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MINUTES <br />CITY COUNCIL <br />AUGUST 10, 1994 <br />Page 28 showed the Tax Increment Bonds of 1988. Voto <br />suggested that excess TIF revenue be accumulated in a <br />separate Capital Project Fund rather than the Debt <br />Service Fund. Voto reported that the City~s bond issues <br />appear to be in good shape, but suggested that the G.O. <br />TIF Bonds of 1990 be monitored to ensure that these bonds <br />are fully funded. <br />Voto reviewed Capital Project Funds as shown on page 32 <br />as well as General Capital Improvements shown on page 33. <br />Voto pointed out the fund balance of $367,263 for future <br />capital improvement programs. Page 35 detailed the State <br />Aid Roads Fund which has a fund balance of $243,299 as of <br />December 31, 1993. Voto reported that 3 or 4 years ago <br />this Fund had a negative balance, and it has been through <br />the assistance of Shaun Gustafson of Bonestroo & <br />Associates that the fund has been put into a healthy <br />position. <br />Page 37 detailed the Fire Station Construction Fund which <br />was closed out at the end of 1993. Page 39 shows the <br />Fire Department Equipment Replacement Fund with Voto <br />explaininq that the plan is to set aside money for <br />equipment replacement on a 5-year cycle. <br />Voto reviewed page 40, the Capital Replacement Fund which <br />was established to set aside monies for future capital <br />needs of the Water and Sewer operations. <br />Council discussed the City's bonded debt, with the City <br />Administrator pointing out that debt falls off <br />dramatically in the year 2000 and is gone in the year <br />2003. Voto suggested that before the debt is retired, <br />the City will got through a lot of long-term budgeting <br />planning. Voto also pointed out that the City has been <br />setting money aside so that it is not required to bond <br />for every project that comes along. Voto reported that <br />there are some cities which are debt-free, and Little <br />Canada can be one of those cities. <br />Morelan asked if there were any way to increase the <br />City's bond rating. <br />The City Administrator pointed out that the City <br />currently has an "A" rating. <br />Voto suggested that the Council discuss this with its <br />fiscal advisor, but suggested that it might not be <br />5 <br />