12-09-2024 Council Meeting Agenda Packet

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Fund. Recent increases in the base fee are directly related to the Water Treatment Plant project to support the projected annual debt service payment. • Fund 418, T.I.F District 1-11 Legacy at Woods Edge Development, accounts for tax increment revenues collected within the district. The district was certified in 2005 and will decertify by 2031. The tax increment will pay off the interfund loan from the Building and Facilities Fund (401) for the Legacy at Woods Edge Development by 2026 and in the same fiscal year start paying off an interfund loan from the Sewer Fund (602) for the same development. The interfund loan from the Sewer Fund is projected to be paid off in 2027. • Fund 419, T.I.F District 1-12 Clearwater Creek Business Park, accounts for the tax increment revenues collected within the district. The district was certified in 2017 and decertified in 2024. The tax increment paid off a PAYGO Financing Note issued to Distribution Alternatives in 2017. The note was paid off in 2024 and the balance left in the fund is anticipated to be used for a future project. • Fund 420, Municipal State Aid (MSA) Construction, accounts for the construction, repair and maintenance of MSA eligible city streets. Municipal State Aid grant dollars are assumed to be requested as eligible projects occur with a goal of getting the City's total allotment each year. Bond proceeds are projected for Otter Lake Road Extension in 2025. • 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 street rehabilitation are paid for out of the respective enterprise fund(s). • 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. If the Wetland Bank No. 3 project moves forward, wetland credit sales will eventually be realized from that project, although no assumptions have been made regarding future wetland credit sales. Wetland Bank No. 3 is currently proposed to be funded with an interfund loan from the Sewer Fund (602). Bond proceeds are projected in 2025 for Otter Lake Road Extension. • 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