Laserfiche WebLink
Councilmember Haas Steffen inquired when you amend these budgets, should they be <br />amended annually, or three to five years, or what time frame is suggested. <br /> <br />Mr. Winkelhake replied that at the point where you know some of your costs and that you <br />will be using TIF monies, amend the budget then. You could look out three to five years. <br />You could try to maximize these dollars by investing them. Whatever you earn is tax <br />increment dollars. <br /> <br />Relating to Exhibit G, District No. 4 (River's Bend), an amendment to the TIF plan <br />clarifying the maximum bonded indebtedness section is recommended. Mr. Winkelhake <br />recommended also that the budget for TIF District No. 4 be amended to accurately reflect <br />how increment has and will be spent both within and outside of the boundaries of the <br />district. <br /> <br />Councilmember Haas Steffen asked for explanation with regard to doing park trails using <br />TIF monies - and how could Council take action on a trail as they did the other night. <br /> <br />Mr. Winkelhake explained that the TIF budgets have to be amended and cautioned that it <br />is wise to get legal counsel involved. Budgets can be amended in conjunction with <br />expanding boundaries or municipal development districts also. He reiterated that all this <br />action would require public hearings and notification of the County Board and the School <br />District Board. <br /> <br />Exhibits H and I are for District No. 5 (Wood Ponds) - maximum TIF bonding $0 and <br />District No. 6 (AEC) - maximum TIF bonding $1,320,000. <br /> <br />Case #2: Capital Improvements Program Review <br /> <br />City Administrator Norman presented the 1998 - 2003 <br />Outlay Plan. He pointed out that each section of the <br />explanation with visuals included when possible. <br /> <br />Capital Improvement/Capital <br />plan is a project by project <br /> <br />Acting Finance Officer Lund stated that with each section broken down, all the <br />information is on one page. She noted page two, entitled Summary of Funding Sources: <br />Total Sources of Funds, which shows the source of the monies for the projects presented. <br /> <br />Councilmember Haas Steffen asked if these funds are "clean" funds meaning there was <br />no previous Council action that created these funds for certain projects. She suggested <br />that this issue be reviewed to make certain that the funds are all available for the proposed <br />projects. She asked for an explanation of each fund - where the money comes from. She <br />felt the CIP doesn't say enough - it's not clear enough - old policies have not been <br />discussed and all the funds need to be reviewed. <br /> <br />Ms. Lund noted page 3 which shows a summary of project costs, total uses of funds. <br /> <br />Council Work Session/May 19, 1998 <br /> Page 7 of 10 <br /> <br /> <br />