06/13/2006 Council Minutes (2) - Laserfiche WebLink

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• 1 COUNCIL FINANCIAL RETREAT JUNE 13, 2006 APPROVED 46 draw on this fund. He recommended a review of appropriate fund use, fee structure and 47 revenue stream. 48 49 Finance Director Rolek also reviewed the Sewer Assessment Chart (SAC) Revolving 50 Fund including the SAC Refund amount and potential SAC Liability. He indicated this 51 fund involves funds that had been collected for access that did not occur and were 52 eventually turned back to the City from the Metropolitan Council. The City has a 53 growing gap between the funds collected and potential liability. Refunds to properties 54 could wipe out the future liability involving approximately 800 properties. 55 56 Finance Director Rolek advised the Dedication Parks Fund is a deficit account directly 57 related to land acquisition for the recreation facility, a project not funded by referendum. 58 The Auditor has recommended that the City deal with the deficit through a permanent 59 transfer of funds, repayment plan or disposal of the property. 60 61 After much discussion by the Council, the Council offered the following options for 62 action: 63 64 1. A comprehensive plan with staff recommendations to deal with all financial 65 issues. 66 2. Deal with each issue on an individual basis with a financial, public relations, 67 and political viewpoint. 68 3. Deal with more immediate issues now and work on solutions for longer-term 69 issues such as road reconstruction and facilities replacement. 70 71 The Council also discussed the following suggestions for action: 72 73 1. Comprehensively determine items that must be dealt with and schedule an 74 hour each work session to devote to that issue until a plan is in place 75 working up to the 2007 budget process. 76 2. Staff develops and presents recommendations for policy decisions for 77 Council consideration and action. 78 3. Council indicated the first issues to address should be the Dedicated Park 79 Fund and SAC Revolving Fund. 80 4. Council must also consider future needs such as infrastructure, and future 81 revenues such as projects coming in. 82 5. Finance Director Rolek will work with the City consultants to prioritize 83 issues and report back to the Council. A tentative budget calendar should 84 be included. 85 86 It was also determined that another date will be set for an additional Financial Retreat to 87 set up work session discussions. Staff indicated they would be prepared for the second 88 retreat in mid July. 89 90 The meeting was adjourned at 7:20 p.m.