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CAPITAL PROJECT FUNDS-OTHER <br /> <br />Overview <br />Capital Project funds are used to account for the financial resources to be used for the acquisition or <br />construction of major capital facilities. The City of Little Canada has many Capital Project funds. The Capital <br />Project funds are classified in two categories (Capital Project Funds-Other, and Capital Project Funds-TIF). <br /> Capital Project Funds-Other <br /> General Capital Improvement Fund (Fund 400) <br /> Infrastructure Capital Improvement Fund (Fund 450) <br /> 10% Fund (Fund 408) <br /> Park Land Acquisition Fund (Fund 456) <br /> Fire Equipment Replacement Fund (Fund 457) <br /> <br />The Capital Project Funds-Other are included in the Ten-Year Capital Improvement Plan (CIP). The 2023-2034 <br />CIP was approved by Council on November 8th, 2023. The Pioneer Parks Master Plan, a Facility Assessment <br />Report, and the 15-Year Pavement Management Plan were completed in 2021. These items are included in the <br />2024-2033 CIP. In addition, Emerald Ash Borer (EAB) was identified in Little Canada in 2021. Tree removal and <br />replacement costs related to EAB have been included in the CIP. The 2024 projects from the approved CIP are <br />included in the 2024 budget. The CIP can be located at www.littlecandamn.org. <br /> <br />A summary of the Capital Project Funds-Other are included below: <br />General Capital Improvement Fund (400): <br />This Capital Project Fund is to account for major capital improvements and acquisition projects not accounted <br />for in another Capital Project fund. 2024 projects include: <br /> 2024 <br />EAB removal & replacement $30,000 <br />Building improvements 294,400 <br />Administration 48,680 <br />Parks and recreation 587,800 <br />Public Works equipment 274,750 <br />Total $1,235,630 <br /> <br />Infrastructure Capital Improvement Fund (450): <br />The Infrastructure Capital Improvement Fund is used to account for amounts received and the related <br />expenditures for the City’s street and various infrastructure projects. A 15-Year Pavement Management Plan <br />was completed in 2021. Based on the Plan, there is sufficient funding for the street projects identified for the <br />next 15 years, with the exception of the Labore Road Trail project. This project can potentially be funded with a <br />Metropolitan Council grant or other grant sources. If the grants are awarded, it could potentially fund the entire <br />Labore project or only a part. The total project cost is estimated at 5.3 million. Currently the project is scheduled <br />to be completed in three phases: 2027 for 2.5 million, 2031 for $990,000 and 2033 for $1,854,000. Since the <br />grant award is unknown revenues have not been included in the fund balance projection. If grants are not <br />awarded and the City still desires to move forward with the project, additional revenues (2.5 million) would <br />need to be identified. Since the amount is very large, bonding might be the only available option. 2024 Street <br />Projects include County Road D, Jackson Street – LC Road, Country Drive RR Tracks to So Owasso, LC Road 4-3 <br />and Roundabout, County Road C. <br /> <br /> <br /> <br /> <br /> <br />85