Minutes - Council - 10/26/2004 - Laserfiche WebLink

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Finance Officer Lund reviewed that the Park Trust Fund was adopted on September 13, 2004. The transfer of the $65,098.59 from the Equipment Replacement Fund to the Park Trust Fund was adopted in the Consent Agenda earlier tonight. When the Park Trust Fund was created, it listed a revenue source as that of an amount equal to 10 percent of the excess revenues transferred from the General Fund at year end. To allow for this yearly allocation, the current policy needs to be amended. The amended policy for the allocation of excess/deficient General Fund Revenues would be allocated to the following City funds as follows: Park Trust Fund - 10% of excess/deficit Equipment Replacement Fund - 10% of excess/deficit Public Facilities Construction Fund - 40% of excess/deficit Public Improvement Revolving Fund - 40% of excess/deficit Motion by Councilmember Zimmerman, seconded by Councilmember Cook, to ratify the recommendation of the Finance Committee and adopt Resolution #04-10-320 Establishing a Financial Policy for the Purpose of Allocation of Excess/Deficient General Fund Revenues. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Cook, Kurak, Pearson, and Strommen. Voting No: None. Absent: CouncilmemberElvig. 2) Introduction of 2005 Schedule of Rates, Fees and Charges and Call for a Public Hearing Financc Officer Lund explained in past practice, the City has annually adopted the Schedule of Rates, Fees and Charges by resolution, but due to previous discussions revolving around the water and sewer trunk rates, and the notification of affected users, it is felt that it is in the best interest to adopt the entire 2005 schedule by ordinance. Ordinance adoption provides the opportunity for comments at a Public Hearing and gives 30 days before the rates go into effect. The proposed changes for 2005 include a few changes pertaining to the Building Department and the sewer and water trunk charges. Councihnember Strommen indicated the Finance Committee recommended that the Public Hearing date be scheduled for November 23~, rather than November 9th. Motion by Councilmember Strommen, seconded by Councilmember Zimmerman, to ratify the recommendation of the Finance Committee and introduce an ordinance for the 2005 Schedule of Rates, Fees and Charges and calling for a public hearing on November 23, 2004. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Zimmerman, Cook, Kurak, and Pearson. Voting No: None. Absent: Councilmember Elvig. 3) Accepting Proposal on the Sale of $1,485,000 General Obligation Capital Improvement Crossover Refunding Bonds of 2004 Finance Officer Lund explained in 1999, bonds were issued in the amount of $1,665,000 for the construction of a fire station. Lease Revenue Bonds, via the EDA, were issued. As part of the City Council/October 26, 2004 Page 5 of 15