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07-18-22-WS
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07-18-22-WS
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Page 3 of 3 <br /> <br /> <br />Utility Funds <br />• Public Works staff continues to evaluate the condition of City utilities throughout the <br />community. The majority of street projects currently include a minimum amount for isolated <br />utility repairs but these amounts could increase as locations are identified where broader <br />water, sanitary sewer and drainage replacement is needed. <br />• Rate increase assumptions are as follows: <br /> Water – 2023-2024 (3.5%); 2025-2026 (0%); 2027-2028 (1%); 2029-2032 (0%) <br /> Sewer – 2023 (3.5%); 2024 (3%); 2025-2026 (0%); 2027-2028 (2%); 2029-2031 <br />(1%); 2032 (0%) <br /> Storm – 2023-2032 (0%) <br /> <br />Council Direction <br />Staff is seeking direction from the City Council regarding the following items: <br /> <br />2023 projects <br />As we review the 2023 projects, does the Council have any questions, comments or concerns <br />about including them during budget preparation? <br /> <br />2023 property tax levy <br />The levies for the EDA ($100,000), Equipment/Building Replacement ($50,000) and PIR <br />($250,000) are currently proposed to remain at the same amount as was levied in 2022 in this plan. <br />The plan reflects a $50,000 increase in the levy for the Public Safety Capital Fund, going from <br />$170,000 to $220,000. It is assumed that levy increases will be needed each year from 2022-2025 <br />to ensure the City has sufficient cash on hand to make its debt service payments once the new fire <br />station is built. Should staff continue forward with this assumption? <br /> <br />2022 General Fund transfer <br />There is $279,820 available to transfer from the General Fund to capital funds in 2022. This total <br />represents the amount at 12/31/2021 that was in excess of the 50% fund balance reserve goal <br />stated in the City’s financial policies. $177,280 of this amount will remain in the General Fund to <br />cover additional costs being incurred for the 2022 Street Maintenance Program. The plan will be <br />to transfer the remaining $102,540 to the Capital Improvement (PIR) Fund. Does the Council <br />have a preference on where the funds should go? <br /> <br />Budget Impact <br />The Council should review the estimated fund balances and funding sources with special attention <br />given to the Public Safety Capital and Utility Funds. <br /> <br />Attachments <br />Attachment A: PowerPoint Overview of Capital Improvement Plan <br />Attachment B: Capital Improvement Plan <br /> <br />
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