Agenda Packets - 1987/01/26 - Laserfiche WebLink

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November 24, 1986 Page 5 There also exists several other potential snding sources for Park Improvements. Some of these funding sources have committed to other projects and to use them for Park direction by the Improvements would require a change in policy Council. nt Project Fund was eSilver Lake finance publicoimprovementsods e(water, sewer, streets, curbs ed to 6 gutters) in the Silver Lake Woods Development. After completion of the Project monies remained in the Fund. The City Attorney advised that these monies could be used for Public Improvements authorized by Chapter 26 of the City Code. one of the uses authorized by Chapter 26 is Park Improvements. Over the past five years these monies have been combined with monies raised from the property Y used to finance street Unofce per moniesthe fromtthetsilvereLakee Plan adopted by Council. Use the 'Woods Fund fosetlmaini maintenance hasthan we ablotherwisetbeto keep ed the overall property Y possible. Staff estimates that the Fund could finance street improvements for a period of 6-7 years before being depleted. Using the Fund's monies for Park Improvements would either: 1) cause the property tax levy to assume a greater share of the costs of street improvements; or 2) accelerate depletion of the Fund's monies. The balance of the Fund as of December 31, 1965 was $619,398. The Revolving Improvement Fund was established t finanagainst ce small public improvement prof ectso Assessments properties benefiting from the improvements would repay the Fund. Using the an using of bondshtoFund in financethis smallanner is improvement cost effective than using projects. Financing small improvement projects is the only permitted use of the Fund. This Fund could be abolished and its monies then be used for any public purpose. Exercising this option has been discussed in the past and using the monies for construction of an annex to the public works garage has been contemplated. If the Fund were to be abolished Park Improvements would also be a permitted use, as well as Storm Water Improvements. Staff should obtain Council direction as to the use of this Fund. The Special Projects Fund was established after the Cash Dnfeasance of five outstanding bond issues in 1983. Approximately $900,000 remained in the Public Improvements Bond Fund after the Cash Defeasance which could be used for any public purpose. The Council was concerned that a continuing financing source for Capital Outlay be established as a consequence of reductions in the amount of Revenue Sharing monies the City was experiencing at that time.