My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
08-19-24-SWS
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2020-2029
>
2024
>
08-19-24-SWS
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/20/2024 11:21:09 AM
Creation date
8/20/2024 9:53:44 AM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
165
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Page 2 of 4 <br /> <br />The largest increases are in Parks, Public Safety, and Sewer, with the largest decrease in Street due <br />to the timing of biennial PMP street projects. <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 which consists of the tax levy, Municipal <br />State Aid and special assessments account for about $1.0M on average per year for 2025- <br />2029. This gap in the CIP fluctuates from year-to-year, but will need to be addressed over <br />time. <br />• A property tax levy of $250,000 is being proposed for 2025, which is unchanged from 2024. <br />Based on potential projects, this amount should be increased in future years to ensure there is <br />appropriate funding to meet future project expenditures. <br />• The city has been able to self-finance the special assessment portion thus far. However, with <br />the cost of these projects increasing, the City may need to eventually look into bonding for the <br />special assessment portion of street projects. Current projections include prepayments of <br />special assessments, which is based on a 5-year historical collection rate. <br />• There is not sufficient MSA funds to cover the projects included in the CIP for the next 10 <br />years. Based on current projections, our MSA fund will be short by $3.36 million at the end <br />of 2033 and won’t be positive again until 2044. <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 where significant outlay is needed to ensure the long-term <br />vitality of the streets. <br />• Projects were programmed to get the City on a schedule of completing a major street <br />reconstruction project every other year. <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 />• Future PMP projects included in the CIP (2030 and beyond) assume Full Depth Reclamation <br />will be required. Costs will decrease if Resurfacing is required and increase if Reconstruction <br />is required. <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 $375,000 per year. <br />• Engine/ladder truck replacements are scheduled for 2027. <br />• The current $170,000 tax levy does not support the needs of this fund. The City will need to <br />determine if the City will 1) move forward with implementing a franchise fee and/or 2) <br />increase the tax levy to support the new fire station and anticipated future expenditures. A
The URL can be used to link to this page
Your browser does not support the video tag.