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5 <br /> <br />specific Capital Funds. This revision increases transparency in long-term planning and simplifies a number <br />of accounting and reporting processes. It does, however, create a large year-over-year difference in some <br />General Fund Budgets; most dramatically, the Streets Budget, by removing the Vehicle Transfer and the <br />Street Maintenance Transfer. <br /> <br />In addition to changing a number of existing transfers into direct levies – Vehicle Fund Transfers from 4 <br />departments and Street Maintenance Transfer from the Street Dept. – we offer for discussion three <br />additional capital levies to begin to address future capital needs. <br />1. Infrastructure Reserve – This fund would be used specifically for street reconstruction projects, <br />such as those listed in projects PW-100 and greater in the draft CIP. It would cover only the street <br />portion; and each utility fund should support their respective infrastructure. As discussed at the <br />July workshop, funding projects partially with cash will decrease our debt levels significantly in <br />the future, thereby decreasing interest expense and making city finances more resilient to market <br />changes such as interest rate hikes or development slow-down. Update after Budget Workshop -- <br />I have penciled in the Franchise Fees to be put into this fund in addition to this levy, which would <br />add approximately $416,000 in 2025 and $500,000 in the following years. <br />2. City Center CIP – This fund will be utilized for large maintenance and equipment replacement at <br />the new City Center. Staff is in the process of developing a CIP, that will provide an average annual <br />cost over the life of building, systems, and contents. We expect that average to be higher than the <br />amount planned for this first year of that fund. <br />3. Park CIP – This fund is for any future park projects that we are not able to fund out of the existing <br />development-funded Park Dedication Fund. Park Dedication is a revenue that is received in lieu <br />of developers setting aside land within a development for parks. We know that the current level of <br />development is subsidizing our existing parks. This new levy starts to create a sustainable funding <br />source for our current and new parks for the future. Community Development and Finance staff <br />are working to incorporate park dedication funds into long-term financial planning to gain a better <br />understanding of future levy needs. <br /> <br /> <br />Levy Name Notes <br />2024 <br />Budget <br /> 2025 <br />Requested <br />Infrastructure Reserve Levy New in 2025 0 93,333 <br />City Center CIP Levy New in 2025 0 50,000 <br />Park CIP Levy New in 2025 0 100,000 <br />Vehicle & Equipment Levy Change from a GF Transfer 167,328 400,000 <br />Street Maintenance Levy Change from a GF Transfer 600,000 600,000 <br /> TOTAL $ 767,328 $ 1,243,333 <br /> <br />Summary of Changes by Category <br /> It is sometimes helpful to see the categories of expenditures to more fully understand what our dollars are <br />spent on. The first chart below shows an illustration of the categories of expenditures in the general fund, <br />which deals largely with the operations and provision of city services. General Fund expenses largely fall <br />under Personnel and Charge & Services. The Charges & Services category is roughly 75% contracted <br />services and consultants. <br /> <br />Distribution of Expenses by Category <br />Personnel <br />Materials & Supplies <br />Charges and Services <br />Miscellaneous <br />Contingency Reserve <br />Capital Outlay (Expense) <br />Transfers*