02/11/2008 Council Packet - Laserfiche WebLink

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COUNCIL MINUTES January 14, 2008 DRAFT 47 3050), &48,532.94 Approved 48 49 Resohrtion No. 08-02, Accepting Bids and Awarding 50 Farmland Lease Agreement Approved 51 52 Resohuti.on No. 08-06, Anoka County Agreement for 53 Residential Recycling Program Approved 54 55 Resolution No. 08-09, Authorizing the Issuance of Approved 56 2008 Certificates of TnriPbtedness 57 58 FINANCE DEPARTMENT REPORT. AL ROLEK 59 60 eve -Year Financial Plan Public Hearing — Finance Director Rolek noted flat it is good 61 financial policy and planning to adopt a long -terra financial plan and the city is required to do so 62 by the City Charter. A five year plan was approved last year. That document has been updated 63 to another year out and has been under review by the council A PowerPoint summary of the 64 plan was presented. Mr. Rolek stressed that the plan is a working document and does not 65 authorize spending. Staff will utilize the information in the Plan in the preparation process for 66 the annual budget Staff is not asking for action this evening but seeks public comment only 67 the document will be back before the council at the net meeting for further consideration. 68 69 When asked how the sealcoatang and overlay projects are selected, Finance Director Rolek 70 explained that the city cuzrently has $355,000 earmarked for those improvements, to be 71 increased by 5% per year. The sealcoatiug is a revolving process, taking an area of streets and 72 redoing them every 5-6 years. 73 74 City Rn gineer Studer *ki explained that the City's Pavement Management Plan rates the City' s 75 streets. Rating for sealcaating is included. When a roadway reaches an age when sealcoaiing is 76 no longer feasible, overlay is recommended_ The usable life of the street is extended 77 substantially by the program. 78 79 When asked to explain the status of the bond rating, Finance Director Rolek noted that the City 80 has been fortunate to be upgraded several tames over the past few years. The current Moody's g l rating is AA3. The ratings are based on the city' credit worthiness and an upgrade improves the g2 cities finance cost situation. g3 84 When asked how the to square development appears in the Five Year Plan, Finance Director g5 Rolek explained that the To Center project has slowed as have constr-nction projects 86 nationwide. Staff continues to look to tag increment from the development to help finance g7 certain projects inclvring the Lake Drive/I3 5 Interchange project as well as the city's g8 contribution to the YMCA project Once those obligations are met, the value of the increment g9 will benefit the city's general fiord. 90 91 Mayor Bergeson opened the public hearing at 7:15 p.m. 92 2 _81_ •