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2024-2033 Capital Improvement Program
Considered by City Council
December 5, 2023
Reviewed by Council
September 12, 2023
Reviewed by Planning Commission
November 27, 2023
Mayor
Shep Harris
Council
Sophia Ginis, Maurice Harris, Denise La Mere -Anderson, Gillian Rosenquist
Management Team
Tim Cruikshank
City Manager
Rick Birno
Parks and Recreation Director
Maria Cisneros
City Attorney
John Crelly
Fire Chief
Alma Flores
Community Development Director
Virgil Green
Police Chief
Tim Kieffer
Public Works Director
Kirsten Santelices
Deputy City Manager\Human Resources
Director
Sue Virnig
Finance Director
Cheryl Weiler
Communications Director
Letter from City
Manager
will
come
in
final document
CITY OF GOLDEN VALLEY, MINNESOTA
2024-2033 CAPITAL IMPROVEMENT PROGRAM
TABLE OF CONTENTS
Introduction
Financing
Exhibit I
- General Fund Projects
Exhibit II
- Water & Sewer Utility Fund Financing
Exhibit III
- Brookview Golf Course Fund Financing
Exhibit IV
- Equipment Replacement Fund Financing
Exhibit V
- Building Funds —Buildings, Cablecasting, Remote Fire Station,
Public Works & Public Safety
Exhibit VI
- Park Improvement Fund Financing
Exhibit VII
- Storm Water Utility Fund Financing
Exhibit VIII
- Streets (PMP, IRP, State Aid)
Vehicles & Equipment (V&E)
Parks (P)
Brookview Golf (GC)
Buildings (B)
Buildings
Cablecasting (C)
Remote Fire Station
Public Works & Public Safety
Storm Water (SS)
Water & Sanitary Sewer Utility (W&SS)
Streets (S)
Appendix
Special Assessment Policy (in final document)
Fleet Operation, Maintenance, and Replacement Policy (in final document)
CITY OF GOLDEN VALLEY, MINNESOTA
2024 - 2033 CAPITAL IMPROVEMENT PROGRAM
FINANCING
The 2024-2033 Capital Improvement Program (CIP), which is detailed on the following pages, is financed
from a variety of sources. The purpose of this section is to describe and analyze these sources, in as much
detail as possible, so that the users of this CIP can be certain that the program as outlined can be financed
from available financing sources.
General Fund
The General Fund is the main operating fund of the City, and as such contains most of the City's operating
divisions. The main revenue source for this fund is property taxes revenues. Large, non -recurring capital
outlay expenditures are usually made from one of the City's capital project funds. Level annual transfers from
the General Fund to these funds help to even out the annual budgeting process. The General Fund fund
balance as of December 31, 2022 was $14,711,433. Exhibit I lists the General Fund transfers to Funds for
projects in the CIP.
Water & Sewer Utility Fund
The Water & Sewer Utility Fund is an enterprise fund, which is involved in the operation and renewal &
replacement of the City's water and sanitary sewer systems. The main sources of revenue for this fund are
the user charges to those residential and commercial/industrial customers connected to the systems and
franchise fees to help with infrastructure improvements. Per City policy, new lateral water and sewer system
projects are assessed at 100% of cost unless there are unusual circumstances involved, in which case the
City would pay for the difference from the reserve account. Since the City is essentially fully developed, there
should be fewer and fewer of these projects in future years. These lateral water and sewer system projects
are usually requested by property owners, so it is very hard to project when they might occur and the total
cost.
The trunk water system is owned and operated under a joint powers agreement with the cities of Golden
Valley, New Hope and Crystal. This organization is known as the Joint Water Commission. The operating and
capital improvement expenditures of the trunk water system are shared by the three cities and has meetings
throughout the year. The contract with the City of Minneapolis will be renewed in 2023 for the next 10 years.
The trunk sanitary sewer system is owned by Metropolitan Council Environmental Services to which the City
makes monthly payments for the operation of and the capital improvements to the trunk system.
The fund balance or net position that is unrestricted at 12/31/22 was $17,280,830. The financial position of
this fund is extremely important because the City is facing large expenditures in future years for the renewal
and replacement of aging water and sewer lines. Exhibit II is a list of projects in the program financed by the
Water & Sewer Utility Fund.
Brookview Golf Course Fund
The Brookview Golf Course Fund is an enterprise fund, which is involved in the operation and improvement
of the City's golf course and newly developed Lawn Bowling Course in 2018. The main revenue source is
green fees paid by the golfers. The golf course consists of an 18 hole regulation course, a 9 hole par 3
course and a driving range. Other revenue sources come from the lawn bowling course, pro shop, curling,
winter disc golf and Three -One -Six Restaurant. Many of the improvements to the course are part of regular
course maintenance, but where specific projects can be defined and costs estimated, they are included in the
program. Major pieces of equipment used by the golf course are also included in the program. In December
2017, Brookview opened its new facility which included the restaurant, golf pro shop and par 3 building. In
2020, curling was offered for winter activity. In 2022, the course installed a new irrigation system. In 2023, the
project will be completed at the driving range. The net position in this fund as of December 31, 2022 was
$206,420. This is down due to the internal loan for the irrigation system. Exhibit III is a list of the major course
improvements and equipment included in the program and the projected working capital balances of this
fund.
Storm Water Utility Fund
The Storm Water Utility Fund is an enterprise fund, which is involved in the maintenance and improvement of
the City's storm water system including storm sewers and holding ponds. The fund is financed from charges
to all the property in the City based on the level of estimated storm water runoff from a given class of
property. Projects funded are those related to the Pavement Management Program, the City's adopted Storm
Water Management Plan and projects constructed in conjunction with the other cities that are members of the
Bassett Creek Water Management Commission. Exhibit VII is an analysis of the projected revenue,
expenditures and cash balances in this fund. In 2016, bonds were sold and will be paid back with tax
increment received from The Liberty development. The net position in this fund as of December 31, 2022 was
$13,498,102.
Equipment Replacement Fund
This capital project fund is used to finance major vehicle and equipment purchases for General Fund
divisions. Exhibit IV is an analysis of the projected revenue, expenditures and cash balances in this fund.
Buildina Fund
This capital project fund is used to finance major improvements to buildings used by the General Fund
divisions. A comprehensive building study took place in 2020 through mid-2021. It will evaluate all public
buildings with an emphasis on the Public Safety needs. A major source of financing in this fund is a transfer
from the General Fund. Exhibit V is an analysis of the projected revenue, expenditures and cash balances of
this fund.
In 2023, staff worked on the financing for the remote fire station building and received grants from the State
of Minnesota. In 2024, the City will again ask the State Legislature for financing. Bonds will be sold for the
additional funded needed.
In 2023, the State Legislature the City to hold a local sales tax referendum to impose a sales tax of 1.25% to
help fund Public Safety and Public Works facilities. The bonds will be paid back with the sales tax collected.
Cablecasting Fund
This capital project fund was separately designated in 2014 to account for the franchise fees collected for
cablecasting. These monies are designated for any future improvements for the council chambers to provide
cablecasting of public meetings. CCX Media Television/Northwest Community Television provides service
and programing for the city. The council chambers remodel was finished in late 2022. Additional monies
collected will go for replacement of equipment in the future.
Park Improvement Fund
This capital project fund is used to finance park and open space improvements. One of the revenue sources
in this fund is an annual transfer from the General Fund along with park dedication fees. Exhibit VI is an
analysis of the projected revenue, expenditures and cash balances of this fund.
Municipal State Aid [MSA] Fund
This fund is used to account for monies held in account both by the City and the State of Minnesota for use in
the maintenance and improvement of municipal state aid streets located in the City. Streets are designated
as municipal state aid based on criteria established by the State. Each city is allowed a maximum number of
miles of these designated streets. Every improvement project involving these streets must first be approved
by the State. If approved, a certain portion of the projected cost is advanced to the City from its MSA account
at the State, with the balance being paid upon completion. The monies that finance the City's MSA account at
the State come from the State gasoline tax.
The City's MSA account at the State is essentially the City's money and the amount in the account at any one
time is included as an asset of this fund. The State also participates directly in various street and storm sewer
improvement projects with the City, when the particular project benefits or involves State highways and rights
of way. On the worksheets for street and storm sewer projects, the designation under the financing analysis
of MSA refers to the City's MSA account at the State, and State of Minnesota refers to direct State
participation. Exhibit VIII is an analysis of the projected revenue, expenditures and cash balances of the
Municipal State Aid Fund.
Capital Improvement Fund
Revenues for this fund will primarily come from a portion of the franchise fees that are not designated for
payment of debt service from the Douglas Drive project. Monies in this fund finance infrastructure
improvements. Exhibit IX is an analysis of the projected revenue, expenditures and cash balances of this
fund.
Street Reconstruction/ Infrastructure Renewal Capital Improvement Fund
Revenues for this fund will primarily come from a bond sale that will finance the yearly pavement
management program (PMP) planned through 2024 and the infrastructure renewal program (IRP) starting in
2025. This fund will receive a general fund transfer to pay for the overlays that are planned to maintain the
streets that have been reconstructed. Exhibit X is an analysis of the projected revenue, expenditures and
cash balances of this fund.
General Obligation Bonds
To finance certain projects the City must borrow funds externally by issuing general obligation municipal
bonds. The method(s) of financing the repayment of these bonds differentiates the various types of bonds
used in the program.
Tax Increment Bonds
The proceeds of these bond issues are used to pay for public improvements in specially designated tax
increment districts. The debt service on the bonds is repaid from property taxes on the increased value in
the district over a base year's value. The property taxes on the increased value (increment) are not
distributed to the various taxing jurisdictions but are retained by the City to pay off the debt service on the
bonds. The increased value in the district comes from the increased commercial/industrial/residential
development or made possible by the public improvements financed by the bonds. The City has four tax
increment districts. Two districts have sold bonds for improvements: Highway 55 West and
Winnetka/Medicine Lake Road. The fifth district will begin in 2026 that includes the new Sentinel housing
project. The name of the apartment complex will will change later.
Special Assessment Bonds
Per State Statute, if at least 20% of the bond principal for a public improvement is financed by special
assessments against benefited properties, the balance can be financed from tax levies against all the
property in the City without the need of a bond referendum. On the project worksheets, if special
assessment bond financing is involved, we have indicated the amount of bonds to be repaid from special
assessments and tax levies.
The pavement management program and the future infrastructure renewal program use special
assessment bonds for financing along with assessments from benefiting properties. These street projects
will extend over a longer period than is included in the 2024-2033 CIP and will be financed by annual
special assessment bond issues. On the project worksheet for the pavement management program, the
method of financing is indicated as just Special Assessment Bonds.
Municipal State Aid (MSA) Revenue Bonds
MSA bonds were sold in 2007 for the first time for the City of Golden Valley. The project was Golden
Valley Road and Bridge replacement. The debt service payments will be repaid over twenty years with
State Aid Allotments used to improve and maintain Municipal State Aid roads.
Street Reconstruction Bonds
Douglas Drive street improvements were paid for from street reconstruction bonds sold in 2016. The
payment of debt service will be from franchise fees.
Lease Revenue Bonds
Lease revenue bonds were sold by the Housing and Redevelopment Authority (HRA) and will be paid
back by a lease with the City of Golden Valley through 2037. This instrument was used to finance the
Brookview facility.
Exhibit XI is an analysis of the current general obligation bonded debt of the City of Golden Valley.
CITY OF GOLDEN VALLEY
2024 - 2033 CIP
GENERAL FUND (FUND 1000)
EXHIBIT I
PROJECT 0:) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Transfer to Building Fund
$600,000
$650,000
$700,000
$750,000
$800,000
$850,000
$900,000
$950,000
$1,000,000
$1,050,000
Transfer to Equipment Fund
1,200,000
1,250,000
1,325,000
1,400,000
1,475,000
1,550,000
1,625,000
1,700,000
1,775,000
1,850,000
Transfer to Park Improvement Fund
425,000
425,000
450,000
475,000
500,000
525,000
550,000
575,000
600,000
600,000
Transfer to Street Reconstruction
1,050,000
1,200,000
1,350.000
1,500,000
1,650,000
1,800,000
1,950,000
2,100,000
2,250,000
2,400,000
Overlays
Totals
$3,275.000
$3.525,000
$3,825,000
$4.125.000
$4,425,000
$4,725.000
$5.025,000
$5.325-000
$5.625.000
$5,900.000
Notes:
(1) Each transfer will be outlined in the respective funds.
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