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City Council Regular Meeting Minutes May 22, 2007 Page 5 1 Mayor Faust stated a budget of $3,000,000 and a favorable variance of $94,000, which is 2.3 2 percent, sounds pretty good. He asked Ms. Moeller if 2.3 percent is good based on her 3 professional opinion. 4 5 Ms. Moeller replied yes, and even better was that the City exceeded its revenue budget and were 6 under the expenditure budget. 7 8 Mayor Faust stated this must be due to good management practices throughout the departments. 9 10 Councilmember Thuesen asked Ms. Moeller if she took ample time to discuss the future I1 standards. 12 13 Ms. Moeller replied they take the time to discuss them in exit conferences and planning 14 meetings. She stated they always inform the City when a change is in draft form and also when 15 it is approved. 16 17 Mayor Faust thanked Ms. Moeller for her in-depth analysis. He stated it is always nice to have 18 another set of eyes to confirm the money is being properly allocated and spent and used in a 19 comprehensive manner. He stated the effort is worth it. 20 21 Councilmember Stille stated the City has taken the audit process to the next level. He indicated 22 the City needs to promote an atmosphere of seeing audits as a way to ensure the City is the best it 23 could be. He expressed his appreciated for Ms. Moeller's work and commended Mr. Roger 24 Larson for developing higher standards. 25 26 Motion by Councilmember Gray, seconded by Councilmember Thuesen, to approve Resolution 27 07-041, a Resolution approving the Audit of the City of St. Anthony for the year ended 28 December 31, 2006. 29 30 Motion approved unanimously 4/0. 31 32 B. Resolution 07-042; Authorizing Extension of $3,350,000 Credit Facility from Fannie 33 Mae. 34 35 City Manager Mornson stated this is a request for an extension of the Fannie Mae loan. He 36 explained the City agreed to secure an interim loan in the amount of $3,350,000 from Fannie 37 Mae to assist in acquiring three commercial properties for the Phase TA and Phase IB for -sale 38 housing — the Hunt Pratt Housing Development, 39 40 City Manager Morrison reported that on June 8, 2004, the City approved entering into an 41 agreement with Fannie Mae to procure these funds and on August 27, 2004, the City and Fannie 42 Mae executed a Credit Facility Contract for the funds. He indicated this is for three years and is 43 due and payable on or before August 27, 2007. 44 45 City Manager Morrison stated that in April 2007, a prepayment was made on the loan in the 46 amount of $738, 903, which represented TIF revenue bond proceeds from the take-out financing