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Mounds View City Council March 13, 2006 <br />Regular Meeting Page 8 <br />• Mayor Marty stated he has visited the area and has heard from the residents through the years <br />about this issue. <br />Director of Public Works Lee explained several neighborhood meetings have been held with the <br />ten individual property owners, and it has been explained what the problem is and possible <br />solutions. He stated they are aware that the issue may be resolved sometime this spring. <br />MOTION/SECOND: MARTY/FLAHERTY. To waive the reading and approve Resolution <br />6758 Approving Contract Award Regarding Easement Clearing for Edgewood Drive and Bona <br />Road. <br />Ayes - 5 Nays - 0 Motion carried. <br />D. Resolution 6773 Approving Transfers Between Funds. <br />Finance Director Beer explained the City Council approved a variety of transfers as part of the <br />2005 budget, and this resolution approves the remaining transfers between funds for the year <br />2005. He noted the Office of the State Auditor recommends that the General Fund's balance <br />should be 35 to 50 percent of the next year's budgeted revenues or up to five months of operating <br />expenditures. Finance Director Beer noted that if the City made all the budgeted transfers, it <br />• would exceed the upper limit. <br />Finance Director Beer reviewed several transfers that should be reduced or eliminated. <br />Finance Director Beer stated that Staff is looking for direction on where to deposit funds from <br />the Golf Course Enterprise Fund that will have a cash balance once the final liabilities are paid. <br />He stated he recommends the Levy Reduction Fund or Street Improvement Fund. <br />Councilmember Flaherty commented that he likes the idea of eliminating the Special Projects <br />Fund transfer. <br />Councilmember Flaherty asked what the Golf Course Enterprise Fund will end up at. Finance <br />Director Beer stated there will be between $230,000 and $240,000 in cash left once all liabilities <br />are paid. <br />Councilmember Flaherty stated he recommends the Street Improvement Fund as opposed to the <br />Levy Reduction Fund since street improvement is a top priority for the City. He stated the City <br />should take advantage of any opportunity to build the account up to allow the City to move <br />forward at a quicker and more diligent pace. <br />Councilmember Gunn agreed with Councilmember Flaherty's comments. <br />Councilmember Stigney asked if the bonding would be lowered for one year by transferring the <br />funds into the Street Improvement Fund. Finance Director Beer responded that the City may be <br />