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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 4538 <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: August 6, 1999 <br />RE: Debt Levy Reduction Committee <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Mr. Tom Duray and Mr. Mike Finegan will once again be present to discuss the Debt Levy <br />Reduction Committee's report. This will be conducted as a public hearing. I would ask that you <br />bring your previously distributed copies of this report. Should you need a new copy, please let <br />Julie know. <br />At the last workshop meeting, a question was raised regarding the adequacy of the DLRC's <br />recommendation on the general capital improvement budget and the infrastructure capital <br />improvement fund. Our Accountant, Julie Manville -Camp, has prepared updated 5 -year <br />projections for these funds based on the information we know to -date. You will note that a <br />general capital improvement fund maintains a positive balance for the year 2003. (2004's <br />expenses have not yet been budgeted within this fund.) The infrastructure capital improvement <br />fund also maintains a healthy fund balance. However, we will have a number of improvements <br />to conduct in the coming years. It is also important to note that future improvements will likely <br />include overlay projects which will have a higher city percentage share of project costs. <br />All in all, the DLRC's recommendation seems workable given current financial conditions. <br />Should you have any comments or questions regarding this matter, please let me know. <br />JRH:kpp <br />Enclosures <br />cc: DLRC <br />PAGE 1 <br />