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City of St. Anthony, MN <br />Five-Year Street Reconstruction & Overlay Plan 3 <br />impacts caused by the timing and magnitude of capital outlays. This <br />coordination of capital expenditures is important to the City in achieving <br />its goals of adequate physical assets and sound fiscal management. Good <br />planning is essential for the wise use of limited financial resources. The <br />SROP is designed to be updated on an as needed basis. <br /> <br />III. PLANNING PROCESS <br /> <br />The City Council annually reviews its capital expenditures according to <br />their priority, fiscal impact, and available funding as part of its Capital <br />Improvement Plan (CIP) process. The City assembles the specific capital <br />expenditures to be undertaken within the next five years. The City <br />Council prepares a plan based on the available funding sources. From this <br />information, a preliminary CIP is prepared for public discussion from <br />citizens and other governmental units. Changes are made based on that <br />input, and a final plan is established. <br /> <br />Over the life of the CIP, once the funding becomes available the <br />individual capital expenditures can be made as part of individual project <br />approvals. In subsequent years, the process is repeated as expenditures <br />are completed and new needs arise. <br /> <br />If bonding is necessary, the City works with its financial advisor to <br />prepare a bond sale and repayment schedule. Street reconstruction and <br />overlay planning occurs separately from the CIP process focusing <br />specifically on street reconstruction and overlay projects to be financed <br />with general obligation street reconstruction bonds under provisions of <br />the Act. The SROP is to describe the identified street reconstruction and <br />overlay projects to be financed, their estimated costs, and any planned <br />reconstruction or overlay of other streets in the City over the next five <br />years. <br /> <br />For a city to use its authority under the Act to finance street <br />reconstruction and bituminous overlay expenditures with general <br />obligation bonds, it must meet the requirements provided therein. <br />26