2023 Capital Funds book - Laserfiche WebLink

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Stormwater Fund • A placeholder for an Industrial Park flooding mitigation has moved to 2030, anticipating that redevelopment will not occur until a later date. • The Harding Pond project will be going out for bid within the new few weeks. The $272,000 estimated project anticipates restoring the flooding capacity to the ponds original design. • A repair of a failed stormwater pipe along 33rd Ave was completed as part of the 2021 street project. This project will resolve localized minor flooding during heavy rains that has occurred over the last several years. • The 2022 street project included projects to repair an alley storm water situation and the 15- year maintenance needs for the Foss Rd ditch system. This project was ordinally scheduled in 2024-2025 time-frame. Project was moved up due to need. Future considerations for Storm Water Fund: • The Storm Water fund currently has a sufficient fund balance to support the scheduled replacement throughout 2022-2038 time-frame. Stormwater fund transfers have been used to support the debt levy reduction program as needed in prior years. • The stormwater rates have been adjusted over time to support maintenance costs and capital needs. Continuing rate management will ensure sustainability. Street Improvement and Debt Service Plan • Plan reflects the current street improvement schedule. • Plan has updated projections for future bond interest rates. • Annual street improvements include a mixture of street, utility and storm water reconstruction, alley improvements and mill and overlays. • The street improvement schedule and 2023 debt levy reduction program were presented to the City Council at the 3/22/22 council work session and approved at the 7/12/22 City Council meeting. Summary The proposed 2023 Capital Funds budgets align revenue sources with appropriate needs to ensure sustainability. The budgets as presented are intended to support the Cities present level of services and maintain the City’s infrastructure for current and future community members.