HomeMy Public PortalAboutAB 18-117 Library Expansion Funding Options Work SessionMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 18-117
Meeting Date April 26, 2018
AGENDA ITEM INFORMATION
SUBJECT:
Work Session - Library Expansion Project Funding Options Discussion – Staff Direction
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
/
Clerk
Treasurer
Originator
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
N/A
Parks and Recreation
FUNDING SOURCE:
N/A
Airport
Library
TIMELINE:
N/A
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The Council requested an additional work session to continue the discussion of available funding options for the Library Expansion Project. Options presented at the Council retreat in
January were Pay-As-You-Go which includes taking some or all of the Foregone Amount, a Temporary Override Levy, and Local Option Taxes. Other funding options to consider are applying
for grants when grant opportunities arise, and debt service (bond) financing when it is time to construct the new library.
Attached is the PowerPoint that was presented in January with a couple modifications. The changes are new slides (4 and 5) containing a chart summarizing each option, edits to slide
8 to further explain the Foregone Amount and new slides to attempt to graphically describe how the foregone is created. Also attached is the FY18 adopted CIP which includes funding
for the Library Expansion Project through FY22 as well as, the Library CIP worksheet describing the project, estimated, costs, and funding sources.
RECOMMENDED ACTION:
Review the funding options and, if appropriate, give direction to staff.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
January 26, 2018
None – Discussion Only