4.3. SR 03-31-1997 - Laserfiche WebLink

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CIP Memo Page 2 allocation of over $500,000 we will be in better shape to do necessary street projects. CAPITAL PROJECTS - This is a city catch-all reserve fund that is mostly used for street projects. However, this fund is also used for miscellaneous infrastructure type projects including river rip rap project and our matching share of grants and for such things as part of the city's share of the ice arena project. The city needs to be careful in spending these funds because additional revenues are limited. However, there is a great deal of demand for use of these funds. In 1997, we know that over $350,000 will be spent out of this fund (Joplin south of County Road 30, Joplin signal, Joplin north frontage road, Ulysses north of 171st Street, and Lowell) and the starting balance is less than $400,000. We will be adding $200,000 in revenue to this fund in 1997. If the reconstruction of Dodge and 5th Street proceeds in 1997, then based on the local share being about $265,000, this fund will then end up in the negative. The above MSA and Capital Projects information highlights the emerging need of the city to establish a dependable recurring source of revenues for the city share of street projects. This would not change our policy of assessing out street projects, but the city subsidizing these projects is causing a problem because funds are not available for the city's commitment. The only known dependable recurring source of revenues is the tax levy and this may be impossible if levy limits are approved by the state legislature this session. If this happens we will really have a tough financial issue to address in the immediate future. STREETS- The revenues for this reserve comes from the landfill surcharge which is available for general fund purposes. Some of this money ends up being transferred into the general fund to offset street overlay and seal coating expenditures. $35,000 is listed in the 1997 budget as a transfer. If possible, we cancel this transfer at the end of the year if the budget looks like it is in good shape. As the landfill revenues have increased and some transfers have been canceled, this fund has grown to over $200,000. It is anticipated that we will use this fund to finance the bridge railing that was discussed last year and this may also be a good source of funds for any sidewalk construction/reconstruction program and could also be a source of funds for the city's share of any old core village street and sidewalk reconstruction program. It should be noted that the balance of the landfill money that is available for general fund purposes goes toward the library and city hall (government buildings) fund for debt repayment on the building lease/purchase plans.