on November 17th, 2021. The Pioneer Parks Master Plan, a Facility Assessment Report, and the 15-Year Pavement Management Plan were completed in 2021. These items are included in the 2022-2031 CIP. In addition, Emerald Ash Borer (EAB) was identified in Little Canada in 2021. Tree removal and replacement costs related to EAB have been included in the CIP. The 2022 projects from the approved CIP are included in the 2022 budget. The Fire Aerial Truck expenditure amount has been increased by $200,000 in the 2022 budget since it is anticipated that a discount will be offered if 50% of the truck is paid when it is ordered in 2022. The CIP can be located at www.littlecandamn.org. 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. 2022 projects include: 2022 EAB removal & replacement $67,500 Building improvements 103,795 Administration 37,350 Parks and recreation 1,004,450 Public Works equipment 222,250 Total $1,435,345 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. A 15-Year Pavement Management Plan was completed in 2021. Based on the Plan, there is sufficient funding for the street projects identified for the next 15 years. The 2022 budget includes $24,600 for moving forward with the implementation of a Storm Water Utility Fund. 2022 Street Projects include Yorkton Ridge, Woodlyn Avenue, Maple Lane, and Ryan Drive. 2022 Storm Projects include replacement of an eroded pipe at B2/Gervais Hill Drive and Labore/Ontario Road. 85