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Mounds View City Council November 14,2011 <br /> Regular Meeting Page 6 <br /> 1111 <br /> Council Member Stigney felt the overall start-up costs were extensive and cautioned the Council <br /> about assuming the ongoing expenditures this program would place on the City. For these <br /> reasons,he did not support the K9 program. <br /> Ayes—4 Nays— 1 (Stigney) Motion carried. <br /> G. Resolution 7851,Adopting a Fund Balance Policy. <br /> Finance Director Beer stated the Minnesota State Auditor recommends the City adopt a Fund <br /> Balance Policy. He reviewed the State Auditors best practice guide with the Council. It was <br /> recommended the City maintain a 35-50% balance within funds given the fact the County only <br /> makes tax settlements twice a year. The fund balance levels could be higher but could not be <br /> done through the levy. Staff recommended the Council proceed with adopting the fund balance <br /> policy. <br /> Council Member Mueller requested further information on GASB. Finance Director Beer stated <br /> GASB was the Government Accounting Standards Board and was a national rule-making body. <br /> MOTION/SECOND: Mueller/Hull. To Waive the Reading and Adopt Resolution 7851, <br /> Adopting a Fund Balance Policy. <br /> Ayes—5 Nays—0 Motion carried. • <br /> H. Resolution 7852, Approving a Capitalization Threshold for Reporting <br /> Purposes. <br /> Finance Director Beer explained the Capitalization Threshold was presently set at $1,000. <br /> Modern guidance suggests that City's should use $5,000 for purchased assets and $25,000 for <br /> constructed assets. Staff recommended approval of the new thresholds. <br /> MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 7852, <br /> Approving a Capitalization Threshold for Reporting Purposes. <br /> Mayor Flaherty questioned if a capitalization asset greater than $1,000 would come before the <br /> Council. Finance Director Beer stated that anything greater than $5,000 had to come to the <br /> Council. <br /> Ayes—5 Nays—0 Motion carried. <br /> Accei ii i fc 2009I2Gli t and '0,14 <br /> y <br /> L. rovemenf !r::°oject (Area L <-And Auti 7zing Final Pa J/:::ent to NerJit <br /> Public Works Director DeBar indicated North Valley, Inc. was the lowest responsible bidder for <br /> Area A of the Street and Utility Improvement Project. He stated this work was completed in the • <br />