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park improvements if the only fund available is the park maintenance fund. She indicated she would rather see a more general park fund that could have more flexibility. Finance Officer Lund explained the park trust fund would help fund this. Councilmember Strommen expressed concern that when there is not new moneys going into the trust fund there will be an issue with the park improvement revolving fund. Finance Officer Lund replied this is drafted so general that it does not really say where the funding is coming from, it states "..as detailed in the annual Capital Improvement Program." Chairperson Elvig commented if this is put together as some sort of endowment, interest could be drawn on a yearly basis and transferred into the general fund at a certain level. The accrued interest earnings should go back into the general fund from the park maintenance fund, as the idea is to get money into the parks and not to build a large fund. There may be maintenance issues that are very large and will have to come out of this as the pot is growing, but there should be a cap put on it. This would provide money coming into the City every year to help in the maintenance of parks. However, they will eventually run out of growth dollars as Councilmelnber Strommen has stated. He inquired about the policy regarding redevelopment and if there would be trust funds and park and trail fees. Councihncmber Strommen noted there would be funds, but at a lesser degree. She noted there will be a lot oFunits in Town Center, but also a lot of expenditures. Chairperson Elvig commented there will be a lot of maintenance needed in the parks in 15 years. Councilmember Strommen stated the park planning has not been completed yet. If a fund is created and the needs are different she would rather have the flexibility built in. Councihnember Zimmerman asked when some of the Tllv districts will be coming offline, such as the Conncxus Energy District. Finance Officer Lund replied the Connexus District will be completed in 2006 and the next one in 2012. The City will receive their portion of that back, which is basically 30 cents on the dollar. Councihnember Zimmerman questioned what the funds that will be coming back to the City can be used for. Finance Officer Lund explained those monies would go into the general fund. However, if there is a levy limit it would restrict what can be collected on property taxes. Councilmember Strommen inquired if there would be a way to marry the park maintenance fund and the park improvement revolving fund to allow more flexibility. She stated she would like to Finance Committee/May 25, 2004 Page 4 of 6