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City Council Regular Meeting Minutes <br /> March 26, 2002 <br /> Page 4 <br /> 1 • Tax Increment Finance <br /> 2 • DNR Improvement Bonds <br /> 3 • Special Assessments <br /> . 4 •. User Fees <br /> 5 <br /> 6 OTHER CAPITAL PROJECTS <br /> 7 • Park Improvements <br /> 8 o Central and Silver Point <br /> 9 • City Hall <br /> 10 o Upgrades/Renovation <br /> 11 • AudioNisual <br /> 12 o Sound System upgrades <br /> 13 <br /> 14 BUILDING NEEDS/NEW FACILTIES <br /> 15 • Fire Station <br /> 16 o Strong community support <br /> 17 o Comfort level in the community to increase taxes to support a new fire <br /> 18 station <br /> 19 • Public Works <br /> 20 o Community support <br /> 21 o Comfort level to increase taxes <br /> 22 <br /> 23 TAX INCREASE FOR FACILITY NEEDS <br /> 24 o Comfort Level=$26.60 per year <br /> 25 o Referendum? <br /> 26 <br /> 27 Councilmember Sparks inquired as to whether the comfort level amount of money was <br /> 28 significant, or not. Larson responded that the$26.60 would be on the low-end in terms <br /> 29 of meeting financial needs. He stated that a more realistic dollar amount would be <br /> 30 $75.00-$100.00. <br /> 31 <br /> 32 FUNDING SOURCE/LIQUOR PROFITS - <br /> 33 o Significance are the solid increases from 1997 through 2001. <br /> 34 <br /> 35 GASB-34 <br /> 36 • Requires Capital Assets be reported with accumulated depreciation <br /> 37 o Buildings/Automobiles/Computer Equipment <br /> 38 • Infrastructure Assets must be depreciated <br /> 39 o Water towers/Roads/Strom Sewer Lines <br /> 40 • Implementation <br /> 41 o Budgets under$10 million <br /> 42 o Fiscal years after 6-15-03 <br /> 43 • Cost- $10,000415,000 <br /> 44 <br />