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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />Attachment A. <br />Park Capital Funding Policy — DRAFT <br />Parks and Recreation Commission suggestions in Red <br />Purpose <br />To assure adequate funding for long-term Park System capital replacement and rehabilitation <br />funding. <br />Policy <br />❑ The City will use two sources of funds for Park System capital expenditures: <br />o A tax levy supported Park Improvement Fund <br />o A Park Improvement sub-fund of the Park Dedication Fund <br />For purposes of this policy, in accordance with State Statutes, the City Council finds <br />that a nexus exists between citywide park improvements and land subdivisions because <br />such subdivisions result in increased demand on citywide park system assets, requiring <br />their timely replacement or rehabilitation. <br />❑ Total annual expenditures for Park System capital purposes will be funded from both <br />funds in proportion to each fund's portion of their sum at the end of the previous year <br />❑ The annual tax levy for the Park Improvement Fund will be set by the City Council <br />based on projected expenditures in accordance with the Capital Investment Policy, net <br />of projected funding provided by the Park Improvement sub-fund of the Parlc <br />Dedication Fund. <br />: � � ■- - <br />- .�� �.� • •. _ <br />. . <br />❑ The City Council may transfer funds between the sub-funds of the Park Dedication <br />Fund as appropriate for projected capital spending and acquisition needs after a <br />minimum balance of $1,000,000 is met for acquisition. <br />❑ Once the Park Improvement and Park Acquisition sub-funds of the Park Dedication <br />Fund have been established and after the $1.000,000 minimum acqiiisition blance has <br />been met, all subsequent Park Dedication receipts shall be allocated [2/3] to the Park <br />Improvement sub-fund and [1/3] to the Park Acquisition sub-fund. The City Council <br />may amend the allocation of receipts between the sub-funds of the Park Dedication <br />fund as appropriate far projected capital spending and acquisition needs, with amended <br />allocations recorded here: <br />Date Adopted Portion to Park Im�rovement Portion to Park Acquisition <br />