CR 2001-141 2001-2005 Capital Improvements Plan
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August 15, 2000 ~
~ c, Council Report 00-141
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. 2001-2005 CAPITAL IMPROVEMENTS PLAN
Proposed Action
Staff recommends adoption of the following motion: Move to adopt the 2001-2005 Capital
Improvements Plan.
Adoption of this motion will authorize staff to begin efforts to implement 2001 projects by
including them in the 2001 budget process, and to begin preliminary steps.
Overview
The Capital Improvements Plan is a planning document intended to help the City anticipate
major capital items and to consider the financial impact of proceeding with those planned
improvements.
Discussions have been held with the Park Board and Planning Commission, as well as the City
Council, in detailing proposed and necessary improvements.
Staff is recommending adoption of the plan.
.
Primary Issues to Consider
. Does adoption of the CIP mean projects will be implemented?
The CIP is a planning document, not an implementation action, and therefore, additional
approvals will be necessary for projects to proceed. Appropriate notifications would also
be made for those projects that have funding implications.
. Are funds available for all projects?
The plan outlines funding implications if all projects are implemented. Necessary funding
changes have been anticipated as part of this plan, and are recommended therein.
Supportin~ Information
. 2001-2005 Capital Improvements Plan
~~-
LOri K Yager
. Finance Director
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. SUMMARY OF IMP ACTS ON MAJOR FUNDING SOURCES
CURRENT REVENUES/GENERAL FUND RESERVES
Funding of the Fire Station roof maintenance and the vehicle exhaust system have been delayed
pending a resolution regarding space needs for the police department and the fire department.
Delaying this project should create a $100,000 budget surplus in 2000, however, the labor
contract settlements were $55,000 above what was budgeted in 2000 therefore taking a big bite
out of the expected surplus. General fund expenditures are anticipated to increase another 4% in
2001. The estimated levy increase is 5.9%. The levy is the general funds major source of
revenues and therefore needs to increase to sustain the general funds anticipated operating
expenses in 2001 and any capital improvement projects funded through general revenue. In 2001,
three capital improvement items will be funded with general fund revenues they are the Shady
Oak Beach redevelopment, downtown park improvements and regional trail connectors, for a
totalof$85,000.
GENERAL OBLIGATION BONDS - P.LR FUND
Funding from bonds is used up front to pay for construction that will eventually be paid by
special assessment collections, over a 10-20 year span, and the City's share (levy) of construction
. projects. The P.l.R. working capital will have substantial projects over the next few years with
the continued construction of County Rd. 3 and all the other proj ects that have been planned. The
rising repayments of special assessments will help its' funding level. The city issued P.I.R bonds
in 1999 to fund projects in 1999. We will issue $800,000 in P.I.R bonds in the fall of 2001. In
addition to these bonds, we will need to issue approximately $850,000 in 2002, $1,000,000 in
2003 and $850,000 of P.l.R. bonds in 2004. The bonds will be paid from speclal assessments'
and property tax levies for projects started between 2000 through 2005. Flnance anticipates a
need to increase the debt levy to help fund these bonds. The first increase will occur in 2001 and
will be $12,000. The ncxt debt levy increases will be $27,400 in 2002 and $12,000 in 2003. The
debt levy for 2001 will be 342,000.
MUNICIPAL STATE AID FUND
Funding is sufficient for the projects listed in the eIP document through 2001, and then the
unencumbered allotment will be at a deficit until the year 2005. The city is anticipating
requesting an advance on future allotments from the state which would be similar to borrowing
from the state at market or below interest rate.
T AX INCREMENT FINANCING FUNDS
Consldering all tax increment districts as a whole, cash on hand, increments above debt service,
and loan repayments are sufficient to cover these projects.
.
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. WATER FUND
Several large facility upgrades scheduled from 1999 through 2001 will require rate increases
periodically. In prior years an ample cash balance had been nurtured in anticipation ofthe several
needed proj ects. Now into the upgrade stage, a $.10 per 1,000 gallon, rate increase in 2000 was
approved. The next anticipated rate increase is in 2004 and 2008. These increases are necessary
to maintain the planned projects and to pay off bonds that were issued to provide funding for the
c.I.P. projects.
SANITARY SEWER FUND
The low magnitude of capital needs over the next 5-year period will facilitate this fund in
building its' working capital balance to offset any unforeseen changes of charges from the
Metropolitan Waste Control Conunission. Those charges appear to have stabilized for the
present. Further analysis of projected sewer projects and the associated rates prompted a rate
decrease in 1999 from $2.50 per 1,000 gallons to $2.25 per 1,000 gallons. The new rate is
reflected in the projected operating income.
REFUSE FUND
This fund continues to increase its working capital balance each year. The purchase of a new
. refuse truck in 1999 will slightly decreased the working capital balance in 1999. This should be
recouped in the following years as long as we continue to receive the $30,000 grant each year
from Hennepin County. The volume base rate change in 1995 continues to reduce the operating
profits of past years. A rate change is not proposed at this time.
STORM SEWER FUND
The heavy construction over the past several years necessitated a variable temporary interfund
loan each year. The CIP anticipates the continued pace of construction through 2001. The
continued need for projects each year prevented the fund from attaining a positive cash flow. The
city implemented a stonn sewer rate increase in 1998 of $.40 per residential equivalency factor,
(REF). It became apparent that this was not going to be enough to cover the past projects and the
future projects. The city implemented a rate swap between the Sanitary Sewer fund and the
Storm Sewer fund thereby increasing the storm sewer rate to $12.00 per ref up from $9.60. This
rate adjustment had minimal affect on residents and businesses in the city. The rate change
brought needed cash flow to the Storm Sewer fund and allowed the city to issue revenue bonds in
1999 to make this fund positive. The rate increase changes the total monthly charge for
households to $4 per month up from $3.20. No future rate changes are perceived at this time.
.
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