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City Council Study Session Minutes • March 13, 2001 Page 9 1 Councilmember Sparks questioned the definition of"Financial Foundations." Mr. Prosser 2 reviewed the definition with the Council and stated it would include capital improvement 3 projects, pavement management systems, information technology, vehicle replacement, non- 4 annual recurring maintenance, building replacement and budget alternative analysis. He noted 5 this foundation would assist the Council in making financial decisions that would greater benefit 6 the community over the long term. 7 Mr. Prosser indicated the budget will turn to an outcome-based item versus income based. He 8 explained this framework on financial thinking takes time to establish but would assist the 9 Council in the decisions that are made at a Council level. 10 Councilmember Thuesen asked which cities Mr. Prosser has worked with in the past. Mr. 1 1 Prosser indicated he has worked with West St. Paul and Mound. 12 Councilmember Thuesen questioned if retraining would be needed after each election, when new 13 Councilmembers were brought on board. Mr. Prosser stated this could be completed if warranted 14 by the Council or noted City staff could educate new members on this frameworks. 15 Councilmember Horst questioned the value of this training to the Council. Mr. Prosser stated he feels the training is extremely valuable in establishing a framework for evaluating each financial situation and assessing the impacts it will have on the City. 18 Mayor Cavanaugh asked staff for their input on this training. Morrison noted he felt the Council 19 needed to follow through with some financial training as this was one of their goals for the year 20 2001. He indicated staff was ready for this to take place. 21 Morrison suggested the Council consider this proposal to begin setting this framework in place 22 and to establish a financial strategy for the City to adopt. He recommended the Council take 23 their time with this item and get as much as they can from the work session meetings with the 24 financial representative. Mayor Cavanaugh concurred. 25 Councilmember Horst noted his only concern would be the Council becoming ultra conservative 26 or over planning every financial decision for the City. 27 Mayor Cavanaugh advised staff to move forward with the proposal as presented. 28 f. Economic Development Proposal. 29 Jim Prosser, Ehlers, reviewed the economic development proposal for a number of properties 30 within the Southwest Quadrant of the City. Mr. Prosser stated the Council would need to define 31 all goals and objectives for this area before this would commence. He reviewed his scope of services as a financial advisor and what services could be offered to assist in the redevelopment 40 of these areas. Mr. Prosser explained he works with roughly ten municipalities on economic 34 development.