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Mounds View City Council April 27, 2009 <br />Regular Meeting Page 12 <br /> <br />Clerk-Administrator Ericson reminded Council of the June 24-26 League’s annual conference that 1 <br />will be held in St. Paul, provided an update on the easement acquisition for the County Road H 2 <br />and Silver Lake Road intersection project, announced the May 12 Housing Seminar that will be 3 <br />held at City Hall, and Senior Day in the Park on June 30 at Silver View Park. 4 <br /> 5 <br />Public Works Director DeBar updated the Council on the project by Xcel Energy for replacement 6 <br />of the distribution pipe and services. The Council discussed the extent of this project and the 7 <br />City’s road improvement project. Mr. Rhein explained the progress made to obtain wetland 8 <br />credits and that they are still working to obtain those easements. 9 <br /> 10 <br />1. Finance Quarterly Report. 11 <br /> 12 <br />Finance Director Beer presented the First Quarter Finance Report. He advised that the 2008 audit 13 <br />will be presented at the May 11, 2009, meeting as well as a three year contract extension with 14 <br />MMKR. Finance Director Beer stated staff is working on the five year finance CIP for discussion 15 <br />at the May 4, (June 1??) 2009, Work Session. 16 <br /> 17 <br />The Council discussed the City’s investments in secured funds. Finance Director Beer stated that 18 <br />ten percent is in money markets, one-third is in CDs, and the remaining balance is in federal 19 <br />agency papers. 20 <br /> 21 <br />Mayor Flaherty suggested the 2010 budget be prepared anticipating no LGA funding. 22 <br /> 23 <br />Council Member Mueller asked for an update on funding of the street projects. Finance Director 24 <br />Beer stated the first several street projects will be funded from the Street Improvement Fund, 25 <br />Community Fund, and TIF Fund that contain a balance of almost $10 million. He reviewed the 26 <br />revenue streams that will be used to fund the street projects, noting that $2 million is received 27 <br />annually in TIF. 28 <br /> 29 <br />Finance Director Beer stated utility bills were just sent and advised that they can now receive 30 <br />payments from savings or checking accounts on the due date, which reduces the City’s costs for 31 <br />processing. 32 <br /> 33 <br />C. Reports of City Attorney. 34 <br /> 35 <br />Noted. 36 <br /> 37 <br />12. Next Council Work Session: Monday, May 4, 2009, at 7:00 p.m. 38 <br />Next Council Meeting: Monday, May 11, 2009, at 7:00 p.m. 39 <br /> 40 <br />13. ADJOURNMENT 41 <br /> 42 <br />The meeting was adjourned at 9:55 p.m. 43 <br /> 44 <br />Transcribed by: 45