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CC Regular Session 5. 10. <br />Meeting Date: 10/11/2011 <br />By: Diana Lund, Finance <br />Title: <br />Report from the Finance Committee of 9 -27 -11 <br />Information <br />Agenda Item #1 - Authorization of Resolution for Issuance of General Obligation Crossover Refunding <br />Improvement Bonds <br />Agenda Item #2 - City Financial Dashboard -2nd Quarter <br />Background: <br />Agenda Item #1 - Staff reviewed the savings of refunding a bond issued in 2005 for Public Improvements in the <br />COR Area. Per the JPA with Anoka County, the County makes annual payments to the city to cover debt service. <br />With refunding the current issue with a new bond issue, the city would see a savings of approximately $170,000 in <br />interest costs over the life of the debt, as the interest rate would decrease from 4.41% to approximately 2.12 %. The <br />actual bond sale would come back to city council for approval on November 1, 2011. <br />Agenda Item #2: Staff presented 2nd quarter finanical data which hi- lights the city's cash and investments, debt, <br />fund balances, strategic goals and upcoming events. <br />Recommendation: <br />Agenda Item #1: Motion to Adopt Resolution # 11 -10 -XXX Authorizing the Issuance of General Obligation <br />Crossover Refunding Improvement Bonds and bring back actual sale of bonds to November 1, 2011 city council <br />meeting. <br />Agenda Item #2: Informational only. Committee made recommendation that cash flow and fund balance <br />summaries reflect same period to date: Example 2009 -2011 reflect data through June. This has been updated. <br />Council Action: <br />Agenda Item #1: Motion to confirm the recommendation of the Finance Committee to adopt Resolution <br />#11 -10 -XXX Authorizing the Issuance of General Obligation Crossover Refunding Improvement Bonds and to <br />bring back actual sale of bonds on November 1, 2011. <br />Agenda Item #2: No action needed. Informational Only. <br />Attachments <br />Resolution Authorizing Issuance of General Obligation Crossover Refunding Improvement Bonds <br />2nd Qtr Financial Dashboard <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 10/06/2011 09:05 AM <br />Form Started By: Diana Lund Started On: 09/29/2011 12:07 PM <br />Final Approval Date: 10/06/2011 <br />