Agenda Packets - 2005/11/14 - Laserfiche WebLink

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Mounds View City Council October 24, 2005 Regular Meeting Page 19 1 Finance Director Beer advised that the Cable TV Fund is benefiting from higher franchise fees 2 and should have a net increase. The Economic Development Fund received an initial 3 reimbursement during the quarter from Medtronic to cover costs of The Bridges development 4 project. The Street Lighting Fund and Storm Water Fund are both on track and there appears to 5 be no need to increase fees at this time. 6 7 Finance Director Beer noted the Community Center operations have some issues that may need 8 to be addressed fairly soon. The banquet facility revenues are under and capped at the current 9 level. The City will be responsible for the remaining allocation of operating expenditures as a 10 result of the City Hall construction project. He advised the City will need to make a larger than 11 expected transfer to maintain balance in this fund at the end of the year. 12 13 Finance Director Beer stated the Street Improvement Fund has reported the remaining costs for 14 the 2003 Street Improvement Project and is currently preparing for future street projects. The 15 three TIF Funds will all have a positive balance and be able to make the needed transfers to the 16 EDA fund to continue that work. Revenues of about $500,000 came into the MSA Construction 17 Fund to reimburse for the cost of the 2003 Street Project 18 19 Finance Director Beer noted with the Sanitary Sewer Fund, revenues are down 6% from the 20 previous year and expenses are up about 9% from the previous year. This is saying that instead 21 of going to a revenue neutral with a two-tiered fee system, it was not revenue neutral so the City 22 should look at an increase in fees. He advised that to make up that deficit there would have to be 23 an increase of 8.37% in fees 24 25 Finance Director Beer advised that major activity for the Finance Department during the third 26 quarter was the 2006 budget preparation and certification of preliminary levy and budget. He 27 stated this is an ongoing process and will conclude in December with the Council’s final 28 approval of the budget. 29 30 Finance Director Beer stated staff is evaluating financial software and will visit Roseville to 31 demo their Springbrook software package, which has received positive reviews and is being used 32 by many metropolitan cities. He stated he will obtain more software quotes for the Council’s 33 future consideration. 34 35 Finance Director Beer stated staff has been looking at the general liability package and will be 36 filling out an application necessary to convert the policy to a December 31 year end to take 37 advantage of premium reduction by accepting a higher deductible as recommended by the City’s 38 insurance agent. 39 40 Finance Director Beer stated in the fourth quarter staff will be completing certification of 41 delinquent utility bills and diseased tree removal charges. 42 43 Councilmember Gunn noted the City does not have Community Education as shown in the 44 report. Finance Director Beer explained that should indicate the “Chamber.” 45