11-08-2023 Council Packet - Laserfiche WebLink

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Fund Outlook: As it can be noted in the graph bellow beginning with 2027 the fund is running a large deficit fund balance. The deficit is projected as a result of one proposed large project, the Labore Road trail. If this project is excluded the fund is projected to maintain a positive fund balance for the next ten years with sufficient funding for all of the proposed projects. The trail portion of the Labore Road street project (Centerville to County Road D) was included for completion in 2027 at 2.5 million. This project can potentially be funded with a Metropolitan Council grant or other grant sources If the grants are awarded, it could potentially fund the entire Labore project or only a part. The total project cost is estimated at 5.3 million. Currently the project is scheduled to be completed in three phases: 2027 for 2.5 million, 2031 for $990,000 and 2033 for $1,854,000. Since the grant award is unknown revenues have not been included in the below fund balance projection. If grants are not awarded and the City still desires to move forward with the project, additional revenues (2.5 million) would need to be identified. 7