10.5. SR 11-06-2017 - Laserfiche WebLink

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Request for Action To Item Number Mayor and City Council 10.5 Agenda Section Meeting Date Prepared by Work Session November 6, 2017 Lori Ziemer, Finance Director Item Description Reviewed by 2018-2022 Capital Improvement Plan Cal Portner, City Administrator Reviewed by Action Requested Review the 2018-2022 Capital Improvement Plan Background/Discussion Pavement Management Fund The fund was created in 2013 to provide long-term funding for the city’s Pavement Management Program. Franchise fees are the primary revenue source along with Municipal State Aid (MSA) for eligible portions of projects. An additional revenue is the final repayment in 2018 from the City of Ramsey for the Jarvis portion of the 2015 street project. The city engineer will also review the future MSA allocations and estimates and how they are tied into the Pavement Management Fund. MSA funds will fund a portion of projects in 2019 and 2021. The maintenance (sealcoat/overlays) portion of MSA goes into the Pavement Management Fund to offset the cost of the sealcoating and smaller overlay preventative maintenance. Street/Capital Improvement Fund This is the former funding source for street improvements utilizing revenue from special assessments and the general tax levy for Street Improvement Bond repayment. It is currently utilized for street, streetscape, and other transportation-centered improvements not covered by the Pavement Management Fund. It includes funds for the final debt service payment on the 2007 street project will be paid in 2018. Special assessment repayments will continue as the sole funding source until final repayment. Trunk Utilities Fund The fund balance consists of special assessment revenue from water and sewer improvement projects which may be only used on trunk water and sewer expansion/improvement projects in the area for which the assessments were collected unless there is no further need in the existing area and then they can be used in another area. These funds would be used in lieu of having to issue bonds on future expansions of the systems. Currently, there are no identified water or sewer projects over the next few years. Park Improvement Fund Provides a funding source for parks and trails improvements. The only revenue is an annual transfer from the Municipal Liquor Fund based on a percentage (45%) of profits after approved transfers. The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity