10.4. SR 11-04-2013 - Laserfiche WebLink

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Capital Outlay Reserve Fund This fund has no revenue stream other than interest income and donations. It has recently been used for the purchase and replacement of IT hardware and software. The undesignated cash balance as of September 30, 2013 is $1,413,293. The 2013 General Fund has a transfer in from the Capital Outlay Reserve Fund of$112,900 for capital replacements and in 2014, $97,000 for capital replacements will be directly budgeted against the fund versus a transfer in. In addition,the 2014 preliminary General Fund budget has a transfer in of$200,000 from this fund from prior years excess fund balance. If all our 2014- 2018 technology replacements are fully funded from the Capital Outlay Reserve Fund it will be $562,500. After the transfers, capital outlay and technology CIP the remaining balance will be approximately $440,893 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 Fund based on a percentage (45%) of profits after approved transfers. This was amended during last year's CIP review. We will review the priorities and requests for 2014,which were recommended by the Park and Recreation Commission. We will also review a donation request for lighting at the Oak Knoll Fields. This would be in conjunction with a donation from the football and lacrosse organizations. The estimated cost of lighting the field is $135,000 and football and lacrosse is proposing to donate $73,000 over four years with $43,000 in 2014. This represents approximately 54% of the project cost. In 2014, the year of the project,this would leave a funding gap of$92,000 of which $30,000 will be donated to the city, $10,000 per year 2015-2017. The overall financial impact after the donations is $62,000. Staff has identified several funding options if the Council is in agreement with the project. Option 1 could be to use any excess General Fund fund balance at the end of the year and transfer to the Park Improvement Fund for the gap. This would be a one-time use and is appropriate with our fund balance policy,which states as example number two; to fund a one-time (non-recurring) expenditure orgrant match opportunity. Option 2 could be to amend a budgeted transfer from the liquor store ($137,500) to the Ice Arena,which will not happen in 2013 to the park improvement fund. If Council would like more options staff will be prepared to discuss. 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. 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 repay 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 MSW 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 insuffient to make half of the yearly contract for deed payment,this fund N:\Public Bodies\Agenda Packets\l 1-04-2013\Final\x10.4 sr capital improvement plan.docx