6.8. SR 10-08-2012 - Laserfiche WebLink

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Capital Outlay Reserve Fund This fund has no revenue stream other than interest income and donations. This fund has been used to purchase the LETG police software, IT virtualization equipment, and most recently the new recreation software. The undesignated cash balance as of July 31,2012,is $1,211,769.46. The 2012 General Fund has a transfer in from the Reserve Fund for capital outlay in the amount of$122,100 and the preliminary 2013 has a transfer in the amount of$112,900 for capital.This is acceptable to our Financial Management Plan since it is a one-time revenue source with one-time expenditures. If all our technology replacements are fully funded from 2012-2017 it will be$801,500. After the transfers and technology CIP, the remaining balance will be approximately$175,269 to fund future equipment and capital outlay. Park Improvement Fund The Park Improvement Fund was created to provide a funding source for replacement and further build out/repairs of our current parks/trails. The current funding source is an annual transfer from the municipal liquor store based on a percentage (20%) of profits after approved transfers. Park and Recreation Director Michael Hecker recently reviewed the number of park replacement and maintenance items including trails repairs and replacements. Attached are the projects being proposed based on the current transfer from the Municipal Liquor Fund. You will notice a significant negative cash balance, also attached is a proposed funding scenario for discussion with increasing the transfer from the municipal liquor store to start addressing the projects. Michael will review in detail the 2013 projects at the meeting. Park Dedication Fund The Park Dedication Fund has seen a decrease in revenues in recent years as the recording of new plats has slowed. This fund currently has one contract for deed obligation outstanding for the Pinewood Golf Course which will be paid in full in 2013 with a balloon payment. The estimated 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 are sufficient to fund obligations or repayment of the internal loans. GRE Reserve Fund • RDF payment The GRE Reserve Fund receives an annual payment for hosting the RDF plant. As you recall,the Council approved a new agreement with a per municipal solid waste received fee. This fund was identified as a funding source several years ago 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 new revised level. If park dedication revenues are insufficient to make half of the yearly payment, this fund has made internal loans to the Park Dedication Fund. Once park dedication revenues are sufficient this fund will be repaid. • Peaking Plant payment Starting in 2010, the city received payment from GRE for hosting the peaking plant. This amount will be received over five years in the amount of$375,000. This amount is coded to the GRE Reserve Fund but tracked separately. In 2011, the Council authorized the use of these funds for the downtown parking lot acquisitions and the paying off of the ice arena bonds. These funds have been identified for the grant match of Bailey Point. Michael will give an update on the status of that project. N:\Public Bodies\City Council\Council RCA\Agenda Packet\10-08-2012\ClPstaffreport01008.docx