08-13-97 Council Workshop Minutes (2)

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MINUTES CITY COUNCIL AUGUST 13, 1997 Gibbs reviewed Taxes Receivable, pointing out that the City had very favorable collection rates, which is a positive for the City's bond rating. Gibbs next reviewed Property Tax Levies, pointing out the Council's efforts in holdin~ the line on property tax increases. Collection rates on Special Assessments Receivable were also high. The Bonds Payable portion of the report was reviewed. Fahey asked if the City could levy bonds to pay for land acquisition costs associated with redevelopment of the Rice Street/Little Canada Road area. The City Administrator replied that this could be done, pointing out that ultimately the City will bond for the cost of acquiring the Budget Power site. To date, the City has been carrying these costs. Scalze pointed out that the City's debt levy falls off in the year 2002, and suggested that a bond issue could be structure to take advantage of that situation. Gibbs reviewed the financial statements for the General Fund, pointing out that the Fund had a balance of $1,157,890 on December 31, 1996, which is an increase of $63,795. It was pointed out that it has been the City's policy to transfer the increase in fund balance, less the amount required to fully finance the designated reserves of the General Fund. Special Revenue Funds were next reviewed. These inctude the Economic Development Fund, Parks & Recreation Fund, Cable TV Fund, and Gambling Enforcement Fund. Gibbs was asked to determine whether other cities charge interest to their Gamblin~ Enforcement Funds and whether or not overhead costs are charged against that fund. Gibbs reviewed Debt Service Funds and Capital Project Funds in detail. The Council discussed the City's ability to levy or assess costs associated with a hazardous buildin~ against the Klein property. Fahey suggested that staff research this issue and report back to the Council. Gibbs reviewed Enterprise Funds, Agency Funds, as well as Internal Controls portions of the report. The Summary and Recommendations contained in the report are as follows: *Monitor the status of CMO investments. *Monitor the TIF collection rate. *Continue to maintain completed updated subsidiary listings of special deferred assessments. 2