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Item: 8.3.A. <br />ver <br />MEMORANDUM <br />TO: Parks and Recreation Commission <br />FROM: Bill Maertz, Parks and Recreation Director <br />DATE: December 13, 2006 <br />SUBJECT: 2007 Parks Capital Budget <br />At the November 2006 Parks and Recreation Commission meeting the Commission voted <br />to include the following items in the 2007 Park Dedication Budget. <br />2007 PARKS CAPITAL IMPROVEMENT BUDGET <br />PROJECT EST.COST <br />Barsody Payment 78,000 <br />Malmstrom Pro erty Down Payment 165,000 <br />Country Club Property Down Payment 80,000 <br />Park System Master Plan Update 40,000 <br />Tree Planting 20,000 <br />Park Signs/Site Amenities 15,000 <br />Total 398,000 <br />After reviewing the park dedication revenue estimates staff has concerns with taking <br />on payments for both the Malmstrom property and the Country Club property at this <br />time. The downturn in the housing market has led to greatly reduced revenues For the <br />short term. Park dedication fee revenue estimates for 2007 have been reduced from <br />$640,000 to $170,000. If this trend continues there is a chance that there will not be <br />sufficient fund to meet both of these financial commitments <br />Staff requests that the commission adjourn to a workshop to discuss the 2007 capital <br />budget. <br />Attachment: Park Dedication Estimates <br />