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HomeMy WebLinkAbout4. Discussion on Capital Flooding and Street ControlVillage of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM ni TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR DATE: JULY 2, 2013 SUBJECT: FUNDING RECOMMENDATION FOR STREET CONSTRUCTION AND FLOOD CONTROL PURPOSE: To present for the Board's consideration a recommendation by the Village's Finance Commission to address funding needs for the street construction and flood control programs BACKGROUND: Revenue shortfalls in the street program have resulted in a reduced number of miles being resurfaced on an annual basis. There is currently a backlog in street resurfacing due to the lack of funding. In addition, infrastructure improvements to the storm sewer system are needed to address flood control issues. Recommendations for improvements to the storm sewer system were the result of a comprehensive stormwater study completed in late 2011. Additional revenue sources are needed to support both of these two capital programs. DISCUSSION: The Village Board and Finance Commission participated in the annual financial planning workshop in April 2012 where status of the street and flood programs was first discussed. At that meeting, the Village Board asked the Finance Commission to research potential new revenue sources and prepare a recommendation for the Board to consider. Throughout 2012 and early 2013 the Finance Commission researched various revenue options and at its June 27 meeting finalized its recommendation. Listed below is a summary of what will be presented at the July 9 joint workshop. Flood Control — Public Improvements o Debt issuance of $10 million to be supported by existing revenue sources. This amount will complete the public sector improvements recommended in the comprehensive stormwater study. Structure debt service payments around existing debt to minimize impact to ongoing flood program. Flood Control — Private Improvements (installation of overhead sewers) o Recommendation is to not address these improvements at this time. o Potential revenue source is a $2 increase to the Sewer Construction fee from $5 to $7. The $320,000 generated would be used to support a revolving fund issuing loans to homeowners for the installation of overhead sewers in their home. • Street Improvements — Year One • Reallocation of existing vehicle sticker revenue from General Fund to Streets ($1,385,000). • Reallocation and lowering of property tax levy for refuse collection from Refuse Fund to General Fund (backfill lost vehicle sticker revenue). • Increase in the direct charge for refuse collection of $143 (backfill lost property tax revenue). • Street Improvements — Year Two o Increase local motor fuel tax $0.03 from $0.02 to $0.05 ($510,000 generated). o Increase vehicle sticker $9.00 from $36.00 to $45.00 ($346,900 generated). The reallocation of vehicle sticker and property tax monies more closely aligns the revenue source with its intended purpose. Attached are three tables that illustrate how the new revenue plan will impact the Street Construction, Flood Control and Refuse Collection Funds. Attachment I presents the new revenue generated as a result of the Finance Commission recommendation and movement of revenue between the three funds. A total of $2.2 million in new revenue for the street program is generated under this plan. Ten -year financial forecasts (Attachments II and III) were prepared to determine how well the proposed funding plan supports these two capital programs. The worksheets show existing and new revenue items along with existing and new expense items to determine an annual surplus /deficit. The Street Program (Attachment II) maintains a positive fund balance throughout the ten -year period ending with an estimated fund balance of $2.3 million. The funding plan, as configured, does not address the backlog in street resurfacing. It was felt that any yearly surplus could be used towards reducing the backlog over time. The Flood Program (Attachment III) shows a slight deficit during the middle 3 years (2016 -2018) of the ten - year forecast. Fund balance in the flood program at the end of the ten -year period is estimated to be $1.4 million. Members of the Finance Commission and Village staff will be on hand at the July 9 meeting to make a more detailed presentation on the materials and to answer questions and facilitate discussion. David O. 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