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Mounds View City Council November 14, 2011 <br />Regular Meeting Page 6 <br /> <br />Council Member Stigney felt the overall start-up costs were extensive and cautioned the Council 1 <br />about assuming the ongoing expenditures this program would place on the City. For these 2 <br />reasons, he did not support the K9 program. 3 <br /> 4 <br /> Ayes – 4 Nays – 1 (Stigney) Motion carried. 5 <br /> 6 <br />G. Resolution 7851, Adopting a Fund Balance Policy. 7 <br /> 8 <br />Finance Director Beer stated the Minnesota State Auditor recommends the City adopt a Fund 9 <br />Balance Policy. He reviewed the State Auditors best practice guide with the Council. It was 10 <br />recommended the City maintain a 35-50% balance within funds given the fact the County only 11 <br />makes tax settlements twice a year. The fund balance levels could be higher but could not be 12 <br />done through the levy. Staff recommended the Council proceed with adopting the fund balance 13 <br />policy. 14 <br /> 15 <br />Council Member Mueller requested further information on GASB. Finance Director Beer stated 16 <br />GASB was the Government Accounting Standards Board and was a national rule-making body. 17 <br /> 18 <br />MOTION/SECOND: Mueller/Hull. To Waive the Reading and Adopt Resolution 7851, 19 <br />Adopting a Fund Balance Policy. 20 <br /> 21 <br /> Ayes – 5 Nays – 0 Motion carried. 22 <br /> 23 <br /> H. Resolution 7852, Approving a Capitalization Threshold for Reporting 24 <br />Purposes. 25 <br /> 26 <br />Finance Director Beer explained the Capitalization Threshold was presently set at $1,000. 27 <br />Modern guidance suggests that City’s should use $5,000 for purchased assets and $25,000 for 28 <br />constructed assets. Staff recommended approval of the new thresholds. 29 <br /> 30 <br />MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 7852, 31 <br />Approving a Capitalization Threshold for Reporting Purposes. 32 <br /> 33 <br />Mayor Flaherty questioned if a capitalization asset greater than $1,000 would come before the 34 <br />Council. Finance Director Beer stated that anything greater than $5,000 had to come to the 35 <br />Council. 36 <br /> 37 <br /> Ayes – 5 Nays – 0 Motion carried. 38 <br /> 39 <br /> I. Resolution 7856, Accepting Work for the 2009/2010 Street and Utility 40 <br />Improvement Project (Area A) and Authorizing Final Payment to North 41 <br />Valley, Inc. 42 <br /> 43 <br />Public Works Director DeBar indicated North Valley, Inc. was the lowest responsible bidder for 44 <br />Area A of the Street and Utility Improvement Project. He stated this work was completed in the 45