10.3. SR 11-07-2011 - Laserfiche WebLink

Home Browse Search

ITEM 10_3_ MEMORANDUM TO: FROM: DATE: SUBJECT: Mayor and City Council Tim Simon, Finance Director November 7, 201 I 2012-2016 Capital Improvement Plan (CIP) Update The purpose of this discussion is to provide preliminary information regarding projects proposed to be funded. The review and final document is prepared to anticipate major expenditures in advance of the year they may become budget requests. Projects listed in the first year (2012) are included in the budget and upon each annual update of the CIP some projects will be deleted, added, or even delayed. Much of our discussion will focus on the 2012 portion of the CIP and the timing of these items. After we review the cash flows and projects, I will be putting together the document for approval in December. Park Dedication Fund (Exhibit A) The park dedication fund has seen a decrease in revenues in recent years as the recording of new plats has slowed. This fund recently completed the payoff of the Barsody and Malmstrom property contract for deeds. This fund currently has one contract for deed obligation outstanding for land acquisition. Pinewood Golf Course will be paid in full in 2013 with a balloon payment. The revenues in the attached exhibit have been completed with the assistance of the City planning department. With the existing obligations and the estimated revenues, no projects have been programmed in the current five-year CIP until revenues increase to fund obligations or repayment of the internal loans. GRE Reserve Fund (Exhibit B) • BDF payment The GRE reserve fund receives an annual payment for hosting the RDF plant. This revenue was identified as a funding source to make a portion of the Pinewood contract for deed payment. The cash forecast assumes the RDF plant continues operation and the payment remains at the same level. If park dedication revenues do not increase, this fund has made internal loans to the park dedication fund for the other half of the Pinewood payment. Once park dedication revenues increase this fund will be repaid. e®wtBE~ ~r N:\Public Bodies\Ciry Council\Council RCA\Agenda Packet\11-07-2011\2012-2016CIPupdate110711 [1].doc