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City Council Regular Meeting Minutes April 24, 2001 Page 7 is 1 Local Levy Comparison and stated that the rationale behind the tax abatement levy is that it 2 would impact tax payers at no cost to them. 3 4 Mayor Cavanaugh invited residents to come forward with any questions, or concerns regarding 5 the proposed 2002 City Budget. 6 7 Casey Scott, 2501 Paul Avenue Northeast, asked for an explanation of the Estimated City Tax 8 Rate. Mayor Cavanaugh explained that it was an estimate on what the 14%Tax Levy would look 9 like on a$147,100 house that had it's value assessed at$154,500, and the 18% increase 10 represents the amount of tax increase that a house would have, given the valuation increase. Mr. 11 Scott stated that he thought the meeting tonight would provide residents with a picture of what 12 the needs of the city are from the staff and be able to provide input. He added that this would be 13 helpful in the future. 14 15 Mornson indicated that those issues would be discussed at the August 14`, meeting. Mayor 16 Cavanaugh suggested that Mr. Scott attend that meeting to hear what comes out of these 17 reserves, and provide feedback. Mr. Scott stated that the 5-year plan is what he viewed as most 18 important and beneficial as a resident of the City of St. Anthony. 19 2 Mr. Scott commended the Council for their work and commitment to the community. 22 Mayor Cavanaugh reviewed a handout he had created from the 2001 budget that displayed 23 historical patterns. He stated that these charts will play an important role at the August 14" 24 meeting. 25 26 Councilmember Hodson asked Jay Hartman how the city faired this year. Mr. Hartman stated 27 that Public Works ran out of salt at one point, but that labor was not a problem. 28 29 X. REPORTS FROM COMMISSIONS AND STAFF. 30 31 A. Investment report recap by Finance Director Roger Larson. 32 Finance Director Roger Larson stated that the City's rate of return was 1.8% higher than the rate 33 of return on treasuries, which is a bench mark that is used to determine what comprises the 34 portfolio. He stated that by making a few adjustments, they could even improve the rate of 35 return on investments. 36 37 Larson indicated that the investment portfolio review report recommended consolidating the 38 City's money market accounts into the 4/M Fund in order to gain a higher annualized yield. 39 40 Larson referred to the recent merger of Firstar and US Bank, and that Bremer Bank purchased the 41 Firstar St. Anthony branch. He indicated that little change would be reflected under the new 2 owner. Larson indicated that a meeting with Bremer produced an analysis comparing Firstar, Bremer, and the 4/M Fund, which he reviewed. 44