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<br />TO: <br />FROM: <br />DATE: <br /> <br />PARK & RECREATION COMMITTEE MEMBERS <br />JOHN MEYER, FINANCE DIRECTOR <br />NOVEMBER 3D, 2006 <br /> <br />SUBJECT: CURRENT FINANCIALS & PROJECTIONS <br /> <br />Park & Recreation Committee funds are managed in the Park Fund & the Trail Fund. <br /> <br />The January 1, 2006 balance in these funds was <br /> <br />Through October 31, 2006 these funds have received park dedications from Hunters Crossing III, <br />Pheasant Marsh III, Royal Oaks Industrial Park, interest, adjustments and donations totaling <br /> <br />Through October 31, 2006 these funds have expended funds for signs, professional services, legal fees, <br />the partial land acquisition of 1601 Lamotte Drive, playground equipment, supplies & mulch totaling <br /> <br />Through October 31, 2006, a transfer of funds for parking lot improvements totaled <br /> <br />The October 31, 2006 fund balance of the combined funds is <br /> <br />Anticipated revenues through December 31,2006 include funds from the City of Centerville, <br />DNR Outdoor Recreation Program Grant, interest, and park dedication funds totaling <br /> <br />Anticipated expenditures include the completion of the purchase of 1601 Lamotte Drive, <br />demolition of 1601 Lamotte Drive and improvements to Center Street Trail totaling <br /> <br />Anticipated December 31, 2006 fund balance of the combined funds will be <br /> <br />Projected revenue during 2007 includes funds form the City of Centerville totaling <br /> <br />Projected expenditures during 2007 include playground equipment, <br />renovations to the Tracy McBride Park and warming house improvements totaling <br /> <br />Projected December 31, 2007 fund balance of the combined funds will be <br /> <br />Projected revenue during 2008 includes funds form the City and Park Dedication Funds(1) totaling <br /> <br />Projected expenditures during 2008 include a transportation enhancement trail grant match(2) of <br /> <br />Projected December 31, 2008 fund balance of the combined funds will be <br /> <br />(1) Park Dedication Funds anticipated in 2008 are a result of phase one downtown redevelopment. <br />Currently the city is working on finalizing a development agreement with the Beard Group to complete <br />downtown redevelopment. No document currently exists obligating a developer to pay these fees. <br />The estimated park dedication fee for phase one is $105,648. <br /> <br />(2) The city does not currently have a grant award for transportation enhancement funds to complete <br />trail improvements. The city anticipates applying for funds that would require this match. <br /> <br />$ <br /> <br />349,521.26 <br /> <br />$ <br /> <br />239,904.38 <br /> <br />$ <br /> <br />244,691.38 <br /> <br />$ <br /> <br />65,400.00 <br /> <br />$ <br /> <br />279,334.26 <br /> <br />$ 179,400.00 <br />$ 380,000.00 <br />$ 78,734.26 <br />$ 25,000.00 <br />$ 73,080.00 <br />$ 30,654.26 <br />$ 130,648.00 <br />$ 71,250.00 <br />$ 90,052.26 <br />