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<br /> -. <br /> fJJj]J@[%&U <br /> CAPITAL PROJECT FUND HIGHTLIGHTS <br /> This is the first pass of the Capital Projects Fund that has been reviewed by the City <br /> Managers and Directors. Detailed capital projects sheets eXplaining each project in more detail <br /> are attached. Below are some of the highligh ts of this fund: <br /> . The Capital Projects Fund is expected to be ($240,000) short in sales tax revenues <br /> for 2006. The current allocation of the 3% sales tax between the General Fund and <br /> Capital Projects Fund is 62% and 38% respectively. For 2007, City Staff is <br /> recommending modifying the allocation between the General Fund and Capital <br /> Projects Fund to 67% and 33% respectively. This would lower sales tax allocation <br /> to Capital Projects fund by about $440,000 for 2007. <br /> . A ($110,000) shortage in service expansion fees is expected due to a slow down in <br /> commercial development in 2006 and for future years. <br /> . The City received a $1,500 donation for the Memory Square fire and an insurance <br /> reimbursement for $41,000 in 2006 to cover the costs of the repairs. <br /> . Investment income is expected to be $120,000 in 2006. <br /> . Capital improvements for 2006 are expected to be down by $214,000 primarily due <br /> to the postponement of the City Shops renovations. <br /> . The inter fund loan to the Library Capital Projects Fund is expected to be paid <br /> back by September 30, 2006. <br /> . Most capital projects for 2006 will be spent to the budgeted amount. <br /> . In 2007-2011 there are three large road projects that have federal funding grants. <br /> There is a separate sheet in your packet that outlines these three projects. <br /> . The projects that were submitted to City Manager and cut from the budget during <br /> the first pass over the Capital Projects Fund are listed in a separate spreadsheet in <br /> your packet. <br /> - <br /> 6 <br />