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Finance Commission Minutes July 12, 2016 – Draft Minutes Page 2 of 7 47 Continue Discussion on 2017-2036 Capital Improvement Plan (CIP) 48 49 Vice Chair Rohloff reviewed the 8 scenarios he prepared for the Pavement Management 50 Program. These scenarios reflected the change in the Reserve balance based on proposed levy 51 increases and interest rate changes. He explained that he had adjusted the beginning balances to 52 reflect the actions taken by the City Council for 2016. 53 54 Commissioner Hodder asked what the Reserve earnings were currently. 55 56 Finance Director Miller stated the City was receiving about 3% earnings for this reserve balance. 57 58 Vice Chair Rohloff stated the current levy for the Pavement Management Program was 59 $310,000. He explained the revenue column in the scenarios reflects Municipal State Aid 60 (MSA) funds plus the proposed tax levy. 61 62 Finance Director Miller explained predicting the amount of State Aid presents a challenge and 63 Roseville has been receiving approximately $1.1 million annually. 64 65 Vice Chair Rohloff reviewed the 6 scenarios he prepared for the General Facilities CIP. These 66 scenarios reflected the change in Reserve balance based on levy increases and OVAL 67 expenditures. He explained the OVAL expenditures for 2020 would be approximately $2.1 68 million. The expenditures for the OVAL may be less based on public and private funding the 69 City may receive. He clarified the General Facilities included maintenance on non-park 70 buildings including the OVAL, City Hall, Fire Station, community gyms, and Police Station. He 71 stated he had not prepared a scenario reflecting the City paying half the OVAL expenditures. If 72 the Commission would like to see this, he would prepare it for the next week. 73 74 Chair Schroeder stated if the OVAL expenditures are removed the fund would not have the 75 shortfalls that are projected. 76 77 Vice Chair Rohloff stated the Commission has encouraged the City Council to repurpose the 78 $335,000 levy to the General Facilities CIP. 79 80 Commissioner Zeller asked if the City would consider issuing bonds to cover any shortfalls 81 between 2018 and 2026 as represented in scenario 4. 82 83 Finance Director Miller stated if the City does not receive State funding or private donations for 84 the OVAL the City Council will have to determine if the City finds the money through the use of 85 funds or bonding. 86 87 Vice Chair Rohloff reviewed the 9 scenarios he prepared for the Parks Improvement Plan. He 88 clarified this fund was for the repair and replacement of existing park equipment and buildings. 89 These scenarios included varying amounts for funding expenditures, additional levy increases, 90 Item #3: Attachment A