5.5. SR 08-08-2005 - Laserfiche WebLink

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annual tax levy that currendy pro'lides funding for general fund activities. Ho\v much money abo\Te $2 million is needed from the city for this project is unkno\vn. Other funding sources for a ThICA project could be from the go'vernment buildings resel\le, liquor store enterprise fund, and the fund balance in the general fund. HO\Ve\Ter, there are many needs for the money in the go\remment building reserve, including the pending library project. i\lso, the liquor enterprise fund has a debt to payoff for \Y/estbound tllat ,vill take a number of years before funds are truly a\railable for another project. Finally, regarding the fund balance in the general fund, this source of money is necessary for casll flo\v purposes and has been viewed as an emergency reserve. Additionally, through the natural growth of the city budget, tlle city \vill have difficulty maintaining its current 41.50/0 level, regardless if funds are taken out of this resenre for a special project. Other Considerations The YIvfC..A. facility is not identified in the city Capital Improvement Program (CIP). There are many needs for city funds identified in the elP, including streets, public buildings, and parks. One of dle most immediate projects on the horizon is the libral)T building project and it is unkno\vn ho\v much that project \vill ultimately cost. By not ha\ring the YIvlCA in the elP and "finding" a large amount of money for this project reduces the flexibility that is built into the CIP. It is uncertain as to \vhether or not there \vill be a positi\re or negative public reaction to the city pro\riding substantial casll for a YIvlCA building project. It \vas al\vays anticipated tllat the YIvICA \vould need and request some funding from the city in addition to land, but it \vas ne,Ter kno\vn how mucll or whedler or not the city could meet this request. In the past tlle city has funded some projects, \vluch were not city projects, such as providing $560,000 to sa,Te the Little Tlleater in the Elk Ri\rer Senior High. Conclusion In order for the city to prov-ide funding for a YIvlCA building \'ve \vill ha,re to become partners 'v;.th the ThlCJ.~ in order to adequately address legal issues about pro\riding monies direcrly to a YlvlCA organization. As noted earlier in this memo there is money a\Tailable that the city use for the \1YICJ.'\ project. It is uncertain e\Ten with these city monies \vhether or not the ThlCJ.'\ can get a building project completed. Details of a city-YIvfCA partnerslup \vould need to be \vorked out in order to ascertain what the city "gets" for their capital dollars. Tllese details may include space for the seniors or reduced rates for a period of time for residents s: \ Council \ Pat \ 2005 \ \Y../ orksessions \ YlvI CAFunding.doc