2024 Capital Funds book - Laserfiche WebLink

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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 2024 or 2025 Plant components assessment will aid in informing the necessary capital expenditure items and timing of the same. Stormwater Fund • A placeholder for an Industrial Park flooding mitigation has moved to 2030, anticipating that redevelopment will not occur until a later date. • Mirror Lake outfall repair is expected to be included in the 2024 street project at an estimated cost of $35,000 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 through 2019. Subsequently, Stormwater funds have been used to support stormwater maintenance and water quality programs. This is likely to remain in place for the foreseeable future. • 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 • The plan reflects the current street improvement schedule and 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 2024 debt levy reduction program were presented to the City Council at the 5/23/2023 council work session and approved at the 6/27/2023 City Council meeting. Summary The proposed 2024 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.