2015-11-05_PR Comm Packet - Laserfiche WebLink

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Park Capital FundingPolicy–DRAFT 1 Parks and Recreation Commission suggestions in Red 2 3 4Purpose 5 6To assure adequate funding for long-term Park System capital replacement and rehabilitation 7funding. 8 9Policy 10 11The City will use two sources of funds for Park System capital expenditures: 12A tax levy supported Park Improvement Fund o 13A Park Improvement sub-fund of the Park Dedication Fund o 14For purposes of this policy, in accordance with State Statutes,the City Council finds 15that a nexus exists between citywide park improvements and land subdivisions because 16such subdivisions result in increased demand on citywide park system assets, requiring 17their timely replacement or rehabilitation. 18 19Total annual expenditures for Park System capital purposes will be funded from both 20funds in proportion to each fund’s portion of their sum at the end of the previous year 21 22The annual tax levy for the Park Improvement Fund will be set by the City Council 23based on projected expendituresin accordance with the Capital Investment Policy, net 24of projected funding provided by the Park Improvement sub-fund of the Park 25Dedication Fund. 26 27Initially, the Park Improvement sub-fund of the Park Dedication Fund shall be 28established at \[$400,000\],with the balance of the Park Dedication Fund at that time 29established as a Park Acquisition sub-fund. 30 31TheCity Council may transfer funds between the sub-funds of the Park Dedication 32Fund as appropriate for projected capitalspending and acquisition needsafter a 33minimum balance of $1,000,000 is met for acquisition. 34 35Once the Park Improvement and Park Acquisition sub-funds of the Park Dedication 36Fund have been establishedand after the $1.000,000 minimum acquisition blance has 37been met, all subsequentPark Dedication receipts shall be allocated \[2/3\]to the Park 38Improvement sub-fund and \[1/3\]to the Park Acquisition sub-fund.The City Council 39may amend the allocation of receipts between the sub-funds of the Park Dedication 40fund as appropriate for projected capital spending and acquisition needs, with amended 41allocations recorded here: 42 Date AdoptedPortion to Park ImprovementPortion to Park Acquisition Initial\[2/3\]\[1/3\]