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MEMORANDUM <br /> DATE: September 25, 1997 <br /> TO: Mike Morrison, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: STORMWATER TASK FORCE SUB-COMMITTEE RECOMMENDATIONS <br /> (REVISED VERSION 9/10/97) <br /> I reviewed the revised short-term financial plan that the Stormwater Task Force's Sub- <br /> Committee has recommended. The information reported is accurate, however, I feel it <br /> is important to review the proposed funding concepts to add additional insight. <br /> Item # 9, Sub-division (1) <br /> • The estimated Stormwater Fund Balance of$265,000 at 12/31/97 is reflected <br /> accurately. However, current City Ordiance (405.08) states that a public hearing must <br /> be conducted prior to determining whether to build, construct or improve facilities <br /> financed by facility charges and is applicable in this case. <br /> Item #9, Sub-division (2 & 3) <br /> The recommended General Fund transfers of$50,000 and $25,500 could be made. <br /> However, these reserves are designated and committed to other programs. Re- <br /> designation of the reserves and transferring them to the Stormwater Fund could create <br /> financial deficiencies for other programs already in place (see attached). <br /> Item #9, Sub-division (2 & 3) <br /> The $255,000 transfer from the Revolving Fund and the $47,500 transfer from General <br /> Fund Reserves could be made. However, I caution that these funds are presently slated <br /> for the purpose of providing funding for the early phase of a project when funding is <br /> yet to be determine. The transfer of the funds would eliminate that option until the <br /> funds are paid back by the proposed increase in the quarterly stormwater fees (2 years). <br />