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DRAT 2/95 <br />• CIP FINANCES <br />SURFACE WATER NLANAGEMENT <br />In late 1994, the City Council approved its tax levy for calendar year 1995. <br />Included in this tax levy was $210,000 for surface water management <br />activities. This tax levy will have to continue for the long term in order to <br />finance surface water management activities and this amount will most <br />likely have to be increased in future years. <br />In 1994, the City authorized over $1 million in bonds for surface water <br />management activities. These activities included work in Deerfield III, <br />County Roads 12/13, and Highways 10/169. Additional surface water <br />management projects are being discussed by the City Council, but have not <br />been authorized and financing has not been arranged. Those projects include <br />Main/Evans, the railroadculvert, and Western Area Phase II trunk storm <br />drainage pipes. Additionally, there was some pre-1994 activities that were <br />charged to the surface water management fund that were financed <br />internally. These funds need repayment from the surface water management <br />levy. This cannot happen in 1995, but should happen in the next few years. <br />• The surface water management (SWM} fund is currently in debt and will be <br />in debt for the foreseeable future. Even without any activities for the County <br />ditches, Western Area Phase III, or east Highway 10, it is estimated that this <br />fund will be in debt in excess of $600,000 by late 1995. This is in addition to <br />the $1 million in bonds that were issued in 1994. <br />Surface water management is the number one financial concern of the City <br />staff as it relates to capital improvements programming. <br />C~ <br />Page 9 of 13 <br />