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Mounds View City Council Apri127, 2009 <br />Regular Meeting Page 12 <br />• <br />Clerk-Administrator Ericson reminded Council of the June 24-26 League's annual conference that <br />will be held in St. Paul, provided an update on the easement acquisition for the County Road H <br />and Silver Lake Road intersection project, announced the May 12 Housing Seminar that will be <br />held at City Hall, and Senior Day in the Park on June 30 at Silver View Park. <br />Public Works Director DeBar updated the Council on the project by Xcel Energy for replacement <br />of the distribution pipe and services. The Council discussed the extent of this project and the <br />City's road improvement project. Mr. Rhein explained the progress made to obtain wetland <br />credits and that they are still working to obtain those easements. <br />1. Finance Quarterly Report. <br />• <br />Finance Director Beer presented the First Quarter Finance Report. He advised that the 2008 audit <br />will be presented at the May 11, 2009, meeting as well as a three year contract extension with <br />MMKR. Finance Director Beer stated staff is working on the five year finance CIP for discussion <br />at the May 4, (June 1??) 2009, Work Session. <br />The Council discussed the City's investments in secured funds. Finance Director Beer stated that <br />ten percent is in money markets, one-third is in CDs, and the remaining balance is in federal <br />agency papers. <br />Mayor Flaherty suggested the 2010 budget be prepared anticipating no LGA funding. <br />Council Member Mueller asked for an update on funding of the street projects. Finance Director <br />Beer stated the first several street projects will be funded from the Street Improvement Fund, <br />Community Fund, and TIF Fund that contain a balance of almost $10 million. He reviewed the <br />revenue streams that will be used to fund the street projects, noting that $2 million is received <br />annually in TIF. <br />Finance Director Beer stated utility bills were just sent and advised that they can now receive <br />payments from savings or checking accounts on the due date, which reduces the City's costs for <br />processing. <br />C. Reports of City Attorney. <br />CJ <br />Noted. <br />12. Next Council Work Session: <br />Next Council Meeting: <br />Monday, May 4, 2009, at 7:00 p.m. <br />Monday, May 11, 2009, at 7:00 p.m. <br />13. ADJOURNMENT <br />The meeting was adjourned at 9:55 p.m. <br />Transcribed by: <br />