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MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />AUGUST 25,1999 <br />Pursuant to due call and notice thereof a workshop meeting of the <br />City Council of Little Canada, Minnesota was held on the 25`h day <br />of August, 1999 in the Council Chambers of the City Center located <br />at 515 Little Canada Road in said City. <br />Mayor Michael I. Fahey called the meeting to order at 6:30 P.M. and <br />the following members of the City Council were present at roll call: <br />CITY COUNCIL: <br />Mayor <br />Council Member <br />Council Member <br />Council Member <br />Mr. Michael I. Fahey <br />Mr. Steve Morelan <br />Mr. Bob Pedersen <br />Mrs. Beverly Scalze <br />ABSENT: <br />ALSO PRESENT: <br />Council Member <br />Mr. Jim LaValle <br />City Administrator Mr. Joel R. Hanson <br />City Auditor Mr. Mark Gibbs <br />Public Works Dir. Mr. Greg Schroeder <br />Zoning Administrator Ms. Elizabeth Mursko <br />Deputy Clerk Mrs . Kathy Glanzer <br />1998 AUDIT Mark Gibbs, City Auditor, Tautges Redpath, Ltd. presented the <br />REPORT Council with the 1998 Audit Report. Gibbs reviewed the key points <br />contained in the report beginning with the Executive Summary. <br />This summary indicates the following: <br />*Effective for 1998, the City is required to report investments at <br />market value in the financial statements. <br />*The 1997 and 1998 State Legislature lowered class rates for <br />commercial/industrial properties. This change will adversely impact <br />tax increment revenues. <br />*The City continues to experience solid tax and assessment <br />collection rates. These are considered prime financial indicators by <br />the City's bond rating agency. <br />