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2020 CIP – Page 1 <br />MEMORANDUM <br />To: Mayor Walsh and Orono City Council <br />From: Dustin Rief, City Administrator <br />Subject: Building and Community Investment CIP <br />Date: September 14, 2020 <br /> <br />Attachments: Budget Information <br /> <br /> <br />Staff has continued to work on the 2021 budget. The Building CIP and Community Development <br />CIP information and correlating fund balance information is provided for discussion. <br /> <br />Issues for discussion: <br /> <br /> Funding of the Building CIP, the current projected fund balance comes from <br />Improvement Equipment Outlay fund. The projected ending fund balance for 2020 <br />is $211,770 <br /> Improvement / Equipment Overlay Fund – This fund is used to buy non-police <br />general fund department assets such as equipment and building improvements. <br />Some park and golf course expenditures are also funded by this fund. The source <br />of funding for this fund is an annual transfer from the general fund. Currently, the <br />budgeted transfer for 2020 is $215,000. Projected revenues for 2021 include a <br />$255,000 transfer from the General Fund, $180,000 specific tax levy (paid off <br />bonds in 2020). Additionally, Enterprise funds transfer funding only for specific <br />equipment purchases based on CIP (Not cumulating, used in the year transferred). <br /> Discuss separating the Improvement/Equipment Outlay into a specific equipment <br />fund and Building fund. Staff recommends aligning funds with types of CIP’s <br /> <br /> Funding of the Community Investment CIP. The projected expenditures include <br />improvements to the Navarre public parking lot and the CSAH 112(Wayzata Blvd) <br />Phase 3 construction. <br /> <br /> Community Investment Fund – This fund has been established to fund projects <br />that benefit the entire community and have no other funding source. The original <br />amount in the fund is from the remaining balance of the Building Fund, which was <br />created to construct City Hall. There is no additional funding allocated to this <br />account. After the completion of the 112 Turn back project discuss feasibility of <br />closing fund and transferring balance to proposed Building fund. <br /> <br /> <br />