10-12-2022 Workshop Packet - Laserfiche WebLink

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Payments received during development for parks is the primary source of revenue in the fund. The fee amount is identified in the City’s Fee Schedule. Revenues have been included at a conservative amount of $10,000 per year. In addition, for 2023/2024 It is anticipated that approximately $700,0000 will be collected from the Lennar Townhouses project. Significant Highlights in Future Years: Land purchases at 2884 Centerville Road and 10 Little Canada Road, and the waterworks trail connection have been included in this fund, although it is unlikely that all of these properties will be available in the next ten years. Fund Outlook: There are likely sufficient revenues to fund the improvements identified for the next ten years since it is unlikely that all these properties will be available for purchase. $(300,000) $200,000 $700,000 $1,200,000 $1,700,000 $(100,000) $‐ $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2021 Actual 2022 Est2023202420252026202720282029203020312032 Fund BalanceRevenues and ExpendituresPark Land Acquisition (456) Revenues Expenditures Fund Balance IV. 10% Fund (408) Background: The 10% Fund accounts for the amounts received and related to the City’s charitable gambling contributions. These funds may only be used for expenditures identified in Minnesota Statutes, section 349.12(7)(a). Source of Funds: The 10% Fund receives 10% of net profits derived from lawful gambling in the City as identified in the City Code 815.030 and as allowed by the State. Fund Outlook: The all‐inclusive playground equipment at Spooner Park ($144,500) was partially funded with the 10% Fund in 2019. It is proposed to fund part of the Pioneer Park all‐inclusive playground equipment ($145,000) in 2023 with available funds. Canadian Days fireworks ($15,000 per year) are also funded with this fund. There are sufficient revenues to fund the expenditures identified for the next ten years.