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CITY COUNCIL WORK SESSION May 28, 2013 <br />APPROVED <br />1 CITY OF LINO LAKES <br />2 MINUTES <br />3 <br />4 DATE : May 28, 2013 <br />5 TIME STARTED : 5:30 p.m. <br />6 TIME ENDED : 6:30 p.m. <br />7 MEMBERS PRESENT : Council Member Stoesz, O'Donnell, <br />8 Rafferty, Roeser (arrived at 5:35) and <br />9 Mayor Reinert <br />10 MEMBERS ABSENT : None <br />11 <br />12 <br />13 Staff members present: City Administrator Jeff Karlson; Finance Director Al Rolek; <br />14 Community Development Director Michael Grochala; City Planner Katie Larsen; Police <br />15 Captain Kent Strege; Public Safety Director John Swenson; City Clerk Julie Bartell. <br />16 <br />17 1. Presentation of 2012 Audit Report — Rachel Flanders and Chris Knopik, <br />18 representatives of the firm hired to perform the city audit, ClifftonLarsonAllen, gave a <br />19 presentation on the results of the audit. They reviewed the written presentation that <br />20 explained how the audit addresses required communications, the summation of the audit, <br />21 and the financial implications. Also noted was receipt of the GFOA Certificate of <br />22 Achievement for Excellence in Financial Reporting, new reporting requirements such as <br />23 GASB No. 61 and 65 and anticipated requirements, GASB No. 68, effective in 2015. <br />24 <br />25 Since time was somewhat short, the mayor asked the council if they'd like additional time <br />26 to review the audit results. The council concurred that they would forward any questions <br />27 to Finance Officer Al Rolek. <br />28 <br />29 The matter of accepting the audit is included on the council agenda for the meeting later <br />30 in the evening. <br />31 <br />32 2. Review Regular Council Agenda of May 28, 2013 — Discussion as follows: <br />33 <br />34 Item 2B, Resolution No. 13 -68, Issuance and Sale of Approximately $615,000 <br />35 Taxable General Obligation Improvement Bonds - Finance Director Rolek explained <br />36 that the proceeds of this bond sale, if authorized by the council, will provide the financing <br />37 to construct the Otter Lake Road Extension Project. The bond sale will be administrated <br />38 by Springsted, Inc., the city's fmancial advisors, and their representative, Terri Heaton, <br />39 will be present at the council meeting for a review of the sale. <br />40 <br />41 Item 6A, Resolution No. 13 -58, Development Agreement for Preserve at Lino Lakes <br />42 City Planner Larsen remarked that the Preserve at Lino Lakes project was before the <br />43 council last cycle and received approval of the PUD Final Plan/Final Plat. The related <br />44 development contract is being presented to the council for approval. She noted that the <br />