06/12/2006 Council Minutes - Laserfiche WebLink

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1 COUNCIL MINUTES JUNE 12, 2006 APPROVED • FINANCE DEPARTMENT REPORT, AL ROLEK 2005 Audit Report — Finance Director Rolek advised Darwin Viker of Larson, Allen, Weishair & Company is present this evening to provide an overview of the City's 2005 Annual Financial Report and answer any questions in regard to the financial condition of the City. Mr. Viker came forward and stated the auditors concluded that the City's financial statements for 2005 presented fairly, in all material respects, the financial position of the City as of December 31, 2005. He noted that the City has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for its 2004 Comprehensive Annual Financial Report. He indicated he believes that the report issued for 2005 continues to uphold the standards of reporting excellence that this prestigious award represents. Mr. Viker provided a brief overview of the City's 2005 Annual Financial Report noting an in-depth report was provided at the last Council work session. Mr. Viker clarified his recommendation regarding limits on expenses/payments that could be authorized at a staff level. Council requested a report on outstanding developer accounts at a future Council work session. 0 Councilmember Carlson moved to accept and approve the 2005 Annual Audit Report, as presented. Councilmember Stoltz seconded the motion. Motion carried unanimously. • Mayor Bergeson presented Finance Director Rolek a plaque for Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. Mayor Bergeson also announced that Finance Director Rolek has been nominated for the Executive Board of Finance Officers Association of the United States and Canada, which is very significant for the City of Lino Lakes. Finance Director Rolek thanked the City Council and stated he is looking forward to working on that Board. 2006 Project Financing: Consider Resolution No. 06-96 Resetting the Bid Date for G.O. Tax Abatement Bonds 2006A; and Consider Resolution No. 06-97 Resetting the Bid Date for G.O. Utility Revenue Bonds 2006B — Finance Director Rolek advised on May 22 the City Council approved resolutions 06-85 and 06-86 calling for the issuance of $2,470,000 G.O. Tax Abatement Bonds to finance its obligation to the YMCA project, and $570,000 G.O. Utility Revenue Bonds to finance utility projects in the City. The Council has previously authorized the issuance of conduit bonds on behalf of the YMCA to finance that entity's portion of the facility construction costs. The closing on the conduit bonds, 2