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ARDEN HILLS TRUTH-IN-TAXATION - DECEMBER 7,1998 5 . schedule and one of the funding sources for this project was the Cable TV Fund, It was assumed that the construction activities that occur in 1999 will not utilize these funds, however, they will be utilized in the year 2000, The EDA Fund has on-going commitments in completing the West Round Lake Road/Highway 96 intersection in TIF District #2, Because the work was not completed in 1998 there remains approximately $1.2 million dollars of bond proceed expenditures, With regard to the Debt Service Funds, the Advance Refunding Bonds are funding approximately one-half ofthe $2 million dollars for the Capital Service FlUld's Municipal Land and Buildings FlUld #408, With the bonds issued in 1998, the City was now incurring debt service costs, There will be no principal payment for a couple of years until TIF revenues begin. The City is capitalizing interest lUltil the cash flow was available to start paying back the principal. Another large expenditure was in the Permanent Improvement Revolving Fund, This FlUld acts as thc flUlding source for the City's Pavement Management Program, The reconstruction of West Round Lake Road was a significant project with a cost of approximately $1.5 Million dollars. The PIR FlUld would be involved in financing this project and will received some foods back in the future from special assessments, . Overall, the City's proposed expenditures for 1999 total $11,758,402 which was down $2,748,965 from 1998, Slide #14, Glossary of Terms, defines some of the terms used during property tax discussions, PUBLIC COMMENTS Mayor Probst invited those present to come forward and address the Council on any questions or concerns they may have regarding the 1999 proposed budget. Mr. Craig Wilson, 1677 County Road F West, requested explanation ofthe Protective Inspection Department expenditures, Mr. Post explained the Protective Inspection Department conducts building, heating, and plumbing inspections in addition to Code enforcement activities, Mr. Tom Mulcahy, 3530 Siems Court, requested explanation of the Park FlUld expenditures shown on Slide #13, Mr. Post referred Mr. Mulcahy to the Special Revenue category Park Fund #227 on Slide #12 and explained the projects include the Country Road F trail linkage, the Arden Manor hard court improvements, the paving of Cummings Park hockey rink, and the Hazelnut Park shelter building which total $197,450. Mr. Mulcahy indicated he was requesting information on the total of$207,617 as shown on Slide # 13, He asked if these flUlds were out of the General Fund, Mr. Post stated the Park capital . expenditures are entirely from the Park Fund. Mr, Mulcahy asked if the Park FlUlds are made up of savings through out the years, Mr. Post stated this was correct, in addition to developer park dedication fees and investment interest earnings,