6.4 SR 06-06-2022 - Laserfiche WebLink

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Relevant Financial Policies The City Council has adopted a comprehensive set of Financial Management Policies that provide the basic framework for the overall fiscal management of the city. The Financial Management Policies include revenues, property taxes, investments, purchasing, financial reporting, reserves, fund balance, capital investment, and debt policies. It is important for the financial stability of the city to maintain reserve funds for unanticipated expenditures or unforeseen emergencies, as well as to provide adequate working capital for current operating needs to avoid short-term borrowing. The city's policy states that the unassigned fund balance in the General Fund will be maintained at a target level of not less than 40-45% of budgeted operating expenditures; however, this may fluctuate with each year's budget objectives. Major Initiatives Elk River was selected for $157 million state transportation funding to redesign and reconstruct three miles of Highway 169 which runs north -south through the city. The Highway 169 corridor is an important arterial route serving commuters, recreational uses, and connecting economic centers in the state. The project will convert Highway 169 to a new freeway by removing five stop lights from the Mississippi River north through Elk River. During 2021, the `169 Redefine' project team consisting of MnDOT, the City of Elk River and Sherburne County finalized the design layouts of the interchanges, hosted public information meetings, and began utility relocations in preparation for the three-year construction project that will begin early in 2022. When complete, the project will increase capacity, improve overall traffic flow, and improve accessibility and safety. Update of the city's Comprehensive Plan which began in the fall of 2020 was completed and approved in September 2021. The goal of the update was to address anticipated changes resulting from the Highway 169 improvements, with additional focus on transportation and urban service area plans. The Comprehensive Plan is a guiding policy document that establishes a long-term vision for the community for the next 20 years with the recommendations and strategies necessary to make that vision a reality. As part of the $35,000,000 Active Elk River projects, the Lake Orono dredging project to remove 125,000 cubic yards of sediment to restore fish habitat and recreational improvements was completed in 2021. Construction also began in the spring of 2021 on park improvements for Orono Park and the Youth Athletic Complex. Park improvements include restroom/shelter facilities, concession area, skatepark, splash pad, and pickleball courts. Renovation and expansion of the Public Safety Facility to build out the police department second floor office space, expand the police parking garage, and add fire department support space, training rooms, and apparatus bays continued in 2021. Completion is expected early in 2022. The city began construction of Fire Station #3 to ensure fire protection services for our primary residential growth area during the construction of Highway 169. The new fire station will include classroom space, physical training area, and a built-in fire tower for hands-on training opportunities.