HomeMy WebLinkAbout11.05.12 Work Session Minutes Council Workshop Minutes
November 5,2012
Mayor Larson called the workshop to order at 6:05 p.m.
Present: Larson, Bartholomay, Fogarty, Donnelly, May
Also Present: David McKnight, City Administrator;Robin Hanson, Finance Director;Kevin
Schorzman, City Engineer;
Audience: Doug Bonar, Michelle Leonard, Laura Adelmann
MOTION by Fogarty, second by May to approve the agenda. APIF,MOTION CARRIED.
Bond Refinancine/Debt
Finance Director Hanson discussed the options to refmance three of the City's existing bonded
debt obligations. Option A would be to refmance the debt at a lower interest rate,but leave the
terms and maturities the same. Option B would be to refinance two of the debt issues and use
existing Road and Bridge funds to accelerate the payment of the 2005A bonds. Option C would
be to do Option B, but also adjust the payment and maturity date so that there would be positive
cash flow to the refinanced bonds. After discussion, the consensus of the Council was to move
forward with Option C. Actionable items from Option C will be brought to Council at future
meetings for formal action.
Finance Director Hanson also provided Council with a spreadsheet showing fund balances for
governmental and enterprise funds. Director Hanson explained the information contained in the
spreadsheet and indicated that this was just an opportunity to get Council familiar with the items
included and the terminology. Councilmembers asked a few questions about the information,
and indicated that they were happy with the information and would like to discuss it more in the
future.
2013 Budget Review
City Administrator McKnight presented Council with an updated 2013 budget. The preliminary
levy was an increase of approximately 2.84%. The current budget has been reduced, and
currently reflects a 1.79% increase over 2012. Administrator McKnight shared that there have
been several reductions, but the biggest reduction was moving an anticipated fire chief vehicle
purchase from 2013 to 2014. Councilmembers discussed the budget, and in particular the effect
current Police Department staffmg has on the budget. After discussion,the majority of the
Council indicated their concurrence with the proposed budget.
City Administrator Update
City Administrator McKnight asked for direction from the Council related to leasing the
expansion space at City Hall. The consensus of the Council was that they were comfortable
leasing the space to another governmental agency, and that they would also be comfortable
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Council Workshop Minutes
October 8,2012
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leasing the space to a private company provided there was no privately-owned commercial space
available that fit the company's needs, and provided their operations would be compatible with
City Hall operations.
There was a MOTION and a second to adjourn at 7:30 p.m. APIF,MOTION CARRIED.
Respectfully submitted,
Kevin Schorzman
City Engineer
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