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City Council Regular Meeting Minutes June 22, 2021 Page 4 1 For Communication with Those Charged with Governance – no new accounting standards were 2 adopted by the City, net pension liability is an estimate, sensitive footnotes: Note 6 – long-term 3 debt, no difficulties encountered during the audit, no disagreements with management and there 4 were no corrected misstatements identified during the audit. Mr. Hering noted the audit was done 5 virtually. 6 7 Mr. Hering provided financial results for the General Fund, the Water and Sewer Enterprise 8 Fund, and the Liquor Fund. He reviewed the financial reports in detail. 9 10 Mayor Stille clarified that Redpath works for the City and the residents. 11 12 Councilmember Jenson stated with a net balance of 48% while the target is 30-35%, will that 13 have an impact on the Standard and Poors rating. Mr. Hering stated he assumes this will be seen 14 in all or most of the cities. They will understand this is a one-time thing. 15 16 Mayor Stille stated he believes the balance should be higher to allow for a cushion for 17 emergencies. Mr. Hering agreed 35% is on the lower side for a target. 18 19 Mayor Stille reiterated this was a clean report with no findings. No inconsistencies were found. 20 This is not the same as what a bond agency reviews. The City is still AA rated based on S&P 21 rating. 22 23 B. Resolution 21-054 Approving Solar Demonstration Installation at Central Park. Grant for 24 Solar Demonstration. 25 26 City Manager Charlie Yunker reviewed on behalf of the Citizens for Sustainability (CFS) Lona 27 Doolan has been working with the City, St. Anthony-New Brighton School District and 28 Hennepin County to secure a grant for a solar demonstration installation on the Central Park 29 Pavillion. 30 31 The objective of this project is to provide St. Anthony residents and students a learning and 32 teaching tool on solar energy. The site was identified by former City Manager Mark Casey and 33 former Public Works Director Jay Hartman as the overall best facility to install the panels. The 34 system allows for Internet access to information on electricity being generated by the panels, 35 which can be used for educational purposes for the school district and for CFS programming on 36 environmental sustainability. 37 38 Ms. Doolan has secured the grant to cover the install costs of the panels and related equipment, 39 which is $4,000. The equipment will then be owned by the City and have an expected useful life 40 of 25 years. The installation can also be scaled to include more panels if that is desired by the 41 City sometime in the future. 42 43 On June 7, 2021, Ms. Doolan presented the proposal to the Parks and Environmental 44 Commission for feedback and a formal recommendation to the City Council. The Commission 45 supported the demonstration project and recommended that the project be approved. The Parks 46 4