2015-10-06_PR Comm Packet - Laserfiche WebLink

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