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(Draft January 2009) Key Financial Strategies
<br /> For Elk River
<br />
<br />Project Summaries
<br />
<br />Library
<br />Expansion
<br />
<br />Expand existing library facility. Adjacent residential
<br />parcels will be acquired to facilitate the expansion. (One
<br />parcel has already been acquired.)
<br />
<br />Timing
<br />
<br />Estimated Cost
<br />
<br />Funding
<br />
<br />The nature of the expansion has not yet been determined.
<br />Acquire parcels as available.
<br />Design and construct expansion in next five to ten years.
<br />
<br />$1,100,000 including land. Cost will vary based on nature
<br />and timing of actual improvements.
<br />Library Maintenance Fund. Fund financed primarily by
<br />property tax levy and landfill surcharge. Increased funding
<br />from landfill surcharge in 2001.
<br />
<br />Property taxes are sufficient to finance current operating
<br />expense. Landfill revenues should be accumulated and
<br />earmarked to pay for improvements.
<br />
<br />Library building financed by 1994D TIF Bonds. Bonds
<br />mature 2/1/07 and callable 2/1/04. $120,146 of fund balance
<br />reserved for existing debt.
<br />
<br />If fund balance is inadequate, internal borrowing or lease
<br />revenue bonds can be used to leverage future revenues.
<br />
<br />Ubmry Maintenance Fund
<br />
<br />F~=¥6rlue
<br />
<br />Expenditures
<br />
<br />Net transfers
<br />
<br />Surplus/Defidt
<br />
<br />Fund Balance
<br />
<br />Property tax
<br />Landfill surcharge
<br />Interest
<br />O~her
<br />
<br />Current
<br />Capital
<br />
<br />BE~gin
<br />
<br /> 1997 1998 1999 2000
<br /> 45,141 46,003 53,534 56,965
<br /> 37,198 42,580 40,922 57,266
<br /> 5,701 4,845 5,142 13,114
<br /> 9,352 8,469 9,881 8,717
<br /> 97,392 101,897 109,479 136,064
<br />
<br />35,199 28,206 39,276 46,407
<br />100,262 39,854 5,381 3,204
<br />135,461 68,060 44,657 49,611
<br />
<br />(11,000) (11,000) (11,000) (11,000)
<br />(49,069) 22,837 53,822 75,453
<br />
<br />143,044 95,261 118,098 171,920
<br />93,975 118,098 171,920 247,373
<br />
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