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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />March 13, 2007 <br />Page 9 <br />Mr. Larson reported the Water /Sewer Fund revenues amounted to $1,511,273 and expenditures <br />were $1,452,309. He stated the Metropolitan Waste budget was $485,000 with an actual cost of <br />$418,009; a savings of $66,991. Mr. Larson indicated the I/I program should reduce future costs. <br />Mr. Larson commented the wireless water meters have been installed in 800 meters installed <br />with 1400 left to be installed. He asked the residents who receive a meter reading card to please <br />read their meter and return the card to the City. He stated that as the new meters are installed, <br />the meter cards would be discontinued. <br />Mr. Larson reported the City hired a new auditor in 2006. He stated the City is attempting to <br />receive the Certificate of Excellence Award. He stated this is presented by the Government <br />Finance Officers Association for financial reporting excellence. He indicated the first <br />submission would be summer 2007. <br />Mr. Larson reported projects for 2007 include the Street Improvement project bond sale set for <br />March 27, 2007 for $2,050, 000 and the payment/extension of the $3,350,000 Fannie Mae loan. <br />Councilmember Stille asked about cash and investments and the City's strategies and policies <br />with regard to investments. <br />Mr. Larson replied there are State restrictions on what the City could invest in. He stated the <br />City could do fixed investments. He stated the key is how cash is managed when everything is <br />due. He stated enough cash is kept on hand to meet daily and monthly obligations. He <br />indicated the real advantage is knowing what is long term and the ability to wait for better <br />interest rates. He stated the increase in 2006 is because short term rated increased significantly. <br />Councilmember Stille stated this is the inverted curve. <br />Mayor Faust asked about the day -to -day on 4M account fund. <br />Mr. Larson replied the rate would vary from five short and long 6.15. He stated there is probably <br />$2 Million in the account. <br />Mayor Faust explained this is the League of Minnesota Cities that is invested to help cities get a <br />better rate of return, but also gives them the opportunity to get the money in a day if it is needed. <br />Mayor Faust asked about the City's credit rating and what total tax capacity is <br />Mr. Larson replied tax capacity is at $7, 941, 153 and the City needs to get to $9 or $10 Million. <br />He stated this is strictly tax capacity. <br />City Manager Morrison commented there are other items St. Anthony would have to accomplish <br />to raise the credit rating. <br />