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1987 LONG TERM FINANCIAL PLAN <br />Page Twenty -Eight <br />r <br />B. CAPITAL IMPROVEMENTS <br />Methods for financing capital improvements will vary <br />with the types of improvements and conditions which <br />exist at the time the project is undertaken. <br />Traditional public improvement projects include but are <br />not limited to water mains, sewer mains, storm sewers, <br />paving of streets, curbs and gutters. These <br />improvements should be financed entirely from special <br />assessments which are assesssd against benefitted <br />properties. <br />Capital Improvements of. the Water and Sewer Utilities <br />should be financed from fees of the users of the <br />utilities. These improvements could include, but <br />should not be limited to, water towers, wells, <br />filtration and treatment plants. Construction costs <br />could be paid for by the issuance of revenue bonds with <br />the bonds being retired through the revenues of the <br />utilities. As far as practicable capital improvements <br />of these utilities should be financed by current <br />revenues or by funds which have been set aside for <br />future capital projects. The City has established the <br />Water Systems Contributions Fund to finance maintenance <br />and/or construction of the City's water system. Water <br />availability charges collected from individual's �. <br />connecting to the City's water system are the fund's <br />source of revenue. As of December 31, 1986 the fund <br />had a balance of $229,424. <br />Other capital improvements or, capital facilities could <br />be considered a separate category. These include, but• <br />are not limited to, park acquisition and development, <br />municipal buildings, storm drainage improvements, <br />street reconstruction and maintenance, equipment, <br />vehicles and office machines and equipment. These may <br />be financed by several methods and these methods are <br />listed in order of preference. <br />Grants -In -Aid - These include categorical grants <br />from County, State and Federal Agencies. <br />Federal Revenue Sharing monies have been used to <br />finance capital items in past years. The City's <br />annual allotment has been approximately $50,000 - <br />$60,000 for the past several years. The Revenue <br />Sharing Program terminated as of December 31, <br />1986. The loss of these other revenues will place <br />a greater burden on other revenue sources, most <br />notably the property tax levy, to finance capital <br />improvements. <br />Municipal State Aid (MSA) Road Funds have been and <br />will continue to be a source of financing <br />construction and reconstruction of the City's <br />