Agenda Packets - 1990/11/19 - Laserfiche WebLink

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Q.-13-41-L, • TO: Mayor & Council FROM: Don Brager, Finance Director - Treasurer DATE: November 14, 1990 SUBJECT: Possible Sources of Funding for Purchase of Land Near Groveland Park It is my understanding that the Council is considering the purchase of some land near Groveland Park and is interested in possible sources of funding for the purchase. It is my further understanding that approximately $150, 000 is required for this purchase. One possible funding source is the annual transfer of interest earnings from the Special Projects Fund to the General Fund. The transfer for 1991 is $180, 023 . At the present time the proposed 1991 budget has used this money for other capital outlay items, however, Council could choose this purchase of land over those items. 0 Another possible funding source is the Silver Lake Woods Improvement Fund. For the past ten years this fund has financed the street maintenance and sealcoating program by a transfer of $90, 000 to the General Fund. The monies in the Fund may be used for any public improvement project listed in Chapter 26 of the City Code. Draw down of the Fund's monies for a purpose other than the street maintenance and sealcoating will hasten the time when the City will have to begin assessing benefitting properties for street maintenance and sealcoating. The dedication of this fund' s monies to the street maintenance and sealcoating program was originally done to avoid having to assess residents for that project. Use of tax increment money for the purc ase o •- . • - been suggested. This is not an option in the near future. It may become a possibility should a tax increment fund in the future have excess increments. The attached memo from former Clerk - Administrator Pauley addresses this issue in more detail. Other City Funds may not be used for the purchase of park land as they are dedicated for other purposes, i.e. , the Water Fund may only be used for operation of the water system, or they do not have sufficient funds available for this purchase. The Park Improvement Fund' s monies could be used to purchase park land if there were a sufficient amount in the Fund. 111 Should you have any questions please do not hesitate to contact me.