RES 95068 - Laserfiche WebLink

the loan payments will be on a variable basis consistent with average investment rates offered by the Local Agency Investment Fund (LAIF). Staff feels this interest rate is appropriate since there are no expansion projects which will require the revenue that is recommended to be loaned during the repayment period. As a result, the revenue, if not loaned, would be earning comparable LAW interest rates as part of the City's ongoing investment practices. The loans are necessary due to insufficient revenue in the Sewer Replacement and Improvement Fund. Transfers from the General Fund The program includes a net transfer of approximately $1,156,594 from the General Fund during FY 1995/96 and $1,730,331 in FY 1996/97 of the program. A total of $6,665,425 is estimated for all five years of the program. These funds will be used to pay for a variety of projects, including the replacement and addition of equipment and debt service payments and is generally used to pay for the replacement and improvement portion of miscellaneous projects. The expansion portion of these projects is paid for with development revenue. A distribution of General Fund contributions over the five years of the program is as follows. GENERAL FUND CONTRIBUTIONS 199.~/96 19~619'/ 19~'/198 1998199 19991110 TOT,~kL II $1,156,594 $1,730,:B1 $1,~22,500 $1,:~24,500 $1,231,500 $6,6f~,425 It should also be noted that projects determined to be scheduled routine replacement, i.e., trucks, vehicles and equipment and routine engineering studies which have traditionally been included in this program, have been moved to the City's Operating Budget. This move is done to reflect the fact that these projects are funded without the assistance of development revenue. In addition, by including these projects in the Operating Budget, the City gets a clearer picture of ongoing replacement costs. Trnn~fers from the Park Renovation Fund Also included in this year's pwgram, is $876,300 from the City's Park Renovation Fund to the Miscellaneous Project Category to fund Park Rehabilitation Projects. Pwjects scheduled for FY 1995/96 include: Fairlands Park Renovation - $334,000; Moeller Park Sidewalk Replacement - $93,000; Play Equipment and Park Furniture - $28,500 (ongoing each year of the program); Wayside Park Bandstand Impwvements - $10,000 (FY 1995/96), $40,000 (FY 1996/97); Sport Court Resurfacing - $38,000 and Hansen Park Pathway Repair ($19,200). Pwjects included for 1996/97 include: The Interior Redecoration of Century House - $20,000; Road Repairs on Sports Park Drive - $140,000. Assuming the inclusion of funded projects for 1995/96 and 1996/97, the City's Park Renovation Fund is expected to have a balance of $126,498. vul