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<br /> <br />balances from 2020 of approximately $300,000; and that $125,000 of water tower lease revenue remains <br />dedicated to street maintenance. This would provide $1,182,450 for 2021 Streets. <br /> <br />b. Pavement Fund Future. Currently the pavement fund as three funding sources; the Pavement <br />Levy, Water Tower telecom leases, and positive fund balances. The long term annual pavement need is <br />$1,050,000. In the short term however there is approximately $2,000,000 of additional need to catch up <br />with previously deferred maintenance as illustrated in the graph below. In the long term the outlook for <br />achieving a sustainable and reliable source of funding for pavement needs is good assuming the city <br />realizes a pavement levy of $1M. An additional benefit to realizing a sustainable pavement levy would be <br />the availability of the Water tower lease revenue moving to another general fund area such as the Park <br />Fund. In recent years the city has capitalized on positive fund balances to augment pavement funding <br />while gradually increasing the pavement levy. Unfortunately these balances are not a dependable source <br />of funding and tend to only be available when the overall economy, particularly the home construction <br />sector, is in a boom. <br /> <br />COUNCIL ACTION REQUESTED: <br />1. Move to direct the City Engineer to move forward with planning for the 2021 street maintenance <br />projects. <br />2. Direction on meeting the funding gap for pavement maintenance over the next 3 years. <br /> <br />Exhibits <br /> <br /> $- <br /> $500,000 <br /> $1,000,000 <br /> $1,500,000 <br /> $2,000,000 <br /> $2,500,000 <br />2021 2022 2023 2024 2025 <br />Pavement Needs vs Funding <br />Cost Levy Tower Revenue Other