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Brooklyn Park, Minn. Banks on Savings for Future Projects02-07-08 | News

Brooklyn Park, Minn. Banks on Savings for Future Projects




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Brooklyn Park, Minn. is ?EUR??,,????'??policing?EUR??,,????'?? its financial resources to fund city projects 50 years in the future.


Money still ?EUR??,,????'??makes the world go ?EUR??,,????'??round,?EUR??,,????'?? so the community of Brooklyn Park, Minnesota, located on the banks of the Mississippi River just minutes northwest of Minneapolis, is socking away money in a savings account to fund city projects in the near and far future.

The Star Tribune says the savings account, an endowment that will build over 50 years to pay for $300 million of projects, is unique in the state. While many cities plan for what?EUR??,,????'???s coming in the next 10 to 15 years, they don?EUR??,,????'???t plan city budgets like you might a retirement account.

Over the past 10 years, Brooklyn Park, the sixth largest city in the state, pop. 71,000, has been putting away money a little at a time each year from its general fund ($7.2 million so far), plus making some tax increases permanent to help build funds.

With this fiscal responsible practice, the city guarantees taxes won’t go up dramatically any time over the next half century when streets or parks need fixing.

The problem for some cities is finding the money to put aside. Other cities don?EUR??,,????'???t like such a long-term savings approach because they want future residents to pay for future projects.

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