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through 2024. Taxes are expected to go down again in 2025 due to paying off the 2016A <br />bond issue. <br /> <br />201-EDA <br />This budget is balanced and shows only inflationary increases in the transfer out from the <br />General Fund. As such, it is not shown at this time. <br />Debt Service Funds <br />These funds show the effect of scheduled tax levies, scheduled cancellations of levy due <br />to adequate funds being on hand, and planned special assessment revenues. This is <br />updated annually to make sure we have sufficient revenues to pay all debts off as they <br />come due. Any excess remaining in the funds after the final debt is paid may be <br />transferred anywhere with City Council action. <br /> <br />Also, important to note is the fact that the city does not have any pending projects for <br />which debt may need to be issued. As discussed later in this memorandum, street <br />reconstructions have all been completed and a significant renovation of city hall is <br />underway, utilizing existing fund balance. Our public works building is less than 15 <br />years old and the city has very little in terms of aging infrastructure. <br />402-Park Dedication <br />This fund shows Park Dedication fees coming in through 2022 as lots are platted. During <br />the term of this financial plan additional revenues are not shown to pay off the remaining <br />trail and park debt since those are dependent on the pace of development for land now <br />zoned either agricultural or commercial/industrial. While there are no formal plans for <br />any such developments, the city has entertained concept plans for various development <br />concepts. A high-density development such as an apartment building would significantly <br />impact this debt. For instance, the 96-unit apartment concept presented to the Planning <br />Commission a few months ago would, alone, pay off nearly 1/3 of the remaining debt. <br /> <br />409-Equipment Replacement <br />We have had extensive discussions about equipment replacement schedules. Those plans <br />have been thrown off by the Covid-19 issue and state bid procedures. We will need to <br />revisit these plans after the City Hall remodel is completed. <br /> <br />452-Streets <br />With the downtown Street Reconstruction project nearly complete, the pavement <br />management plan will enter a new era where all streets in the city have now been <br />reconstructed to a modern standard. We are still learning how our streets will hold up <br />over time and continue to evaluate their condition and adjust our schedule of overlays on <br />an annual basis. Given the significant cash outlay for the downtown project, we will <br />need to carefully evaluate our projects for the next few years to keep our street fund <br />solvent. However, the shortfall should be short lived given the significant revenue stream <br />from franchise fees and the <br /> <br /> <br /> <br />