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CIP Worksession <br />Page 4 <br /> <br />CIP Finances - The city has mainly used the following funds to finance <br />CIP activities: <br /> <br />· Municipal State Aid (MSA) funds for eligible street work <br />· The City Capital Projects (CP) fund for the city financial <br /> participation in street projects; this fund is also used for <br /> smaller miscellaneous projects <br />· Part of the landfill monies dedicated towards streets (the <br /> balance of the landfill funds that are available for general <br /> city use has been dedicated toward government buildings and <br /> the library building expansion project) <br />· Equipment/Infrastructure Reserve used for equipment <br /> purchases <br />· . Park Dedication fund used for park land purchases and <br /> improvements to city parks <br />· The NSP contribution can be used for any project or program <br /> and in the past has been used for park land acquisition, <br /> recreation field development, and the purchase of land for the <br /> City Hall project <br />· Liquor Store funds are limited due to the new building <br /> project, but a limited amount of funds are annually available <br /> in addition to the over $100,000 that is annually put in the <br /> general fund budget <br />· City Taxes - The Council uses tax revenues for equipment <br /> certificates for equipment purchases on an annual basis. <br /> Sometimes, such as in 1998 for the Lake Orono project, the <br /> Council levies for additional capital improvements beyond <br /> what is typically in the general fund budget <br /> <br />At the CIP meeting I will update the City Council on the status these <br />funds along with the planned expenditures out of each fund for 1998 <br />and 1999. <br /> <br />An important issue for the City Council to discuss is the establishment <br />of long term revenue sources to fund various streets, equipment, park <br />and recreation, and land and building capital expenditures. At this <br />time the only known long term source of reoccurring funds is tax <br />revenues. In this regard, the City Council is going to have to consider <br />establishing an annual tax for some capital improvements and either <br />undertake projects on an annual basis or save the tax revenues for <br />larger projects. <br /> <br /> <br />