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07-18-22-WS
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07-18-22-WS
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Page 2 of 3 <br /> <br /> <br />PIR Fund <br />• The city has about $60 million of streets and trails (based on 29.42 miles of city streets). <br />Estimating the useful life of these assets at 40 years would require an investment of about <br />$1.5 million annually. The current funding sources of the tax levy, Municipal State Aid and <br />special assessments account for about $940,000 on average per year. This gap in the CIP <br />fluctuates from year-to-year, but will need to be addressed over time. <br />• A property tax levy of $250,000 is being proposed for 2023, which is unchanged from 2022. <br />• The city has been able to self-finance the special assessment portion thus far. However, with <br />the cost of these projects increasing, we may need to eventually look at bonding for the <br />special assessment portion of street projects. Current projections do not include any <br />prepayments of special assessments. <br />• There are sufficient MSA funds to cover the projects included in the CIP for the next 10 <br />years. MSA funds can only be used on Municipal State Aid Streets. <br />• There is a definite need to stay on top of street improvement projects to ensure streets reach <br />their useful lives and don’t require costly premature full reconstructions. Several areas of the <br />city are reaching those crucial ages that significant outlay is needed to ensure the long-term <br />vitality of the streets. <br />• Projects were programmed to try and get the City on a schedule of completing a major street <br />reconstruction project every other year. <br />• The Mounds View High School trail project, Hazelnut parking lot and Perry Park parking lot <br />were added to the CIP. <br />• The 3 types of street improvement projects being considered based on condition are: <br />o Resurfacing is the milling of the top 1.5 to 2 inch surface layer of street pavement and <br />overlaying the street with a new bituminous surface layer. <br />o Full Depth Reclamation involves spot repair of existing curb, milling or reclaiming the <br />full depth of existing bituminous pavement, blending milled material with underlying <br />aggregate material and installing a new bituminous pavement section. <br />o Reconstruction involves removal and replacement of larger quantities of existing curb, <br />installing underlying subgrade correction materials, new aggregate base and a new <br />bituminous pavement section. <br /> <br />Public Safety Capital Equipment Fund <br />• The fund is currently being used to account for capital expenditures made by the Lake <br />Johanna Fire Department. <br />• The assumption being used for this CIP is that debt service on the new fire station will begin <br />in 2025 at $195,000 per year and continuing for 15 years. This could be decreased to <br />$155,000 if we were to bond for 20 years. Property tax levy increases are proposed for the <br />years 2021-2025 with a final total levy increase of $225,000. <br />• 2023 budget information has not yet been received from LJFD. Equipment purchases are <br />based on information received last year and are subject to change. <br /> <br />Equipment & Building Replacement Fund <br />• The current plan includes replacing the City Hall roof in 2025 and replacing the City Hall air <br />handlers in 2028. <br />• The long-term asset management plan for equipment has not yet been completed so purchases <br />are only scheduled out for 5 years. <br />
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