9.4 SR 10-17-2022 - Laserfiche WebLink

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Request for Action To Item Number Mayor and City Council 9.4 Agenda Section Meeting Date Prepared by Work Session October 17, 2022 Lori Ziemer, Finance Director Item Description Reviewed by 2023-2027 Capital Improvement Plan Cal Portner, City Administrator Reviewed by Action Requested Review the 2023-2027 Capital Improvement Plan. Background/Discussion Staff has identified specific capital projects, estimated project costs and funding sources to be completed over the next five years. Projects listed for 2023 will be reviewed along with cash flow estimates of the associated project fund. Projects are reviewed annually and updated with the CIP. Capital Reserve Fund The purchase and replacement of IT hardware/software has been funded by excess General Fund fund balance. The current balance designated for the replacement of IT technology is about $657,000. In addition, the fund receives interest income and cable franchise fees to be used for miscellaneous capital outlay items. The undesignated balance of the fund is about $959,000. Equipment Replacement Fund Established to provide funding for the planned replacement of vehicles and mobile equipment, the majority of funding is provided through annual General Fund department charges and Local Government Aid (LGA). LGA comes from the state general fund dollars that are collected through sales and income taxes and can be subject to state unallotment. Department charges are based on the amortization of their respective equipment and updated annually. The Fleet Committee evaluates the replacement of vehicles and equipment based on the criteria of age, miles/hours, maintenance costs, and usage type. The 2023-2027 vehicle/equipment purchase requests were reviewed and recommended by the Fleet Committee. Government Building Fund Used for municipal building construction/maintenance, landscaping, and remodeling. The facilities maintenance supervisor and department directors identify needed building improvements which are updated annually. The landfill expansion fee and interest earnings are the primary funding sources. The landfill expansion fee is scheduled to expire in 2030 but is expected to end as early as 2027-2028 based on landfill capacity. The fund has covered debt service payments for the public works building since 2012 and will also cover the 2023 debt service. Park Dedication Fund Recent plat development activity has increased fund revenues to a cash balance of about $1,593,000 as of 9/30/22. Projects planned for 2023 include YAC shade structure and maintenance garage, and a security camera for the Rivers Edge dock. The Elk River Vision P 0 W E e E 0 0 V A welcoming community rvitb revolutionary and spirzted resourcefulness, exceptional INATUREJ service, and community engagement that encourages and inspires prosperz1 Updated. August 2020