09-11-2024 Council Packet - Laserfiche WebLink

Home Browse Search

CAPITAL PROJECT FUNDS-OTHER Overview Capital Project funds are used to account for the financial resources to be used for the acquisition or construction of major capital facilities. The City of Little Canada has many Capital Project funds. The Capital Project funds are classified in two categories (Capital Project Funds-Other, and Capital Project Funds-TIF). Capital Project Funds-Other  General Capital Improvement Fund (Fund 400)  Infrastructure Capital Improvement Fund (Fund 450)  10% Fund (Fund 408)  Park Land Acquisition Fund (Fund 456)  Fire Equipment Replacement Fund (Fund 457) The Capital Project Funds-Other are included in the Ten-Year Capital Improvement Plan (CIP). The 2025-2034 CIP is scheduled for review and approval by the Council on November 13th, 2024. The Pioneer Parks Master Plan, a Facility Assessment Report, and the 15-Year Pavement Management Plan were completed in 2021. These items are included in the 2025-2034 CIP. In addition, Emerald Ash Borer (EAB) was identified in Little Canada in 2021. Tree removal and replacement costs related to EAB have been included in the CIP. The 2024 projects from the approved CIP are included in the 2025 budget. The CIP can be located at www.littlecandamn.org. A summary of the Capital Project Funds-Other are included below: General Capital Improvement Fund (400): This Capital Project Fund is to account for major capital improvements and acquisition projects not accounted for in another Capital Project fund. 2025 projects include: 2025 EAB removal & replacement $30,000 Building improvements 242,008 Administration 8,800 Parks and recreation 1,315,150 Public Works equipment 431,500 Total $2,027,458 Infrastructure Capital Improvement Fund (450): The Infrastructure Capital Improvement Fund is used to account for amounts received and the related expenditures for the City’s street and various infrastructure projects. A 15-Year Pavement Management Plan was completed in 2021. Based on the Plan, there is sufficient funding for the street projects identified for the next 15 years, with the exception of the Labore Road Trail project. 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 5.6 million. Currently the project is scheduled to be completed in three phases: 2027 for 2.5 million, 2032 for $1,080,000 and 2034 for $2,016,000. Since the grant award is unknown revenues have not been included in the fund balance projection. If grants are not awarded and the City still desires to move forward with the project, additional revenues (3.5 million) would need to be identified. Since the amount is very large, bonding might be the only available option. 2025 Street Projects include County Road D, Nadeau Road, LC Road 4-3 and Roundabout, County Road C, Maple Leaf Court, and Stone Ridge Court. 89