2017_0613_FC_Packet - Laserfiche WebLink

Home

Roseville Finance Commission Agenda Item Page 5 of 11 As shown above, the Park Improvement Fund is projected to run out of money in 2019 and will have an accumulated deficit of $10.9 million by 2037 unless additional funds are appropriated or planned improvements are delayed or scaled back. By previous Council action, the Council did tentatively commit to re-purposing $650,000 of expiring debt levy towards park improvements beginning in 2020. This will significantly improve the Fund’s long-term financial condition, but additional corrective measures will need to be taken before then. Street Improvements (Pavement Management Program) Over the next 20 years, $51.5 million in planned street improvements are scheduled with only $42.5 million available based on current revenues and cash reserves. This is depicted in the chart below. As shown above, the Pavement Management Fund is projected to run out of money in 2030 and will have an accumulated deficit of $9.0 million by 2037 unless additional funds are appropriated or planned improvements are delayed or scaled back. By previous Council action, the Council tentatively committed to an additional tax levy of $160,000 in 2018, and $200,000 more in 2019. This will significantly improve the Fund’s long-term financial condition, but additional corrective measures will need to be taken at some point in the future. The Pathway Maintenance Fund is also underfunded over the next several years due to a revised cost estimate for the replacement of the City Hall parking lot. This too will require near-term corrective measures, but it may also be mitigated through other measures. $(10,000,000) $(8,000,000) $(6,000,000) $(4,000,000) $(2,000,000) $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2018 2021 2024 2027 2030 2033 2036 Pavement Management Fund Revenues Expenditures Cash Balance