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