10.1. SR 11-03-2014 - Laserfiche WebLink

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Development Fund (City) The city's Development Fund has a cash balance of$328,664 as of Oct. 31, 2014,less the remaining Spectrum payment in lieu of fees ($104,600), and Natures Edge Business Center Phase II ($200,000) leaves a balance of$24,064. This fund has been used for the development of Northstar Business Park and Natures Edge Business Center—Phase I and II. The primary revenues are conduit bonding administrative fees and the tax abatement repayments for economic development projects. Also,the Preferred Powder internal loan repayment and future land sales in Natures Edge Business Center will replenish the fund. Capital Outlay Reserve Fund This fund has no revenue stream other than interest income and donations. This fund has been used for the purchase and replacement of information technology hardware and software and other capital outlay items. The undesignated cash balance as of Sept. 30, 2014,is $1,328,621. The 2014 General Fund budget has a transfer in of$200,000 from this fund from prior years' excess fund balance. If all of our 2015-19 technology replacements are fully funded from the Capital Outlay Reserve Fund the remaining balance will be $634,300. After the transfers, capital outlay and technology CIP the remaining balance will be approximately$494,321 to fund future equipment and capital outlay. In addition,we received cable franchise revenues from the Cable Commission to be used for technology and council chamber related projects. Staff will review the projects for 2015 which would include ADA door install, fIVAC repairs/maintenance and signage on the council dais. Technology Elk River Utilities is currently going through a software conversion for their billing software and would Eke the city to consider implementing the new phone system in early 2015,which would save some conversion costs. ERMU has funding available for their share of the phone system upgrade. Fleet Summary Provided as information as the Council reviewed with the Fleet Committee on August 11, 2014. Park Dedication Fund The Park Dedication Fund has experienced revenue increases at the end of 2014 following the recording of new plats. This will eliminate the outstanding interfund loans as of Dec. 31, 2013. This fund currently has one Contract for Deed obligation outstanding in which half of the final payment was committed from Park Dedication. GRE Reserve Fund RDFpayment-The GRE Reserve Fund receives an annual payment for hosting the RDF plant. As you recall, the Council approved a new agreement with a based on each ton of Municipal Solid Waste received. 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 final Contract for Deed payment,the payment will be made as an internal loan to the Park Dedication Fund. Once Park Dedication revenues are sufficient, this fund will be repaid. Peaking Plant payment-Starting in 2010 and through 2014, the city received payment from GRE for hosting the peaking plant. This amount is coded to the GRE Reserve Fund but tracked separately. Several one-time capital expenditures have been coded against this revenue including the Ice Arena bond N:\Public Bodies\Agenda Packets\11-03-2014\Final\x10.1 sr CapitalImprovementPlan.docx