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felt that the city hall project pushed us too close to our general fund cash balance <br />minimum. <br /> <br />Based on our previous discussion, below is <br />Renovation Project Financing Plan. <br /> <br />Proposed <br />FundingSourceFunding%ofFunding <br />Wouldleave51.1%balance <br />inGeneralFund(4050% <br />GeneralFundBalance>%50$216,80754%policy) <br />Nocontributionneeded. <br />GeneralFundCapitalOutlayFund$00%ThismaintainsCIPintegrity <br />Contributionbasedonstaff <br />SewerUtility$38,91010%time(11%ofnonA/Vitems) <br />Contributionbasedonstaff <br />time(11%ofnonA/V <br />items+10%forWater <br />WaterUtility$74,28219%TreatmentSpace) <br />DirectiontoeliminateStorm <br />Fundcontributiontoprotect <br />StormwaterUtility$00%fundbalance <br />OSHAGrant$10,0003%$10,000maxgrant <br />CARESAct$10,0003%Estimatedeligibleexpenses <br />A/VContract+Related <br />ExpensesinBase <br />CableFranchiseFees$50,00013%ConstructionContract <br />TotalProposedFunding$399,999 100% <br />During the last Council workshop, some discussion revolved around whether or not the <br />Stromwater Fund was healthy enough to contribute to the project, given its low fund <br />balance and the recent expenditures related to the downtown street project. The plan <br />above, eliminates a contribution from the Stormwater Utility. This, along with recent <br />deposits from development fees, will have a positive effect on the fund. <br />Staff is in the process of applying for an OSHA Grant to help defer some of the costs <br />related to safety. The maximum grant is $10,000. If the grant is not received, staff <br />suggests that portion of the project costs come from the General Fund. <br /> <br />As we begin to log expenses related to COVID-19, there are certainly elements of this <br />project which relate to the pandemic, such as providing enhanced separation at the front <br />desk, etc. We are estimating $10,000 of COVID related expenses. These funds, will <br />come from the General Fund, but will be reimbursed through the CARES Act money the <br />city has already received. <br /> <br />Staff is glad to discuss, in more detail, the project and its proposed financing plan at our <br />upcoming City Council meeting. <br />