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MINUTES <br />CITY COUNCIL <br />AUGUST 26, 1998 <br />*The City continues to experience solid tax and assessment collection <br />rates. These are considered prime financial indicators by the City's bond <br />rating agency. <br />*The City's tax increment collection rate increased from 90% to 98% in <br />1997. <br />*The oversi~ht commission of tax increment compliance has been <br />transferred from Commissioner of Revenue to Office of State Auditor <br />(OSA). <br />*The City's General Fund increased by $34,958 in 1997. General Fund <br />reserve requirements established by City policy are funded. <br />*The Metropolitan Council Environmental Services charges dominate the <br />operating expenses of the sewer operation. <br />*The City has improved internal recordkeeping related to special deferred <br />assessments outstanding and developer deposits receivable. <br />*We recommend that the City anticipate all potential impacts of the year <br />2000 on systems of the City as well as vendors and other units of <br />government which the City deals with regularly. The City has begun to <br />take steps to check all potential areas that may be affected by this change. <br />Scalze asked if the City would be faced with any problems due to the <br />decrease in class rates. The City Administrator pointed out that tax <br />collections will remain at the same level, however, some of the burden for <br />these taxes was shifted to homeowners. Morelan suggested that at the <br />Truth In Taxation hearing the City Administrator present an explanation <br />about the affect of these shifts. The Administrator commented that to <br />some degree the State has insulated homeowners from the full effect of the <br />shift with some additional credits. <br />The Administrator commended Julie for an excellent job in record keepin~ <br />and TIF reporting. <br />There being no Further business, the workshop was adjourned at 7:10 P.M <br />