07-27-1994 Council Agenda - Laserfiche WebLink

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MINUTES City Council Oct. 14, 1987 Centerville Road Park Proposal (Cont.) available at the end of December, 1987 for park acquisition /development at $835,856. These monies are balances estimated in the Park Acquisition Fund, Park Development Fund, and Storm Sewer Construction Fund for December 31, 1987. Voto reviewed estimated future resources of the City which included $200,000 from the Little Canada Recreation Association, $50,000 in park permits, $90,000 in net charitable gambling proceeds, and $30,000 in interest earnings. Total estimated amounts available at the end of December, 1987 including estimated future resources was $1,205,856. The Auditor reported that these estimates /projections are based and contingent upon several variables, as follows: *Actual balances at December 31, 1987 and future revenue resources being as shown in the Capital Budget report; *Actual expenditures for acquisition /development being limited (both in dollar amount and timing of payments) as shown in the Capital Budget report; *Specific land acquisition parcels being able to qualify as flood plain or storm sewer access property; *A decision by the City Council to appropriate /expend the above existing and future financial resources for acquisition /development purposes rather than other purposes; *A decision by the Little Canada Recreation Association to contribute $200,000 to finance acquisition /development costs. Fahey reported that the figure of $1.5 million discussed in the Capital Budget document is not limited to the purchase of the Centerville Road property, but includes possible purchase of Spooner Park should it become available. Fahey pointed out that from the Capital Budget document it appears that the purchase of Centerville Road property is feasible, as well as a potential purchase of Spooner Park. Fahey noted that the accounting analysis did not reflect tax levies from 1989 through 1992 for the purchase of park property. Scalze explained that the $393,856 the City has in its Park Acquisition Fund has been collected since 1975 from developers through the City's park land dedication fee. This is typical of what other cities are doing. Fahey pointed out that the Capital Budget document reflects that the City doesn't anticipate future tax increases for the acquisition of park land. Fahey also explained that the City recently adopted its 1988 budget which reflects a 4 1/4 % decrease over its 1987 budget. Thus, the City's mill rate will decrease by .887 mills, which is the third year in a row the City has decreased its mill rate and reflects Page -4- Page 224 (