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• <br />• <br />• <br />COUNCIL FINANCIAL RETREAT JUNE 13, 2006 <br />APPROVED <br />1 CITY OF LINO LAKES <br />2 MINUTES <br />3 <br />4 DATE : June 13, 2006 <br />5 TIME STARTED : 5:30 p.m. <br />6 TIME ENDED : 7:20 p.m. <br />7 MEMBERS PRESENT : Council Members Carlson, O'Donnell, <br />8 Reinert, Stoltz and Mayor Bergeson <br />9 MEMBERS ABSENT : None <br />10 <br />11 <br />12 Staff members present: City Administrator, Gordon Heitke; Finance Director, Al Rolek; <br />13 Community Development Director, Mike Grochala; Public Services Director, Rick <br />14 DeGardner; Chief of Police, Dave Pecchia; and City Clerk, Julie Bartell <br />15 <br />16 <br />17 Finance Director Rolek stated that as presented at the last City Council meeting, the <br />18 City's 2005 Annual Financial Report indicated the City is in good standing financially. <br />19 However, there are some issues that could weaken that position in the next several years. <br />20 Staff would like to show those specific areas of possible weakness this evening. <br />21 <br />22 Mr. Nick Dragisich, Springsted, came forward and presented a power point presentation <br />23 advising the objective is to identify potential financial problems areas, identify underlying <br />24 factors or policies that may have led or may lead to problems and suggest possible <br />25 solutions. <br />26 <br />27 Mr. Dragisich reviewed the General Fund historical performance and projections, as well <br />28 as the General Fund recommendations. He also noted the City's financial risks including <br />29 the Super Rink, YMCA and Blue Heron Days. He noted the City should quantify <br />30 exposure and develop and quantify financial options in terms of those financial risks. <br />31 <br />32 Mr. Dragisich provided the history of the Area and Unit Fund noting the balance of that <br />33 fund has declined. He indicated that trend would continue throughout the next five years. <br />34 Future special assessment funds will bring the balance up but it is uncertain when those <br />35 funds will be received. He also reviewed the Facilities Replacement and Maintenance <br />36 recommendations. <br />37 <br />38 Mr. Dragisich provided an overview of the Pavement Management Plan noting the <br />39 number of roads within the City needing reconstruction outside of the Pavement <br />40 Management Plan would continue to rise. He also reviewed a Comparison of Financial <br />41 Alternative including property tax levy and annual maintenance levy. <br />42 <br />43 Finance Director Rolek reviewed the Storm Water Management Fund balance, revenue <br />44 and expenditures. He noted the balance of this fund has dropped since 2003 and future <br />45 expenditures will exceed revenue slightly. Small maintenance projects have been a big <br />