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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 10/29/2014 |
Commission, Board or Committee: N/A |
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Staff Contact: Joel Landeen, City Attorney |
PW Committee or L&F Committee: Legal & Finance |
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Petitioner: N/A |
City Council 1st Reading: 10/20/2014 |
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Location: |
City Council 2nd Reading: |
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Agenda Title: |
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No. LF101514-17 - Second Reading and Recommendation of Ordinance No. 6018 to Consolidate the City's Vision and Capital Improvement Funds into Separate Accounts Within a Unified Fund by Amending Chapter 3.16 of the Rapid City Municipal Code |
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Summary: |
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The purpose of this ordinance is to combine the Capital Improvements Fund and the Vision Fund into a single fund with separate accounts. Combining these funds is a recommendation of Dougherty & Company our financial advisors. While the Civic Center project is driving this change, it will actually provide a benefit to our ability to bond generally and should be done whether or not the Civic Center project moves forward. In addition to combining the two funds, there have been changes made to the Vision Fund process. The current draft has removed the project categories. Since the three categories have been eliminated, so has the need for three citizen committees. In the place of the three committees will be a single citizen committee. The citizen committee will evaluate and make recommendations for all projects other than internal City projects identified by the staff. Internal City projects will be evaluated and prioritized by the Mayor and the City’s Dept. Directors. The list of projects from the Citizen Committee and the Mayor will be presented to the City Council together for the Council to integrate and develop a five year plan. The ordinance also allows the Council to not appoint a citizen committee for the next five year plan starting in 2016 if vision funds are committed to the Civic Center project. However, the Council is required to appoint a citizen committee for the five year plan starting in 2021. |
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Funding Source & Fiscal Impact (if applicable): |
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None. |
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Recommendation: |
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Action: Approve Notes: I am still in the process of receiving comments on the draft from stake holders and our consultants. I will likely be making revisions based on these comments. If the revisions are not ready by the 11/3/14 City Council meeting, or the Council has not had sufficient time to digest the revisions, second reading may need to be continued for two weeks. |
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Options: |
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There are additional changes to the CIP committee process that the Council could direct be added to the proposed ordinance revisions. |
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Attachments & Links: |
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