Laserfiche WebLink
MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />August 31, 1988 <br />Pur•suant to due call and notice thereof a wor•kshop meeting of the Council <br />of the City of Little Canada, Minnesota was held on the 31st day of <br />August, 1988 in the Council Chamber~s of the City Center• located at 515 <br />Little Canada Road in said City. <br />Mayor~ Michael Fahey chaired the meeting and called it to order• at 7:30 <br />P.M. and the following member•s of the Council were pr•esent at r•oll call: <br />MEMBERS PRESENT: Mayor• Mr•. Michael Fahey <br /> Councilman Mr. Bill Blesener• <br /> Councilwoman Mrs. Beverly Scalze <br />MEMBERS ABSENT: Councilman Mr. Rick Collova <br /> Councilman Mr. Jim LaValle <br />ALSO PRESENT: City Cler•k Mr~. Joseph Chlebeck <br /> City Auditor Mr. Robert Voto <br /> Recor~di ng Secr•etary Mr•s. Kathy Gl anzer <br />1987 The City Auditor• presented to the Council several documents compr~ising the <br />Audit 1987 audit report. <br />Repor•t <br />The first report <br />r~eviewed was the Annual <br />Financial Report dated December• <br />31, 1987. <br />Next reviewed was the Management Report and Recommendations dated December <br />31, 1987. While r•eviewing this report the Auditor explained to the Council <br />the County's intentions to r~evise the old system of determining mill rates <br />and the system of using net tax capacity for determining a new r•ating <br />system. The Auditor presented the Council with a hand-out outlining <br />his explanation. <br />The Auditor r•epor•ted that the reason that the new system is being used in <br />1989 is to mor•e equitably compare the tax str~ucture of the State of <br />Minnesota with other• states. The Auditor~ was not sure at this point what <br />the effect of the new tax r•ate factor• would be on the City. <br />The Council and the Auditor• discussed the City's levy limitation and it was <br />the feeling of the Council that the City should levy its maximum limitation <br />for 1989 since the effect of the levy on the City's future levying capabilities <br />is not known at this time. <br />Council set a budget workshop meeting for• September 29, 1988 at 7:00 P.M. <br />The Auditor• reported that in 1988 the City levied its maximum, however•, <br />a por~tion of that levy went to reduce bonded debt. <br />The next portion of the report discussed in detail was the Combined <br />Financial Statements, specifically the City's investment in a long-ter•m/ <br />high yield gover~nment fund, the Franklin U. S. Government Secur•ities Fund. <br />Page -1- <br />