Agenda Packets - 2004/02/09 - Laserfiche WebLink

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Mounds View City Council January 26, 2004 Regular Meeting Page 14 Chief Sommer indicated that in 2003 a total of 95.64% of the budget has been expended so the 1 police department has stayed within the budget. 2 3 Council Member Marty asked how many noise control tickets have been given out for loud 4 mufflers or vehicle noise. 5 6 Chief Sommer indicated he does not have that breakdown with him but could look into it. 7 8 (2) Finance Department 9 10 Finance Director Hansen reviewed the preliminary December 31, 2003 financial report and 11 cautioned that the final results would be slightly different. The general fund revenues are just 12 under $4,000,000 and Staff expects the general fund to end the year with a surplus. 13 14 Finance Director Hansen indicated the City ended the year 2002 with a surplus of $1,000,000 15 kept in the general fund as a hedge against the loss of state aid and the City did lose $300,000. 16 He then said that Staff would like to cancel transfers to the general fund to lower the surplus 17 down to within 50% of next year’s budget and that is the minimum Staff feels comfortable with 18 and the maximum the state auditor feels comfortable with. 19 20 Finance Director Hansen reported that the Community Center fund shows a $184,000 deficit and 21 that number was driven up by a combination of the lightening strike and changes to the catering 22 contract. A claim for damages has been submitted to insurance but not yet paid. 23 24 Finance Director Hansen indicated the TIF funds had a good year in 2003 and District One 25 should be able to pay back more than half of the internal loan outstanding and the water fund 26 refinanced its bonds to help the water fund. 27 28 Finance Director Hansen indicated the golf course fund had a year that was a slight improvement 29 over 2002 but still a difficult year and that will continue until get something goes through with 30 the proposal for billboards out there to generate additional revenue. 31 32 Finance Director Hansen indicated that Staff is working on Gatsby 34 reporting system for 2003, 33 the variable sewer rates, long-range financial plans and the bond sale for the street project. He 34 then said that Staff will be recommending that the City levy the special assessments and sell the 35 bonds at the beginning of the project and that is driven by the fact that the City could not finance 36 the project internally. He further commented that levying the special assessments does not mean 37 that they have to be paid before the project. The City can set a payment date that allows the 38 project to be completed before requiring payment. 39 40 Council Member Marty asked where the City stands on the COPS grant for getting federal funds 41 for the two new officers. 42 43