CIP FY 26-30 Final - Flipbook - Page 24
Parks & Recreation Capital Expansion Fund
This fund is used to account for the accumulated revenues derived from Parks and Recreation Impact
Fees collected from newly constructed facilities. These impact fees are used to help defray the cost of
capital expenditures necessitated by growth and must be used for expansion of Parks and Recreation
needs and facilities.
The City will continue to maintain and enhance its parks and recreation facilities, honoring their
historical significance while ensuring they remain enduring assets for the community’s welfare and
remembrance.
Parks & Recreation Capital Expansion Funding Analysis:
Revenue projections are based on the current estimated revenues for FY 2024/25 with an assumed
annual increase of 3% used for FY 2026/30.
Currently, the fund’s revenue is projected to at a rate of 3%. However, impact fees have not been
reviewed or raised for over 20 years. The City is currently in the process of conducting an impact fee
rate study with an independent consultant.
Over the next five years, the projected ending fund balance is $878,059. While there are currently no
projects budgeted in the five-year horizon for this fund, it is anticipated that once the Parks Master
Plan and impact fee rate study are completed that expansion projects will begin to be budgeted in
this fund.
By strategically using expansion funds, the City can ensure the realization of the park’s upgrades and
improvements without compromising other essential needs. Through prudent financial management
and collaborative efforts, the City will be able to uphold the heritage and significance of the parks
and recreation facilities, while enhancing the City’s overall beauty and functionality for the benefit of
the community.
P&R Capital Expansion Fund
Fund Balance, Less
Investm ent in Capital
Estim ated
Proposed
Projected
Projected
Projected
Projected
FY 24-25
FY 25-26
FY 26-27
FY 27-28
FY 28-29
FY 29-30
$
Interest Earnings
Impact Fee
Total Revenue
Total Funding Available
383,330
$
304,672
$
412,672
$
523,912
$
638,490
$
756,504
6,500
16,000
16,480
16,974
17,484
18,008
150,000
92,000
94,760
97,603
100,531
103,547
156,500
108,000
111,240
114,577
118,015
121,555
539,830
412,672
523,912
638,490
756,504
878,059
Less:
Operating Expenditures
Transfers to General Fund
CIP Projects
Total Expenditures
Net Operating Incom e (Loss)
Fund Balance, End of Year
600
-
-
-
-
-
2,500
-
-
-
-
-
232,058
-
-
-
-
-
235,158
-
-
-
-
-
(78,658)
$
304,672
108,000
$
412,672
111,240
$
523,912
114,577
$
638,490
NOTES:
1. Beginning Fund Balance in FY 2024/25 ties with ACFR for FY 2023/24 year-end balance
2. The are no capital expansion projects budgeted in this fund at this time
20
118,015
$
756,504
121,555
$
878,059
