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FC CASE <br /> <br />REVENUE PROJECTION ANALYSIS STUDY <br />By: James E. Norman, City Administrator and <br />Diana Lurid, Finance Officer <br /> <br />Background: <br /> <br />As the Council is aware, the State Legislature continues to discuss the continuation of levy limits <br />for local units of government. With the amount of projects the City desires to implement and <br />concem with the availability of revenues, staff would suggest the City authorize a revenue <br />projection analysis be performed for a long-range estimate of revenues available to the City. <br /> <br />The City utilized the services of Springsted Financial Consultants to perform an analysis of <br />existing tax increment financing districts which was received in May 1998. Staff contacted <br />Springsted to seek a proposal for a similar study, which would focus on fiscal impacts so as to <br />better plan for future operating and capital needs. A proposal was prepared by Springsted Public <br />Finance Advisors, suggesting three separate studies be performed, including: fiscal impact study, <br />update of Springsted reporting on existing TIF districts, and a user fee study (proposal attached). <br /> <br />Staff Recommendation: <br /> <br />Staff has reviewed the three studies and would recommend initiating the fiscal impact study at <br />this time. Costs for the study would be a not-to-exceed amount of $10,340. The study would be <br />funded from the 1999 budget pertaining to professional services. <br /> <br />Staff has had a discussion with the Springsted Financial Consultants regarding the proposed <br />study and they have provided different examples of the type of study the City may request. <br />(Letter attached to Case). Staff will request a discussion with the Committee regarding the <br />authorization of a revenue projection analysis for the City. <br /> <br />Committee Action: <br /> <br />Motion that the Committee recommend that the City Council authorize the implementation of a <br />fiscal impact study be performed by Springsted Public Finance Advisors for a not-to-exceed cost <br />of $10,340. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 05/11/99 <br /> <br />~shared/councilc/citycoun/revproanalusis <br /> <br /> <br />