Agenda Packets - 2006/03/27 - Laserfiche WebLink

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Mounds View City Council March 13, 2006 Regular Meeting Page 8 Mayor Marty stated he has visited the area and has heard from the residents through the years 1 about this issue. 2 3 Director of Public Works Lee explained several neighborhood meetings have been held with the 4 ten individual property owners, and it has been explained what the problem is and possible 5 solutions. He stated they are aware that the issue may be resolved sometime this spring. 6 7 MOTION/SECOND: MARTY/FLAHERTY. To waive the reading and approve Resolution 8 6758 Approving Contract Award Regarding Easement Clearing for Edgewood Drive and Bona 9 Road. 10 11 Ayes – 5 Nays – 0 Motion carried. 12 13 D. Resolution 6773 Approving Transfers Between Funds. 14 15 Finance Director Beer explained the City Council approved a variety of transfers as part of the 16 2005 budget, and this resolution approves the remaining transfers between funds for the year 17 2005. He noted the Office of the State Auditor recommends that the General Fund’s balance 18 should be 35 to 50 percent of the next year’s budgeted revenues or up to five months of operating 19 expenditures. Finance Director Beer noted that if the City made all the budgeted transfers, it 20 would exceed the upper limit. 21 22 Finance Director Beer reviewed several transfers that should be reduced or eliminated. 23 24 Finance Director Beer stated that Staff is looking for direction on where to deposit funds from 25 the Golf Course Enterprise Fund that will have a cash balance once the final liabilities are paid. 26 He stated he recommends the Levy Reduction Fund or Street Improvement Fund. 27 28 Councilmember Flaherty commented that he likes the idea of eliminating the Special Projects 29 Fund. 30 31 Councilmember Flaherty asked what the Golf Course Enterprise Fund will end up at. Finance 32 Director Beer stated there will be between $230,000 and $240,000 in cash left once all liabilities 33 are paid. 34 35 Councilmember Flaherty stated he recommends the Street Improvement Fund as opposed to the 36 Levy Reduction Fund since street improvement is a top priority for the City. He stated the City 37 should take advantage of any opportunity to build the account up to allow the City to move 38 forward at a quicker and more diligent pace. 39 40 Councilmember Gunn agreed with Councilmember Flaherty’s comments. 41 42 Councilmember Stigney asked if the bonding would be lowered for one year by transferring the 43 funds into the Street Improvement Fund. Finance Director Beer responded that the City may be 44 able to lower it for one year, combine bonding for a couple of years, or may not bond for one 45