7.0. SR 08-25-2003 - Laserfiche WebLink

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Budget Worksession Memo August 25, 2003 Page 4 of 13 these sources. The equipment reserves would be another source but this is not recommended for a project of this magnitude. The NSP reserve has a balance of approximately $400,000 plus about $185,000 is due into this reserve for the Joplin business park site. In the past, monies from the NSP reserve have gone mainly toward land acquisition and park improvements and most recently the school theater commitment. Half of the annual NSP allocation goes into the city hall 1993 project and the other half goes into the reserve. It appears that the 2003, 2004, and 2005 reserve allocations will need to go for the theater payments. The NSP fund balance can be spent at the discretion of the Council. The government buildings reserve gets monies from the landfill surcharge. The total landfill surcharge is $1.00 per cubic yard. The city allocates 50 cents of this surcharge toward government buildings. This surcharge is being replaced with the host fee. All of the available government building reserve funds will be spent on the city hall project. The city hall project is expected to be completed in spring 2004 and the funding for the project is not expected to be completely received until the end of 2004. However, none of the 2005 government buildings reserve has been allocated or committed. Given the current revenues being received, the barn floor and dasher boards could be completely funded with 2005 revenues. Other possible future uses for these reserves includes a number of larger long-term building and land improvements including a 169/CR33 £nte hall site (fire hall #3), completing the police station second floor in 2013, acquisition of the fairgrounds (if it ever becomes available), building a community center, building an outside pool, acquisition and development of park lands, library expansion, street department buildings/expansion, and the YMCA project. The liquor store is also a potential source of funding for the ice arena barn floor and dasher boards but the liquor store funds may be needed to help balance furore general fund budgets. Also, at some point in time, there is a second store on the horizon where funds will be needed. Nonetheless, this fund could pay half and the NSP fund could pay half and the floor replacement could take place in 2004. In anticipation of a project taking place in the not to distant future it is recommended that the city spend some of its equipment reserves that are designated for the ice arena for the preliminary work that is needed for the floor replacement project. This work would include the preparation of plans and specifications for the bidding of the project and most likely soil borings. Up to $15,000 may be needed for this work. There is approximately $46,000 identified in the equipment reserves for the ice arena. Money has been placed into this reserve in case of emergencies and/or the need to have funds available to make bond payments. Pavement Rehabilitation Program (PRP) The general approach discussed for funding the PRP is that about one-third would be assessed out to benefited property owners, the city reserve would pay for one-third, and taxes would pay for one- third. It was also discussed that the projects would begin in the $1 million dollar range and gradually grow in the future.