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CITY COUNCIL WORK SESSION <br />APPROVED <br />1 CITY OF LINO LAKES <br />2 MINUTES <br />4 DATE : November 30, 2020 <br />5 TIME STARTED : 6:05 p.m. <br />6 TIME ENDED : 8:00 p.m. <br />7 MEMBERS PRESENT : Council Member Stoesz, Lyden, Ruhland, <br />8 Cavegn and Mayor Rafferty <br />9 MEMBERS ABSENT <br />None <br />to Staff members present: City Administrator Sarah Cotton; Community Development <br />11 Director Michael Grochala; Director of Public Safety John Swenson; Finance Director <br />12 Hannah Lynch, Public Safety Director John Swenson; City Clerk Julie Bartell <br />13 1. 202I Budget - <br />14 a) Review Water and Sewer Fund Budgets —Summary of funds and budgets <br />15 including information on: <br />16 - Water Fund Revenues and Expenditures (for revenue, no rate increase included but <br />17 new customers anticipated; for expenditures increase identified and its use); <br />18 - Depreciation is included; <br />19 - Capital Outlay (biggest change in this fund for 2021) — replacement of vehicle and <br />20 smart radio reader; <br />2t - Sewer Fund Revenue and Expenditures (decrease due in part to lower cost of <br />22 Metropolitan service costs); <br />23 - Capital Overlay (sewer lining, one-half replacement vehicle, back up generator, <br />24 mixer pump). <br />25 <br />26 Ms. Lynch explained that these budgets will be included in the final budget to be <br />27 presented on December 14th. <br />28 b) Capital Improvement Plan <br />29 Goals: <br />30 - flat tax rate, decreased debt (pay as you go), interest savings through internal interest <br />31 savings ($470,000 plus through 2030); <br />32 - Financial and budgetary flexibility — some annual debt is locked for 2021 and is <br />33 proposed to be paid for out of reserves. Flexibility is provided on an annual basis by pay <br />34 as you go change; <br />35 - Efficient Use of Cash Reserve (Payback period); <br />36 - Maintain Bond Rating (is reviewed every time debt is issued); Ms. Lynch read <br />37 excerpts from the last bond rating agency notes (on financial management and debt <br />38 profile) <br />39 <br />40 Mayor Rafferty asked for the location of the capital improvement plan within the budget <br />41 book the council was provided. He also asked about the balance of the City's reserve. <br />42 Administrator Cotton noted Page 49 of tonight's packet and it's indication of what is <br />