My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
CCP 12-09-1996
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
1990-1999
>
1996
>
CCP 12-09-1996
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/8/2007 1:13:04 PM
Creation date
11/10/2006 3:13:05 PM
Metadata
Fields
Template:
General (2)
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
77
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
<br /> a I <br /> CITY OF ARDEN HILLS I <br /> MEMORANDUM <br /> .. <br /> DATE: November 20,1996 <br /> TO: Brian Fritsinger, City Administrator I <br /> FROM: Terrance Post, City Accountant @ I <br /> SUBJECT: 1997 PMP Funding <br /> I <br /> Back~round I <br /> At the November 12, 1996 City Council Meeting, the Feasibility Report for the 1997 Pavement <br /> Management Program (PMP) was received. A discussion item that emerged \vas that, of $71 0,000 I <br /> in total estimated project costs, only $557,700 was "covered" in terms of budgeted 1997 General <br /> Fund expenditures ($192,000), surface water management utility allocated expenses ($93,000) and <br /> PIR assessment costs ($272,700). I <br /> Issue <br /> If the full scope of 1997 PMP project work is undertaken, how would the $152,300 ($710,000 less .. <br /> $557,700) shortfall be funded? <br /> Request . <br /> Council directed staff to examine the assessment interest income stream since adoption of the <br /> Assessment Policy (i.e. since taxes payable 1992) to determine how this potential revenue source <br /> compared with the estimated 1997 PMP project funding shortfall. I <br /> Findings <br /> From 1992 through October, 1996, the Permanent Improvement Revolving Fund (PIR) has received I <br /> $705,672 in financed street improvement assessment revenue. As all of these assessments have had <br /> an eight percent simple interest factor, the amount of the interest revenue stream can be calculated <br /> at $56,454 ($705,672 · .08). I <br /> Conclusion I <br /> It does not appear that the interest revenue stream from previously financed PMP projects is <br /> adequate to fully fund the estimated 1997 PMP project shortfall. A 1997 PMP project scope <br /> reduction or a policy decision to utilize PIR Fund reserves are alternatives that council may wish to . <br /> discuss further. <br /> . <br /> - .. <br /> I <br />
The URL can be used to link to this page
Your browser does not support the video tag.