Laserfiche WebLink
69 <br /> Funding Option: <br /> Upon review of the various funding options, it becomes clear that the availability of using <br /> reserves without affecting our A-1 credit rating is near its end. However, with some <br /> special considerations, funding could be available from the following sources: <br /> 1) Designate 2001 Liquor Profits $ 51,300 <br /> 2) Apache LGA reserves $293,800 <br /> Total $345,100 <br /> Special Considerations: <br /> At this time, the State Legislature is meeting and appears to be close to settling the <br /> State's budget crisis. For the past three to six months, we have adopted a"wait and see <br /> approach" when considering the use of reserves to fund projects. <br /> Using the Apache LGA reserves to fund the Central Park project would eliminate the <br /> availability to use these funds for budget shortfalls. Potential changes and/or cuts could <br /> occur in the general operating budget as well as capital equipment expenditures could be <br /> reduced or delayed till future years. <br /> In addition,the Apache LGA was earmarked as a potential funding source for <br /> Community Center renovations. Using the funds for Central Park,removes them as a <br /> funding source for the Community Center project. <br /> Other Considerations: <br /> The project is well underway and at this point it seems feasible that we should move <br /> ahead on the project. Keep in mind that on a positive note the bids that were rejected last <br /> fall total $2.9 Million. <br /> However, all concerned should acknowledge that the commitment to use our remaining <br /> reserves means the we will have to bond for all major capital expenditures, until such <br /> time we can build reserves back to a level that could support capital expenditures. <br />