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CITY COUNCIL WORK SESSION May 28, 2013 DRAFT 1 CITY OF LINO LAKES 1 MINUTES 2 3 DATE : May 28, 2013 4 TIME STARTED : 5:30 p.m. 5 TIME ENDED : 6:30 p.m. 6 MEMBERS PRESENT : Council M ember Stoesz , O’Donnell, 7 Rafferty , Roeser (arrived at 5:35) and 8 Mayor Reinert 9 MEMBERS ABSENT : None 10 11 12 Staff members present: City Administrator Jeff Karlson; Finance Director Al Rolek; 13 Community Development Director Michael Grochala; City Planner Katie La rsen; Police 14 Captain Kent Strege; Public Safety Director John Swenson; City Clerk Julie Bartell. 15 16 1. Presentation of 2012 Audit Report – Rachel Fla n ders and Chris Knopik, 17 representatives of t he firm hired to perform the city audit, Cliff tonLarsonAllen, ga ve a 18 presentation on the results of the audit. They reviewed the written presentation that 19 explained how the audit addresses required communications, the summation of the audit, 20 and the financial implications. Also noted was receipt of the GFOA Certificat e of 21 Achievement for Excellence in Financial Reporting, new reporting requirements such as 22 GASB No. 61 and 65 and anticipated requirements, GASB No. 68, effective in 2015. 23 24 Since time was somewhat short, the mayor asked the council if they’d like additi onal time 25 to review the audit results. The council concurred that they would forward any questions 26 to Finance Officer Al Rolek. 27 28 The matter of accepting the audit is included on the council agenda for the meeting later 29 in the evening. 30 31 2. Review Regul ar Council Agenda of May 28, 2013 – Discussion as follows: 32 33 Item 2B, Resolution No. 13 -68, Issuance and Sale of Approximately $615,000 34 Taxable General Obligation Improvement Bonds - Finance Director Rolek explained 35 that the proceeds of this bond sale, if authorized by the council, will provide the financing 36 to construct the Otter Lake Road Extension Project. The bond sale will be administrated 37 by Springsted, Inc., the city’s financial advisors, and their representative, Terri Heaton, 38 will be present at t he council meeting for a review of the sale. 39 40 Item 6A, Resolution No. 13 -58, Development Agreement for Preserve at Lino Lakes 41 City Planner Larsen remarked that the Preserve at Lino Lakes project was before the 42 council last cycle and received approval of the PUD Final Plan/Final Plat. The related 43 development contract is being presented to the council for approval. She noted that the 44