CC WORKSESSION 04292008 - Laserfiche WebLink

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Page 2 Item #4 ✓ Police Department: o Final $30,000 is added to salaries for 3 -year phase in of the hiring of a new police officer. o Proposed addition of part-time data entry clerk. ■ Annual cost $15,000 (Salary & Benefits). Item #5 ✓ Council considerations, recommendations, input or questions for General Fund? Capital Improvement Proiects Item #6 ✓ 2007 "War Chest" for Capital Improvement Projects. • $4,000,000 authorized cash expenditures in 2007 (See Attachment B) • What's left in the Chest? ✓ Re- establish "War Chest" for future year's projects. • Annual $200,000 available in Bond Fund. • Consideration to add $50,000 from the remaining funding for the pay -off of the three road improvement bonds. ■ Every four years the City would have $1,000,000 set aside. • Once in the bond fund, the money access is limited and can only be used to make bond payments. To access the funds and have them set aside, the General Fund Levy is increased by $200,000, a line item is established in the General Fund and the Road Improvement Levy is decreased by $200,000. • Net affect is zero increase. Item #7 ✓ Emerald Park. o Project estimated at $1.4 million. ■ Potential exists for internal loan from Water Filtration Fund ■ Annual interest rate = 5 %, principle and interest payments for 15 years. • Annual P/I payment= $130,667. o (See attached amortization schedule). Funding considerations: • Establish Annual Levy • Time the project to the decertification of the Chandler TIF District (becomes 2010 project —151 year payment 2011). o $87,000 is then available to offset impact. o Designate the $50,000 from the remaining funding for the pay -off of the three road improvement bonds. o Reduces the annual War Chest funding to $200,000. • When available, use the money in the War Chest to fund the project — 5 year wait.