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Mounds View City Council August 26, 2002 <br />Regular Meeting Page 12 <br /> <br /> <br />Finance Director Hansen said that most likely there would not be nearly that much in revenue but <br />there is money in that fund from last year and the expenditures could be between $10,000 and <br />$20,000. <br /> <br />Council Member Marty commented that the former police chief has said he wanted to create a <br />pool because a lot of grants require matching funds and he feels the City would miss out on some <br />grants if those matching funds are not in a pool. <br /> <br />Finance Director Hansen indicated that this money is not available for matching other grants as it <br />is money from grants. He then said that a pool fund may not be the best idea because Council <br />should be approving any expenditure of funds for matching purposes. <br /> <br />Mayor Sonterre commented that it would be necessary that Council approve the expenditure of <br />funds for grant purposes. <br /> <br />Council Member Thomas indicated she has a lot of experience working with grants and there is <br />always time allowed for the applicant to show matching funds. <br /> <br />Council Member Quick confirmed that the former police chief had the pool idea but he does not <br />think that Council should go down that road. <br /> <br />MOTION/SECOND: Stigney/Thomas. To Waive the Reading and Approve Resolution 5828, a <br />Resolution Adopting the 2002 Budget of the Police Grants Special Revenue Fund. <br /> <br />Ayes - 5 Nays – 0 Motion carried. <br /> <br />Mayor Sonterre indicated he would like a motion to table Items F and G to the next Council <br />meeting. <br /> <br />MOTION/SECOND: Quick/Marty. To Table Resolution 5826 to the First EDA Meeting in <br />September. <br /> <br />Ayes – 5 Nays – 0 Motion carried. <br /> <br />MOTION/SECOND: Marty/Thomas. To Table Resolution 5827 to the First Council Meeting in <br />September. <br /> <br />Ayes – 5 Nays – 0 Motion carried. <br /> <br />I. Resolution 5829 Authorizing Interfund Loans for the Year 2002 and Setting an <br />Interest Rate on Loans. <br /> <br />Finance Director Hansen indicated the City auditors had pointed out that there is a new state <br />requirement that loans to TIF districts be approved by the City Council in advance of them being