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In addition, this fund has been dedicated to the library debt repayment and at the end of <br />2015 the outstanding balance of principle and interest is $2,845,553. After setting aside <br />funds fox emergency repairs/replacements, very few projects have been programmed into <br />this fund based on the estimated revenue stream and cash balance projections of $2,981,382. <br />Given our good maintenance program we don't anticipate any major repairs aside from the <br />buildings getting older. <br />Municipal State Aid (Exhibit C) <br />Attached is a forecast of our future municipal state aid allocations based on 2011 actual and <br />future increases of 2 percent. The Council recently increased the maintenance portion from <br />5% to 25% to complete more sealcoating, crack filling, and street patching. <br />Street Improvement Fund (Exhibit D) <br />This fund covers annual improvements on roads and some minor connections in the City. <br />Special assessment repayments axe the main funding source in the fund. The 2011 projects <br />and funding sources were discussed during the CIP woxksessions. <br />Park Dedication Fund (Exhibit E) <br />The park dedication fund has seen a drop in revenues in recent years as the recording of new <br />plats has slowed. This fund currently has two contract for deed obligations fox land <br />acquisition; 1) Mahnsttom property will be paid in full in 2011, 2) Pinewood golf course will <br />be paid in full in 2013 with a balloon payment. With the existing obligations and the <br />estimated revenues, no projects have been programmed in the current 5-year CIP until <br />revenues increase to fund obligations ox any internal loans are repaid. <br />GRE Reserve Fund (Exhibit F) <br />The GRE reserve fund receives an annual payment for hosting the RDF plant. This fund <br />had been used for building debt on the 1997 City hall refunding bonds which were called <br />and paid in full in 2009. In addition, this was identified several years ago as a funding source <br />to make a portion of the Pinewood contract fox deed payment. The cash forecast assumes <br />the RDF plant continues operation. If park dedication revenues don't increase, this fund <br />would be a logical choice to make an internal loan to the park dedication fund fox the other <br />half of the Pinewood payment. <br />Starting in 2010, the City received payment from GRE for hosting the peaking plant. This <br />amount will be received over five years in the amount of $375,000 fox a total of $1,875,000. <br />The amount will be coded to this fund and easily tracked as Council determines the use of <br />this source of revenue. Fot discussion purposes it has been listed separately from the RDF <br />payment. <br />Equipment Replacement Fund (Exhibit G) <br />The equipment replacement fund covers replacement of wheeled equipment and vehicles. <br />The fund is replenished on an annual basis through charges paid by each general fund <br />department through their operating budgets. The amount charged to each department is <br />allocated on the estimated replacements over the next 10-years and updated yearly. In <br />addition, the fund receives a portion of the payment in lieu of tax (PILOT) from Elk River <br />Municipal Utilities, interest earnings, and auction proceeds. The replacement cycle is <br />C:\Usexs\jmiller\AppData\Local\Microsoft\Windows\Temporuy In[emet Files\Low\Content.IES\SYEINSER\CPFunds[7].doc <br />