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CITY COUNCIL WORK SESSION <br />APPROVED <br />DATE <br />TIME STARTED <br />TIME ENDED <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />CITY OF LINO LAKES <br />MINUTES <br />September 8, 2014 <br />: September 8, 2014 <br />. 6:00 p.m. <br />. 6:30 p.m. <br />: Council Member Stoesz, Kusterman, <br />Rafferty, Roeser and Mayor Reinert <br />: None <br />Staff members present: City Administrator Jeff Karlson; Community Development <br />Director Michael Grochala; Finance Director Al Rolek; Public Safety Director John <br />Swenson; City Clerk Julie Bartell <br />1. 2015 Budget — Finance Officer Rolek distributed an updated budget summary and <br />reviewed changes since the council last review. <br />Mayor Reinert asked about city reserve funds; there is a large balance and he wonders if <br />the city is losing value to inflation by holding those funds. Finance Officer Rolek <br />discussed the city's options for holding reserves, including fund investments and the <br />types of investment that are allowed for municipal funds. The council discussed how <br />investment decisions are determined, the typical type of investment and the average <br />investment gain. Mr. Rolek explained that cities don't have the ability to regenerate <br />those funds quickly when they are needed and that could result in borrowing at a cost. <br />Mayor Reinert said he is calling for further discussion about city funds in reserve. <br />Administrator Karlson reviewed budget reductions since the last council review. Within <br />the new fire department, consulting funds have been reduced and incentives not being <br />taken could result in savings. Regarding the new Assistant City Administrator position, <br />he is suggesting that the city wait four to six months to hire and that would realize <br />savings. Council Member Rafferty wondered what consulting is still needed related to <br />the fire department, and one area suggested was fire pensions. <br />The council discussed the preliminary tax rate. They will set a preliminary figure this <br />evening but fully anticipate further drill down before the final levy is set in December. <br />The meeting was adjourned at 6:30 p.m. <br />These minutes were considered, corrected and approved at the regular Council meeting held on <br />September 22, 2014. <br />Juli. e Bartell, Ci ; Cler <br />