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niOn OFREQUEST FOR COUNCIL CONSIDERATION Agenda Section: 1. oU�� STAFF REPORT Report Number: 95-14 h 5WS f AGENDA SESSION DATE October 2, 1995 Report Date: 9 28 95 DISPOSITION Item Description: Continued Discussion of Proposed Pedestrian Bridge Administrator's Review/Recommendation: - No comments to supplement this report - Comments attached. Explanation/Summary_(attach supplement sheets_as SUMMARY; Staff has been directed to identify possible funding sources for the City's share ($185,000) of a grant to construct a pedestrian bridge over Highway 10. Several potential sources are available. These sources shall be identified and some possible combinations of these funding sources shall be presented. It should be noted that, because there are several funding sources, numerous possible combinations of financing, beyond those that are presented within this memorandum, are possible. Property taxes are a possible funding source. The proposed 1996 levy of 6% raises an additional $97,625. Should the proposed 1996 levy be 3%, it raises an additional $49,828. Franchise fees are another possible funding source. The fund balance of the Franchise Fee Fund at December 31, 1994 was $47,905. That amount is a possible funding source. The 1995 Franchise Fee Fund Budget has allocated $152,341 to the General Fund. Estimated 1995 Franchise Fees of approximately $200,000 leave an excess of revenue over expenditures of$47,659 as a possible source of funds. Estimated 1996 Franchise Fees are projected to be 5% greater than 1995 Fees due to the possibility of an NSP rate increase and/or increased consumption. The proposed 1996 Budget has allocated $157,500 of Franchise Fees to the General Fund, leaving $52,500 as a possible funding source. I have been informed that street lighting will be required in connection with the project. Therefore, it would be appropriate to use Street Light Utility Funds. An amount of $20,000 from the fund has previously been suggested. The Recreation Activity Fund had a fund balance of $114,935 at December 31, 1994. I would recommend that 25% of 1996 estimated revenues ($224,365 x 25% = $56,100) be retained for working capital. That leaves $58,835 of recreation activity funds as a possible funding source. Undesignated Fund Balance of the General Fund at December 31, 1994 was $62,204. That amount is another possible funding source. RECOMMENDATION: