Laserfiche WebLink
Motion by Councilmember LeTourneau, seconded by Mayor Strommen, to nominate and elect <br />Chris Riley to the position of Finance Committee Chairperson for 2013. <br />Nomination carried. Voting Yes: Councilmember LeTourneau and Mayor Strommen Voting <br />No: None. Abstaining: Chairperson Riley. <br />Motion by Mayor Strommen, seconded by Chairperson Riley, to nominate and elect John <br />LeTourneau to the position of Finance Committee Vice Chairperson for 2013. <br />Nomination carried. Voting Yes: Chairperson Riley and Mayor Strommen. Voting No: None. <br />Abstaining: Commissioner LeTourneau. <br />4.02: Review of 2012 Comprehensive Annual Financial Report (CAFR) <br />Finance Director Lund asked if there were questions on the 2012 Comprehensive Annual <br />Financial Report (CAFR). <br />Chairperson Riley stated he reviewed the CAFR and found the big number changes had to do <br />with The Residence based on previous decisions that had been made. In addition, the City is $20 <br />million under its allowable debt limit. He asked if staff keeps track of upcoming expected debt <br />to accommodate big payments. <br />Finance Director Lund reviewed debt including the municipal building, capital improvement <br />bonds for the Fire Station, and debt issued on behalf of Anoka County for their share of the <br />AUAR improvements in The COR. Anoka County pays the city annually in January for the <br />respective annual debt service on the bond. <br />Finance Director Lund stated the Fire Station debt service is $145,000 and provided an <br />explanation of the debt as shown in the schedule. There is about $1.2 million in debt coming due <br />that is related to the levy. She stated Page 76 shows the total outstanding debt including the <br />Flaherty & Collins bond, TIF bond covered within the districts, CIP refunding bond (Fire <br />Station), General Obligation Improvement Bonds (Armstrong/Sunfish) that is covered by MSA, <br />and Municipal Center. She noted the County Bond of 2005 is being refunded by the 2011 bond. <br />Chairperson Riley stated $4 million in principle is also coming due but most is coming from the <br />refinancing of the debt issued on behalf of Anoka County. <br />Finance Director Lund stated that is correct, noting Page 77 shows the principle due the next <br />year. The majority of the debt is related to the Municipal Center. <br />Chairperson Riley stated in 2014 there is a big jump but most is attributed to the refinancing of <br />the Anoka County bond issue. <br />Councilmember LeTourneau stated he does not have the same capacity as Chairperson Riley in <br />reading this financial information but was hoping they could have a conversation about the value <br />Finance Committee / July 16, 2013 <br />Page 2 of 6 <br />