2023 Capital Funds book - Laserfiche WebLink

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• A $177,000 transfer of general fund surplus has been anticipated as a source in 2022. The general fund transfers will be reviewed for Council action at a Council meeting prior to year-end. Future considerations for Park Improvement Fund: • The Park improvement fund’s revenue source is Park Dedication fees. Allowed uses of park dedication fees are limited in scope. Also, dedication fees are insufficient to add any new amenities in the City Parks. Therefore, the City has been reliant on debt financing for significant additions and improvements. In order to fund the replacement of existing park amenities initiating a Parks capital improvement levy should be considered. Levy phase-in implemented in 2021. • Based on WSB’s Parks Evaluation findings, consider additional interfund loan to finance priority needs. Utilities Infrastructure Fund • Water infrastructure improvements for 2022 included the water tower rehab and painting project. That project has been completed and the estimated final cost is $525,000. • Significant purchases for Water treatment plant components are reflected as occurring in 2023-2026. Staff has proposed a 2023 Plant components assessment be performed by a third- party subject matter expert. A placeholder of $35,000 has been included in the capital budget. The amount reflects the complexities of three separate water treatment processes employed by the City. • Fleet and other equipment used in maintain the delivery and collections systems is budgeted separately from the Water treatment plant and Sanitary lift stations. In 2023 a Ford Electric pickup is anticipated to be delivered replacing a 2007 pick-up. The water tanker was scheduled for replacement in 2023 that has been pushed to 2024 given the tanker is still in good operating condition. The Tanker will be evaluated on a year to year basis until it is eventually replaced. Future considerations for Utilities Infrastructure Fund: • The Utilities Infrastructure currently has a sufficient fund balance to support the programmed equipment replacement through the 2030’s. Water and Sewer operating fund transfers are projected to begin in 2025 to support future capital needs. Annual adjustments to water and sewer rates will ensure that operating transfers are available. • The 2022 Plant components assessment will aid in informing the necessary capital expenditure items and timing of the same.