02-13-2023 City Council Packet - Laserfiche WebLink

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2017 and will decertify in 2026. The tax increment pays off a PAYGO Financing Note issued to Distribution Alternatives in 2017. The note is estimated to be paid off in 2026 and any fund balance will be transferred to a future T.I.F District to be used for T.I.F pooling. • Fund 420, Municipal State Aid (MSA), accounts for the construction, repair and maintenance of MSA eligible city streets. Projects identified in the Capital Improvement Program to be funded completely or partially with MSA dollars have the projects total expenditure shown as capital outlay in this fund with offsetting other revenues sources such as grants or developer contributions. The transfers in and out represent debt service activity as shown on the Transfer Summary. • Fund 421, Pavement Management, accounts for street rehabilitation (not full depth reconstruction) of non-MSA eligible city streets. The fund is entirely funded with an operating tax levy. Water and sewer infrastructure repair and maintenance done in conjunction with the street rehabilitation are paid for out of the respective enterprise fund. • Fund 422, Surface Water Management, accounts for new surface water infrastructure as well as wetland bank activity. Surface Water Management Fees are outlined in the City Fee Schedule and are collected in full as charges for services or collected over time as a special assessment. The fund is currently showing a negative cash projection as bond proceeds, wetland credit sales, and interfund loan activity has not been determined/assumed but will be considered when each project is brought to Council for approval. • Fund 423, Street Reconstruction, accounts for street reconstruction of non-MSA eligible city streets. Street reconstruction projects are completed every 3 years and funded with bond proceeds. A new capital project fund is created for each project to track the expenditure of bond proceeds. These funds are available to supplement bond proceeds or other funding sources. • Fund 425, Park & Trail Improvements, accounts for the improvement of current city parks and trails. Projects primarily include the replacement of playground equipment. The fund is entirely funded with an operating tax levy. The Park Board makes project recommendations to the City Council once funding is available. • Fund 484, Comp Plan Updates, accounts for the resources needed to update the City’s comprehensive plan every 10 years. Unused Planning and Zoning dollars from the General Fund are transferred to this fund on an annual basis. Work on the 2050 Comprehensive Plan will begin in 2027. 8