CC WS PACKET 10222024 - Laserfiche WebLink

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October 8, 2024 St. Anthony Council Work Session - 7 o Maintenance costs for the Street Sweeper are accounted for in this fund at an estimated $6,000 per year. o Other pond maintenance and water quality costs are estimated at $28,000 per year. o MS4 Engineering costs are around $7,000 each year. Future considerations for Storm Water Fund: The Storm Water fund currently has a sufficient fund balance to support the scheduled replacement throughout 2025-2041 time-frame. Stormwater fund transfers have been used to support the debt levy reduction program as needed in prior years. The street improvement schedule and 2025 debt levy reduction program were presented to the City Council at the 6/25/24 Council Work Session and approved at the 9/10/24 City Council Meeting. Summary The proposed 2025 Capital Funds budgets align revenue sources with appropriate needs to ensure sustainability and sound financial reserves to safeguard the ability to maintain the City’s valuable assets. 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. Ms. Maloney reviewed the Fund Balance Transfers. Action sought from Council is: Approval of proposed transfers. Excess Fund Balance Transfers approved along other fund transfers in December 2024. Excess transfers will be retroactive to 1/1/2024. The Financial Results slide was provided for the Council. This slide demonstrates the City’s Net unassigned fund balance at 12/31/2023. Options for reducing the excess general fund balance were demonstrated in the chart provided. Staff recommends a moderate transfer, retaining 46.75% of fund balance to ensure healthy reserves to help retain our AA+ bond rating awarded to the City this year. Parks Requests from Parks & Environmental Commission and Staff include: Additional Safety Netting for Central Park Fields C1 & C3 – Estimated cost: $110,000 (included in CIP). Upgrade Field Lighting to LED. Estimated cost $535,000 (Central Park $370,000 Tennis Courts $165,000). Pickleball Courts – Estimated cost $300,000. Mayor Webster thanked Ms. Maloney for the recommendation and retaining 46.75% of the fund balance. Ms. Maloney stated it was 54%. Councilmember Jenson stated previously the fund balance was 35% and the decision was made to increase it closer to 50%. Councilmember Doolan asked is the fund due to efficiencies. Ms. Maloney stated it was a unique year. A fire truck moved from liability to revenue fund. There were interest earnings for the first time in the past few years. Councilmember Doolan asked what the difference is between 46.75% and 42.0%, and if at 42.0%, would that keep the tax levy lower this year. Mr. Yunker stated with the upgraded bond rating 9