04/19/1999 Council Minutes - Laserfiche WebLink

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• • COUNCIL FINANCE WORK SESSION APRIL 19, 1999 CITY OF LINO LAKES MINUTES DATE April 19, 1999 TIME STARTED 5:35 p.m. TIME ENDED 8:27 p.m. MEMBERS PRESENT Council Members Bergeson, Dahl, Neal and Mayor Sullivan MEMBERS ABSENT Council Member Lyden Staff members present: City Administrator, Linda Waite -Smith; Administration Director, Dan Tesch; City Engineer, John Powell; Public Services Director, Rick DeGardner; Public Safety Director, Dave Pecchia; Community Development Direc an Wessel and Clerk -Treasurer Marilyn Anderson. The purpose of the meeting was to discuss updated financialthe Council. The format of this meeting will be the same assed last ear. The staff will present the information and ask Council what other information the Council needs to make good decisions. Staff expects that Council 11 wart someone from Springsted, Inc. to come and talk about bonding and someon from Ehler's and Associates, Inc. to come and talk about TIF. At the end of thisrn tang, Co1 will be asked to provide direction as to what they would like to have for the second, more detailed financial update meeting. The Council will also be as E �f � y have specific guidelines for preparing the budget for next year such as s" Co w' <il have definite feelings regarding increasing the levy rate. The Counci 'gt€ en a packet compiled from different sources. STATUS OF VARIOUS FUNDS Pages 1-5 Area and Unit Fund. This Fund is a permanent improvement revolving fund which finances trunk/system wide sewer and water improvements. The funds come from new connections to the system. A presentation has been prepared based on five (5) assumptions and the projections are based on three (3) different housing growth scenarios as outlined in the Comp Plan. The amount of commercial and industrial growth scenarios are the same for each year. The cash balance of this fund is important and was a concern last year because a portion of the balance was used to pay the debt to the City of Shoreview for utility connections. The cash balance as of 12/31/98 indicates that the fund nearly recovered all of the debt that was paid to Shoreview. PAGE 1