Agenda - Council - 06/08/2004 - Laserfiche WebLink

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park improvomenis it' the only/Tm~d available is the park maintenance fund. She indicated she wou Icl rather see ~, moro general pa ~'I~ fund that could have more flexibility. Finance ()l'ficc~' l,~md explained th,: pm'k trust fund would help fund this. £'ouncilmcmbt'r Slrolnmc~ cxpres:;ed concern that when there is not new moneys going into the lrust fund there will Dc an issue wi! h the park improvement revolving fund. l"inancc Officcl' I trod replied this is drafted so general that it does not really say where the funding is coin lng 15'om, it states ".. as detailed in the annual Capital Improvement Program." Chairperson l!lvig commented if this is put together as some sort of endowment, interest could be drawn on at yom:lb basis and transferred into the general fund at a certain level. The accrued interest earnings should go back ii,to the general fund from the park maintenance fund, as the idea is to got money into tim park; mKl not to build a large fund. There may be maintenance issues that arc very large and will h:wo to come out of this as the pot is growing, but there should be a cap put oil it This would pr~:~vidc money coming into the City every year to help in the maintenance of [turks. Howew:r, they will eventually run out of growth dollars as Councihncmbc~' Slmmmcn bas stated. He inquired about the policy regarding redevelopment and if there would lie trust fimds ami park and trail fees. Councilmcmber' Sti'ommen noted tlcre would be funds, but at a lesser degree. She noted there will bo a lot of unitx; ii] Town Cente~ > b~t also a lot of expenditures. Chairperson Elvig commented there will be a lot of maintenance needed in the parks in 15 years. Cotl~lCil~llclnbcl' Sll'OlmDen stated t[~e imrk planning has not been completed yet. If a fund is created ami thc needs arc difTcrcnt si,e would rather have the flexibility built in. Councilmembe~' Zi~mnerman asked wht,~ some of the T1F districts will be coming offline, such as thc (;onncxm; E~,.:rgy Districl. Finance O flicc~' Ltu itl replied thc Cem'texus District will be completed in 2006 and the next one in 2012. Thc (;ity will receive their portion of that back, which is basically 30 cents on the dollar. Councilmcmbcr Zi~ m~crman questioaed what the funds that will be coming back to the City can be used for. Finance O l'ficc~' l,u~d cxplained thcs,: monies would go into the general fund. However, if there is a levy limit il would restrict what cm be collected on property taxes, Councihncmbc~- SWommen inCl~lired ~f there would be a way to marry the park maintenance fund and thc park imp~'ox<'.mcnt revolving fi, m{l to allow more flexibility. She stated she would like to I,'iuam'e (:ommittee/May 25, 2004 Page 4 of 6