Agenda - Council - 03/13/2012 - Laserfiche WebLink

Home

CITY OF RAMSEY, MINNESOTA AMENDED FIVE-YEAR CAPITAL IMPROVEMENT PLAN 2012 THROUGH 2016 I. INTRODUCTION The City of Ramsey, Minnesota (the "City") has compiled a listing of all anticipated capital improvement projects for the years 2012 through 2016. (See Appendix D). In 2003, the Minnesota State Legislature adopted Minnesota Statutes, Section 475.521 (the "Act"), which generally exempts City bonds issued under a capital improvement program from the referendum requirements usually required for city halls, public works and public safety facilities. The only project being financed with Capital Improvement Plan Bonds is the acquisition of the city hall and public safety facility (the "Municipal Center") from the Economic Development Authority (the "EDA") as discussed in detail in the following sections. II. PURPOSE A capital improvement is a major expenditure of City funds for the acquisition or betterment to public lands, buildings, or other improvements used as a city hall, public safety, or public works facility, which has a useful live of five years or more. For the purposes of the Act, capital improvements do not include light rail transit or related activities, parks, roads, bridges, administrative buildings other than city hall or land for those facilities. A Capital Improvement Plan (CIP) is a document designed to anticipate capital improvement expenditures and schedule them over a five-year period so that they may be purchased in the most efficient and cost effective method possible. A CIP allows the matching of expenditures with anticipated income. As potential expenditures are reviewed, the City considers the benefits, costs, alternatives and impact on operating expenditures. The City believes the capital improvement process is an important element of responsible fiscal management. Major capital expenditures can be anticipated and coordinated so as to minimize potentially adverse financial impacts caused by the timing and magnitude of capital outlays. This coordination of capital expenditures is important to the City in achieving its goals of adequate physical assets and sound fiscal management. In these financially difficult times, good planning is essential for the wise use of limited financial resources.