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(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />Ice Arena <br /> <br />The Ice Arena will require improvements, although the <br />specific needs have not been determined. Replacement of <br />roof and floor are likely during this period. Continued <br />growth may als0 create pressure for cxpansion of the <br />Arena. <br /> <br />Timing <br /> <br />Building improvements will be needed within the next five <br />years. <br /> <br />Estimated Cost <br /> <br />$500,000 - preliminary estimate. <br />Additional planning needed to <br />estimate. <br /> <br />create more accurate <br /> <br />Funding <br /> <br />Funding for the improvements must be identified. The Ice <br />Arena operation does not produce net revenues or <br />accumulate a fund balance. <br /> <br />Funding for facilities improvements will come from user <br />charges or general City revenues. <br /> <br />As the City moves to comply with GASB 34, the Ice Arena <br />fund will change from special revenue to enterprise. <br /> <br />Expenditures <br /> <br />Net transfers <br /> <br />Surplus/Deficit <br /> <br />Fund Balance <br /> <br />Ice Arena <br /> <br /> 1997 1998 1999 2000 <br />Property tax 0 0 0 0 <br />Landfill surcharge 0 0 0 0 <br />Interest 1,490 0 1,543 940 <br />Other 392,849 439,120 499,234 567,035 <br /> <br /> 394,339 439,120 500,777 567,975 <br /> <br />Current 229,707 299,531 319,629 397,288 <br />Capital 10,847 120,447 116,965 0 <br /> <br />Begin <br />End <br /> <br />240,554 419,978 436,594 397,288 <br /> <br />(204,588) 35,809 (64,183) (170,687) <br />(50,803) 54,951 0 0 <br /> <br /> (4,148) (54,951) 0 0 <br /> (54,951) 0 0 0 <br /> <br />Page <br /> 49 <br /> <br /> <br />