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City Administrator Ulrich suggested the public hearing be scheduled for a regular meeting night, <br />March 13, 2012. <br />Finance Officer Lund stated it is on tonight's Consent Agenda to set the public hearing date. <br />Mayor Ramsey asked whether it was appropriate to hold the public hearing at a special meeting. <br />Councilmember Elvig stated that sensitivity is appropriate and he thinks residents would expect <br />the public hearing to be scheduled on a regular meeting date. <br />Mr. Donna stated time is important but.in knowing the City Council's general consensus they <br />can make up time at the front end. <br />City Administrator Ulrich asked if City Council action is needed prior to the date to lock in the <br />rate. <br />Mr. Donna explained that the public hearing will be held on March 13, 2012, the City Council <br />will authorize the Scenario, and direct staff to move forward and set parameters for the <br />refinancing. <br />Pronosal for Voluntary Senaration Prop-ram <br />City Administrator Ulrich indicated staff prepared an early separation policy modeled after <br />researching with Anoka County, the League of Minnesota Cities, and other municipalities. <br />Human Resources Representative Lasher provided an overview of the Voluntary Early <br />Separation Policy to address budget concerns. She indicated that 15 employees . would be <br />eligible, a good portion being union employees so union agreement would be needed. If 100% <br />participation (which is unlikely) the 2012 budget impact is $1,264,832, the payout would be <br />$306,254, and the first year annual savings would be $958,578. <br />Mayor Ramsey asked if there is staff who qualify to meet retirement thresholds yet are still <br />working. <br />Human Resources Representative Lasher advised there is one such employee. <br />Councilmember Backous asked how the ten year cutoff was determined. <br />Human Resources Representative Lasher explained that is the Anoka County guideline, ten years <br />minimum service and the League of Minnesota Cities had a lower threshold. <br />Councilmember Elvig noted this program would result in the loss of long -term employees who <br />know the history of the City and it would not be long before newly hired employees reach these <br />savings rates. <br />City Council Work Session / February 14, 2012 <br />Page 6 of 10 <br />