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07-14-2020 Work Session Agenda W O R K S E S S IO N V IR T U AL ME E TIN G H E L D V IA W E B E X J U LY 14, 2020 5:45 P M C all to order 1.P rovide updated K ey F inancial S trategies (K F S ) information and proposed 2021 C apital Improvement B udget (C IB ) and 2022-2025 C apital Improvement P lan (C IP ). A djournment Auxiliary aids for individuals with disabilities are available upon request. Requests must be made at least 96 hours in advance to the City Clerk at 612-861-9738. AGENDA SECTION:Work Session Items AGENDA ITEM #1. STAFF RE P ORT NO. 19 WORK SESSION 7/14/2020 RE P O RT P RE PA RE D B Y: C hris Regis, F inance D irector D E PA RTME NT D IRE C TO R RE V IE W: C hris Regis, F inance D irector O THE R D E PA RTM E NT RE V IE W: N/A C ITY MA NA G E R RE V IE W: K atie Rodriguez, C ity Manager 7/8/2020 I T E M F O R WO RK S E S S IO N: Provide updated Key Financial Strategies (K F S) information and proposed 2021 Capital Improvement Budget (C IB) and 2022-2025 Capital Improvement Plan (C IP). E X E C UT IV E S UM M ARY: The 2021 K FS is provided to the Council to review the preliminary 2021 Budget and 2021 C I B 2022-2025 C I P and the potential impacts on the City's tax levy. D IRE C T I O N NE E D E D: Tonight's work session is a chance to ask questions, review the K FS and provide direction to staff on any needed changes. The Planning Commission approved the 2021 C IB 2022-2025 C IP at their June 22, 2020 meeting. The C IB/C IP will now be incorporated into the 2021 City budget and be presented to the City Council on September 22, 2020. B AC K G RO UND INF O RM AT I O N: A.H IS TOR IC AL C ON T E X T B.P OL IC IE S (resolutions, ordinances, regulations, statutes, etc): N/A C.C R IT IC AL T IMIN G IS S U E S: The 2021 Budget and C I B and 2022-2025 C I P is scheduled to be adopted on September 22, 2020. D.F IN AN C IAL IMPAC T: The operating budget is the annual financial plan for funding the costs of City services and programs. The C I B/C I P is the comprehensive list of capital improvements for the community over a five-year period. A capital improvement is defined as any major nonrecurring expenditure for physical facilities. The C I B/C I P wil be integrated into the 2021 Budget. E.L E GAL C ON S ID E R AT ION: N/A ALTE R N AT IV E(S): None. P R IN C IPAL PAR TIE S E X P E C TE D AT ME E TIN G: N/A AT TAC H ME N T S: D escription Type K F S B ackup Material C IB B ackup Material 7/8/2020 9:48 AM City of Richfield FINANCIAL MANAGEMENT PLAN Inflation Assumptions Revenue 0.00%0.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00% Expenditures 0.00%0.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00% GENERAL FUND 2018 2019 2020 2020 2021 2022 2023 2024 2025 2026 2027 2028 Actual Actual Adopted Revised REVENUE 1 GENERAL PROPERTY TAX 13,362,738 13,674,742 13,868,080 13,868,080 15,493,186 16,202,893 16,942,250 17,696,138 18,470,513 19,260,998 20,073,237 20,907,894 2 FISCAL DISPARITIES 2,640,686 2,906,533 3,443,450 3,443,450 3,477,885 3,512,663 3,547,790 3,583,268 3,619,101 3,655,292 3,691,844 3,728,763 3 LICENSES & PERMITS 1,385,288 1,734,871 1,106,600 1,310,600 942,100 970,363 999,474 1,029,458 1,060,342 1,092,152 1,124,917 1,158,664 4 LOCAL GOVERNMENT AID 1,150,000 1,200,000 1,450,000 1,450,000 1,450,000 1,350,000 1,250,000 1,150,000 1,050,000 950,000 850,000 750,000 5 OTHER INTERGOVERNMENTAL 1,233,163 1,347,735 1,213,520 1,312,670 1,372,490 1,413,665 1,456,075 1,499,757 1,544,750 1,591,092 1,638,825 1,687,990 6 CHARGES FOR SERVICES 2,246,618 2,451,324 2,337,800 1,861,900 2,193,200 2,258,996 2,326,766 2,396,569 2,468,466 2,542,520 2,618,795 2,697,359 7 FINES & FORFEITS 310,713 267,531 325,000 202,570 280,000 280,000 280,000 285,000 290,000 300,000 310,000 320,000 8 MISC. REVENUE 153,773 155,329 108,080 85,130 81,100 83,533 85,681 88,251 90,899 93,626 96,435 99,328 9 OTHER FINANCING SOURCES 299,920 606,620 1,608,190 1,650,670 1,517,750 1,532,928 1,548,257 1,563,739 1,579,377 1,595,171 1,611,122 1,627,233 10 TOTAL REVENUE 22,782,899 24,344,685 25,460,720 25,185,070 26,807,710 27,605,041 28,436,292 29,292,181 30,173,447 31,080,850 32,015,176 32,977,231 11 12 EXPENDITURES 13 LEGISLATIVE/EXECUTIVE 837,836 734,688 931,070 884,370 1,068,460 1,100,514 1,133,529 1,167,535 1,202,561 1,238,638 1,275,797 1,314,071 14 ADMINISTRATIVE 668,263 840,868 961,630 902,600 903,650 930,760 958,682 987,443 1,017,066 1,047,578 1,079,005 1,111,376 15 FINANCE 674,332 661,779 673,000 686,140 743,050 765,342 788,302 811,951 836,309 861,399 887,241 913,858 16 PUBLIC SAFETY 8,671,310 9,436,746 9,847,770 9,812,140 10,487,480 10,802,104 11,126,168 11,459,953 11,803,751 12,157,864 12,522,600 12,898,278 17 FIRE 4,237,354 4,360,909 4,850,230 4,852,170 4,995,480 5,145,344 5,299,705 5,458,696 5,622,457 5,791,130 5,964,864 6,143,810 18 COMMUNITY DEVELOPMENT 1,471,067 1,586,564 1,629,150 1,647,150 1,695,780 1,746,653 1,799,053 1,853,025 1,908,615 1,965,874 2,024,850 2,085,596 19 PUBLIC WORKS 4,075,249 4,158,659 4,318,050 4,422,490 4,590,640 4,728,359 4,870,210 5,016,316 5,166,806 5,321,810 5,481,464 5,645,908 20 RECREATION SERVICES 1,896,519 1,903,404 2,029,820 1,758,010 2,093,170 2,155,965 2,220,644 2,287,263 2,355,881 2,426,558 2,499,354 2,574,335 21 TRANSFER OUT 195,000 210,000 220,000 220,000 230,000 230,000 240,000 250,000 260,000 270,000 280,000 290,000 22 TOTAL EXPENDITURES 22,726,930 23,893,617 25,460,720 25,185,070 26,807,710 27,605,041 28,436,293 29,292,181 30,173,447 31,080,850 32,015,176 32,977,231 23 24 REVENUE OVER (UNDER) EXPENDITURES 55,969 451,068 - - - (0) (0) (0) 0 0 0 0 25 26 GENERAL FUND OPERATING TAX LEVY(Net of Uncoll)16,549,150 17,311,530 17,311,530 18,971,070 19,715,557 20,490,040 21,279,406 22,089,614 22,916,290 23,765,082 24,636,657 27 Add Back Uncollectible 167,163 174,864 174,864 387,165 197,156 204,900 212,794 220,896 229,163 237,651 246,367 28 TOTAL OPERATING LEVY 16,716,313 17,486,394 17,486,394 19,358,235 19,912,712 20,694,941 21,492,200 22,310,510 23,145,453 24,002,733 24,883,024 29 2021-2025 Ave Increase 5.03%10.70%2.86%3.93%3.85%3.81% 30 DEBT/SPECIAL LEVY(From Capital Financing Plan) 4,910,379 5,201,077 5,201,077 4,963,193 5,008,091 5,600,660 5,634,033 6,042,533 6,291,259 7,739,534 7,762,196 31 Average increase of $168,291 2021-2025 (237,884) 44,898 592,569 33,373 408,500 32 TOTAL CERTIFIED LEVY 21,626,692 22,687,471 22,687,471 24,321,428 24,920,803 26,295,601 27,126,233 28,353,043 29,436,712 31,742,267 32,645,219 33 % Increase (2021-2025 Average Increase 4.57%)4.90%0.00%7.20%2.46%5.52%3.16%4.52%3.82%7.83%2.84% 34 35 TOTAL CERTIFIED LEVY 21,626,692 22,687,471 22,687,471 24,321,428 24,920,803 26,295,601 27,126,233 28,353,043 29,436,712 31,742,267 32,645,219 36 LESS FISCAL DISPARITIES (3,637,413)(3,443,450)(3,443,450)(3,477,885)(3,512,664)(3,547,790)(3,583,268)(3,619,101)(3,655,292)(3,691,845)(3,728,763) 37 NET LOCAL LEVY TO TAXPAYERS 17,989,279 19,244,021 19,244,021 20,843,543 21,408,139 22,747,810 23,542,965 24,733,942 25,781,420 28,050,422 28,916,456 38 39 EXISTING NET TAX CAPACITY 33,767,365 36,111,232 36,111,232 37,801,967 38,936,026 40,104,107 41,307,230 42,546,447 43,822,840 45,137,526 46,491,651 40 TOTAL TAX CAPACITY 33,767,365 36,111,232 36,111,232 37,801,967 38,936,026 40,104,107 41,307,230 42,546,447 43,822,840 45,137,526 46,491,651 41 42 TAX RATE ON TAX CAPACITY 53.274%53.291%53.291%55.139%54.983%56.722%56.995%58.134%58.831%62.144%62.197% 43 TAX RATE % CHANGE (Average Increase 1.77% 2021-2025)0.03%0.00%3.47%-0.28%3.16%0.48%2.00%1.20%5.63%0.08% 44 45 City Taxes 1,220 1,290 1,290 1,356 1,393 1,480 1,532 1,610 1,678 1,825 1,882 46 Percentage tax increase in average home (Ave Incr 2021-2025 4.54%)5.71%0.00%5.18%2.71%6.26%3.50%5.06%4.23%8.80%3.09% 47 48 Existing Tax Base Inflation Estimate 0.00%1.80%3.00%3.00%3.00%3.00%3.00%3.00%3.00% 49 Total Net Tax Base % Increase(decrease)6.94%0.00%4.68%3.00%3.00%3.00%3.00%3.00%3.00%3.00% 50 Estimated Average Home Market Value 229,000 242,000 242,000 246,000 253,380 260,981 268,811 276,875 285,181 293,737 302,549 51 52 53 Assessor's Taxable Market Value 3,688,345,783 3,688,345,783 3,861,034,860 3,976,865,905 4,096,171,883 4,219,057,039 4,345,628,750 4,475,997,613 4,610,277,541 4,748,585,867 54 Multiply by 3%110,650,373 110,650,373 115,831,046 119,305,977 122,885,156 126,571,711 130,368,863 134,279,928 138,308,326 142,457,576 55 Less: Long Term Debt Outstanding Paid Solely from Taxes (45,120,000)(45,120,000)(42,675,000)(47,950,000)(44,900,000)(47,335,000)(46,925,000)(70,310,000)(65,160,000)(59,245,000) 56 Unused Debt Limit 65,530,373 65,530,373 73,156,046 71,355,977 77,985,156 79,236,711 83,443,863 63,969,928 73,148,326 83,212,576 RECREATION & OPEN SPACE Park Maintenance/Wood Lake Fence Repair 50,000$ R Community Center/Wood Lake Building Repair 50,000 R Augsburg Park Play Equipment 15,000 R 200,000 S Christian Park Play Equipment 90,000 R Fremont Park Play Equipment 90,000 R Sheridan Park Play Equipment 90,000 R Fairwood Tennis Court Rebuild 65,000 R TOTAL REC. & OPEN SPACE 650,000$ RIGHT OF WAY IMPROVEMENT 77th Street Underpass 7,000,000$ O 5,500,000 S 4,100,000 MD 7,000,000 F 69th Street & Vincent Retaining Wall 150,000 FF Pedestrian Improvements 40,000 M Bicycle Improvements 40,000 M Penn Avenue ADA Improvements 82,500 M 82,500 C Pavement Management Program 1,330,000 FF TOTAL RIGHT-OF-WAY IMPROVEMENT 25,325,000$ PUBLIC FACILITIES Replacement Central Garage Equipment 695,000$ TL Technology Replacement 135,000 TL City Wide Water Meter Upgrade 1,340,000 U Lift Station #1 Control Panel 65,000 U Rehabilitation of Stormwater Collection Mains 100,000 U Rehabilitation of Stormwater Collection Manhole Structures 100,000 U Sanitary Sewer Main Lining 400,000 U Taft Storage Site Improvements 65,000 U 10,000 C TOTAL PUBLIC FACILITIES 2,910,000$ TOTAL USES OF FUNDS 28,885,000$ ESTIMATED REVENUE BY SOURCE (C)Hennepin County 92,500$ (F)Federal Grant 7,000,000 (FF)Franchise Fees 1,480,000 (M)Municipal State Aids 162,500 (MD)MnDot 4,100,000 (O)Other Funding 7,000,000 (R) Special Revenue 450,000 (S)State Grant 5,700,000 (TL)Tax Levy 830,000 (U)User Fees 2,070,000 TOTAL FUNDING BY SOURCE 28,885,000$ PROJECT EXPENDITURE 2021 Capital Improvement Budget 2021 CAPITAL IMPROVEMENT BUDGET & 2022-2025 CAPITAL IMPROVEMENT PROGRAM 2022 Capital Improvement Plan RECREATION & OPEN SPACE Park Maintenance/Wood Lake Fence Repair 50,000$ R Community Center/Wood Lake Building Repair 50,000 R Donaldson Park Renovation 350,000 R TOTAL REC. & OPEN SPACE 450,000$ RIGHT OF WAY IMPROVEMENT 65th Street Reconstruction 7,800,000$ B Pedestrian Improvements 40,000 M Bicycle Improvements 40,000 M Pavement Management Program 1,330,000 FF TOTAL RIGHT-OF-WAY IMPROVEMENT 9,210,000$ PUBLIC FACILITIES Replacement Central Garage Equipment 700,000$ TL Technology Replacement 135,000 TL City Wide Water Meter Upgrade 885,000 U HUB Redevelopment Stormwater 500,000 U Rehabilitation of Stormwater Collection Mains 100,000 U Rehabilitation of Stormwater Collection Manhole Structures 100,000 U Sanitary Sewer Main Lining 800,000 U TOTAL PUBLIC FACILITIES 3,220,000$ TOTAL USES OF FUNDS 12,880,000$ ESTIMATED REVENUE BY SOURCE (B)G.O. Street Reconstruction Bonds 7,800,000$ (FF)Franchise Fees 1,330,000 (M)Municipal State Aids 80,000 (R) Special Revenue 450,000 (TL)Tax Levy 835,000 (U)User Fees 2,385,000 TOTAL FUNDING BY SOURCE 12,880,000$ PROJECT EXPENDITURE 2023 Capital Improvement Plan RECREATION & OPEN SPACE Park Maintenance/Wood Lake Fence Repair 50,000$ R Community Center/Wood Lake Building Repair 50,000 R Donaldson Park Renovation 110,000 R Madison Park Tennis Court Rebuild 60,000 R Monroe Park Play Equipment 90,000 R Sheridan Park Play Equipment 90,000 R TOTAL REC. & OPEN SPACE 450,000$ RIGHT OF WAY IMPROVEMENT Pedestrian Improvements 40,000$ M Bicycle Improvements 40,000 M Pavement Management Program 630,000 FF TOTAL RIGHT-OF-WAY IMPROVEMENT 710,000$ PUBLIC FACILITIES Replacement Central Garage Equipment 700,000$ TL Technology Replacement 140,000 TL Lime Filter Press Rehabilitation 70,000 U Rehabilitation of Stormwater Collection Mains 100,000 U Rehabilitation of Stormwater Collection Manhole Structures 100,000 U Sanitary Sewer Main Lining 800,000 U Watermain Rehabilitation 200,000 U TOTAL PUBLIC FACILITIES 2,110,000$ TOTAL USES OF FUNDS 3,270,000$ ESTIMATED REVENUE BY SOURCE (FF)Franchise Fees 630,000$ (M)Municipal State Aids 80,000 (R) Special Revenue 450,000 (TL)General Tax Levy 840,000 (U)User Fees 1,270,000 TOTAL FUNDING BY SOURCE 3,270,000$ PROJECT EXPENDITURE RECREATION & OPEN SPACE Park Maintenance/Wood Lake Fence Repair 50,000$ R Community Center/Wood Lake Building Repair 50,000 R Augsburg Park Tennis Court Rebuild 135,000 R Christian Park Tennis Court Rebuild 35,000 R Fairwood Park Play Equipment Replacement 90,000 R Fremont Park Play Equipment 90,000 R TOTAL REC. & OPEN SPACE 450,000$ RIGHT OF WAY IMPROVEMENT 69th Street Reconstructrion 5,500,000$ B Pedestrian Improvements 40,000 M Bicycle Improvements 40,000 M Pavement Management Program 630,000 FF TOTAL RIGHT-OF-WAY IMPROVEMENT 6,210,000$ PUBLIC FACILITIES Replacement Central Garage Equipment 705,000$ TL Technology Replacement 140,000 TL Emergency Water Interconnect with Neighboring Comm.1,500,000 U Rehabilitation of Stormwater Collection Mains 100,000 U Rehabilitation of Stormwater Collection Manhole Structures 100,000 U Sanitary Sewer Main Lining 800,000 U Watermain Rehabilitation 200,000 U TOTAL PUBLIC FACILITIES 3,545,000$ TOTAL USES OF FUNDS 10,205,000$ ESTIMATED REVENUE BY SOURCE (B)G.O. Street Reconstruction Bonds 5,500,000$ (FF)Franchise Fees 630,000 (M)Municipal State Aids 80,000 (R) Special Revenue 450,000 (TL)General Tax Levy 845,000 (U)User Fees 2,700,000 TOTAL FUNDING BY SOURCE 10,205,000$ 2024 Capital Improvement Plan PROJECT EXPENDITURE RECREATION & OPEN SPACE Park Maintenance/Wood Lake Fence Repair 50,000$ R Community Center/Wood Lake Building Repair 50,000 R Taft Park Shelter Renovation 400,000 R TOTAL REC. & OPEN SPACE 500,000$ RIGHT OF WAY IMPROVEMENT 70th Street Reconstruction 2,900,000$ B 100,000 X T.H. 62 Noise Barrier 250,000 M Pedestrian Improvements 40,000 M Bicycle Improvements 40,000 M Pavement Management Program 630,000 FF TOTAL RIGHT-OF-WAY IMPROVEMENT 3,960,000$ PUBLIC FACILITIES Replacement Central Garage Equipment 710,000$ TL Technology Replacement 140,000 TL Water Plant Roof Replacement 450,000 U Rehabilitation of Stormwater Collection Mains 100,000 U Rehabilitation of Stormwater Collection Manhole Structures 100,000 U Sanitary Sewer Main Lining 800,000 U Watermain Rehabilitation 500,000 U TOTAL PUBLIC FACILITIES 2,800,000$ TOTAL USES OF FUNDS 7,260,000$ ESTIMATED REVENUE BY SOURCE (B) G.O. Street Reconstruction Bonds 2,900,000$ (FF)Franchise Fees 630,000 (M)Municipal State Aids 330,000 (R) Special Revenue 500,000 (TL)General Tax Levy 850,000 (U)User Fees 1,950,000 (X)Xcel Energy 100,000 TOTAL FUNDING BY SOURCE 7,260,000$ 2025 Capital Improvement Plan PROJECT EXPENDITURE RECREATION & OPEN SPACE Park Maintenance/Wood Lake Fence Repair 50,000$ R Community Center/Wood Lake Building Repair 50,000 R Adams Hill Park Play Equipment 90,000 R Outdoor Pool Liner Replacement 450,000 R 150,000 OR Pool Splash Pad at Outdoor Pool 300,000 R TOTAL REC. & OPEN SPACE 1,090,000$ RIGHT OF WAY IMPROVEMENT 76th Street West Reconstruction 4,800,000$ B 900,000 X Humboldt Ave/Lakeshore Drive Reconstruction 8,000,000 B Nicollet Avenue Reconstruction 7,000,000 B 12,500,000 C Penn Avenue Reconstruction 7,000,000 B 12,500,000 C TOTAL RIGHT-OF-WAY IMPROVEMENT 52,700,000$ PUBLIC FACILITIES Roof Replacement Wells 2, 3, 4, 5, & 6 85,000$ U Clarifier Rake Assembly Replacement 250,000 U Rehabilitation of Stormwater Collection Mains 100,000 U Rehabilitation of Stormwater Collection Manhole Structures 300,000 U Sanitary Sewer Main Lining 800,000 U Watermain Rehabilitation 500,000 U TOTAL PUBLIC FACILITIES 2,035,000$ TOTAL USES OF FUNDS 55,825,000$ ESTIMATED REVENUE BY SOURCE (B)G.O. Street Reconstruction Bonds 26,800,000$ (C)Hennepin County 25,000,000 (OR)Other Recreation Funding 150,000 (R) Special Revenue 940,000 (U)User Fees 2,035,000 (X)Xcel Energy 900,000 TOTAL FUNDING BY SOURCE 55,825,000$ Capital Improvement Plan - Beyond 2025 PROJECT EXPENDITURE TOTAL* PROJECTS CIP COST 2022 2023 2024 2025 Beyond 2025 RECREATION OPEN SPACE DEVELOPMENT 1 Park Maintenance/Wood Lake Fence Repair 250,000$ 50,000$ R 50,000$ R 50,000$ R 50,000$ R 50,000$ R 2 Community Center/Wood Lake Building Repair 250,000$ 50,000 R 50,000 R 50,000 R 50,000 R 50,000 R 3 Donaldson Park Renovation 460,000$ 350,000 R 110,000 R - - - 4 Madison or Fairwood Park Tennis Court Rebuild 60,000$ - R 60,000 R - - - 5 Monroe Park Play Equipment 90,000$ - 90,000 R - - - 6 Sheridan Park Play Equipment 90,000$ - 90,000 R - - - 7 Augsburg Park Tennis Court Rebuild 135,000$ - 135,000 R - - 8 Christian Park Tennis Court Rebuild 35,000$ - 35,000 R - - 9 Fairwood Park Play Equipment 90,000$ - - 90,000 R - - 10 Freemont Park Play Equipment 90,000$ - - 90,000 R - - 11 Taft Park Shelter Renovation 400,000$ 400,000 R 12 Adams Hill Park Play Equipment 90,000$ - - - 90,000 R 13 Outdoor Pool Liner Replacement 450,000$ - - - 450,000 R 14 150,000$ - - - - 150,000 OR 15 Splash Pad at Outdoor Pool 300,000$ - - - - 300,000 R 16 TOTAL RECREATION & OPEN SPACE 2,940,000$ 450,000$ 450,000$ 450,000$ 500,000$ 1,090,000$ 17 18 (R) Special Revenue 2,790,000$ 450,000$ 450,000$ 450,000$ 500,000$ 940,000$ 19 (O) Other Funding Source -$ - - - - - 20 (OR) Other Recreation Funding 150,000$ - -$ - - 150,000 21 TOTAL FUNDING BY SOURCE 2,940,000$ 450,000$ 450,000$ 450,000$ 500,000$ 1,090,000$ 22 23 24 PROJECTS TOTAL * 25 CIP COSTS 2022 2023 2024 2025 Beyond 2025 26 RIGHT OF WAY IMPROVEMENTS 27 65th Street Reconstruction 7,800,000$ 7,800,000$ B -$ -$ -$ -$ 28 69th Street Reconstruction 5,500,000$ - - 5,500,000 B - - 29 70th Street Reconstruction 2,900,000$ - - - 2,900,000 B - 30 100,000$ - - - 100,000 X - 31 T.H. 62 Noise Barrier 250,000$ - - - 250,000 M - 32 76th Street West Reconstruction 4,800,000$ - - - - 4,800,000 B 33 900,000$ - - - - 900,000 X 34 Humboldt Ave/Lakeshore Drive Recon.8,000,000$ - - - - 8,000,000 B 35 Nicollet Avenue Reconstruction 7,000,000$ - - - - 7,000,000 B 36 12,500,000$ - - - - 12,500,000 C 37 Penn Avenue Reconstruction 7,000,000$ - - - - 7,000,000 B 38 Pedestrian Improvements 12,660,000$ 40,000 M 40,000 M 40,000 M 40,000 M 12,500,000 C 39 Bicycle Improvements 160,000$ 40,000 M 40,000 M 40,000 M 40,000 M - 40 Pavement Management Program 3,220,000$ 1,330,000 FF 630,000 FF 630,000 FF 630,000 FF - 41 42 72,790,000$ 9,210,000$ 710,000$ 6,210,000$ 3,960,000$ 52,700,000$ 43 44 (B) G.O. Improvement Bonds 43,000,000$ 7,800,000$ -$ 5,500,000$ 2,900,000$ 26,800,000$ 45 (C) Hennepin County 25,000,000$ - - - - 25,000,000 46 (FF) Franchise Fees 3,220,000$ 1,330,000 630,000 630,000$ 630,000 - 47 (M) Municipal State Aid 570,000$ 80,000 80,000 80,000 330,000 - 48 (X) Xcel Energy 1,000,000$ - - - 100,000 900,000 49 TOTAL FUNDING BY SOURCE 72,790,000$ 9,210,000$ 710,000$ 6,210,000$ 3,960,000$ 52,700,000$ 50 51 PROJECTS TOTAL* 52 CIP COSTS 2022 2023 2024 2025 Beyond 2025 53 PUBLIC FACILITIES 54 Replacement Central Garage Equipment 2,815,000$ 700,000$ TL 700,000$ TL 705,000$ TL 710,000$ TL -$ 55 Technology Replacement 555,000$ 135,000 TL 140,000 TL 140,000 TL 140,000 TL - 56 City Wide Water Meter Upgrade 885,000$ 885,000 U - - - - 57 HUB Redevelopment Stormwater 500,000$ 500,000 U - - - - 58 Lime Filter Press Rehabilitation 70,000$ - 70,000 U - - - 59 Emergency Water Interconnect with Neighb. Comm.1,500,000$ - - 1,500,000 U - - 60 Water Plan Roof Replacement 450,000$ - - - 450,000 U - 61 Roof Replacement Wells 2, 3, 4, 5, & 6 85,000$ - - - - 85,000 U 62 Clarifier Rake Assembly Replacement 250,000$ 250,000 U 63 Rehabilitation of Stormwater Collection Mains 500,000$ 100,000 U 100,000 U 100,000 U 100,000 U 100,000 U 64 Rehab. of Stormwater Collection Manhole Structures 700,000$ 100,000 U 100,000 U 100,000 U 100,000 U 300,000 U 65 Sanitary Sewer Main Lining 4,000,000$ 800,000 U 800,000 U 800,000 U 800,000 U 800,000 U 66 Watermain Rehabilitation 1,400,000$ - 200,000 U 200,000 U 500,000 U 500,000 U 67 TOTAL PUBLIC FACILITIES 13,710,000$ 3,220,000$ 2,110,000$ 3,545,000$ 2,800,000$ 2,035,000$ 68 69 (TL) Tax Levy 3,370,000$ 835,000$ 840,000$ 845,000$ 850,000$ -$ 70 (U) User Fees 10,340,000$ 2,385,000 1,270,000 2,700,000 1,950,000 2,035,000 2022 - 2025 CAPITAL IMPROVEMENT PLAN - CITY OF RICHFIELD, MINNESOTA Recommended and Scheduled for Four Year Period 2022 - 2025 CAPITAL IMPROVEMENT PLAN - CITY OF RICHFIELD, MINNESOTA Recommended and Scheduled for Four Year Period 71 TOTAL FUNDING BY SOURCE 13,710,000$ 3,220,000$ 2,110,000$ 3,545,000$ 2,800,000$ 2,035,000$ 72 73 SUMMARY PROJECTS 74 75 Recreation/Open Space Development 2,940,000$ 450,000$ 450,000$ 450,000$ 500,000$ 1,090,000$ 76 Right of Way Improvements 72,790,000$ 9,210,000 710,000 6,210,000 3,960,000 52,700,000 77 Public Facilities 13,710,000$ 3,220,000 2,110,000 3,545,000 2,800,000 2,035,000 78 TOTAL CAPITAL PROJECTS 89,440,000$ 12,880,000$ 3,270,000$ 10,205,000$ 7,260,000$ 55,825,000$ 79 80 (B) G.O. Improvement Bonds 43,000,000$ 7,800,000$ -$ 5,500,000$ 2,900,000$ 26,800,000$ 81 (C) Hennepin County 25,000,000$ - - - - 25,000,000 82 (FF) Franchise Fees 3,220,000$ 1,330,000 630,000 630,000 630,000 - 83 (M) Municipal State Aid 570,000$ 80,000 80,000 80,000 330,000 - 84 (OR) Other Recreation Funding 150,000$ - - - - 150,000 85 (R) Special Revenue 2,790,000$ 450,000 450,000 450,000 500,000 940,000 86 (TL) Tax Levy 3,370,000$ 835,000 840,000 845,000 850,000 - 87 (U) User Fees 10,340,000$ 2,385,000 1,270,000 2,700,000 1,950,000 2,035,000 88 (X) Xcel Energy 1,000,000$ - - - 100,000 900,000 89 TOTAL FUNDING SOURCES 89,440,000$ 12,880,000$ 3,270,000$ 10,205,000$ 7,260,000$ 55,825,000$ 90 * Total CIP costs do not include any project costs reflected in the 2021 CIB.