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CITY COUNCIL WORK SESSION October 13, 2014 <br />APPROVED <br />90 Mayor Reinert also suggested that adequate storage should be well planned ahead to <br />91 avoid other space ending up as storage. <br />92 <br />93 The council concurred that the architect will provide more information on possible <br />94 elements and costs for more discussion at the November work session. <br />95 <br />96 2. 2015 Budget - Administrator Karlson recalled that the council received an update <br />97 on the city's cash reserves at the last work session. Staff is responding to questions that <br />98 arose about those funds. <br />99 <br />100 Finance Director Rolek noted that the council requested additional information about the <br />101 sewer and water system. The value of the system is approximately $26,000,000 <br />102 depreciated; the sewer and water reserve funds exist to support that infrastructure. <br />103 <br />104 Mr. Rolek distributed a new gap analysis sheet. The mayor noted that the city will be <br />105 receiving funding from the Centennial Fire District in 2015 as part of the split; he's <br />106 interested in the possibility of using those funds for some of the start-up costs for the new <br />107 department. Chief Swenson explained that those funds would be well used also for <br />108 future expenses for aging fire equipment. <br />109 <br />110 Mr. Rolek noted that the source of funding the city has been using to fund debt service for <br />111 the Legacy improvements will soon not be available and he suggested that the Closed <br />112 Bond Fund would be a possible and sensible resource for that need. <br />113 <br />114 Council Member Stoesz reminded the council that there will be start up and opening <br />115 expenses related to the fire department/new station. <br />116 <br />117 Administrator Karlson noted that there will be bond costs for the fire station appearing in <br />118 2016. The bond debt service has been estimated at $70,500 per million. He noted the <br />119 $93,000 budget gap and also suggested that the anticipated amount from the CFD could <br />120 come down. <br />121 <br />122 The council will continue discussion of the 2015 budget at a future work session. <br />123 Additional information was requested on future maintenance needs at Fire Station No. 1. <br />124 <br />125 The meeting was adjourned at 9*05 p.m. <br />126 <br />127 <br />1 <br />129 <br />130 <br />131 <br />132 <br />133 <br />134 <br />28 <br />These minutes were considered, corrected and approved at the regular Council meeting held <br />on <br />Octb oer 27, 2014. <br />J nne Bartell, C' y Clerk <br />3 <br />