10-12-2022 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 Amount 2023 Aerial Truck‐ Second Half Payment $680,000 2023 Vehicle Exhaust System $206,000 2023 Apparatus Air Compressor $6,500 2025 Generator $40,000 2025 SCBA Fill Station & Compressor $42,000 2025 Equipment Room Upgrades $30,000 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. ‐ 500,000 1,000,000 1,500,000 2,000,000 ‐ 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Fund BalanceRevenues and ExpendituresFire Equipment Fund (457) Revenues Expenditures Fund Balance 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. Alternatively, the fund balance could be us to assist with a future transition to a part time or full‐time paid fire department. 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. Source of Funds: