Minutes - 2004/08/09 - Laserfiche WebLink

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Mounds View City Council August 9, 2004 Regular Meeting Page 6 • 10. COUNCIL BUSINESS A. 7:05 p.m. Public Hearing to Consider the First Reading and Introduction of Ordinance 751, Adopting the Long Range Financial Plan for 2004. Mayor Linke opened the public hearing at 725 p.m. Finance Director Hansen stated the City Charter requires that the Long Range Financial Plan be adopted by ordinance, and the second reading will be on August 23`d. He stated the first component of the Plan is a Five Year Operating Budget for the City's General Fund, which basically uses the adopted 2004 Budget as a starting point. He stated the budget as presented is not balanced because they have a ways to go before balancing the 2005 budget. Finance Director Hansen stated the second component lists the vehicle and equipment fleet of the City and describes a replacement program for the vehicles, with the estimated life and replacement cost and scheduled replacement date of each vehicle. Finance Director Hansen stated the third component is the City's Capital Improvement Program. He stated it lists the projects and identifies the source of funding for the projects. He stated the Park Dedication Fund will run out of money at the end of 2006, and after that point park projects would have be funded by some other source of money. He stated the reason it will run out of money is because the City is fully developed. • Finance Director Hansen stated the last component is the utility rate studies for each of the four utilities in the city, which were completed last fall. Finance Director Hansen recommended approving the First Reading of the Ordinance. Council Member Marty asked about the item on the Long Range Finance Plan expenditures about the Convention and Visitors Bureau and whether that really cost the City any money. Finance Director Hansen stated there is a revenue and an expense item for the Convention and Visitors Bureau. He stated the City retains 5 percent of the hotel/motel tax for administration, and 95 percent goes out to the Convention and Visitors Bureau. Council Member Many stated that the City Hall rehabilitation item of $564,000 is an item that the Council will be looking at in the future. Council Member Marty asked why the $200,000 for fire trucks listed for 2006 was all put in the same year. Finance Director Hansen stated they were bunched together because it is the intention to sell bonds to pay for them and they really wouldn't be due all in one year.