CC PACKET 05122015 - Laserfiche WebLink

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A. Consider April 14, 2015, City Council meeting minutes; 1 B. Consider licenses and permits; and 2 C. Consider payment of claims. 3 4 Motion by Councilmember Brever, seconded by Councilmember Gray, to approve the Consent 5 Agenda items. 6 Motion carried unanimously. 7 8 IV. PUBLIC HEARING. 9 10 A. 2016 Budget. Shelly Rueckert, Finance Director, presenting. 11 12 Mayor Faust opened the public hearing at 7:07 p.m. 13 14 Finance Director Rueckert reviewed the 2016 budget calendar and stated that tonight’s public 15 hearing is an opportunity for early resident input into the 2016 budget with final adoption of the 16 2016 budget scheduled for December 8, 2015. She explained that the City’s main operating fund 17 is the General Fund with 52% of revenues derived from property taxes, 22% from charges for 18 services including contracted police and finance services, 13% from other government agencies 19 including LGA, and the balance of revenues are comprised of fees, fines and other 20 reimbursements. She presented a graph showing how General Fund revenues support City 21 services as well as information on the 2014 and 2015 General Fund and overall levies. She 22 stated that the 2015 overall levy increase was $218,900 or a 3.9% increase and the 2016 budget 23 will establish the levy components for the 2016 calendar year. 24 25 No speakers were present and Mayor Faust closed the public hearing at 7:12 p.m. 26 27 V. REPORTS FROM COMMISSION AND STAFF - NONE. 28 29 VI. GENERAL BUSINESS OF COUNCIL. 30 31 A. Resolution 15-033; a Resolution Relating to $2,675,000 General Obligation Bonds, 32 Series 2015A; Awarding the Sale, Fixing the Form and Details and Providing for the 33 Execution and Delivery Thereof and Security Therefor and Levying Ad Valorem Taxes 34 for the Payment Thereof. Shelly Eldridge, Ehlers & Associates, presenting. 35 36 Ms. Shell y Eldridge, Ehlers & Associates, reported that the sales call was held this morning for 37 the sale of the General Obligation Bonds to finance the 2015 road improvement project and nine 38 bids were received with the low bidder being United Bankers’ Bank of Bloomington, Minnesota. 39 She explained that the original amount of the bond sale was $2,675,000 but the par amount was 40 reduced to $2,580,000 because of a premium bid offered by the underwriter. She stated the 41 premium offering was $78,000 and there was also a discount of approximately $12,000; in 42 addition, the cost of issuance came in $3,000 less than anticipated and the true interest cost is 45 43 basis points higher than what the City received at 2.167%, so the total interest over the life of the 44 bond was $59,000 less than estimated. 45 46 Motion by Councilmember Stille, seconded by Councilmember Brever, to approve Resolution 47 15-033; a Resolution Relating to $2,580,000 General Obligation Bonds, Series 2015A; Awarding 48 2