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(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />Comments <br /> <br />R ecomraended <br />Action <br /> <br />Proposed Timetable <br /> <br />Comments <br /> <br />One key financial strategy is that financial decisions are <br />often interrelated. This strategy is especially true for <br />facilities. The financing of building projects often <br />compete for the same, limited funding sources. <br /> <br />The expansion of the City Hall Campus sends ripples <br />into other parts of City finance. The use of reserves will <br />reduce monies available for future projects. Debt <br />incurred for the project creates obligations for property <br />taxes or other revenues. <br /> <br />Establish storm sewer improvement district to finance <br />activities under the Surface Water Management Plan. <br /> <br />Establish district(s) in 2002 and consider initial tax <br />levy in 2002 for taxes payable 2003. <br /> <br />Through the financial planning process, the use of a <br />storm sewer improvement district was identified as the <br />best option for financing the construction and maintain <br />of the storm sewer system. The steps to be undertaken <br />in 2002 include: <br /> <br />Storm Sewer <br /> <br />· Contact County (or State) to determine if levy for <br /> district without bonds is subject to levy <br /> limitations. If levy limits apply, consider corrective <br /> actions in Legislature. <br />· Determine if one or more districts will be <br /> established. <br />· Obtain the tax capacity value of property with the <br /> district(s). <br />· Determine projects funding needs in years 2003 <br /> through 2007. <br />· Estimate other public and private revenues <br /> available to finance improvements. <br />· Undertake process to establish district(s), <br /> pursuant to Minnesota Statutes, Sections 444.17 <br /> through 444.21. <br />· Include levy (if any) in steps for taxes payable <br /> 2003. <br /> <br />Page <br /> 8 <br /> <br /> <br />