Laserfiche WebLink
CITY COUNCIL WORK SESSION <br />DRAFT <br /> 1 <br />CITY OF LINO LAKES 1 <br />MINUTES 2 <br /> 3 <br />DATE : November 2, 2020 4 <br />TIME STARTED : 6:05 p.m. 5 <br />TIME ENDED : 8:00 p.m. 6 <br />MEMBERS PRESENT : Council Member Stoesz, Lyden, Ruhland, 7 <br /> Cavegn and Mayor Rafferty 8 <br />MEMBERS ABSENT : None 9 <br />Staff members present: City Administrator Sarah Cotton; Community Development 10 <br />Director Michael Grochala; Director of Public Safety John Swenson; Finance Director 11 <br />Hannah Lynch, Public Safety Director John Swenson; City Clerk Julie Bartell 12 <br />1. 2021 Budget - 13 <br />a) Review Water and Sewer Fund Budgets – Summary of funds and budgets 14 <br />including information on: 15 <br /> - Water Fund Revenues and Expenditures (for revenue, no rate increase included but 16 <br />new customers anticipated; for expenditures increase identified and its use); 17 <br /> - Depreciation is included; 18 <br /> - Capital Outlay (biggest change in this fund for 2021) – replacement of vehicle and 19 <br />smart radio reader; 20 <br /> - Sewer Fund Revenue and Expenditures (decrease due in part to lower cost of 21 <br />Metropolitan service costs); 22 <br /> - Capital Overlay (sewer lining, one-half replacement vehicle, back up generator, mixer 23 <br />pump). 24 <br /> 25 <br />Ms. Lynch explained that these budgets will be included in the final budget to be presented 26 <br />on December 14th. 27 <br />b) Capital Improvement Plan 28 <br /> Goals: 29 <br /> - flat tax rate, decreased debt (pay as you go), interest savings through internal interest 30 <br />savings ($470,000 plus through 2030); 31 <br /> - Financial and budgetary flexibility – some annual debt is locked for 2021 and is 32 <br />proposed to be paid for out of reserves. Flexibility is provided on an annual basis by pay 33 <br />as you go change; 34 <br /> - Efficient Use of Cash Reserve (Payback period); 35 <br /> - Maintain Bond Rating (is reviewed every time debt is issued); Ms. Lynch read 36 <br />excerpts from the last bond rating agency notes (on financial management and debt 37 <br />profile) 38 <br /> 39 <br />Mayor Rafferty asked for the location of the capital improvement plan within the budget 40 <br />book the council was provided. He also asked about the balance of the City’s reserve. 41 <br />Administrator Cotton noted Page 49 of tonight’s packet and it’s indication of what is 42