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MINUTES <br />CITY COUNCIL <br />NOVEMBER 9, 2011 <br />take some of the volatility out of the City's budget and helps the City stabilize <br />property tax rates. <br />At this point in the workshop, the Director noted the 2011 goals to: <br />o Develop a Long -Term Financial Plan that maintains present <br />levels of service; and <br />o Review the City's Reserve Policy to eliminate the City's <br />dependence on Local Government Aid. <br />The Director reviewed in detail her November 9th report which included action <br />plans for each of these goals as well as a five -year analysis of the city's source <br />of funds. She noted that all General Fund sources of revenue were evaluated for <br />stability and reviewed those individual evaluations, as well as items of note that <br />were identified during the process. The Director indicated that City staff will <br />prepare a proposed long -term financial plan for the Council's consideration at an <br />upcoming meeting. Once adopted that plan would become a part of the City's <br />Reserve Policy. It was noted that the City must maintain reserves, which are <br />essentially the City's working capital, as it does not get tax settlement money <br />from the County until July. It was also noted that the City has no levy - supported <br />debt. <br />Staff asked the Council to submit any additional comments or questions prior to <br />the December meeting. It was again noted that the final 2012 Budget would be <br />adopted at the December 21st Council meeting. <br />There being no further business, the workshop was adjourned at 7:25 p.m. <br />ram Blesennr, Mayor <br />Attest: <br />Joel Hanson, City Administrator <br />6 <br />