11-29-2023 Council Packet - Laserfiche WebLink

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CAPITAL PROJECT FUNDS The City of Little Canada has many Capital Project Funds, including the General Capital Improvement Fund and the Infrastructure Capital Improvement Fund. Capital Project Funds are utilized for capital expenditures. The 2024-2033 Capital Improvement Plan (CIP) was reviewed by the Council in October and adopted in November. Highlights include:  Community Survey $28,000  City Hall Waterproofing $150,000  City Hall and Old Fire Hall Keycard Access $34,500  History Center Repairs $89,700 (Exterior Repairs, Roof, Carpet)  LC Road 4-3 and Roundabout $230,000  EV Charging Station $150,000  Storm Water - proposed budget $345,256  Thunder Bay Trail Connection $235,000  Thunder Bay West Winds Trail Repair $166,500  Pioneer Park Trail Repair $160,000  Land Purchase $960,000 (10 Little Canada Rd and 2884 Centerville Rd)  Spooner Park Lower Parking $85,000  Spooner Park – Trail Repair $80,000 ENTERPRISE FUNDS The City of Little Canada currently has two enterprise funds (Water Fund & Sewer Fund) and will be implementing a third enterprise fund beginning with 2024, the Storm Water Utility Fund. The new fund is introduced in order to finance all of the cost relating to storm water infrastructure needs within the City. Previously, all of the storm water capital infrastructure, operating and maintenance cost were expensed and recorded in the Infrastructure Capital Project Fund 450, which has been funded mainly with a portion of the property tax levy, franchise fees for electric and gas, and special assessments from street projects. Each year staff updates projections for setting up utility rates and concluded that a 6.5% rate increase will be necessary to the water rates and a 6.5% rate increase to the sewer rate in 2024. The rate adjustments are necessary in order to fund current operations and capital needs in the funds. CONCLUSION With the many unknowns related to the future status of the Economy, City Council and staff made significant efforts to minimize the increase to the 2024 Property Tax Levy while maintaining the same quality level of services and programs and taking steps toward the implementation of the City’s Strategic Plan. We would like to acknowledge the contributions from City staff and members of the leadership team or their contributions in preparing the Operating We would also like to recognize the time and effort put forward by City Council members throughout the budget process. Together we will continue to assure that the citizens of Little Canada get the best value for their tax dollar. 10