08-26-98 Council Workshop Minutes

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MINUTES OF THE WORKSHOP MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA AUGUST 26, 1998 Pursuant to due call and notice thereof a workshop meeting of the City Council of Little Canada, Minnesota was held on the 26`~' day of August, 1998 in the Council Chambers of the City Center located at 515 Little Canada Road in said City. Mayor Michael I. Fahey called the meeting to order at 6:30 P.M. and the following members of the City Council were present at roll call: CITY COUNCIL: Mayor Mr. Michae] L Fahey Council Member Mr. Jim LaValle Council Member Mr. Steve Morelan Council Member Mr. Bob Pedersen Council Member Mrs. Beverly Scalze ALSO PRESENT: City Administrator Mr. Joel R. Hanson City Attorney Mr. Thomas Sweeney City Auditor Mr. Mark Gibbs Accountant Ms. Julie Manville-Camp Code Enforcement Ms. Elizabeth Mursko Deputy Clerk Mrs. Kathy Glanzer 1997 AUDIT Mark Gibbs, City Auditor, presented the Council with the City's Annual REPORTS Financial Report and Financial Analysis a nd Management Considerations for the year ended December 31, 1997. G ibbs informed the Council that the report provides a clean audit opinion. Cash and investments are stable and investments are at the optimum level. Gibbs reported that beginning with 1998 financial statements, the City will be required to report investments at fair value, which may resul t in ~reater swings in investment earnings because of market changes. Gibbs pointed out that the report provides a description of the property tax process. He con~;ratulated the City on its 98% property tax collection rate. With regard to Tax Increment Financing, Gibbs noted that the TIF collection rate was at 98% for 1997 which decreased the TIF delinquent balance. Gibbs reminded the Council that levy limits must be reduced by the amount of excess TIF. The City has not been affected by this