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PAGE 1 <br />MEMORANDUM <br />To:St. Anthony Village City Council <br />From:Deborah Maloney, Finance Director <br />Date:October 8, 2024 City Council Work Session <br />Request:Proposed 2025 Capital Funds Budget <br />BACKGROUND <br />The Capital Equipment, Building and Parks Improvement Funds have been long standing capital funds used by <br />the City. The Stormwater Fund has funded stormwater improvements since the 2015 retirement stormwater <br />bonds. The Utilities Infrastructure Fund was established during 2016 for the replacement of water, sanitary <br />sewer, and fiber optic infrastructure. Additionally, the Street Improvement and Debt Service Plan is the <br />combined activity of the annual street improvement funds and their related debt service funds. <br />Below and with details attached, is the proposed 2025 Capital Funds Budget. This is based on the Capital <br />Improvement Plan that is reviewed and updated by staff each year to reflect purchases and repairs completed, <br />and upcoming purchases and repairs needed. <br />For City Council consideration tonight are four items: <br />Review and comments on the 2025 Capital Funds Budget <br />Review of fund balances transfers from year-end 2023 <br />Prioritization of Parks requests from Commission and staff <br />Funding option for Parks requests <br />2025 CAPITAL FUNDS BUDGET <br />Notable updates by fund: <br />BUILDING IMPROVEMENT FUND <br />The Building Improvement Fund accounts for costs for replacement and large maintenance items needed for city <br />owned buildings. Significant costs in the Building Fund for 2024 and projected costs for 2025 are made up of the <br />items listed below. <br />2024 2025 <br />City Hall <br />o Facilities Assessment cost of $10,890 o Replacement of Trane RTU & ductwork in the <br />gym has been quoted at $132,200, a significant <br />increase from previous estimates due to energy <br />code changes and new refrigerants. <br />o Water Heater replacements estimated at $26,000 <br />19