CIP FY 26-30 Final - Flipbook - Page 26
Library Capital Expansion Fund
This fund is used to account for the accumulated revenues derived from Library 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 the Library’s needs and
facilities.
This fund can assist the City with any expansion/enhancements of its library facilities.
Library Capital Expansion Funding Analysis:
Currently, the fund’s revenue is projected to grow marginally at a rate of 3%, generating minimal
accumulated funds. 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 $305,551. This allows for minimal funds
to accommodate any expansion projects during this period. However, some of the projects in this
fund may be jointly funded with the Sales Tax Capital Projects Fund and/or the General Fund. The
current library expansion is being jointly funded the Lake County.
The City does purchase +/- $20,000 of e-books from this fund annually. Since that amount is less than
$25,000, it is not included in the City’s 5 Year CIP.
Library Im pact Fees 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
$
118,444
$
145,094
$
175,094
$
206,094
$
238,139
$
271,275
Permits & Fees Revenue
45,000
45,000
46,350
47,741
49,173
50,648
Interest Earnings
2,750
5,000
5,150
5,305
5,464
5,628
Total Revenue
Total Funding Available
47,750
50,000
51,500
53,045
54,636
56,275
166,194
195,094
226,594
259,139
292,775
327,551
Less:
Operating Expenditures
600
-
-
-
-
-
Transfers to Other Funds
1,000
-
-
-
-
-
CIP Projects
19,500
20,000
20,500
21,000
21,500
22,000
Total Expenditures
Net Operating Incom e
(Loss)
Fund Balance, End of Year
21,100
20,000
20,500
21,000
21,500
22,000
NOTES:
1.
2.
26,650
$
145,094
30,000
$
31,000
175,094
$
206,094
32,045
$
238,139
33,136
$
271,275
Beginning Fund Balance in FY 2024/25 ties with ACFR for FY 2023/24 Year-end balance
There are no expansion projects budgeted in the five-year horizon with the exception of e-books
22
34,275
$
305,551
