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1985 LONG TERM FINANCIAL PLAN <br />Page Thirty -Four <br />NSA Street System. <br />Park acquisition and development funds have in the past <br />been received from the State of Minnesota, Department of <br />Energy and Economic Development. Staff continues to <br />submit grant applications to this agency for funding of <br />park development projects. <br />2. Pay As You Go - This meLhvO uses current year's revenue <br />to finance recurring capital items. It is used to finance <br />small tools, office equipment and some vehicles, notably <br />police squad cars. <br />3. Reserve Funds - Funds are set aside for a specific <br />project over a period of years and are subsequently used <br />to finance that project. The City presently uses this <br />method to finance several types of capital projects. <br />The Park Impr_.vement Fund was established to account for <br />cash dedications received when land is subdivided. Such <br />monies are to be used for park acquisition and <br />development. As of December 31, 1984 the Fund has a <br />balance of $11,295. <br />The Storm Water Management Fund was established to <br />account for storm drainage management charges paid when <br />land is developed within the City. Monies obtained are <br />designated for the development of storm drainage <br />facilities. The balance available as of December 31, <br />1984 was $233,036. <br />After construction of public improvements in the Silver <br />Lake Woods project a balance of $602,283 rema.ned as of <br />December 31, 1984. An opinio., received from the City <br />Attorney states that these monies may iie ussd for any <br />public iepruvement project authorized by Chapter 26of nn <br />the City Code. Pursuant to Resoiution Nu. 9760, " " ,0- <br />was designated as a rese_-va for debt service of the <br />project's outstanding bonded indebtedness. A balance of <br />$449,751 remains available for public improvement <br />projects. While monies of the fund may be used for any <br />Iroject authorized pursuant to Cnapter 26 rf the City <br />Code it is recommended that the fund's monies t%e <br />designated for Rtreet maintenance and construction. Such <br />a designation would ensure a partial source of funding <br />for the City's street maintenance program, as outlined in <br />,�...,...>,,..A a�odv, for a number of years. <br />1. <br />Pursuant to Council direction the 1986 budget will <br />contain monies to be placed in a reserve for equipment <br />purchases for the purchase of squad cars. Staff <br />recommends that, as far as practicable, this practice be <br />expanded in future years to other vehicles and equipment. <br />