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Since the 20-year replacement schedule is unchanged in total, there are no changes in overall funding <br />requirements. The 2016 City Manager Recommended Tax Levy includes $360,000 in additional <br />funding for capital replacements or improvements. <br />The changes will however improve the long-term funding of the City's Gene�al Facilities Fund. It <br />�� should also be noted that the City Council has discussed a funding plan that would provide additional <br />funding in 2016 and beyond for the capital improvement funds that have financing gaps. They include: <br />❑ General faclHties (City Hall, Public Works Building, Skating Center, Fire Station, Community Gyms) <br />0 Pavement Management Program <br />� Park Improvement Program <br />Each of the funds are addressed below. <br />General Facilities Replacement Fund <br />� Based on current (2015) funding sources, the General Facilities Replacement Fund is projected as <br />follows: <br />53 <br />G. � <br />General Facilities Replacement Fund - Current I <br />$4,000,000 <br />$2,000,000 - <br />$- J � , ..�_. � . ..I � . J_,_�. ���, �_. � �.. � � . J . �� <br />�ZOl6 20 2022 2025 2028 2031 2034 <br />$(2,000,000) - � <br />$(4,000,000) ��� <br />$(6,000,000) �� <br />$(8,000,000) � <br />� Revenues � Expenditures Cash Balance <br />To strengthen this fund, the Council has considered the following funding strategy: <br />0$300,000 of one-time funds in 2015. <br />� 0$50,000 in additional tax levy beginning in 2016 and continuing each year thereafter <br />� 0$335,000 in re-purposed tax levy beginning in 2018 and continuing each year thereafter <br />A revised forecast included these planned funding increases is provided below. <br />Page 2 of 5 <br />