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Finance Officer Lund answered in the affirmative, noting it needs to be adopted by the City <br /> Council. <br /> Motion by Councilmember Wise, seconded by Councilmember Backous, to recommend that the <br /> City Council adopt resolutions related to the required implementation of GASB 45: Resolution <br /> Restricting and/or Committing Specific Revenue Sources in Special Revenue Funds; and, <br /> Resolution Establishing a Financial Policy for Purpose of Allocation of Excess/Deficient General <br /> Fund Revenues. <br /> Motion carried. Voting Yes: Chairperson Elvig, Councilmembers Wise and Backous. Voting <br /> No: None. <br /> Case #3: Fiscal Disparities <br /> City Administrator Ulrich reviewed the staff report, noting Ramsey is a net benefactor of fiscal <br /> disparities in the amount of $428,400 so if that program is eliminated, the City would not receive <br /> these funds. <br /> Councilmember Elvig asked why the City's portion increased more than $50,000 from 2011 to <br /> 2012. <br /> Finance Officer Lund explained fiscal disparities are based on the tax capacity value so she will <br /> check with Anoka County. <br /> Councilmember Elvig requested additional information on the reason for the increase and what <br /> would trigger the City becoming a payer into fiscal disparities. <br /> City Administrator Ulrich explained it is a "moving target" and difficult to estimate because it is <br /> based on increase in tax base compared to the metro pool. He stated the City's net benefit may <br /> have increased because it did not grow as fast as other communities did or its tax capacity <br /> decreased faster than other communities did. <br /> Councilmember Backous thanked staff for the summary format. <br /> Finance Officer Lund stated the fiscal disparities information was just received and will be <br /> presented to the City Council at its next Work Session. At that time, staff will present two <br /> scenarios, with and without the school levy. <br /> Case #4: Credit Card Update <br /> Finance Officer Lund reviewed the staff report and credit card payments that have been received. <br /> Overall, $3,500 has been attributed to on -line payment of utility bills. She explained that if the <br /> City Council decided to not cover the fee, the City could charge a transaction fee if paying on <br /> line. Finance Officer Lund advised the system is working fairly well and being offering across <br /> the board. She reported that a property owner paid a $7,000 special assessment by credit card. <br /> Finance Committee / October 25, 2011 <br /> Page 4 of 5 <br />