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Recommended <br />Action <br /> <br />Proposed Timetable <br /> <br />Comments <br /> <br />R ecomraended <br />Action <br />Proposed Timetable <br /> <br />Comments <br /> <br />Recommended <br />Action <br />Proposed Timetable <br /> <br />Comments <br /> <br />Create and adopt a funding plan for Pavement <br />Rehabilitation Program. <br /> <br />Finalize funding plan prior to initial pubhc hearings, <br />currently scheduled for September 2002. <br /> <br />The Pavement Rehabilitation Report proposed <br />improvements and assessments. This information needs <br />to be expanded into an overall funding plan to include <br />issues raised in the financial planning process: <br /> <br />· What is the projected 12/31/01 balance in the Street <br /> Improvement Reserve Fund? <br /> Will monies in the Reserve be needed for any other <br /> purposes? <br /> How much of the Landfill Surcharge will be <br /> committed to this Program? <br />· Will the City issue bonds to pay for annual <br /> improvements and does the $5,000/unit proposed <br /> assessment exceed the 20% threshold needed to <br /> issue G.O. Bonds? <br /> Will the City establish a permanent improvement <br /> revolving fund for pavement rehabilitation? <br />· How will the City finance rehabilitation of sanitary <br /> sewer lines? <br />· Is the Utilities Commission prepared to finance <br /> water and electric system improvements related to <br /> pavement rehabilitation projects? <br /> <br />Initiate process for compliance with GASB 34. <br /> <br />Complete compliance actions by 12/31/03. <br /> <br />It is likdy that planning for compliance with these new <br />financial reporting requirements will be influenced by <br />the demands of other financial management projects. <br />One way to stay on track is to list the steps required for <br />compliance and track progress for each step. <br /> <br />Develop strategies for obtaining a rating upgrade. <br /> <br />Undertake in 2002 in conjunction with debt issuance. <br /> <br />The City's current bond rating includes positive' <br /> <br />(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />Pavement Rehabilitation <br /> <br />GASB 34 <br /> <br />Bond Rating <br /> <br />Page <br /> 9 <br /> <br /> <br />