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Regular City Council Meeting Monday,July 16, 2018 Page 5 Finance Director Miller concluded by discussing funding strategies and impacts on homeowners. In 2012, the Council made the following recommendations: • In 2019, repurpose levy from Arena Bond issue #28 in the amount of $355,000. • In 2019, issue an additional tax levy in the amount of $200,000 in the Pavement Management Program, • In 2020, repurpose the Park Improvement Program levy (partial) in the amount of$650,000 from Bond issue#27. Finance Director Miller then explained staff has new recommendations, based on more up-to-date information and revised financial projections: • In 2019, re-purpose the expiring$355,000 debt levy from the Arena bonds towards the Facilities Fund consistent with the original Plan adopted by the Council in 2012. • For 2019, forgo the $200,000 new tax levy originally earmarked for the Pavement Management Program Fund in favor of waiting until the 2020 opportunity to re-purpose the expiring $765,000 City Hall/PW Building bonds to the Park Improvement & Pavement Management Programs. Based on current projections the expiring debt levy will be sufficient to bring both of these plans into financial sustainability. • For 2019, perform a one-time $350,000 transfer of monies from the Pavement Management Program fund to the Pathways and Parking Lots Fund to address the higher than-expected City Hall parking lot replace- ment. Future appropriations from the repurposed City Hall/Public Works Building debt levy to the Pavement Management Program fund will be sufficient to bring that fund into financial sustainability despite the $350,000 transfer out in 2019. • For 2019, continue to adjust the base rates for the water, sanitary sewer, and storm sewer as needed to accommodate planned capital replacements. A more specific recommendation will be forthcoming after the annual util- ity rate analysis is complete. However, it appears that a 5% increase in the base water & sewer rates will be needed to address near-term capital re- placements. • Tentative for 2020, re-purpose the expiring $765,000 City Hall/Public Works Building bonds to the Park Improvement & Pavement Management Plans. Based on current projections, the expiring debt levy will be suffi- cient to bring both of these plans into financial sustainability. • For the nearly $3 million in OVAL improvements scheduled for 2021, pursue special legislation for inclusion in a future State Bonding Bill.