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05-13-24-WS
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05-13-24-WS
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EN HILLS <br />10 I Did El7.7_1►1 Olga 1 <br />DATE: May 13, 2024 <br />AGENDA ITEM — 3B <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Joua Yang, Finance Director <br />SUBJECT: Capital Funding Discussion <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br />For Council Consideration <br />Council should consider providing direction on next steps regarding Capital Funding. <br />Background <br />At the August 21, 2023 worksession (Attachment A), the City Council discussed the use of <br />franchise fees to help support capital projects for the City. Ehler's, the City's financial advisor, <br />provided an analysis on electric and gas fee structures, in addition to information on other local <br />municipalities who assess a franchise fee onto their residents and business owners. <br />At the September 18, 2023 worksession (Attachment B), the City Council discussed the topic at <br />length and decided that April 2024 would be a good time to have an Open House in order to gauge <br />residents' opinions on capital funding mechanism including franchise fees. <br />Staff held a Capital Funding Update Open House on Saturday, April 201h at City Hall. Staff shared <br />that there is an anticipated future gap in funding for the City, largely due to increased costs for the <br />Lake Johanna Fire Department Station project ($4.1M), the Old Hwy 10 Trail/Lake Valentine to <br />Hwy 96 and Lake Johanna trail projects ($3.6M), and a recently revised equipment needs schedule. <br />Provided are two projected fund balance charts, one that includes the two trail projects and one that <br />excludes them, as the City has not yet secured outside funding sources for the two trail projects. <br />With the exclusion of the two trail projects, Staff anticipates the City will have the largest needs in <br />the Equipment, Building, & Replacement Fund and the Public Safety Fund. If the two trail projects <br />are included, the City would have an additional need in the PIR Fund. <br />Page 1 of 4 <br />
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