Laserfiche WebLink
A detailed listing of CIP project and revenues is included in pages 60-83 of the mid-term <br />document. <br /> <br />Overall, the Capital Improvement Program represents a comprehensive program to meet <br />capital improvements over the next four years. With the inclusion of the new funded <br />projects, staff is confident that this program will meet the City's most pressing capital <br />needs. <br /> <br />Reprogramming Available Reserve Funds <br /> <br />As part of the mid-term budget, staff is recommending that two existing reserve funds be <br />appropriated to specific projects. The funds and available revenue is as follows: <br /> <br /> Temporary Recession Reserve $3,4 12,500 <br /> Capital Projects Reserve ~ <br /> Total $4,686,050 <br /> <br /> Staff is recommending the reprogramming of these reserves at this time primarily because: <br /> 1) economics statistics indicate that the statewide recession may now be behind us; 2) the <br /> state's interest in further tax shifts has waned; 3) recent interest in commercial development <br /> within the City has increased which should lead to a growing economic base; and 4) there <br /> are a number of current City capital improvement and operating needs that could be <br /> addressed ,at this time. <br /> <br /> In reviewing the option for the reprogramming of these funds, staff reviewed a wide range <br /> of issues including current and future Capital Improvement Projects, internal operating <br /> needs, and community needs. Based on these issues, staff is recommending that these <br /> funds be reappropriated for the following purposes as suggested earlier by staff and/or the <br /> City Council: <br /> <br /> $1.000.000 for the establishment of a Contributed Capital Fund for a municipal golf <br /> course. <br /> <br /> This Fund would be utilized during the start-up years of the golf course to protect <br /> the General Fund from being impacted from revenue shortfalls resulting from less <br /> than projected course revenues. In essence, this Fund would add a layer of <br /> protection to the General Fund. Attachment D on page 29 of the mid-term budget <br /> discusses in more detail the General Fund's bonding capacity and the impact the golf <br /> course would have on it. One of the main issues is the financial risk the golf course <br /> could impose on the General Fund. The transfer of the $1 million is being <br /> recommended as a solution to lessen this risk, as discussed in Attachment D. <br /> <br /> SR 96:197 <br /> 5 <br /> <br /> <br />