5.5. SR 06-02-2008 - Laserfiche WebLink

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' business park will be complemented by the Northstar Commuter rail line that will run from Minneapolis to Big Lake with a stop in the City of Elk River. Funding for the Northstar Commuter rail line has been secured and construction is anticipated to be completed in 2009. ' The downtown revitalization project that the Elk River Housing and Redevelopment Authority (I-IRA) has been leading is now completed. Two new buildings consisting of both for sale and rental housing and ' commercial units, with some housing overlooking the Mississippi River, have been completed. In addition, The Bank of Elk River completed a major expansion to its main office that is located adjacent to the two new buildings and a City park has been constructed downtown to complement the new development that has occurred. These projects added nearly X21 million of new market value. The City completed construction on a new 16,000 square foot library, which the City is applying for Gold LEED certification. LEED certified buildings are built to the highest standards of energy efficiency ' and environmental sustainability. The Elk River Library incorporated energy saving systems such as geothermal heating and cooling, natural lighting and photovoltaic dimmer switches. In addition, the citizens of the City approved the construction of a 55,488 square foot recreation facility which will be ' leased by the YMCA through a lease agreement with the Economic Development Authority. Construction is expected to be completed in the fall of 2008. Also in 2007, the City awarded a contract to begin the next phase of the wastewater treatment plant expansion which includes a mercury removal ' system, U.V. system upgrade, and other necessary upgrades. Industrial and commercial development has been stable and is expected to remain stable; however, 1 residential development has slowed considerably. There are approximately 700 residential lots available in the City of Elk River with potential for more lots becoming available in 2008. 1 1 1 1 1 Long-term financial planning. In 2007, City Council reviewed the completed Land Use Financial Management Plan. This Plan builds on the Financial Management Plan and tax analysis study completed in 2005. The Land Use Financial Management Plan focused mainly on undeveloped property with the goal of determining what type of development needs to occur in order to provide enough tax base to support the City's demand for services when fully developed. The Council has been diligent in maintaining a level tax rate. This provides the information needed to develop in a manner that will sustain or expand City services while keeping the tax rate stable. Department heads estimated staff additions, service levels, and capital needs for the next ten years as part of this process. This Land Use Financial Management Plan will provide the community development department vital information to assist in properly zoning undeveloped areas of the City to maximize the tax base. Unreserved, designated fund balance in the general fund (42.8 percent of next year's budgeted general fund expenditures) falls within the policy guidelines set by the Council for budgetary and planning purposes (minimum of 40 percent). Following the close of the fiscal year and review of the financial management plan fund balance policy, the council at its discretion decides which funds to allocate the remaining balance. Cash management policies and practices. Cash available during the year was invested in demand deposits, certificates of deposits, United States government and agency securities, and commercial paper as authorized by the City's investment policy. The City constantly reviews the anticipated cash flow needs and continually revises the five year estimates. The City also participates in a Local Government Investment Pool (4M Fund). This fund is a pool of funds belonging to participating local governments. This is a highly liquid fund which invests in commercial paper and United States government and agency securities. The City keeps a reserve balance in this fund to finance daily cash flow needs in order to avoid calling an investment early. 1