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As Lstated, that. assessment revenue has been held in the Trunk Utility Fund. The share of <br />the fund attributable to the eastern area is currently approximately $2,334,000. That balance <br />is both for water and sewer trunk line improvements. Assuming the balance is split equally, <br />there is approximately $691,200 currently available for trunk water main extensions in the <br />eastern area. That remaining balance takes into account the two water improvements already <br />funded for ERMU out of the Trunk Utility Fund; a trunk line in Eagle's Marsh for <br />approximately $125,000 and a trunk line under County Road 40 for approximately $827,000. <br />The funding request for 193`d Avenue is approximately $250,000. When water is extended <br />to the southeastern part of the City, additional expense will be incurred to install trunk water <br />mains. At this time, no analysis has been done to determine if special assessments will be <br />able to fund the entire cost of that project. <br />In conclusion, if the Council agrees with funding this trunk improvement for the water <br />utility, I propose that a Trunk Utility Fund policy for the expenditure of trunk water and <br />sewer funds be adopted. The Trunk Utility Fund does not have an on-going source of <br />revenue other than special assessments and interest income. The vast majority of the <br />property in these improvement areas has been assessed thus future special assessment <br />revenue is limited. Therefore, before spending these funds, it is important to have a policy <br />defusing how the funds can be spent. Attached is a list of items proposed to be included in <br />the policy. Following discussion at the worksession and assuming the Council concurs, a <br />formal policy and approval of funding request will be placed on a future agenda fox <br />consideration. <br />