HomeMy WebLinkAbout09-08-2014 Council Work Session MinutesCITY COUNCIL WORK SESSION
APPROVED
DATE
TIME STARTED
TIME ENDED
MEMBERS PRESENT
MEMBERS ABSENT
CITY OF LINO LAKES
MINUTES
September 8, 2014
: September 8, 2014
. 6:00 p.m.
. 6:30 p.m.
: Council Member Stoesz, Kusterman,
Rafferty, Roeser and Mayor Reinert
: None
Staff members present: City Administrator Jeff Karlson; Community Development
Director Michael Grochala; Finance Director Al Rolek; Public Safety Director John
Swenson; City Clerk Julie Bartell
1. 2015 Budget — Finance Officer Rolek distributed an updated budget summary and
reviewed changes since the council last review.
Mayor Reinert asked about city reserve funds; there is a large balance and he wonders if
the city is losing value to inflation by holding those funds. Finance Officer Rolek
discussed the city's options for holding reserves, including fund investments and the
types of investment that are allowed for municipal funds. The council discussed how
investment decisions are determined, the typical type of investment and the average
investment gain. Mr. Rolek explained that cities don't have the ability to regenerate
those funds quickly when they are needed and that could result in borrowing at a cost.
Mayor Reinert said he is calling for further discussion about city funds in reserve.
Administrator Karlson reviewed budget reductions since the last council review. Within
the new fire department, consulting funds have been reduced and incentives not being
taken could result in savings. Regarding the new Assistant City Administrator position,
he is suggesting that the city wait four to six months to hire and that would realize
savings. Council Member Rafferty wondered what consulting is still needed related to
the fire department, and one area suggested was fire pensions.
The council discussed the preliminary tax rate. They will set a preliminary figure this
evening but fully anticipate further drill down before the final levy is set in December.
The meeting was adjourned at 6:30 p.m.
These minutes were considered, corrected and approved at the regular Council meeting held on
September 22, 2014.
Juli. e Bartell, Ci ; Cler