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Vehicle and Equipment Replacement Plan <br />The schedule has been updated to reflect retirements, new acquisitions, and <br />changes to expected useful lives. The current amounts transferred to the Vehicle <br />and Equipment Fund from the participating funds is sufficient to maintain <br />replacement levels except for the General Fund. The General Fund amount was <br />reduced to balance the budget in 2010, 2011, 2012, and 2013 but is <br />systematically increased starting in 2013. There is an unfunded balance of <br />$185,000. <br />Impact on Capital Projects Funds' Cash Balances: <br />This presents the sources and uses and impacts to cash for the Capital Improvement <br />Program on the four capital projects funds for the five year period of this report, 2015 <br />thru 2019. <br />Utility Rate Studies <br />Utility rate studies are included and there are mixed results. The storm water rate can <br />be maintained at the current level. Future increases will need to be considered for <br />dredging Silver View storm water pond. The street light rate is proposed to increase by <br />$.25 per quarter which will add $1 per year to residential utility bills. The increase is <br />needed to support additional lights that have been added as part of the trail system and <br />higher electric costs. The water and sewer rates should be considered for an increase in <br />2015. The water rate is proposed to increase by a dime in 2015, which will add about $8 <br />a year to the average bill based on 20,000 gallons per quarter. The sewer rate is <br />proposed to increase by 6% in 2015, which will add $17 a year to the average residential <br />bill. The need for an increase in both the water and sewer funds is generated by <br />significant capital expenses, additional personnel and increases in disposal charges by <br />Metropolitan Council Environmental Services for the current and previous years. Future <br />increases will need to be considered until both funds stabilize. Water service repair <br />insurance is currently $6 per quarter and we will need to monitor this for future <br />increases. There have been significant increases in repairs that have occurred over the <br />last three years. <br />Five Year Financial Plan Adoption: <br />The Five Year Plan is a blueprint for future years and is only one possible scenario. It is <br />intended to be changed as priorities change and more current information becomes <br />available. Staff welcomes Council comments and direction on any desired changes. <br />Respectfully Submitted, <br />ark Beer <br />