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Request for Action <br />To Item Number <br />Ma ror and Cinr Council 11.3 <br />Agenda Section Meeting Date Prepared by <br />Work Session November 6, 2023 Lori Stich, Finance Manager <br />Item Description Reviewed by <br />2024-2028 Capital Improvement Plan Cal Pormer, Cit�r Administrator <br />Reviewed by <br />Action Requested <br />Review the 2024-2028 Capital Improvement Plan <br />Background/Discussion <br />Cit�T staff have identified specific capital projects together with estimated project costs and funding sources to be <br />completed in the next five yTears. Projects listed for 2024 `vill be reviewed along `vith cash flow estimates of the <br />associated pYoject fund. Projects are Yeviewed annually and updated with the CIP. <br />Capital Reserve Fund <br />The purchase and replacement of IT hard`vare/soft�vare has been funded byT excess General Fund fund balance. <br />The curYent balance designated for the Yeplacement of IT technology is about $521,000. In addition, the fund <br />Yeceives inteYest income and cable franchise fees to be used for miscellaneous capital outlay items. The <br />undesignated balance of the fund is about $909,000. <br />Development Fund <br />Used foY costs associated with new development projects. The Downtown Small Area Plan is the onlyr project <br />included for 2024. <br />Equipment Replacement Fund <br />Established to provide funding for the planned replacement of vehicles and mobile equipment, the majority of <br />funding is provided through annual General Fund department charges and Local Government rlid (LGA). LGA <br />comes from the state GeneYal Fund collected thYough sales income taxes and can be subject to state unallotment. <br />Department chaYges aYe based on the amoYtization of their Yespective equipment and updated annually. The Fleet <br />Committee evaluates the replacement of vehicles and equipment based on the criteria of age, miles/hours, <br />maintenance costs, and usage t�Tpe. The 2024-2028 vehicle/equipment purchase requests `vere reviewed and <br />recommended b�T the Fleet Committee. <br />Government Building Fund <br />Used for municipal building construction/maintenance, landscaping, and remodeling. The facilities maintenance <br />supervisor and department directors identifyT needed building improvements which are updated annuallyT. The <br />landfill expansion fee and interest earnings are the primar�T funding sources. The landfill expansion fee is <br />scheduled to expire in 2030 but is expected to end as earlyr as 2027-2028 based on landfill capacit�r. The fund has <br />covered debt service payTments for the public `vorks building since 2012 and `vill also cover the 2024 debt service. <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />row�REo ar <br />�I'1 ���� <br />Up�iited.• August 2020 <br />