08-09-2021 Council Special Work Session Packet

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• Lake Drive Trail Project ($38,000) • Arena Acres Park Improvements ($114,606) • Sunrise Park Playground Project ($94,635) • 12th Avenue Trail ($144,109) • 2020 Trail Maintenance Project ($30,000) • Lino Park Renovation ($240,000) • Clearwater Creek Playground Replacement ($85,000) The Park Board will review potential 2022 projects and make a recommendation for City Council consideration. Debt Levy The significant changes to the debt levy include the maturity of the 2018 Certificates of Indebtedness and the addition of the 2021A G.O. Bond. These levies are required and specified within the bond documents to pay principal and interest on the respective bonds. Reserves Reserves should only be used for expenditures that are non-recurring in nature. While the use of reserves is not recommended to balance the 2022 General Fund budget, the following reserves are available: • $500,000 General Fund Reserves • $679,809 Closed Bond Fund Reserves (have also been identified as potential funding for the Rec Center) General Fund Reserves in the amount of $21,832 were used in 2021 to balance the budget. The draft 2022 budget does not include reserves to balance the General Fund, but does show $100,000 of reserves transferred to the Capital Equipment Replacement Fund. Requested Council Direction Staff is prepared to discuss the draft budget and tax levy with the City Council during the budget work session on Monday, August 9th. Budget work sessions may be scheduled at the discretion of the Council to achieve the desired budget level for 2022. Council action is requested by the September 27th meeting in order to set the preliminary tax levy and to schedule a public hearing date in December on the budget and tax levy. The preliminary levy set at the September meeting may not be increased thereafter, but may be lowered before approving the final budget and levy in December. Attachments Comparable City Tax Rates 2022 Annual Budget