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MIMUTES <br />City Council <br />August 5, 1987 <br />The Auditor then discussed with the Council Special Assessment Bonded <br />debt noting that the 1971 Bonds will mature in 1987 and the 1973 Bonds <br />will mature in 1988. <br />Council again discussed with the Auditor the mill rate that could <br />be set for 1988 with Council hoping to set a rate under 20 mills. <br />The Auditor felt that a mill rate of 19.5 would be attainable and <br />would also allow the City to build capital improvement money. The <br />Auditor reported that he will project these figures and report back <br />to the Council. <br />It was the concensus of the Council that a mill rate of 19.5 should <br />try to be achieved for 1988. <br />Next discussed were the Enterprise Funds. The City Auditor suggested <br />that the City hire an attorney to try to negotiate a more favorable <br />water contract with the City of St. Paul. <br />Blesener pointed out that the City has been offered the same rate <br />structure as the City of Roseville, however, the problem is that <br />Little Canada does not have enough water usage to achieve the lower <br />rates in the rate tier system Roseville has with St. Paul. However, <br />the rate structure in effect with Roseville would still be a considerable <br />savings to Little Canada. <br />The Council discussed the various options available, that is hire an <br />attorney to try to negotiate a more favorable contract, accept the <br />contract offered by St. Paul, or construct its own well system. <br />Blesener suggested that the City Attorney contact the blater Department <br />on negotiating a more favorable contract and that the City Engineer <br />put together a feasibility report on constructing a well system in <br />the City that would serve the City for the next 30 years. Blesener <br />suggested that the Council compare the results and decide which will <br />best serve the City. <br />Fahey suggested that this matter be put on the agenda of the next <br />Council meeting. <br />In summary, the Auditor made the following recommendations: <br />Continue to monitor delinquent assessment collections. <br />Establish a common understanding with the County regarding <br />assessment data requirements. <br />Begin a policy of long-term capital budgeting. <br />Define the optimum level of fund balance in the General <br />Fund and take action to maintain that level. <br />Page -4- <br />