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Motion can'ied. Voting Yes: Councilmembers Hardin, Zimmerman, Beyer and Peterson. Voting No: None. Absent: Mayor Gilbertson. Motion by Councilmember Hardin and seconded by Councilmember Zimmerman to schedule a Finance Committee meeting for 6:00 p.m., Tuesday, June 22, 1993. Motion carried. Voting Yes: Councilmembers Hardin, Zimmerman, Beyer and Peterson. Voting No: None. Absent: Mayor Cailbertson. Case 02: 1994 Municipal Budget Calendar Finance Officer Helling stated that the Ram~y City Charter requires that a budget calendar be established annually by resolution. Motion by Councilmember Hardin and seconded by Councilmember Peterson to recommend that City Council adopt the 1994 Municipal Budget Calendar as presented. Motion carried. Voting Yes: Councilmembers Hardin, Peterson, Beyer and Zimmerman. Voting No: None. Absent: Mayor Cfilbertson. Case #3: Charitable Gambling Finance Officer Helling summarized the status of the charitable gambling organizations operatingin the City of Ramsey. She stated the purpose for this ease on the agenda is to discuss Whether the City will allow past losses to reduce current profits in determining the 10% contribution to the City. She stated that the Anoka Area Ice Arena has reported a net operatingilosS for five of the eight months they conducted gambling in Ramsey during 1992. ~Coulz_cil allows the losses to be carried forward, the amount would be $8,314.52, and all the information from them is not yet available. She informed the Committee that once a gambling permit is issued, the City cannot withdraw it during the term of the permit, however, the State can. She recommended that the City allow monthly net losses to be applied tofuture profits realized within the permit year and that the City consider denial of license ~newal to organizations with continuing losses. Mayor (]ilben~n arrived. Motion by Councilmember Hardin and seconded by Counci!member Zimmerman to direct Staff to prepare a resolution establishing policy for determining how the 10% is calculated within a permit year. Motion cart_i. 'ed. Voting Yes: Councilmembers Hardin, Zimmerman and Petevson. Voting No: Councilmember Beyer. Abstain: Mayor Oilbertson. Case ~4: Financial Securities Required by Code - Private Versus Public Development Finance Officer Helling stated that at a previous Council meeting, Staff was directed to place the 'Subject of financial securities required by Code for private versus public developmonts on a future Finance Committee agenda. This was brought about when Tony Emmerich~ a developer of Amber Ridge, requested partial or full relief from the financial security gequirement for a private improvement project. City Code states the developer is to pledge a Letter of Credit in an amount equil to 125% of the project cost. It was the position of the developers that the City's requirement of 125% is unreasonable due to the fact bank,'now are more resu'ieted as to the percent of market value they can loan. It was Finance Committee/May 25, 1993 Page 2 of 6