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FUNDING <br />OPTION DESCRIPTION SOURCE <br />General Funds <br />A city’s general fund is the main <br />operating account that covers basic <br />operating costs such as planning, <br />police and fire services, and street <br />and park maintenance <br />Money collected by the city in taxes, <br />fines, fees, and revenues <br />Dedicated Tax Levy <br />City’s can hold a referendum to <br />levy a dedicated tax for a specific <br />purpose. In the case of parks <br />and recreation, the tax can fund <br />operations, maintenance, and capital <br />improvement projects <br />Property taxes <br />Bonding <br />Borrowing obligations that incur <br />interest and require repayment at <br />a specific date. These are typically <br />issued to pay for larger capital <br />projects <br />Annual appropriation bonds, tax <br />abatement bonds, and revenue bonds <br />Local Option Sales Tax <br />Minnesota Statute gives cities the <br />authority to levy a local sales tax <br />by an election process for specific <br />capital improvements <br />Sales tax addition <br />State Aid <br />Funds available to pedestrian and <br />bicycle improvements on state aid <br />roadways (key county highways), <br />most beneficial during construction <br />or reconstruction projects <br />State of Minnesota <br />Park and Trail Dedication <br />Land or cash in-lieu of land from new <br />subdivision developments that must <br />be used for new equipment or park <br />facilities <br />Developers <br />Partnerships <br />Partnerships with private and/ <br />or other public entities can be in <br />many forms, including funding, <br />design, operations and maintenance <br />agreements, etc. <br />Public or private organizations, clubs, <br />agencies, governments, etc. <br />Donations <br />Gifts of cash, equipment, labor or <br />others from private individuals or <br />groups <br />Individuals, businesses, groups, etc.. <br />88 | IMPLEMENTATION <br />TABLE 6.3 | FUNDING RESOURCES <br />FUNDING RESOURCES <br />Securing additional funds to invest in Lake Elmo’s park and recreation system is critical to future <br />implementation and realizing Lake Elmo’s vision for 2040. The city should explore and consider the following <br />sources, mechanisms, and partners.