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Date: December 9, 2024 Item: 10 <br />Presenter: Maggie Jin, Finance Director <br />Section: Consent Agenda <br /> <br />Title: Adopt 2025 Special Revenue Fund Budgets - Resolution 7538 <br /> <br /> <br />1.Purpose: <br />The purpose of this agenda item is to approve the 2025 Special Revenue Fund Budgets. <br />2.Background: <br />The special revenue fund budgets are adopted for are the Park Fund, The Drug Forfeiture Fund, <br />and TIF Housing Fund. With the 2025 budget process, budgets also includes the Lurton Park Fund <br />and the Carman Bay LID Fund. Special revenue funds by definition have a primary source of <br />revenue that is dedicated for a specific purpose. In the Park Fund, the primary revenue source is <br />park dedication fees collected from developers and the tax levy. By state law, park dedication fees <br />must be used for parkland acquisition and development. The Drug Forfeiture Fund receives its <br />primary funding from the Police Department’s drug and alcohol enforcement activities. The funds <br />must be used for drug and alcohol related activities. The Lurton Park Fund is in relation to the <br />Lurton Dog Park. Revenue stream comes from the dog park passes sold and the expenditure is <br />used for capital projects and improvements to the park along with certain expenditures. The TIF <br />Fund is used to account for revenues related to the Orono Woods Senior Housing Development. <br />The Carman Bay LID Fund is a passthrough fund for the certified amount for the lake <br />improvement district. <br /> <br />See the 2025 budget book for more information. <br />3.Staff Recommendation: <br />Staff recommends approval of Resolution 7538 Adopting the 2025 Special Revenue Fund <br />Budgets. <br />AGENDA ITEM <br /> <br /> <br /> <br /> <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve Resolution 7538 Adopting the 2025 Special Revenue Fund Budgets. <br />Exhibits <br />Exhibit A. Resolution 7538- Adopt 2025 Special Revenue Fund Budgets <br />260