12-09-2024 Council Meeting Agenda Packet

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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. The fund is entirely funded with an operating tax levy. To provide for additional funding the tax levy was doubled in 2025 and is assumed to increase by 40.00% starting in 2027 until a $500,000 tax levy is reached in 2029. The Park Board makes project recommendations to the City Council once funding is available. • Fund 430, T.I.F District 1-13 Lyngblomsten Senior Housing Project, accounts for the tax increment revenues collected within the district. The district was certified in 2022 and will decertify by 2047. The tax increment pays off a PAYGO Financing Note issued to Lyngblomsten in 2024. • 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 (101) are transferred to this fund on an annual basis. Work on the 2050 Comprehensive Plan will begin in 2027. Enterprise Funds The City operates water, sewer, and storm water utilities each accounted for in a separate enterprise fund. Utility rates are charged as outlined in the City Fee Schedule. Each fund has been recently analyzed in a utility rate or feasibility study and the revenue and current expenditure assumptions from those studies have been represented on the Projected Cash Balance statements along with capital outlay expenditures from the Capital Improvement Program. The ending cash balance for each fiscal year, by fund, is also carried forward and represented on the Cash Balance Summary within the Financial Section of the Plan. Conclusion The Plan is a work in progress and must be reviewed and revised in order to stay viable. While it is a guide, it does portray an overview of what the financial needs of the City are anticipated to be over the five years presented. As conditions change, the City must accommodate such changes. Actual performance will vary from the results modeled in the Plan. Respectfully submitted, Hannah Lynch Finance Director