Agenda - Council - 10/27/2020 - Laserfiche WebLink

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The City of Ramsey, Minnesota (the "City") believes the capital improvement process is an important element of responsible fiscal management and engages in adoption of an updated 5-year plan for city- wide capital expenditures annually as part of its budgeting process. 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. As potential expenditures are reviewed, the municipality considers the benefits, costs, alternatives and impact on operating expenditures. This coordination of capital expenditures is important to the City in achieving its goals of adequate physical assets and sound fiscal management. To offset financially difficult times, good planning is essential for the wise use of limited financial resources. III. PLANNING PROCESS The City Council annually reviews its capital expenditures according to their priority, fiscal impact, and available funding as part of its budgeting process. The City assembles the specific capital expenditures to be undertaken within the next five years. The City Council prepares a plan based on the available funding sources. From this information, a preliminary plan is prepared for public discussion from citizens and other governmental units. Changes are made based on that input, and a final plan is established. Over the life of the plan, once the funding becomes available the specific capital expenditures can be made as part of individual project approvals. In subsequent years, the process is repeated as expenditures are completed and new needs arise. If the plan calls for general obligation bonds to finance certain Capital Improvements (referred to herein as "CIP Bonds"), the City Council must follow an additional set of procedures. The City may adopt a CIP specifically for those Capital Improvements and address various factors identified within the CIP Act. This CIP is designed to supplement the City's established process. The Council must hold a public hearing regarding issuance of the CIP Bonds to obtain public comment on the matter. Notice of such hearing must be published in the official newspaper of the municipality at least 14, but not more than 28 days prior to the date of the public hearing. In addition, the notice may be posted on the City's official web site. City of Ramsey, MN Five -Year Capital Improvement Plan for Bond Issuance 3