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MINUTES <br />CITY COUNCIL <br />NOVEMBER 19~ 1996 <br />Administrator replied that he would look into this <br />suggestion. <br />Council reviewed the Park Land Acquisition Fund. Fahey <br />asked if the cost of purchasing the homes on Round Lake <br />should be shown coming out of this fund. Fahey <br />indicated that his preference would be to cover the <br />cost of purchasing these homes with a TIF bond. <br />Morelan suggested that the cost of purchasing the homes <br />is not a bad fit with the Park Land Acquisition Fund <br />Scalze suggested that it be left as is for now, but <br />indicated that she liked the idea of paying for the <br />home acquisition with a TIF bond. Scalze stated that <br />she could support the money coming from the Park Land <br />Acquisition Fund if some sort of park development <br />occurs on the Round Lake property. <br />Morelan suggested that this issue be referred to the <br />Parks & Recreation Commission for a recommendation. <br />Council reviewed the 5treet Overlay Fund. Scalze <br />suggested that the Rice Street/Little Canada Road <br />streetscape be referred to the Parks & Recreation <br />Commission for their comments. <br />Next reviewed was the Closed Bond Fund, which the <br />Administrator pointed out is a major source of funding <br />for infrastructure projects. A deficit is shown for <br />the year 2001, and the City will need to levy to <br />support these costs in the future. However, the fund <br />continues to work well and will allow the City to go <br />forward with some projects in the next few years. <br />Council reviewed the Water Fund. The City <br />Administrator indicated that after fourth quarter <br />revenues come in, the Council will need to review this <br />Fund and determine whether or not a rate increase is <br />necessary. The Administrator indicated that the Fund <br />is healthy and pointed out that depreciation is a large <br />portion of the cost charged against the fund. <br />Therefore, the fund can sustain some type of loss. <br />Council reviewed the Sewer Fund. The Administrator <br />reported that due to the fact that 1995 was a wet year <br />and the City has a problem with ground water <br />infiltration into its sanitary sewer system, the fund <br />is projected to have a net loss of $66,000 for 1997. <br />The Public Works Director reported on the ground water <br />18 <br />