FY2022

ROAD USE TAX FUND The Road Use Tax Fund (RUTF) accounts for revenue sharing from state taxes related to transportation (road use taxes). The City’s use of road use taxes is restricted to street and storm sewer maintenance, repair, and construction including engineering, street lights, traffic signs and signals, snow removal, street cleaning, right-of-way maintenance, etc. Fund Balance: Road Use Tax Fund’s fund balance on June 30, 2021 is projected to be $2,910,064, a decrease of $637,859 or 17.98% from the fiscal year 2020 year-end balance. This decrease is primarily due to a decrease in Road Use Tax revenue stemming from COVID-19 and an increase in Streets System Maintenance expenditures. The fiscal year 2022 estimated fund balance is budgeted to decrease by another $93,528 to $2,816,536. This decrease is a result of not including an increase in the fiscal year 2022 Road Use Tax revenues that was expected. This is due to the difficulties of conducting the 2020 census during the COVID-19 pandemic.

Fund Balance (1)

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

FY2018 FY2023 Unassigned $3,893,383 $3,363,436 $3,547,923 $2,910,064 $2,816,536 $2,719,535 $0 FY2019 FY2020 FY2021 FY2022

(1) FY21 - FY23 figures are estimates.

The Road Use Tax Fund borrowed $1.4 million from the Landfill Cell Replacement Reserve during fiscal year 2019 to help construct portions of the new Public Works Facility. The following is a summary of that loan:

Principal Outstanding as of 6/30/21

Total Payment FY22

Final Payment

FY22 Principal

FY22 Interest

Loan

Date

Loan Amount

2019 Public Works Facility Loan

6/30/2019

$ 1,400,000

2036

$ 1,274,667

$ 93,172

$ 74,561

$ 18,611

305