09-26-2007 Council Agenda - Laserfiche WebLink

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approval. Department budgets may provide for miscellaneous capital budget purchases of less than $5,000. • The City will enact each annual capital improvement program based on review of the multi -year capital improvement needs. • The City staff will coordinate development of the capital improvement budget with the development of the operating budget. Future operating costs associated with new capital improvements will be projected and included in operating budget forecasts. • The City will consider the Capital Improvement Program as a priority in the designation of any undesignated reserves. • The financing investment in infrastructure and equipment may be constrained by levy limits and the ability to raise property taxes. With levy limits, the use of debt may be needed to create a property tax levy outside of levy limits. • The Council action to order a public improvement project or other capital improvement shall include appropriate bond reimbursement provisions. This action is needed to preserve the ability to issue tax - exempt bonds and use the proceeds to reimburse expenditures made on the project. VIII. Street Maintenance Purpose: The City is committed to maintaining its streets in good condition in order to maximize their useful lives. Appropriate street maintenance will enable the City to maintain a stable property tax rate and minimize the frequency of assessments to residents Policy: The City will perform on -going street maintenance improvements to sustain a high level of street condition and to avoid more expensive reconstruction projects. The following considerations and procedures will be used to comply with this policy. • Street maintenance activities include mill & overlay, cold -in -place recycling, and full reconstruction. These activities will be funded through the Infrastructure Fund. In addition, the City will fund and conduct annual sealcoating and crack filling of streets using monies in the General Fund. • The Infrastructure Fund will be funded with a combination of special assessments, state aid for street maintenance (MSA), general property taxes, grants, closed bond fund residuals and other fees such as the gravel tax and franchise fees. • It is necessary and appropriate that benefited properties be assessed a portion of the improvements. The amount of street maintenance improvements assessed to benefited properties vary by the nature of the improvement. The costs of street maintenance shall be assessed in accordance with the assessment policy attached as Appendix E. • The City will issue general obligation bonds to finance the costs of street improvement projects as needed. • The City will annually prepare five year Infrastructure budget following the procedures described in the Capital Budgets section. 8