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3s <br />MEMORANDUM <br />DATE: August 26, 1997 <br />TO: Mike Morrison, City Manager <br />FROM: Roger Larson, Finance Director <br />ITEM: ESTABLISHING FUNDING FOR FLOOD RELATED ISSUES <br />Per your request, I researched the options available to the City to increase the <br />Stormwater Fund Balance to $500,000 (estimated 1997 year end will be $225,000). At <br />this time, there are three financial options available to increase this funding. <br />Upon researching these options, I reviewed the City's financial commitments to all <br />projects including; the new City Hall, water filtration & purification, roads, capital <br />equipment, insurance reserves, working capital and Tax Increment Finance issues. <br />The three available options include: <br />1) Special Levy (see attached memo) <br />2) Increase the current stormwater rates (see attached analysis). <br />3) Transfer funds from fund balance reserves. <br />Each of these could accomplish the goal of increasing the fund balance by $300,000. <br />Listed below is a discussion of each and a rating of each option from least favorable too <br />most favorable. <br />Least Favorable: <br />Special Levy - The special levy is available by filing a request with the State of <br />Minnesota to extend our levy beyond the 1998 levy limit established by the Department <br />of Revenue. These are reviewed on a case by case basis and it is highly probable that <br />the State would deny the application, forcing the City to seek other funding options to <br />accomplish our goal. <br />If the State approved the request, the special levy's estimated cost to St. Anthony <br />homeowners would be $81.30 per year. <br />