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1986 LONG TER14 FINANCIAL PLAN <br />Page Thirty-three <br />MSA Street System. <br />Park acquisition and development funds have in the pest <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 method uses current year's revenue <br />to finance recurring capital items. It is used to <br />finance small tools, office equipment and some vehicles, <br />notably 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 several types of capital. projects• <br />The Park Improvement 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 develop- <br />ment. As of December 31, 1985 the Fund had a balance of <br />$5,595. <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 />1985 was $277,582. <br />After construction of public improvements in the Silver <br />Lake Woods project a balance of $602,283 remained as of <br />December 31, 1984. An opinion received from the City <br />Attorney states that these monies may be used for any <br />public improvement project authorized by Chapter 26 of <br />the City Code. Pursuant to Resolution No. 1760, $176,000 <br />was designated as a reserve for debt service of the <br />project's outstanding bonded indebtedness. As of. <br />December 31, 1985 a balance of $467,398 remains available <br />for public improvement projects. While monies of the <br />fund may be used for any project authorized pursuant to <br />Chkapter 26 of the City Code it is recommended that the <br />f.und's monies be designated for street maintenance and <br />construction. Such a designation would ensure a partial <br />source of funding for the City's street maintenance <br />program, as outlined in a recent street• maintenance <br />study, for a number of years. <br />Pursuant to Council direction the 1987 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 />