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City of <br />Elk - <br />River <br />To <br />City Council <br />Meeting Date <br />November 4, 2024 <br />Item Description <br />2025-2029 Capital Improvement Plan <br />Action Requested <br />Review the 2025 - 2029 Capital Improvement Plan <br />Request for Action <br />Item Number <br />11.3 <br />Prepared By <br />Lori Stich, Finance Manager <br />Reviewed by <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br />Background/Discussion <br />City staff have identified specific capital projects, estimated project costs, and funding sources to be completed <br />in the next five years. Projects listed for 2025 will be reviewed along with cash flow estimates of the associated <br />project fund. Projects are reviewed annually and updated with the CIP. <br />Capital Reserve Fund <br />The purchase and replacement of IT hardware/software have been funded by excess General Fund fund <br />balance. <br />The current balance designated for replacing IT technology is about $471,000. In addition, the fund receives <br />interest income and cable franchise fees for miscellaneous capital outlay items. The undesignated balance of the <br />fund is about $931,000. <br />Development Fund <br />Used for costs associated with new development projects. The comprehensive update of the zoning ordinance <br />is the only project included for 2025. <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 Aid (LGA). LGA <br />comes from the state general fund collected through sales and income taxes and can be subject to state <br />unallotment most often when the state experiences fiscal challenges. <br />Department charges are based on the amortization of their respective equipment and are updated annually. <br />The Fleet Committee evaluates the replacement of vehicles and equipment based on the criteria of age, <br />miles/hours, maintenance costs, and usage type. The 2025-2029 vehicle/equipment purchase requests were <br />reviewed and recommended by the Fleet Committee. <br />The Elk River Vision <br />A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E R E U A Y <br />engagement that encourages and inspires prosperity <br />106 <br />