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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />CITY COUNCIL WORK SESSION <br />APPROVED <br />DATE <br />TIME STARTED <br />TIME ENDED <br />MEMBERS PRESENT <br />1VIEMBERS ABSENT <br />CITY OF LINO LAKES <br />MINUTES <br />September 22, 2014 <br />: September 22, 2014 <br />. 8:30 p.m. <br />. 9:30 p.m. <br />: Council Member Stoesz, Kusterman, <br />Rafferty, Roeser and Mayor Reinert <br />: None <br />Staff members present: City Administrator Jeff Karlson; Finance Director Al Rolek; <br />Public Services Director Rick DeGardner; Community Development Director Michael <br />Grochala; Public Safety Director John Swenson; City Clerk Julie Bartell <br />1. Review of Fund Reserves — Terri Heaton, Springsted, Inc., the City's financial <br />advisor was present. <br />Mayor Reinert noted that the staff report on this matter was submitted to council <br />members very late so discussion at this point will be limited to allow future discussion <br />after more time for review of the information. <br />Finance Director Rolek explained that the staff report includes infouuation on all city <br />funds including their purpose and reserve balance. He has also provided information on <br />interest income by fund since 2008. He reviewed the different types of overall funds — <br />general, special revenue, debt service, enterprise and agency and fudiciary funds. It was <br />noted that state law does include some restrictions on the investment of city reserve <br />funds. <br />Mayor Reinert noted an overall increase of $3 million in last three years and Mr. Rolek <br />responded that the city has received an advance of Municipal State Aid (MSA) funds <br />from the State in the amount of $3.5 million. Mayor Reinert said he is interested in <br />having a better understanding of the increase in reserve funds over the past few years, <br />including the interest that is yielded from the funds. He understands that the state limits <br />the type of investments for the city but he is also concerned about the possibility of losing <br />money by simply holding it in account. He feels it is an important discussion for the <br />council. <br />Council Member Roeser noted the road fund reserves and asked why the city isn't <br />spending that money down when road projects are needed. Community Development <br />Director Grochala responded that staff is always working on planning for future road <br />improvements that will utilize those funds. <br />