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1 CITY OF ST. ANTHONY 2 WORKSESSION MINUTES 3 December 1, 1998 4 7:00 p.m. 5 6 7 I. CALL TO ORDER. 8 Meeting called to order at 7:00 p.m. 9 10 II. ROLL CALL. 11 Councilmembers Present: Ranallo, Marks, Faust, Cavanaugh, and Thuesen. 12 Councilmembers Absent: None. 13 Also Present: Michael Morrison, City Manager; Kim Moore-Sykes, Management Assistant; 14 Roger Larson, Finance Director; Bob Thistle, Springsted, Inc; Rand Winspear, Jurant & 15 Moody. 16 17 III. DISCUSSION OF THE TIF ISSUE. 18 The City Manager reported on issues that have had an impact on TIF. Bob Thistle, 19 Springsted, Inc. discussed the status of the City's TIF districts. He indicated that changes to 20 the State's tax capacity law passed by the legislature have caused reductions to the TIF revenue 21 base. Thistle reported that these changes have caused a deficit in the Apache and Chandler TIF 22 Districts. He reported that despite these reductions, the City will be okay because of the 23 ability to pool funds and presented a summary of the City's existing TIF districts. He said that 24 any reduction or deficit status is due because of the changes to the tax law and property re- s classification to the Chandler TIF District. 26 27 The City Manager reviewed the TIF summary memo highlighting proposed redevelopment 28 activities dated September 1996. Councilmember Thuesen asked how often this document is 29 reviewed. The City Manger responded that it is reviewed whenever the City Council requests 30 it. The Council directed the Finance Director and Mr. Thistle to continue the analysis of the 31 TIF districts. 32 33 IV. PERFORMANCE REPORT ON INVESTMENT PORTFOLIO. 34 The Finance Director reported on the investment tools that are, by state statute, allowed to be 35 used by cities. He introduced Rand Winspear, Jurant & Moody, a City's consultant that 36 advises municipalities on financial investments. He reiterated that cities have no discretion 37 regarding investment tools. He reported that good municipal cash management insures that 38 there are sufficient funds for employee payroll and operating expenses and that the balance is 39 invested. 40 41 Councilmember Cavanaugh requested he get investment spreadsheets more often than yearly. 42 Councilmember Faust asked if this spreadsheet could be in the form of an executive summary. 43 Councilmember Cavanaugh indicated that the format was not important but that he wanted the 44 investment summary for review. 45 016 V. DISCUSSION ON UTILITY FUND/NON-OPERATING REVENUES.