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Mounds View City Council April 25, 2005 <br />Regular Meeting Page 18 <br /> <br />Mayor Marty stated that he met with the City of Fridley and received a copy of the Feasibility 1 <br />Study they did for Medtronic. He provided the Council with copies of the study for their review. 2 <br /> 3 <br /> B. Staff 4 <br />1. a. Finance Quarterly Report 5 <br /> 6 <br />Finance Director Hansen provided the Council with an overview of the Financial Report for 2005 7 <br />noting that the 2005 budget has been amended and reviewed three times by Council. He stated 8 <br />that the General Fund ended in a small surplus of approximately $24,000.00 at the end of 2004. 9 <br />He stated that in the Special Projects Fund and EDA Fund the City has revenues from the sale of 10 <br />land to ProCraft. He stated that the MSA Construction Fund has received $527,000.00 in 11 <br />reimbursements from the State of Minnesota, which puts the MSA Fund back on solid footing. 12 <br />He stated that the Bridges Golf Course received their first payment for the billboards and City 13 <br />Council acted, at the end of 2004, to reimburse the golf course for legal costs. He stated that the 14 <br />Finance department has been working on the 2004 audit and plans to be working on renewing the 15 <br />insurance policies to begin July 1, 2005. He stated that the Finance Department received the 16 <br />Certificate of Achievement for Financial Reporting for the 2003 finances. 17 <br /> 18 <br />Mayor Marty congratulated Finance Director Hansen for receiving the Certificate of 19 <br />Achievement. He stated that this award is the highest form of recognition in government for 20 <br />financial reporting. He thanked the Staff and Auditors for doing a good job in preparing the 21 <br />financial reports. 22 <br /> 23 <br />b. Investment Quarterly Report 24 <br /> 25 <br />Finance Director Hansen stated this is the first Investment Quarterly Report noting that City 26 <br />Council would begin receiving this report on a quarterly basis. He explained that he tried to 27 <br />format the report to cover the topics that the Investment Policy states should be reported on 28 <br />quarterly. He reviewed the format with Council and expressed concerns stating that there is talk 29 <br />that the interest rates might be increasing. He discussed investment strategies with Council 30 <br />stating that he tried to shift the focus of the investments to a shorter maturity investment. He 31 <br />explained that this was done in response to the possibility of interest rates increasing. He 32 <br />discussed fair market value and provided Council with a description and overview of the 33 <br />portfolio and remaining term investments. 34 <br /> 35 <br />Finance Director Hansen stated that he is announcing his resignation. He explained that he has 36 <br />accepted a position with the City of Crystal and assured Council that he would work with Staff 37 <br />through the transition. He thanked everyone for their support and assistance stating that he has 38 <br />enjoyed working with everyone on Staff and Council and his time with the City of Mounds 39 <br />View. 40 <br /> 41 <br />Mayor Marty thanked Finance Director Hansen for the great work he has done for the City of 42 <br />Mounds View. He explained that Finance Director Hansen has worked hard to institute a 43 <br />number of plans for the City and has done a lot of great work for the City. He stated that the 44