Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />JULY 24, 1996 <br />Capital Project Funds were reviewed. It was noted that <br />the Thunder Bay Tax Increment Fund is now showing a <br />positive balance, which would allow the City to charge <br />the appropriate administration £ees and interest costs <br />against this account. <br />The City Administrator noted that there has been some <br />interest expressed in development of property along <br />Country Drive. The Administrator suggested that the <br />Fasciana property along Condit should be a part of the <br />Kandice Heights TIF District since any development <br />which may occur in that area would likely extend the <br />full depth of the property from Country Drive to <br />Condit. We may need to use excess increments to <br />acquire properties as they become available if we are <br />to accomplish our redevelopment objectives. <br />Gibbs reviewed the City's Enterprise Funds, pointing <br />out that both the Water Operating Account and Sewer <br />Operating Account are operating at a net loss because <br />of the method in which depreciation is charged against <br />the account. Morelan asked if the City was <br />depreciating its infrastructure appropriately, <br />expressing concern that it may not have funding <br />necessary if a major improvement to either system is <br />necessary. The City Administrator and City Auditor <br />expressed the opinion that the City is on the <br />aggressive end of depreciating infrastructure. It was <br />also pointed out that the City's sewer and water <br />systems are fairly new and in good condition. <br />Therefore, the City's position appears very healthy. <br />Gibbs reviewed several actions that the City took <br />during 1993 through 1995 which improved and made more <br />timely the financial management of the City's Capital <br />Projects and overall Capital Project Programs. These <br />are outlined on page 45 of the Report. Gibbs commended <br />the City and its accountant for these accomplishments <br />and encouraged continuation of these efforts. <br />Gibbs reported that beginning in 1997 the City will be <br />eligible for Local Performance Aid from the State. <br />This Aid is an effort by the Legislature to compare <br />cities and tie aid to accountability and efficiency. <br />Gibbs reported that his office will work with City <br />staff on this issue. <br />Gibbs then presented the Management Report summary and <br />recommendations: <br />*Monitor the status of CMO investments. <br />3 <br />