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<br /> <br /> <br /> Developing a General Fund balance policy which transfers excess fund balance to Capital <br />Funds. The transfer is most likely to occur when large building permits or other one-time <br />monies are received by the General Fund. These transfers would alleviate the potential <br />shortfalls in capital funds and ease pressure to increase capital levies. Completed in 2021. <br /> <br /> Phasing out the use of Minnesota State Aid for streets (MSA) as a CIP source and <br />converting that amount to levy. Then available MSA dollars would reallocated to the debt <br />levy reduction to negate levy impact. Eventually MSA dollars could be used to reduce debt <br />financing vs reducing debt levy. Thus, lowering the total debt reflected in the City’s <br />financial statements. Targeting 2023 CIP process to review and possibly implement this <br />change. <br /> <br />Parks Improvement Fund <br /> <br /> The Tennis Courts mill and overlay project was completed in 2021, funded by interfund loan <br />proceeds. <br /> <br /> The results of the WSB Parks Evaluation study will inform the items and timing of future <br />capital expenditures. <br /> <br />Future considerations for Park Improvement Fund: <br /> <br /> The Park improvement fund’s revenue source is Park Dedication fees. Allowed uses of park <br />dedication fees are limited in scope. Also, dedication fees are insufficient to add any new <br />amenities in the City Parks. Therefore, the City has been reliant on debt financing for <br />significant additions and improvements. In order to fund the replacement of existing park <br />amenities initiating a Parks capital improvement levy should be considered. Levy phase-in <br />implemented in 2021. <br /> <br /> As mentioned earlier, develop a General Fund balance policy that transfers excess fund <br />balance to Capital Funds. The calculation of excess funds would be performed annually <br />upon completion of the City audit. If excess funds exist the City Council would determine <br />the distribution of the dollars to specific capital funds. Implemented in 2021. <br /> <br /> Based on WSB’s Parks Evaluation findings, consider additional interfund loan to finance <br />priority needs. <br /> <br />Utilities Infrastructure Fund (pages 24-26) <br /> <br /> Mandated Water System Risk analysis and response plan completed in 2021. The 2006 water <br />utility van was replaced in 2021. <br />